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Wednesday, May 12, 2010

News for the Week of May 10, 2010

The Luxury Real Estate Spring Retreat was educational and informative. The top brokers from around the country shared optimism for their local markets. Overall, all reported an increase in sales volume and demand for luxury property. All sectors of the housing market have come through a reset period.

That is the word that you should most focus on: reset. The unsustainable, double-digit value increases of the boom years contributed to housing bubbles across the globe. Whether you are a buyer or a seller, you are encountering a reset to the natural flux of pre-boom years.

The facts for Gasparilla Island point to a three-fold increase in dollar volume for the first quarter of 2010 over the same quarter last year. In fact, there have been more sales so far in 2010 than in ALL of last year! The market is much the same in other luxury areas of the USA. Foreign buyers are coming to the States to take advantage of lower pricing. Investors are getting back in the game. With activity on the increase, pricing deflated from bubble years, and inventory turning over in each neighborhood out here on the Island, I think we are primed for a great year in real estate. Do you think that’s possible? One article from the Miami Herald confirms. Another article highlights Florida sales trends as increasing for the 7th consecutive quarter. I could pull articles from agents in the Bahamas, Italy, Canada, and across the states that will confirm similar findings (e-mail me for your copy). Whether you like him or not, Warren Buffet always says to buy when everyone else is selling, and he hasn’t done half-bad. What will you do?

Call me and we’ll talk about it.

New Listings on Gasparilla Island
Boca Grande North #38, 2/2 waterfront condo $435,000
BGC 29A, 2/2 condo nearly 1400 sq. ft, wood floor and updates $750,000
Sea Oats A-221, 2/2 offered furnished, Gulf view, $765,000
160 Blackwall Court, 3/3.5, 2500 sq. ft, ½ duplex $1,125,000
375 Night Heron, North Bay, 3/3, over 3200 sq. ft, lovely $1,975,000
291 Pilot Point Lane, 3/3, over 3400 sq. ft, remodeled in 2005, $2,975,000

Price Changes on Gasparilla Island
BGC Marina Village #1 (was $297,000) now $287,000 (-$10,000)
Boca Grande North #68 (was $450,000) now $399,000 (-$51,000)
701 South Harbor Drive (was $995,000) now $985,000 (-$10,000)
Marina Manor 35 (was $1,495,000) now $1,295,000 (-$200,000)
859-1 Harborshore Drive (was $1,245,000) now $1,175,000 (-$70,000)
843-2 Harborshore Drive (was $1,625,000) now $1,595,000 (-$30,000)
521 Buttonwood Bay (was $2,395,000) now $2,195,000 (-$200,000)

Pending Sales on Gasparilla Island

136 Half Clove Court

Closings on Gasparilla Island
BGC Village Home 54 (listed $595,000) sold 5/3 for $500,000
1821-23 18th Street (listed $1,100,000) sold 5/5 for $1,000,000
839-2 Harborshore (listed $1,435,000) sold 5/4 for $1,325,000

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Send an e-mail to "Waterfront Kelly at gmail dot com"
Kelly Reark, Licensed REALTOR in the State of Florida
Gasparilla Properties, Inc., Boca Grande

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