Alys--there goes the neighborhood??

[AAbsolute]

Was this sale from the developer or was it a resale? I think that Alys (EBSCO) is going to ride out the slump just fine. The prices on developer buildings and lots aren't going down. As far as appeal goes, it seems to have quite the appeal. Some people may just not want to buy a primary or even 2nd home in what is a giant construction zone. Perhaps EBSCO doesn't need to follow the typical developers model of sell sell sell to make up the loan taken out to develop. If you don't have to follow that business model then you can keep your prices at the level you want them. I don't see a fire sale at Alys anytime in the near or distant future.

Looks like this was a resale with the seller selling for about 300,000 less than original price.

 

[TheSheep]

Oct 10,11

http://planetgreen.discovery.com/search/results.html?query=ALYS&x=10&y=8

 

[TheSheep]

Year begin, there were 8 Alys Beachomes for sale starting $1.995 million and two at that price - 2180 and 2450 square feet. The most expensive home for sale in was five bedroom, six bath, 3060 square foot home priced at $2.998 million.

$1,000 per sft


Alys Beach Homes for Sale - March 2008

Total # of Listings 8
Lowest Price Listing $1,995,000
Highest Price Listing $2,998,000
Average Price $2,304,500
Avg. Price/SqFt $883
Avg. Days on Market 387

A drop to $550 per sft is staggering.