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Monday, September 28, 2009

What can you get for a million?

Right now there are 34 listings on Gasparilla Island (Boca Grande) for under a cool million. That's divided out to 17 condos, 7 townhomes, and 10 residential homes. Boca Grande real estate is holding value better than homes on the mainland, yet we are not immune to the wider economic and market conditions. Whether it was from the stock market or investment properties, everyone has less money than they once did.

Residents are feeling frustration with slowed traffic in these summer months. September is our slowest month of the year. With the number of days on the market averaging longer, some owners are open to offers they would not have considered looking at just last season. What does all this mean?

It means that if you are in the market for a second home in a beautiful, noncongested, quiet island community, then you had better think about planning your trip to Boca Grande sooner rather than later. For those that have the money, the million dollars you spend now will go farther than it once did. Take it from someone who knows luxury:

"The good news for luxury homebuyers is that they’re getting about 20 percent 'more house' than they did two years ago, and the prestige of owning a $1 million home is returning," said John Brian Losh, CEO of luxuryrealestate.com.

If you'd like a copy of the latest luxury property magazine, please e-mail your address to me at kreark@gasparillaproperties.com

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