Uptick in NE Florida Pending Condominium Sales | Business

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Uptick in NE Florida Pending Condominium Sales

The Northeast Florida Association of Realtors’ monthly indicators report showed that pending condo-townhouse sales in Northeast Florida were up 40.3  percent in February 2011 over the previous year and 45.7 percent in January 2011 as compared to January 2010.

“An increase in pending sales is a great predictor of things to come,” said Nicole Dana, an agent with Ameriland Realty, marketers of The Peninsula on The Southbank. “It shows market shifts long before closings are recorded.”

Phil Pierce, an agent with Keller Williams Atlantic Partners agrees that condominium sales and home sales in general are picking up. “We didn’t have a first-time homebuyer’s tax credit this year, but this December and January were better than last year. The numbers are way up over last year. It’s not even measurable to the consumer yet,” he said.

Pierce had four closings last month alone – two condominiums and two single-family homes. “I’ve never had that in February. The inventory of quality condominiums is diminishing. If you’re waiting for the bottom, the bottom is here,” he added. “Quality projects like The Peninsula are going to get the lion’s share of the business right now because people can afford nicer quality at a better price.

He attributes the increased sales pace to the fact that people are feeling secure that the economy is improving and the fear of rising interest rates.


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