The headline for this quarter is that the Condominiums in Dolphin Cay have hit an average price per square foot for the 12-months ending June 30, 2018 of more than $300.00. Our 12-month sales price per square foot for the period was $306.65, an increase of almost $30.00 per square foot over the 12-month period ending June 30, 2107. These average prices have not been achieved in over 10 years!
More importantly, the wealth is shared across the condominium buildings with average sales price per square foot being more than $300.00 in all buildings except Dominica and Eleuthera, but these buildings showed growth in their average sales price as well. The chart below demonstrates the average price per square foot for each of the condominium buildings in Dolphin Cay.
The second great headline is that Dolphin Cay is still very much in demand and with the current pricing, renovated units with open water views should continue to support the overall pricing up into the future. Calendar 2017 sales were only 22 units, the smallest number of unit sales since 2014. Including the three sales that closed in July 2018 and 2 additional sales that are under contract and waiting to close, the 2018 sales volume has already exceeded the 2017 volume, but we are still well behind the average annual sales of 29 units.
There was no sales activity for Dolphin Cay’s single-family community during the second quarter of 2018 and only one home is currently on the market. Two homes sold earlier in the year with one on the Maximo Canal that I sold at $1,115,000 or just under $350 per square foot.
For those residents that are away for the summer, the upgrades to Maximo Marina are almost completed and the new Getaway Restaurant located in the marina is already doing a brisk business. Our experience has been very favorable. The Getaway offers good food, reasonable prices and plenty of seating.
If you are interested in selling your Dolphin Cay property, now is a great time. There is low inventories for condominiums and homes for sale in the Pinellas Bayway. Renovated homes priced fairly are in exceptional demand. Please contact me if you are interest in listing your property or if you are looking for a new purchase in the area. Or, if know someone interested in purchasing a home in Dolphin Cay or the communities around us. My local expertise of the surrounding market can provide an exceptional advantage to your success. Through highly customized marketing, an energetic work ethic, unequalled customer service, I would love to show you how Eagan Luxury Real Estate can make a difference for you. Contact me at any time for an evaluation of your property. Visit my website at www.EaganLuxury.com for more information about the communities in south Pinellas County.
All the best
Debi Eagan, Realtor®