My Blog

The real estate market activity in Vilano Beach and South Ponte Vedra Beach is increasing, especially when it comes to property showings and a growing number of potential buyers. The number of potential buyers coupled with the number of property showings in certain price ranges indicates significant pent-up demand for real estate in the area. This makes sense, as many buyers have been waiting on the sidelines for long periods of time in order to take advantage of further price declines and better interest rates. Most buyers I am currently working with sense that now is a great time to buy and that we are nearing the bottom when it comes to price. In fact many buyers feel they need to buy now in order to get the best deal possible.

I have been pleasantly surprised at the number of calls, showings and inquiries we are receiving on a daily basis from potential buyers. This is good news for sellers and for our real estate market in general. But there is one common thread with all of these buyers. Every single one of them is looking for a “deal” and most won’t purchase unless they see an opportunity for what they perceive as a great buy.

With that said, keep in mind that the old rules still apply in regards to which properties will sell and which properties won’t. Price, condition, and location are still the three most important factors when it comes to buying or selling real estate. These factors are even more critical than ever in our current market, especially price. If your property is not priced correctly (and in many cases that means below “market” or below “appraised” value) it will not likely sell. If your home is not in good condition or needs work, it won’t likely sell without pricing the home at a “wholesale” level or making the necessary repairs prior to listing it. And of course location is always a factor. Home buyers have plenty of selection in our current market and they are being extra choosy when it comes to price, condition, and location.

So what’s hot and what’s not? Since the beginning of 2008 the total number of closed sales in Vilano and South Ponte Vedra Beach is 16. Of those 16 sales, 11 were single family homes, 4 were condos, and 1 was an oceanfront lot. There have been only 4 sales of 16 that were over $500,000, and only 1 sale was for over $1,000,000.

The number of currently “pending” sales (under contract) is 9. 7 of 9 pending sales are under $500,000. Only 1 of the 9 pending sales are condos.

In summary, the most desirable price range in the Vilano and South Ponte Vedra Beach area is clearly under $500,000 at this time. We are not currently seeing increased activity or demand for properties over $1,000,000, and the market activity on properties priced between $500,000 and $1,000,000 is substantially less than the under 500K range.

Detached single family homes are currently more in demand than condos. The number of showings on homes and condos under 500K is substantially more than on those over 500K. Unfortunately the demand for lots and land is minimal at this time, however that will likely change as demand for all property continues to increase.

For more information on local market conditions or any other real estate related matter, please visit my website, e-mail or call me anytime. I would be happy to help!

The above data regarding number of closed sales and pending sales was taken directly from the NEFAR MLS and the St. Augustine and St. Johns County MLS.  These numbers may not include all sales, as occasionally there are sales that occur that are not reported on the MLS. Furthermore, this data does not reflect sales or contracts after of 4/28/2008.