Monthly Report!
The market is the same story as the last few months. Prices are continuing to rise while the homes are taking longer to get a contract and close. This increase in time to contract and close may be an indicator that buyers are more cautious and pickier with purchasing a home and are possibly taking more time for inspections or other due diligence.
Our curiosity about all the new apartments in the area led to us researching some of the popular and new apartments in Wildwood and Oxford. The rental rates in this area are comparable to a mortgage payment on a home. For example, from all the apartments in Wildwood and Oxford that we researched, a 1/1 apartment can range from $1,100-$1,859. A 3/2+ apartment ranges from $1,565-$2,153. That range is just the base rent. There are additional fees that must be paid for utilities, maintenance, etc. The 3-bedroom apartments are double the price of 1-bedroom apartments. We researched the same apartments in September of 2022. Since then, the prices of 1-bedroom apartments, at almost all the places we have researched, have increased. While at most places the prices of the larger units have decreased. This raises the question whether people are choosing the 1-bedroom because of affordability compared to larger units or if that is all the room they need. There are many reasons that people are choosing to rent. The new apartments are being filled up as soon as they are built, which shows a great need for them.
At the end of March, Danny and Billie Faye attended the Great American Realtor Days in Tallahassee. See attached pictures of Danny and Billie Faye at the Capital Building enjoying the views and their trip to Tallahassee. We are excited about the passing of Senate Bill 102. It was signed into law when we were in Tallahassee. This bill is designed to increase the availability of attainable housing options for Florida workers. Below are additional incentives available under this bill:
- Incentives for renovations of older properties
- Florida Hometown Heroes Program increases dedicating an additional $100 Million to the program
- Sales tax refund for building materials. Up to $5,000 per unit for sales tax paid on developments financed through Florida Housing Finance Corporation.
The City of Wildwood has the following upcoming events:
- May 12, 2023 – Parks and Recreation Golf Tournament – 8:30 AM – Continental Country Club
- May 13, 2023 – Mermaid Mother’s Day 5K Race – 9AM – Wildwood City Hall
- May 24, 2023 – Wildwood Police Department’s Memorial Day Community Event – 11AM-1PM – Wildwood Police Department
- May 27, 2023 – Community Garage Sale – 9AM-2PM – Wildwood Community Center
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We appreciate your business. We value your real estate needs and are honored to serve you.
Sincerely,
Danny Smith, ALC, CCIM
Billie Faye Smith, Broker
Cassie Cribb, Realtor®
Lauren Vick, Realtor®
(352) 748-5656
