On Saturday, the owners of lot 17 held an auction at Morgan Creek. Any offer at or above $149,000 would buy the undeveloped oceanfront lot. Approximately 40 people showed for the auction. Most were there to observe. Two bidders emerged going back and forth. The auctioneer even broke into song trying to coax a higher price from them. At the end the property sold for $180,000 plus a 10% bid premium.
The lot had been listed as $325,000 prior to being put up for auction. The lot was listed for $1,495,000 from 2005 to 2008. Even if prices don’t return to the levels of the recent real estate bubble, it appears that the Buyer got a great deal with lots of potential for long term appreciation.
We look forward to having a new member of our special community. If you know someone who might be interested in buying property on Dewees Island, please have them check out the listings on DeweesRealEstate.com. We’d be happy to help them. There are more great deals available.