Home > First Quarter 2007 Newsletter.
 

The media tells us new construction is off 16.6% and that is true, but this segment of the market represents only 15% of total sales. The resale market represents 85% of the total and itís up 3% while the total market is up just over one-half of one percent. Condos are down while houses are up. The beach and Intercoastal is down while the interior is up. Waterfront prices are down while interior prices are up leaving the medium price home in Pinellas up 1.34% from the previous  year.

The speculators bought for five years and were able to sell before the project was completed. They made $1,000ís and everyone was talking about how easy it was to make money. Builders recognized the money they were losing and raised the price to earn this extra money for themselves. The banks kept lowering rates and the speculators and new investors just kept buying despite the higher prices. Then the market slowed because people quit paying the price the speculators required to make a profit. As the market backed up more and more properties came on the market. As adjustable rate mortgages had interest adjustments the number of properties available continued to increase. Buyers who optioned new construction decided to walk away and the developers/builders said no, you signed a contract and now you must complete your purchase. That is where we are today.  There is no doubt this is the best time to buy in years. Not because prices are down, they really arenít. The cushion the speculators were making is gone because they paid the higher prices being charged during the end of the boom. Supply is up giving buyers options to choose between several comparable properties.

The market appears down much more than it really is because the speculators are not buying and that portion of the market is dormant. There is still a 1,000 plus people moving to Florida every day and that is not going to change.  The new residents need a place to live and they are still buying. I write contracts every week. Some are accepted and some arenít. The key remains exposure and value if your selling and thanks to the Internet you can have exposure. I added web sites to attract Canadian and UK buyers plus my www.GulfCoastCondoReport.com continues to generate 92 new visitors each and every day. The tremendous traffic my sites are generating proves buyers are looking.

Remember buying or selling call Cliff Roe, ďThe Condo Pro

The following represents an overview of waterfront and waterview condo sales in Pinellas County during the first quarter of 2007. The transactions by complex, size and price paid are listed on the web sites listed below each community.

Belleair Beach, Belleair Bluffs & Belleair. There are currently 69 condos listed representing a 22.4 month supply. Sales during the first quarter of 2007 were 5 which represent a decline of four from the same period last year. There were 37 sales in 2006.

Clearwater and Sandkey. There are currently 977 condos listed representing a 37.0 month supply. Sales during the first quarter of 2007 were 61 which represent a decline of 92 from the same period last year.  There were 317 sales in 2006.

Dunedin. There are currently 138 condos listed representing a 25.9 month supply. Sales during the first quarter of 2007 were 14 which represent a decline of four from the same period last year. There were 64 sales in 2006.

Gulfport. There are currently 60 condos listed representing a 18.9 month supply. Sales during the first quarter of 2007 were 11 which represent a decline of two from the same period last year. There were 38 sales in 2006.

Indian Rocks Beach. There are currently 155 condos listed representing a 77.5 month supply. Sales during the first quarter of 2007 were 8 which represent a increase of three from the same period last year. There were 40 sales in 2006.

Indian Shores. There are currently 213 condos listed representing a 65.5 month supply. Sales during the first quarter of 2007 were 13  which represent a decline of 24 from the same period last year. There were 100 sales in 2006. 

Largo. There are currently 43 condos listed representing a 28.7 month supply. Sales during the first quarter of 2007 were 11 which represent a decline of two from the same period last year. There were 18 sales in 2006.

Madeira Beach. There are currently 169 condos listed representing a 44.1 month supply. Sales during the first quarter of 2007 were nine which represent a decline of two from the same period last year. There were 46 sales in 2006.

North Redington. There are currently 55 condos listed representing a 28.7 month supply. Sales during the first quarter of 2006 were four which represent a decline of one from the same period last year. There were 23 sales in 2006.

Palm Harbor. There are currently 17 condos listed representing a 51.0 month supply. Sales during the first quarter of 2007 was one which represent a decline of one from the same period last year. There were four sales in 2006.

Redington Beach. There are currently four condos listed representing a 48 month supply. There were two sales during the first quarter of 2007 which represent an increase of two from the same period last year. There were 4 sales in 2006.

Redington Shores. There are currently 179 condos listed representing a 59.7 month supply. Sales during the first quarter of 2007 were eight which represent an increase of six from the same period last year. There were 36 sales in 2006.

Seminole. There are currently 47 condos listed representing a 51.3 month supply. Sales during the first quarter of 2007 was nine which represent an increase of eight from the same period last year. There were 11 sales in 2006.

South Pasadena. There are currently 167 condos listed representing a 42.6 month supply. Sales during the first quarter of 2007 were 16 which represent a decline of six from the same period last year. There were 47 sales in 2006.

St Pete & St Pete Beach. There are currently 545 condos listed representing a 10.5 month supply. Sales during the first quarter of 2007 were 87 which represent an increase decline of 66 from the same period last year. There were 622 sales in 2006.

Tarpon Springs. There are currently 97 condos listed representing a 26.4 month supply. Sales during the first quarter of 2007 were five which represent a decline of eight from the same period last year. There were 44 sales in 2006.

Tierra Verde. There are currently 92 condos listed representing a 30.7 month supply. Sales during the first quarter of 2007 were six which represent a decline of six from the same period last year. There were 36 sales in 2006.

Treasure Island. There are currently 254 condos listed representing a 41.1 month supply. Sales during the first quarter of 2007 were 17 which represent a decline of 11 from the same period last year. There were 74 sales in 2006. 

The numbers look worse than they are. Waterfront and waterview condo sales are posted one or two times each month on my various web sites. The market started improving the second week of March. While I had a record year in 2006 the second half was much slower than the first half. This year I am running ahead of 2006, therefore, I expect 2007 to be my best year ever. I am committed to being the number one Internet Realtor to give my sellers maximum exposure and to insure I capture more than my share of the buyers looking to settle in Pinellas County. If youíre thinking about selling I would be happy to show you why I can out market my competition. If youíre thinking of buying I would love to work with you. If you have a friend looking, I would appreciate a referral.