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November 2015 Palm Beach County Housing Sales

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The Realtors Association of the Palm Beach (RAPB) just released the sales numbers for November 2012.  These show a 6.5% increase in the number of single family home sales and a 13.5% increase.  In Jupiter there’s continuing trend of fewer sales but for more money.  In October 2015 there were 163 sales with a median price of 321k.  In November we had just 130 sales with a median of 320k.  And still just 690 units for sale in ALL of Jupiter.

 

 

 

 

November 2015 Palm Beach County Housing Sales

 

 

 

Water Club Phase II

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On Thursday December 10th the Village of North Palm Beach City Council heard a ‘first reading’ two ordinance affecting the property at 1240 US Highway One (Water Club) owned by Domani Development, an affiliate of West Palm Beach-based Kolter Group, to:

  • Rezone the parcel from C -1 Neighborhood Commercial Zoning District to the R -3 Apartment Dwelling Zoning District.
  • Amend the approved PUD to allow for another tower to be built at this location.

The site was acquired  for $4.7 million in December 2014 and the 25,780-square-foot office building there would need to be demolished to make way for the condos.

This is THE LINK to the pdf of the presentation to the North Palm Beach Panning Board.

The project would have two levels of parking and then two condo units per floor. The units would be 2,900 and 3,400 square feet.  The change in zoning would allow for 30 residential units at the site.  Assuming two units per floor in addition to 2 floors of parking then there will be a 17 story building there.

The first phase of the Water Club is currently under construction with two 22-story condo towers for a combined 166 units.

2015 Profile of Home Buyers and Sellers

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I took a look though the stats of the 2015 NAR Profile of Home Buyers and Sellers the other day and here’s what I noted:

First-time buyers made up 32 percent of all home buyers.   And, first-time buyers who financed their home financed 94 per-cent of their home compared to repeat buyers at 86 percent.  No surprises here as the most difficult thing for first time buyers to do is to save up a down payment
The typical buyer was 44 years old, and had a median household income of $86,100.  And the typical home seller was 54 years old, with a median household income of $104,100.  Why?  Because home sellers cited that they sold their homes for a median of $40,000 more than they purchased. If you plan on being in your home for more than about 2 years then even with transaction costs owning a home is a smart move.
Thirteen percent of home buyers purchased a multi-generational home to take care of aging parents, for cost savings,and because children over the age of 18 are moving back home.
Home prices increased slightly this year to a median of$220,000 among all buyers. Buyers typically purchased their homes for 98 percent of the asking price.  Around Jupiter prices have come up by about 10% and Sellers typically get about 95% of the asking price.
Heating and cooling costs were the most important environmental features for recent home buyers, with 84 percent finding these features at least somewhat important.  Pay attention Sellers, the condition of your AC is a major concern.  Replacing it is the least expensive upgrade probably only second to changing the appliances to stainless steel.
Overall, buyers expect to live in their homes for a median of 14 years, while 23 percent say that they are never moving.  However,  Sellers typically lived in their home for nine years before selling.  YOUR HOUSE WILL BE A 10 YEAR PLAN.
For 42 percent of recent buyers, the first step that they took in the home buying process was to look online at properties for sale, while 14 percent of buyers first contacted a real estate agent.  
Eighty-seven percent of buyers recently purchased their home through a real estate agent or broker, and eight percent purchased directly from a builder or builder’s agent.
Eighty-nine percent of home sellers worked with a real estate agent to sell their home.   And, ninety-one percent of sellers listed their homes on the Multiple Listing Service (MLS), which is the number one source for sellers to list their home.
It follows that 90% of all homes sold are entered into the MLS and this data is used by Realtors to find homes for their Buyers.  THE MLS DATA IS USED NOT ONLY BY AGENTS WHO ARE LOOKING FOR THEIR BUYERS BUT  IT IS ALSO USED TO POPULATE DATA ACROSS THE INTERNET SUCH AS ZILLOW, TRULIA ETC.  AS A TACTICAL MATTER IS IT 90% OF THE MARKETING FOR A PROPERTY.  CHECK IT.  DOUBLE CHECK IT.  ADD DESCRIPTIONS TO EVERY PICTURE.  THIS IS 90% OF THE GAME!

265 Cypress Point, Palm Beach Gardens FL – Cypress Point in PGA National

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WOW, what a great get away crash pad in the prestigious PGA National Resort.  I listed and have since placed under contract this unit the Cypress Point Development in PGA.  One bed and aone bath with a descent kitchen and living room on the second floor with a lake view.  A new A/C and for you investors Cypress Point has NO RENTAL RESTRICTIONS.  Thus, one can rent this out by the day, week or month when not in use to off set the cost of ownership.  CLICK HERE to see the full property details.

100 Lehane Terrace Unit 17 North Palm Beach FL 33408

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I went and took a look at this bank owned unit at 100 Lehane Terrace Unit 17 North Palm Beach FL 33408 last week.  Bottom line, this is a great deal.  It needs a full on renovation but there’s a 2 bed 2 full bath unit on the water with a view that is second to none.  The unit has a recent split system AC and water heater.  This unit is on Lehane which is the last street in North Palm Beach.    The other side of the canal to the south is Lake Park.  Why does this matter?  When you dial 911 you get North Palm Beach Responders.  The building is not 55+ and the unit may be rented twice a year.  Renovated units with the same view are selling for 230k and I figure the unit needs a kitchen, 2 baths and 1100 s.f. of flooring removed and replaced.  Say 40-50k to something nice but not over the top and they’re asking 163.5k  So, pay 150k plus say 50k and you end up with a renovated unit with a million dollar view to the east across the intracoastal and of Little Munyan Island and Macarthur State Park.

RSS Florida Association Realtors

  • Builder Confidence Moves Higher November 18, 2024
    The National Association of Home Builders said builders expect market conditions to improve even with labor shortages and higher building material prices.
  • Most Earning Under $50K Struggle With Housing November 18, 2024
    A new study found of those earning under $50,000 who struggle to afford housing, 21% have delayed or skipped medical treatments while 15% have worked a side hustle.
  • Remodel or Move? How to Decide November 18, 2024
    When deciding between remodeling or moving, consider factors like costs, time, risk and return on investment. Emotional components also matter.

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