Affordable Palm City Home Just Listed

08.16.12 by

Affordable Palm City Home Just Listed

Granada in Palm City Florida

An affordable Palm City Home Just Listed that features 3 bedrooms in a split plan, 2 bathrooms and a 2 car garage. Solid concrete construction with a newer metal roof. Flexible open floor plan with lots of possibilities. The master suite has a walk in closet. Washer and Dryer included in the inside utility room. Private backyard with a large covered and screened patio. Hurricane shutters. This home in the Granada subdivision of Palm City which boasts low HOA fees as well as a gated RV/Boat storage area for the exclusive use of residents. Conveniently located close to shopping, restaurants and the many waterways that Martin County has to offer. Also in an ‘A’ rated school district.

Granada in Palm City Florida

The Granada subdivision of Palm City Florida is a small established community of 44 homes with the entrance off of Pine Tree Lane to Vizcaya Circle.  Homes in Granada were built in the mid to late 1980’s and consist of both frame and concrete homes.  Mostly consisting of modest sized 3 Bedroom homes in the 1,600 to 2,000 square feet of living area range.

Granada in Palm City Florida

There is the valuable asset of a gated RV/Trailer lot that is available to residents of Granada.  Very low HOA fees of $185.00 per quarter which includes basic cable, trash pickup and maintenance of the common areas and storage lot.Granada in Palm City Florida

Well located in Martin County’s ‘A’ rated school district (Currently assigned to Bessey Creek elementary school, Hidden Oaks middle school and Martin County high school) and close to shopping, restaurants as well as the numerous water ways of Martin County, Florida.

An affordable family neighborhood for those wishing to take advantage of the amenities that Martin County has to offer.

 

Search here for all Palm City Homes under $200,000

Search for Homes

View all of our Listings

 

Palm City Florida Real Estate presented by:
the Gabe Sanders real estate team

Affordable Palm City Home Just Listed

Sewalls Point Residential Market Report July 2012

08.15.12 by

Sewalls Point Residential Market Report July 2012

Sewalls Point Real Estate Snapshot, Residential Sales for July 2012

There are currently 56 active listings (a decrease of 9 homes for sale from April)

[singlepic id=2563 w=600 h=600 float=center]

[singlepic id=2564 w=600 h=600 float=center]

14 Residential sales are pending and awaiting close or lender approval (A decrease of 4 from April)

[singlepic id=2565 w=600 h=600 float=center]

5 Homes sold in April (Down 1 from April)

[singlepic id=2566 w=600 h=600 float=center]

[singlepic id=2567 w=600 h=600 float=center]

[singlepic id=2568 w=600 h=600 float=center]

[singlepic id=2569 w=600 h=600 float=center]

 

The Sewalls Point market report for July 2012 remained pretty static compared to last months numbers with the exception of one less home for sale.  Whether this is a sign of the sold listings or sellers waiting for the season to sell, remains to be seen.   One high end home sold for $2,900,000 last month and the other four sales ranged from the 300’s to the 500’s price range.  Both pending and sold numbers remain unchanged from June.

Comparing the results to July of 2011, the inventory slightly higher this year as there were 52 homes on the market last year, pending sales were 15, and no homes sold.  Considerably better numbers this year as the Sewalls Point real estate market is showing signs of a rebound.

Search here for Sewalls Point Florida Real Estate for Sale

Search for Martin County Real Estate


Sewalls Point Florida Real Estate presented by:
the Gabe Sanders real estate team

 

Sewalls Point, FL Real Estate

Rental Properties

Vacant Land Properties

Residential Properties

 

Sewalls Point Market Report – Residential, July 2012

Coming Soon: Affordable Palm City Home in Granada

08.09.12 by

Coming Soon:  Affordable Palm City Home in Granada

Granada in Palm City Florida

Soon to be on the market, an affordable Palm City Home in Granada.  A 3 Bedroom, 2 Bathroom, 2 car garage solid CBS home with a newer metal roof.  Call for details!!

Granada in Palm City Florida

The Granada subdivision of Palm City Florida is a small established community of 44 homes with the entrance off of Pine Tree Lane to Vizcaya Circle.  Homes in Granada were built in the mid to late 1980’s and consist of both frame and concrete homes.  Mostly consisting of modest sized 3 Bedroom homes in the 1,600 to 2,000 square feet of living area range.

Granada in Palm City FloridaThere is the valuable asset of a gated RV/Trailer lot that is available to residents of Granada.  Very low HOA fees of $185.00 per quarter which includes basic cable, trash pickup and maintenance of the common areas and storage lot.

Well located in Martin County’s ‘A’ rated school district (Currently assigned to Bessey Creek elementary school, Hidden Oaks middle school and Martin County high school) and close to shopping, restaurants as well as the numerous water ways of Martin County, Florida.

An affordable family neighborhood for those wishing to take advantage of the amenities that Martin County has to offer.

 

Search here for Granada Homes for Sale in Palm City Florida

Search for Homes

View all of our Listings

 

Palm City Florida Real Estate presented by:
the Gabe Sanders real estate team

Coming Soon:  Affordable Palm City Home in Granada

Westwood Country Estates in Palm City Florida

08.03.12 by

Westwood Country Estates in Palm City Florida

Westwood Country Estates is a wide open, gorgeous community that features statuesque homes that are beautifully placed on over sized lots of 1/2 acre or more, that will give you and your family plenty of room to grow!  Wonderfully landscaped throughout, Westwood Country Estates will make you feel proud to come home to.  Every home is unique and there is sure to be one you will fall in love with!

There are only 77 homes in Westwood Country Estates in Palm City Florida.  Home owner association fees are a very reasonable $250 per year.  As of August 3, 2012, only one home is available for sale in Westwood Country Estates.  In the past year, two homes have sold for an average price of  $297,500 at $117 per square foot.

Palm City is a great place to raise a family with its “A” rated schools and proximity to I-95 and Florida’s Turnpike which opens you to all the opportunities of both Martin County and it’s neighbors, just a short drive North or South!  Martin County has lots of recreational areas and opportunities to enjoy many opportunities outdoors with your family!

Westwood Country Estates Homes for Sale

Palm City Florida Real Estate presented by:
the Gabe Sanders real estate team

Westwood Country Estates in Palm City Florida

Canoe Creek Home in Palm City Florida Sold

08.03.12 by

Canoe Creek Home in Palm City Florida Sold

Spacious Canoe Creek Home in Palm City Florida Sold by the Gabe Sanders real estate team.  Exceptional value to the lucky new home owners!

This is a unique home in every respect.  A plethora of tropical foliage surrounds this 1.08 acre.  Enter to a large foyer with an area for indoor tropical plants and foliage. All of the rooms in this spacious 4,256 square feet of living area home branch off of the foyer!  There is a spacious kitchen with a cook top, wall oven,  breakfast bar and a dining area that overlooks the large screened and heated pool area and lanai. A huge family room offers built-in shelving.  Surround sound thru-out.  A Large formal dining room. A huge living room which features beautiful cathedral tongue/groove ceilings, including a large wet bar (a room within itself) and a gas fireplace which doubles with the spacious master suite.  Two additional bedrooms come equipped with en-suite bathrooms.  Plus a 4th bedroom, den, or office.  This spacious homes is not your run of the mill tract home, unusual, lots of character, and perfect for entertaining!

Search here for:

Palm City Florida Homes for Sale

Palm City, Florida Real Estate presented for your consideration by:
the Gabe Sanders real estate team

For more information, visit our website or call us at (772) 888-2885.
Our market reports are here!

Canoe Creek Home in Palm City Florida Sold

Open House Westwood Country Estates Custom Home in Palm City Florida

08.02.12 by

Open House Westwood Country Estates Custom Home in Palm City Florida

Please come visit our open house Westwood Country Estates custom home in Palm City Florida on Sunday, August 5 from 1 p.m. to 4 p.m.

Custom energy efficient home, built by the current owner in 2003, this is an immaculate CBS split plan, 3/2/3 that is designed for easy living. Nestled on a half acre and backing up to a pristine preserve, this home offers privacy with all that nature has to offer. Tiled living area, fabulous custom kitchen with breakfast area just off family room, formal dining room, and screened patio allows for plenty of room for entertaining. All rooms are over-sized, and the master closets are huge! 3 car garage with built in work bench. Plenty of room to add a pool and/or spa in the back yard. Located in Westwood Country Estates, one of Palm City’s hidden gems where you are close to A-Rated schools, I-95, and Florida’s Turnpike.

About Westwood Country Estates:

Westwood Country Estates is a wide open, gorgeous community that features statuesque homes that are beautifully places on oversized lots that will give you and your family plenty of room to grow! The landscaping throughout Westwood Country Estates is very eye pleasing and adding just another feature that you will feel proud coming home to. Each home is a gorgeous piece of art that you will be sure to fall in love with! Palm City is a great place to raise a family with its “A” rated schools and closeness to I-95 and Florida’s turnpike which opens you to all the opportunities of both Martin County and Palm Beach County! The city has plenty of recreational areas to spend a day outdoors with your family!

Search for All Westwood Country Estates Homes for Sale

Open House Westwood Country Estates Custom Home in Palm City Florida

For more information, visit our website or call us at (772) 888-2885.
Our market reports are here!

Palm City Real Estate presented by
the Gabe Sanders real estate team

Martin County Florida Condo Market Report for June 2012

07.31.12 by

Martin County Florida Condo Market Report for June 2012

Commentary:

The Martin County Florida Condo Market for June 2012 continues on a positive trend. Sales for June were a strong 62 units, which is the highest number of condo sales for a June in the past few years. Ant this with an inventory of available condos now the lowest since October of 205.  On another positive note, the median sales price rose to $141,250 reflecting some higher to moderate priced condos having sold.  This is the fourth month in a row we’ve had an increase in median prices.

The inventory is now down to 572 condos, down from the 668 condos that were on the market in June of 2011. The one month absorption rate is now at 9.23 months, while the three-month average is down to 8.40 months.  While it remains a somewhat challenging market for condos in Martin County, there are some signs of life as prices across the board have declined significantly. We need to see a sustained absorption rate below 9 months for a healthy market and down to 6 or 7 months to be considered a balanced one.  The June numbers are showing that the condo market is coming back to life and desirable units are in fact selling.

Our outlook for the Martin County condo market is fairly positive.  Buyers can get units at attractive prices and sellers have the ability to sell their units for today’s market value.

Martin County Florida Condo Market Report for June 2012

the Gabe Sanders real estate team

Condo Homes, Condos and Land
Waterfront and Golf Course Communities in Martin and Saint Lucie Counties

For more information, visit our website or call us at (772) 888-2885.
Our market reports are here!

Stuart Florida Market Report ZIP Code 34996 – Condo, June 2012

07.25.12 by

Stuart Florida Market Report ZIP Code 34996 – Condo, June 2012

Stuart Real Estate Snapshot for ZIP Code 34996, Condo Sales for June 2012

For June 2012 in the 34996 Zip Code area of Stuart, Florida :

There are currently 185 active condo listings (Down 3 from last month).

27 Condo sales are pending and awaiting close or lender approval (A decrease of 4 condos from May).

20 Condos Sold in June (Down 6 from May)

The inventory continues to decline in the Stuart condo market for the area in ZIP code 34996. Sales activity slowed from May and pending sales were also down from last month. We are approaching the slower time of the year for seasonal condos and it’s not unusual to see a lower number of pending sales and probably fewer closed sales for the summer and fall for this segment of Stuart, Florida real estate.

Compared to last year in June of 2011, the numbers were 203 active listings, 21 pending sales and 30 closed sales.  Last June we had much better closed activity, but our pending sales are higher this year and the inventory is marginally lower.

Search here for Stuart Florida Real Estate for Sale ( Condos)

For more information, visit our website or call us at (772) 888-2885.
Our market reports are here!

Stuart Florida Real Estate presented by:
Gabe Sanders

Stuart Florida Market Report ZIP Code 34996 – Condo, June 2012

Palm City Open House in the Palm Cove Golf and Yacht Club

07.21.12 by

Palm City Open House in the Palm Cove Golf and Yacht Club

Join us on July 22, from 1 to 4 P.M. for an Open House at  210 SW Hatteras Court

When only the best will do. Beautiful home in Palm Cove has it all.

Expansive 3400 sq ft floor plan. 3 bedrooms, 3 full baths. Private office. Gorgeous marble floors. Upgraded cabinets, granite counter tops ,stainless appliances in the gourmet kitchen. Butlers pantry w/wine refrigerator. Large family room with expansive windows and golf course view. Luxurious master suite with sitting area, two over sized walk-in closets, plantation shutters. Master bath has dual sinks, granite counts, tub, shower, linen closet. Entertaining is a breeze on the expansive lanai area with summer kitchen, expanded heated pool. Screened porch to catch the river breeze. Three car garage. Community marina, (slips available), riverfront clubhouse, non-equity golf course

Search for All Palm Cove Golf and Yacht Club Homes for Sale

Palm City Florida Real Estate
is presented by:

the Gabe Sanders real estate team

For more information, visit our website or call us at (772) 888-2885.
Our market reports are here!

Palm City Open House in the Palm Cove Golf and Yacht Club

Highlands Reserve in Palm City Florida

07.18.12 by

Highlands Reserve in Palm City Florida

Highlands Reserve in Palm City Florida is the newest upscale community in this section of MartinCounty. Enter the magnificent gates and surround yourself with the well appointed amenities of the clubhouse and natural beauty of this community. Included are paths into winding nature trails will offer dramatic views of surrounding natural preserves and serene lakes.

Located only seconds from I-95 and within minutes of shopping, beaches and the laid back easy lifestyle of Martin County. Perfect for the family with an ‘A’ rated school system. Only 30 minutes to West Palm Beach and 2 hours to Orlando.

Low HOA fees of $275.00 per month include landscaping and irrigation as well as the security gate, use of the full service clubhouse with large pool and state of the art fitness center.  Lounge and kitchen for private parties and occasions.

Search for Highlands Reserve Homes for Sale

the Gabe Sanders real estate team

Stuart Florida Real Estate

Residential Homes, Condos and Land
Waterfront and Golf Course Communities in Martin and Saint Lucie Counties

Highlands Reserve in Palm City Florida

Waterfront Home in Lighthouse Point Sold

07.14.12 by

Waterfront Home in Lighthouse Point Sold

Updated Home with Deep Water Docks

Join us in congratulating the proud new owner of this Waterfront Home in Lighthouse Point Sold by the Gabe Sanders real estate team in Lighthouse Point, Palm City, Florida

Wonderful opportunity for the serious boater in Lighthouse Point in Palm City. This solid CBS home offers an open split plan with large bedrooms all of which have water views.

An updated kitchen with newer appliances, breakfast bar, and granite counters. 3 Bedrooms, 2 Baths, and a 2 Car Garage. Living room, family room and dining area all open to form a spacious living area that’s perfect for a family or entertaining. Newer roof and appliances.

Spacious screened porch overlooking the waterfront. Room for RV or boat parking. There’s 90′ of waterfront with two docks. Water depth is a minimum of 6′. No fixed bridges to the inlet which is only a short sail away. Close to Palm City’s ‘A’ rated schools, shopping & restaurants, a short hop to Florida’s Turnpike or I-95.

Search for all Lighthouse Point and Seagate Harbor Homes for Sale

For more information, visit our website or call us at (772) 888-2885.
Our market reports are here!

Palm City Florida Real Estate presented by:

the Gabe Sanders real estate team

Waterfront Home in Lighthouse Point Sold

Sewalls Point Market Report – Residential, June 2012

07.09.12 by

Sewalls Point Market Report – Residential, June 2012

Sewalls Point Real Estate Snapshot, Residential Sales for June 2012

There are currently 57 active listings (a decrease of 9 homes for sale from April)

14 Residential sales are pending and awaiting close or lender approval (A decrease of 4 from April)

5 Homes sold in April (Down 1 from April)

The Sewalls Point market report for June 2012 remained pretty static compared to last month’s numbers with the exception of a lower inventory.  Whether this is a sign of the sold listings or sellers waiting for the season to sell, remains to be seen.  The sales in June were mostly good value sales with 4 out of 5 above the $500,000 selling price.  Homes that are well-presented and fairly priced are selling.

Comparing the results to June of 2011, the inventory slightly higher this year as there were 52 homes on the market last year, pending sales were 15, and no homes sold.  Considerably better numbers this year as the Sewalls Point real estate market is showing signs of a rebound.

Search here for Sewalls Point Florida Real Estate for Sale

Sewalls Point Florida Real Estate presented by:
the Gabe Sanders real estate team

Sewalls Point, FL Real Estate

Rental Properties

Vacant Land Properties

Residential Properties

Sewalls Point Market Report – Residential, June 2012

Martin County Florida Condo Market Report for May 2012

06.30.12 by

Martin County Florida Condo Market Report for May 2012

Commentary:

The Martin County Florida Condo Market for may 2012 continues on a positive trend. Sales for May were a strong 75 units, which equaled the April sales and higher than the past few years. On another positive note, the median sales price rose to $135,000 reflecting some higher to moderate priced condos having sold.  This is the third month we’ve had an increase in median prices.

The inventory declined to 602 condos, down from the 714 condos that were on the market in May of 2011. The one month absorption rate is now at 8.03 months, while the three-month average is down to 8.69 months.  While it remains a somewhat challenging market for condos in Martin County, there are some signs of life as prices across the board have declined significantly. We need to see a sustained absorption rate below 9 months for a healthy market and down to 6 or 7 months to be considered a balanced one.  The May numbers are showing that the condo market is slowly crawling back to life and those units that show ell are in fact selling.  At times for even premium prices by today’s standards.

Our outlook for Martin County is fairly positive as for buyers, prices and rates remain very attractive. For sellers, it looks like this may be an excellent season coming if there’s no big disruption in the economy.  If you need to sell, you may be better off doing so now than facing the uncertainty of what the future may bring.  Especially if you are paying those condo fees.

Martin County Florida Condo Market Report for May 2012

the Gabe Sanders real estate team

Condo Homes, Condos and Land
Waterfront and Golf Course Communities in Martin and Saint Lucie Counties

For more information, visit our website or call us at (772) 888-2885.
Our market reports are here!

Stuart Florida Market Report ZIP Code 34996 – Condo, May 2012

06.19.12 by

Stuart Florida Market Report ZIP Code 34996 – Condo, May 2012

Stuart Real Estate Snapshot for ZIP Code 34996, Condo Sales for May 2012

For May 2012 in the 34996 Zip Code area of Stuart, Florida :

There are currently 188 active condo listings (Down 15 from last month).

31 Condo sales are pending and awaiting close or lender approval (A decrease of 21 condos from April).

26 Condos Sold in May (Unchanged from April)

The inventory continues to decline in the Stuart condo market for the area in ZIP code 34996. Sales activity was unchanged from April and pending sales were down significantly from last month. We are approaching the slower time of the year for seasonal condos and it’s not unusual to see a lower number of pending sales and probably fewer closed sales for the summer and fall for this segment of Stuart, Florida real estate.

Compared to last year in May of 2011, the numbers were 211 active listings, 38 pending sales and 22 closed sales.  Considering the inventory is approximately 20% lower than last year, the market activity is very similar and thus better when considering the reduced number of available options in the 34996 Condo market in Stuart, Florida.

Search here for Stuart Florida Real Estate for Sale ( Condos)

For more information, visit our website or call us at (772) 888-2885.
Our market reports are here!

Stuart Florida Real Estate presented by:
Gabe Sanders

Stuart Florida Market Report ZIP Code 34996 – Condo, May 2012

Open House Willoughby Golf Club Pool Home with Lake Views

06.19.12 by

Open House Willoughby Golf Club Pool Home with Lake Views

Join us on June 24 from 1 to 4 P.M. to view this specious Willoughby Golf Club Pool Home with Lake Views!

4585 SE Waterford Drive in the Willoughby Golf Club, Stuart, Florida

Enjoy living in this custom built 3 possible 4 bedroom 4 bath home loaded with top of the line upgrades in prestigious Willoughby Golf Club. Arthur Lee designed golf course. The kitchen is equipped with top of the line appliances including dual temperature controlled wine cooler, gas cook top, custom cabinets featuring pull out corner cabinets, spice tray, pantry drawer, granite counter tops, sliding pocket doors that open up the lanai. The patio area of this home overlooks a scenic lake and features a heated pool/spa, fully equipped summer kitchen with covered bar, great for entertaining. Family room has built-in entertainment center with Bose Surround Sound. Living room has a wet bar and gas fireplace. Home also has generator and accordion shutters.

Search the MLS for Willoughby Golf Club Homes for Sale

For more information, visit our website or call us at (772) 888-2885.
Our market reports are here!

Stuart Florida Real Estate presented by:
the Gabe Sanders real estate team

Open House Willoughby Golf Club Pool Home with Lake Views

Sewalls Point Residential Market Report for May 2012

06.15.12 by

Sewalls Point Residential Market Report for May 2012

Sewalls Point Real Estate Snapshot, Residential Sales for May 2012

There are currently 66 active listings (an increase of 3 homes for sale from April)

18 Residential sales are pending and awaiting close or lender approval (A decrease of 1 from April)

6 Homes sold in April (Up 4 from April)

For the  Sewalls Point market report residential, May 2012, we finally saw some signs of life.  Sales increased in May to 6 homes, of which two were over the million dollar mark and another very close.  The inventory remains fairly high and pending sales were basically unchanged from last month.

Comparing the results to May of 2011, the inventory is basically unchanged as there were 58 homes on the market last year, pending sales were 10, and 4 homes sold.  While we have better activity this year, the fairly high number of active listings will make it difficult for sellers and the opportunity is certainly available for buyers who may want to live in Sewalls Point.

Search here for Sewalls Point Florida Real Estate for Sale

For more information, visit our website or call us at (772) 888-2885.
Our market reports are here!

Sewalls Point Florida Real Estate presented by:
the Gabe Sanders real estate team

Sewalls Point, FL Real Estate

Rental Properties

Vacant Land Properties

Residential Properties

Sewalls Point Residential Market Report for May 2012

Spacious Ocean Front Condo on Hutchinson Island in Sandpebble

06.14.12 by

Spacious Ocean Front Condo on Hutchinson Island in Sandpebble

New on the market, this Spacious Ocean Front Condo on Hutchinson Island in Sandpebble at 2491 NE Ocean Blvd. Suite 401

Enjoy sweeping Ocean to River views in this top floor North East corner unit that has been totally and extensively renovated for the most discerning buyer. Imported Italian porcelain tile, granite counter tops, custom walnut woodwork throughout, crown moldings, Jacuzzi tub and much more. This spacious unit offers a large open plan and is not your cookie cutter island condo. Enjoy two separate balconies, under building parking, extra storage locker. This is a gated community that spans from the Ocean to the River with docks available for lease (check availability), 5 pools, hot tubs, tennis courts and a fully equipped clubhouse with kitchen available for private functions. Private ocean access. Elevator in building. 1 small pet is allowed.

Search for all Sandpebble Condos for Sale

View Our Featured Listings!

Presented by the Gabe Sanders real estate team

Spacious Ocean Front Condo on Hutchinson Island in Sandpebble

Sandpebble Ocean Front Condo on Hutchinson Island

06.12.12 by

Sandpebble Ocean Front Condo on Hutchinson Island

New on the market, this Sandpebble Ocean Front Condo on Hutchinson Island at 2571 NE Ocean Blvd. Suite 102

Spacious second level ocean front condo with sweeping ocean views on Stuart’s Hutchinson Island. Tastefully updated with granite counter tops, upgraded cabinets, stainless refrigerator and microwave, and tile throughout. Breakfast bar and dining nook in the kitchen. Elevator in building. Extra storage also included. One small pet is allowed. The Sandpebble condominium complex has 5 swimming pools, ocean to river access, a community marina with slips for rent (check availability), tennis courts and club house. Very conveniently located close to shopping, great schools, and a short drive or bike ride to either the Stuart or Jensen Beach Causeways. A great opportunity for either year round living or the perfect Florida vacation home. Rentals allowed.

Search for all Sandpebble Condos for Sale

For more information, visit our website or call us at (772) 888-2885.
Our market reports are here!

Presented by the Gabe Sanders real estate team

Sandpebble Ocean Front Condo on Hutchinson Island

Palm Beach County, Florida, 2nd Quarter 2012 Real Estate Summary

06.01.12 by

Palm Beach County, Florida, 2nd Quarter 2012 Real Estate Summary

1. What’s Happening?

I’m seeing continued improvement in the real estate market. Still nothing to get over-excited about. Kind of like an F student getting a D+. It’s better but not a cause for celebration.

2. Prices

Home prices are going up. The average price per square foot was $156 in March versus $147 in February.

3. Sales

Sales were up in March (1,071) compared to February (1,002). However, they were down compared to last year at this time (1,223).

4. Buyers: Who’s buying? First-timers, mover-uppers, downsizers, foreign buyers, or other?

Inventory is moving fast in the $200,000 to $400,000 category (8.7 months worth of inventory), and slowest in the $1,000,000 market (34.8 months of inventory). However, both categories are going down regardless.

5. Distressed Properties

Short sale inventory is stable but foreclosure inventory is rising. I’m also seeing the first beginnings of the end of the short sale. I lost a deal with a purchasing client on a deal because the court and bank would not stop a short sale and the property went to auction. Have 2 other properties where the auction process has started. Part of the reason banks have wanted to short sell is they have been waiting for 3 years on average in Florida to foreclose! Homeowners have been basically living rent-free for 3 or 4 years! The party is over as banks are now foreclosing faster. While it’s still advantageous for banks to work out a short sale and avoid the foreclosure costly process, we will see much less of this as that 3-year time table goes down significantly. One investor who purchases lots of short sales told me that he thought there was a 12-month window left for short sales. In 2006, I had no idea what a short sale was, so the rarity of the short sale might be what we are going back to.

6. Financing

My clients are not having that many issues getting loans. It’s just a lot more red tape with more verification (a good thing) and scrutinized appraisals. The short sales are the most difficult because you need to do a double appraisal; one that appraises low (for the 3rd party institution) and the other high for the new lending institution. More on those goofy dynamics below.

Comcast Must Be in the Short-Sale Business

New federal rules that could speed up the short-sale process to within 30 days if the loan is owned by Fannie Mae or Freddie Mac should be taking place by June. To that I say there is a better chance of my cable company getting their customer service act together. It’s just not going to happen. Cable missed 4 appointments with us last week. They have this automated system that confirms appointments. Twice the automated system never called. Once it did, but I picked it up in a middle of a message, and another time I missed the call by a minute. Only after a call to my HOA and the threat of losing 640 homes, did the account representative make it happen. Short-sales are like our cable company only far worse.

The loan company won’t verify the price until an offer is received, paperwork goes from one department to another and instead of using licensed appraisers, and the lien holder gets a broker’s opinion. While this saves them hundreds of dollars, the broker has to do huge volume and cover a vast territory. I had one house recently that the broker told me he does 60+ “broker opinions a day” and goes from Miami to Orlando. That’s crazy, as you can’t be an expert for the whole state. He also thought there were 3 baths where the house only had 2½ baths. Further to complicate things, the house has to appraise in order to get the price low enough so the lien holder knows they aren’t giving it away. On the flip side, you hope it appraises high when the buyer’s mortgage company appraises it for sale. Furthermore, with some institutions, if a buyer walks, they start the whole process all over again. The lien holder has to be incurring a ridiculous amount of costs holding the note and analyzing each short sale. What really should be done on short sales is that prices should be set before they go on the market like a foreclosure. Those prices should be good for 3 months. If they really analyzed it, they probably would be better off foreclosing on the house because the time and energy to handle the short sale has to be enormous. Fortunately, the red tape in the court system is speeding up and short sales may be passé in a year or two. Until then, maybe the lien holders should do like me and order Direct-TV.

This is a guest post from Jeff Lichtenstein who specializes in luxury real estate in Singer Island oceanfront condos and  Jupiter real estate in South Florida.  His website is at www.JeffRealty.com

Martin County Florida Condo Market Report for April 2012

05.31.12 by

Martin County Florida Condo Market Report for April 2012

Commentary:

For April, the Martin County Florida Condo Market finally showed some life with better results than we’ve had all year.  Sales for April were a strong 75 units, 11 units more than March and 25 units above April of 2011.  On another positive note, the median sales price rose to $118,500 reflecting some higher to moderate priced condos having sold.

The inventory declined to 606 condos, which is down from 651 units last month and down from the 714 condos that were on the market in April of 2011. The one month absorption rate is now at 8.08 months, while the three month average is down to 9.68 months. It remains a challenging market for condos in Martin County but some signs of life as prices across the board have declined significantly.  We need to see a sustained absorption rate below 9 months for a healthy market and down to 6 or 7 months to be considered a balanced one.

The big uncertainty that remains is the economy. We believe that if we have any sustained good news, we will see a pretty good rush on the market which will be a nice change from the present. For the longer term, even though we have the best mortgage rates in history at the moment, inflation is making news and this is not good for rates down the line. The Fed is working hard to keep rates down, but for how long, we’re just not too sure.

Our outlook for Martin County is fairly positive as for buyers, prices and rates remain very attractive. For sellers, it doesn’t look like we’re going to see any significant improvements soon, so if you need to sell, you may be better off now than possibly in the near future.

Martin County Florida Condo Market Report for April 2012

the Gabe Sanders real estate team

Condo Homes, Condos and Land
Waterfront and Golf Course Communities in Martin and Saint Lucie Counties

For more information, visit our website or call us at (772) 888-2885.
Our market reports are here!