Singer Island – 2nd Quarter Market Update

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“Keeping your finger on the pulse of the market is critical when looking to buy or sell your home.” The Walker Real Estate Group brings their customer base “Just the Facts” enabling them to make knowledgeable decisions with regard to the real estate world around us…”

Here we are half way through 2015. The year has been more consistent in monthly sales activity with May and June being unusually active months. There were 108 condominium re-sales on Singer Island in first 6 months of 2015, approximately the same number of transactions as the same period in 2014, but a 3.4% increase in sales dollar volume.

Let’s recap the 1st half of 2015 in condominium re-sales on Singer Island and the comparison with 2014:

  • In 2015, approximately fifty-two percent of the sales (56) were below $500K; in 2014, 55% of the sales were below $500K.
  • The average Days-on-Market (DOM) for units sold have decreased to 165 (approximately 5.5 months) compared to 177 days for this period last year.
  • The highest re-sale this quarter was Ritz 1202A at $8,800,000; which included an additional guest suite, cabana and two enclosed parking garages.
  • There were two short sales in the 2nd quarter.
  • Condo inventory ended the quarter at 158 units, a low for the year.
  • Price per square foot of the older condos (built 1969-1989) ended the quarter at $287, a 13% increase over the same period in 2014. The price per square foot of the newer condos (built 2003-2008) finished at $548, a 2% decrease compared to the 2nd quarter of 2014.

CLICK HERE: Singer Island 2nd Quarter 2015 Market Update

CLICK HERE: Singer Island June 2015 Market Update

Buyers are Back

According to the National Association of Realtors chief economist Lawrence Yun. “One factor for the recent surge in buyers could have been due to the2015 Inventory Chart rising mortgage rates. As nearly always happens, the initial phase of the rising rates nudges people to make their decision now rather than wait until later when the rates could be higher.”

A good example of this is evidenced by Walker Real Estate Group putting over $12.7 million in sales under contract in the last 45 days!

Normally, sales in this price range are made in cash, but 75% of these purchases will be taking out a mortgage. According to the Walker’s, “more buyers are taking out large loans. Interest rates are still at historic lows, but not for much longer”.

John Weeks, Senior Loan Officer at Florida Community Bank, has been the person to go to for larger loans. Weeks says, “We are about common sense lending and have the programs in place for Canadian and Foreign National buyers as well.” “We are a real Power House Lender on the larger loans. Unlike most banks who will not touch condo loans, FCB has an appetite for them. Those customers who are well able to pay cash for their $2 million plus condos are choosing to take out jumbo loans due the low interest rates.” LTV: Up to 80% CLTV on loans up to $2,000,000. Up to 75% CLTV on loans up to $2,500,000.

The Walker Real Estate Group keeps an eye on the pulse of the market and informs its customers of the trends so they can make better decisions whether it’s buying, selling or just renting their Singer Island property. We are the Number One source for “What’s Happening” on the Island!

2015 is becoming another great year for the Walker Real Estate Group; already surpassing 2014. As the #1 Luxury Sales Team on Singer Island, providing our customers a true concierge experience has been a major factor in our success. Trust, integrity and knowledge of the market is our number one priority.

Call US today for a free confidential interview!

For more information on specific condominium sales activity contact Jeannie at 561-889-6734 or email her at [email protected].

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