According to a recent article, 90% of today’s homebuyers begin their property search on the internet.  They are smart and educated, and are willing to do their own research on a property that interests them long before contacting an agent.

At Scott Gordon Realty and Exclusive Estates, a division of Scott Gordon Realty, we recognize and welcome this trend.  Our recently revamped website contains the most up-to-date listing information, financial tools such as a mortgage calculator and neighborhood and area maps.

We implemented these devices to give today’s web-savvy buyers the resources they need to be well-informed and to have an educated, realistic view of the current market. 

With access available to the world, we also recognize that the internet is a powerful marketing tool.  Our website is linked to a host of search engines and our listings feed from two separate MLS services, effectively providing double the amount of exposure to buyers and brokers.  Our partnership with Realtor.com and the Palm Beach Post Online also allows potential buyers to view our selection of listings at their leisure, whether they are local, out of the state or out of the country.

Today’s Real Estate firm needs to understand today’s technology and how to use it effectively.  At Scott Gordon Realty  we have the skills and the strategy to use that technology to benefit buyers and sellers alike.

Previously unnamed, the buyer of Donald Trump’s $100 million oceanfront estate is Russian billionaire Dmitry Rybolovlev, according to reports.

Rybolovlev is said to have acquired his fortune in the fertilizer industry and has no plans to relocate his primary residence to the United States, commenting to news sources that this latest purchase is merely an investment.

Trump bought the property four years ago at auction for $41.4 million and poured $25 million into renovations, producing a 62,000 square foot estate with nine bedrooms, conservatory, ballroom, art gallery, two guest houses and 48-car garage.

Rybolovlev was listed at number 59 on the Forbes list of billionaires, estimated at a worth of $12.8 billion.

Trying to sell a Palm Beach home in today’s real estate market?  Chances are it’s turning out to be a bit more involved than anticipated.  Neighborhood evaluation, staging, competitive pricing, they’re all crucial factors in successfully selling South Florida homes.

Competitive pricing is however something many Palm Beach Florida homeowners are choosing not to do, instead opting to set a fixed price based upon what they believe the property is worth regardless of market conditions when today’s real estate market practically demands that a seller price competitively.

Most, if not all real estate agents will strongly advise a competitive home sale strategy which usually involves cutting down the asking price to match what property values in the neighborhood are worth.  This makes complete sense yet many sellers hire a real estate agent only to disregard this particular advice.  The home’s value speaks for itself and it therefore shall sell at the price the homeowner believes it’s worth.  A few years ago this would’ve been perfectly fine but in a time when buyers and investors are choosy and looking to save money, it may hinder home sale efforts.

The logic is pretty simple.  Why pay $180,000 for the property when the one next door is equally as nice and is being listed for $140,000?  That translates to over $35,000 dollars in savings that remain in the buyer’s pocket instead of the seller’s so why buy the higher priced home?

“Time is money” literally applies to real estate.  Every month that goes by equals less property value, at least in buyer’s eyes.  Existing market conditions mean a foreclosure can now appear at any time in your neighborhood and if that happens, your property will be valued for much less.  So that whole competitive pricing thing?  Take advantage of it.  Why continue to allow the home to lose value when buyers are looking for a good price?

Once again, amid news that Palm Beach County’s property values are plummeting, the towns of Palm Beach and Manalapan continue to see their property values rise.

According to the Property Appraiser’s office, overall property values in Palm Beach County fell by 7% within the past year – except for 5 towns which saw their numbers rise.

Out of the County’s 38 municipalities, Palm Beach, Manalapan, Mangonia Park, Gulf Stream and Jupiter Inlet Colony were the only ones to see an upswing in their estimated taxable value from 2007 to 2008.

The largest rise is in Manalapan, with a 7.23% increase, next is Palm Beach with a 6.18% rise, Jupiter Inlet Colony’ value rose 3.09%,  Mangonia Park and Gulf Stream round out the last of the rising property values with 1.77% and 1.71%, respectively.

Despite the fact that the Real Estate market in most of the country is feeling the pinch, the Island of Palm Beach continues to buck the trend with several high-end property sales this season.

Described as the opposite of a bubble, sources within the industry say that the demand for Palm Beach property is increasing, while availability is decreasing.  And, judging from the amount of record-breaking sales in the last few weeks alone, it looks like it will continue.

Industry experts cite a couple of reasons for the anti-bubble situation in Palm Beach.  First, investors are recognizing the potential value of owning property on the Island, rather than investing their money or playing the stock market.  Also, supply has been reduced by the ever-growing practice of merging two or more properties into one large parcel.

Some of the more notable sales this season include:

Trump Mansion Under Contract for $100 M

A 62,000 square-foot oceanfront mansion owned by Donald Trump has reportedly sold for its full asking price of $100 million to an unnamed foreign buyer.

Trump bought the 6-acre property in 2004 for 41.35 million and spent $25 million renovating it to include nine bedrooms, media room, wine room, art gallery, conservatory, ballroom, two guest houses and a 48-car garage.

Trump predicted he would sell the property at that exact price three years ago, before it ever went on sale.  After toying with the idea of converting the property into a luxury hotel, he dropped his original asking price of $125 million recently, after reportedly turning down offers ranging between $85 and $90 million.

According to reports, the unnamed buyer is contemplating tearing down the current structures and perhaps dividing the land into multiple parcels.

Kimmel Mansion – Speculated Price $75M

Built in 1998 and designed by architect Thierry W. Despont, Sidney Kimmel’s European-style Palm Beach mansion at 1236 S. Ocean Blvd is under contract for a reported $75 million.

According to reports, the buyer, who wishes to remain anonymous, was the second to make an offer on the property, which attracted celebrities, athletes, wealthy patrons from abroad, key figures in business and even a Saudi prince.

Depending on how you view it, the sale price could exceed the Town record set for residential real estate in 2004 – the sale of Casa Apava for $70 million to Dwight Schar, Chairman of NVR Inc.  Schar also purchased two vacant plots across the street from the same person for $22 million, his purchases totaling $92 million.

Palm Beach Homeowners Get Offer They Can’t Refuse

Proving once again that Palm Beach follows its own set of rules, word on the Island is that George and Frayda Lindemann’s oceanfront residence at 60 Blossom Way has been sold for a price rumored to be between $70 and $80 million – and it wasn’t even on the market.

The 27,000 square feet Balinese-style mansion is situated on a 3.7 acre lot and has 320 feet of private beach.  The Lindemanns finished building their home, designed by Peter Marino, in 2000.

Clearly, the offer was too tempting to pass up. However, according to reports, the Lindemanns will stay in Palm Beach, possibly moving farther North and into a smaller, more manageable residence.

Developer Swanson Sells Spec House

Dan Swanson, a developer for Addison Development Co. sold the property at 589 N. County Road in December for an undisclosed amount, although sources place the price between $40 and $47 million.

Bought in 2001 for $11.8 million, Swanson demolished the 1962 Bermuda-style home that was there and replaced it with a 15,700 sq. ft. compound with two guest houses and a seven-car garage.

Reef Sells for $31.85M

In another surprise Palm Beach sale, The Reef was sold to Stephen M. Ross, co-owner of the Miami Dolphins.  The property was not listed for sale, and no real estate brokers participated in the transaction.

Ross is also chairman, CEO and founder of The Related Companies, developer of Time Warner Center and multiple luxury towers in New York City.

Worth Ave. Home Sells All Contents

On the market since fall 2006, the lakefront property at 460 Worth Avenue sold for $19.94 million, plus an additional amount for everything inside.  The Seller, Stephen E. Myers Sr., co-founder and chairman of US Cable Group, bought the property in 1993 for $4 million – a nice profit in any market.

The Buyers, Karlheinz and Marianne Andresen, have another waterfront home in Hamburg, Germany, where Karlheinz Andresen Land Administration Co. is located.

The Worth Avenue home was built in 1991 on the spot where socialite Sue Whitmore lived.  In 1920, however, the site was home to Villa des Cygnes – House of Swans – built for Major Barclay Warburton and designed by Palm Beach fixture Addison Mizner.

Il Lugano Penthouse sells for $12.1M

In what is most likely a record price for a condominium in Palm Beach, the penthouse of the West building of the Il Lugano condominium was bought from Miami Dolphins co-owner Stephen Ross for $12.1 million.

The unit at 300 Seminole Ave has 5,798 square feet, is situated on an entire level of the building and has five terraces that overlook the Intracoastal, Palm Beach and also the Atlantic Ocean.

Renovated in 2000 by developer Richard Schlesinger and his son Adam, what used to be the 66 unit Dorset House was totally restructured into 14 luxury condominium apartments, taking out a level of the building to accommodate larger units with higher ceilings.  The unit also boasts a private cabana, boat dock and 4-car garage.

Former Xerox CEO’s Estate Sells for Over $10M in Manalapan

In terms of fixing what’s wrong with the real estate market, everyone has their own two cents and thinks their solution is more effective than another.  The fact of the matter is South Florida homes and properties around the country are not selling.  That problem can be attributed mostly to the whole subprime mortgage situation and the lack of a capable solution.

The Federal Housing Association (FHA) has quietly been running what many consider is a straightforward resolution behind the scenes called FHASecure.  This program adopts the simple approach of renegotiating mortgage financing terms for struggling homeowners so that they end up with a fixed rate and fixed monthly payment.

Strange as it may sound, subprime mortgages are actually not all that common which makes one wonder how it is then, that they’ve managed to cause so many problems.  A subprime mortgage carries a fixed interest rate which is only temporary, something many homeowners apparently didn’t realize until after the fixed term ended and payments subsequently skyrocketed to sums thousands of people simply could not afford giving them no choice but to end up defaulting and lose their cherished homes.

Using whatever resources the FHA itself has available, FHASecure has done wonders for a large majority of homeowners who fall mostly within the mid to lower class.  If the government decides to offer its own hefty resources towards it, FHASecure could be expanded so that it would assist even those borrowers who are scraping by and are considered to be high foreclosure risks.

A huge influx of monetary resources and government acknowledgement could potentially go a long way in reducing the country’s already overstuffed foreclosure inventory.  Could this be the answer that will get the real estate market out of its rut sooner than what market analysts and economists are anticipating?