Recent South Gulf Cove Lot Sales
South Gulf Cove has 15,000 lots of which about 10% have houses built. There was little construction before the year 2000 due to previous, now resolved, infrastructure issues related to water, sewage and electricity. Most of the existing 1,200+ houses were built between 2002 and 2007.
Of the 15,000 lots, 4,734 are waterfront lots on canals with Gulf of Mexico access. The remaining 10,266 lots are dry lots. All lots in South Gulf Cove have central water and sewer plus electrical power access. All lots have access to the community boat ramp.
The 4,734 waterfront lots are divided into "sailboat" and "powerboat" lots. The sailboat lots have access to Charlotte Harbor and the Gulf of Mexico without going under any fixed bridges. The powerboat lots have the same Gulf of Mexico access but the boats have to pass under 10 foot high bridges. Sailboat lots usually have a significant price premium over powerboat lots. The sailboat lots are located in two places:
1. North of Calumet Blvd and east of Welsford. The main street names are Margo, Meachem, Arlewood, Leipzig, Chinook, and Aquarius. All of these lots have seawalls and they are in the zone closest to the lock that give access to Charlotte Harbor. These sailboat lots are usually the most expensive lots in South Gulf Cove.
2. South of Appleton. These sailboat lots sometimes don't have seawalls ( a concrete seawall for a normal sized lot costs about $20,000 ) and they have a much longer distance to the lock than the lots north of Calumet.
All of the remaining canal lots are powerboat lots. Prices of these lots vary according to whether or not they have a seawall, the distance to the lock, the size of the lot, and the quality of the waterview.
For the purpose of tracking prices, lots will be divided into the following categories:
1. Sailboat lots north of Calumet
2.a. Sailboat lots south of Appleton with seawalls
2. b. Sailboat lots south of Appleton without seawalls
3. Powerboat lots with seawalls south of Calumet and north of Ingram
4. Powerboat lots south of Ingram and north of Appleton ( without seawalls )
5. Dry lots in premium zones ( across from canal lots and north of Ingram )
6. Dry lots other zones
Prices Updated August 31, 2014
Sailboat Lots with Seawalls North of Calumet
In the last 12 months, there have been three sales, highest for $112,500 and two side by side lots for $85,000 each. There are only six lots for sale in this zone at prices between $89,900 and $300,000 with a median of $99,900.
Prices are still substantially lower than they were in 2005. In 2005 there were 24 sales in this zone at prices from $308,000 to $500,000 with a median price of $400,000. But prices have recovered since the low point in 2011 when 10 waterfront lots in this zone were sold for prices between $62,500 and $95,000 with a median price of $73,000.
Sailboat Lots South of Appleton With Seawalls
In the last 12 months there have been 11 sales. The high price was $106,000, low price was $48,000, and median price was $58,000. The higher priced sales have nice views. There are 12 of these lots for sale today at prices from $59,900 to $179,000 with a median of $71,900. Again, the lower priced lots have all been sold.
In 2005 there were 34 sales in this zone at prices from $225,000 to $530,000 with a median of $290,000. By 2011, only 13 lots were sold at prices from $20,000 to $60,000 with a median of $38,000.
Sailboat Lots South of Appleton without Seawalls
In the last 12 Months, there have been 4 sales between $45,000 and $72,000 with a median of $57,000. The lot that sold for $72,000 was oversized on the intersection of a canal. Today there are twelve lots for sale at prices between $44,000 and $193,000 with a median of $75,000.
Powerboat Lots With Seawalls south of Calumet and north of Ingram
In the last 365 days, there have been 41 sales. The highest was $130,000, the lowest $45,000, and the median was $65,000. Today there are 16 lots for sale in this zone between $67,900 and $259,000 with a median of $94,900.
In 2005 there were 75 sales of similar lots at prices between $205,000 and $450,000 with a median price of $265,000. When the market hit bottom in 2012, there were 25 sales at prices between $20,000 and $99,000 with a median price of $50,000 .
Powerboat Lots Without Seawalls South of Ingram and north of Appleton
In the last year, there have been 56 sales. The high price was $97,500, the low price was $25,000, the median price was $36,000. Today there are 63 such lots for sale at prices between $28,000 and $2099,000 with a median asking price of $59,900.
In 2005 there 341 sales of similar lots at sales between $145,000 and $530,000 with a median price of $209,000. At the market bottom in 2011 there were 36 sales at prices between $12,000 and $50,000 with a median price of $23,518.
Dry Lots in premium zones
In the last 12 months there have been 22 sales. The high price was $15,000, the low price was $5,000, the median price was $11,000.
Dry Lots in Other zones
In the last 365 days there have been 121 sales between 15,900 and $2,000 with a median of $7,000.