Page 8 - Al Brown Newsletter
P. 8
The Sea Island Neighborhood Guide
Al Brown Company Real Estate’s entire focus is on Sea Island and its Sea Island Condominiums/
neighborhoods on St. Simons Island. These are ones that offer Sea townhomes
Island Club application rights. The following pages will reflect data This segment of the market showed
and statistics from the previous three years sales for each community, continued strength, especially in the Resort
including the highest priced sale in each neighborhood in 2021. area near the Beach Club. Seven of the 12
closed sales were from this neighborhood,
highlighted by an oceanfront sale of
Sea Island Cottages MEDIAN HOME SALE PRICE $9,500,000 in the Ocean Club Residences.
The market has “settled in,” reoriented itself and $6,000,000 ——————————————————————————— Due to six oceanfront transactions, median
$5,325,000
$5,250,000
adapted to the existing conditions of higher $5,500,000 ——————————————————————————— prices jumped significantly from $3,400,000
prices and lower inventory. There are still limits to $5,000,000 ——————————————————————————— in 2022 to $5,300,000 in 2023, an increase
what Buyers will pay. Most respective purchasers $4,500,000 ——————————————————————————— of 55.8%. These properties sold within 3%
are seeking a second or third home, so there is $4,000,000 —————————————————————————— of listed price. The new year started with
no outside overriding pressure for a time frame. $3,500,000 ——————————————————————————— five condominiums on the market from
$2,750,000
No one is being transferred here. $3,000,000 ——————————————————————————— $2,795,000 to $11,975,000.
$3,450,000
An election year has its own set of dynamics. $2,500,000 ——————————————————————————— MEDIAN CONDO SALE PRICE
Interest rates are projected to trend downward, 2020 2021 2022 2023 $5,500,000 ———————————————————————————
$5,300,000
though not the lowest rates of recent years. $5,000,000 ———————————————————————————
Inflation has been caused by too much money MEDIAN HOME PRICE PER SQUARE FOOT $4,500,000 ———————————————————————————
chasing too few goods. How could it possibly $1,200 —————————————————————————————— $4,000,000 ——————————————————————————
$3,275,000
have been transitory with the extra money $1,100 —————————————————————————————— $3,500,000 ———————————————————————————
$996
$1,136
$2,900,000
needlessly dropped into the economy at a time $1,000 —————————————————————————————— $3,000,000 ———————————————————————————
$3,400,000
$801
when supply of goods was low?! $900 —————————————————————————————— 2020 2021 2022 2023
$800 ——————————————————————————————
So, inflation will inch down, the stock market will $700 —————————————————————————————— MEDIAN CONDO PRICE PER SQUARE FOOT
$565
rise and the Sea Island real estate will stay strong. $600 —————————————————————————————— $1,600 ——————————————————————————————
$1,347
In the meantime, pray for our country and for $500 —————————————————————————————— $1,400 ——————————————————————————————
$1,516
families torn by the Israel-Palestinian Conflict and 2020 2021 2022 2023 $1,200 ——————————————————————————————
$850
$858
for a complete victory for Israel. $1,000 ——————————————————————————————
$800 ——————————————————————————————
2023 Sea Island sales summary and median 2020 2021 2022 2023
prices, after a 54% increase in 2022 over 2021, HIGHEST PRICE SOLD: $11,900,000
were down 1.4%: $5,250,000. Fewer closed sales: HIGHEST PRICE SOLD: $9,500,000
11 in 2023 compared to 19 in 2022. Homes sold
within 3% of list price. HOME SALES
50 ———————————————————————————————— CONDO SALES
50
2024 began with eight cottages for sale ranging 40 ———————————————————————————————— 20 ————————————————————————————————
45
in price from $4,875,000 to $7,995,000. 30 ———————————————————————————————— 15 ————————————————————————————————
18
12
There were two building site sales in 2023, an 20 ———————————————————————————————— 10 ————————————————————————————————
11
19
7
11
oceanfront site at $11,500,000 and a marsh front 10 ———————————————————————————————— 5 —————————————————————————————————
0 ————————————————————————————————
0 ————————————————————————————————
site for $4,000,000. 2020 2021 2022 2023 2020 2021 2022 2023
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