Homes sales in the United States have shown strong increases since February, showing more improvement than estimated by many analysts.

Sales for single-family homes, town homes, condo and coops rose 5.1 percent from 4.49 million units in January to 4.72 million units in February.

Concentrating on lower price ranges, first time homebuyers are accounting for around half of all home sales. Many of the first time buyers are concentrating on distressed properties and bargains, accounting for nearly 40 to 45 percent.

In February the national medium used-home price was $165,400. The median is the price at which half sold for less and half sold for more.

Lawrence Yun, NAR chief economist noted “Given the downward distortion in price comparisons due to distressed sales, it’s important for owners to keep in mind that doesn’t equate to a similar loss of value for traditional homes in good condition.” 

NAR President Charles McMillion said “The number of buyers looking for homes rose 5 percent in February, and also was 5 percent above a year ago,” he also said “It appears most of the increase in buyer traffic occurred in the later part of the month, after the $8,000 first-time buyer tax credit was put in place. At the same time mortgage purchase applications have risen, so we expect to see sales picking up around late spring.”

“In this changing market, smart buyers and sellers consult with Realtors who can advise them about current conditions in their area and counsel them on the best way to move forward,” he said.

Call Palm Beach’s Real Estate Specialists at Scott Gordon Realty to assist you with your home buying or selling needs.

Scott Gordon Realty – 561-533-5888 www.scottgordonrealty.com
 

Luxury real estate has always been affordable in remote locations or in foreign countries, but affordable real estate in Palm Beach Florida? The same place that has sold some of the most expensive property in the U.S. is now selling incredibly luxurious property at surprisingly low costs.

So why is luxury property better to invest in than normal property? While it may seem like common sense, actually putting the numbers out there for you may provide an idea of how important this is.

The average property in the U.S. probably goes for around $200,000. If the real estate market you live in has seen a price reduction of 40-percent over the past five years the average home now costs $120,000. That means you saved $80,000 on a property which is amazing. But the average luxury home costs around $500,000 and if that same property has dropped 40-percent over the last five years the average luxury home becomes $300,000 saving the buyer $200,000.
 

Pending and Sold Condos on South Ocean Blvd
From January 2009 to March 2009 - Above $500,000.

Pending and Sold Condos are still holding strong on South Palm Beach.
If you’re looking to buy or sell a condo – trust the leaders in listings and sales
On South Ocean Blvd.

• Scott Gordon Realty - 561-533-5888  www.scottgordonrealty.com
 

PENDINGS
$2,950,000  - Bellaria
$2,595,000 – 2770 Building
$1,450,000 – PB Stratford
$799,000 – Halcyon
$750,000 – Atriums
$649,000 – Atriums

SOLDS
$1,100,000 – Beachpoint
$1,050,000 – Beachpoint
$630,000 – Cove
$575,000 – Atriums
$575,000 – 3120 Bldg
$525,000 – Atriums
$500,000 – Carlton Place
 

Just released: This year’s copy of the Evans Report. Palm Beach attorney, Leslie Evans, compiles the Evans Report annually. The report breaks down condo and single family home sales in geographic areas on the island.

For last year (2007) the average sales price of a single-family home was 5.11 million. This recent year (2008) the average sales price went up to $7.14 million.

The median single-family home price in 2007 was $3.5 million; the median home price in 2008 rose to $3.875 million. Median price is the price at which half the homes sold for less, and half sold for more.

Included in the report were 3 very publicized sales: Donald Trump’s home on 515 N. County Road in July – sold for $95 million. 1236 S. Ocean Blvd for 81.5 million and 60 Blossom Way for 68.5 million – both in April.

Recession or not, sexagenarians and septuagenarians are turning their eyes toward retirement. But retirees have more options than they have in the past and have different interests as well. A trend of retirees staying active would suggest that they'd like to remain close to urban areas and with the economy in its current condition that may not be such a bad idea.

Because of the declining value in 401Ks and economic instability many people are opting to partially retire by continuing to invest and maybe even continuing to work part time. If someone is deciding to partially retire, living in an urban area is a good idea. Living in an urban area like Palm Beach provides a variety of living options; particularly the condo-lifestyle and the home-lifestyle.

Palm Beach homes range from waterfront mansions to intercoastal villas, but usually uphold a high standard of luxury. Palm Beach is a popular place for boating so waterfront property is in high demand and usually comes with a dock or has a marina close by. 

Condo living is a choice if you want to invest in Palm Beach real estate for retirement. This option is growing in popularity as Palm Beach condos are known for having incredible amenities and residential features. They also have condos that are strictly for retirees which gives residents a community of friendly and familiar neighbors.

There's a lot to choose from when deciding on retirement property in Palm Beach, but the areas high reputation for luxury ensures retirees and semi-retirees a high standard of living.

Currently listed for 10.5 million, if sold at asking price the middle penthouse at Biltmore could break condo sales records for price per square foot!

Only one of 3 penthouses the middle condo offers unique expansive views of both the Intracoastal Waterway and the Atlantic Ocean. Offering 3,299 sq. ft. this two bedroom, 2 bathroom and 2 half bathroom home is unique in many ways. The east balcony expands across most of the 10th floor and the west 2 balconies are accessed from the master bedroom and the library.

Some of the penthouse’s luxurious features include a private elevator, “huge” butler’s pantry off the kitchen, expansive wood paneled library, one-of-a-kind views of the Ocean and Intracoastal as well as a poolside cabana, which can sell alone for $400,000.

The Biltmore was built originally as The Alba Hotel in 1925 and was converted to condos in the 1970’s. The Biltmore is certainly one of the most prestigious buildings to be found in the South East United States.