A waterfront condominium in Gulfport’s Town Shores community recently sold for $500,000, a figure nearly 9% below its original asking price. The transaction for the three-bedroom unit at 6020 Shore Blvd. S. provides a snapshot of the local real estate market, suggesting a potential shift in pricing dynamics for sellers of older properties.
The sale, which closed in late October, saw the 1,700-square-foot residence sell for $47,000 less than its initial $547,000 list price. This price adjustment may indicate a recalibration in buyer expectations and market conditions within the popular coastal city.
Key Takeaways
- A condo in Gulfport's Town Shores community sold for $500,000, which was $47,000 below its listed price.
- The property, built in 1974, is a 1,700-square-foot unit with three bedrooms and three bathrooms.
- The sale price reflects a discount of approximately 8.6% from the original asking price.
- This transaction could signal a cooling market or increased buyer leverage, particularly for older properties requiring updates.
A Closer Look at the Sale
The property in question, unit #301 at 6020 Shore Blvd. S., is located in the prominent Town Shores of Gulfport, a well-established 55+ community known for its waterfront views and active lifestyle. Built in 1974, the condominium offers a spacious 1,700-square-foot layout that includes three bedrooms and three bathrooms, a desirable size for the area.
Initially listed at $547,000, the final sale price of $500,000 represents a significant adjustment. While every real estate transaction has unique circumstances, a gap of this size between listing and selling price often points to broader market trends. It suggests that buyers are becoming more price-sensitive or that the initial valuation was too optimistic for current conditions.
Understanding the Gulfport Market
Gulfport, Florida, is a distinct market within the greater Tampa Bay area. Known for its artistic community, historic waterfront, and small-town feel, it attracts a mix of retirees, professionals, and artists. The housing stock is diverse, ranging from historic bungalows to modern waterfront condos. Town Shores is one of its largest and most recognized condominium complexes.
What This Means for Buyers and Sellers
For sellers, this sale serves as a practical case study. It highlights the importance of strategic pricing, especially for properties that are several decades old. While the location is prime, a 1974-built unit may compete with newer constructions that offer modern amenities and updated building codes.
Sellers of similar properties may need to factor in potential renovation costs that a buyer might face. An aggressive initial list price could lead to extended time on the market, eventually requiring a reduction to attract serious offers. The final price of $294 per square foot is a key metric for other homeowners in the building to consider.
By the Numbers: 6020 Shore Blvd. S., #301
- Final Sale Price: $500,000
- Original List Price: $547,000
- Price Reduction: $47,000 (8.6%)
- Square Footage: 1,700 sq. ft.
- Price Per Square Foot: Approx. $294
- Year Built: 1974
For buyers, this transaction signals an opportunity. It suggests there is room for negotiation in the current climate. Buyers who are willing to invest in updating an older property can potentially secure a home in a highly desirable location for a more accessible price point. The ability to negotiate a nearly 9% discount indicates that buyers hold a degree of leverage they may not have had in the more heated market of previous years.
The Appeal of Town Shores
Despite the age of the buildings, communities like Town Shores remain highly sought after. The appeal lies in a combination of factors that newer developments often cannot replicate.
The location on the Boca Ciega Bay offers direct water access and stunning views. The community is known for its extensive amenities, which often include multiple swimming pools, clubhouses, tennis courts, and a vibrant social calendar. This lifestyle-oriented living is a major draw for the 55+ demographic.
"Established communities like Town Shores offer more than just a home; they offer a built-in social network and a lifestyle centered on recreation and convenience. That value proposition remains strong, even if the buildings themselves require modernization."
Furthermore, the proximity to Gulfport's downtown area, with its unique shops, restaurants, and art galleries, adds to the desirability. Residents can enjoy a walkable, community-focused environment that is increasingly rare in Florida.
Navigating the Current Real Estate Climate
The sale at 6020 Shore Blvd. S. is a single data point, but it aligns with broader conversations about the national real estate market. After years of rapid price appreciation, many regions are experiencing a period of stabilization or correction. Factors such as higher interest rates and increased inventory are shifting the balance between buyers and sellers.
New residents moving to Gulfport are encouraged to familiarize themselves with local resources. The City of Gulfport's official website provides essential information on utilities, city services, and community programs. For those interested in the history of their new home, the Gulfport History Museum can be an invaluable resource.
As the market continues to evolve, transactions like this one will be closely watched by real estate professionals and prospective homeowners alike. They provide crucial insights into pricing strategies, buyer sentiment, and the enduring value of location and lifestyle in a competitive market.
