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| MARKET
UPDATE - January
1, 2004 |
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| Coast Cottages
at St. Simons The Villas at Coast Cottages St. Simons Island, Georgia |
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| WEATHERING
THE STORMS The statistics below show the quantity and average intensity (category 1,2,3,4,5) of hurricanes during the past 100 years. Note how St. Simons Island compares with some of the other popular destinations along the U.S. coast. The reason we are so “lucky” is because of our geography. St. Simons is the western most point on the eastern seaboard and many miles from the Gulf Stream. Hurricanes “feed” on the warm waters of the Gulf Stream which flows northward and usually moves them up along the coast. The Gulf Stream washes ashore near Cape Hatteras, NC. Check out the difference between St. Simons Island and Cape Hatteras below! HURRICANE FREQUENCY AND INTENSITY 1902 Through 2002
Source: http://hurricane.csc.noaa.gov/hurricanes/pop.asp ATLANTA AMONG HOTTEST U.S. MARKETS This was the headline in a recent edition of the Atlanta Business Chronicle. The story is important because when Atlanta is doing well, St. Simons Island sizzles! Over 1/2 of St. Simons' out of town property owners are from the Atlanta metro area. And much of the money that drives our St. Simons real estate market originates in Atlanta's considerable economy. So it stands to reason that a surging Atlanta economy is an omen for strong real estate sales in St. Simons Island. The article goes on to say, "Atlanta's economy grew during the third quarter at almost double the growth rate of the second quarter, resulting in the ninth consecutive quarter of improvement." SunTrust Banks chief economist Gregory Miller made the understatement of the year when he offered, "This looks like good news."G8 CONFERENCE Plans continue for the Group of 8 summit conference in June 2004. This enormous international event is expected to bring over 3,000 journalists to St. Simons Island. Conference attendees include President George W. Bush who will host the heads of state from the 7 largest world economies plus Russia. G-8 organizers are now telling us that St. Simons Island will remain open to everyone, although we should expect some inconveniences due to security checks and increased traffic. After the media descends on our little paradise, St. Simons Island will no longer be the best kept secret on the Eastern seaboard. VILLAS CONSTRUCTION AHEAD OF SCHEDULE Great weather and hardworking crews have us slightly ahead of schedule in The Villas at Coast Cottages. Only 4 of these luxury town homes will be ready for move-in during 2004. The 4-BR, 4.5-BA luxury town homes average over 3500 square feet. Pre-construction pricing starts at $1.5 million. Experienced buyers know that locking in a pre-construction price can really save you money. Floor plans are available for review now, and there's still time to customize the appliance and finishing choices. One of our Villas is being offered fractionally, with each of 5 owners taking a 20% interest. For more information on our fractional ownership program, ask for our "Fractional Ownership Info Pack." AVERAGE TEMPERATURE ON ST. SIMONS ISLAND We don’t complain too much about the whether around here. If you study the table below, you begin to realize that most of the time it’s just about perfect! Particularly in the Spring and Fall.
Over 1,000 visitors toured our amazing beach house
from August 15 through January 4. Rumor has it that we out
drew the St. Simons Lighthouse! All for a great cause. There
will be a sizable check benefitting the restoration of the Coast
Guard Station next door.
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