Hello and welcome to the new boom in real estate. My name is Glenn Fradera. I'm a Broker in Delray Beach. I own Sunshine Properties of S. FL. We are a small boutique real estate company in Delray Beach. We serve most of Palm Beach County.  The market rose 28% in price for the month of August so far. I predicted this type of price increases 2 years ago. Everibody thought I was out of my mind. Properties are selling sight unseen in this area and there is no inventory to speak of. The banks are holding on to the foreclosures and releasing them a few at a time. They are waiting for the prices to reach a value they are comfortable with

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.

Buyers are coming from a far as Poland, Brazil, Canada, and Egypt. The market is hot!  Send me your experiences in the market if you get a chance to taynos@aol.com  Meantime I'll continue on this real estate blog tomorrow!

 

Regards,

Glenn Fradera
Broker/Loan Originator (373200)
Sunshine Properties of S. FL Inc
http://www.sunshinepropertiesinflorida.com
taynos@aol.com
Cell: 954-439-4184