As 2017 draws to a close, the Gulf Shore Blvd N condo market is languorously rousing itself from the long off-season’s slumbers in preparation for another lively first quarter. The opening half of 2017 was fairly buoyant for the area: there were 164 sales as compared to 136 for the respective period of 2016, and until the unwelcome interruption of Hurricane Irma, this summer looked set to outpace 2016. Although the Gulf Shore Blvd N condos proved themselves to be impregnable bastions of permanence throughout the battering gales, the man-driven market was slower to recover from the chaos of Irma’s wind-whipping wrath. October inventory was down to 138 from 174 in 2016, while closed sales were down almost 50% both in September and October from their 2016 levels. We expect this to merely be a reflection of the delay in closings caused by Irma and to see a robust revival in the market through the injection of inventory and buyers during the winter months. In fact, the Gulf Shore Blvd N condo market has a palpable seasonal pulse, almost so consistent as to be called predictable: after a comparatively quiet summer, inventory and sales increase almost overnight and activity is brisk from the late fall to till the end of spring. Irma may have done her utmost to disturb daily rhythms, but the patterns and laws that govern the idyllic winter season are entrenched enough to trump Mother Nature’s whims.
The statistics on the following pages detail the activity in the four distinct sub-markets: Park Shore gulf-side, Park Shore bay-side, Moorings gulf-side and Moorings bay-side. In all sub-markets, the current inventory remains rich, varied and enticing, with opportunities existing in nearly neighbouring buildings for both a $600,000, 1,270 sqft unit in Gulfside and a palatial 8,233 sqft penthouse in the opulent Le Rivage for $9,995,000. Moorings gulf and bay-side buildings continue to offer themselves as more modest, yet attractive options for residing on this prestigious stretch of beachfront property - the most expensive Moorings gulf-frontage unit is $2,100,000 – 2,904 sqft of living space cradled in the dunes at Gulf View Beach Club south of Doctor’s Pass, whereas across the street, one can enjoy the proximity to the beach and bay at the cheerful Port Au Villa for $360,000.
Meanwhile, returning owners may find Hurricane Irma’s anarchic landscaping has transformed their gulf-views, and perhaps no better example of this are the fortunate residents of Charleston Square, whose once restricted views from the two floors of the building are now so superior to suggest a dramatic upward correction to their market value is in order.
Please call Irby & Associates for further guidance on market trends, investment opportunities and listings services.