Sales for October 2014 were even with last year at 32 (SF-20, Con-4, Dup-4 & Lot-4) compared to September 2013 at 32 (SF-17, Con-11, Dup-2 & Lot-2). Sales for October 31, 2014 Y-T-D were 325 (SF-189, Con-83, Dup-33 & Lot-20) down slightly from October 31, 2013 Y-T-D at 341 (SF-204, Con-100, Dup-19 & Lot-18). Sales for the last 12 months were 393 (SF-222, Con-103, Dup-41 & Lot-27) a little under sales for the previous 12 months at 410(SF-253, Con-113, Dup-24 & Lot-20). Of the sales for the last 12 months distressed properties were only 7.6% of the sales at 30 ( SF-14, Con-7, Dup-8 & Lot-1) compared to the previous 12 months were 8.5% or 35 ( SF-14, Con-14, Dup-7 & Lot-0) were distressed. Currently there are only 8 distressed properties (3 single family, 1 short sale & 2 bank owned and 5 condos, 1 short sale & 4 bank owned) or 2% of the inventory of only 276 (SF-150, Con-75, Dup-18 & Lot-33) for sale on the island. Pended properties (properties under contract) are in the normal range at 32 (SF-18, Con-11, Dup-1 & Lot-2). Inventory on the island has stayed pretty low and steady at the low 300’s over the last 9 months but this is the third month in a row since 2003 that we have been under 300 properties for sale on the island.
Frank, Larry’s & Al’s Great Buy’s for this month have not changed much except another property from last month went under contract. The property at 306 Clark on a conforming duplex lot went under contract and is due to close on 12/30/14. Also 8106 Gulf Dr. a duplex that quickly went under contract last month closed this month for the list price of $495,000. Again there are still a couple very strong investment buys on the list. The property at 3603 4th Ave (recently reduced to $959K) 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 history. It does over $90K in gross annual rental income which makes it a 10 ratio (rental income covers all the operating costs and most of the mortgage with 20% down) and is ideal for someone who wants a property in a great location (three houses to the beach) and in move-in condition.
Another excellent rental income property is 103 75th Street a totally remodeled 4 bedroom/4 Bath beach house one house to the beach with a pool. This property has never been rented but would do around $100K in annual rental.
I have two fantastic new listings that just went into MLS. The first one is a single family 2,080 sq. ft. under A/C and 3,238 sq. ft. under roof beach cottage at 121 49th St. 5 houses from the beach on a 10,000 sq. ft. conforming duplex lot which is listed at $979,000. The other is a duplex at 110 81st St. 5 houses from the beach with 2,365 sq. ft. under A/C and 3,077 under roof with a 3BR/2bath on one side and a 2BR/1 bath on the other which will be listed at $879,900. It doesn’t have a pool but it does about $60K in gross annual income and with a pool would do about $90K. Call or email me if you want more information. Check out the rest of the Great Buy’s.
To summarize the island market, again sales in 2014 continue at record levels and it continues to look like they will hit over the 400 level again for only the 3rd time since 2004 & 2005. Again, single family sales remain strong with 189 sold Y-T-D about equal with last year at this time. The average price of single family sales for 2014 Year-To-Date is up 9% over last year at this time and median single family sales prices are up 18 % over last year. Average condo sales prices for Y-T-D 2014 is up 12% over last year and median condo sales prices are up 8% over last year. The immediate future looks to continue this trend of rising prices at about the average 30 year rate of 7%-10% which is very healthy. The inventory continues to be down into the historical low range hitting below 300 at 276 for the second time since 2003. If the inventory continues to remain low it will continue to put upward pressure on prices.
For detailed charts see the entire newsletter on my web site; www.Alangalletto.com