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St. Thomas Square Condo Market Report for April 2016
Sales Activity
Condo sales at St. Thomas Square for 2016 is on pace to surpass 2015 sales. Five units have sold to date for $485,400 compared to total sales of 13 units in 2015 for $831,800. Just over 54% of ast year's sales volume has been achieved this year with75% of the calendar year remaining.
A 2BR 2BA Villa V unit sold in April for $149,500. It has been 14 months since the last villa sold (only one villa offered for sale in 2014). However, a villa is currently under contract and two are available for purchase. Two plaza units are near closing and two plaza units are for sale, which is seven more potential sales for 2016.
Flip or Flop?
In the last update, plaza unit 1310A was reported sold for $60,000 cash. Since then, the unit resold nearly 60 days later for $70,000 cash. A gross profit of $10K!
The flippers incurred sellers' closing costs, replaced the sliding glass door unit, replaced the front door handset, and had other miscellaneous costs totalling aproximately $2,500. They had a minimum investment of $62,500, if not more. If they paid 6% sales commission and an estimated 2% closing costs, they would have netted aproximately $1,900. Their annualized return was 18%. This ... more

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