The Evans Report for the third quarter has been released and the upward  trend in Palm Beach real estate sales is continuing it's ascent. While much of the action has been min what the report labels "the bottom rungs of the price ladder" you have to remember that the low rungs in Palm Beach would be considered the Top Step in many other locations. There is a great summary of the report in the Palm Beach Daily News today.

For the whole story, click here.

The Polly Earl award, named after the late executive director of the Preservation Foundation of Palm beach, awards a Palm Beach property owner for outstanding service to the preservation of historic Palm Beach homes. 

At the conclusion of the annual trustees meeting Lisa and Claes Wahlestedt were awarded this years Earl Award for their property on Australian Avenue.

The Wahlestedts landmarked historical home is one of the oldest homes on the island.  Its located within the original Royal Park Addition neighborhood, originally platted in 1911 by Cap Dimick, Palm Beach’s first mayor. This area predates Town Hall.

The couple purchased the home in 2004 in pretty shabby condition. Taking careful measures to update the home without destroying its historic appearance the Wahlestedts expanded the home by about 1000 sq. ft. creating a new kitchen and family-dining area. Otherwise the floor plan did not change.
 

Included is the Sales Data as mentioned in the Palm Beach Real Estate Guide.

This historical home has been recently renovated throughout with special care to maintain its classic charm. The former home of John B Ford and his wife Mary Holland Ford; designed by renowned Palm Beach architect John Volk in the 1960’s. This luxurious oceanfront estate comprises of main house with 5 bedrooms, 6 bathrooms, 3 powder rooms plus a separate staff or guest apartment over the detached garage.  The house was renovated so that all of the major rooms offer a panoramic view of the ocean with all the finest amenities available.  This spectacular historic home is currently listed for $25 million. Contact Scott Gordon Realty at 561-533-5888 to schedule a showing.

Ask anyone why Florida remains so popular and opinions will vary wildly.  Most people will generally mention the many beaches, the sunny weather and the attractions that exist throughout the state such as Walt Disney World.  If we move down to the South Florida region, we already know Miami Beach is a major contributor to Florida’s appeal but it’s Palm Beach that arguably caters to the widest age demographic, among other cities.

Palm Beach real estate is popular with the older generation and boasts widely recognized names like Donald Trump while also offering beachfront properties for the young professional and investor wanting to live near the beach.  A few years ago however, most people found living in Palm Beach—and everywhere else in Florida—a little too much on the expensive side which subsequently drove many people to move elsewhere.

Baby boomers were among the groups of people who decided Florida was too expensive.  And while Florida can still be considered a little on the pricey side, the real estate market plunge it’s experiencing has made things substantially more affordable for people wanting to own beachfront condos in Palm Beach or a single family home by the water.  Baby boomers are looking for a place to spend their golden years and since prices in Florida have dropped so drastically, a lot of them may soon be calling it their retirement home.  While it may require some legwork, retirees can find very good deals on beachfront condos for over fifty percent less than its original asking price.

Palm Beach realtors would surely appreciate a surge in demand from baby boomers in order to help get them rid of all the existing property for sale but there is a potential problem that could arise if such a trend were to take place: as more and more young immigrants come into South Florida.  The large gap in age may cause public services to be spread too thin.  Chances are by the time a situation like that threatens to become a problem, there will already be a solution in place.

Prices and values for South Florida homes have generally seen an “across the board drop”, with some markets experiencing more drastic percentage drops than others.  The Palm Beach real estate market is actually one of the markets where prices and values are still doing significantly better in comparison and is therefore slightly less of an investment and/or buying risk than markets where prices continue to fluctuate.

On top of that, the state of Florida also seems to be eyeing Palm Beach with more confidence.  It recently bestowed the county’s local governments with its State Housing Initiative Partnership (SHIP) program, an $8.9 million dollar fund which, much like the name implies is intended to further develop programs and grants in order to boost homeownership among those with lower income and tackle foreclosure prevention by continuing to fund programs designed to assist distressed homeowners.

Receiving the SHIP funds does entail a few prerequisites however.  Programs designed to assist first time buyers and existing homeowners must already be in place and no neighborhood can have inflated mortgage rates that are higher than thirty percent of what the median value of homes in the neighborhood are currently at.  This removes the need to start from scratch and ensures that the funds are being used as effectively as possible.

The money does (and can) go beyond foreclosures and first time home buyer assistance.  Assuming the requirements have been met, governments may also choose to use the money to construct additional beachfront condos, take care of costly repairs or create additional assistance programs of some sort.

The more that can be done to help those people who don’t have six figure salaries or the homeowners drowning in mortgage debt, the better the chances of improving the country’s real estate market situation and SHIP can only work in favor of these buyers and homeowners.