The Sales stats for June were just released and the 2nd qtr Palm Beach County sales are up. No surprise there but look at by how much. In single family detached homes there were 13% more sales and the median sales price was up by 5.6% This is a good steady increase that out paces inflation. I like it. In condos and town houses we saw a smaller increase in the number of sales (6.6%) but a higher increase in the median sale price (11.1%). My read on this is with fewer condos and town houses on the market there were fewer sales by the lower supply made the larger increase in median sales price possible.
Some great links to Flood Information
FloodSmart Community Resources
https://www.floodsmart.gov/floodsmart/pages/partner/partner_index.jsp
Red Cross Disaster Safety Checklist
https://www.redcross.org/prepare/disaster-safety-library
Emergency Planning – Protect Your Pet
https://www.paw-rescue.org/PAW/PETTIPS/DogTip_EmergencyPlanning.php
How to Avoid Flood Damaged Cars
https://www.carfax.com/guides/buying-used/things-to-avoid/flood-damage
STEM Challenge for Kids – Building Flood Resistant Homes
https://practicalaction.org/beattheflood
Palm Beach County Real Estate Taxes
I get this one literally EVERY time I go out with a customer moving to the area…
“How much are the taxes? … Oh, that can’t be right”
Florida has no state income tax unlike most states such as New York (8.82%), New Jersey (8.97%) and my home state Massachusetts (5.15%). Thus a large portion of the operating revenue is collected from property taxes. This is a bit of the left pocket or right pocket conversation but the fact is, the tax man cometh.
Florida real estate taxes are collected in arears. Thus values, and those eligible for homestead exemption, are established on January 1 of each year. You have until March 1st to file for the Homestead exemption but remember you must reside at the property in question on or before January 1st. You will receive a proposed valuation of the property in early August and have 30 days from then to contest this proposed valuation. I have contested these valuations before with a some success but typically it’s not worth the time. The tax man rigs the system by consistently under valuing properties.
The tax bills are sent November 1st and receive a diminishing discount if they’re paid early of 4% if paid in November, 3% in December, 2% in January and 1% in February but are not actually due until March 1st and delinquent (incur a penalty) April 1st.
The millage rate (% of taxable value paid in taxes) varies depending upon if you’re in a municipality or unincorporated area of the county as well as varies from town to town. Remembering that valuations are done on a mass appraisal process and thus your property is NOT individually assesed (at say the last sales price) unless your in a ultra high end community like Seminole or Lost Tree. Here’s my math I tell people who will not be full time residents buying in Florida…
(Purchase Price) X (0.85) X (0.02)
Now, this is very simplified math and does not take into account that there are both ad valorem (according to value) and non ad valorem portions of the tax bill but if we use this then we can avoid the sticker shock. If you’r buying a million dollar property then…
1M * 0.85 * 0.02 = 17k a year in real estate taxes
What can I say, Palm Beach is not a cheap place to live. But again if you establish a residency here then you get the valuation of your property capped and no state income tax.
May Real estate sales for Jupiter FL and Palm Beach County
Well, the Realtors Association of the Palm Beaches just released the sales stats for May 2015 and the news is no new to those of us on the ground. This is a link to:
Palm Beach, FL May 2015
Jupiter, FL May 2015
Palm Beach Gardens, FL May 2015
County wide single family homes sales volume is up by 6% and sales prices are up by 5%. On Condos the county median sale is up by 12.6%. These are terrific numbers but to me the most important one is that the average days on the market is now just 42 days for single family homes and has dropped by 25% in the last year.
In Jupiter the trend continues to upward with the median sales price increasing again by 13.6 percent when compared to the same time last year and 14% so far this year. Again we see the days on market down considerably by over 10%
In Palm Beach Gardens the median sales price is up over 13% and market time is down by 8.3%. However the sales in Palm Beach Gardens are not quite as good as Jupiter as the year to date price increase is only 4.6%. I would attribute this difference in part to the fact that the sales did not fall as hard in PBG as they did in Jupiter.
Required Florida Condo Disclosures
In Florida the Seller of a condominium is required to make certain disclosure and provide the Buyer with certain documents. I will focus this article on the typical non developer required disclosures. First, as in any other non condominium sale, the Seller is required to disclose all known facts which may affect the value of the property. Note that this requirement to disclose material defects applies to the agents for the Seller as well as your agent, the agent for the Buyer. To assist the Seller in complying with this law, Realtors ask the Seller to fill out a . The law also specifies that the Contract between the two parties contain certain language. This language may be found in the CR-5_A. Condominium Rider to the contract. This language requires that should the Buyer request them then the Seller must provide the following documents at their own expense:
- CURRENT COPY OF THE DECLARATION OF CONDOMINIUM
- ARTICLES OF INCORPORATION
- BYLAWS AND RULES OF THE ASSOCIATION
- DBPRFormCO6000-4eff122302
- A COPY OF THE MOST RECENT YEAR-END FINANCIAL STATEMENT
The Buyer may also request a DBPR FL Condo Governance Form be provided to the by the Seller which if it’s available from the DBPR.
If ALL of the required documents are not available at the time a contract is negotiated then the time (3 days) from which the Buyer may rescind the contract is determined by the date on the Receipt of Condominium – Cooperative Documents
I copied this from the Florida Statute…
(2)NONDEVELOPER DISCLOSURE.—
(a)Each unit owner who is not a developer as defined by this chapter shall comply with the provisions of this subsection prior to the sale of his or her unit. Each prospective purchaser who has entered into a contract for the purchase of a condominium unit is entitled, at the seller’s expense, to a current copy of the declaration of condominium, articles of incorporation of the association, bylaws and rules of the association, financial information required by s. 718.111, and the document entitled “Frequently Asked Questions and Answers” required by s. 718.504. On and after January 1, 2009, the prospective purchaser shall also be entitled to receive from the seller a copy of a governance form. Such form shall be provided by the division summarizing governance of condominium associations. In addition to such other information as the division considers helpful to a prospective purchaser in understanding association governance, the governance form shall address the following subjects:
1.The role of the board in conducting the day-to-day affairs of the association on behalf of, and in the best interests of, the owners.
2.The board’s responsibility to provide advance notice of board and membership meetings.
3.The rights of owners to attend and speak at board and membership meetings.
4.The responsibility of the board and of owners with respect to maintenance of the condominium property.
5.The responsibility of the board and owners to abide by the condominium documents, this chapter, rules adopted by the division, and reasonable rules adopted by the board.
6.Owners’ rights to inspect and copy association records and the limitations on such rights.
7.Remedies available to owners with respect to actions by the board which may be abusive or beyond the board’s power and authority.
8.The right of the board to hire a property management firm, subject to its own primary responsibility for such management.
9.The responsibility of owners with regard to payment of regular or special assessments necessary for the operation of the property and the potential consequences of failure to pay such assessments.
10.The voting rights of owners.
11.Rights and obligations of the board in enforcement of rules in the condominium documents and rules adopted by the board.
Jupiter Florida April 2015 Sales Data
WOW! The Realtors Association of the palm Beach just released the sales data for April 2015. In Jupiter the median sales price is up 25% in the last year and there have been 16% more closed sales in April 2015 Vs. April 2014. This is a WOW statistic. There is now just 3.9 months of inventory at the current absorption rate. The March sales were up 15% year over year and now they’re continuing the upward trend. It’s interesting that Palm Beach Gardens is not seeing these kinds of numbers. They’re OK with 32% more sales but median price up only 4.6% and just 4.6 months of inventory the current absorption rate. In Jupiter there are 758 houses for sale out of a total of about 30k. This is about 3% of the total housing units are for sale. The numbers in Palm Beach Gardens are similar at 766/27663.
CLICK HERE to read the April 2015 sales information from RAPB for the various municipalities.
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