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Two sales closed in November; 9448 (1,485sf) closed at $375,000 and 8546 (2,398sf) raised $900,000, a 10+ year high for that floor plan. There is only one pending today, 8532 (2,338sf listed at $699,995) is slated to close on 6th January next year. There were two new listings during the month; 8543 (2,338sf) is priced at $799,000 and 8934 (also 2,338sf) at $815,000. Activity in the market for Vivante’s condos has been quiet as rebuilding and repairs continue apace. Again, I suspect the market will continue to remain quiet in the very short term whilst the affects and costs of the storm are assessed and repairs forge ahead – due as well to the current visual bruising. But, I expect prices to increase as we move forward into 2023 – interest rates at FOMC level are expected to rise again in December, but the Fed’s outlook seems to be for smaller rises into 2023 and indeed some commentators are forecasting rates may be showing early signs of topping out already. Lender’s rates are already off the highest levels. Inventory, at less than 2%, is very tight so even a modicum of interest should be positive. Plus, as I’ve said before, Vivante will be “younger” real estate soon, especially as we look likely to replace all the roofs, which are now some 15 to 16 years old, in early 2023.
