Market Update Fall 2010

As we approach Fall, bringing cooler weather and our winter residents, it's a great time to reflect on where the market has been over the last six months. Certainly, activity has seemed busier over the same period last year, but it isn't clear until you look at the numbers. The market is improving in all areas, albeit slowly.

Over the last six months of 2010 (March 1- September 29), there were 397 sales in Amelia Island/Fernandina Beach/Yulee which is an 19% increase over the same period in 2009 (334 sales).

Out of those 397 sales this year, 13% or 50 were properties over $500,000 which, again, is an increase over last year's 34 units or 10% of sales.

With more higher-end properties selling, it's no surprise that the average sale price rose to $288,056 over last year's $272,811. And, the average days on market has decreased, meaning those homes sold this year sold in an average of 155 days versus 165 days in 2009.

Overall, very positive news for our local real estate market, although inventory remains very high and currently, there are 1458 active listings which translates to a 22 month supply of product.

We both feel that these positive trends will continue through the remainder of 2010.

Amelia Island Plantation News

On September 17, 2010, Omni Hotels closed on Amelia Island Plantation after submitting an acceptable and binding bid of $67.1 million in August to the U.S. Bankruptcy Court for the Middle District of Florida.

Omni plans to expand the rooms by 125 to the resorts 249-room Amelia Inn and to expand its 50,000 square feet of meeting space by 30%.

The Amelia Island Club is now separate from Omni Amelia Island Plantation and operates as an equity club which leases to own (and operate) core club amenities such as Long Point Golf Course, Long Point Clubhouse, Golf Academy, the Ocean Clubhouse, including the pools, the Sea Oats Restaurant and the Sandpiper Restaurant.

Members will also have access to certain properties owned by the Resort such as Racquet Park Tennis & Fitness Center, the Beach Club, Ocean Links Golf Course and Oak Marsh Golf Course.

The Amelia Island Club has also opened up membership outside the gates of the Plantation to the south end of the island bounded by Bill Melton (street) on the east and Via Del Mar on the west.

Anyone interested in membership should act within 90 days of September 17, 2010 to enjoy significant price reductions. During the 90 day marketing period, a Golf Membership is $30,000 and Social Membership is $20,000. After the 90 days, membership will be $50,000 and $30,000, respectively.

For a full matrix of dues, fees and charges, please give us a call.

Best,

Pat & Pam