Guam – The benefits of the buildup are beginning to be felt in the island’s real estate market, at least as far as commercial real estate values are concerned.
According to the latest report from Captain’s real Estate, sales activity in the 3erd quarter of this year surged, reaching $107 million. That’s the strongest quarterly sales volume in 2 years and a 50% increase over the third quarter of last year.
Company President Nick Captain credits the September signing of the record of decision which gave investors confidence that the buildup is really going to happen.
However, the residential sector of Guam’s real estate market has still not re-bounded. The average price of a single family home dropped 7% urging the 3erd quarter of 2010 to $197,000.
But Captain expects that to change, calling this the last window of opportunity for home buyers, before inflationary pressure associated with the build-up boost homes prices.