Now for some Sold stats: Fripp Island ONLY Fripp Island Trends (7 years - MLS Statistics)
Single Family Only Number Total Price Average Price Median Price Av cost/sqft incl lot
@ av sqft 2000 73 $29,372,000 $402,350 $337,500 $201.58
of 1996 2001 62 23,500,400 378,858 326,500 190.00
2002 48 21,737,875 452,872 352,500 226.89
2003 81 34,989,500 431,964 360,500 216.41
2004 126 57,051,452 452,791 388,500 226.04
2005 116 69,198,536 596,536 530,000 298.87
2006 78 52,520,279 673,336 592,500 398.18
Active 2007 76 69,710,400 953,731 798,500 396.23
The number of 2006 sales (78) is down from 2005 (116) but the Average prices are up as well as the Median prices. Now take a look at the Average & Median prices of ACTIVE homes in 2007 (which are the ones which didn’t sell in 2006).
Condo/TH 2000 8 $4,688,400 $260,470 $264,510 $218.33
@ av sqft 2001 23 4,911,350 213,554 177,000 179.01
of 1196 2002 17 3,698,500 217,559 187,000 182.36
2003 19 3,861,250 203,224 170,000 170.34
2004 33 8,931,570 270,654 290,000 226.87
2005 62 17,465,872 281,708 263,500 235.54
2006 28 9,870,850 352,530 331,600 331.33
Active 2007 24 11,782,400 490,933 434,450 346.45
Condo: The number of units sold in 2006 went down (from 2005) about 50%. The Average and Median prices were up considerably but this is probably due to the several new 2600sf condos recently built on Wahoo.
Land/lots 2000 68 $9,922,609 $145,921 $122,300
2001 39 7,040,100 180,504 120,500
2002 23 4,602,650 200,115 172,500
2003 33 5,545,100 168,033 160,000
2004 78 14,267,950 182,922 149,600
2005 171 36,447,611 213,144 195,000
2006 41 13,324,000 324,978 277,500
Active 2007 69 28,768,300 416,931 340,000
Land: Lots really took a hit this past year. It would seem that is because the prices rose so drastically in 2005 & 2006. On top of that the cost to build on a lot went up from about $225/sf to over $275/sf & higher with upgrades of hardwood floors, custom kitchen, etc…
Above are the SOLD MLS stats for Fripp Island for the last 7 years. There are some things to notice: 1) 2001 was not a very good year in any category (perhaps 2000 was just abnormally great (?). Stats for 2005 show skyrocketed sales in ALL categories - which explains why I had sales in excess of $23 Mil! In 2007 the Average price per property in all categories was well up but the number of sales for condos and especially lots was way down. Facing this year will not be easy - just look at the # available, and the Average & Median Prices for the 2007 Active in all categories. Because of price, it now sometimes takes a ‘committee’ to purchase here (Buyer + relatives or friends)!
Most of the home sales were in the 95% and up asking to sold ratios. There were the usual disappointing ratios (by the same companies & the same agents as usual) but on the whole most sales were good even though our average prices were up. Here are some of the disappointing sales from the list:
116 Sea Otter Lane Ask: $450,000 & Sold $425,629 @ 92% 644 Dolphin Rd Ask $495,000 & Sold $435,000 @ 88%
512 Lookout Lane Ask: $495,000 & Sold $449,000 @ 90% 836 Marsh Dunes Ask $512,500 & Sold $453,500 @ 88.5%
13 Fiddlers Trace Ask: $700,000 & Sold $550,000 @ 78.5% 21 Fiddlers Trace Ask $759,000 & Sold $600,000 @ 79%
19 Veranda Beach Ask: $660,000 & Sold $605,400 @ 92% 380 Tarpon Blvd Ask $899,000 & Sold $780,000 @ 87%
13 River Club Ask: $980,000 & Sold $840,000 @ 86% 400 Ocean Point Ask $1,025,000 & Sold $930,000 @ 91%
466 Tarpon Blvd Ask: $1325000 & Sold $1000000@76% 617 Dolphin Annex Ask $1125000 Sold $1040000 @ 89%
705E Silverside Ask: $1295000 & Sold $1150000@92% 438 Tarpon Blvd Ask $1450000 Sold $1188000 @ 82%
476 Tarpon Blvd Ask: $1750000 & Sold $1375000@79% 452 Tarpon Blvd Ask $2190000 Sold $2000000@ 91.5%
There were 5 sales at 100% ratio (I had 3 of them), & 27 sales at 98-100% ratios. In fact, MY AVERAGE RATIO was 98.1% which is up from 97.7% last year.
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