The Wharf Condo Sales Stats June to November 2012
The Wharf Orange Beach condo development has seen its share of hard times during the struggles of both the economic downturn and the BP oil spill disaster that brought the coastal Alabama economy to its knees. Many of the commercial businesses on-site have been holding on for dear life, some of which having to finally throwing in the towel. One saving grace, in my opinion, has been the success of the concerts at The Wharf Amphitheater, which have brought consistent crowds with great country and rock acts.
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The Wharf's family friendly amenities have also been a big draw to prospective condo buyers, as well as visitors. There is a state of the art marina and water park, as well as the monumental Ferris Wheel. There are also year round events and grand firework displays to look forward to at The Wharf during both New Year's Eve and the July 4th holidays. There will also be an ice skating rink opening to the public on November 23rd of this year.
Condo sales at The Wharf have been steady the past several months, keeping pace with super popular Orange Beach condo developments, such as the Caribe Resort. The prices are very competitive and as you can see by the chart below, there have been some distressed property deals that have been just too good for condo investors to pass up. There have been a total of 13 sales since June 1 and there are 5 units currently pending sale, 3 of which are Short Sales.
| Statistics (13 listings) |
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| Low | High | Average | Median | Total | |
| List Price | $142,500 | $645,000 | $258,354 | $245,900 | $3,358,600 |
| Selling Price | $130,000 | $600,000 | $238,885 | $225,000 | $3,105,500 |
| Sold/List(%) | 85.52% | 98.22% | 92.61% | 93.53% | -- |
| Price/SqFt ($) | $124.08 | $190.17 | $156.53 | $156.63 | -- |
| Days on Market | 32 | 738 | 290 | 189 | -- |
In terms of gross rental income, I think the numbers will surprise many prospective buyers, with The Wharf rivaling the rental investment returns of sought after gulf front developments, like Sugar Beach. The two bedroom units average about $22,000 per year, with a high of $26,000. The three bedroom units earn slightly more with an average in the mid 20K range and a high of $28,000. These figures are provided from condo units managed by Meyer Vacation Rentals. For more information on Wharf Orange Beach condos for sale or to tour all active units for sale, please call the SouthAlabamaLiving Real Estate Team of Keller Williams Realty Gulf Coast Toll-Free & 24/7 at 866.330.0223!
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