Singer Island Market Update – May 2019

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Nearly halfway through 2019 and the condo re-sale activity on Singer Island is trailing last year at this time.  Year-to-date closings are down 10% overall; with $1M+ re-sales declining 40% from this time last year.  Re-sales of less than $500K did show a 19% increase over last year.

Year-to-date closings are down 10% overall; with $1M+ re-sales declining 40% from this time last year.  Re-sales of less than $500K did show a 19% increase over last year.

Let’s take a closer look at the results in condominium re-sales at the end of May 2019 on Singer Island:

  • There were 16 condo re-sales on Singer Island in May of 2019; four of which were in the $1 million price range.  The sold prices averaged 91% of list price.
  • Sixty-three percent of the re-sales in May were below $500K.
  • There were no short sales in in the past 12 months.
  • The highest re-sale in May was Ritz Carlton PH-1A for $8,500,000.
  • As of the end of May, condo inventory stood at 157 units; a 5% decrease over this time last year.
  • Year-to-Date price per square foot of the older condos (built 1969-1989) stands at $334 (2% increase from 12 months age); and the price per square foot of the newer condos (built 2003-2008) at $721, a 17% increase from this time last year.

Hurricane Season Preparedness – 2019

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’s Climate Prediction Center is forecasting a 70-percent chance that the 2019 Atlantic hurricane season will be near- or above-normal.

NOAA’s forecasters predict a likely range of 9 to 56 named storms (winds of 39 mph or higher), of which 4 to 8 could become hurricanes (winds of 74 mph or higher), including 2 to 4 major hurricanes (category 3, 4 or 5; with winds of 111 mph or higher). An average hurricane season produces 12 named storms, of which 6 become hurricanes, including 3 major hurricanes.

This outlook reflects competing climate factors. The ongoing El Nino is expected to persist and suppress the intensity of the hurricane season. Countering El Nino is the expected combination of warmer-than-average sea-surface temperatures in the tropical Atlantic Ocean and Caribbean Sea, and an enhanced west African monsoon, both of which favor increased hurricane activity.

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!

2019 has all the indications of being an active year for the Walker Real Estate Group.  As the #1 Luxury Sales Team on Singer Island, providing our customers a true concierge experience has been a major factor in our success.  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]. See All Realtor listings on our website: www.WalkerRealEstateGroup.com.

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