January 2012 Issue

    INSIGHT

       
       
       Glynn County 2011 real estate review
        by Patrick Anderson, Publisher


    RESIDENTIAL TRANSACTIONS (from the Golden Isles MLS)

  • The highest price paid for a home in Glynn County last year was $8,250,000 for 318 W
    49th Street on Sea Island.  This 9,250 sf marsh front home was on the market for 317
    days and originally priced at $10,900,000. The most interesting thing to me about this
    sale is that it was marsh & river front, not ocean front. Congratulations to Nancy
    Pandolfi of Sea Island Properties for handling the transaction.

  • The lowest price paid for a home was $3,900 for 2325 Tillman Avenue in Brunswick. This 930 sf  foreclosure was built in 1955
    and was advertised as follows: "Centrally located - needs lots of work - Cash transaction only - MOLD ISSUE - EZ to show."
    Two lucky brokers split an apparent $234.00 commission, which was split again between the brokers and their respective
    agents. Who says real estate agents are overpaid!

  • The highest price paid for a home on St. Simons Island was $2,350,000 for 4338 Sixteenth Street in the East Beach
    neighborhood. This 4219 sf home was built in 2007 and sits on Gould's Inlet with beautiful views of the Atlantic Ocean.
    Congratulations to Micki Carter of Deloach Sotheby's for handling both listing and selling duties on the transaction.

  • For you stat junkies, here are the residential transaction numbers for all of 2011 with comparisons:














  • Note to Glynn County Tax Appraiser and others: it's important to recognize that Sea Island Properties re-joined the local MLS
    in 2011. Their added sales skew the Islands' 2011 statistics. Omitting Sea Island sales from both 2010 and 2011, the Islands
    numbers look quite different:













  • In the final analysis, both Mainland and Islands sales increased in both numbers and dollar volume from 2010 to 2011. But
    average list price and average sold price declined. Ordinarily, a reduction in supply (see Market Conditions) and an increase in
    demand would dictate higher average prices. But the large quantity of available foreclosure properties is pressuring prices
    downward and will continue to do so until the foreclosure supply is more manageable.


    FORECLOSURES

  • 609 foreclosure deeds were filed by lenders in Glynn County during 2011, an 11% drop when compared with 2010. However,
    the 2011 quantity was still 5-1/2 times the "normal" volume when compared with 2005, 2006 and 2007.




                                  
                                                                      















  • Economists predict continued downward pressure on real estate prices due to the "shadow inventory." These are properties in
    distress, somewhere in the foreclosure process, or foreclosed but not yet on the market for sale (see article).

  • We believe foreclosures will continue to dominate the marketplace for the foreseeable future. Buyers have taken a
    "foreclosure attitude" when evaluating real estate, even on non-foreclosure properties. This attitude keeps downward pressure
    on prices. Georgia tax assessors are now required to consider foreclosure and other distressed sales when valuing non-
    distressed property. This will result in fairer tax values for property owners, and upward pressure on property tax millage rates.


                                                                            Contact the author: Patrick@StSimonsLetter.com
the St Simons letter is published by Patrick Anderson & Associates, Inc. Copyright 2011. All rights reserved.
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MAINLAND                             ISLANDS                              TOTAL
YEAR
 Unit Sales
2004
 1,624
2005
 1,837
2006
 1,905
2007
 1,317
2008
 804
2009
 754
2010
 827
2011
 1,012
  2010
 2011
   2010
 2011
   2010
 2011
Units Sold
 487
 592
   340
 420
   827
 1,012
Avg List
 153,153
 138,861
   467,727
 571,317
   282,482
 313,440
Avg Sold
 139,329
 120,709
   421,025
 494,153
   255,141
 275,696
% of List
 90.79
 91.34
   91.77
 90.54
   91.19
 91.01
Avg DOM
 191
 191
   237
 295
   210
 234
Total $
 67,853,243
 71,459,681
   143,148,660
 207,544,246
   211,001,903
 279,003,927
  2010
 2011
Units Sold
 335
 397
Avg List
 443,402
 413,709
Avg Sold
 399,996
 368,109
% of List
 91.82
 91.00
Avg DOM
 238
 281
Total $
 133,998, 660
 146,139,246
318 W 49th St, Sea Island
ISLANDS (without Sea Island)