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In general, the market for properties in SW Florida is not favourable to sellers and buyers. Both sides are affected by interest rates. There were no sales in June, but there were two new listings, 8534 (2,338sf) was listed at $750,000 and 8742 (also 2,338sf) was re-listed at $785,000 (see the third paragraph) – for a total of 20 active listings today. There is one sale pending, 9433 (1,698sf) was listed at $429,900 and is slated to close on 26th July.
In particular Vivante’s market is poor, mainly because we are affected by Citizen’s decision to welch on their policy with the COA. That leaves us with further possible assessments unless we win, at least in part, our litigation against them. That’s the top unknown among many unknowns. The next unknown is the future costs regarding Structural Integrity and Structural Reserves; although inspections are still some years away, preparation for their arrival is necessary and costly; we will also have a Structural Reserves Study that must be in place by the end of the year.
Prices have already been reduced, 19 times across the 20 current listings, some by as much as 35%. Interestingly, 8742, recently sold at $630,000, 12% below list, was re-listed at $785,000 within a few days. Does that indicate a turn? No, I don’t think so; it’s simply an attempt to flip.
20 listings is not an unusually high number, being 6% of the 342 units here, but it is higher than a year ago when there were 6 units for sale and the market was considerably stronger.
For both Boca and Bella, today’s asking prices average more than recent sales levels, indicating that they are still generally too high, but where’s the market and where is the level that discounts our unknown problems? Either time will tell us, or our unknowns will become focussed.
