Singer Island Market Update: May 2013

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Warning Flags

Warning Flags

There have been 90 condo re-sales on Singer Island through May of 2013.

  • Sixty of the sales were under $500K, which is approximately 67% of the total sales; a sign that the high-end condos are starting to move again.
  • The average Days-on-Market (DOM) for these sales is continuing to trend downward to 266 (about 9 months).
  • There were three short sales in May.
  • The highest re-sale in May was Ocean’s Edge for $2,493,000 ($526/SF); and the least expensive was Dunes Condo 3D for $190K ($127/SF).
  • As of the end of May, condo inventory remains below the 200 unit mark at 173, a positive sign.
  • Price per square foot of the older condos (built 1969-1989) remained steady at $234; and the price per square foot of the newer condos (built 2003-2008) decreased slightly to $493.

Hurricane Season Preparedness:

June 1st was the official start of Hurricane Season in Florida with it ending on November 30th.  Once again it is time to take stock of emergency supplies and make sure evacuation plans are current.  NOAA is calling for an above average active season and says there is a 70 percent likelihood of 13 to 20 named storms (winds of 39 mph or higher), of which 7 to 11 could become hurricanes (winds of 74 mph or higher), including 3 to 6 major hurricanes (Category 3, 4 or 5; winds of 111 mph or higher).

These ranges are well above the seasonal average of 12 named storms, 6 hurricanes and 3 major hurricanes.

The two most important items after a storm are water and ice.  It is suggested residents should have a storm supply of three days’ worth of nonperishable food and a five-day water supply (one gallon per person per day) in the event of a hurricane. An even better goal is a five- to seven-day supply of nonperishable food and a seven-day water supply of three gallons per person per day.

Several points to keep in mind:

  • Keep spare cash handy in case ATMs aren’t working,
  • Hang onto at least one hardwire telephone in case cellular service goes out,
  • Keep your gas tank full,
  • Have a plan for your pet(s) since most emergency shelters won’t accept them,
  • Keep prescriptions filled and copies of them in a waterproof box or folder, along with other important documents such as birth records, insurance policies and records of home valuables,
  • Have a caretaker who can look in on your property after the storm.

For a more in-depth guide to disaster preparation, Mike Spranger, a storm-preparation expert at the University of Florida (UF), has published a 140-page handbook called the “Florida Homeowners Handbook to Prepare for Natural Hazards” (Free-online).

Hopefully, Mother Nature smiles favorably on us again this year; but, let’s be prepared in the event of a storm.

Our Market Update provides detailed information regarding condos currently listed, pending and sold on Singer Island including recent price reductions, new listings and homes that have come back on the market.

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 five months has been over $18 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)

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