The Local Real Estate Engine is Sputtering to Restart

Our local Real Estate market is still trying to sputter back up to speed, albeit with great difficulty.

Reason for Optimism?

Reason for Optimism?

Our local Real Estate market is still trying to sputter back up to speed, albeit with great difficulty.

The past week showed nine closings of properties on Amelia Island and a total of fourteen for the entire county. With interest rates being very attractive right now and real estate prices at levels common thirty years ago, it’s still a struggle. If you are in the market, you may couple interest rates with the eight thousand dollar tax credit from Uncle Sam and this could truly be the best time to purchase property if you are honest with yourself on taxes and insurance costs. Add them all up and if the total is feasible, by all means go for it.

For the week of October 16th to the 23rd, the total residential sales on Amelia Island was $4,150,000. With 12 units sold this equals an average unit price of $345,833.

Last week total residential sales on island was 13 units for a total of $4,559,000, or $350,692 average per unit.

The numbers for the week of October 16th were slightly skewed because of one sale at $1,750,000; which if taken out of the equation and divided by 11 units brings an average price of $218,181 per unit. But undeniably there is movement, even if experts cannot agree on what creates the upward movement yet. More time is needed.

There is debate going on right now in Congress to extend the tax credit for first time home buyers. There is ongoing debates as to whether the extension should be expanded and/or increased. The next few weeks will be interesting to watch as Congress moves forward with this issue.

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2 Comments

  1. Hal_Burns

    Real Estate on the Island experienced a period of high appreaciation for several years. Now the market has not caught up due to the fact prices are still falling. When investors and buyers feel the bottom has been reached then we will began to see a true upturn in the market.

  2. Ameliaprivateeye

    A home just sold in my neighborhood, I wonder how much they sold it for vs how much they were originally asking?

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