With Memorial Day right around the corner, you can feel the buzz of anticipation for summer 2015 to begin in Sandbridge Beach!
By all reports we are set for another record setting rental season. Of note, there are four new oceanfront properties going on-line for their first rental season. These homes are commanding premium rates at an average of $24,000 per week and are booking, a true sign that the economy is recovering. On the mortgage side of things we have two changes coming up soon. One is the anticipated rise in interest rates and second, is the last phase of the Dodd-Frank Act, which may slow the closing process down initially by as much as 30 days. LT Caplan, the attorney that handles many of my clients closing said “expect closing time frames to go out to a minimum of 60 days initially in order for everyone to get used to the new regulations”. That’s a lengthy time to be in escrow for a purchase or sale.
This past month we had a record sale for a single family home in Sandbridge. The property at 2948 Sandfiddler sold for $2,725,000 on April 29th. This 9,461 square foot home was built in 2011 and has all the amenities associated with high end oceanfront property. See link for more detail on this and all other “pending” and “sold” property for the last 30 day period, there are three condos that are currently “pending” as well.
Again, have a wonderful and safe Memorial Day holiday and please take a moment to think of those and their families in the military that paid the ultimate sacrifice to ensure our freedom and protect this great country!
Aloha,
Pat