Singer Island Market Update – May 2014

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It is hard to believe we are approaching the midpoint of 2014. The year is rapidly passing by and the real estate activity has only slowed slightly. As we close out May 2014, let’s recap the latest stats for condominium re-sales on Singer Island:SINGER ISLAND Markets

  • There have been 92 condo re-sales on Singer Island through May 2014. The sold prices averaged 93% of list price.
  • Only 58% of the condo re-sales were under $500K, with 20% being in the $1 million plus range; a sign that the high-end condos are starting to move as well as overall prices increasing. Additionally, there have been four re-sales over $3 million.
  • The average Days-on-Market (DOM) for the older condos increased slightly to 140 (approx. 4.5 months of inventory); whereas the newer condos average dropped to 260 days (8.7 months) on market.
  • There was one short sale in May.
  • The highest re-sale in May was Ritz Carlton Residence 1802A for $3,400,000, and the least expensive sale was Aquarius 1003 at $215,000.
  • As of the end of May, condo inventory remained steady at 163 units.
  • Price per square foot of the older condos (built 1969-1989) increased slightly to $251; and the price per square foot of the newer condos (built 2003-2008) increased to $559.

Hurricane Season Preparedness:Hurricane Season

June 1st is 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. Forecasters are expecting a below-average season for tropical systems due to the increase in the El Nino winds coming in from the west; and predict 10 named storms (winds of 39 mph or higher), of which 5 could become hurricanes (winds of 74 mph or higher), including 2 major hurricanes (Category 3, 4 or 5; winds of 111 mph or higher).

These ranges are below 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 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 becoming 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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