Category: trends

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analytics trends

Ft. Lauderdale Ranks #5 on Realtor.coms Top 10 Early Turnaround Report.

The post below is by Steve Roberge, my South Florida contributor writing about market conditions in Ft. Lauderdale. Interesting information, and counter to what you may think. Steve is a top producing agent with Coldwell Banker in Ft Lauderdale. He was with my office in Boston before moving to Florida and has been very active in real estate in Boston, Ft Lauderdale and Provincetown. Enjoy.  Steve will be a regular contributor to the blog. Steve can be reached at [email protected].

In addition to Fort Lauderdale, six other Florida markets (Miami, Orlando, Fort Myers/Cape Coral, Sarasota and Lakeland/Winter Haven) dominate the Top 10 list, based on 3rd quarter 2011 data. All of these markets have experienced significant reduction in inventory, median price appreciation and the length of time a property sits on market for sale. Also, Florida has a lower unemployment rate and the warm climate makes it an ideal location for vacation/second home. With a decline in the US dollar, Florida has seen a steady flow of foreign buyers taking advantage of both their currency purchase power and the depressed real estate market, scooping up properties at much lower prices.

The Fort Lauderdale Real Estate market inventory has reduced by as much as 38% and real estate prices are trending upward after falling as much as 50% since 2005. 

In summary, the real estate market seems to be in a recovery mode.  Buyers who are on the fence about buying or convinced prices will continue to fall, may want to reconsider.  Interest rates are at historic lows and now be the perfect time to jump in. Besides… the weather is great!!

Categories
trends

T’was the Week Before Christmas And All Through The Real Estate Office…

What a week last week was in the Boston South End office of Coldwell Banker Residential Brokerage. Agents were uncharacteristically busy for the week before Christmas. Showing levels increased on many properties that have languished on the market for months. Six under agreements came in in the last 3 days. It’s as if folks realized the year is about to end, and oooops! Realized they forgot to buy a condo!

A number of agents were rushing past my office frantically scheduling multiple last-minute showings on their properties. “You want to see the property at 6PM Friday evening, the night before Christmas Eve? Of course we can schedule that!” I heard negotiations between buyers who had walked away from negotiations a week ago and sellers who were willing to revive those negotiations, finally come to an agreement. We have had several closings that had been postponed finally close and others will close this coming week.

What does this year end flurry of activity mean? It might be simply that the weather outside was 50 and sunny. It might be some year-end pent up demand or it could be just the natural urgency in negotiations that typically occur at the end of every year. Whatever it is, it is welcome. Year-end sales figures will ultimately give us the answers.

As the year winds down conversations around the office and in our last business meeting invariably end up being about what business will look like in 2012? Interestingly, with all the challenges we have faced in 2011 – from financing problems, to a shortage of inventory, to tough negotiations – agents are very positive and upbeat going into the New Year. I think that for agents who have learned to work successfully through the challenges in this “new real estate normal,” they have come out the other side with a renewed confidence in their ability to succeed and with a more positive attitude for the year ahead. This is surely a good sign for all of us for 2012.

Have a wonderful holiday week.

 

Categories
analytics trends

Stable and Consistent! – The Over $1M South End Condominium Market

The over $1,000,000 high-end market gets all the attention. We all love talking about these fantastic properties! And interestingly enough, this market for all its glamour, has remained very stable and solid over the last two years in downtown Boston and specifically in the South End.

Year-to-date – as of 12.15.11 – 60 condominiums sold for over $1M in the South End vs. 64 last year. Broken down, 44 properties selling from $1M to $1.5M closed this year vs. 48 last year. Of those properties sold for $1.5M+, 16 were sold this year – the same number as last year.

Average price per square foot in this category is approximately $720 this year and last year it was approximately $702 per square foot. Very stable. The median price for properties sold for over $1M this year is around $1,575K vs. $1,525K last year. Again, very stable.

The average days on market (DOM) for properties above $1M was 140 days this year vs. 165 days last year. DOM is an excellent marker of market demand. The fact that DOM went down 15% this year means these properties are selling a bit faster than last year. This is a great sign of market strength.

The strong and consistent performance in the luxury market in the South End is excellent news for the market in general. These sales get all the glory, but they support the entire market as it instills confidence citywide. For those looking to buy or sell in any price point in the South End these encouraging figures should add an additional level of comfort for both buyers and sellers.

What is the prognosis for the above $1M market for 2012? I will post an update in the New Year with finalized year-end figures along with my thoughts on what I think the market might look like next year. I will also post the opinions of others talking about where they think the luxury market will take us in 2012. Stay tuned.

NOTE
All sales data are from MLSPIN
All price per square foot data are from LINK

Categories
architecture trends

Provincetown Construction Everywhere You Look

There’s an awful lot of construction activity in Provincetown these days. East End, West End, downtown. Seems like you even have to watch for construction vehicle traffic everywhere you are – and it’s December!

Harborfront Landing at 333R Commercial Street is a newly completed luxury beachfront condominium development in the center of town. Currently, the new project consists of seven 1BR and 2BR homes from 465 to 798 square feet and listed for $476K to $998K – parking included.

 

 

 

 

Province Landing is a $14.5M, 50-unit rental community offering a high-quality, green community for year-round residents with moderate incomes. Located on an undeveloped parcel along Shankpainter Road, this project is a great new addition to the western most entrance to Provincetown.

 

 

 

Construction at Herring Cove Village Phase 2 is well under way with six new units targeted for summer 2012 completion. Located in the far West End very close to the moors, this great mix of 2BR and 3BR+ condominiums are priced from $749K to $1.399M.

 

 

 

 

A new 9-lot subdivision on the famed Murchison House property at 2 Commercial Street in the far West End is quickly moving ahead. Called Pilgrim’s Landing, the projects sits directly across from the Provincetown Inn with great water views. Phase 1 is already under construction and includes the renovation of the existing gatehouse (pictured), the grounds and the Murchison House designed by Walter Gropius.