117 Peppertree. This larger than appears cottage sits West of Gulf Drive! 4br/2ba

Sales for January 2014 got off to a fast start at 35 ( SF-22, Con-10, Dup-3 & Lot-0) compared to January 2013 at 18 ( SF-8, Con-8, Dup-0 & Lot-2) .  Sales for the last 12 months were 417 ( SF-251, Con-123, Dup-30 & Lot-13) up 2% over the previous 12 months at 408 ( SF-240, Con-122, Dup-25 & Lot-21).  Of the sales for the last 12 months distressed properties were only 9% of the sales at 39 ( SF-18, Con-13, Dup-7 & Lot-1) compared to the previous 12  months where 11% or 46 ( SF-23, Con-19, Dup-4 & Lot-0) were distressed.  Currently there are only 5 distressed properties or 2% of the inventory of 327 (SF-177, Con-97, Dup-26 & Lot-27).  They comprise one single family is a short sale, 3 condos are short sales and 1 duplex is bank owned.  Pended properties (properties under contract) continue to be strong at 49 (SF-23, Con-10, Dup-11 & Lot-5) up from 41 last month and well above the average.  Inventory on the island has ticked up a little this month to 327 from 311 last month but for the last six months has ranged between 262 and 327.

            Another one of Frank, Larry & Al’s Great Buy’s went under contract since the last newsletter.  The single family property(best investment buy) at 2916 Ave E listed at $629,000 went under contract and is scheduled to close on May 1, 2014.  There are still a couple very strong investment buys.  3603 4th Ave is a 3 bedroom/3 bath townhouse with elevator, pool and a roof top deck with awesome views of the gulf and inter-coastal and an excellent rental.  This property is ideal for someone who wants a property in a great location (three houses to the beach) and in move-in condition.  117 Peppertree Lane is another property in a great location (west of Gulf Drive), 4 bedroom/2 bath, 2-car garage, pool and lushly landscaped grounds, very good rental.  Check out the rest of the Great Buy’s attached.

To summarize the island market, although we only have sales for one month of 2014, it looks like the strong sales activity we have had over the last couple years will continue.  The amount of people who are looking at property is as strong as I’ve seen it in the last 20 years.  That’s the prime reason that the inventory has been at the low levels they have been over the past year.  Another reason is, outside of the stock market, there isn’t anywhere else to put your money that’s relatively safe other than real estate.   If you look at  January 2013 sales at 18 compared to January 2014 sales of 35 we got a great start for the year.   If you look at January sales over the last ten years (2005-2014) January sales have never been higher.  Single family sales over the last two years continue to remain the highest in the last 30 years with 251 single families sold in the last 12 months and 240 for the previous 12 months.  Single family and condo sales historically make up 2/3rds of the total sales on the island with sales of each being about even and duplex’s and lots make up the other third.  Over the last 12 months single family and condo sales accounted for 90% of the total sales and single families were 60% of the total and condos 30% of the totalAs far as sales prices go in the last 12 months, 33% of the total single family sales were under  $500K, 70% were under $750K, 16% were between $750K and $1 million and 14% were over 1 Million.  Of condo sales on the island in the last 12 months, 85% were under 500K, 95% were under 750K, 3% were between $750K and $1 million, and 2% were over $1 Million dollars.  This shows single family sales continue to be the strongest part of the market on the island.

At the beginning of every year I analyze where the previous year’s sales have come from.  In 2013 I sold over $30 Million in Real Estate and the breakdown of where the buyers and listers came from didn’t surprise me.   The internet accounted for 36% of them, 32% came from previous customers (repeat customers), 12% came from referrals from previous customers and 8% came from rental customers.  So 44% came from previous customers or referrals from previous customers, 36% from the internet and 8% from our rental customers.  Thank you all for your help and keep those referrals coming.