People frequently ask me how the real estate market is in Jonathan’s Landing. When I try to explain that it is in good shape, I often receive a confused look and someone usually tells me how many homes are for sale in their village or how nothing has sold in their village. That is what complicates the true answer of how the JL real estate market really is, because there are actually 29 different real estate markets in Jonathan’s Landing. You may ask how there are 29 markets in JL? The answer is simple; you can break down each village into mini markets (26 total) and you can then break them down into three distinct markets; condominiums, single family homes and waterfront homes.

Condominiums and single family homes:

Case in point; there is a few markets that have seen success in the past twelve months and they usually create a chain reaction of sales based on the first sale or two. Waterbend is a great example of this. Once a few sales were placed under contract and a new price point was established, listing prices were adjusted and a lot of great movement began occurring. It took a few sales because a price range needed to be determined for an upstairs and downstairs unit, and variables such as water, golf view, and if the condo had a den, needed to be factored in to establish a true price point. Then the log jam in Waterbend started to free. Windrift, to an extent has had movement, but to a lesser degree because it is a smaller village then Waterbend and it is a single family village. In Windrift, we previously saw prices rising to the 800k-900k range in the height of the market, and listing prices were determined by variables such as golf, water, and garden view, and which floor plan each home had. Last winter, a large lakefront home in Windrift sold for $500,000, and that caused at least five homes to adjust their listing price, and as a result, the homes are competitively priced compared to some of the other homes for sale. Last week, another lakefront home was placed under contract and when it closes, we will have two solid comps for that village, and a baseline will be established. In Green’s Cay, prices peaked at $510,000 a few years back and most of the homes were selling in the mid 400’s. Several properties went on the market and most were in the high 400’s to mid 500’s. One person listed a non view home for 679k and one went so far as to list over 900k. The market stalled for over a year and then the first sale occurred at $330,000. That adjusted the price downward and then another home was placed under contract and will close in December. This pending contract has led to three more price reductions and that market is now corrected to current values. The Anchorage, and Cape Pointe have seen similar adjustments.

Waterfront Homes

In the high end real estate market, there were two sales this year on Casseekey Island, both at $2,100,000. The two sales established variables that are important to all waterfront homes for sale. Waterfront home prices are determined differently then the single family and condo markets. Lot size and water frontage is an important part of establishing the price on waterfront homes. What size boat and how many boats can be docked on the property are another key factor in determining price. The size, condition and year the house was built also factor into the equation, but that has proved to be a secondary value this year, as two new 4,000 square foot waterfront homes in Baytowne sold for under $1,400,000. That proves that the waterfront value on Casseekey is at least $500,000 higher then Baytowne. That has impact on every other waterfront village, especially Passage Island because the location and age of the homes are closer to Baytowne than Casseekey Island. These factors can apply to Barrow Island, Jonathan’s Island, Bayhead, Southern Cay and the Harbour.

Next week we will discuss the current inventory for sale in Jonathan’s Landing.
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