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.