There was one delayed closing from September in early October, 8936 (2,398sf) raised $650,000. There are two pendings currently; 9448 (1,495sf listed at $390,000) is due to close on 29th November and 9022 (1,803sf listed at $535,000) is slated to close on 30th November. There was one new listing during the month; 8532 (2,338sf) is priced at $699,995. Activity in the market for Vivante’s condos has been affected by Hurricane Ian of course; there has been damage to the buildings, roofs and landscaping and several of the units have suffered water infiltration resulting in flooring and some drywall being removed. We have had a full month of clean-up, hundreds of large scale dehumidifiers and air scrubbers working constantly, substantial waste removal, but today, repairs are underway. Our management company’s onsite staff and numerous external labourers have all worked extraordinarily well and all the necessary recovery measures have been in process since day two. Yes, we have a long way to go, but Vivante will come out of this in a better, effectively younger shape, and will stand strong in all of SW Florida. I suspect the market will continue to remain quiet in the very short term whilst the affects of the storm are assessed and repairs continue. But, I expect prices to increase as we move forward – with so much destruction elsewhere in our local counties, a shortage of luxury condo housing could increase demand for Vivante. One current listing’s price has already been raised; 9742 (1,915sf) is now $599,000, up $74,000. Is this a sign? By the way, my car was not upside down when I returned to MCO on 5th October, but it was exceptionally clean!

Vivante MLS Review 1 Nov 2022

I left for England on 14th September for my annual visit home (the first one since 2019) so I haven’t seen the extent of the damages to Vivante personally, but from what I have read and seen online tells me we have a strongly built survivor of a sub division. I have had internet access to NBC2, so I’ve probably seen more information about the local situation than most. Obviously this week has been severely affected by Ian everywhere and it will take some time, physical effort and money to return to some level of normality, but the market marches onward through the wind and rain, so back to my Review. There was one closing during September, 8736 (2,398sf) sold for $785,000. There are three pendings, 8936 (2,398sf, listed at $690,000) was due to close on 28th September but must have been delayed by Ian, 9723 (2,106sf, listed at $580,000) is slated to close on 24th October and 9022 (1,803sf, listed at $535,000) should close on 30th November. There were four new listings; 8942 (2,338sf at $835,000), 98217 (1,915sf at $495,000), 9448 (1,485sf at $390,000) and 9724 (1,485sf at a wild $545,000 – the last sale of a unit with this floor plan was at $372,000 in June, some $173,000 below this asking price)! Vivante had continued to progress from August’s early revival and, as expected, we’re starting to see some new listings appear pre-season. As interest rates are still hitting mortgage applications and approvals and whilst they continue to rise, expect demand to be softish, but not evaporated. As usual, a cash offer conveys a confident potency. Bottom line – I have no idea what the market will do in the very short to medium term whilst the affects of the storm are fully assessed. We’ll have to watch, wait and see. Meanwhile, I hope my car is right side up at MCO when I get back on Wednesday!

No sales closed during August but there is life – three listings went pending. They are 8736 (2,398sf listed at $788,000) which is slated to close on 12th September, 8936 (2,398sf listed at $690,000) on 10th October and 9723 (2,106sf listed at $580,000) on 24th October. It will be interesting to see where they all closed. There were two new listings in August; 9022 (1,803sf) is priced at $535,000 and 8722 (2,348sf) is priced at $849,000. So, there has been a nice pick-up in activity in Vivante from a very slow Summer. It is quite normal to see a flow of new listings as we enter the next Snowbird season. For various reasons like family, health, costs, etc., some visitors returning to Punta Gorda seek to enjoy a final season and close on a sale around Easter. We shall see. Price levels are always a moving target, but I don’t see any major falls in the immediate future; yes, we’ve seen some already and rising interest rates are having an effect on buyers, but the recent positive actions in Congress have led to an increase in consumer confidence despite the actions in the casino (oops!) stock market in New York. And Florida remains a market of its own making.

Vivante MLS Review 1 Sep 2022

There were no new listings in Vivante during July and there are none currently pending. There were two closings during the month; 9449 (1,698sf) sold for $500,000 or $294psf and 8946 (2,428sf) sold for $799,900 or $329psf. So it remains very quiet in 2022’s Summer months. In such an inactive market, it’s difficult to say whether list prices are too high or even if prices were to be reduced further, buyer’s interest would increase. They may be holding off from making offers, hoping to take advantage of lower price levels they expect to come. Of the nine listings today, 5 have already been reduced, so we might have to wait until the season starts again around Thanksgiving before we see any trend either way. Quite obviously interest rate increases by the Fed have dampened demand in the property market as a whole, but actual mortgage rate rises seem to be lagging the Fed’s lead. Fed funds were at ¼% six months ago and are now at 2½%; according to Guaranteed Rate Affinity, Friday’s 30 year fixed rate was 5⅜%, compared to 3¾% in January.  But, I have seen a few more showings of my listings in recent weeks, which is encouraging as there were pretty much none in the prior couple of months. Buyers willing to suffer 90°+ and humidity are serious – they may well be doing themselves a favour with inventory as low as 2.6%.

There were six new listings in May, they are 8936 (2,398sf) listed at $735,000, 9449 (1,698sf) at $500,000, 9621 (1,915sf) at $550,000, 9742 (1,915sf) at $565,000, 8526 (2,398sf) at $825,000 and 9723 (2,106sf) at $625,000. The prices per square foot range of these is $287 to $344 with an average of $304. Closings during May totalled five, they were 9823 (1,698sf) which closed at $450,000, 9849 (1,698sf) at $465,000, 9432 (1,915sf) at $497,500, 9937 (1,698sf) at $460,000 and 8926 (2,398sf) at $715,000. The prices per square foot range was $260 to $298, with an average of $273. There are two end units in the Bella harbour units currently listed, both are priced over $300psf. They should command a premium and 8526 particularly so as it’s at the north end of 85 and is not overlooked by anyone. There are three contracts pending today, they are 9638 (1,485sf) listed at $370,000, expected to close on 3rd June, 9843 (1,698sf) listed at $500,000 and closing on 20th June and 8946 (2,429sf) listed at $799,900, slated to close on 18th July.

So, we’ve had some end of season activity, which is not unusual, and prices have generally remained at the higher levels established in 2021. I believe activity will slow as we go into the Summer, but (and I always say this) there are buyers about and they have to be serious at this time of year: the inventory, at twelve, is hardly significant, so their choices are limited. Vivante is looking better and, if we decide to sell either or both of the non-crescent sections of Trevi, our COA’s financial position will be pleasantly enhanced.