By Joe Savage, Real Estate Broker
This issue of Real Estate News will review the real estate sales stats for 2013 at the Plantation. Below is a table showing the key statistics of units sold at the Plantation for 2012 and 2013. The "price per square foot" metric we use is the median of all the units sold.
#
|
METRIC
|
2012
|
2013
|
%
INCREASE/DECREASE
|
#1
|
TOTAL
CONDOS SOLD
|
28
|
38
|
35.71%
|
MED
PRICE/SQ FT
|
$161.00
|
$176.00
|
9.32$
|
|
#2
|
ALL
2BR SOLD
|
20
|
29
|
45.00%
|
MED
PRICE/SQ FT - 2BR
|
$161.00
|
$171.97
|
6.81%
|
|
#3
|
#SOLD
- EAST 2BR
|
10
|
13
|
30.00%
|
MED
PRICE/SQ FT
|
$149.00
|
$162.76
|
9.23%
|
|
#4
|
#SOLD
-DUNES 2BR
|
6
|
7
|
16.67%
|
MED
PRICE/SQ FT
|
$180.00
|
$210.00
|
16.67%
|
|
#5
|
#SOLD
- PALMS 2BR
|
1
|
3
|
200.00%
|
MED
PRICE/SQ FT
|
$244.44
|
$224.04
|
-8.35%
|
|
#6
|
#SOLD
- WEST 2BR
|
3
|
6
|
100.00%
|
MED
PRICE/SQ FT
|
$161.00
|
$167.50
|
4.04%
|
Number #1 represents all condos sold at the Plantation, regardless of floor plan, square feet, location and HOA. We had a nice increase in the number of units sold in 2013, especially when compared to 2012 which had a decrease of 33 units over 2011. Compounding the good news is that 2013 was the second consecutive year of increases in the sales price per square foot.
Number #2 represents these same statistics for the sales of 2-bedroom (2BR) units only. These are the predominant floor plans at the Plantation, and so the predominant seller. The influence of 2BR sales on the total statistics can be seen by how similar the price per square foot in the total number of condo sales.
Number #3 represents 2BR sales in Plantation East. Phase I took the biggest hit in pricing during the market-collapse years, as it had the greatest number of foreclosures and short-sales. It is heartening to see prices continue to recover. It is a "fragile recovery" which we hope will continue in 2014.
Number #4 represents 2BR sales in Plantation Dunes (Phase II). The number of 2BR sales was relatively consistent. The pricing increase was notable at almost double the total figure. In looking at the data, four of the seven sales in 2013 were west-facing units with notable updates and upgrades to their interiors. This would suggest that if an owner has not upgraded his/her unit's flooring, cabinets, doors, etc, prices are beginning to recover which may justify such an upgrade investment.
Number #5 represents Plantation Palms which is difficult to analyze because of the small number of units involved. The drop in price can be explained because the one unit sold in 2012 was a top floor, newly renovated unit and all three of the sales in 2013 were lower-floor units, and one of those was a "distress" sale.
Number #6 represents sales in Plantation West (Phase III), which in spite of lower pricing early in 2013, benefited from lower pricing early in 2013, as units with upgraded interiors and/or closer to the gulf were sold. This yielded double in the number of units sold, with early low-priced sales that tempered the overall improvement in price.
In summary, 2013 produced an increase in the number of units sold by more than one-third as well as an increase in price per square foot by over 9%.
Mandoki Realty is proud to have played a significant role in this improvement, having brokered 19 of the 38 condo sales at the Plantation in 2013. If you are considering the sale of your Plantation property, you can do no better than to list with Joe Savage and Mandoki Realty.
