According to Cruz Bay Realty, 27 properties were sold in 2011, the largest number of transactions since 2007. The average home sale was $2.6 million, highest also since 2007.
Even if you remove the sale of the biggest-priced deal of the year, for a $12 million property at Peter Bay, business was up: the average sale price was $1.36 million while the median price was $1.4 million.
There's no question the bargain hunters are out. The average sale price was 18% less than the property's last asking price. And with villa inventory hovering around 165 units, as much as four times larger than in previous years, real estate people anticipate bargaining.
CBR reports many motivated sellers. Some property's prices have been reduced more than 30%. Banks are motivated to lend, too – mortgage money is available a 3.99%.
"Let's make a deal," seems to be the marching order for 2012