Home > Mid-Year 2007 Newsletter.
 

 

My Mother taught me to say something nice or say nothing. Itís hard to obey in todayís real estate market. I have sold more units this year and made more money than I have ever made in a full year, but my peers are complaining and rightfully so. The waterfront condo market is off 32% from a year ago. If you go back to 2004 when the market hit its peak, sales are off 62%.

For the first time I am seeing dramatic price reductions. Before, the discounts only applied to units that had been neglected. As I post sales on my various websites (next page) I see some units increasing in value while others decline. Not being involved in these transactions I donít know how to evaluate them. We have no figures that give us apple to apple comparisons so Iíll share my last three transactions with you. My buyers purchased condos previously sold for $999,000 for $650,000, one that sold for $750,000 for $497,500, and a $599,000 for $450,000.  Those are discounts of 35%, 34% and 29%.

Those who have been regular readers of The Roe Report knows about the three causes: property taxes, homeowners insurance and speculators. The speculators are out of the market, or running as fast as they can. Foreclosures are getting the majority of those that remain. The state has enacted changes in Citizens, the state run insurance company, to insure better coverage and lower rates. Last week the Legislature took on property taxes. Taxes were rolled back and the law prevents a city or town from raising taxes faster than the growth in personal incomes. Now each county will be voting, early next year, on how much to lower rates for residents, second home owners and investors.

The last piece of our puzzle is interest rates which affect sales all over the country. The Fed is holding rates where they are and has no justifiable reason to increase them. Interest rates should remain below 7% for the foreseeable future.

Itís a good time to buy, without question. But is it a good time to sell? I canít predict the future any better than anyone else. The inventory levels and sales figures for waterfront, waterview and water access condos and townhomes are listed by town. You have to make the decision. All I can promise you is more exposure than any other Realtorģ, Broker or Franchise on the Internet, where over 85% of the buyers look for a new home or investment property.  I can tell you my buyers are mostly investors, or from Europe, who believe itís a good time to move back into the market..

The following represents an overview of waterfront and waterview condo sales in Pinellas County during the second 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 68 condos listed representing a 24.5 month supply. Sales during the first half of 2007 were 16 which represent a decline of four from the same period last year. There were 36 sales in 2006.

Clearwater and Sandkey. There are currently 870 condos listed representing a 40.7 month supply. Sales during the first half of 2007 were 123 which represent a decline of 103 from the same period last year.  There were 316 sales in 2006.

Dunedin. There are currently 159 condos listed representing a 29.5 month supply. Sales during the first half of 2007 were 31 which represent a decline of nine from the same period last year. There were 64 sales in 2006.

Gulfport. There are currently 39 condos listed representing a 13.2 month supply. Sales during the first half of 2007 were 17 which represent a decline of five from the same period last year. There were 38 sales in 2006.

Indian Rocks Beach. There are currently 146 condos listed representing a 49.5 month supply. Sales during the first half of 2007 were 17 which represent a decline of two from the same period last year. There were 40 sales in 2006. 

Indian Shores. There are currently 204 condos listed representing a 37.9 month supply. Sales during the first half of 2007 were 31 which represent a decline of 35 from the same period last year. There were 100 sales in 2006. 

Largo. There are currently 37 condos listed representing a 15.2 month supply. Sales during the first half of 2007 were 14 which represent an increase of two from the same period last year. There were 18 sales in 2006. 

Madeira Beach. There are currently 179 condos listed representing a 35.5 month supply. Sales during the first half of 2007 were 29 which represent an increase of one from the same period last year. There were 48 sales in 2006.

North Redington. There are currently 51 condos listed representing a 36.7 month supply. Sales during the first half of 2006 were eight which represent a decline of nine from the same period last year. There were 24 sales in 2006.

Palm Harbor. There are currently 11 condos listed representing a 63.4 month supply. Sales during the first half 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 11.5 month supply. There were two sales during the first half of 2007 which represent an increase of two from the same period last year. There was one sale in 2006.

Redington Shores. There are currently 157 condos listed representing a 47.6 month supply. Sales during the first half of 2007 were 19 which represent an increase of 11 from the same period last year. There were 36 sales in 2006.

Seminole. There are currently 38 condos listed representing a 13.7 month supply. Sales during the first half of 2007 was 16 which represent an increase of nine from the same period last year. There were 11 sales in 2006.

South Pasadena. There are currently 137 condos listed representing a 24.7 month supply. Sales during the first half of 2007 were 32 which represent a decline of three from the same period last year. There were 50 sales in 2006.

St Pete & St Pete Beach. There are currently 893 condos listed representing a 32.4 month supply. Sales during the first half of 2007 were 159 which represent a decline of 239 from the same period last year. There were 727 sales in 2006. 

Tarpon Springs. There are currently 94 condos listed representing a 45.1 month supply. Sales during the first half of 2007 were 12 which represent a decline of eight from the same period last year. There were 44 sales in 2006. 

Tierra Verde. There are currently 98 condos listed representing a 47.0 month supply. Sales during the first half of 2007 were 12 which represent a decline of eight from the same period last year. There were 36 sales in 2006. 

Treasure Island. There are currently 295 condos listed representing a 43.6 month supply. Sales during the first half of 2007 were 39 which represent a decline of 41 from the same period last year. There were 162 sales in 2006.

Inventory in the past 12 months has increased by 6%. This is a slowing in the rate of inventory growth. You may note some changes in the  units sold last year. This is due to the MLS constantly cleaning up input errors where a unit was listed twice, placed in the wrong town or was reported as sold and the deal later failed to close. These numbers are intended as a guide, not fact, but I do make every effort to report as accurately as possible using the information available to Realtors.ģ  Cliff Roe Realty, Inc is committed to being the number one Internet Realtorģ to give our sellers maximum exposure and to insure we capture more than our share of the buyers looking to settle in Pinellas County. If youíre thinking about selling I would be happy to show you why we can out market our competition. If youíre thinking of buying I would love to work with you. If you have a friend looking, I would appreciate a referral.