Singer Island Market Update: July 2011

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Singer Island, Florida

Moving into the second half of 2011, The Walker Real Estate Group remains one of the top sales teams on Singer Island with over $20 million sold in the past 12 months.  “>The overall economic outlook for the next 12 months does little to instill confidence in the real estate market; and could push interest rates up.”>Demand for seasonal and annual rentals on Singer Island has shown a dramatic increase in the second quarter of 2011; signaling that potential buyers are looking to try before they buy.

From a positive standpoint, investing in well-priced real estate may be a better place for funds than the equity/bond markets.

To re-cap the first 7 months of 2011:

  • Condo sales on Singer Island increased 72% over the same period in 2010; selling 117 units verse 68.
  • The list-to-sold price ratio was more favorable at 90% verse 87% last year at this time.
  • Nineteen short sales (13 at The Resort) accounts for 16% of the sales activity.
  • Price per square foot of the older condos (built 1969-1989) decreased to $212 compared to $220/SF this time last year.
  • Price per square foot of the newer condos (built 2003-2008) remained relatively constant at $331 compared to $333/SF last year.
  • Almost three quarter (73%) of the units sold during this period were under $500K.
  • With all the activity in the condo/hotel units at The Resort this year, only seven units are available to purchase, with no short sales.

Construction continues on the beautification of N. Ocean Drive. Curbing, sidewalks and drainage have been completed on the west side of the road. Work is now underway along the east side. All the street lamps have been erected along the west side of N. Ocean from Beach Front north to Water Glades. Completion is still anticipated for early 2012. The Little Blue Heron Bridge is getting its final touches and has turned out well. Work on the new Publix Supermarket continues with a scheduled opening by the end of October.

For more information on specific condominium sales activity contact Jeannie at 561-889-6734 or email her at [email protected].

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