The Neighborhood Report – Palmer Ranch
Palmer Ranch Office
Though a fairly new development of less than 20 years, Palmer Ranch offers a variety of real estate options within its approximately 80,000 acres. The area is renowned for its great family neighborhoods, new home communities, and maintenance-free villas and condominiums, all of which offer an assortment of amenities for the active household and are within proximity to beautiful Gulf of Mexico beaches. Additionally, the Legacy Trail, the area’s new 12-mile walking and biking trail, and the YMCA complex, which hosts activities for every age, both present a wealth of recreational opportunities for any sporting enthusiast.
How is the Palmer Ranch Market?
Darla Furst, branch manager of Michael Saunders & Company’s Palmer Ranch office, is pleased to report a genuine “up tick” in real estate transactions for the second quarter of 2009. Within this time, the Palmer Ranch Area has experienced an active inventory of 518 in March to 455 in June, which is a 14 percent decline in available houses. The absorption rate, or months of inventory available, based on closed sales has gone from 17 months in March to 9 months in June; that’s an incredible decline of 44 percent in one quarter.
Palmer Ranch Success Stories
The upper end of the market has seen some very encouraging movement recently. A majority of our higher end listings include lovely homes in the exclusive Oaks Golf and Country Club, exquisite old Florida estates on the beautiful barrier island of Casey Key, and spacious waterfront properties on the mainland. In these exclusive markets, we have not only experienced an increase of qualified interested buyers, but in the last 60 days we had pended several homes over $900,000.
Most impressively, we just closed on a wonderful beach retreat on Casey Key priced over $6 million, in which from date of contract to closing was less than 45 days. In July, we pended a secluded beachfront home listed less than 60 days and priced over $1.9 million, with both the listing and selling agents from the Palmer Ranch office. What a great story of networking among real estate professionals!
Darla’s Bottom Line
The media continue to paint a gloomy picture of the local housing market, particularly in comparison to 2008. Our discussions with our clients are based on the reality that we have left the dismal year of 2008 and we’re focusing on the market activity of the last 90 days. The stats in both pending and closed sales are certainly evidence of a market in correction. If you are a motivated seller, don’t miss this opportunity of increased market activity. If you are a buyer, with inventory dwindling and interest rates predicted to rise, don’t wish you would have purchased your property now.
Share your thoughts, leave a comment!