Although the cry of gloom and doom for the real estate industry has subsided somewhat, the local market is still a little slow. On the other side of the coin is some better news. Real estates prices have not crashed to the 30 percent or 40 percent price reductions that have long been talked about. We are seeing some reductions in the 5 percent to 10 percent range on re-sales, which I might add is good for the industry. In addition, we have seen more units come on the market in the last 90 days.
Here's an update as of 4-17-06. Condo listings have increased to 698 and single- family homes to 155. These are active listings that are presently available. Since January 1, there have been 110 condos and 35 single-family dwellings sold and closed. These numbers are from the area on the beaches from the Harborage Court north through Sand Key, Clearwater Beach, North Beach and Island Estates.
If interest rates stay where they are, the local market will regain some of its momentum in the next three to six months. Should the intellectual geniuses in Washington decide to lower the rates; I believe the market will pick up dramatically.
Until then, it's all about the correct pricing of the unit.
I would like to thank People Magazine and Kirstie Alley for selecting one of Sand Key Realty's listed properties in Belleair for the photo shoot for People Magazine's 50 most Beautiful People. Thanks again and I'm glad it went well.
Ric Cornelius is the Broker/Manager of Sand Key Realty Sales and Rentals, Inc. Sand Key Realty has three offices with 40 agents. One office is at 740 S. Gulfview Blvd., Clearwater Beach, 727-443-0032; the second office is at 2701 Gulf Blvd., Indian Rocks Beach, 727-595-5441; and the third office is at 309 Belleview Blvd., Belleair, 727-461-4200.