Two properties located in Chocolate Hole, one of the island’s most expensive and stable residential areas, were added to the Multiple Listing Service in the last week. They include a 2-bedroom/no pool house priced at $1.495 million and a 3-bedroom/no pool listed at $1.95 million. As the last week of the year began, total residential inventory stood at 65 properties, two more than last week.
Giving some credence to expectations that the unusually high number of properties for sale could lead to some price erosion was a reduction in the asking price of a 4-bedroom/pool residence at Peter Bay. Originally offered at $5.5 million, the price has now been cut by $750,000, to $4.75 million.
Even so, four weeks ago, the median asking price for a listed home was $1.399 million. It is now $1.5 million, a gain of 7 percent. In a month.
Properties are apparently selling, or at least coming off the MLS. A 3-bedroom/pool/waterfront property in Fish Bay listed at $1.2 million has gone under contract, and a 3-bedroom/pool at Sans Soucci & Guinea Gut has also come off the list.
The listing of commercial properties also has welcomed back a familiar offering: Morgan’s Mango. Offered at $1.2 million for more than a year, and then taken off the MLS, it’s back now at $1.4 million. There are 9 businesses for sale on the island.
Inventory continues to rise in the land listings, too, up 8 this week to 154. Condos, up 2 to 8.