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Beach lot sales slump; average time on market grows to two years

home-sales-statistics-mred-national-association-realtors-mls-existing-home-sales-reo-salesMISSISSIPPI GULF COAST — For-sale signs sprout like flowers along beach properties in the three Coast counties.

The Sun Herald reports only six residential lots and three commercial lots on the beach in Harrison County sold in the last 12 months through the Mississippi Gulf Coast Multiple Listing Service. The average time on the market of residential lots in Harrison County took two years and went for 65 percent of the list price.

Michael Gusa had an offer of more than $6.5 million for the Sea Oaks Professional Plaza in Gulfport, before Hurricane Katrina in 2005. At that time, the property was fully occupied and he and the other owners didn’t want to sell.

The plaza was destroyed and now the 4.6-acre lot is listed for $1.4 million.

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