“Once again, we have avoided the wrath of a hurricane this season on the shores of the Palm Beaches. We are thankful for that; our thoughts and prayers go out to those in the panhandle of Florida who have been affected by the devastation from Michael, and hope for a safe and speedy recovery.”
Hard to believe it’s October already. Entering the 4th quarter of 2018, we are looking forward to the cooler temperatures and increase activity in the real estate market. 2018 has been a good year for real estate activity, the results of the improved economy have worked their way into the real estate market. There were 140 condominium re-sales on Singer Island in the 1st nine months of 2018, a 15 percent increase in the number of transactions as the same period in 2017. In addition to the re-sales, Vista Blue closed 39 developer sales and Kolter’s 5000 North Ocean has 17 units under contract. To put this in perspective, there has been 32 $1 million+ re-sales year-to-date compared to developer sales of 39 sold and 20 more pending.
Let’s recap the 1st nine months of 2018 in condominium re-sales on Singer Island and the comparison with 2017:
- Approximately 51 percent of the sales (72) were below $500K year-to-date; in 2017, 45% of the sales were below $500K.
- The average Days-on-Market (DOM) for these sales has declined to 115 (approximately 4 months) remaining fairly constant with last year.
- The highest re-sale this quarter was Ritz Carlton Residence 402A at $2,850,000 (a Walker Real Estate Group listing).
- There were no short sales in the 3rd quarter.
- Condo inventory ended the quarter at 149 units.
- Price per square foot of the older condos (built 1969-1989) ended the quarter at $316, an 2% decrease over the same period in 2017. The price per square foot of the newer condos (built 2003-2008) finished at $608, a 7% increase compared to the 3rd quarter of 2017.
CLICK HERE: Singer Island 3rd Quarter 2018 Market Update
CLICK HERE: Singer Island September 2018 Market Update
New to Florida? Take Another Look at Your Estate Plan
The new tax law changes have given many people in heavily taxed states pause to consider moving to Florida. There are good tax reasons to move to the Sunshine State: State residents do not have to pay state income tax, they enjoy property tax caps through the state’s Save Our Homes Amendment, and Florida also does not have a death tax.
When making the move, should one decide, one essential item largely overlooked is ones review for their estate plan. It is essential for new Florida residents to update their Revocable Trust documents because of the state’s descent and devise laws surrounding Florida homesteads.
Under that law, if a homeowner is survived by a spouse, absent any nuptial agreement waiving certain rights, it becomes necessary to devise the home outright in fee simple to the spouse. Otherwise, the will or trust contains what is known as an “invalid devise,” in which event the spouse receives a “life estate” interest in the home.
Under the “life estate”, the children of the deceased receive a present “remainder” interest; they are known as “remainderman”
The spouse becomes the “life tenant”; upon their passing, the property passes to the children (remainderman) without going through probate since they are part owners. The one caveat to remember – if the homeowner wants to sell the home, the children must agree and sign any listing agreements, contracts to sell or deeds. Further, the children are entitled to part of the proceeds of the sale of the home.
One should contract their estate planning attorney for details.
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!
The Walker Real Estate Group, as the #1 Sales Team on Singer Island, believes that 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 analysis of your home!
For more information on specific condominium sales activity contact Jeannie at 561-889-6734 or email her at [email protected].