This Week in Real Estate on the Gulf Coast – Gulf Shores, Orange Beach, and Fort Morgan, AL
As the busy summer vacation season begins to wind down with the advent of the new school year, the local real estate market along the Alabama Gulf Coast continues to flourish as a result of great deals. Sellers along the beach have found themselves at the mercy of what buyers are willing to pay in today’s market for a piece of paradise. A large Gulf-front unit in Phoenix 9 recently sold for $700,000, a mere half-million less than its original offer price.
For many beach agents, August has become their most active month to date, with many predicting even greater sales this fall. This surge in sales is the direct result of 35-45% discounts off of seller’s original asking price. The most active price range for condos is 200-400K, with sold price per square foot ranging from $260-$350.
High insurance costs have left some buyers on the fence in terms of pulling the trigger on a second home purchase, while others have turned their attention away from the traditional vacation destinations like Destin, FL due to coastal Alabama’s more competitive prices and lower property taxes.
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Vacation properties in San Diego are also selling again this summer. There had been a lull in the over-$500,000 market for the past two years, and most of the San Diego beach properties were selling well above $1Million. Now there are beach homes available around $700,000 which is, like you say, about $500,000 below the most recent sales. This is a substantial discount, and investors are wisely jumping on the opportunities. Good luck to you!
with property like that..i can invite everyone of my friends to visit…wow…
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