The Island is going through a retraction. The property although it may have been sold for 1.5 I doubt if it was worth it. With out the buying frenzy properties are more realistic. It was a fair price for the sq footage. There are a lot of similar properties out here and just be careful make sure it is a good value. there is a lot out there. good luck and if you need honest advise please contact me. It is free and without obligation Skip at firstname.lastname@example.org
Bobbie is correct about the status of the property. It was a very good deal, but there are several others on the island. Please contact me so I can get your housing criteria and get you over a custom home report. Feel free to call or email me.
Scott Riddle, (CSP) Certified Short Sale Professional
Sand Castle Realty Group