The global credit crisis is creating a bargain basement sale of some of America’s most desirable island real estate sites, a property firm says.
Private Islands Inc said it was seeing record levels of price cuts for secluded property investment spots, with some asking prices down by more than 50 per cent.
Top deals include the 5.5 acre Melody Key island, Florida, for sale at $4.9 million.
Private Islands chief executive Chris Krolow said similar properties are going up for sale across the US and overseas.
“In my ten years in this business, I haven’t seen a better time for buyers to get some amazing deals on very desirable properties.
“We’re seeing substantial cuts in prices, sometimes by half or more, by motivated sellers who’ve had their portfolios affected by the credit crisis.”
He added islands in Panama have become “highly desirable” investment opportunities thanks to their attractiveness to resort and residential developers.
Further figures from Private Islands say up to 20 per cent of all the islands on the market have recently been reduced.
Mr Krolow also said lower selling prices and more new listings mean his company is seeing a “big surge” in buyer activity.
Last week it was revealed a four-bedroomed home on the Haig Point island estate, South Carolina, is up for auction and will be sold to the highest bidder on Friday.
Haig Point, Daufuskie Island, is a private community and one of America’s most exclusive and desirable locations.