Having past the midpoint of the year, we are now starting our preparations on Singer Island for the upcoming season. Rental activity is intensifying, prices are rising and inventories are shrinking. Here are the latest stats for condominium re-sales on Singer Island:
- There have been 133 condo re-sales on Singer Island through July of 2013.
- Eighty-six of the sales were under $500K, which is approximately 65% of the total sales; a sign that the high-end condos are starting to move again as well as overall prices increasing.
- The average Days-on-Market (DOM) for these sales is continuing to trend downward to 222 (about 7 1/2 months).
- There were two short sale in July.
- The highest re-sale in in July was Ocean’s Edge 1702 for $2,750,000 ($553/SF); and the least expensive was Villas on Ocean 123 for $190K ($127/SF).
- As of the end of July, condo inventory remains well below the 200 unit mark at 157, a positive sign.
- Price per square foot of the older condos (built 1969-1989) remained steady at $236; and the price per square foot of the newer condos (built 2003-2008) remain steady as well at $490.
Staying Current with the Florida Condominium Act:
From time to time we like to re-visit the Florida Condominium Act to review changes and updates. There are some important recent State and Federal Laws affecting condominium owners in the State of Florida. Listed below are important changes all condominium owners should review:
- Condominium buyers must be given the most recent year-end financial statement along with a copy of the most current condominium documents; this includes the condominium association’s Question and Answer Sheet (normally included with the condo docs).
- Condominium buyers must be given a Condominium Governance Form (which explains the functionality of a condo association).
- Condominium owners who are more that 90 days in arrears on HOA fees may be denied access to amenities.
- Association’s may divert rent paid by a tenant and use it to pay delinquent assessments owed by that unit’s owner.
- Property tax disclosure must be made to buyers before the buyer signs a contract (making them aware that the property will be reassessed which could result in a higher tax assessment than the current owner’s tax assessment).
- A mandate that any amendment to the condominium association’s bylaws that restricts a unit owner’s rights relating to the rental of units applies only to those unit owners who consent to the amendment and the unit owners who purchase their units after the effective date of that amendment. This was a response to court decisions allowing associations to restrict rentals by majority vote.
Florida Ad Valorem Tax Laws
Additionally with regard to the tax laws:
- Increased homestead exemption; in addition to the initial $25,000 for homesteaded owners, there is an additional $25,000 exemption on the property’s assessed value between $50,000 and $75,000.
- Moving from one homesteaded property to another? Take advantage of portability of the “Save our homes” benefit.
- As a foreign national owning property in the US, you may be subject to a 10% withholding tax at time of sale of your US property if you do not have a US tax id number.
- As a Florida business owner, the first $25,000 of personal property is exempt from tangible personal property tax
- Ten percent annual assessment limitation for non-homestead property. It is important for all non-homesteaded property owners that property assessments may increase no more that 10 percent of the just value of the property in the prior year. Beginning in 2009, owners of property subject to the limitation must apply with the county property appraiser no later than March 1 of each year. The owner’s failure to apply will result in the loss of the assessment limitation. This would be a very costly omission on the part of the property owners and care should be taken that this deadline is not missed.
(The above points are considered highlight of the Florida statues, for more detail one should consult their attorney and/or CPA.)
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)