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Tuesday, July 19, 2011

Boca Grande and Gasparilla Island News for July 19, 2011

Market Recap: Two weeks I said that "A common thought is that no one sells property during the summer, and I am here to attest to how false that is for Gasparilla Island". The reason I want to repeat that is because Gasparilla Properties is proud to say that we have set a record for July island sales with more than $16 million in pending contracts (so far).

What's New?
Well, nothing really.
At least in terms of new listings.
There have been just 3 new listings in all categories in the last 60 days, and one of those has already sold. Going back 90 days, 3 of the 11 properties listed have already sold. Just 157 listings are available on Gasparilla Island, which includes boat slips, condos, vacant land, commercial, and residential property - in ALL price points. This number of listed properties has steadily declined throughout the year. It's not rocket science to figure that when the inventory is going down, down, down that it shouldn't be long before sellers tighten their negotiations and drive the market up, up, up.

Price Changes on Gasparilla Island
248 Pilot Street vacant lot (was $399,000) now $350,000 (-$49,000)
Boca Grande North 66 (was $435,000) now $425,000 (-$10,000)
798 Beach View (was $614,900 now $564,900 (-$50,000)
Boca Grande Club 73A (was $695,000) now $637,000 (-$58,000)
420 Gulf Boulevard, Sundown 16 (was $790,000) now $780,000 (-$10,000)
341 Palm Avenue (was $970,000) now $870,000 (-$10,000)

Sales Pending on Gasparilla Island
156 Blackwall Court (listed $950,000)
2225 22nd Street West (listed $695,000)
4805 Shore Lane (listed $4,500,000)
380 Gulf Boulevard, Seagrape 3 (listed $845,000)
739-2 South Harbor Drive (listed $1,150,000)
16150 Sunset Pines Circle (listed $2,750,000)
Boca Grande Club, Marina Village 06 (listed $225,000)
Boca Grande Club 33A (listed $699,000)
677 Boca Bay Drive (listed $9,995,000)
9801 NW Gasparilla Pass Boulevard (listed $1,235,000)
251 Gilchrist Avenue (listed $2,850,000)
250 Revels Court, vacant lot (listed $390,000)
4511 Shore Lane (listed $3,300,000)
370 Gasparilla Street (listed $1,225,000)

14 Pending Sales, totaling $30,809,000

Here are the most recent of the 72 Sold Properties on Gasparilla Island since January 1, 2011:
596 Gulf Boulevard (listed $4,500,000) sold 7/8 for $3,925,000
301 3rd Street West (listed $3,995,000) sold 7/8 for $3,600,000
Boca Grande Club Beach Manor 214 (listed $1,600,000) sold 7/12 for $1,460,000
16140 Sunset Pines Circle (listed $2,975,000) sold 7/15 for $2,500,000

72 Closed Transactions, totaling $88,120,000

Market Snap Shot
*MLS data only*
157 Active Listings (including all real estate listed: boat slips, vacant lots, commercial and residential)
124 of those Active are residential listings on MLS (condos, townhouses, villas, homes)
27 Vacant Lots are available
11 Sales are Pending
67 Sold Listings (MLS data to date in 2011 - excludes private sales), selling at an average of 90% of the listed price.

Call me with your "wish list" for an island property and I will send to you listings for review. I work with properties that are not publicly listed, so chances are good that I have a private listing that could be an option for you.

Kelly Reark, ABR, TRC, e-PRO
Licensed REALTOR in the State of Florida
Gasparilla Properties, Inc., Boca Grande

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