November 18th, 2023 Singer Island Market Update

Singer Island Market Report
The total inventory on Singer Island currently is 126 properties for sale, indicating a gradual increase compared to the first half of the year but still the number of units for sale is approximately one-third below pre-pandemic averages. Currently, there are 18 condominiums listed for sale on Singer Island with prices exceeding $2 Million, 12 between $1.5 Million and $2 Million, 11 between $1 Million and $1.5 Million and 68 between $250,000 and $1 Million. In the past 12 months, 216 condos sold, with the highest sale recorded at $4,725,000 for 9A at Vista Blue Singer Island. New construction units have begun closing at the Amrit Ocean buildings , work is underway at 3 other new buildings and 10 resale condos are under contract on the island currently. The record high prices are holding and increasing in some cases.

Zillow reports that the Florida real estate market surpassed New York’s value during this summer, estimating it at $3.8 trillion in June 2023 compared to $2 trillion in January 2022. While Florida remains behind California, whose market is valued at $10.2 trillion, it has secured the second position nationally. The fast growing population throughout the pandemic is seen as the main driver.

A consortium of investors, including a subsidiary of the Related Group of Miami, recently acquired a 99-year land lease for the open-air mall at the south end of Singer Island for $19.2 million. Encompassing nine acres and boasting over 800 feet of oceanfront, the new owners also purchased the buildings on the site, sparking curiosity about their future plans for the location.

Happy Holiday season to everyone!

Regards,
Dermot OBrien