Friday, April 5, 2013

Pendings Trend Upward At The Point After Slower 1st Quarter After lagging the south end of the lake the 1st quarter in sold transactions (7 closed sales vs 17 last year, while the south end improved), pending activity at The Point rallied in March to post 13 homes under contract following a 90 day period in which just 7 closed. The largest improvement occurred in the 500-999k range, with 8 homes attracting contracts after only 3 closed the first quarter. The 2 million dollar ultra lux range also showed signs of life, with 2 closed sales and a pending deal in the past 90 days, after not seeing much action for much of 2012. The community is in the midst of improvements being made by the Trump organization, as well as the addition of a recent membership initiation promotion which has temporarily reduced the main initiation fee through September while the ongoing updates are being completed. A move that has likely had a positive impact on prospective buyers this spring.
 

The improvement in pending deals comes at a time in which inventory levels had jumped up the 1st quarter to 66 active listings from the high 40's over the winter, and should help form the basis for some solid spring momentum to chip away at those slightly higher inventory levels (the 1m to 2m ranged jumped from 13 to 25 actives, but has remained a very productive range over the period of the ownership change). The improved momentum, combined with the membership promotion and the completion of capital improvements to the grounds and clubhouse should begin to impact inventory levels in a downward direction by May/June, particularly in the lower price ranges, where spring showings are now running ahead of last year's pace.   
 
Price Range     Actives     Pendings    Shows/house  Sold Last 60 Days   Sold 60 Days '12
 
500k-999k         24           8 >               4/month              1                  10
1m-2m             25           4                  3/month              2                  6
2m plus           10           1                  1/3 weeks            1                  0
 
See these Point area homes and others at www.IvesterJackson.com.                                        

 
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