St. Lucie Real Estate Annual Market Update- Year-End Reveal: Sellers’ Sweet Spot

More great news for St. Lucie County and the real estate market.

Year-End Reveal: Sellers’ Sweet Spot
“Florida Realtors® just released year-end reports for St. Lucie County, and single family home sellers should take note! Properties between $100,000 and $200,000 generated the highest levels of interest, representing 54.8% of closed sales. Properties between $50,000 and $200,000 delivered near-instant gratification at 26 median days on market. Average percent of original list price received has increased to an impressive 95.6%. For a comprehensive analysis of the market ‘sweet spots’ in your neighborhood, contact a local REALTOR® today,” said Jarrod Lowe, Northern Vice President of the Realtors® Association of the Palm Beaches (RAPB).

Click here for complete PDF report for St. Lucie County.

Click here to check the price of your home.

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Development on the horizon for Tradition

By Nicole Rodriguez
TCPALM, Oct 27, 2015

PORT ST. LUCIE — The mere mention of development in Tradition sparks excitement among small-business owners and city officials alike. The City Council on Monday rezoned 487 acres from agricultural use to master planned unit development acres, making way for Keiser University and a host of other potential projects in the area of Tradition dubbed the “economic corridor.”

The $14 million, 74-000-square-foot college building, on about 8 acres, is expected to be completed sometime next year, but, for a strategic reason, property owners asked to rezone much more property than the project needed. They are bracing for a boom with the need for retail, light-industrial manufacturing and housing.

“There’s a large industrial boom occurring in South Florida that’s fueled largely in part by improvements at the port of Miami as well as the growth of international trade around the airports,” said Wes McCurry of Fishkind and Associates, who represents Tradition Land Co., the property owner. “As a result, South Florida industrial rents and land — if you can find it — are at a premium.

“We’re also every encouraged by the prospect activity that we see coming through the Economic Development Council (of St. Lucie County), so as a result, we felt the timing was right to go ahead and rezone this entire 487 parcel to allow for industrial and office uses.”

The news of more potential development near Bagel Brothers of New York in Tradition is exciting for Donna Ceglio, who manages the delicatessen.

“It’s awesome and increases our level of business and we’re crazy busy right now,” Ceglio said.

Development in Tradition stalled after the Great Recession, but is picking up steam again, much to the delight of city officials who envisioned the area as a place to live, work and play.

Tradition Medical Center last week began an expansion project, due to be completed in 2018, that will double its capacity. The stalled Panera Bread restaurant finally is under construction and is to open early next year, and a shopping plaza with yet-to-be-named eateries and a WAWA gas station/convenience store are planned.

“What’s happening in Tradition is very exciting. … Keiser is a continuation of what’s happened with the hospital,” Mayor Greg Oravec said. “Tradition Hospital is the economic engine in that jobs corridor, and just this week we had the (expansion) ground breaking.”

2016 Property Tax Update for Saint Lucie County

Port St. Lucie Named in Best Cities For Future Job Growth

(Forbes Magazine) The U.S. economy reached a milestone last spring when employment surpassed its pre-recession peak set in January 2008. It was a long, slow recovery from the deepest recession since World War II. One of the hardest hit areas during the recession was Florida as the housing bubble burst, damaging one of Florida’s chief sectors in construction, and cash-strapped tourists cut back on vacations. But the Sunshine State has roared back and is expected to be among the leading states for job creation over the next few years.

St. Lucie Real Estate Market Update- 2nd Quarter Reported Dramatic Decline in Days on Market

More great news for St. Lucie County and the real estate market.

“Florida Realtors® 2nd quarter market report for St. Lucie County revealed a steady increase in median sales price, and a dramatic decline in days on the market for single family homes. These encouraging numbers continue to set the pace for a significant recovery for home buyers, sellers, home builders, and local businesses this year.” said Kathy J. Slusser, Northern Vice President of the Realtors® Association of the Palm Beaches (RAPB).

Click here for complete PDF report for St. Lucie County.

St Lucie County Real Estate Market Update Q2 2015

 

 

St. Lucie Real Estate Market Update- 2nd Quarter Reported Dramatic Decline in Days on Market

More great news for St. Lucie County and the real estate market.

“Florida Realtors® 2nd quarter market report for St. Lucie County revealed a steady increase in median sales price, and a dramatic decline in days on the market for single family homes. These encouraging numbers continue to set the pace for a significant recovery for home buyers, sellers, home builders, and local businesses this year.” said Kathy J. Slusser, Northern Vice President of the Realtors® Association of the Palm Beaches (RAPB).

Click here for complete PDF report for St. Lucie County.

St Lucie County Real Estate Market Update Q2 2015

 

 

St. Lucie Real Estate Market Update June 2015 – St. Lucie County Homes Prices Continued to Increase Due to Soaring Buyer Demand

More great news for St. Lucie County and the real estate market.

In the US, existing-home sales increased in June to their highest pace in over eight years, while the cumulative effect of rising demand and limited supply helped push the national median sales price to an all-time high.

“St. Lucie County home prices continued to increase due to soaring buyer demand, days on market dropped dramatically to 35 days, and closed sales between $250,000-$299,000 saw an 85% increase, according to year-over-year statistics for June. These numbers will influence both buyers and sellers to take advantage of our dynamic real estate market indicators. Bloomberg Business online also recently named the city of Port St. Lucie as one of the leading cities in the nation to see economic growth in 2016.  If you are in the market to buy or sell your home, I suggest speaking with a local REALTOR® for real insight on the homeownership process,” said Kathy J. Slusser, Northern Vice President of the Realtors® Association of the Palm Beaches (RAPB).

Click here for complete PDF report for St. Lucie County.

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48 Ways to Speed a House Sale on the Treasure Coast

Make your Treasure Coast home warm and inviting to boost your home’s value and speed up the sale process.

The first step to getting buyers to make an offer on your home is to impress them with its appearance so they begin to envision themselves living there. Here are 48 tips for making your home look bigger, brighter, and more desirable.

House Sale on Treasure Coast

Home Prices Start to Heat Up in Port St. Lucie

Double-digit growth arrives in more cities, but affordability worries emerge amid thin supply

By LAURA KUSISTO
Updated May 11, 2015 7:31 p.m. ET
Source- http://www.wsj.com/articles/trade-group-says-u-s-home-price-appreciation-accelerating-1431358948

st-lucie-home-pricesThe number of metropolitan areas that saw double-digit percentage increases in home prices more than doubled during the first quarter, reflecting a mix of thin supply and strong demand that points to heated competition for home buyers.

Fifty-one metro areas posted year-over-year double-digit price increases compared with 24 metro areas in the fourth quarter of 2014 and 37 in the first quarter a year ago, the National Association of Realtors said Monday.

The double-digit gains were widespread—from an 11% bump in Columbus, Ohio, to a 13% jump in Raleigh-Cary, N.C.—indicating more than just a handful of hot markets.

“It is crazy right now,” said Lisa Hitchcock, a real-estate agent in the Sherman-Denison area of northern Texas that saw a 33% surge in first-quarter home prices. She said she has more than 20 properties currently under contract. “I’m just trying to keep my head above water.”

The accelerating gains are a welcome sign for the spring selling season—a crucial period for sales because families typically want to lock in to a school district by the end of summer—and an early indication that the moderating gains of the past few years might be picking up. But affordability concerns could keep many would-be buyers out of the market.

Nationally, the median sale price of an existing, previously owned single-family home was $205,200 in the first quarter, up 7.4% from a year ago, according to the NAR report. Median prices rose in 148 out of 174 metropolitan statistical areas tracked by the group.

During the first quarter, the supply of homes for sale was enough to last just 4.6 months, down from 4.9 months a year ago. Economists generally see a supply of 6 to 7 months as representing a healthy balance of supply between buyers and sellers.

In Winston-Salem, N.C., where prices are up more than 15%, broker Eric Munger said that clients are becoming discouraged by the lack of inventory. He said one client recently decided to renew his lease for six months because he couldn’t find a house to match his criteria.

“We’re encouraging them to make the move anyway if they can find a home that doesn’t meet all their criteria but [meets] most of it. They can make improvements and changes that make it more of a right fit for them,” he said.

Lawrence Yun, the Realtor group’s chief economist, said the current supply shortage could pose long-term challenges. “Sales could soften slightly in some of these markets seeing sharp price appreciation unless housing supply markedly improves and tempers its unhealthy level of growth,” he said.

News Corp, owner of The Wall Street Journal, also owns Move Inc., which operates a website and mobile products for the National Association of Realtors.

Many economists believe the shortage of supply will begin to prompt builders to respond, particularly with homes targeted to people of more moderate income levels.

“I expect home builders to ramp it up, particularly at the lower price points,” said Mark Zandi, chief economist at Moody’s Analytics, a unit of Moody’s Corp. “They’ve been pretty aggressive at building high-end housing but they will and they are beginning to build more low- and mid-priced inventory.”

New single-family home construction is up significantly from the trough to 648,000 new homes built in 2014, up from 2011 when builders broke ground on just 431,000 single-family homes. That is still about half of typical new home construction levels and well below the 2005 peak of 1.7 million homes a year, according to the National Association of Home Builders.

But builders disagree that a lack of new construction the sole factor for an unbalanced housing market. They blame relatively weak demand because of a relatively sluggish job market, young people putting off homeownership and people hesitating to put their homes on the market because they still can’t get prices to match what they paid during the boom.

David Crowe, chief economist for the NAHB, said that in some cases people simply can’t sell their homes and buy a new one because their unemployed or underemployed children can’t move out.

“It’s much harder to sell your house if you can’t kick your kids out,” he said.

Pat Hamill, chief executive of Oakwood Homes, a Denver-based home builder, said that he has ramped up construction significantly in response to a shortage of inventory. In 2015, Mr. Hamill expects to complete 1,200 homes, up from 843 last year. During the depths of the downturn his company built just over 200 homes.

But Mr. Hamill said it will likely take several more years before builders have the capacity to fully meet demand. “We lost a lot of builders, lost a lot of trade contractors, we lost a lot of people to other industries,” he said of the lingering impact of the 2007-09 recession.

Meanwhile, Ms. Hitchcock, the real-estate agent in northern Texas, is turning her focus to a growing buyer group: retirees.

Indeed, retirees drove demand in warmer states in the southern and western parts of the country, such as Port St. Lucie, where prices shot up nearly 23%, and the Charlotte, N.C., area where prices were up by 18%.

In Sherman-Denison, a quiet area on Lake Texoma near the Oklahoma border, Ms. Hitchcock said that she saw a surge of interest from retirees in January, when the real-estate market is typically sleepy.

To better serve the retiree market, she said she is taking two courses specializing in selling real-estate to seniors, as new subdivisions are popping up on rural land to help meet demand.

“People are wanting to retire here because it’s a slower pace of life,” said Ms. Hitchcock, who showed eight properties on Monday afternoon alone.

 

St. Lucie Real Estate Market Update April 2015

More great news for St. Lucie County and the real estate market.

“Recently, The Wall Street Journal recognized Port St Lucie’s double-digit increase in home price, bringing more publicity and attention to our continually expanding county. Our April market statistics continue to highlight this increase in home price which signifies a steady growth. Both buyers and sellers are benefiting from our positive market indicators, as homes in St. Lucie County are still considered very affordable compared to surrounding areas.”

─ Kathy J. Slusser, Northern Vice President of the Realtors® Association of the Palm Beaches (RAPB)

Details about The Wall Street Journal report can be found here.

Click here for complete PDF report for St. Lucie County.

 

St Lucie County Real Estate Update