St. Thomas Square Condo Market Report for April 2016

By
Real Estate Broker/Owner with Nautical Properties 3305354

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 does not take into consideration two trips from Georgia to Florida and/or any possible tax considerations.

Flip or flop? What do you think?

Latest STS Condo Offered For Sale

Unit 1301A is one of only four end condos available in the plaza of St. Thomas Square. What makes that special? Windows! They provide plenty of natural light and a wonderful view. The balcony overlooks the tennis courts and the newly landscaped grounds. You can see a glimpse of the Gulf from the dining room table. The pond is easily seen and the lagoon is visible between the villa buildings.

The pond and boat parking at St Thomas Square                           Kitchen STS Unit 1301A

Living Area STS Unit 1301A                          Bedroom STS Unit 1301A

This 1BR 1BA unit is ready to enjoy and it is rental ready. Offered at $89,795. For information on this condoand to schedule an appointment to see it, call Scott at 850-329-5910.

More St.Thomas Square Condos For Sale

 

 

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Topic:
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Location:
Florida Bay County Panama City Beach St Thomas Square
Groups:
Vacation and Second homes
Resort & Second-home Property Specialist - NAR Designation
Tags:
market update
st thomas square

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Jim Crawford
Maximum One Executive REALTORS® - Atlanta, GA
Jim Crawford Atlanta Best Listing Agents & REALTOR

Thank you for taking the time to share this real estate market insight.  This is great information for buyers and sellers alike.  Well done!

May 03, 2016 12:15 AM #1
Rainmaker
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Scott Pope
Nautical Properties - Panama City Beach, FL
You Can't Live Without Water™

Jim, thanks for the comment.

May 03, 2016 02:38 AM #2
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Scott Pope

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