Singer Island Market Update – January 2014

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Welcome to the 2014 “Season”.  With record cold temperatures up north, the influx of activity here is quite intense; heavy traffic on the roads, long waits at the restaurants and a very active real estate market. As we move past the first month of 2014, let’s recap the latest stats for condominium re-sales on Singer Island:

  • January saw 14 condo re-sales on Singer Island.  The sold prices averaged 95% of list price.
  • Fifty-seven percent of the condo re-sales were under $500K.
  • The average Days-on-Market (DOM) for these sales has dropped slightly from last month at 194 (6.5 months).
  • There were no short sales in January.
  • The highest re-sale in in January was Ocean’s Edge 603 for $1,150,000 ($408/SF).
  • As of the end of January, condo inventory had remained relatively unchanged at 174 units.
  • Price per square foot of the older condos (built 1969-1989) increased slightly to $267; and the price per square foot of the newer condos (built 2003-2008) decreased to $347.

Keeping Up With Local Development

If PGA Partners gets its way, Panama Hatties’ may be a memory of the past.  The 4-acre Panama Hattie’s parcel is under contract to be sold to PGA Partners. They have also purchased the two adjacent smaller lots south of Panama Hattie’s for $2.9 million to assemble about 8 acres for the project.

At about 400,000 square feet, the project, PGA Waterfront, will have retail, restaurant, parking garage, hotel and condominiums.  This may sound similar to Harbourside in Jupiter; that’s because they are both being developed by Nick Mastroianni.  The only difference is that Harbourside has no residences. Like Harbourside, PGA Waterfront will not be gated.PGA Waterfront

Now in unincorporated Palm Beach County, the property must be annexed into Palm Beach Gardens. The required zoning must be approved. The project must meet Palm Beach County transportation concurrency standards. Waterfront changes must be approved by the U.S. Army Corps of Engineers and the South Florida Water Management District.  Given its location, traffic will be a major concern that will need to be addressed.

The other major hurdle will be financing.  Harbourside was funded using the federal EB-5 program.  Mastroianni’s Allied Capital and Development won federal approval from the Department of Homeland Security five years ago to develop Harbourside through EB-5.  Created in 1990 to attract foreign investment, EB-5 lets foreigners contribute $500,000 each to U.S. businesses in return for them and their families to get visas, apply for green cards and become permanent U.S. residents.

Investors for Harbourside are from China, South Korea, Taiwan, Russia, Brazil, Sweden, Italy, France, England and other countries.  More than $100 million was raised for Harbourside using the EB-5 program.  About 40 percent of the financing for PGA Waterfront will come from EB-5 financing, Mastroianni said.

Given the size and scope of the PGA Waterfront project, there will be a lot of pros and cons generated as to its viability from both sides of the issue before all is said and done.

Whether you decide to buy or rent, the Walker Real Estate Group can assist you.  We have the properties to fit you needs.

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 starting off to be 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].

 

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