It is amazing how quickly the Season has gone by. We see one car carrier after another loading cars signaling our seasonal residents’ move back north. For the past four months we have seen great weather and even better real estate activity. As we close out April 2014, let’s recap the latest stats for condominium re-sales on Singer Island:
- There have been 74 condo re-sales on Singer Island through April 2014. The sold prices averaged 94% of list price.
- Only 58% of the condo re-sales were under $500K, with 18% being in the $1 million plus range; a sign that the high-end condos are starting to move as well as overall prices increasing.
- The average Days-on-Market (DOM) for the older condos is 135 (only 4.5 months of inventory); whereas the newer condos average 286 days (9.5 months) on market.
- There were no short sales in April.
- The highest re-sale in April was Ritz Carlton Residence 1802A for $3,700,000, and the least expensive sale was Dunes Tower B2A at $210,000.
- As of the end of April, condo inventory decreased to 164 units.
- Price per square foot of the older condos (built 1969-1989) remains steady at $248; and the price per square foot of the newer condos (built 2003-2008) increased to $539.
Real Estate Tops the Investors’ List
Americans today are more likely to think real estate is the best option for long-term investments than in the past, ranking it ahead of gold and stocks; according to a Gallop Poll on the Economy and Personal Finances taken April 3-6.
In the poll, Gallop asked Americans to choose the best option for long-term investments: real estate, stocks and mutual funds, gold, savings accounts and CDs, or bonds.
In 2011 gold was the preferred investment at 34% favorability; and real estate coming in at 19%. This year, the housing market has been improving across the U.S., and home prices have recently been rising after a steep drop in 2007 during the subprime mortgage crisis. This current improvement in prices may be why more Americans now consider real estate the best option for long-term investments.
The survey went into more detail by breaking down the results by income levels and age groups.
Lower-income Americans, those living in households with less than $30,000 in annual income, are the most likely of all income groups to say gold is the best long-term investment choice, at 31%.
Upper-income Americans are much more likely to say real estate and stocks are the best investment, possibly because of their experience with these types of investments. Upper-income Americans are most likely to say they own their home, at 87%, followed by middle (66%) and lower-income Americans (36%). Gallup found that homeowners (33%) are slightly more likely than renters (24%) to say real estate is the best choice for long-term investments.
Americans between 18 and 29 years old are almost evenly split, with about one-quarter each saying real estate, stocks, gold, and savings accounts are the best choices for long-term investments. However, the 23% who said savings accounts is much higher than the percentage who gave this same answer in older age groups.
These differences again could reflect actual home ownership and familiarity with the real estate purchasing process. Less than 30% of Americans between 18 and 29 years own their home, compared with 68% of 30- to 49-year-olds, 73% of 50- to 64-year-olds, and 83% of those aged 65 and older. Younger Americans could favor savings accounts because they’ve largely become financially independent adults during a time of volatile housing and stock markets.
With housing prices improving across the country, Americans are regaining faith that real estate is the best choice for long-term investments.
The Walker Real Estate Group stands ready to assist in the acquisition and/or disposal of real property with our knowledge of the local market conditions and expertise in executing timely transactions both for personal and investment purposes.
Our Market Update provides detailed information regarding condos newly listed, pending and sold on Singer Island for the current month.
Enjoy this information prepared just for you!
CALL us today if you are thinking about selling or buying! Your referral is our best compliment!
2014 is becoming another great year for the Walker Real Estate Group; as the #1 Sales Team on Singer Island, our goal is to provide our customers a true concierge experience in all their real estate transactions.
For more information on specific condominium sales activity contact Jeannie at 561-889-6734 or email her at [email protected].