Broker's Corner

BROKER'S CORNER FROM JULY 1:

In our business, these are heady times; rentals are strong and sales prices are moving up. If you want a south end cottage it'll cost you upwards of $400,000. If you want 'walk to the beach' or closer, you'll begin to find cottages at the $550,000 and (quickly) up range. True walking distance to the beaches begins at $700,000.

We're not overheated; it's a shortage of inventory issue in both single family and condos. If pricing drives your interest, then a condominium purchase may be more attractive, for your first property here; prices start at about half of single family. I want to share some interesting information gleaned from our multiple listing system. On St. Simons Island and below the intersection of Sea Island Causeway and Frederica Road, there are just 30 single family residences for sale under $600,000 (at least 3 bedrooms and 2 baths); there are only a dozen priced under $400,000. The condo market is a little better with 40 units (at least 2 & 2) under $400,000; the least expensive unit in an ocean front complex is just under $350,000. This is good news for sellers, but perhaps not so much for buyers as time goes on. Overall, homes and condos here are selling for 95% of list price, on average. It's a good time to own real estate on St. Simons, for sure!