As we approach the end of 2011, it is a good time to reflect back over the last 11 months to see how well the condo market on Singer Island has been. Looking at condo sales on the island since the market down turn in late 2006; one can see a continual improvement from year to year with 2011 being the best year for sales since 2004. The obvious difference between then and now is the decrease in unit price.
The monthly cost of owning a home is more affordable now than in the past 15 years, and is less expensive than renting in numerous cities, according to The Wall Street Journal’s third-quarter survey.
Low home prices mixed with low mortgage rates – hovering at 4 percent or lower – create an appealing buyer’s market, analysts say. For example, buyers today have a 77 percent increase in their borrowing power compared to 1991, according to Dan Green, a loan officer with Waterstone Mortgage in Cincinnati. He says that in 1991 a $1,700 mortgage payment allowed a borrower to take out a $200,000 mortgage; today, at current interest rates, the homebuyer can get a $350,000 loan for that same monthly mortgage payment.
In 12 out of 28 cities tracked by The Wall Street Journal, monthly mortgage payments on a median-priced home – including taxes and insurance – were lower than the average rent levels.
Nationwide, apartment rents are expected to rise by about 4 percent this year, which may make the owning vs. renting picture tilt even higher, according to some analysts.
Despite the appealing housing picture for homebuyers, some continue to stay on the sidelines, unable to sell their current home, qualify for a mortgage due to the tighter credit requirements or keep a steady job, housing experts say.
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
In other island news, the new Publix Supermarket on the west end of the Blue Heron Bridge is now open, and is very convenient to the island. Road work along N. Ocean Drive is progressing with curbs, gutters and sidewalks being poured along the east side of the road south of Ocean Reef Park. Median islands have been constructed on N. Ocean Drive north of the fire house. We hope to have work complete by early summer.
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].