Land sales highlight real estate

The latest quarter continued to show a stronger market for St. John  real estate.

Gretchen Labrenz at Cruz Bay Realty said one sign of new energy in the market was selling two land parcels one weekend … sight unseen by the buyer.  Shows the value of good photographs on the MLS, she said.

In fact, land is the strongest part of the market, with 28 lots sold year to date, compared to 20 during the same period last year.  The average price is up, too, driven primarily by one parcel which went for $2.2 million. The average land sale this year has been $385,000, versus $287,000 last year.

On the villa side, things are better.  There have been 21 homes sold (vs. 24 last year) at an average price of $1.279 million. In a sure sign that bargain hunters are active, that average is 25% less than last year’s average of $1.7 million.

Labrenz said, "Many properties are listed for less than what the sellers have invested in them. It is a buyers' market."

Islandia Real Estate’s Mary Nash said, "Land and condo sales are ahead of last years numbers, which is encouraging.”  Interest rates are still low, she added.

8 thoughts on “Land sales highlight real estate”

  1. Even with the economy down from what it used to be, it’s still a huge market and it’s still a moving industry. Although houses now are priced higher, and the economy is much worse than it was a decade ago.

  2. It truly is amazing that people are still buying even in conditions much like these. I myself, just purchased some Mount Pleasant real estate. I thought the price was right and decided to go on it. Amazing to think about what the market used to look like.

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