October 2018 30A Real Estate Market Update

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By Lisa Hughley

Lisa Hughley

30A Neighbors,

The Fall real estate & vacation rental market shows no sign of slowing down anytime soon!  It has been very busy, and our office has certainly been blessed to serve some of the greatest buyers, sellers and investors this season. Our office meets weekly to talk about opportunities and challenges. This past week we dissected the three residential contracts for the state of Florida, and just so everyone is aware, there are quite a few differences depending on which contract you choose to use. The Florida Bar contract, The Florida As-Is Contract and the CRSP contract are your choices. The Florida As-Is Contract gives the buyer a due-diligence period to inspect and if not satisfied have the right to cancel the contract.  The CRSP contract utilizes business days for dates such as the financing contingency or the inspection time frame, and the Florida Bar contract utilizes calendar days. Normally the agent will choose the the type of contract to use for your offer or for your sale, and you should be aware of the pros and cons of the contract you are utilizing. Ask questions.

If you are selling, take time filling out your seller’s disclosure. The best advice I can give to my clients is to disclose everything you know about your property. Convey as concise as possible all of your knowledge on the disclosure.  If you have not lived in the property and you do not have first hand knowledge, there is a wonderful section on the disclosure where you can state “don’t know”. I just had a scenario where our buyer was purchasing a home owned by an estate, and although the seller did not live in the property, they stated there had been no previous termite damage.  It did turn out there was past termite damage, and although there was no active infestation, the buyer asked for a termite bond at a cost of $2500 to the seller.

If you are contemplating selling your property, I would love to have the opportunity to earn your business! I have buyers looking for properties, and we are still in need of inventory.

Take a look at the current numbers for the 30A corridor..

West End of 30A

Single Family Detached Properties, Gulf Front: There are currently 14 active properties with the low being $2,250,000 and the high being $5,995,000. There are two pending properties at $1,875,000 and $4,850,000. There have been 14 sold in the past year with the low being $1,600,000 and the high being $6,056,250. The average sale was $3,299,406 selling at 95% of list price, at an average of 3474 sq.ft and at $1,025.10 per sq.ft. and 203 days on the market.

Single Family Detached Properties, Non-Gulf Front: There are currently 186 properties available with the low of $230,000 and the high at $5,200,000. There are 43 properties pending sale with the low at $289,900 and the high at $7,500,000. There were 300 properties sold this past year with the low being $157,000. and the high being $10,100,000. The average sale was $809,115, selling at 97% of list price, with 2397 sq.ft. and $315.17 per sq.ft and 129 days on the market.

East End of 30A

Single Family Detached Properties, Gulf Front: There are currently 28 active properties, with the low being $2,597,000 and the high being $19,000,000. There are 3 pending properties with the low being $2,390,000 and the high being $5,895,000. There have been 25 properties sold this past year with the low being $1,400,000 and the high being $10,750,000. The average sale was $4,754,940 and sold at an average of 93% of list price, with 3905 sq.ft and at $1,423.32 per sq.ft and 248 days on the market.

Single Family Detached Properties, Non-Gulf Front: There are currently 426 properties available with the low at $344,900 and the high being $8,900,000.There are 126 pending properties with the low being $333,000 and the high being $6,995,000. There have been 650 properties sold this past year with the low being $250,000 and the high being $7,000,000. The average sale was $1,193,127 ,selling at an average of 96% of list price with 2635 sq.ft and at $428.03 per sq.ft and 172 days on the market.