Singer Island, Florida – Market Update: September 2011

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Ritz Carlton Singer Island

The first sighting of car carriers from the north has arrived on Singer Island. It is less than three months until we are full blown in the midst of “Season”.

Rick Sharga, an executive vice president with Carrington Mortgage Holdings, said “The U.S. housing market will hit bottom this year and remain flat until 2014, when it will start to slowly recover.” We are bumping along the bottom like “catfish” said Sharga. It will take some time to revive.

Since 2005, there’s only been one quarter in which U.S. banks have sold more properties than they’ve taken back through foreclosure, leaving a huge overhang of real estate-owned assets that need to be cleared out. 

The real estate market on Singer Island seems to be steady in the $500K and below condo market. There are foreclosures, however, not at the pace of the national average.  Prices continued to decline through the third quarter and it would seem our condo market is bumping along the bottom as well.

To re-cap the first 9 months of 2011:

  • Condos on Singer Island increased 58% over the same period in 2010; selling 145 units verse 92.
  • The list-to-sold price ratio was more favorable at 89% verse 87% last year at this time.
  • Twenty-eight short sales (20 at The Resort) accounts for 19% of the sales activity in 2011.
  • Price per square foot of the older condos (built 1969-1989) decreased to $212 compared to $220/SF this time last year.
  • Price per square foot of the newer condos (built 2003-2008) decreased as well to $322 compared to $337/SF last year.
  • Three quarter (75%) of the units sold during this period were under $500K.
  • With all the activity in the condo/hotel units at The Resort this year, only eight resort units are available to purchase, with no short sales.

Construction continues on the beautification of N. Ocean Drive. Curbing and drainage work is now underway along the east side of the street between the Ritz and Cote D’Azur. Erection of street lamps has started on the west side of the road from Cote D’Azur south. The road has been re-surfaced with a primary coat of asphalt from Water Glades south to Beach Front. The foundation for bike lanes has been added to this area as well. Completion is anticipated for the spring of 2012.

The Little Blue Heron Bridge is complete; as well as, re-surfacing of the road from the bridge north to the Ritz Carlton.  Work on the new Publix Supermarket is nearing completion with a scheduled opening by the end of October.

At the Ocean Mall, Subway has relocated to its new building and several new shops have been added including The Wing Flyer Store, New York Bagel Café & Deli, and POPS-Costa Rica’s Creamery.

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 if you are thinking about selling or buying!

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

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