Singer Island, Florida – Market Update: October 2011

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Singer Island, Florida

We have finally done it!! 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 A3130, Palm Beach Gardens, FL 33408. Tel: 561.328.7536 – Fax: 561.328.7537

Here we are only weeks away from Thanksgiving and the beginning of the Holiday season. Condominium sales for October were respectable with seven units being sold.

Aquarius 1504

$210,000

$145/SF

Connemara 1406

$320,000

$220/SF

**Martinique WT1404

$500,000

$249/SF

**Oasis 11B

$1,550,000

$381/SF

**The Resort 653

$800,000

$255/SF

The Resort 753

$1,000,000

$319/SF

The Resort 952

$1,300,000

$422/SF

Tiara 7G

$217,000

$202/SF

** Sold by the Walker Real Estate Group

Although not a major impact to Singer Island, foreclosures are still affecting our property values.  More than half of Florida homeowners in foreclosure have not made a mortgage payment in two years or more. That’s higher than the national average. 

A new report from Jacksonville-based LPS Applied Analytics found that as of September, 56 percent of Florida’s mortgages in foreclosure are 24 months or more behind in payments, compared with 39 percent nationwide; and last January (2010) when just 19 percent of Florida’s foreclosures were 24 months or more delinquent.  About 84 percent of Florida foreclosures are more than 18 months in arrears.  Foreclosures are taking about 2 years to process.

Herb Blecher, LPS Senior Vice President, said the longer delinquency rates are more evidence of a foreclosure bottleneck that could hinder a housing recovery.

To help alleviate the inventory of “underwater” homes and stabilize market values banks have implemented a new program to pay borrowers to execute a short sale.  Last month, Bank of America quietly began a Florida-only campaign that gives homeowners up to $20,000 for a short sale rather than letting their homes linger.  Wells Fargo and J.P. Morgan Chase have similar short-sale programs.

Even with the average rate for the 30-year mortgage hovering around 4%, successfully closing a mortgage backed sale remains extremely challenging.  The National Association of Realtors reports that one out of six agents had signed contracts canceled in June, and cancellations rose 10 percent during the year-over-year period ended in August.

Experts say there is a lot of uncertainty surrounding the lending process, especially with more sellers owing more than their home is worth and lenders requiring them to make up any difference at settlement.

The Walker Real Estate Group helps move transactions forward by educating our buyers and sellers about changing market conditions and understanding their needs, motivations, fears and aspirations. We emphasize flexibility and creativity, laying out alternatives to help our clients meet their goals; and remain sensitive to their concerns. The Walker Real Estate Group has a team of certified distressed property experts (CDPE) and certified negotiation experts (CNE) to help homeowners who find themselves in this difficult situation.

New Publix Supermarket

In other island news, the new Publix Supermarket on the west end of the Blue Heron Bridge will have its grand opening on November 10, 2011.

Our market update (click on tab at
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].

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