Page 14 - Al Brown Newsletter

The Sea Island Neighborhood Guide

11 Al Brown Company Real Estate’s Sea Island Condominiums/
entire focus is on Sea Island and its townhomes
Number of sales There were 7 sales in 2022. The absence
over $10 Million neighborhoods on St. Simons Island.
1926-2021 These are ones that offer Sea Island of oceanfront inventory certainly had
_____________ an impact. A three-bedroom residence
Club application rights. The following
in Beach Club Ocean quickly sold in
1 pages will reflect data and statistics December for $5,600,000. Condominiums
from the previous 3 years sales for each sold within 2% of list price. 2023 started
Number of sales with three properties for sale from
over $10 Million community, including the highest price
2022 sale in each neighborhood in 2021. $2,750,000 to $8,650,000.
MEDIAN CONDO SALE PRICE
$4,000,000 ——————————————————————————
$3,400,000
$3,275,000
$3,500,000 ———————————————————————————
Sea Island Cottages MEDIAN HOME SALE PRICE $3,000,000 ———————————————————————————
$2,900,000
$5,325,000
Applicable to all Sea Island neighborhoods, this $6,000,000 ——————————————————————————— $2,500,000 ———————————————————————————
$2,187,500
is a transitional time where Sellers and Buyers are $5,000,000 ——————————————————————————— $2,000,000 ———————————————————————————
$3,450,000
$2,750,000
taking a fresh look at the market to determine $4,000,000 —————————————————————————— 2019 2020 2021 2022
$2,300,000
exactly where we are and where we are headed. $3,000,000 ———————————————————————————
$2,000,000 ———————————————————————————
Call it a rebalance of the analysis of supply and 2019 2020 2021 2022 MEDIAN CONDO PRICE PER SQUARE FOOT
$1,347
demand. It’s definitely a different economic $1,400 ——————————————————————————————
environment from immediately post Covid. MEDIAN HOME PRICE PER SQUARE FOOT $1,300 ——————————————————————————————
$1,000 —————————————————————————————— $1,200 ——————————————————————————————
Even in a mostly cash market, the interest $1,100 ——————————————————————————————
$801
$996
rates, unrest and instability of the stock market, $900 —————————————————————————————— $1,000 ——————————————————————————————
$800 ——————————————————————————————
recessionary threats and anti-business policies $700 —————————————————————————————— $850 $858
$565
eventually spill over and have impacts on real $600 —————————————————————————————— $900 ——————————————————————————————
$778
$510
$800 ——————————————————————————————
estate markets. The saving grace for Sea Island $500 ——————————————————————————————
and St. Simons Island is limited supply and quality 2019 2020 2021 2022 $700 ——————————————————————————————
2019
2020
2021
2022
neighborhoods with histories of strong demand
plus lifestyles much of America seeks.
HIGHEST PRICE SOLD: $17,750,000
For Sea Island: Year-end ’22 results that every HIGHEST PRICE SOLD: $5,600,000
analyst would have missed. Fewer sales closed
in 2022 (19 compared to 45 last year) but at a HOME SALES CONDO SALES
median price of $5,325,000 (54% increase over 50 ———————————————————————————————— 20 ————————————————————————————————
50
45
last year’s $3,450,000). Homes sold within 4% of 40 ———————————————————————————————— 15 ————————————————————————————————
18
30 ————————————————————————————————
31
list price, though that began to soften toward the 20 ———————————————————————————————— 10 ————————————————————————————————
11
19
end of the year. 2023 began with 7 cottages for 10 ———————————————————————————————— 5 —————————————————————————————————
7
6
sale ranging from $4,250,000 to $19,500,000. 0 ———————————————————————————————— 0 ————————————————————————————————
2019 2020 2021 2022 2019 2020 2021 2022
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