Florida Condo Buyers Being Wooed in Manatee County
Condo buyers are getting a warm welcome these days with 2,246 condos actively listed for sale in the Manatee County housing market.
A caveat might be: If you’re selling Florida condos, you’d better have them competitively priced or they won’t sell, according to developers and real estate sales agents.
“Builders are putting the brakes on, not pushing forward with more to be built, working hard to get rid of their inventory,” said Patrick McGuire, sales manager and broker associate at Buccaneer Realty, based in Bradenton. “Some are not willing to do new contracts until they’ve sold all those in the pipeline.”
Some are offering hefty incentives, such as larger commissions for sales agents, decreased interest rates for buyers and even closing costs thrown in, he said.
But whether condos are selling or not also depends on the project.
“It’s really location-specific. There’s some complexes that seem to be doing well, others seem to be somewhat stagnant,” McGuire explained.
At Palma Sola Bay Club, developer Evelyn Treworgy said sales are “looking very promising.” Her firm has sold three or four over the last five weeks or so. The 201 units, which sell for $429,000 and up, are set to go up at 3400 75th St. W.
“We’re really happy with our price points and our product,” Treworgy said.
Although potential Florida mortgage borrowers are not looking in droves, the ones that do turn up are highly-qualified people who have done their homework, she said. “We’re looking for an incredible April,” she added.
Conversely, a Florida home loan broker who sells waterfront condos and single- family homes on Anna Maria Island and Longboat Key was unenthused Monday about the market.
“All of the listings are coming down in price. They’re not even moving even though they’re coming down,” said Phillip Saadi, a broker for First in Real Estate, based in New Tampa. “Why? I don’t know.”
The 2,246 condos actively listed for sale in Manatee County represent a dollar volume of $806 million based on numbers McGuire pulled from the Manatee Association of Realtors’ Multiple Listing Service.
The average number of days a condo remained on the market was 131 days, with the median price at $258,150, he said. The least expensive condo was selling for $49,500 and the most expensive was listed at $3.49 million, McGuire said.
One of the more high-profile condo projects in Bradenton is the Riverpark Grande Condominiums, 309 10th St. W. The project involves 40 units, part of a $15 million renovation of the historic 1920s-era former Riverpark Hotel.
A sales launch event March 8 drew more than 200 brokers and Realtors, according to Valentina Pippen, broker associate of Sky Sotheby’s International Realty.
“They’re very excited about the project, it’s really a one-of-a-kind,” she said. However, because the developer is still putting together the finishing details, she has not yet begun to sell any of the condos, she said.
“It’s up to the developer,” Pippen said. “I imagine it will be the beginning part of April.”
SOURCE: The Bradenton Herald
