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DONALD TRUMP, WEST PALM BEACH AND THE RISE OF THE NEW WALL STREET May 2, 2017

Trump listens to the Palm Beach Central High School Band as they play at his arrival at Trump International Golf Club in West Palm Beach, Florida, on February 5. Once known as a major stop on America’s ‘cocaine highway,’ West Palm Beach is quickly turning into a new center of money and power.

BY

The night I flew into West Palm Beach, a string of deadly tornadoes ripped across Florida. High winds pounded surf against jagged coastline and whipsawed the 100-foot-tall trees along Royal Palm Way—what locals call Bankers’ Row.It was just a few days after Donald Trump’s inauguration. A couple of miles down the road, seemingly oblivious to the approaching storm, hundreds of revelers packed Mar-a-Lago, the Great Gatsby–esque private resort Trump has dubbed his “Winter White House,” to fete their new king. The private event, attended by Palm Beach’s billionaires, entrepreneurs, and socialites, featured dinner and dancing, a replay of Trump’s swearing-in ceremony and a mammoth ice sculpture of the American flag with “President Trump” emblazoned on the base in red.

Read more at Newsweek
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Ahead of the pack: Florida leads nation in home-price gains over past year November 30, 2016

Florida led the nation in home-price gains in the year ending Sept. 30, according to the Federal Housing Finance Agency.

Florida properties posted a 10.7 percent gain over the past year, topping Oregon’s 10.5 percent and Washington’s 10.4 percent. The District of Columbia finished last, with a 2.7 percent decline.

By another measure, the median price of a house sold by Realtors in Palm Beach County last month was $310,000. That’s up 9 percent from a year ago but down from recent months — and still well below the November 2005 peak of $421,500.

Palm Beach County’s median condo price was $152,750, up 8 percent from a year ago but also down compared to recent months.

Statewide, median sales prices for both single-family homes and townhouse-condo properties rose year-over-year for the 59th month in a row in October, according to Florida Realtors, the Orlando-based trade group.

Prices have risen in part because foreclosures and short sales have all but disappeared from the market. What’s more, the statewide inventory of houses for sale dipped to just a 4.2-month supply in October.

Source: Palm Beach Post
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Palm Beach homes a “bargain”? RealtyTrac says it’s so July 23, 2016

Palm Beach is known for $70 million mansions and $60 parking tickets, but research firm RealtyTrac has a different twist on the tony island: It ranks fifth on the company’s ranking of “bargain beach towns.”

RealtyTrac used air quality, crime and home prices to calculate its ranking. The measure included condos, not just single-family homes, and by that calculation, Palm Beach’s median home price was a modest $497,500, priciest among RealtyTrac’s top 15 bargains.

RealtyTrac analyzed 1,400 beach towns. Palm Beach was the only Florida town to make the top 15.

Source: Palm Beach Post
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Bucking national trend, Palm Beach County mansion prices rise May 17, 2016

Nationally, U.S. mansion prices fell 1 percent in the first quarter, according to real estate brokerage Redfin. But three Palm Beach County cities bucked the trend, posting double-digit increases.

Boca Raton and Delray Beach ranked fifth and sixth nationally in Redfin’s ranking of price appreciation for luxury homes, which the brokerage defines as the top 5 percent of homes. West Palm Beach finished 11th.

Rank. City (average price): Increase

  1. Oakland ($2.4 million): +49.8 percent

5. Boca Raton ($3.2 million): +21.6 percent

6. Delray Beach ($3.3 million): +20.2 percent

11. West Palm Beach ($1.3 million): +12.7 percent

Source: Palm Beach Post
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For housing market, “2016 will be best year in a decade,” Realtor.com economist says March 4, 2016

U.S. home sales in 2016 will hit their highest levels since the bubble year of 2006, says Jonathan Smoke, chief economist at Realtor.com.

“2016 will be the best year in a decade,” Smoke said Thursday in Miami Beach during the annual conference of Leading Real Estate Companies of the World.

Smoke projects 5.4 million home sales this year, up 3 percent from last year. He says the combination of rock-bottom mortgage rates and an improving job market will spur sales.

“People are doing well in this economy” Smoke said. “Consumers are confident, and they’re planning to buy homes.”

In another sign of a potential upswing in home sales, Realtor.com counted more than a billion searches on properties on its site in January, Smoke said.

<em>Source</em>: <a href=”http://realtime.blog.palmbeachpost.com/2016/02/26/for-housing-market-2016-will-be-best-year-in-a-decade-realtor-com-economist-says/”><i>Palm Beach Post</i></a>
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Sign of the Times: Foreclosures disappearing in Palm Beach County February 1, 2016

foreclosures disappearing in palm beach county florida steven presson luxury real estate agent corocoran

Palm Beach County’s foreclosure and mortgage delinquency rates fell steadily in 2015, CoreLogic said Friday.

The county’s foreclosure rate fell to 1.95 percent in November, down from 3.49 percent in November 2014. Meanwhile, 4.75 percent of loans were behind by 90 days or more in November, down from 7.54 percent a year earlier.

Screen shot 2016-02-01 at 6.12.19 PM

Source: Palm Beach Post
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Palm Beach County’s mansion market no longer closed for summer December 3, 2015

For decades, Palm Beach County’s market for oceanfront mansions opened in the winter and closed in the summer. That’s changed, says Bill Yahn, regional senior vice president at Corcoran Group.

“Now some of our best months are July and August,” Yahn says.

As evidence, he points to this summer’s record-breaking sale of a Manalapan mansion.

Buyers shop in the summer in part because they think less competition means lower prices.

“I’m not sure at the end of the day they get a better deal,” Yahn says.

Source: Palm Beach Post
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Trulia calls Palm Beach County obvious place to buy rather than rent October 21, 2015

In Palm Beach County, the rent-or-buy decision is a no-brainer. It’s 41 percent cheaper to buy than to rent, according to a study released Wednesday by Trulia.

Palm Beach County boasts one of the nation’s biggest discounts for buying vs. renting, ranking 12th among the 100 largest metro areas. Trulia bases its calculation on Palm Beach County’s median home price of $231,491 and median rent of $1,800 as of last month.

Houston, with a 46 percent discount, is the best buyer’s market. Fort Lauderdale ranks No. 4, with a 44 percent spread. Miami is No. 5 at 43 percent.

Honolulu and San Jose, California, are the markets where it makes the most sense to rent. In Honolulu, the typical home costs more than $600,000, but typical rent is only $2,500.

Source: Palm Beach Post
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See how much Dr. Oz paid for Palm Beach mansion October 9, 2015

The estate at 473 N. County Road in Palm Beach

Dr. Mehmet Oz last week paid $18 million for an oceanfront mansion in Palm Beach, according to property records.

Oz and his wife Lisa bought the historic estate at 473 N. County Road. The couple took out a $5 million mortgage on the 13,500-square-foot manse.

Oz is a popular television personality and author who has been criticized for what other doctors call unsubstantiated claims. He trumpeted coffee-bean weight-loss pills, for instance.

Oz’s new beach house was designed by Addison Mizner and built in 1919. Read more about the property in this story by the Palm Beach Daily News’ Darrell Hofheinz.

Source: Palm Beach Post
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Tight inventories translate to fierce competition for Palm Beach County homes September 28, 2015

Palm Beach County homes are selling quickly as strong demand props up prices. But a lack of homes for sale has hampered the housing market, Realtors say.

In Palm Beach County, 1,518 houses sold last month, the lowest sales volume since February and only a slight increase from a year ago, the Realtors Association of the Palm Beaches said Monday.

The median sale price in August was $295,000, up 9 percent from a year ago. With demand outstripping supply, buyers face fierce competition for homes at the low end of the price range.

“You can’t buy something if it’s not there,” said Myles Minns, president of Continental Properties in West Palm Beach.

Houses priced at $150,000 to $200,000 needed only 22 days to sell, while homes sold for $200,000 to $250,000 were on the market for a median of only 23 days.

Condos and townhouses take a bit longer to sell, but there’s strong demand for them, too, Minns said. Buyers have grown so fearful of losing the race to make an offer that they’ll submit a contract even before touring a property.

“I’m getting a lot of offers sight-unseen,” Minns said. “They pretty much know what it’s going to look like from the pictures, and they still have their seven- to 15-day inspection period to back out.”

Source: Palm Beach Post
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Trusted friend. These words sum up how I feel about Steven and my family’s relationship with him as a realtor. He is professional who came highly recommended by many neighbors in Ocean Ridge. After I contacted him, I did notice that he had many listings in the surrounding area, so I felt confident about my…

Steven Presson is a diligent honest and passionate person that helps clients buy and sell real estate. He is not afraid to tell his clients the facts, which in the end is very helpful. I have been involved in over 20 transactions in the past 15 years, most of them high-end properties, and I can…

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Dear, Steven Brad has already expressed our happiness but I haven't. Our house is Ocala closes today - yippee!!! I am so happy and it's all because of you!!! Thank you for sticking with us and knowing that we really wanted to move even though we said "NO more". You did stay persistent as you…

I am a developer and am always searching for new properties. I have done three transactions with Steve Presson and have been on both sides as a buyer and seller with Steve representing me. I met Steve a number of years ago from a listing he had for a home. I did not end up…

I wanted to take a moment to thank you for the wonderful job you did with the listing and sale of my home.  As a long-time resident of the Ocean Ridge area, I’m very familiar with a number of real estate agents, and there were many who wanted to represent me. My decision to work…

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