The condo re-sales on Singer Island seem to be stuck in neutral for the beginning of 2017. April saw only 14 condo sales, compared to last April at 20. The year-to-date average for the first four months of the year for 2013 through 2016 has been 70 units; in 2017 that number was only 46.
A major impact to sales has been the $1 million plus market. There have only been 7 high end sales year-to-date; and only 17 $1M+ re-sales in the last 12 months, accounting for just 9% of the market. The primary contributor to this situation has been the drop in sales at the Ritz Carlton Residences; sales from 2013 through 2015 were 10, 13, 20, respectively. In 2016, there were only 5 sales through April; and there has been no sales in the last 12 months. This phenomenon is due primarily to the litigation over the “558 engineering” report and follow-on building construction.
Let’s take a closer look at the results in oceanfront condominium re-sales for the first four month of 2017 on Singer Island:
- There have been 46 condo re-sales on Singer Island through April 2017. The sold prices averaged 94.5% of list price.
- Year-to-date 52% of the condo re-sales were under $500K, with only 15% being in the $1 million plus range.
- The average Days-on-Market (DOM) for the condos through April stood at 114 (approx. 3.8 months).
- There were no short sales in April; as well as, none year-to-date.
- The highest re-sale in April was Oasis Singer Island 9A for $2,260,000; and the least expensive sale was Villas on the Ocean 307 at $148,900.
- As of the end of April, condo inventory has dropped to 165 units.
- Price per square foot of the older condos (built 1969-1989) remained relatively constant at $313; and the price per square foot of the newer condos (built 2003-2008) decreased to $592 through April 2017.
Changes Coming to Florida’s Condominium Rules
The 2017 Florida legislature session has passed several revisions to the Florida condominium statues, which are now waiting Gov. Scott’s signature. Once signed, these changes will go into effect on July 1, 2017.
A media investigation last year by the El Nuevo Herald and Univision 23 led to the bill. In the report, “Condo Nightmares,” news reporters found cases of electoral fraud, misappropriation of funds and rigged bids.
In February, a Miami-Dade grand jury recommended changes to Florida’s Chapter 718 that oversees condo boards, as well as the Florida Department of Business and Professional Regulation (DBPR).
CS/CS/HB 1237 covers a number of condo oversight rules, but high-profile ones include:
- If a condo association has more than 150 units, it must publish its financial reports on a password-protected web page.
- If owners are denied documents and if fraud is proven, the people responsible for the fraud could face felony charges after July 2018.
- Create a term limit of 8 years applicable to board members who serve 2-year terms.
- Directors can’t receive payments from the condo association, nor can they hire relatives.
- Prohibit contracts between the association and any company related to an officer or director and requires disclosure of potential conflicts of interest.
- Prohibit condominium association officers, directors, managers, and agents from using a debit card of the association.
- Require retention of bids for materials, equipment or services in an association’s official records.
Our Market Update provides detailed information regarding condos newly listed, pending and sold on Singer Island for the current month.
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2017 has all the indications of being an active 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. Trust, integrity and knowledge of the market are our number one priority.
For more information on specific condominium sales activity contact Jeannie at 561-889-6734 or email her at [email protected].
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