My personal Blog for January, 2024

My personal Blog for January, 2024,  is now published in WalkerOnTheBeach.com,  “Real Estate Market Forecast:  Opportunities for Home Buyers and  Sellers in 2024.”    This is a good read for current market insight.

There may be a unique opportunity right now for buyers, a window in our real estate markets which  especially applies to our established coastal condo communities.

Building  structural integrity is being scrutinized by Florida licensed engineers, structures are being updated and modified, and are, or soon will be, in better condition than they have ever been since many of us have  been old enough to buy one  Their reserve schedules for maintenance and timely, reasonable  replacement, including mechanical, structural, electrical, plumbing and safety elements, is now highly regulated, providing peace of mind going forward for new owners as well as existing owners.   Condo buyers, especially first time condo buyers, have historically  been concerned about the stability of monthly dues assessments and unexpected or pending special assessments.  They should feel far more comfortable now than in the past. 

National surveys say sales prices are not expected to decrease as many buyers hoped.  If interest rates continue retreat, I don’t  believe we should assume  prices will drop.   Inventory remains tight.  But those Sellers who have decided to put their units on the market now are motivated. 

To briefly recap Milestone and SIRS mandated by the State of Florida:  All condos which are 3 floors or higher are required to complete the Milestone study prior to December 31, 2024, or within 180 days of official notice to do so, which analyzes substantial structural ”weakness” or material deterioration, if any.  If repair or replacement is indicated the situation must be addressed within 365 days.  Some communities have arranged to have a engineering firm oversee specific contracting work  prior to scheduling their formal engineer-sealed State on-site inspections.

The SIRS, Structural Integrity  Reserve Study, will be required of all condos in our State no matter the height. It is a reserve planning tool,  to incorporate the integrity of specific components  into budget planning, to be  adopted before 2025.  Any budget after December 2024 must adopt the SIRS and provide full funding for the required components. There is no guess work.

Condo ownership is a huge segment of Florida real estate. It is a signature, highly popular Florida lifestyle choice,  offering shared maintenance expense, which often comes with extensive amenities, preferred by part time owners, by those who travel a lot, by those who down size from a single family home, by busy professionals and retirees alike who need or prefer maintenance- free living.

In my generally eclectic local market, the beaches, especially Pass-a-Grille, two like properties in a given location may not come on the market for years.  This advice has held true, if you find what you want, and you can afford to buy it, get in there and buy it.  In the 36 years I have been involved in the real estate market here, I have not known anyone who was sorry they bought their property here, only those who did not.

Happy 2024!  I humbly thank clients and customers who have given  me their confidence.  It is a responsibility I don’t take lightly.

Joan

 

p.s. If you would like to read more about the Florida State mandated Milestone and SIRS inspections, please email or text me to send you the primer published by one of our local condo communities.   I also wrote  a couple of articles in my  newsletters last summer regarding the Florida Milestone and SIRS inspections., which are posted on my website www.GulfToGlobalRealEstate.com.  My goal has been to help sellers and buyers alike understand how the new State Condo mandates affect the value of the condo they are selling or want to buy. My sellers are paying all assessments involved, they are presenting their properties in the best shape possible for a new owner.

Real Estate Statistics for November, 2023, as reported by Stellar MLS:

For a current market snapshot in the PASS-A-GRILLE AREA,
with a 6 month synopsis of Active,
Pending and Sold Properties, click the links below:
Single Family:
Condo: