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