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There haven’t been any pendings or sales since July. There are 21 active listings currently, 13 in Boca and 8 in Bella. There were two new listings during October, they are 99311 (2,106sf) listed at $479,000 and 8934 (2,338sf) at $640,000.
As you’ve read in my Monthly Reviews recently, I’ve been thinking that prices are basically too high. There’s been zero or scant interest in Vivante as a result of several external influences; condominium insurance rate hikes generally and the Florida Structural Integrity law SB4-D which is expected to add extra COA costs which are, as yet, unknown. Plus, the unusual occurrence of three hurricanes this year. These are affecting interest in, and values of, condos across the state and sentiment, as expressed by all the media, is negative.
More than half of the current listings have been reduced in price 24 times and by between 2% and 20% with an average of 10%. The number of days on the market has been rising too; the average for all the active listings now is nearly half a year. You can see the average list price per square foot for both Boca and Bella in the Review; you can also see there are four listings at $300psf or more, so let’s take those out of the picture. The average for Boca then falls to $223psf and for Bella to $263psf, both much closer to the average of the last sold prices. The question is – are we close to a turning point where the bad news is fully factored in – not quite yet I think, but interested buyers should be making offers to try to find the bottom. A few more price cuts might encourage them to do that.
