It’s been a decade since I moved to Amelia Island from New York. I was reminded of my initial search for real estate here ten years ago, a time when I was first charmed by this small-town coastal community. Rifling through boxes in my garage this past week, I discovered two real estate booklets from 1993.
It was intriguing to see how cheap prime island property was here just ten years ago. And I have to wonder, of course, about the next ten years here on Amelia Island, and “speculate” what future property values may be on this barrier island, now that the island is almost built out.
Flipping through the dated real estate listings was a trip down memory lane, remembering the days when some of Amelia Island’s oceanFRONT homes could be purchased in the $100s -- and I do mean ocean "front" not ocean "view." It can actually turn one’s stomach, realizing the lost opportunities. "IF ONLY I had bought that beach front home that seemed a bit pricey at the time, for a small dated, dwelling..." -– we’ve all experienced hindsight.
I wasn’t a Realtor® when I first moved to Amelia Island. But now in the profession, I have access to computerized listings in the Amelia Island/Nassau County MLS (multiple listing service) that currently date back about three years (sales history since 2001). So while Realtors® can conveniently access some sales history going back a few years in the MLS, ten years of data is not archived on the computer.
Getting back to those 1993 Amelia Island real estate books -- here’s just a few oceanfront homes that could have been snatched up at shockingly low prices for oceanfront property.
-- Oceanfront cottage, 3 BR/2BA $119,000 (northend of Amelia Island)
-- Oceanfront beach cottage, 2 BR, 1 BA, reduced to $105,000.
-- Oceanfront beach cottage, South Fletcher Ave., $165,000.
-- Oceanfront, 3 BR, 2BA, fully furnished, $197,000 "cast your fishing line from the deck..."
Today, you’d be hard pressed to find a similar beachfront cottage for less than $700K, and very few come on the market these days.
THE PRICE FOR A VACANT, OCEANFRONT BUILDING LOT ON AMELIA ISLAND...
A decade ago, you could purchase a 100 foot wide oceanfront lot on South Fletcher Ave. for $260,000 (or $2,600 per linear foot frontage). One of the factors determining value of oceanfront property is the lot frontage, as well as depth, and the oceanfront lots along Fletcher Avenue are typically either 50”, 75” or 100” widths (ocean frontage). Some lots can be over 400 feet deep, vs. others toward the northern end of the island that are less than 100 feet deep.
The most recent sales price of a 75-foot oceanfront building lot (depth 470 feet) located on South Fletcher Avenue towards the southend, was $932,000 in June 2004 (or $12,427 per linear foot beach frontage). The other oceanfront lot sold this year on South Fletcher, also 75 feet frontage, sold for $580,000 ($7,733 per linear foot beach frontage) – but this lot was more toward the north end of island and was not a deep lot). The thing about oceanfront lots on Amelia Island is the lack of them – with the island’s premium oceanfront property almost completely built out, there’s very few that come on the market these days.
A GLANCE BACK AT AMELIA ISLAND OCEANFRONT CONDOMINIUM PRICES
Ten years ago, you could buy a 7th floor, 2 BR oceanfront condo in Amelia South for $99,000, furnished.
An oceanfront condo in Surf & Racquet -- a top floor penthouse, 3BR/2BA with the best view of the beach, listed for $162,000.
Coral Sands oceanfront condos were listed at $86,500 for a 2BR/1BA unit.
On the southend of the island, oceanfront Sandpiper townhouses were available for $156,000.
On the Amelia Island Plantation Resort, ten years ago, oceanfront condos were listed at $110K in Beachwalker, $193K in Shipwatch, and $220K in Sea Dunes.
Summer Beach Resort -- Sailmaker oceanfront and poolside villas were listed at $125,000 to $250,000. An oceanfront Outrigger townhouse listed for $229,900, furnished!
Today, the average price of an oceanfront condo on Amelia Island is $651,043, according to data recorded in the MLS for the first half of 2004. Prices ranged from $245,000 for the least expensive one bedroom oceanfront condo, to $1,775,000 for a spacious 4 bedroom Carlton Dunes condo next door to the Ritz (sales January 1st through June 26, 2004).
SUMMER BEACH RESORT -- GOLF COURSE LIVING
Looking back, in the Golf Club of Amelia, Summer Beach, building lots were listed from $44,000 to $95,000 in 1993. Currently, there's only one golf front lot active in the MLS for sale in the Golf Club of Amelia, listed at $349,000.
DOWNTOWN FERNANDINA BEACH REAL ESTATE
Examining the 1993 real estate booklet, a picture of a home on North 15th Street, which is on the outskirts of downtown, got my attention, as I recognized the home as one that had recently been on the market. This same home, listed at $79,500 back in December 1993, sold for $249,500 recently. Thus, it had more than tripled in value in the past ten years.
I’ve heard this phrase a lot in the past few years... "they’re not making any more oceanfront property." This, of course, holds true for the sea coast throughout the US and the globe, for that matter.
I guess only time will tell what prices will be like on Amelia Island in the year 2014. As a Realtor, I’ve been asked by prospective buyers to predict where the real estate market will be here on Amelia Island several years from now (price levels). Projecting future real estate trends is a dangerous thing, and I won’t go there. It's like predicting where the stock market will be. Even the utmost professionals with lifelong careers on Wall Street have difficulty projecting where the DOW JONES will be at a future date.
The thing about Florida, however, is its popularity and expected continued growth in population. In-migration to Florida is huge. Florida's population is projected to double from year 2000 level (15.98 million people) through year 2030 projected population of 30.1 million.
I helped plan my 20th high school reunion in 2000 and had the mailing list for the class of 1980. I thought it very interesting that from a school up in Westchester, NY, for those classmates who had moved out-of-state, Florida was where the majority had relocated, more than any other state. (And we were not retirement age, of course, but had moved to Florida by the age of 38).
There’s no denying that Amelia Island has become more popular every year for the past decade that I’ve lived here. Each year, I've seen more and more tourists take in Amelia’s attractions – 13 miles of beaches and the historic charm of Fernandina Beach. Yet, the beaches are not "crowded" by most standards. New residents come here for coastal living in a small-town setting. Many desire change from their fast-paced lives to a more low-key, laid-back lifestyle, and Amelia Island lures them. Yet, the island is still close to the big city amenities of Jacksonville, with its symphony, theatres, museums, shopping, and even an NFL team -- the Jaguars. Plus, the convenience of the Jacksonville International Airport is just a short 30-minute drive from Amelia Island.
There's also no denying that available land to build on is becoming more and more scarce on Amelia Island.
Even people who lived in other parts of Florida are relocating here to Amelia Island, to get away from the commercialization and congestion of traditional “snowbird” territory in other parts of Florida.
Amelia Island is not a "snowbird" market – we have a change of seasons here, and many folks like this aspect of northeastern Florida. You do get a break from the heat and humidity here on Amelia Island. From November through January, you can actually wear a wool sweater or light coat, and enjoy the glow of cozy flame in the fireplace. It’s a nice change to feel a chill in the air and see icicles on the tropical palms. Icicles in Florida, you're thinking??? It looks like a fanciful wonderland, if you forget to turn off your sprinkler system. Occasionally, winter temps actually hit below freezing here on Amelia Island. And for those youngsters born in Florida, seeing icicles in the yard and a frosty glaze on the grass is an absolute delight!
Where will local property values be in ten years? I’ll keep my opinion to myself. No one knows for sure what the future holds -- that goes for any aspect of life. (I’ll put some 2004 real estate booklets in my files, so in ten years I can take another look back...)
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Wendy Lawson, is a Realtor, licensed to sell real estate in Florida. She attended the Florida Real Estate Institute, and is a member of the National Association of Realtors as well as the local Amelia Island/Nassau County Association of Realtors. Send eMail to: wendy.lawson@comcast.net.
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*Source of sales data: Amelia Island/Nassau County MLS (Multiple Listing Service), residential sales on Amelia Island from January 1, 2004 through June 29, 2004). This information is deemed reliable, but may contain errors and is not guaranteed.
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