By Keith Kyle
It’s unusual that in a market in which the inventory remains so low and buyers will scratch and claw for just about any properties in the Sand Section, that the inventory of oceanfront homes remains very high. The obvious explanation is that most buyers are priced out of homes now starting in the $7.0M range, but this is a town of seemingly endless wealth. What really is driving this is the combination of the exclusivity of being able to buy an oceanfront home and the pace at which home prices along this rare stretch of beach have risen. Of the homes currently on the market (not including the condo hotel of the Beach House)and sold in the past 18 months the average sale price is almost $10.5M.