“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…”
2017 followed in the footsteps of 2016 where the Singer Island real state market was concerned. Our initial forecast was for an uptick in sales after a rocky 2016 election year; that movement never materialized and Singer Island activity remained relatively flat. With 2017 setting a record pace in the stock market, lower unemployment, increased consumer confidence and 3%+ GDP, the only thing left for 2018 is real estate.
Looking back on 2017, let’s recap the year in condominium re-sales on Singer Island and the comparison with 2016:
- There were 163 condominium re-sales on Singer Island in 2017, a 15% decrease from 2016 (191), sales volume dropped by 9%.
- Fifty percent of the re-sales (82) were below $500K; in 2016, 60% of the re-sales (116) were below $500K.
- Thirteen percent of the re-sales were over $1million as compared to 2016 which saw 10%.
- The average Days-on-Market (DOM) for 2017 sales remained relatively unchanged at 133 (approximately 4½ months) from the 2016 level of 139 days.
- The highest re-sale for 2017 was Ocean’s Edge at $3,740,000.
- There was one short sale in 2017 compared to zero in 2016.
- Condo inventory ended the year at 165 units; down from 170 the same time in 2016, a 3% decrease.
- Price per square foot of the older condos (built 1969-1989) ended the year at $317; and the price per square foot of the newer condos (built 2003-2008) finished at $551. As a comparison, 2016 ended with the older condos selling at $295 per square foot and the newer condos at $569 per square foot.
CLICK HERE: Singer Island 4th Quarter 2017 Market Update
CLICK HERE: Singer Island December 2017 Market Update
The “AS IS” Contract
One of the most popular contracts used for residential sales on Singer Island is the Florida Realtors/Florida Bar “AS IS” Residential Contract for Sale and Purchase (“FR/Bar AS IS”). As the name implies, the seller listed the property “as is,” which means the seller has no obligation to make repairs.
Even though the property is listed “AS IS”, many buyers still want the seller to make repairs or compensate them for discrepancies identified after the inspection results come in during the inspection period. While nothing prevents parties from renegotiating the terms of an existing contract, it’s important to understand the nuances and risks in doing so in order to facilitate a smooth transaction.
It’s imperative to recognize this: There is no obligation on the seller’s part to make any repairs, nor to even respond to a request for repairs.
The buyer has a strong right of cancellation during the inspection period, but once that period expires, that’s it. There may be other contingencies within the contract, but the time to cancel for any reason within the buyer’s sole discretion is gone.
The seller is not obligated to respond to the buyer’s request. If an agreement is not reached by the inspection date, the buyer must make a decision: Either stay in the deal and potentially take the property “as is” without the requested repairs or cancel before the inspection period ends. Any contract cancelation must be in writing and delivered to the seller before the end of the inspection period.
Assuming the seller does agree to a buyer’s repair request, their agreement should be written into the contract under the additional terms or as an addendum to the contract. A word of caution, the agreement should be explicit and address repair standards or said what would happen if the seller didn’t make the repair at all or did it inadequately by the buyer’s standards.
An addendum that involves many repairs, of varying degrees, likely should be drafted by an attorney to ensure appropriate language is used to protect the buyer and seller. Always consult an attorney for contract questions.
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 Luxury Sales Team on Singer Island providing our customers a true concierge experience. Trust, integrity and knowledge of the market is our number one priority.
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For more information on specific condominium sales activity contact Jeannie at 561-889-6734 or email her at [email protected]