Gulf Shore Blvd Q3 Market Review 2016

Bring Your Highest Expectationsâ„¢

THIRD QUARTER MARKET REVIEW FOR 2016 Gulf Shore Boulevard

Market Review© – Third Quarter 2016 Gulf Shore Boulevard Condominiums Market

Bring Your Highest Expectations™

QUARTERLY NUMBER OF CLOSED SALES - Q3 2016

125

Beachfront Condominiums

Q1

Q2

Q3

Q4

100 75 50 25 0

2010

2011

2012

2013

2014

2015

2016 Exhibit 1a

John R. Wood Properties, Bring Your Highest Expectations.

“The source of this real property information is the copyrighted and proprietary database compilation of Southwest Florida MLS, Copyright 2016, and the proprietary compilation of that data by John R. Wood Properties, its employees, and professional statisticians hired by the Wood firm. Southwest Florida MLS. Accuracy of the information is not guaranteed; it should be independently verified if any person intends to engage in a transaction, relying on such data.”

Market Review© – Third Quarter 2016 Gulf Shore Boulevard Condominiums Market

Bring Your Highest Expectations™

QUARTERLY NUMBER OF CLOSED SALES - Q3 2016

35 Bayfront Condominiums

Q1

Q2

Q3

Q4

30 25 20 15 10 5 0

2010

2011

2012

2013

2014

2015

2016

Exhibit 1b

John R. Wood Properties, Bring Your Highest Expectations.

“The source of this real property information is the copyrighted and proprietary database compilation of Southwest Florida MLS, Copyright 2016, and the proprietary compilation of that data by John R. Wood Properties, its employees, and professional statisticians hired by the Wood firm. Southwest Florida MLS. Accuracy of the information is not guaranteed; it should be independently verified if any person intends to engage in a transaction, relying on such data.”

Market Review© – Third Quarter 2016 Gulf Shore Boulevard Condominiums Market

Bring Your Highest Expectations™

QUARTERLY AVERAGE SALES PRICE - CLOSED SALES

$2,000,000 Beachfront Condominiums Q1

Q2

Q3

Q4

2014

2015

2016

$1,750,000 $1,500,000 $1,250,000 $1,000,000 $750,000 $500,000 $250,000 $0

2010

2011

2012

2013

Exhibit 2a John R. Wood Properties, Bring Your Highest Expectations.

“The source of this real property information is the copyrighted and proprietary database compilation of Southwest Florida MLS, Copyright 2016, and the proprietary compilation of that data by John R. Wood Properties, its employees, and professional statisticians hired by the Wood firm. Southwest Florida MLS. Accuracy of the information is not guaranteed; it should be independently verified if any person intends to engage in a transaction, relying on such data.”

Market Review© – Third Quarter 2016 Gulf Shore Boulevard Condominiums Market

Bring Your Highest Expectations™

QUARTERLY AVERAGE SALES PRICE - CLOSED SALES

$700,000

Bayfront Condominiums

Q1

Q2

Q3

2013

2014

2015

Q4

$600,000 $500,000 $400,000 $300,000 $200,000 $100,000 $0

2010

2011

2012

2016 Exhibit 2b

John R. Wood Properties, Bring Your Highest Expectations.

“The source of this real property information is the copyrighted and proprietary database compilation of Southwest Florida MLS, Copyright 2016, and the proprietary compilation of that data by John R. Wood Properties, its employees, and professional statisticians hired by the Wood firm. Southwest Florida MLS. Accuracy of the information is not guaranteed; it should be independently verified if any person intends to engage in a transaction, relying on such data.”

Market Review© – Third Quarter 2016 Gulf Shore Boulevard Condominiums Market

Bring Your Highest Expectations™

QUARTERLY AVERAGE PRICE PER SQUARE FOOT - CLOSED SALES

Beachfront Condominiums $435

2010

$427

2011

$384

2012 2013

$505

2014

$509 $571

2015

$600

2016 $0

$100

$200

$300

$400

$500

$600

$700

$800 Exhibit 3a

John R. Wood Properties, Bring Your Highest Expectations.

“The source of this real property information is the copyrighted and proprietary database compilation of Southwest Florida MLS, Copyright 2016, and the proprietary compilation of that data by John R. Wood Properties, its employees, and professional statisticians hired by the Wood firm. Southwest Florida MLS. Accuracy of the information is not guaranteed; it should be independently verified if any person intends to engage in a transaction, relying on such data.”

Market Review© – Third Quarter 2016 Gulf Shore Boulevard Condominiums Market

Bring Your Highest Expectations™

QUARTERLY AVERAGE PRICE PER SQUARE FOOT - CLOSED SALES

Bayfront Condominiums $246

2010

$255

2011

$308

2012

$272

2013

$330

2014

$381

2015

$378

2016

$0

$100

$200

$300

$400

$500 Exhibit 3b

John R. Wood Properties, Bring Your Highest Expectations.

“The source of this real property information is the copyrighted and proprietary database compilation of Southwest Florida MLS, Copyright 2016, and the proprietary compilation of that data by John R. Wood Properties, its employees, and professional statisticians hired by the Wood firm. Southwest Florida MLS. Accuracy of the information is not guaranteed; it should be independently verified if any person intends to engage in a transaction, relying on such data.”

Market Review© – Third Quarter 2016 Gulf Shore Boulevard Condominiums Market

Bring Your Highest Expectations™

SUMMARY

QUARTERLY NUMBER OF CLOSED SALES (Exhibits 1a & 1b)  The number of closed condominium sales on the beach remained approximately the same as Q3 2015 with 29 closings vs. 27 a year ago.

Sales on the bay declined year-over-year from 21 to 10 in Q3 2016.  Madrid Club had the most sales on the bay with two sales during the quarter, while Horizon House led activity on the beach with three closings.

QUARTERLY AVERAGE SALES PRICE - CLOSED SALES (Exhibits 2a & 2b)  The average price paid for beachfront units in Q3 2016 dropped 17.4% to $1,283,948, down from $1,555,074 for the same period in 2015.  Average price on the bayfront increased 9.8% over the prior year to $612,282, up from $547,571 a year ago.

QUARTERLY AVERAGE PRICE PER SQUARE FOOT - CLOSED SALES (Exhibits 3a & 3b)  Average price-per-square foot increased 5% for beachfront condos, going from $571 psf for the same quarter in 2015 to $600 psf in the current quarter.  Average price-per-square foot paid for bayfront properties was approximately the same as prior year at $378 psf.

At the end of the third quarter, there was a total of 30 units for sale on the bay at an average list price of $746,323 or $447 psf. There were 70 residences available on the beach at an average list price of $1,972,262 or $719 psf. This represents a return to more normal levels of availability in this market. Following several quarters of shortages, current inventory represents approximately 5.6 months-of-supply in the combined beach and bay market.

Buildings on both sides of Gulf Shore Boulevard vary significantly in size, age and amenities. These factors can affect averages of price and priceper-square foot. Buyers and Sellers are advised to request current information on any property in which there is a specific interest.

John R. Wood Properties, Bring Your Highest Expectations.

“The source of this real property information is the copyrighted and proprietary database compilation of Southwest Florida MLS, Copyright 2016, and the proprietary compilation of that data by John R. Wood Properties, its employees, and professional statisticians hired by the Wood firm. Southwest Florida MLS. Accuracy of the information is not guaranteed; it should be independently verified if any person intends to engage in a transaction, relying on such data.”