With Labor Day and the summer behind us, we now prepare for the beginning of “Season”. All of the housing reports are showing signs of improvement even with a small dip here and there. Sales remain steady and inventories are becoming tighter throughout the Palm Beaches. Here are the latest stats for condominium re-sales on Singer Island:
- There have been 153 condo re-sales on Singer Island through August of 2013.
- One hundred and two of the sales were under $500K, which is approximately two-thirds (67%) of the total sales.
- The average Days-on-Market (DOM) for these sales is continuing to trend downward to 204 (little less than 7 months).
- There were no short sales in August.
- The highest re-sale in in August was Beach Front 1102 for $700,000 ($287/SF); and the least expensive was Aquarius 503 for $140,100 ($156/SF).
- As of the end of August, condo inventory continue to decrease with only 150 units on the market.
- Price per square foot of the older condos (built 1969-1989) remained relatively steady at $234; and the price per square foot of the newer condos (built 2003-2008) increased to $500.
Property Tax Time is Right Around the Corner:
With the housing market heating up, comes good news and bad. The good news is the property values on Singer Island are increasing. The bad news is with the increase in property value so increases the property taxes.
The Palm Beach County’s Property Appraiser’s office mailed the preliminary tax notices the end of August to all 642,400 property owners. The proposed tax rates in these notices are the maximum that local governments have set for the coming budget year starting October 1st. Taxing authorities can lower their rates before finalizing their budgets this month, but cannot increase them without notifying all taxpayers in the taxing district.
An analysis by the Palm Beach Post found that under the tax rates proposed for 2013-2014 in each of the county’s taxing areas, local governments and special assessment districts would generate about $2.9 billion in revenue next year, up 3.5 percent from this year’s level of $2.8 billion.
Countywide property values continue to rise climbing 6.3% in 2012, growing to $162.3 billion on the first day of 2013 from $152.7 billion on the first day of 2012. As a result, taxable values have also climbed. (Reminder: property tax bills come out in November for property values in January of that year. Taxes are due by March 31st for the prior year and discounted if paid early, 4% by November 30th, 3% by December 31st, 2% by January 31st and 1% by February 28th.)
According to Gary Nikolits, PBC Property Appraiser, the market values assigned by his office are typically 85 percent of what the property would actually sell for.
For the City of Riviera Beach, there are no plans to raise the millage rate for 2014. The increase in property values will be enough to meet the 2014 budget with the millage rate remaining the same as 2013.
If you are eligible for Florida homestead exemption and have not applied, do so before March 1, 2014. Although it will not affect your 2013 taxes, it will allow you to cap any further increases to 3% or the increase in the CPI, whichever is less.
Additionally, if you are homesteaded and plan to purchase a new home, take advantage of the “Save Our Homes” portability which allows the property owner to transfer a ”Save Our Home” tax assessment difference from the previous homestead.
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!
2013 is becoming an excellent year for the Walker Real Estate Group; as the #1 Sales Team on Singer Island, our sales volume for the first half of the year has been over $22 million. 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
Director – Master Broker Forum (Jeannie)