The DiVosta four-plex or Quad is a staple of the Northern Palm Beach County real estate. According to a book I read on the history of Palm Beach Gardens these were first used by Buzz at the Sandalwood location along Gardens Road and in the Estates Section off of Burns Rd. At this location they were used as economical housing. True to DiVosta form, they are built like bunkers with poured concrete roofs and walls. They can be found all over the North County including Sandalwood, PGA National, the Lakes at the Bluffs and the River at the Bluffs North. The product was so well received that there is a community in Tequesta where the design was copied but constructed in wood. There are several variations on this basic design but they all resemble the floor plan below for the 2 bed, 2 full and one half bath units. If you are looking at these, try to get one with the extra half bath. Otherwise you end up with a full bath downstairs which guests must use and the 2 bedrooms upstairs share the hallway bath.
September 2015 Housing in Palm Beach County up by double digits
September 2015 Housing in Palm Beach County up by double digits. I was just looking over the press release from the Realtors Association of the Palm Beaches and sales numbers are way up yet again. The number of single family homes sold in Palm Beach County was up by 12.8% and the median sales price is up 5.9%. Even better numbers for Condos and Town Houses which saw a 16.2% rise is the number of units sold and a 15.5% gain in the median sales price when compared to last year.
Inventory is extremely low still and this continues to drive prices up. Let’s look at total units for sale Jupiter Florida:
- September 2012 – 1187
- September 2013 – 860
- September 2014 – 915
- September 2015 – 641
Thus, the inventory in Jupiter went down by 46% from 2012 to 2015. AND, during this same time the median sales price went from 232,000 to 321,000. A 38% increase in the median sales price. Jupiter has about 30,000 housing units so about 2% of the market is now for sale. This is extremely low
Palm Beach County Market Update
Alton by Kolter update
I just got an email with some updates on the Alton development at the corner of Donald Ross Rd and 95. Kolter is developing this site which will be a mix of commercial and office space on Donald Ross with residential in the back of the property. The first phase to be built will be at the end of Grandiflora Rd just west of the Benjamin School. In this phase there will be a little over 100 single family house lots and some town homes. The detached houses will one and two story homes with 2 to 5 bedrooms, 2 to 4 full bathrooms and 2 or 3 car garage with an optional pool/spa. The first lots to be released will have southern expose with their back yards facing Grandiflora Rd and easy access to the new club house. The town homes will be 3 story, 3 to 4 bedroom with 2 to 3 full bathrooms and a 2 car garage in the back similar to others in the area of a similar design.
The model home grand opening is scheduled for December 2015. If you would like more information on these please feel free to contact us
Shoppes at Jupiter SOLD!
The Shoppes at Jupiter (201 North US Highway 1 , Jupiter, FL 33477) which were recently auctioned has sold on 20 August. The location consists of 24.35 acres with 196,941 s.f. of space sold to ORION VENTURE XI JUPITER LLC 200 S BISCAYNE BLVD FL 6, MIAMI FL 33131 for 27,772,500. This is $141 per square foot.
The sales history of this property shows the gyration of the local market in recent years. It sold for 9.2M in 1996, then 41.1M in 2008, 2M for a forclosure in 2013 and now 27.7M.
August 2015 Palm Beach County Housing Stats
No surprise here, the median price paid for a single family homes in Palm Beach County is up over 9% compared to the same time last year and condos are up 4%…
Source: 08-2015-pbc-market-update53D6793E081A.jpg (1871×2688)
For the same period in Jupiter, Florida the median sales price of all unit types (single family, condos and town houses) was up 7.6% and 10.9% for the year to date. This is a slow down in the sales prices and I see this as a good thing. Inflation plus 3 or 4% is what I would like to see.
In Palm Beach Gardens the numbers are similar but not as dramatic. Median sales price in August 2015 is up 4.8% compared to August 2014 and up just 2.6% for the year.
CLICK HERE to see the detailed municipality reports.
September 2015 Revised Far Bar As Is
In September of 2015 the FAR/BAR “AS IS” Residential Contract For Sale And Purchase which is used in 90% of all the transactions in the Jupiter area will be changed to reflect the CFPB regulations impacting the residential lending industry. These CFPB regulation are scheduled to take effect Oct. 3, 2015.
Click on this AS IS Residential Contract for Sale and Purchase to see the red lined document illustrating where the changes will be made. Basically though:
- The expected time for financing approval is now 45 days. 60+ day Closings will now be the norm and the cash offers will look much more appealing to the Seller.
- The Closing can be extended for 10 days is need be to comply with these new laws.
- HOWEVER, if the Closing is extended to comply with these new requirements it does not affect the window (7 days prior to the Closing Date) where the Contract may be terminated under Paragraph 8.
- Title commitment (for financing sales) must now be issued 15 days prior to Closing. It was always silly to me have the title commitment issued 5 days from the Closing and have a 5 day window for the Buyer to object to same. The title to the property IS what is being purchased. It is central to the transaction. As a practical matter though most title agents send the title commitment long before the deadline anyway. REMEMBER, the Buyer still only has 5 days after receipt of the title commitment to object to anything contained in it. Where this will be sent sooner now be sure EVERYONE, the lender and the Buyer and the attorney for the Buyer review it in this time frame.
- Survey must be done before the Title Commitment. Makes sense as the title insurance the Lender will require can not have an exclusion for encroachments, thus the title agent needs the survey for this. Look for the Title Agent to require the Buyer to pay for the survey up front instead of at Closing.
For those seeking a loan after 3 October 2015 you should download and review Your Home Loan Toolkit can be downloaded online through CFPB’s website.
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