Condo Owner

Fall 2016

Condo Owner publishes information vital to the business and pleasure of resort condominium ownership. Topics covered relate to real estate market trends, community association matters, rental management issues, tax and insurance updates and more.

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Page 36 of 51

F A L L 2 0 1 6 • condo owner 37 Practically everything in Perdido is water- front." Attention is turning to Perdido Key because it's better for the budget at a time when Perdido Key has been experiencing a decrease in inventory. Mike Ricketts of Mike Ricketts Realty has seen that the lower inventory of properties has helped increase the sale prices. "Last year a four bedroom condo at Mirabella sold for $290 per square foot, and I recently closed on the same floor plan at the same complex at $319 per square foot," Ricketts said. "That's actually the highest increase we've seen in more than seven years. A lack of inventory has started having an impact on pricing, and some new construction is pulling up some prices as well." New Luxury Construction Currently on Perdido Key, multiple new construction projects are either underway or scheduled to begin in the next year. One new project is Vista Del Mar, which is located adjacent to the Gulf Islands National Seashore. JGM Development broke ground on the property last year, and it's projected to be completed by the second quarter of 2017. Of the 64 residences at ►

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