Villa sales strongest in five years



Image courtesy Realestateclipart.com

Real estate agents on the island are calling 2012 the best year they've had since 2007 when 29 homes were sold.  In 2012, 28 properties found new owners.


The tally for last year shows a range in prices from $325,000 for a two-bedroom in St. Quacco & Zimmerman to a six-bedroom Peter Bay villa selling at $8.45 million.  

The average price of a villa sold in 2012 was $1.183 million.  That's the lowest price since 2003.  

Sales people will agree that buyers are hunting for bargains, trying to knock 25% off asking prices of villas priced  much higher in 2009 or 2010.  "Motivated sellers" are also showing they're flexible.

Land sales in 2012 were also stronger with 31 parcels selling at an average price of $328,000.  That's the largest number of land sales since 2006.

Priuor to the start of the winter season, the number of homes on the Multiple Listing Service had dipped to about 155.  Now there are about 165.

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