April 15- april 27
Busy
Homes took center stage for the last part of april. There were 5 closed sales this period with s/l ratio the highest in a long time ..98%..the average days on market were # 179. This indicates to me we are at our bottom and sellers were realistic and buyers fortunate.
new sales of homes which went contingent, but not yet closed were # 8.
Condos which were closed were # 3 their average l/s ratio was 85% and it took an average of 1 year to sell them.
Condos did however see #9 condos go contingent during this period ..the prices
range was 299- 749k.
cash flows- more owners are using vrbo to increase their cash flows and with the interest rates down, 30% required as a down payment..with a little work..we are actually seeing for the first time since the early 80's a possibility of a break even.,...( do i dare say positive cash flow ) on a $400,000 gulf side of the street 2/2 T his means at 5.25% interest and the owner helping his rental company ( 10 % referral instead of 20% )..it is possible with work on the owners part to see an income of 10% of the purchase price. At long last ...My picks are sanibel arms west and Loggerhead...
Good buys- If i was ever in the market for a gulf or bay front this would be my year to make a move..there are a couple of amazing places with wide open bay front views with docks under 2.6...Gulf front west gulf drive begins in the 3.5 range.
under contract last weekend were a gulf ridge gulf front listed near 5 Million.
have a good week...weather here is 83 degrees today and sunny..waves were beautiful this morning on my morning walk...lots of shells...few people...east end is paradise.
take care and good thoughts-
glenn
go to www.TeamSanibel.com for lots more Sanibel Infomation!
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