Boca Grande Real Estate Market

By
Real Estate Agent with Gasparilla Properties, Inc.

 

November 2009

 

Dear Market Watchers,

 

The "season" has officially been launched with the recent community "kick-off" events: the Boca Grande "Fall Festival", sponsored by the Chamber of Commerce, coinciding with the opening of the Gasparilla Inn, with a street party, fireworks and golf tournament raising money for the scholarship fund. Also, the semi-annual "Seafood Festival" in Placida (just over the Boca Grande Causeway) raising money for all the various Rotary Club charities - these are true community and family oriented events. The sun is shining, the fish are biting, the golf courses are calling and the beaches are still sandy... come and see us!

 

To update you on the on-Island real estate market, I have attached for your review, a year-to-date synopsis of Boca Grande real estate transactions that have occurred from January 1, 2009 to present. During the first ten months of 2009, a total of just over $51,000,000 in closed property transactions have taken place on the island. Unfortunately, total sales volume on the island is down by approximately 60% from a year ago, however Gasparilla Properties Inc. is proud to have been involved in the highest percentage (41%) of the thirty-seven (37) Boca Grande property transactions that have occurred thus far in 2009... more than any other island office!

 

For sales velocity to increase in the 2010 calendar year, owners who are truly interested in selling their property will have to be more aggressive on price to make things happen. Additionally, it will be more important than ever to have the property in "tip-top" showing condition. For those owners who are not truly motivated to sell at this time, this is not the time to "test the market" which only increases inventory levels and works to the detriment of all of our goals.

 

As we all know, real estate values in most of the United States have continued to drop substantially during 2009. Although we have witnessed considerable downward pressure (35-50% +/-) on mainland property prices (Englewood/Cape Haze), Boca Grande has been a more stable environment. However, the "gap" between asking and selling prices as an average has doubled on Boca Grande from the 8-10% range in 2008, to the 15-20% range during the last ten to twelve months.

 

As a Buyer, I believe there is no better time to buy than the present... several neighborhoods have already seen bottom and are headed up. Please let me know if there is a Boca Grande or Cape Haze Peninsula property on your wish list.

 

Thank you and I look forward to hearing from you in the future.

 

All the best...

 

Bob Melvin, President

Owner/Broker/Realtor® of

Gasparilla Properties, Inc.

941-380-8891

 

*If your property is currently listed with a real estate broker, please disregard this notice. It is not our intention to solicit the offerings of other real estate brokers. This annual update is an informational service only. All information is subject to errors and omissions.

    

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