Monthly Vivante Review, 1st March, 2024.

There were no new listings in February but one listing went pending, 9637 (2,106sf) was listed at $399,990 and is slated to close on 25th March. Two sales were recorded in February; 8545 (2,338sf) closed at $625,000 ($267psf) and 9025 (2,538sf) closed at $600,000 ($236psf). Just these two sales have materially affected the averages as they are the first closings since June 2023; they are defining where future closings could, or perhaps should, be valued. Prices continue to fall; of the 14 active listings, 12 have now been cut, some multiple times. Please see the attached study which takes a look at the prices that have been reduced recently, including February’s pending and two sales. I suspect this trend will continue while the situation at Vivante remains cloudy. Good news still prevails with the economy though: inflation, economic growth and incomes are in beneficial territory. In February, Floridian consumer sentiment increased for a fifth month in a row to 74.1, up 1.5 points from 72.6 in January. In those strong five months, FL sentiment recovered over half way back from the low point of 60.8 reached, mid pandemic, in May 2022. It is great to see Vivante sales begin again, but buyers are (and have to be made) aware of the difficult situation prevailing here.