A LOT of value on LOTS on St. George Island
The sellers on St. George Island are definitely getting the word - buyers are hanging back, waiting for GREAT values on vacant lots before making offers. Asking prices are coming down, down, down, much more in line with what buyers are interested in paying. Cash is the way to go, if you possibly can - finding financing for a vacant lot can prove tricky, although not impossible.
At these prices, the investment potential for long-term appreciation is there. We haven't seen prices like this for years.
You can buy a beachfront lot on St. George Island, in the gated Plantation community, for $475,000. That's 0.56 acres, on the beachfront, 50'X475', in a little pocket development neighborhood with brick pavers, very nice homes, and very few vacant building lots. These lots are assessed by the county for over $1M. This is not a typo. There is one other beachfront lot for sale in this neighborhood for $595,000. Six homes in this neighborhood have sold in 2007 and 2008 for $1,013,000 to $2,350,000, according to our local MLS.
Or, if you are aiming for a much lower price point, the best value on a one-third acre lot in the middle of the island is on Brown Street, for $100,000. This is a lot I have listed for one of my clients, and she is open to offers - has owned the lot for 20+ years, and is ready to sell it. It's a great pocket investment - just tuck it away and watch it appreciate. It's high and dry, with large pines and great native vegetation - it's not going anywhere during a storm.
Bayfront lots are a little trickier to characterize - the bayfront on St. George varies greatly, from salt marsh type frontage to deep water. The views are spectacular from any of them - it just depends on how boat-centric you are. Bayfront lots are listed from $209,000 to $1,399,000 right now.
So, if you are looking for an investment in a place on St. George Island that you can hold to sell later or build on when you are ready, it's a good time to take a hard look at the market for vacant lots. Call me...