There have been seven sales in the past 6 months. Currently, there is only one active listing priced at $1,295,000 – a 3 bed/2 bath suite with a 1,411 sq. ft. interior with a 135 sq. ft. lanai. The average sales price on these 3 bed/2 bath units for this period is $1,100,000.
Of the seven closed sales, one was a short sale and one was a lender sale. The rest were all normal sales, though they sold for much lower prices than the original prices paid at the peak of the market 2005-2007.
The 3 bed/2 bath pictured above originally sold in 2005 for $1,660,000 and is now a short sale currently in escrow listed at $995,000.
Owners can self-manage, or let the on-site management company take care of the vacation rentals with 3 bedroom suites averaging $1,000 per night.
The development consists of 52 units:
- Ten 4 bedroom/3 bathroom
- Thirty-four 3 bedroom/2 bathroom
- Three 1 bedroom/1 bathroom
- 5 studios
The one bedrooms and studio suites are the same size – 673 sq. ft. with a 134 sq. ft. lanai. Studio suite #202 sold in 2007 for $1.1 million and recently resold in September 2011 for $418,500.
Looks like a great opportunity to own some of the best oceanfront property on the planet for bargain prices if you keep your eye on the ball.