Beachfront Real Estate Market Report
The real estate bargain hunters came to Florida this year and totally cleaned up on deals. The biggest sector selling has been the $400,000 and under price point. A few of those sales have been on the Bonita Beach, but not many.
Our Keynescommunities of Bonita Beach and Barefoot Beach haven’t been hit as hard financially as the balance of the real estate in Southwest Florida. In the last year there has been one foreclosure in Barefoot Beach. It was a single gulf view family home that sold at $3.3M. There were no short sale homes or condos in Barefoot Beach within the last year March ‘09 – March ‘10.
On Bonita Beach, which is basically the stretch of land that is Hickory Blvd. There was one foreclosure, a single family gulf front home, which sold at $2.4M and was mid way through the construction process. There was about six figures worth of work to be completed, depending upon the level of finish.
There were a few short sales on Bonita Beach that were gulf front. One single family home and three condominiums were sold short. Buyers looking for bank owned, short sale or distressed real estate bargains on the beach may be surprised at how few there are out there.
They may also be surprised at the prices. That short sale on Bonita Beach closed sale at $1.5M. It was built in 1976 and was about 1,300 square foot of living space. The home was an adorable beach front cottage and appeared to be in great condition, well cared for and updated in part. The structure by size and price could be considered a “tear down” by an ambitious buyer or owner that had a desire to expand.
As of March 2010, the absorption rate for Bonita Beach Gulf Front real estate and Barefoot Beach Real estate is as follows:
Barefoot Beach Single Family Homes, Villas, Att. Villas: 24.2 Months of Inventory
Barefoot Beach Condominiums, Mid/High Rise: 28.8 Months of Inventory
Bonita Beach Single Family Homes, Villas, Att. Villas: 39.8 Months of Inventory
Bonita Beach Condominiums, Low, Mid/High Rise: 24 Months of Inventory
All of the information is deemed accurate, not guaranteed, but just about as close as you can get to what’s really going on out there. This report isn’t limited only to Bonita Springs Real Estate, but all transactions listed and in the SunshineMLS in Lee and Collier Counties on the Gulf of Mexico, Hickory Blvd and Barefoot Beach.