$45 Million Nothing to Sneeze At

It's not all bad news for the Glynn County real estate market. Public records show ten transactions in October for more than $1 million each totalling over $45 million combined. Eight of the ten happened under the normal MLS radar screen (see WARRANTY DEEDS article for transaction details).

September records revealed just 4 transactions over $1 million totalling $13,710,000. August also had 4 totalling only $5,765,400. The encouraging message in the October results is this: there are still people out there willing to bet huge sums of money on the value of Glynn County real estate. And why shouldn't they?

Despite the national real estate slump, St. Simons Island and the rest of Glynn County is still possibly the biggest sleeper on the eastern seaboard. Consider:

1. Most people outside Georgia have never heard of St. Simons, Brunswick, Jekyll, or Sea Island (but they will)
2. St. Simons Island, Sea Island and Jekyll Island are North Georgia's favorite beaches
3. The Atlanta metro economy is diverse and powerful
4. In the next two decades, retiring baby boomers will be flocking to the coast for retirement
5. The Golden Isles has some of the best weather in the country
6. We have some of the most beautiful scenery in the world

It's just a matter of time before prices start to climb again in Glynn County. In the meantime, the smart money is taking advantage of great values now and planning for the future.

Another important message in this story is no single statistical report tells the whole story. MLS based reports are good indicators of trends, but they miss transactions that don't involve property listed by members of the local Board of Realtors. So it's important to also pay attention to the public record based reports (WARRANTY DEEDS, FORECLOSURES).

October's amazing spike was due in part to two commercial transactions totalling $24 million. But even without those, the results eclipsed the previous two months by a wide margin. There were eight very impressive residential sales making up the $31 million balance ... six on Sea Island and two on St. Simons.

the ST SIMONS letter looks forward providing subscribers with in-depth information revealing the truth about Glynn County real estate, good or bad.