PELICAN BAY REAL ESTATE STATISTICS YTD 2008

How did you bring in the New Year?  My husband Don and I enjoyed hosting a New Year's Eve party at our home for our friends.  We had lots of champagne, lively music, tons of food that our friends had brought and a basket full of noisemakers.   After a festive New Year's Eve party at our home the night before, talking a walk to enjoy the first sunset of 2009 was a relaxing idea.  The hustle and bustle of the holidays, company, entertaining and real estate work had totally exhausted me.

What a delight it was to see this lovely sunset and contemplate what 2009 will bring for my family, friends and the real estate market in Pelican Bay.  I always find it difficult to describe Pelican Bay to friends and potential buyers.  Until you have seen the beauty of Pelican Bay you will never quite understand the joy of living here.  The beach drew Don and I.  After "serving" 43 years in Chicago's nasty weather, we both longed for a home that had warm weather and a beach.  The moment we saw the beach in Pelican Bay, we knew where we wanted to live. 

The media is filled with doom and gloom lately.  While our economy is in a horrible condition, we have a new President coming into office in just a few days.  Don't you wish President-Elect Obama could wave a magic wand and make everything better?  While we all may wish that could happen, the reality is that no matter what our new President tries to do, he will be faced with challenges that will take time to fix. 

I have calculated all the statistic for the various building designs in Pelican Bay.  Please know that where ever you see a TITLE, you can click on it and be taken to the full reports.  There is some good news and some not so good news.

LOW RISES

Low rises had 69 closed sales in 2008 with an average sales price of $527,914.00.  The number of units sold was up from the 58 closed sales in 2007.  The average price of a low rise in Pelican Bay fell 8.15% from 2007.  The median price fell 16.81%. 31 of the 69 closed sales in 2008 were under $500,000.00.     In 2007 - 71% of all low rises listed failed to sell.  The good news is that in 2008 the number dropped to 60%.  This indicates to me that sellers of low rise units are trying to get more realistic about pricing their units.  We currently have a 18 month inventory of low rises

MID RISES

Mid Rises had 19 closed sales in 2008 with an average sales price of $739,202.00.  If you look at the average sales price from 2007 to 2008 it increased 1.93%.  The median sales price tells us that mid rises increased .78%.  In 2007 - 48% of all mid rises failed to sell.  In 2008- 54% failed to sell.  If mid rise sellers were only looking at the average sales figures with its modest increase, they may have felt they could have asked more money, this could be the reason the percentage of unsolds increased.  As of today, we have a 21 month inventory of mid rises.

HIGH RISES

Go high rise market!  Here is a bright spot!  The median closed sale price from 2007 to 2008 increased 2.5%  to $1,522,500.00 and the average closed sale price increased 5.14% to $1,700,366.00.  2008 saw 82 closed high rise sales. Unfortunately the unsold percentage rose to 63% in 2008 from 46% in 2007.  34 of the 82 closed sales were between $1,500,000.00 - $2,999,999.00.  There is currently a 26 month inventory of high rises.

ATTACHED VILLAS

Attached villas in Pelican Bay saw a 6.1% decrease in the average sales price from 2007 to 2008 to $972,656.00. Unsold attached villas also increased to 7% from 2007 to 47% in 2008. We have at present a 16 month inventory of attached villas.

DETACHED VILLAS