April 2015 Monthly Market Detail Martin County Townhouses and Condos

05.29.15 by

April 2015 Monthly Market Detail Martin County Townhouses and Condos

April 2015 Monthly Market Detail Martin County Townhouses and Condos once again slowed after an excellent March.  Year to year closed sales were down by 9.5% (was up by 21.7% in March) as well as new sales under contract (new pending sales) decreased 19.2% from April 2014 (was up by 22.1% in March).

The median sales price was down by 1.1% (was up by 13.2% in March) while the average sales price decreased by 5.0% (was up by 5.3% in March) as compared to April of 2014.  Ending a trend of steady increases in values for Martin County.

The inventory of available townhouses and condos has decreased by 6 units to 455 properties from last month, this is 21.4% less inventory than was available in April of 2014.  For April there was a 4.1 month supply of inventory (a 28.9% decrease from last year).  A very strong sellers market for townhouses and condos in Martin County.  Buyers are in need of additional inventory for their potential purchases.

April 2015 Monthly Market Detail Martin County Townhouses and Condos

Click here to view or download the full report:
April 2015 Monthly Market Detail Martin County Townhouses and Condos

To view the latest set of reports from Florida Realtors for the state of Florida, Martin County and Saint Lucie County, please visit GabeSanders.com and select Market Data.

Market information is courtesy of Florida Realtors Research. For additional information and historical archives please visit the Florida Realtors Research page.

April 2015 Monthly Market Detail Martin County Townhouses and Condos

Palm City Listings Favor Practical Post-Recession Features

05.28.15 by

Palm City Listings Favor Practical Post-Recession Features

 Lake Grove in Palm City

Just as with movie credits, the features you find in Palm City listings have a “billing order.” The “stars” may not be printed in gigantic superstar type—but the order in which they appear do reflect changes in current buyer priorities. For a homeowner soon to add their property to this spring’s Palm City listings, it’s important to learn which features currently tend to attract the most favorable attention from prospective buyers. It’s of more than marketing interest, as well: knowing what’s in and what out can also help determine where improvement dollars should go.

The question is, which features are most desirable, and which formerly popular features have become passé: “so Twentieth Century!”

New answers to these questions usually appear a couple of times a year—and 2015 is no exception. The latest one I found was on the Realtor.com website. It went into recent history, describing in detail how listings’ features for newly-built homes have been undergoing rapid change over the past few years. In general (and probably as a reaction to the difficult economic times that only lately have seen improvement), over-the-top luxury details are fading, being replaced in favor of features centered on efficiency, organization, and pragmatism.

Examples of the kinds of details less likely to be found in today’s listings are two-story foyers, master bathrooms with whirlpool tubs, and luxurious details like outdoor kitchens. (“NOPE” in capital letters is shown stenciled over a picture of one of those outdoor kitchens…which, I have to admit, really does look like it belongs in a hotel). Whereas ten years ago, those outdoor kitchens with fancy wine racks might have been found near the top of a listing, today it might be replaced by ‘walk-in closets’ or even, simply, a ‘laundry room.’

“It’s not sexy,” says one industry executive, “but that’s what people want.”

The most extensive survey of home builder trends is conducted by their national association, the NAHB. By quizzing nearly 400 builders, they concluded that other features on the decline include outdoor fireplaces, sunrooms, and media rooms. Taking their places (and likely candidates for what we’ll soon see creeping toward the tops of some of our Palm City listings) are the walk-in closets (since people want to get out the door efficiently first thing in the morning) and well-organized and well-lit laundry rooms (to improve the efficiency of the household).

As part of a “post-recession cultural shift toward pragmatism,” this makes perfect sense. But that word “post-recession” may offer a clue to what could be the temporary nature of the NAHB’s 2015 findings. For example, granite countertops—once a ‘luxury’ item in Martin County listings—are now more popular than the laminate alternatives. And those supposedly unpopular media rooms are not vanishing totally. They’re simply being replaced by spaces that are “more flexible.”

If you’re soon to be scrutinizing your own home to determine which of its best features to emphasize, I’d be pleased to furnish an opinion—it will be based on the results we’re seeing from today’s Palm City listings!

April 2015 Monthly Market Detail Martin County Single Family Homes

05.28.15 by

April 2015 Monthly Market Detail Martin County Single Family Homes

The April 2015 Monthly Market Detail Martin County Single Family Homes continues to outperform the Florida statewide market activity with very strong gains, though somewhat of a more moderate pace from last month.  Year to year closed sales was up by 24.7% (was up 41.6% in March). New pending sales increased by 23% as compared to April of 2014 (increased by 35.8% in March).

The median sales price was up by 5.1% from last year (up by 3.6% in March) while the average price increased by 14.9% (was up by 33.3% last month).  Continuing with some very strong gains in prices for the year.

The inventory of available single family homes decreased from March 2015 by 82 homes to 1260 units this month, and this is also a 9.9% decrease from last April.  Current supply of inventory decreased to 5.6  months from March’s 6.1 months supply. (A 9.9% decrease from last year). Martin County single family home sales have again entered a sellers’ market.  A balance market favoring neither the buyer and sellers is recognized as one with a 6 month inventory of supply.

April 2015 Monthly Market Detail Martin County Single Family Homes

Click here to view or download the full report:
April 2015 Monthly Market Detail Martin County Single Family Homes

To view the latest set of reports from Florida Realtors for the state of Florida, Martin County and Saint Lucie County, please visit GabeSanders.com and select Market Data.

Market information is courtesy of Florida Realtors Research. For additional information and historical archives please visit the Florida Realtors Research page.

April 2015 Monthly Market Detail Martin County Single Family Homes

Jensen Beach Homebuyers Should Check on Credit Report Inclusions

05.27.15 by

 Jensen Beach Homebuyers Should Check on Credit Report Inclusions

Finance

Here is a one-question True or False exam that every future local first-time home buyer should take:

True or False:

One sure way to build a strong credit report is to pay your bills on time.

(Answer: It depends)

Particularly for a first-time Jensen Beach home buyer, being able to present a strong credit report can make the difference between being able to afford a quality home that satisfies all your ‘must haves’—or one you just sort of settle for.

It’s about how much you can comfortably afford. The interest rate you will be offered is directly related to your bill-paying history, and a percentage point (or more) can make a big difference in your monthly budget. Because lending institutions charge more or less based upon the degree of risk they believe a loan carries, the stronger your credit report, the “more house” your monthly payment will cover.

Of course, since a string of unbroken records of punctual payments is what lenders look for, you might think that the answer to my one-question True or False exam would be an unqualified ‘True’—but not so fast. There’s a small catch is in the unbroken records that they look for. The word records.

Just paying your bills on time doesn’t build a strong credit report unless there are records of it—and for Martin County first-timers who have been paying rent for years, all those prompt payments could well be missing in action. The surprising reason lies in the nature of our whole credit reporting system.

It’s voluntary.

As the L.A. Times spotlighted last summer, landlords, phone and cable companies, “and many other creditors don’t report your payments” to the big three credit bureaus (Equifax, Experian and TransUnion). They aren’t required to do so. If you’re planning on becoming one of our Jensen Beach’s first-time home buyers, that might be a big deal—especially since rent payments usually make up the lion’s share of what you buy on credit. But you can do something about it!

Recognizing the difficulty some first timers were having in qualifying for home loans precisely because of such missing data, about five years ago, the credit bureaus teamed up with services like RentTrack that enable tenants to pay their rents online—and get credit for them. TransUnion and Experian also introduced services like “ResidentCredit” and “RentBureau” that encourage property managers to report rent payments for their tenants. That makes sense for landlords, too, because when rent payments are recorded, it enables them to better gauge the creditworthiness of their next batch of applicants.

Making sure your payments are being recorded will put today’s renters ahead of the game when they eventually decide they’re ready for the next step: home ownership. It simplifies the answer to that One-Question True or False credit report question greatly…to a simple “True”!

 Jensen Beach Homebuyers Should Check on Credit Report Inclusions

Hobe Sound FL 33455 Condo Market Report April 2015

05.25.15 by

Hobe Sound FL 33455 Condo Market Report April 2015

 

Hobe Sound Real Estate Snapshot for ZIP Code 33455, Condo Sales for April 2015

 

For April 2014 in the 33455 Zip Code area of Hobe Sound, Florida :

 

There are currently 10 active condo listings. (Up by 2 condos from March)

Hobe Sound FL 33455 Condo Market Report April 2015

2 Condo sale is pending and awaiting close. (Down by 7 condos from March)

Hobe Sound FL 33455 Condo Market Report April 2015

5 Condos sold in March (Increased by 1 condo from March)

Hobe Sound FL 33455 Condo Market Report April 2015

The Hobe Sound condo market (Zip Code 33455) is the smallest segment of the Martin County real estate market.  As we deplete the pending inventory with closed sales, this will continue to be a difficult segment of the Martin County condo market until we get more inventory of available condos.

The current absorption rate is 2 months (Last month it was 2 months also). The statistics within this segment should be taken with a grain of salt, as small changes in activity make for very large changes on percentages that April not indicate a true trend in the market. An absorption rate of 6 to 7 months is considered to be a balanced market favoring neither the buyer or seller.

The April 2014 numbers were: 21 active listings, 6 pending sales and 5 closed sales.  Similar closed sales activity to last year, but with less than half the available inventory, pending sales are down and I expect to see much reduced activity in the coming months without an increase in inventory.

Hobe Sound FL 33455 Condo Market Report April 2015

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Hobe Sound FL 33455 Condo Market Report April 2015

 

Stuart FL Multi-Family Housing Out of Reach? It Ain’t Necessarily So!

05.24.15 by

Stuart FL Multi-Family Housing Out of Reach? It Ain’t Necessarily So!

 multi-family homes

Martin County multi-family housing is the umbrella term covering all the various kinds of residences that shelter more than one family. Everything from duplexes and homes with guest cottages to apartment complexes fall into the category, which is most often thought of in terms of the solid investment potential it represents.

While Stuart multi-family housing offers all of the same investment potential and more (the economies of scale can give an apartment building listing, for instance, many times the profit potential of a single family rental), a multi-family residence can also be the pathway to home ownership for a first-time home buyer. You might not think so, but when a prospective buyer will also be resident, standard financing guidelines—even for FHA loans—may apply. The lending particulars vary by a given Florida property’s specifics—among other factors, whether or not cash flow-producing tenants are already in place. But the assumption that the higher mortgage amounts associated with multi-family housing opportunities automatically puts them out of reach ain’t (as the song says) necessarily so!

The NAR® finds that some 38% of residences are purchased by first-time buyers—yet it’s a safe bet that most of them would never consider that purchasing multi-family homes could be a great way to own their first home (and even generate some extra income at the same time). To begin to examine this as a possibility, some basic research into some of the key elements of multi-family financing is a logical preliminary step.

·   Down Payment Options

Today’s loan requirements may be seeing some degree of easing, but most Stuart multi-family homes listings carry bigger down payments than single residences. Even so, some FHA loans for a one- to four-unit home require just a 3.5% down payment. A variety of other loan programs emphasizing affordable down payment options may also apply.

·   Cash Reserves Requirements

Some traditional lenders have no specific cash reserve requirements, while the FHA has defined guidelines. For one- or two-unit properties, buyers must have one month’s worth of reserves (cash left after closing). For three- to four-unit homes, the requirement is for three months of reserves.

·   Debt-to-Income Ratio

Lenders evaluate debt-to-income ratios to include other monthly debt payments as well as the anticipated mortgage payment. They weigh that against gross monthly income…and, needless to say, lenders who include a high percentage of projected rental income will be more likely to find a loan viable.

Whether you are a first-time or veteran home buyer, considering the Martin County’s multi-family housing listings is an idea that may be worth pursuing. Give me a call to discuss how one of today’s prime offerings might fit into your future!

Goal of a Thorough Treasure Coast Home Inspection: Future Peace of Mind

05.23.15 by

 Goal of a Thorough Treasure Coast Home Inspection: Future Peace of Mind

Home-InspectorWhenever we think of how our Treasure Coast home staging professionals approach their craft, it’s all the positives that come to mind—how they transform a ho-hum living room into a welcoming showplace; a run-of-the-mill front porch into a curb appeal magnet, etc. That is true, but equally important are the negatives they address. Stagers locate and eliminate elements that detract.

This is all by way of pointing out that another element of the Martin County real estate industry—the home inspection part—provides an extremely positive contribution by zeroing in on negatives. It’s pretty darned important that a Jensen Beach home inspection do just that!

Picture this: it’s just under a year since you bought your home, but what started out as a dream home is beginning to take on aspects of a nightmare. Cracks have appeared in the foundation (were they there all along?); asphalt tiles are raining down onto the driveway (am I seeing gaps up on the garage roof?); and puddles are springing up underneath the network of pipes that (now that I’m looking closely) do seem to show a bit more rust than they probably should…

This is the kind of evolving nightmare no Treasure Coast home buyer should have to deal with. A thorough home inspection unearths problems before you close on the home—so while it may require an investment of a few hundred dollars, it’s the most sensible way to prevent expensive (but foreseeable) maintenance surprises down the road. Going about tapping a professional whose home inspection credentials measure up won’t take an undue chunk of your time:

·         Survey the ratings

This is an area where the Better Business Bureau is truly invaluable. Likewise, customer feedback sites like Angie’s List offer reviews of Treasure Coast home inspection services that are full of useful information. The only detail that’s less attention-worthy is cost. When you’re in the process of investing hundreds of thousands of dollars, paying a bit extra for a superior home inspection is “pound-wise.”

·         Note ties to the Martin County community

Home inspectors who have maintained strong ties to the Treasure Coast business community have their reputation riding on the line with every inspection. Their incentives are perfectly aligned with yours for providing a thorough inspection with written findings that will hold up over time.

·         Consider a structural engineer or another specialist

If there’s a question about the structural integrity of the home, look for an inspector with engineering credentials. Likewise, if there are questions about other areas of the house (like the electrical system), be open to calling in an appropriate specialist to take a look. It’s really your peace of mind that will benefit.

When you choose me as your Realtor®, I will also be happy to recommend several Treasure Coast home inspectors who have demonstrated their skill and reliability for my clients over the years. I hope you won’t hesitate to give me a call!

Jensen Beach FL 34957 Condo Market Report April 2015

05.23.15 by

Jensen Beach FL 34957 Condo Market Report April 2015

 

Jensen Beach Real Estate Snapshot for ZIP Code 34957, Condo Sales for April 2015

 

For April 2015 in the 34957 Zip Code area of Jensen Beach, Florida (Martin County) :



There are currently 28 active listings. (Decreased by 2 condos from March)

Jensen Beach FL 34957 Condo Market Report April 2015

16 Condo sales are pending and awaiting settlement. (Decreased by 5 condos from March)

Jensen Beach FL 34957 Condo Market Report April 2015

11 Condos Sold (Increased by 6 condos from March)

Jensen Beach FL 34957 Condo Market Report April 2015

 The Jensen Beach FL 34957 Condo Market Report April 2015 remains a small sector as far as condos in Martin County and making meaningful comparisons with such small numbers can be problematic.   Closed sales were up for the month while both pending sales and active listings declined.  The current inventory is so low that future sales will be impacted unless more condos come on the market.

The one month absorption rate for the April 2015, Jensen Beach Florida Market Report ZIP Code 34957 dropped to2.5  months (from 6 months in March), once again a strong sellers’ market.   A balanced market is considered to be a 6 to 7 month absorption rate favoring neither the buyer or seller.

The April 2014 numbers were: 29 active listings, 9 pending sales and 9 condos closed.  A better month as compared to last year.

Jensen Beach FL 34957 Condo Market Report April 2015

Jensen Beach Condominium Properties by Price


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Jensen Beach FL 34957 Condo Market Report April 2015

Low Credit Score? You Can Still Buy Your First Martin County Home!

05.22.15 by

 Low Credit Score? You Can Still Buy Your First Martin County Home!

 credit score

They really ought to teach this stuff in school: real-life, day-to-day economics. Martin County youngsters out on their own for the first time are usually left to trial and error when it comes to mastering things like how to lay out a personal budget or use credit advantageously. Or even how to go about selecting a bank, or opening a checking account…

So when it comes to buying their first Stuart home, it’s very common for newcomers to put off confronting the whole daunting issue. When you’re still new to your career, tackling a purchase involving years’ worth of income channeled through a maze of unfamiliar procedures is easy to put off. But when the delay stretches well past the point in their financial lives when it would be clearly advantageous to own rather than to continue renting, it’s the same thing as throwing hard-earned cash overboard.

They really ought to teach this stuff in school! That having been said, here is a broad-brush, very basic rundown of the lay of the land aimed at first time Treasure Coast Florida home buyers:

Since the asking price for even the most modest Martin County home is a number with multiple zeros on the end, you might assume that common sense indicates it’s out of reach. All the more so if early mistakes handling credit cards or student loan troubles have damaged your credit score. The good news is that potential home buyers with less than outstanding credit can still buy that first home—given some careful financial planning and research on your part.

  • The most important factor banks use to determine your mortgage eligibility is your FICO (Fair Isaac Corporation) credit score. The numbers range from 300 to 850, are based on a number of factors including how much debt you have and your payment history. In general, borrowers will need a credit score of at least 650 to qualify for a conventional home mortgage loan.
  • BUT, it’s not the only factor. Although your credit score tops the list of elements that determine your eligibility for a mortgage, banks will also consider the amount of money you can commit to a down payment. Saving up may delay your first home purchase, and definitely takes discipline…but today, the amount you need is changing. Different lending institutions have different rules for determining eligibility, and some offer-
  • Non-conventional loans. Today, first-time home buyers with relatively low credit scores can often secure such loans. You should research Treasure Coast FL banks to find those currently offering non-conventional loans to borrowers with qualifying credit histories. You should also consider a Federal Housing Authority (FHA) loan, which eases credit requirements. For example, you might qualify for an FHA loan with a credit score as low as 580 with a down payment of just 3.5%!
  • You can also use money from an IRA for your down payment. In other circumstances, withdrawing money from your IRA before age 59 ½ means paying a 10% penalty, but that rule doesn’t apply when you use your IRA to purchase a first home!

Bottom line: a low credit score doesn’t necessarily mean you can’t buy your first Martin County home. I’m here not only to help you find a home, but to help clarify the options that make possible that dream of owning your first home. Call me anytime!

Palm City FL 34990 Condo Market Report April 2015

05.21.15 by

Palm City FL 34990 Condo Market Report April 2015

Palm City Real Estate Snapshot for ZIP Code 34990, Condo Sales for April 2015

 

For April 2015 in the 34990 Zip Code area of Palm City, Florida :



There are currently 55 active condo listings. (Up by 7 condos from March)

Palm City FL 34990 Condo Market Report April 2015

11 Condo sales are pending and awaiting close or lender approval. (Decreased by 4 condos from last month)

Palm City FL 34990 Condo Market Report April 2015

7 Condos Sold in April. (Up by 1 condos from March)

Palm City FL 34990 Condo Market Report April 2015

The Palm City FL 34990 condo real estate market is a fairly small segment of the Martin County condo market.  Pending sales were off from last month while we had one additional closed sale for April.  There was an increase in inventory which is a good sign for the future.

The current absorption rate for condos in the 34990 zip code area declined to 7.9 months (was 8 months in August).   A marginal improvement from last month, and getting closer to a desirable balanced market.  A balanced market is considered to be an absorption rate of around 6 to 7 months, so this market continues as a strong buyers market.
The April 2014 numbers were: 53 active listings, 8 pending sales and 7 closed sales.   Except for some better pending sales, almost identical activity to last year.
 Palm City FL 34990 Condo Market Report April 2015

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Palm City FL 34990 Condo Market Report April 2015

Martin County Real Estate News Can’t Compete with this China Item

05.20.15 by

Martin County Real Estate News Can’t Compete with this China Item

 3D_Printer

Martin County real estate news is fairly predictable—at least compared with some of the stories that filter in from the rest of the world. Here in Stuart, for instance, wherever a new home is being built, you’re likely to see familiar evidence like stacks of lumber and drywall, cartons of nail gun ammo, sacks of cement, and workmen hustling around as they put everything together.

Nary a printer in sight.

Not so in China. According to The Washington Post, the real estate news includes an item about an innovation from Asia. “Innovation” is perhaps a bit of an understatement, because the gist of the story was that in April a year ago, a Chinese concern built 10 houses in one day using a 3-D printer.

Despite what you may be thinking, this item did not have an April 1 dateline.

The 3-D printers we’ve been reading about over the past few years are the ones that take pellets or powders made of plastic, wax, ceramic, or even metal, and print three-dimensional objects, layer by layer, as directed by a computer.

Only a few years back, for most of us, stories about 3-D printers seemed more like science fiction than reality. But apparently the things actually work! As evidence, there have been lots of stories about the legal and other ramifications that accompany the printing of firearms. A few months ago, astronauts printed up a 3D wrench aboard the International Space Station: they’ll just print up spare parts when things break down. And there was that car (the “Strati”) that a company printed in Chicago: it took 44 hours to print, with a top speed of 40 MPH…

Doesn’t this all sound a little bit nuts?

But back to the real estate news from China. It seems that the outfit that printed the 10 houses last year, built a really, really big 3D printer, and used it to print a mansion: an 11,840 square-foot villa. Next to it, they printed up a 5-story building (just showing off, you have to think). According to reports, the process is more than just fast: it’s becoming cheaper and more energy-efficient. The Chinese company says that it can save 30%-60% of building materials, 50% of labor costs, etc. They want to print bridges, too…

But don’t think American ingenuity is being left in the polymer dust! USC Engineering Professor B. Khoshnevis is plugging away at the forefront of the technology, except he calls it “contour crafting” instead of “3D printing” (or “Xeroxing”). On his web site, in answer to the FAQ “Can you print an entire house?” the answer is Theoretically, yes. He hopes to see “entry-level construction models on the market within one to two years.”

Soooo, how long before our local Martin County real estate news will be trumpeting our own 3D printed houses for sale? No time soon. It turns out that the villa, 10 small houses, and 5-story apartment building in China “aren’t much to look at.” In fact, some say they are for demonstration only. So when you give me a call to help you find the Stuart home of your dreams, I suspect a printed model won’t be on our tour list. We won’t be making the rounds in a Strati, any time soon, either.

It’s only a two-seater, anyway.

Stuart Florida Market Report ZIP Code 34994 Residential April 2015

05.14.15 by

Stuart Florida Market Report ZIP Code 34994 Residential April 2015

Stuart Real Estate Snapshot for ZIP Code 34994, Residential Sales for April 2015

For April, 2015 in the 34994 Zip Code area of Stuart, Florida :

There are currently 68 active listings (Decreased by 8 homes from March)

Stuart Florida Market Report ZIP Code 34994 Residential April 2015

33 Residential sales are pending and awaiting close or lender approval (Decreased by 12 homes from last month).

 Stuart Florida Market Report ZIP Code 34994 Residential April 2015

21 Homes Sold in March (Up by 5 homes from March)

Stuart Florida Market Report ZIP Code 34994 Residential April 2015

The 34994 ZIP code area of the Stuart, Florida showed continued strong activity, but unfortunately the inventory is dropping to very low levels and this is reflected in the decreasing number of pending sales.  A possible indication of future slower closed activity.

The one month absorption rate for the 34994 zip code for April decreased to 3.2 months from last months 4.8 months, even a stronger seller’s market for April.  A 6 month absorption rate is considered a balanced market where neither the seller nor buyer have an advantage.

The April 2014 numbers were 74 Active Listings, 24 pending sales and 15 closed sales.  Better overall activity for this year as compared to April of 2014.

Stuart Florida Market Report ZIP Code 34994 Residential April 2015

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Stuart Florida Market Report ZIP Code 34994 Residential April 2015

A Surer Way to Find the Average House Price in Martin County FL

05.13.15 by

A Surer Way to Find the Average House Price in Martin County FL

 House Price in Martin County FL

When you do a web search for “average house price in Martin County, FL come up with a lot of good, not-so-good, and just plain lame information. If you were looking for a general idea of what the current market says that homes like yours in your neighborhood are worth, the results are likely to be more amusing than anything else.

You always come up with the national sites’ average listing price for homes for sale in Martin County, FL Depending upon how recently their data engine found and tossed out duplicates and errors, and that can be an interesting number. You will also get state real estate trends, a list of average sold prices (this one seems to be subject to error); an instant, somewhat dubious calculation for the average price per square foot of a house in Stuart and ads. Lots and lots of ads. But almost all of the “averages” are affected by listings and/or sale prices for “lot/land for sale” and the like…hardly useful unless your own house has recently disappeared. Likewise, unless your property is a weekend getaway chalet, any “charming, quiet cabin” listings will send the “average house price in Martin County calculation seriously awry.

On a recent web excursion, I did stumble across a great cartoon presentation at the CNN.com site. It was an animation that showed how the average American home has changed over the past 40 years. The graphics show a typical house as it expands, contracts, adds features and loses them (the fireplace disappeared about 10 years ago: who knew that?).

With a tip of the hat to creator Bard Edlund, here’s a synopsis of the highlights:

1973 found the median new single family residence at 1,525 square feet.

A mere seven years later, air conditioning and a fireplace had appeared…anyone familiar with the era might be forgiven for retrieving the mental image of President Nixon’s Oval Office fireplace roaring while the air conditioning blasts away…

In 1984, George Orwell’s’ predictions aren’t totally in place, but the square footage has stretched to 1,605, and the average house price is $79,900. Ten years later, the house has expanded to 1,940 square feet, average house price is $130,000.

That “average house price” growth is pretty convincing: the narrator backtracks to point out that “the median sales price has gone from $64,600 in 1980 to $169,000 just 20 years later.” Alas, even though the cartoon doesn’t show a wrecking crew tearing it out, “the fireplace disappears in 2007” (there’s still one in the White House, though); “right before the house contracts during the economic crisis.” Then the recovery: by 2013, the average price of $268,900 supports a house having 2,384 square feet of space: 56% larger than the house of 40 years ago.

The animations and commentaries are diverting—and asking Bing or Google for the average Martin County house price does get you a raft of information—but if you are seriously pricing our current Stuart market, a specific detailed search right here on  my website will get you a lot closer to the information you need. And if you are considering the sale of your own home, you deserve a professionally researched comparable analysis—the kind performed by an experienced, licensed area Realtor®. That’s me, and I’d be pleased to perform exactly that kind of thorough-going ‘comp’ for your property, with no obligation attached. And you don’t have to search further: I’m just a phone call away!

May 2015 Market Update for Ocean House in Indian River Plantation

05.06.15 by

May 2015 Market Update for Ocean House in Indian River Plantation

May 2015 Market Update for Ocean House Condos in Indian River Plantation, Hutchinson Island in Stuart, FL

Currently there are 2 active listing on the market in Ocean House with list prices of $469,000 and $499,900 which equates to $399.90 per square ft. of living area.

There is 1 condo under contract awaiting settlement.  It was listed for $899,000 or $597.34 per sq. ft. of living area.

In the past 12 months, there have been no sales of any condos in Ocean House.

Ocean House in Indian River Plantation

One of the newest buildings in Indian River Plantation, Ocean House, is also the most magnificent.  Consisting of 79 Luxury Condo units of either 2 or 3 spacious bedrooms with amenities galore.  All suites have Ocean views, even the first floor units, which are in actuality the equivalent of being on the third floor as there are two parking levels for residents to enjoy covered parking.

Ocean House in Indian River Plantation

Ocean House has a newly renovated club house area featuring an updated kitchen with granite counter tops and stainless steel appliances.  Two flat screen televisions and free wi-fi for those that need connectivity.

Ocean House in Indian River Plantation

A heated pool and lanai area that’s perfect for lounging close to the beach, or walk down your private access to enjoy the crystal blue waters of your private Atlantic ocean beach.

Ocean House in Indian River Plantation

Barbecue area with a Tiki Hut for those nights that you want to eat out under the stars.

The Marriott Resort at Indian River Plantation Features:

Ocean House in Indian River Plantation

Indian River Plantation consists of numerous condominium associations and buildings.  All styles from Ocean front to River front and Golf and Tennis villas can be found here.  IRP is associated and co-located with the Marriott Resort and Marina.

Tucked away on Hutchinson Island, the Treasure Coast’s 16-mile lush barrier island, is a unique resort that greets guests with the warmth of true Southern hospitality.

The Hutchinson Island Marriott Beach Resort and Marina stretches across 200 acres of plantation landscape on Hutchinson Island, bordered on one side by the Atlantic Ocean and by the shimmering Indian River on the other side.

A newly remodeled lobby with sweeping draperies, plantation-style wood furnishings and tropical tones sets the stage for a magical golf getaway. This is the gateway to an array of championship and executive courses, including Nicklaus, Fazio and Player designs.

Ocean House in Indian River Plantation

Golfers of all skill levels will enjoy the challenging fairways and greens found in the area’s 12 courses. Plantation East, the resort’s own course, meanders throughout the island and is characterized by water on 17 of 18 holes. This 4,042-yard, par-61 executive course requires careful club selection and precision shot-making to overcome constantly changing ocean breezes.

This is the gateway to an array of championship and executive courses, including Nicklaus, Fazio and Player designs.

Golfers of all skill levels will enjoy the challenging fairways and greens found in the area’s 12 courses. The Ocean Club, the resort’s own course, meanders throughout the island and is characterized by water on 17 of 18 holes. This 4,042-yard, par-61 executive course requires careful club selection and precision shot-making to overcome constantly changing ocean breezes.

The Hutchinson Island Marriott offers guests and residents two tiki bars and their Signature Restaurant, the Baha Grille. Thirteen Novagrass tennis courts, miles of unspoiled beaches, water sports, deep sea fishing, and a full-service 77-slip marina anchored on the Indian River round out a perfect vacation of sun and fun.

Resort amenities also include three heated pools with sun decks, game rentals from the Activities Hut, two outdoor spas and supervised activities for both children and teens.

May 2015 Market Update for Ocean House in Indian River Plantation

Hutchinson Island Condos For Sale

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May 2015 Market Report for Legacy Cove in Stuart Florida

05.05.15 by

May 2015 Market Report for Legacy Cove in Stuart Florida

There are currently 6 homes for sale in Legacy Cove in Stuart, FL.  Listing prices range from $270,000 to $385,000 for an average listing price of $336,108 or a price per square foot of living area of $163.36.

There is only 1 home currently under contract awaiting settlement.  The list price is $327,900 or $131.58 per sq. ft. of living area.  This is not a distressed sale.

In the past 12 months, 21 homes have sold in Legacy Cove with sales prices ranging from $238,500 to $463,100 for an average sales price of $333,205 or $140.20 per sq. ft. of living area.  These sales averaged 96% of list price.  There was only one bank owned foreclosure in these sales and no shot sales.

Legacy Cove in Stuart FL

Legacy Cove in Stuart Florida is a gated lakeside community of 229 homes off of Cove Road in Stuart, Florida.  Legacy Cove consists of two sections. The first section of 142 homes called the Cove Isle development was mostly completed between 2004 and 2005.  The newer section, called the Cove Lakes development consists of 87 home sites with construction that began in 2007.  Some homes are yet to be completed in Cove lakes.

Legacy Cove in Stuart FL

There’s a wide variety of homes in Legacy Cove, ranging for the smallest, a 3 bedroom, 2 bathroom, 2 car garage with a little under 1,600 square feet of living area to  4, possible 5 bedroom, 3 and a 1/2 bathroom, 3 car garage two story homes with almost 4,000 square feet of living area.  And many sizes in between.

Legacy Cove in Stuart FL

Legacy Cove boasts a community pool and club house with a fitness center as well as two hard surfaced tennis courts.  Many homes in Legacy Cove in Stuart Florida have serene lake views and a comfortable private feeling.  Located just minutes from I-95, this is a great location for those wishing to take advantage of Martin County’s amenities while still having an easy commute to work either north or south.

Legacy Cove in Stuart FL

Legacy Cove is in an ‘A’ Martin County school system with children currently attending Pinewood elementary school, Dr. David L Anderson middle school and Martin County high school.

Legacy Cove in Stuart FL

The HOA fees are very reasonable at $688.00 per quarter.  Management of the community is through Bristol Management of Stuart.

Legacy Cove in Stuart FL

Residents of Legacy Cove in Stuart Florida enjoy a relaxing life style with easy access to restaurants, shopping and the many waterways, beaches and public parks that Martin County has to offer.

Search here for Legacy Cove Homes for Sale

For any questions you may have about Locks landing, please call the Gabe Sanders real estate team at 772-323-6996 or Contact Us Here

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Waterfront and Golf Course Communities in Martin and Saint Lucie Counties

May 2015 Market Report for Legacy Cove in Stuart Florida


U.S. Residential Sales Expectations Hit 8-Year High

05.03.15 by

U.S. Residential Sales Expectations Hit 8-Year High

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Residential sales in Martin County, FL —in fact, all real estate dealings anywhere—remain the most local of commercial transactions. If your house is in San Francisco, a price spike in suburban Newark is probably of little interest, unless you plan on moving anytime soon. Even so, the new projection for overall U.S. residential sales had to perk up area homeowners’ interest.

The “best home sales market in eight years” was the forecast—along with “mortgage originations that will likely rise” and “larger gains in newly built home sales.” Martin County, FL residential sales may make up but a miniscule fraction of the data contained in CoreLogic’s analyses and data announcements, but any Martin County, FL homeowners looking for a strong spring market couldn’t help but be buoyed by last week’s prognostications.

The basis for the surprisingly robust residential sales prediction was supported by a number of other data sources which have gradually confirmed solidification of the overall economic picture. With many economists agreeing that the U.S. economy “is poised to grow by close to 3%” this year, a heightened level of housing demand is bound to result. If that mark is achieved, it would be for only the second year in a decade. Gains in employment (in the 3-to-3½ million person range) are also expected.

The improving economic projection for 2015 was ascribed to three forces. The halving of energy prices which began last summer was deemed “unlikely to jump back up this year.” Anyone who’s been enjoying the freefall in prices at Martin County, FL pumps will appreciate the immediate impact that has on family wallets.

The second positive force is psychological, and very real. The rise “in consumer and business manager confidence” in the recovery has been widely noted: the Conference Board (“up 4.9 points”); U.F.’s Confidence Index (“the highest reading in 10 years”); Small Business Optimism Index (“3rd highest reading since 2007”).

CoreLogic’s third factor was one that hasn’t been much talked about until now: governmental. Apparently, tax receipts have been stronger than expected, freeing state and local governments to spend more. That’s an unexpected economic stimulus—and of a kind that should be more welcome than some of the previous “let’s just create more money” variety.

CoreLogic puts residential sales growth in the area of 5%. Will our Martin County, FL numbers match those projections? One reason to think so is the current mortgage rate phenomenon. Rates remain tantalizingly low—but apt to begin creeping upward. That’s the kind of spur to home buyers that is apt to work as effectively as merchants’ “limited time sale” technique: tick! tick! tick!

If you have been delaying wading into the Martin County, FL residential sales arena until the time is right, 2015 certainly looks like that time has arrived. I’m standing by to help you take advantage of the many opportunities this spring market is offering. Why not give me a call?

If you want to see the latest Martin Count real estate statistics, just click here.

March 2015 Monthly Market Detail Martin County Townhouses and Condos

04.28.15 by

March 2015 Monthly Market Detail Martin County Townhouses and Condos

March 2015 Monthly Market Detail Martin County Townhouses and Condos came back strong for March after a fairly weak February.  Year to year closed sales were up by 21.7% (was up by 4.6% in February) as well as new sales under contract (new pending sales) increased by 22.1% from March 2014 (was up by 8.7% in February).

The median sales price was up by 13.2% (was up by 15.6% in February) while the average sales price increased by 7.8% (was up by 5.3% in February) as compared to March of 2014.  Continuing a trend of steady increases in values for Martin County.

The inventory of available townhouses and condos has decreased by 47 units to 461 properties from last month, this is 25.6% less inventory than was available in March of 2014.  For March there was a 4.2 month supply of inventory (a 32.3% decrease from last year).  A very strong sellers market for townhouses and condos in Martin County.  Buyers are in need of additional inventory for their potential purchases.

Martin County Townhouses and Condos

Click here to view or download the full report:
March 2015 Monthly Market Detail Martin County Townhouses and Condos

To view the latest set of reports from Florida Realtors for the state of Florida, Martin County and Saint Lucie County, please visit GabeSanders.com and select Market Data.

Market information is courtesy of Florida Realtors Research. For additional information and historical archives please visit the Florida Realtors Research page.

March 2015 Monthly Market Detail Martin County Townhouses and Condos

March 2015 Monthly Market Detail Martin County Single Family Homes

04.28.15 by

March 2015 Monthly Market Detail Martin County Single Family Homes

The March 2015 Monthly Market Detail Martin County Single Family Homes began the year with some very strong activity, and for March, it is showing continued very strong growth.  Year to year closed sales was up by 41.6% (was up 46.6% in February). New pending sales increased by 35.8% as compared to March of 2014 (increased by 31.9% in February).

The median sales price was up by 3.6% from last year (up by 6.9% in February) while the average price increased by 33.3% (was down by 16.2% last month).  Surprisingly strong increase in the average price after a setback last month.

The inventory of available single family homes decreased from February 2015 by 26 homes to 1,368 units this month, and this is a 4.5% decrease from last March.  Current supply of inventory decreased to 6.1  months from February’s 6.3 months supply. (A 19.8% decrease from last year). Martin County single family home sales remain in a balanced market favoring neither the buyer nor seller.

Martin County Single Family Homes

Click here to view or download the full report:
March 2015 Monthly Market Detail Martin County Single Family Homes

To view the latest set of reports from Florida Realtors for the state of Florida, Martin County and Saint Lucie County, please visit GabeSanders.com and select Market Data.

Market information is courtesy of Florida Realtors Research. For additional information and historical archives please visit the Florida Realtors Research page.

March 2015 Monthly Market Detail Martin County Single Family Homes

Fairwinds Cove Condos in Jensen Beach April 2015 Market Update

04.23.15 by

Fairwinds Cove Condos in Jensen Beach April 2015 Market Update

Fairwinds Cove Condos in Jensen Beach, FL., Market Update for April 2015:


There are currently 3 active listings on the market ranging in price from $179,000 to $189,995 for an average of $186,997 which comes out to $154.42 per square ft. of living area.  None of these sales are distressed properties (short sales or bank owned condos).

There are 2 condos currently under contract at this time.  The list prices are $169,900 and $172,000 for an average of $170,950 and $140.30 per sq. ft. of living area.  One of these sales is a short sale.

In the past 12 months, 9 condos have sold ranging in sales prices from $155,000 to $475,000 with an average sales price of $218,555 which is $154.83 per square foot and a list to sales price ratio of 95%.   There were no distressed sales in these closed sales.  The highest priced sale was a combined double unit.

Fairwinds Cove Condos in Jensen Beach

Aerial View of Fairwinds Cove

Fairwinds Cove Condos in Jensen Beach

Entrance to Fairwinds Cove

Located in beautiful Jensen Beach, Florida on the East side of the Jensen Beach Causeway is Fairwinds Cove.  A waterfront condo complex of 10 four story buildings with only 4 suites per floor.  Many of these condos with wonderful sweeping views of the Indian River (the Intracoastal Waterway that runs through Martin County).
Fairwinds Cove Condos in Jensen Beach

Pool at Fairwinds Cove

Fairwinds Cove Condos in Jensen Beach

Docks of Fairwinds Cove

This condo complex built in multiple phases from 1974 to 1983 boasts two swimming pools, tennis courts, shuffleboard, waterside walking paths, a recently refurbished clubhouse with full kitchen, meeting room, fitness room, billiards and more.  Fairwinds Cove also has deeded docks with great access to fishing, water sports and only a few minutes to the crystal clear waters of the Atlantic Ocean.

Fairwinds Cove Condos in Jensen Beach

Fairwinds Cove

Fairwinds Cove is a non-age restricted community that allows one small pet.  There is a strong sense of community with many long time seasonal and full time residents.  Located within an easy walk to the beach and just a short drive to charming downtown Jensen Beach  as well as the many amenities offered in Martin County, Florida.

Fairwinds Cove Condos in Jensen Beach

Fitness Room of Fairwinds Cove

Hobe Sound FL 33455 Condo Market Report March 2015

04.22.15 by

Hobe Sound FL 33455 Condo Market Report March 2015

 

Hobe Sound Real Estate Snapshot for ZIP Code 33455, Condo Sales for March 2015

 

For March 2014 in the 33455 Zip Code area of Hobe Sound, Florida :

 

There are currently 8 active condo listings. (Down by 11 condos from February)

Hobe Sound FL 33455 Condo Market Report March 2015

9 Condo sale is pending and awaiting close. (Up by 4 condos from February)

Hobe Sound FL 33455 Condo Market Report March 2015

4 Condos sold in February (Increased by 1 condo from February)

Hobe Sound FL 33455 Condo Market Report March 2015

The Hobe Sound condo market (Zip Code 33455) is the smallest segment of the Martin County real estate market.  Inventory is at the lowest level that I have seen for Hobe Sound condos ever.  We have a greater number of pending sales than we have active listings!

The current absorption rate is 2 months (Last month it was 6.3 months). The statistics within this segment should be taken with a grain of salt, as small changes in activity make for very large changes on percentages that March not indicate a true trend in the market. An absorption rate of 6 to 7 months is considered to be a balanced market favoring neither the buyer or seller.

The March 2014 numbers were: 22 active listings, 7 pending sales and 3 closed sales.  Much stronger activity this year, especially as a percentage of activity when compared to available listings.

Hobe Sound FL 33455 Condo Market Report March 2015

Search Hobe Sound Condominium Properties by Price

 

Hobe Sound Florida Real Estate presented by:
Gabe Sanders

Hobe Sound FL 33455 Condo Market Report March 2015