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.
Buying a house in an LLC
This one comes up from folks whoa re accustomed to buying commercial property:
Should I form an LLC to buy my house in Florida?
I talk about the various ways one can take title to home elsewhere on my site. The question here is specific as to taking title as an LLC? Taking title as a Florida LLC does offer some asset protection. However it’s only an option for those who can but the property outright as most, not all but most, loans will not allow this to be how title is held. Also, an LLC may not be eligible a homestead exemption where some trusts are. An LLC is shielded from certain collections but a recent Florida Supreme Court found in FTC Vs Olmstead that…Question: “Whether Florida law permits a court to order a judgment debtor to surrender all right, title, and interest in the debtor‘s single-member limited liability company to satisfy an outstanding judgment. We answer the rephrased question in the affirmative. Thus, the asset protection against creditors of placing property into an LLC is diminished in Florida for those which are Single Member LLC’s. If you are going to purchase the property in an LLC make it multi member and make sure the funds come from each member. So, 100k property in a 2 member LLC then have each member fund 50k separately.
How to tell an ant from a termite?
I found this printed on a business card from one the many pest control companies I have used.
Here are some ways do identify the differences:
- While both species have four wings, termite wings are uniform in size. Winged ants have larger wings in the front than than the pair in the back.
- Termites antennae are almost straight where the ants antennae are elbowed.
- Termite wings are twice as long as their body. Ant wings are shorter and more proportionate to their bodies.
- Ants appear distinctly segmented, because of their thin waist. Termites have a broad waist and are mostly a uniform width along their entire body.
Sonoma Isles by DiVosta in Jupiter Pricing
Sonoma Isles by DiVosta in Jupiter just released the pricing of their units. From
$607,990 – for a 3 bed, plus a den and 3 baths with 2488 s.f. under air. This is 244/s.f.
$848,990 – for a 5 bed, plus a den and 5 full baths with 5,146 s.f. under air. This is 165/s.f.
As always, the best price per square foot is on the 2 story homes. One can expect to be upgraded on the lot and house by at LEAST 10%. These are new homes and thus one can expect to pay a premium but the prices are in line with other similar featured neighborhoods in the area such as Rialto and below what homes are selling for in Jupiter Country Club.
As of today 3 out of 35 homes in the first phase of construction have been sold. In total there will be 275 homes on a total of 260 acres located at 4177 W. Indiantown Road, Jupiter, FL 33478
PB County October 2015 Housing Sales
Hot off the presses. The Realtors Association of the Palm Beaches (RAPB) just releases the housing sales numbers for October 2015…
Closed sales of Single family homes are off every so slightly while condo and town home sales are up slightly. In Jupiter closed sales of all products is down 8.4% and in Palm Beach Gardens down 3.3%. So what’s the story? It’s the adage of the old store keeper ‘It’s hard to sell from an empty shelf’. IN the entirety of the Town of Jupiter there are just 651 units for sale, down from 937 a year ago. I posted about the severe lack of inventory in the Bluffs. Between the Ridge and the River at the Bluffs there are 980 detached single family homes and there is just one currently active for sale at 976 Seashore. A similar story in Cypress Point where we have a small condo listed and it the only unit for sale. If a customer wants to be in one the houses at the Bluffs there is just one to go see.
Villas on the Green in Jupiter Unit 202
Tom Howard in our office has a great listing in Villas on the Green in Jupiter. Click on the address below to see the full listing details for this property
717 S US Highway One, Unit 202 Jupiter FL
This unit is now the least expensive unit in the complex and priced 30k below the next unit of the same size. These are well laid out floor plans. The unit is on the first floor for easy access. One can step out the back onto a grass area or continue down through a gate into Carlin Park and onto Jupiter Beach. The Unit has all laminate floors, a new AC and Water Heater. The kitchen and baths could use a face lift but that’s why it’s 30k less than the next listing. There is a stacked washer dryer in the unit as well.
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