Some (Rare) Good News From the World of South Florida Real Estate

How about some good news?

Since some readers continue to blame the media (in this case, the Palm Beach Post) messenger for the message (home sales and prices are slowing; inventory is growing and Florida mortgage activity tanking), it’s time for some pleasant news in the land of residential real estate.

Rob Thomson of Waterfront Properties & Club Communities says home sales in Jupiter’s Admirals Cove for the first quarter of 2007 were nearly equal to the number of sales in all of 2006.

“Last year there were 38 sales in Admirals Cove,” said Thomson, whose home and office are both situated in the boating and golfing community.

“This year there are already 11 closed sales and 18 under contract,” he said. “Last week we placed three more properties in the computer in the ‘pending’ status.”

Doing the math for us, Thomson happily notes that that brings the total for the first quarter of this year to 32 pending and closings.

We’re not talking about low-ball desperation sales from people barely qualifying for a Florida mortgage loan, either. One of the Admirals Cove closings set a $1 million record for a golf-course home.

“It’s not a buyer’s market and it’s not a seller’s market,” he concluded. “It’s just a market.”

And that’s good news in a South Florida housing market that’s produced so few of it in the last couple of months.

SOURCE: Palm Beach Post