Even with all the recent activity on Singer Island, 2015 is off to a slower start than last year. Transactions are down by 30%, the newer condo sales are off by 50% and their sales price is down by 7% per square foot. On the bright side, the older condos are up 8% per square foot and overall “Days on Market” has been cut in half to 125 days. Additionally, the Ritz Carlton developer sales dropped from 5 to 1 sale between the two periods.
Let’s take a closer look at the results in condominium re-sales for the first month of 2015 on Singer Island:
- There have been 26 condo re-sales on Singer Island through February 2015. The sold prices averaged 94.5% of list price.
- Year-to-date 58% of the condo re-sales were under $500K, with only 8% being in the $1 million plus range.
- The average Days-on-Market (DOM) for the older condos through February stood at 104 (approx. 3.5 months of inventory); and the newer condos are slightly higher at 297 days (6.5 months) on market.
- There were no short sales in February.
- The highest re-sale in February was One Singer Island PH701 for $1,325,000; and the least expensive sale was Aquarius 203 at $220,000.
- As of the end of February, condo inventory increased to 173 units.
- Price per square foot of the older condos (built 1969-1989) decreased to $269; and the price per square foot of the newer condos (built 2003-2008) was only $434 through February 2015.
Where Do The Buyers Come From?
Walker Real Estate Group keeps a pulse on global perspectives with regard to where the buyers come from, ultimately giving us the ability to cultivate their real estate interests.
In today’s world the buyers can travel farther and more easily than ever before. They can also rely on technology to gain information from any place in the world in which they prefer to live, have a second home or vacation. This is why Walker Real Estate Group works with websites such as www.worldproperties.com to market our properties globally as well as the US.
In the Palm Beach/Singer Island area, international buyers more likely come from countries that have direct flights to Palm Beach International and Fort Lauderdale. They include countries like Canada, Norway, Sweden, France, and United Kingdom.
Canada is one of the largest providers of buyers to the Palm Beach/Singer Island area. Toronto is home to more than 2.5 million immigrants. Immigrants are almost half its population, giving it the highest share of foreign born in Canada, as well as one of the highest of major world cities. India, China and the Philippines contribute the most newcomers, about a quarter of the immigrant population.
Our US buyers for the Palm Beach area come mainly from the Northeast spreading west to Ohio, Michigan and north to Canada. The internet is now the main source for buyers to research properties. Print advertising/newspapers are becoming less inviting. Knowing the importance of the internet to this process, the Walker Real Estate Group constantly reviews ways to reach buyers for our market area.
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!
2015 has all the indications of being 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. Trust, integrity and knowledge of the market is our number one priority.
For more information on specific condominium sales activity contact Jeannie at 561-889-6734 or email her at [email protected].