Lot costs in SGC (days on market, for sale, home sales)

[blb078]

Looking to get any idea on about to expect to pay for a lot in SGC. I know the northern sailboat section will be a little more of a premium over non salebaot and the southern end that may not even have a seawall. From what I can tell most lots will need around $20-30k of work for either clearing, swale, bringing up to elevation, etc.

So with that in mind what can someone expect to pay for the lot initially? Is there usually much room for negotiaons in lot prices because many seem to be on the market for a year or more with no price changes which leads me to believe not many sellers are negotiating.

[TamRE]

Right now there are 189 waterfront lots for sale in South Gulf Cove up to 10,000 sq ft. The prices range from $30k to $200k. So they are all over the place. It depends what you are looking for. In the past 180 days there have been 74 lots sold up to 10,000 sq ft. Average selling price $57k. Average days on market 209 days. Percent of selling price to list price 90%. There are different prices for lots above 10,000 sq ft which is a normal size lot.

[blb078]

Originally Posted by TamRE

Right now there are 189 waterfront lots for sale in South Gulf Cove up to 10,000 sq ft. The prices range from $30k to $200k. So they are all over the place. It depends what you are looking for. In the past 180 days there have been 74 lots sold up to 10,000 sq ft. Average selling price $57k. Average days on market 209 days. Percent of selling price to list price 90%. There are different prices for lots above 10,000 sq ft which is a normal size lot.

Thanks for the info. The 10k sq ft lots is what I was referring to. So with that data is 10% negotiation about the norm then? I'm assuming with the average price around 57k those lots would probably need some work, seawall, low elevation, etc.

[TamRE]

Originally Posted by blb078

Thanks for the info. The 10k sq ft lots is what I was referring to. So with that data is 10% negotiation about the norm then? I'm assuming with the average price around 57k those lots would probably need some work, seawall, low elevation, etc.

Yes, most of the lots need everything. You have to look at the listings to see what features they may have already done. 90% of list price is just an average over the last 180 days. Some sell higher and some lower. Home sales average 95 to 98% of list price in most areas around here.

[blb078]

Originally Posted by TamRE

Yes, most of the lots need everything. You have to look at the listings to see what features they may have already done. 90% of list price is just an average over the last 180 days. Some sell higher and some lower. Home sales average 95 to 98% of list price in most areas around here.

Thanks, do you know how long the typical home takes to sell in SGC? I've seen some listed for a while. I'm assuming in the summer they take longer to sell than in the winter.

[TamRE]

Originally Posted by blb078

Thanks, do you know how long the typical home takes to sell in SGC? I've seen some listed for a while. I'm assuming in the summer they take longer to sell than in the winter.

Looking at single family homes sales in South Gulf Cove over the past 180 days.
List price to Selling price 98 percent average
Actual Days on Market 84 average
Median Days on Market 41 average