Singer Island Market Update – May 2015

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As the few remaining “snowbirds” head back north, we see the area starting to settle into its summer routine. May also saw real estate activityHurricane Season start to slow, as well, with only 13 closings as compared to 27 in April.  The “Lookers” have left for the season; so the few buyers we have now tend to be more serious about purchasing.

Let’s take a closer look at the results in condominium re-sales for the first five months of 2015 on Singer Island:

  • There have been 85 condo re-sales on Singer Island through May 2015. The sold prices averaged 94.4% of list price.
  • Year-to-date 54% of the condo re-sales were under $500K, with 15% being in the $1 million plus range.
  • The average Days-on-Market (DOM) for the condos through May stood at 135 (approx. 4.5 months).
  • There were no short sales in May.
  • The highest re-sale in May was Martinique ET704 for $880,000; and the least expensive sale was Tiara 3G at $280,000.
  • As of the end of May, condo inventory decreased slightly to 160 units.
  • Price per square foot of the older condos (built 1969-1989) remained relatively steady at $286; and the price per square foot of the newer condos (built 2003-2008) decreased to $532 through May 2015.

Hurricane Season Preparedness – 2015

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. Unfavorable hurricane formation conditions in the Atlantic and the likely development of a strong El Niño — the warming of waters in the central and eastern tropical Pacific Ocean — will help keep 2015 quiet, according to forecasters.

The National Weather Service predicts that there is a 70 percent likelihood of six to 11 named storms (storms with winds of 39 mph or higher), 2015 Hurricane Outlookof which three to six could become hurricanes (storms with winds of 74 mph or higher), including zero to two 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!

2015 has all the indications of being 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. Trust, integrity and knowledge of the market is our number one priority.

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

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