Living areas for attached sales over the past 2 years range from apx. 600 to 2,872 SF, average was apx. 1,256 SF. Days on the market was from 1 to 153 and the average was 31 days. Sale/List price ratio was 96.29%.
The neighborhood is basically the entire city of Avalon as it is a small island community and specifically the subject neighborhood of the flat area near the downtown shopping. The subject is located on Santa Catalina Island which is 25 miles South/West of the city of Long Beach and is primarily a destination resort town. The area has owner occupied properties, vacation homes, second homes, year round rentals, and more recently short term daily rentals. Daily tourism is the foundation of the local economy and provides the primary source of jobs on the island. Periodically large cruise liners harbor off the coast and bring passengers to the island. Most local transportation is gas powered golf carts owned by occupants or rented to tourist.
The number of second homes and vacation rentals is high and market accepted. All primary services are available in Avalon. Large or unique purchases and new construction materials require shipping supplies to the island which somewhat suppresses improvement and expansion and development in the area. Avalon is approx. 1 mile square and sits adjacent to Avalon Bay. There are 4 areas of housing on the island, a flat area near the city with SFRs on small lots and some condominiums where the subject is located, another area to the South is an area of hillside homes with typically good view properties and condominiums called Canyon Terrace and Sol Vista, another area to the West of the subject flat area are attached PUDs on Cabrillo Dr, lastly to the North is another hillside area and Hamilton Cove condominiums which are past the casino and Descanso Beach. There are four shuttle services to and from the mainland. San Pedro and Long Beach are daily shuttles, Newport Beach and Dana Point are seasonal or weekend service only. During the winter months tourism is slow as in most coastal communities. The high non-owner occupancy is typical and was not considered detrimental to value.