Singer Island Real Estate News
Singer Island Real Estate News
What’s happening in the Florida market. The Singer Island real estate news is positive with an uptick in new condos for sale on the market. We have 230+ condos for sale on Singer Island. Season has not hit yet so we have a nice selection of beachfront condos available. As we finish up our off-season we should start to see a little uptick in activity in showings. Buyers are still taking advantage of having time on their side as they continue to watch for that nearly perfect property. Sellers in some communities have seen huge increases in inventory levels for newly listed properties while many continue to have a very limited inventory. There seems to be no trends of why some communities have a fair amount of homes for sale and some have no homes for sale. We still are seeing buyers throwing out low ball offers on some properties and once in a while they get a desperate seller but this is the exception and not the rule. No matter how few properties that are for sale in your community if they are not priced correctly they will sit on the market for extended periods of time. A good example is Sea Brook over by the beach. Only two condos are for sale in a community of nearly 200 and one condo has been on the market for over a year.
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Timing is another big factor affecting the days on market a property sits. I will watch Singer Island properties sit for months and then suddenly every property in the community is under contract at once. Overall I still see a slowing in the condo market above $400,000 but the under $300,000 continues to show strong demand for condos. Remember most condo sales even under $300,000 are cash buyers due to the fact you need a 25% down payment to qualify for a loan.
I have several properties for sale and each varies quite differently in price, condition, age and property type. I’m not seeing any trends showing why demand differences vary. One week, one property has a lot of showings and the next week very few. This is with each property. I can’t say, condos under $250,000 are getting more showings than condos in the $500,000 range. Call me for Singer Island real estate news and market conditions.
One factor I have seen affecting prices are rental restrictions which are putting downward pressures on prices. Many buyers are soon retiring and have found that perfect property but won’t be occupying it for a year or two. Instead of leaving it empty they look at a rental to both cover their carrying costs and keep an eye on their property. They aren’t landlords looking to profit from their purchase but are just looking to offset some of the carrying costs until they move in.
Originally rental restrictions were put in place during the crash when Singer Island condo prices became so inexpensive and rents had escalated that many communities soon faced having more renters than owners in their community. Rental numbers of more than 50% were not uncommon. Beautiful communities overnight turned into rental communities. Once this happened it took years before prices reached levels to motivate owners to sell their properties. In many communities they are still facing high numbers of rentals and the price appreciations of these communities have not paralleled non rental communities.
This isn’t the case anymore and very few buyers are buying properties to use only as rentals. Some communities have placed two year rental restrictions into their bylaws and have also limited the percentage that can be rented as well. You can imagine the effect this has on a buyer looking at different communities with the sole purpose of renting their condo for a few years until they move in. All of a sudden they have lot $40,000 in income which plays into the factor of their buying decision. Now that condo with the rental restriction just lost $40,000 in value compared to similar condos without restrictions. This is why it is important to see the Singer Island real estate news report so you can be an educated buyer.
Below is a good article from a local real estate analyst that you may enjoy. It reiterates what I have been saying over the past few months.
Longtime real estate analyst Jack McCabe, of McCabe Research & Consulting in Deerfield Beach, said he sees a “split market” between condos and single-family homes.
“I think we’re going to continue to see prices going up,” he said of the single-family home market. “Things are fairly unaffordable now.”
He blamed land costs that are too high, construction costs that have shot up, and a continuing labor shortage that saw many workers leave the region after the crash who “never came back.”
But the condo market is going to see downward pricing, McCabe predicted. “Developers are offering all sorts of incentives and concessions that they weren’t offering a year ago.”
Provided by Sun Sentinel News
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