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Consequences

[1]

Remember those posts about how crappy the inventory is around here? Well, now here are some consequences…I think. See that place above? It’s a townhouse at 909 Virgo Lane [2]¬†at Shell Cove and it’s also a 3 bedroom, 2 bath place of 1370 sq ft. It was listed for $659,000. Now OK, that price was actually REALLY low. I just sold a slightly larger 3 bedroom unit on Aquarius for $676,000 and it was a couple of doors from Hillsdale. This Virgo unit is on the water and that’ll make it more valuable for sure…but are you ready for this? The place got 25 offers. It’s in escrow for $800,000. The most money EVER spent for a 1370 sq ft waterfront at Shell Cove was $758,000. Holy Cow!

Don’t like that story? How about the unit at 1036 Gull [3] at Bay Vista. It’s a 1460 sq ft 3 bedroom, 2.5 bath unit that was listed for $685,000. I actually don’t know that final price there…but it went WAY over too! The most money EVER spent for this floor plan in Bay Vista was $755,000. Want to bet this place goes over that? We’ll see. The point is simply that when you have this little inventory and this much demand you’re going to see a whole bunch of activity and prices are going to go up. there’s just simply way too much demand for the inventory around here to satisfy and I really don’t think it’s going to improve anytime soon. 2013 will be very interesting.