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There were two new listings in November; 8742 (2,338sf) was listed at $718,000 and 99412 (1,915sf) is active at $500,000. There are zero pendings again and there were no closings in November – the last sale was 9639 (1,698sf) which closed at $460,000 on 9th June, nearly 6 months ago. The National Association of Realtors’ chief economist, Lawrence Yun, predicts that home sales will rise by 15% next year, and by Spring, mortgage rates will hover in the 6% to 7% range; today they’re at 7.2%. Whilst rates were in the late 7%s and early to mid 8%s, mortgage applications dropped to the lowest levels for about 28 years. Vivante, of course, is in a different and particular position while we wait for clearances to complete the rejuvenation. Progress is being steadily maintained and Vivante is beginning to show well as almost all buildings are close to the completion of their new roofs. I have definitely seen an increase in showings, but buyers have to become comfortable with the new COA fees for 2024 and that will take time to digest.
