When looking for a new home, many people are tempted to go it alone.  This usually ends up being quite a daunting task, even for the most tenacious and focused homebuyer.  Here are 10 ways that having a Realtor on your side can help:

1. Realtors research desirable neighborhoods and can relay important information to homebuyers such as home values in the area, amount of taxes paid and zoning restrictions.
2. Realtors can help find financing, prequalify you for a loan and can refer you to home inspection companies.
3. With knowledge about the way other homes in the area are selling, a Realtor can help determine a fair buying price.
4. A Realtor can suggest changes to make to the home to make you more comfortable and to make it a better investment, should you need to sell it in the near future.
5. Realtors can handle many of the tedious tasks – such as paperwork – for you, saving you time and energy.
6. A Realtor usually goes to the closing with you, giving you peace of mind that if an issue should come up, it will be taken care of effectively.
7. Realtors must abide by a code of ethics, treating everyone involved in the transaction fairly and equally.
8. A Realtor has the tools and ability to find the best suited home for you in the most affordable price range.
9. Simply put, a Realtor has the professional experience to put in the time and effort and do the job right.
10. A Realtor’s services are usually free to a buyer – commission is normally paid by the seller.

According to a report by the Florida Association of Realtors, newly lowered prices of existing single family homes is the main reason for the Treasure Coast’s 43% rise in sales, the largest annual percentage gain in the state.

After months of sales dropping in the double digits, Palm Beach County’s sales dropped only 3% last month from last year’s levels, another positive sign that the market is stabilizing.

Sources at the Realtors Association of the Palm Beaches agree, saying that buyers have been waiting to see how much prices will drop.  And they did -- median prices of existing homes in Palm Beach County fell 12% to $334,300 since June 2007, and in Martin and St. Lucie Counties, median prices fell 32% to $160,800.

Also according to the report, existing condominium sale prices fell 24% since June 2007 to a median price of $153,200, making them more affordable to first-time buyers. Martin and St. Lucie counties’ media price fell to $165,000 – a drop of 28%.

This reflects two things, according to analysts.  One – sellers are becoming more realistic about pricing their properties, and two – the amount of foreclosures in the upcoming months will drive down prices in the next 24 months.

Across the state, existing home sales fell 5% compared to last year’s figures.  Nationally, sales fell by 15%.  These low sales levels also mean lower prices – the median price dropped by 7% compared to figures from last year. 

Economists warn that there is still a way to go, but are hopeful that this is at least the beginning of the end.

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 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.

According to industry reports, large condominium residences are selling rather swiftly, due to maintenance and security issues connected with owning a single-family home.  Buyers in this category recognize the value of having less upkeep with the same amount of living space.

According to a survey of 500 Realtors, the curb appeal alone of a home plays a large part on whether or not a buyer even walks in the door.

82 percent of the Realtors surveyed stated that they have had clients decide not to look at the interior of a house after only seeing the exterior. 

56 percent of those surveyed claim that they have suggested to sellers that they replace older, less energy efficient doors and windows with newer, energy saving models. 

91 percent of Realtors said that a prospective buyer’s impression of the exterior of the home is just as important as the inside.

Other factors that influence a buyer’s decision include the amount of natural light, overall appearance of windows and doors and whether or not there are energy-efficient appliances and environmentally friendly “green” items in the home.

The following article appeared in the February 1 issue of the Palm Beach Daily News.

Friday, February 1, 2008

Many home buyers in Palm Beach today are trying to sense where the bottom of the market is before they commit to a purchase.  Even so, they add, a well-maintained home that appears fresh and in good condition can certainly attract buyers.

"Palm Beach has always been a stable real estate environment, says Gordon.  "Many properties will experience a downward trend, because of overstated values or condition.  But overall, Palm each real estate should be a secure real estate market and provide a good long-term investment."

One key to selling a house is to remove all the negatives a buyer may find.  That means taking a proactive approach to both the interior and exterior maintenance of your property, Ray says.  "Your investment upfront to shape up your home should reduce the days on market."

Gordon offers a few suggestions to accomplish that goal.  boost curb appeal with fresh paint, a new front door, new pavers or landscape lighting.  Maintain and update your landscaping with fresh beds of flowers and new mulch.  Pressure-clean the roof, driveway and walkways.

Inside, remove clutter from shelves and cabinets, closets, the garage and major rooms to give the appearance of a clean, organized property.  Clean the windows.  Fresh paint, new carpet, clean tile grout or refinished hard surface flooring can make a noticeable impact.  Updated bathrooms, kitchen appliances, countertops and cabinets always add to the "wow factor."

When establishing a value of your property, trust your Realtor, adds Gordon.  "Understanding Palm Beach properties doesn't happen overnight," he says.  "Our company has been established in Palm Beach since 1986.  We have the experience and know-how, and we can help you determine the best approach to marketing and selling your property as well as establish a realistic market price.

 Visit Scott Gordon Realty at 255 S. Ocean Blvd, Manalapan; call 561-533-5888.  Or visit the web sites www.scottgordonrealty.com and www.exclusiveestates.info.