In our market, if a buyer desires a gulf front, 4 bedroom, rent-restricted condo then you'll be spending your time in Perdido Key FL. A rent-restricted condo is a tower that which restricts the minimum days of rental. For example, the minimal rental period for a great amount of these units is 30 days. Therefore, if you desire to rent, you'll have to pick up the tab for at least 30 days. Perdido Key attracts a lot of buyers who do not desire vacation rental income.
These 4 bedroom condos in Perdido Key FL are mostly 2,000 sf+ and have 4 or more bathrooms. Additionally, the majority of these residences are "low density", meaning the footprint is small and offer limited amenities.
For strictly a primary or secondary home, I love Perdido Key FL and it has a lot of potential moving forward. Check out the Perdido Key Master Plan: https://myescambia.com/perdido-key/perdido-key-master-plan
Below you'll see the average sales price dating back to 2002. Because most of these units are rent-restricted and limited in number, I feel the sales are lacking the larger pool of buyers usually purchasing in Orange Beach and Gulf Shores. Therefore, the price analysis trend is flat! However, you can see the upward trend from 2016-2017 and I expect the trend to continue upwards.
Currently, the average listing price is just north of $1 million with pre-construction sales at The Meridian pulling the average up. Next year, sellers will certainly be looking to capture and supercede the $800,000 level. As with my recent sales analysis postings, I would not be surprised if a significant jump in prices happened similarly to the 2004-2005 rise!
In conclusion, I feel there is plenty of upside to this market on the Gulf Coast!
If you would like to discuss my analysis further or would like to visit and schedule a viewing of real estate, contact me by any means available today.
Happy Holidays to everyone!