While overall sales in Palm Beach have slowed, one area seemingly less affected have been the luxury homes and condos.
In the last three months several of our biggest sales were
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Despite the continued housing market hardships, Palm Beach real estate continues to provide unprecedented buying opportunities for intrepid and financially savvy buyers. As everyone knows sellers are also quite willing to negotiate on price, sometimes resulting in over $45,000 dollars in savings on purchases of Palm Beach homes.
Obviously the continued news of dwindling home prices is not favorable. But like many real estate experts have predicted, the glut of unsold Palm Beach real estate sitting quietly on the market awaiting buyers is finally beginning to come down for once as the year has progressed leading many to believe that the Palm Beach real estate market and--South Florida real estate market for that matter--are slowly approaching the bottom. While there is still more than a year’s worth of Palm Beach condos and Palm Beach homes up for sale, the actual number has decreased considerably, brining it closer to two years.
Does this signal an impending real estate market renaissance for Palm Beach? That’s still too early to say and for the time being there is still twice as many homeowners attempting to sell off their property than there is people wanting to buy them. However, as was mentioned, the actual number of homes up for sale is considerably less than the figures of early 2008.
Most people will agree that a true market recovery will not be happening anytime soon since the country is still grappling and figuring out how to deal with the fallout of the poor lending practices that lead to the market collapse in the first place. However, many realtors and followers of the housing market are looking at these recent decreases in inventory with a grain of salt and plenty of cautious optimism. During a time when the market’s future is still uncertain and could potentially improve or get worse, any positive news is certainly welcome.
Over the summer, both Bruce Springsteen and Rep. Mark Foley bought homes in Palm Beach County.
The Boss purchased a 5 bedroom, 6 bath, 7,800 square foot home in Equestrian Club Estates in Wellington for a purchase price of $3.1 million. According to reports, Springsteen’s daughter Jessica is interested in equestrian activities – all the better since their next door neighbor is Mark Bellissimo, owner of a show jumping stadium.
Rep. Foley, on the other hand, purchased a 1,000 square foot condo at One City Plaza in downtown West Palm Beach. Foley paid $160,000 for the condo, which has been assessed at $214,000 and previously sold for $279,000 in 2006.
Great deals in many states are attracting international buyers looking to take advantage of our softer dollar. Some of the most popular states are Florida, California, Texas, Arizona, New York, Washington and Nevada, although international buying is not only limited to those states.
According to many full time Realtors, overseas buyers comprise a good portion of their revenue and this has increased even more in the last year. Over half of prospective International buyers complete their transaction. Those who do not have concerns with the length of stay their Visa allows, property taxes or immigration laws.
Typical investments include single-family homes, condos or town-homes for vacation purposes, used on average 2-3 months of the year. Amazingly almost half of the transactions are completed with cash. The majority of the overseas buyers home countries are Canada, United Kingdom, Mexico, China, India and Germany.
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