County real estate prices still on hold

Published: Thursday, January 9, 2014 at 02:31 PM.

The biggest sales increase between the two years was in commercial property on St. George Island. In 2012, there were no commercial sales there but last year there were three sales totaling $2.25 million, with the largest chunk, $1.5 million, paid for bayfront property across from Harry A’s. The property was purchased by George Kirvin Floyd, founder and chairman of the Apalachicola Maritime Museum.

Marinas brought big money both years in Carrabelle. In 2012, the Moorings, at 1000 US 98, sold for $2.5 million, nearly 90 percent of the overall $2.8 million in commercial sales on the east end of the county. In 2013, the Carrabelle Marina, located almost next door at 803 US 98, sold for $560,000, the only listed commercial sale for Carrabelle in the MLS statistics last year.

Income from commercial sales varied little throughout the entire county. In 2012, 11 sales brought in $4.03 million. Last year, even with the increase in commercial sales on the island, the total was $4.36 million, for an increase of 8 percent. Commercial sales in Carrabelle were down $2 million from the previous year, largely due to the decline in marina sales totals.

Sales of lots and land generated the least amount of income both years. In 2012, 203 sales netted $11.75 million, and in 2013, 179 sales brought in $11.74 million.

The median price of undeveloped land increased in Carrabelle, from $10,750 to $14,000, and in St. George Island from $77,500 to $89,000. But median sales prices in Apalachicola, for about two dozen properties each year, decreased from $32,000 in 2012 to $28,000 in 2013.

Eastpoint had the greatest decrease in median prices for lots and land, with almost a 50 percent decline. In 2012, the median cost of an undeveloped lot in Eastpoint was $23,600, and in 2013, it was $12,850.

“Activity is up a little bit. Prices are inching up,” said Gloria Salinard, association executive for the local realtors association. “Everyone’s been really busy although that doesn’t always mean there are closings. There’s lots of interest.”

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