Weekly Market Update – 01/30/09: Condos for Sale on Singer Island, Florida

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There are 363 condos for resale on Singer Island; 2 condos sold in the last 7 days and 17 are currently pending.  For the two sales, “days on market” were 827 and 281 days, respectively.  The sale prices were 94% and 88% of the list prices.

Mortgage rates for 30-yr fixed rates dipped from last week with the average rate for 30-yr fixed mortgages averaging 5.10%, down from 5,12% last week; at this time last year, the 30-year, fixed-rate mortgage averaged 5.68 percent.  The 15-yr fixed mortgage rate remained unchanged at 4.80%; the comparable rate a year ago was 5.17 percent.

According to mortgage industry experts polled by Bankrate.com this week, 55 percent believe mortgage rates will drop over the next 30 to 45 days, with only 9 percent predicting an increase. The remaining 36 percent foresee no change.


For those not aware, there is a new Florida Statues, 718.111(11)(g), that requires condominium owners to have an insurance policy on their Florida condo.  If the Owner cannot demonstrate proof of coverage, the condo association has the right to purchase a policy on the Owner’s behalf and may collect the costs associated with the policy through an assessment to the Owner.  There are several flaws with this law and several bills have been introduced in the Florida legislature to correct the problem.  For further information on this topic see the following link: http://www.floridarealtors.org/NewsAndEvents/n2-012709.cfm


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

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