Singer Island Market Update – October 2014

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Don’t Forget to Vote – Tuesday, November 4, 2014

The cooler weather is here and the November mid-term elections are just around the corner. One of the sure signs of Season approaching is the increase in new listings (36 in World profitsOctober) as owners prepare to sell. With the closing of October 2014, let’s recap the latest stats for condominium re-sales on Singer Island:

  • There have been 161 condo re-sales on Singer Island through October 2014.
  • The sold prices averaged 93.5% of list price. Year-to-date 60% 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 older condos has increased to 153 (approx. 5 months of inventory); and the newer condos have shown a decrease to 230 days (7.7 months) on market.
  • There was one short sale in October.
  • The highest re-sale in October was Beach Front 604 for $975,000, and the least expensive sale was Connemara 205 at $141,750.
  • As of the end of October, condo inventory remains steady at 146 units.
  • Price per square foot of the older condos (built 1969-1989) remained constant at $252; and the price per square foot of the newer condos (built 2003-2008) decreased to $532.

Florida Ranked #5 for the Best “Business Tax Climate”:Taxes

The Washington, D.C based Tax Foundation ranks Florida among the top states for tax competitiveness, with only four states considered better. The Tax Foundation report measures each state’s code by analyzing over 100 tax variables in five different categories:

  1. Individual income taxes – Florida leads in the #1 spot
  2. Corporate taxes – #14
  3. Sales taxes – #12
  4. Unemployment insurance taxes – #3
  5. Property taxes – #16

The 10 most competitive states are: Wyoming (#1), South Dakota (#2), Nevada (#3), Alaska (#4), Florida (#5), Montana (#6), New Hampshire (#7), Indiana (#8), Utah (#9) and Texas (#10).

On the flipside, the 10 least competitive states are: New Jersey (#50), New York (#49), California (#48), Minnesota (#47), Vermont (#46), Rhode Island (#45), Ohio (#44), Wisconsin (#43), Connecticut (#42) and Iowa (#41).

States are punished for overly complex, burdensome and economically harmful tax codes, but rewarded for transparent and neutral tax codes that do not distort business decisions. A state’s ranking can rise or fall significantly based not just on its own actions, but on the changes or reforms made by other states.

The biggest change in this year’s report occurred in North Carolina, which jumped from 44th to 16th place due to a fundamental overhaul of the state’s tax code.

“The federal government is gridlocked, but state policymakers on both sides of the aisle are enacting truly fundamental reforms,” says Tax Foundation Economist and Manager of State Projects Scott Drenkard. “States are doing their part and it’s time that Washington steps up.”

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 has become 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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