What can I buy and what does it cost?
Housing stock on Useppa, except for 6 cottages built in the 1920’s, were constructed from 1977 to 2009. In compliance with deed restrictions, Useppa Island Homes reflect the Old Florida style, some with more embellishment than others. It is interesting to note that the developer anticipated small homes or cottages and a short, seasonal occupancy similar to that experienced by Baron Collier when he developed the original resort in the early part of the last century. We still enjoy his landmark house as our club bar and restaurant, and several other older buildings including the 1920’s era casino, now our fitness center.
In the late 1970’s to early 80’s duplex development was predominant, partly in response to the advantageous tax laws for rental properties at the time, and to accommodate the many members of the club that were not owners but needed island accommodations to enjoy their club membership. The original Townhomes were all upside down floor plans with living/dining/kitchen up and sleeping quarters down. These homes range generally from $650,000 to $1.3Million, depending on size, condition, dockage and furnishings.
That mold was broken when Useppa Village was developed 1979-1981. The 12 buildings/24 townhomes were all the same with master BR, living/dining/kitchen down and loft bedroom up. All of those duplex homes, variously termed cottages, villas or townhomes, have been upgraded to varying degrees and there are several floor plans and conditions to choose from. Recent sales in Useppa Village range from $525,000 to $650,000. Several are now listed for sale within a range of $465,000 to $795,000. Notably, all Village homes are water front, have fabulous views and free dockage for boats to about 25 feet. These represent a value that can’t be found elsewhere in SW Florida.
The range in size and value of single family homes provide an opportunity for any couple or family seeking a Useppa Island Home. County assessors show a range of 1100 SF to 6000 SF and taxable values of$500,000 to $2 Million. The larger and better finished homes were all built in the late 1980’s and 1990’s, with a couple built in the 2000’s. Many island homes were completely re-built after hurricane Charley, in 2004-2006 and include up-to-date finishes and storm protection. None of these homes have been on the market until recently.
Listed prices for single family homes range from about $700,000 to $3,375,000, with lot and building features to match the pricing. Pricing on a per-square foot basis is in the same range as Boca Grande and Captiva, and above the recent prices on North Captiva.
Over the next few years I anticipate some redevelopment opportunities as lot values increase to their historic levels, not seen since the recent recession started, and some of the older housing stock becomes functionally obsolete for many buyers. Continual upgrading is the key in this market.
Our listings represent that broad spectrum of size and value on Useppa. Take a look and call us for your Useppa Island Home.
Check Mary’s blog http://www.peopleonuseppa.blogspot.com/for some recent reports of Useppa activities, on and off the island