Hutchinson Island Condos
Hutchinson Island Condos
What’s happening with real estate on Hutchinson Island? The condos on Hutchinson Island sales seemed to have slowed a bit this year. In general I’m not sure if it is the general market or the economy. In the two areas I track (7010/7015) consist of the condos on Hutchinson Island in Saint Lucie County. The 7010 area which is the North end of Hutchinson Island and includes communities like Ocean Village and Harbour Isle have active listings of 204 down 12% from last year at this time. New listings are increasing and are up 12% to 93. The biggest drop is the number of condos on Hutchinson Island that are under contract or have sold. Condos under contract are down 23% from 55 to 42 and the number sold so far this year are down 51% from 45 to just 22 condos selling. Sales prices are up on average 9% from $180,000 to $197,000. Asking prices from sellers are up at least 20% or higher in some cases. In Ocean Village which has about 1,200 different condos for sale we have seen just 6 condos close with most being the smaller 1 bedroom condos selling in the low $140,000 range. In the Ocean House which are the newest condos in Ocean Village we have not had one sale this year. Last year they sold a ground floor 3 bedroom condo which was listed at $499,000 and sold for $436,700. This year a similar condo ground floor is listed at $700,000. What’s wrong with this picture? Asking prices are way to high and real estate agents are not being honest with their sellers. The market has slowed down and I have been saying this for some time.
Harbour Isle Condos which is another large waterfront community of over 600 plus condos has had just 7 sales this year with the low being $210,000. In Harbour Isle you are getting 2,000 sq. ft of living space with water views in most cases. Built in 2005 they feature impact windows and 10ft ceilings. Their amenities are first class. Even at $200,000 we only saw 6 condos sell this year. Watch the real estate market for Hutchinson Island Condos for sale.
Hutchinson Island Condos
I’m going to move to the area towards the middle of Hutchinson Island just above Martin County where we saw similar results but not as extreme. In area 7015 we saw active listings down 10% from 204 to 182 and new listings up 21% from 73 to 89. Just like the North end of the island under contract condos were down 29% from 61 to 43. The sold condos weren’t has bad as the North end of Hutchinson Island as they were down only 21% from 41 to 32 condos. Average sales prices were up 13% from $258,000 to $288,000. All the numbers along the coast from Hutchinson Island down to Singer Island are reflecting similar results. The biggest difference is prices in places like Jupiter condos and Juno Beach they have gone up more than Hutchinson Island.
You would think as more active listings come on the market and the market sales were slowing you would see more sales and price reductions. Even with a slight rise in prices over last year you would tend to think sellers would be dropping prices. More active listings and less sales equals downward pressure on prices if you want to sell. Come April I think we will start to see panic sellers dropping their prices if they really are looking to sell.
