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I've sold several lots this week and noticed that vacant land and lots are selling at an increasing pace on Pine Island...so far this year, 21 parcels have sold, with 7 waterfront lots selling and 14 off water lots selling. Prices are increasing, compared to 2012, and the number of sales is up 25% over last year.
Part of the rise in sales may be due to the Lee County Commission voting last Tuesday to reduce impact fees by 80% for two years. Impact fees are a one time charge the County charges each property owner to build a new single family home. Previously, they were near $13,000. on Pine Island. Now, for the next two years, they will be about $2,600 (until March 11, 2015).
Waterfront lot prices are especially appreciating, the median sold price of a waterfront lot during the first ten weeks of 2012 was $110,000, in 2013 the median price year to date for a waterfront lot is $119,000.
Still, there are a lot of vacant land parcels to choose from: 140 off water lots, many are half acre lots like the one shown here, which you can purchase starting a prices around $10,000. Waterfront lots start at around $80,000. and there are 101 waterfront lots presently listed for sale.
Did you know your insurance may be significantly less if you build your home within 1,000 feet of a fire hydrant? That may be something to take into account when buying land to build a home, whether in Bokeelia, Saint James City or Matlacha.
I've been recognized for the 7th time as a "Five Star Professional Real Estate Agent" award winner, by Gulf Shore Life magazine. I'd be glad to provide more information to people who are interested in buying real estate here on beautiful Pine Island. Contact me, Erika Foye, real estate broker for All Island Realty, Inc. at erikafoye@embarqmail.com
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