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Palm Beach County, Florida Home Prices Continue to Rise October 18, 2017

1245 Lands End Road

Home prices in Florida’s Palm Beach County continued their upward trend in May, reaching another post-crash high.

The median price of a single-family home sold in Palm Beach County in May rose to $335,000, a 7.9 percent increase from a year ago and up slightly from April’s $327,000, according to the Realtors Association of the Palm Beaches.

Drastic year-over- year increases in home sales were of particular interest; 45.1% increase in the sale of homes between $600,000 – $999,999, 19.8% increase in homes over one million dollars and 18.6% increase in homes between $400,000 – $599,999. Additionally, there was a 4.3% year-over- year increase in closed sales to 1,768 with a 14.3% increase in cash sales.

“Statistics for May reflect double digit increases in closed sales above $300,000 which contributed to the rise in our median sale price,” said Jeffrey Levine, President-Elect of the Realtors® Association of the Palm Beaches (RAPB). “Meanwhile, we ended May with 4.9 months’ of inventory, the same as last year.”

Palm Beach County has long been one of the most sought-after places to own real estate in the country. The county is home to a broad range of boldface names including pop star Ariana Grande, Microsoft founder Bill Gates, and basketball legend Michael Jordan. President Donald Trump’s Mar-a-Lago estate is also in Palm Beach.

The town — located on a 16-mile-long barrier island — has long ranked near the top of quality-of-life surveys thanks to an abundance of natural beauty and an upscale lifestyle and social scene.

In winter, the calendar of social engagements rivals New York’s Hamptons in summer, with polo and equestrian events sprinkled among dozens of glitzy fundraisers and art fairs. Palm Beach County has more than 140 golf courses — more than any other county in the US.

There is also no individual income taxes, no estate taxes and no capital gains taxes, which offers moneyed retirees an alluring measure of wealth protection. Just over half of the town’s population (55.8 per cent) are aged 65 or older, according to the US Census. That ranks the town of more than 8,500 inhabitants among the most densely populated locations for retirement-age individuals in the country.

Read more at Forbes

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

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

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

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>

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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