Useppa real
estate activity has been marked by unusual late summer closings, and early fall
contracts. There was a late August closing of Grand View Cottage in the Village to a family from Iowa, and an October
closing of North Point Cottage, to
existing Useppa residents, who now have two Useppa homes; one for personal, and
one for rental.
So far, 2014
has seen four single family closings, three of them to Useppa residents, and
one to a club member who could not resist the rock bottom price of a bank-owned
property near the Collier Inn. Major renovations followed that closing. Sales
of attached villas (duplex) were the product most in demand, as potential buyers
have snapped up seven since January 1, with one additional under contract. With
demand only escalating from this point forward, near term increases in property
values are inevitable.
A New View of Useppa
Better late
than never - as the increased awareness of Useppa Island and all it has to
offer has been accelerated by the marketing clout of Michael Saunders &
Company and The Useppa People. With all the MSC listings found in two multiple
listing services, from Orlando south to Naples, there is now a level of
awareness in the community of Realtors that has never before existed.
Current Inventory & Activity
Current inventory
of attached villas totals seven, and at the recent rate of absorption they will
all be gone by March or April. Pricing is from $465,000 to $1.3 Million. All
but one has dockage; one of the premier homes on the island is the attached
villa Coquina Cottage, which has an
80 foot dock with deep water.
Single
family homes on the market include 11, priced from $799,000 to $3 Million. All
have private docks or deeded boat slips. This represents a 2.8 year inventory,
based on sales year-to-date, and just a little over two years based on trailing
12 months.
Recent
activity included sales at $1,550,000 and $2,750,000, and we believe that these
transactions position Useppa Island to be seen as the most compellingly priced
waterfront property on the SW coast of Florida.
Market Overview
Let’s check
and see how our overall market is doing. As usual, I use the zip codes
33921-Boca Grande, and 33924 which includes Captiva, N Captiva and Useppa.
Comparatively, we see that the average sale price has clustered just south and
north of the $1 million mark, but ranging from a low of $500,000 to a high of
$3 Million, similar to Useppa’s value range. The
inventory of available homes has held pretty steady at about 24 months.
Comparatively, Useppa is moving along with the market.
Localized Real Estate Snapshot November 2013 – October 2014
Source - Sunshine MLS
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