North Hutchinson Island FL: Six condos, 1 canal front house and 1 townhouse sold in August. Condo sales ranged from $160,000 for a 1st floor unit in Bryn Mawr to $550,000 for the top floor in Altamira and $504,925 for the 2nd floor in Altamira. The house in Queens Cove, which was on a 50 ft waterfront lot, sold for $307,000 as a short sale. A 1 bedroom town home in the Galleons sold for $57,500.
Year to date there have been 64 sales on N Hutchinson Island compared to 52 for the same period last year. That is an increase of 23%! Bargains are available, and sales prices are often substantially lower than the list price. The Altamira top floor unit sold for 25% under the list price and was only on the market for a little less than 3 months.
Inventory in the MLS is up a little but does not include approximately 80 units for sale in a new oceanfront condo subdivision. The prices in this new development continue to drag down prices for all re-sales as well.
2010 North Hutchinson Island FL Real Estate Market Update