The past 30 days has produced strong sales activity in the Sandbridge real estate market. One oceanfront property at 2572 Sandfiddler just closed for $1,750,000.00, and a property located at 3237 Little Island sold for $997,500. These two and two that are pending sale represent good activity in the high end segment of the real estate market at the beach. This is another example that all real estate is local, if you read the recent news media headlines the market is headed for a double dip with prices continuing to drop. It is my opinion that Sandbridge Beach is a stabilizing real estate market with very little distressed property in inventory to drag prices down. The two pending sales are located at 2361 Sandfiddler and 305 Back Bay Crescent listed for $1,299,000 and $1,099,000 respectively. See link for details.
We have potentially good news regarding our sand replenishment project. The Corps. has approved and funded a project for the Virginia Beach resort strip so with some negotiation with the City of Virginia Beach it appears they will manage the Sandbridge Beach project as well. This will streamline the process and because the two jobs are to be combined will give us a much better price for sand from the winning contractor. Start date is estimated for Spring 2012. I’ll keep you posted.
That’s it for now, enjoy the Summer!
Aloha,
Pat