After months of renovations and repairs, buildings A & B have reopened in Shipwatch Villas located in Wild Dunes Resort. Owners can once again occupy both buildings, rent units out to guest, and list their property for sale.
I would expect in the following month or two to see additional listing inventory to the already existing units listed for sale in buildings C & D, which were the first to be renovated and opened for occupancy last year. It will be interesting to see how new inventory will shake out movement in the building.
While there have been a few units to sell over the last 12 months, most have been sitting. Usually when a property sits on the market for months, it has to do with price more than anything. I don’t think thats the case in this situation. My opinion is current inventory is sitting because potential buyers have been waiting out the openings of buildings A & B, anticipating new condos to hit the market. Once this happens, I expect pent-up-demand to take over and inventory to begin to move at a healthy pace. And while some asking prices will be reduced because of competition, most will eventually get their number. After all, with Shipwatch you have a completely renovated building.
Currently asking prices for units located in buildings C & D range from $569,000 for a ground floor 2 bedroom/ 2 bath to $799,000 for a 3 bedroom / 3 bath penthouse.
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