As the 2013 season draws to a close, we are seeing more car-carriers on the road and fewer people in the restaurants. The year is off to a good start with a 27% increase in condo sales over the same period last year. Here are the latest stats for condominium re-sales on Singer Island:
- There have been 70 condo re-sales on Singer Island through April of 2013.
- Forty-nine of the sales were under $500K, which is approximately 70% of the total sales.
- The average Days-on-Market (DOM) for these sales is beginning to trend downward to 274 (about 9 months).
- There was only one short sale in April.
- The highest re-sale in April was Ritz 1703A for $3,000,000.
- As of the end of April, condo inventory remains below the 200 unit mark at 189, a positive sign.
- Price per square foot of the older condos (built 1969-1989) continues to increase at $233; as well as, the price per square foot of the newer condos (built 2003-2008) shows continual improvement to $498 assisted by the strong sales at the Ritz Carlton Residences, whose average square foot price year-to-date is over $600.
Mortgage Interest Deduction in the US:
As many of you may know, the mortgage interest deduction is getting a lot of scrutiny in Congress as they look for ways to trim tax deductions and raise revenue.
On April 26, 2013 Gary Thomas, 2013 president of the National Association of Realtors® (NAR), testified before the U.S. House Ways & Means Committee in support of the mortgage interest deduction many homeowners use when filling out their federal taxes. Thomas told the committee. “The federal policy choice to support homeownership has been in the Internal Revenue Code since its inception. We see no valid reason to undermine that basic decision. Indeed, we believe that the only viable tax system is one that would continue to nurture homeownership.”
The deduction for mortgage interest has been part of the federal income tax code since its inception in 1913. Despite a century of additions, modifications, deletions and overhauls of the tax code, Congress has left the mortgage interest deduction in place.
Current law allows a homeowner to deduct the interest paid yearly on up to $1 million in total acquisition debt for a principal residence and a second, non-rental home. Homeowners may also deduct the interest on up to $100,000 in home equity debt.
NAR (National Association of Realtors) research suggests that an elimination of the mortgage interest deduction could cause a 15 percent decline in home values across the nation. While only about 30 to 35 percent of all taxpayers itemize their tax deductions, more than 75 percent of homeowners take advantage of the deduction when they own property.
This debate in Congress is far from over. We will watch it closely because of the major impact it will have on all homeowners; and keep you posted as more news is known.
Our Market Update 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!
2013 is becoming an excellent year for the Walker Real Estate Group; as the #1 Sales Team on Singer Island, our sales volume to-date has been over $18 million compared to $25 million for 2012. Providing our customers a true concierge experience has been a major factor in our success.
For more information on specific condominium sales activity contact Jeannie at 561-889-6734 or email her at [email protected].
Recipients of the 2012 Ritz Carlton Residences© Singer Island Power Broker Award