Thank You to all of our customers who made 2011 a banner year for Walker Real Estate Group. With “Season” upon us, the traffic to Singer Island has already started to increase. The real estate market has seen a gradual improvement in 2011; inventories are decreasing and unit sales are up over 2010, although prices have continued to decrease to 2003 price levels.
To re-cap 2011:
- Condo re-sales on Singer Island increased 18% over 2010; selling 176 units verse 149.
- The list-to-sold price ratio was more favorable at 89% verse 88% last year.
- Thirty-two short sales (21 at The Resort) accounts for 18% of the sales activity in 2011.
- Price per square foot of the older condos (built 1969-1989) decreased to $215 compared to $218/SF last year.
- Price per square foot of the newer condos (built 2003-2008) decreased as well to $325 compared to $329/SF last year.
- Three quarter (75%) of the units sold during this period were under $500K.
- With all the sales activity in the condo/hotel units at The Resort this year, only seven remaining resort units are available to purchase, with no short sales.
- Singer Island oceanfront condo inventory trended down through 2011.
The Federal Reserve has vowed to keep rates low through 2013 so rates likely will hang around for a few more months, at least, but whether mortgage rates will stay at the current record-lows, many experts say it’s unlikely.
The 30-year fixed-rate mortgage is expected to inch up to an average 4.5 percent for 2012 and increase to 5.4 percent in 2013, according to Freddie Mac economists’ forecasts.
While that forecast means rates are expected to move higher in the coming months, the rates will still be low by historical standards, economists told the Los Angeles Times. For comparison, 30-year rates averaged more than 16 percent in 1981 and 1982. What’s more, until 2000, rates typically were above 8 percent, Freddie Mac notes.
Unfortunately, many homebuyers have been unable to take advantage of the low rates. Lenders’ tighter underwriting standards for loans following the housing crisis shut out some buyers who have poor credit, low down payments or unsteady employment.
As we mentioned in our last update, Walker Real Estate Group, LLC is now an independent real estate company! Our office is conveniently located at City Center on PGA and US 1. Our mailing address is: 2000 PGA Blvd., Suite A-3130, Palm Beach Gardens, FL 33408. Tel: 561.328.7536 – Fax: 561.328.7537
Our market update (click on tab at the top of page) provides detailed information regarding condos currently listed, pending and sold on Singer Island including recent price reductions, new
listings and homes that have come back on the market.
Enjoy this information prepared just for you!
CALL us today for a free confidential meeting to discuss your real estate needs!
For more information on specific condominium sales activity contact Jeannie at 561-889-6734 or email her at [email protected].