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
 

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

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.

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.

Since 1917, the property has been bought, sold, razed and remodeled several times over by prominent businessmen, including a family member of the founder of Dun & Bradstreet, the onetime president of Standard Oil and chief executive of Limited Brands, Inc., among others.