The current economic uncertainty translated into fewer sales on Pine Island during the 3rd quarter of 2008. The dollar volume of sales was down over 50%, to $9,722,750. in sales. The number of sales was also down, with only 43 sales as opposed to 64 sales in the 2nd quarter of 2008.
Here is the breakdown: 1 Waterfront Condominium sold for $315,000.
1 In-land Condominium sold for $83,400.
13 Waterfront Homes Sold - Median Price $297,000.
7 In-land Homes Sold - Median Price $255,214.
10 Manufactured Homes Sold - Median Price $150,000.
(most of these were waterfront)
4 Waterfront Lots sold - Median Price $232,450.
7 Inland Lots sold - Median Price $39,750.
The silver lining is for the most part, asking prices are steadily dropping to near what recent properties have sold for. Here is what is for sale in the Pine Island communities of Bokeelia, St. James City, and Matlacha right now:
22 Duplexes Median Price $294,000.
18 Condominiums Median Price $326,450.
133 Waterfront Homes - Median Price $449,000.
91 In-land Homes - Median Price $225,000.
88 Manufactured Homes - Median Price $150,000.
256 In-land Lots - Median Price $66,500.
127 Waterfront Lots - Median Price $241,000.
This is the best time to buy property on Pine Island since 2003! For more information about Pine Island Real Estate, go to http://www.pineislandhomesandland.com/. Here's a picture of a little fishing boat, staying afloat, in Bokeelia. I think our local real estate market will also stay afloat, though on a smaller scale than in the past several years. Sincerely, Erika Foye