The time period for this update is January 1 - June 30, 2009. In the Multiple Listing Service (MLS) there were 26 land sales in the first six months of this year and the MLS is usually what we track. However, I have also been following the private land sales reported in the Property Transfers section of the Pine Island Eagle Newspaper and on their website http://www.pineisland-eagle.com/.
According to that newspaper source, which is supplied by Lee County Property Appraiser's office, there were 18 private vacant land sales in that same time period between January 1 and June 30, 2009. These sales represent off-water and waterfront residential lots, acreage and industrial land. Although these sales are more time consuming to track, it's important to see the whole market and know what is transpiring on the Island.
Combining the MLS reported land sales and the LeePA private land sales, we have a total of 44 vacant land sales during the first half of this year.
While it is true that prices of vacant land skyrocketed through most of 2005, causing investors to abandon this market for greener pastures, prices have adjusted downward and many of those same properties can be bought today at much lower prices. The total land inventory is down, prices are down, and we are beginning to see a renewed interest in buying Pine Island land!
For more information on land prices visit our website at http://www.margaretbirdsong.com/. And contact us if we can be of service to you in your search for vacant land on Pine Island!
Tuesday, July 14, 2009
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