Singer Island Market Update – 1st Quarter 2016

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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…”

2015 has had a slow start out of the gate for real estate on Singer Island; although, the last few weeks have shown a steady increase in activity. Buyers are taking longer in their deliberation on a purchase and the strong US dollar has slowed foreign purchases. There were 38 condominium re-sales on Singer Island in the 1st quarter of 2016, a decrease from 45 re-sales for the same period in 2015. In 2016, the newer condos accounted for only 10% of the re-sales as compared to the 1st quarter 2015 when they were 33% of the re-sales.

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

  • Approximately sixty-one percent of the sales (23) were below $500K; in 2015, 53% of the sales were below $500K.
  • The average Days-on-Market (DOM) for these sales have decreased significantly to 105 (approximately 3.5 months) compared to 186 days for this period last year.
  • The highest re-sale this quarter was The Resort/Marriott 1453 at $1,750,000 ($559/SF).
  • There were no short sales in this period.
  • Condo inventory ended the quarter at 188 units; remaining in the range of the previous 12 months.
  • Price per square foot of the older condos (built 1969-1989) ended the quarter at $307, a 13% increase over the same period in 2015. The price per square foot of the newer condos (built 2003-2008) finished at $552, also a 13% increase compared to the 1st quarter of 2015.

CLICK HERE: Singer Island 1st Quarter 2016 Market Update

CLICK HERE: Singer Island March 2016 Market Update

It’s Tax Season – And the Scammers Are Out in Full ForceMP900316868[1]

The start of tax filing season means the start of tax scam season, and this year the scams are expected to be worse than ever, despite new anti-fraud measures enacted by the IRS.

So the IRS is warning about the top 3 tax scams to watch for in 2016.

  1. Fraudulent Filing (Identity Theft)

Tax-related identity theft, in which someone uses a stolen Social Security number to file a tax return claiming a fraudulent refund, remains a chief concern for the IRS. And with good reason. A recent study found that some two-thirds of taxpayers thought identity theft “could never happen to me,” often making them easy prey for scammers.

In fiscal 2015, the IRS initiated 776 identity-theft-related investigations, resulting in 774 sentencings through its enforcement efforts. “We urge people to use caution when viewing emails, receiving telephone calls or getting advice on tax issues because scams can take on many sophisticated forms,” IRS commissioner John Koskinen said. “Keep your personal information secure by protecting your computers and only giving out your Social Security numbers when absolutely necessary.”

IRS spokesperson Jennifer Jenkins tells us the agency has instituted new safeguards this year, that should raise red flags if someone files in your name from a different address, or with a different employer.

  1. IRS Phishing Email

Tax scam number two involves an email from the IRS, or one that at least it appears to be from the IRS.” The email says “click here for the latest on your refund,” or something similar. But it’s a phishing scam, designed to get you to enter your Social Security Number. Even if you simply click the link you can invite malware into your PC. “The IRS does not contact taxpayers by email, especially to request them to download files or click on links,” she said.

  1. IRS Phone Scam

Criminals impersonating IRS agents have deluged taxpayers across the nation with phone calls, threatening police arrest, deportation, license revocation and other things. “There are many variations,” Koskinen said. “The caller may threaten you with arrest or court action to trick you into making a payment. Some schemes may say you’re entitled to a huge refund. These all add up to trouble.”

The IRS reminded taxpayers it would never do the following:

  • Call to demand immediate payment, or call about taxes owed without first having mailed a bill
  • Demand payment without first giving the taxpayer an opportunity to question or appeal the amount said to be owed
  • Require a taxpayer to use a specific payment method for your taxes, such as a prepaid debit card
  • Ask for credit or debit card numbers over the phone
  • Threaten arrest for nonpayment

Jenkins says the one thing you need to know is that “the IRS would not be threatening immediate arrest or deportation or something like that.” If you get that call, hang up.

Please be vigilant; for further information, visit www.irs.gov.

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!

We are hopeful for another banner year for the Walker Real Estate Group; as the #1 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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