4903 never sold
4840 sold on 12-18-09 for $411 sq/ft $1,150,000 vs $500 $1,400,000
4832 is still for sale 2 years later for $1,290,000 $370 sq/ft vs $531 $1,850,000
4715 sold on 10-08-09 for $216 sq/ft $417,350 vs $356 $689,216
4484 not sure
4450 Gulls Quay sold for $1,330,000.00 on 6/18/2007. It's current property tax value is $925,700 and the one sitting next to it is for sale for $750,000.
Lots of different stuff going on in the market, all bad for sellers or bubble buyers. One given is that beach front property will always be high cost.
The answer to your question is the value of the land. There are two waterfront lots for sale one at near a million and the other is 1.7 million. this is just for land .Now if there happened to be a tear down home of 1000 sq ft on these lots, then you could say the homes were selling for 1000 to 1700 sg ft . location is driving the price, you cannot just look at a sq ft price and make any kind of determination other than something besides the home is setting the price.
The price-per-square foot is *list price* and not sold price. You need to be looking at the sold values, not list. I see beach front property â€œsellingâ€ at $448 a square foot at $1.5 million property -- not bad for ocean front property.
I responded to your similar question under a separate thread, but the answer remains the same. The price of real estate has to do with location, location, location. And youâ€™re looking at properties that are on the water too. I mean, look at the name of the addresses youâ€™re referring toâ€¦ â€œOcean View Avenue.â€ You really donâ€™t expect to pay $100 - $200 a square foot for ocean front property, do you?
You need to take your concerns to a local real estate professional in this area, as several agents have previously suggested. A Realtor can address your concerns more specifically, and help you make a more informed decision.
But the bottom line is this â€“ live on the beach for $425 - $575 per square foot, or live a few hundred feet inland for $175 - $350 per square foot. In 2007, over a dozen properties priced from the mid $200â€™s to over $800k had no trouble selling in as little as 15 - 50 days. A property at 4617 Ocean View Ave sold in 23 days for its asking price of $575,000. Again, not bad for ocean front living!
Ocean front values are not going down like interest rates are. However, it is possible to have present an offer on a 1.7 million dollar home for $500,000 - $750,000 under list â€“ if you have an agent working on your behalf.
If youâ€™re considering relocating from Alexandria, or simply wish to purchase a second home, Iâ€™d make that decision before the summer home buying season begins.
Frank Biganski, Realtor ABR