Highland Beach Market Update

7-day Market Stats for Single Family properties in BOCA RATON, FL 33487 as of 09 Mar 2012
Median List Price:	$550,000	Average List Price:	$1,284,895
Total Inventory:	277	Price Per Square Foot:	$284/SqFt
Average Home Size:	2,171 SqFt	Median Lot Size:	130,680 SqFt
Average # Beds:	3.29	Average # Baths:	3.74
Homes Absorbed:	21	Newly Listed:	31
Days on Market:	151 days	Average Age:	28 years
Data provided by and ©2012 Altos Research LLC Reference Langrealty.com Please contact The Furht Ahmad Team for a Free Market Analysis! 561-703-6523,561-445-3818

Boynton Beach Market Update

7-day Market Stats for Single Family properties in BOYNTON BEACH, FL  as of 09 Mar 2012
Median List Price:	$215,000	Average List Price:	$364,540
Total Inventory:	1,260	Price Per Square Foot:	$109/SqFt
Average Home Size:	1,798 SqFt	Median Lot Size:	87,120 SqFt
Average # Beds:	3.00	Average # Baths:	2.53
Homes Absorbed:	112	Newly Listed:	96
Days on Market:	132 days	Average Age:	23 years
Data provided by and ©2012 Altos Research LLC Reference Langrealty.com Contact The Furht Ahmad Team for a Free Market Analysis of your home! 561-703-6523,561-445-3818

Boca raton Market Update

7-day Market Stats for Single Family properties in BOCA RATON, FL  as of 09 Mar 2012
Median List Price:	$474,950	Average List Price:	$1,095,592
Total Inventory:	2,290	Price Per Square Foot:	$187/SqFt
Average Home Size:	2,537 SqFt	Median Lot Size:	69,696 SqFt
Average # Beds:	3.59	Average # Baths:	3.73
Homes Absorbed:	153	Newly Listed:	188
Days on Market:	187 days	Average Age:	26 years
Data provided by and ©2012 Altos Research LLC Reference Langrealty.com

Short Sales and Foreclosures

Issue	Short   Sale	Foreclosure
Credit   Issues	Shows   as late payments & maybe as a “Paid as negotiated”.  Scores can   reduce depending on amount of late pays. Typically 50 – 75 points and as   brief as 6 – 12 months.	Reported   on credit for 10 years in Public Records section. Big black mark. Scores are   lowered 250 – 350 points and last over 3 years.
Buying   another home	Depending   on type of mortgage and your credit status, can buy again in 1-3 years and in   some cases, right away.	Ranges   from 4-7 years before you may be eligible.
Privacy	Records   as a sale, nothing else.	Your   information is Recorded in public records and stays there forever.
Judgments	Normally   with the Short sale all deficiency judgments are waived.	Will   owe the balance, attorney & court fees and interest. Will be recorded in   Public records and added into your credit report. It will potentially be   there until satisfied.
Emotional	Handled   pretty quick and then its done, allowing you to “get on” with your life.	Can   drag on for years without resolution.
Liability   for Insurance, Property Taxes and Association Dues, Realtor Commission, Past   Due Balances & Escrow Shortages	The   lender pays these at the sale.	You   continue to be liable for these until the foreclosure is done, which can take   years.  After foreclosure, these costs can incur additional judgments   and recording against you.
Harassing   Calls & Letters	Ends	Continues   for years until foreclosure done. Possibly again when judgments are recorded.
Collection   Activity	None	Judgments   can be sold to collection or Attorney firms. They can attempt to lien or   seize property or garnish salary in some cases.
Moving   Incentives  $$$	Depending   on type of short sale you are eligible for, you could receive a $1000 – $3000   moving incentive.	None
Current   & Future Employment	A   short sale is not reported on the credit report, so it’s not a challenge.	Employers   have the right and many are actively checking.
Security   Clearances, Sensitive Jobs & Professional Licensing	A   short sale is not reported on the credit report, so it’s not a challenge.	Employers   & regulatory agencies do check credit reports and it can have a   detrimental affect.
Insurance	A   short sale is not reported on the credit report, so it’s not a challenge.	Insurance   companies do check credit reports and price the insurance accordingly which   means higher rates.
Obtaining   a Rental Unit	A   short sale is not reported on the credit report, so it’s not a challenge.	Management   companies & Landlords do check credit reports and a foreclosure will   affect your ability to obtain a rental.

S. Florida’s Real Estate Market Looks Hot Again

MIAMI – May 24, 2012 – Bidding wars are erupting from Homestead to Weston, as home sales and prices take off, further reinforcing the end of a prolonged market slump.
A two-bedroom, two-bathroom, bank-owned condominium in Coral Springs sparked 64 offers within 10 days – selling for $71,000 on Tuesday, or 34 percent over its $53,000 listing price.
“It was a feeding frenzy. I’ve never seen anything like it,” said Marta DuPree, broker associate and vice president of the Keyes Company in Coral Springs. “It was a rentable building, so all the investors were out.”
In Broward County, the median sales price of single-family homes rose 17 percent in April to $205,000, and condominiums jumped 17.4 percent to $84,300, compared to prices in April 2011. And in Miami-Dade, home prices continued a five-month ascent – up 30 percent for condos, to $150,000, and 8.2 percent for single-family homes, to $183,000, compared to a year ago, according to figures released Tuesday by the Miami Association of Realtors.
Across South Florida, higher demand is leading to multiple bids and, in turn, elevating prices – as the real estate market keeps turning around.
“We have a very limited amount of inventory at this point and there are a lot less foreclosures on the market,” said Tony Garcia, district sales manager for the Keyes Company in Homestead. “What we are seeing is that people are going again to bidding wars … We’re in a situation where for 80 percent of contracts there are at least three or four offers for the same property.”
Realtors say the inventory of residential listings is way down. It has decreased 34 percent in the past year in Miami-Dade, from 17,897 to 11,878, and down 4 percent since March, the Realtors’ Association said.
Similarly, in Broward, the inventory of residential listings has dropped 30 percent in the past year, from 15,781 to 11,086, also down 4 percent from March.
With a housing stock of 16,000 homes and condos in Weston, only 254 single-family homes and 91 condos are currently for sale, said Chip Rowand, assistant district sales manager for the Keyes Company’s Weston office.
Neighboring areas of Southwest Ranches, Pembroke Pines, Davie and Cooper City are all experiencing a similar dearth of inventory, said Fritz Hawkins, general manager for the Keyes Company.
“We can put a property on the market and we can have multiple offers in one day,” he said.
Investors with cash – predominantly foreign buyers – continue to fuel the market.
In both Miami-Dade and Broward, 64 percent of closed sales in March were all-cash sales, with the vast majority to international buyers, the Miami Association of Realtors said.
“We’re at a point where builder inventories are low, and in fact, for some builders, sales are proceeding faster than they can build,” said Brad Hunter, South Florida director for Metrostudy, a housing market advisory firm headquartered in Houston.
“For those who are waiting four or five or more years for home prices to stabilize and start edging back upwards, we are essentially there,” he said.
Meanwhile, distressed properties still make up a large number of sales.
In April, 47 percent of all closed residential sales in Miami-Dade were distressed, including REOs (bank-owned properties) and short sales, compared to 59 percent in April 2011 and 49 percent the previous month.
In April, 38 percent of all closed residential sales in Broward were distressed, compared to 50 percent in April 2011 and 41 percent the previous month.
Even more distressed properties are sure to hit the market, which could still dampen prices, analysts say.
“We still have 52,000 foreclosures that haven’t been sold, and it is still taking 809 days to process a foreclosure in Florida,” said Jack McCabe, chief executive of McCabe Research & Consulting, based in Deerfield Beach.
When those distressed properties become available, they may be sold online, rather than through Realtors, he said.
“Things are better, but they are still not great, and there is still a flood of distressed property yet to be sold,” McCabe said. “And that will have an impact on the marketplace.”
Statewide median sales prices in April increased 10.2 percent to $144,350 for single-family homes and 16.1 percent to $108,000 for condos, according to the Florida Realtors Industry Data and Analysis department and vendor partner 10K Research and Marketing. The national median existing-home price for all housing types was $177,400 in April, a 10.1 percent increase from April 2011.
Copyright © 2012 The Miami Herald, Ina Paiva Cordle. Distributed by MCT Information Services.

What buyers often overlook in home purchases

WASHINGTON – May 7, 2012 – While a home’s appearance, financing and location sway many buyers, housing experts say they often overlook other important factors that may keep them happy for years to come with their home purchase.
A recent article at U.S. News & World Report lists tips for those often-forgotten aspects of homeownership. Here are some of those overlooked aspects:
• Zoning of nearby areas: What you see today may not be what you see a few years from now. Communities’ and neighborhoods’ landscapes can drastically change in a few years. And while some of these changes may be good – such as the addition of a nearby recreation park or school – some may be viewed as a negative, like a new highway overpass behind the property. By reviewing upcoming plans and existing zoning at the city’s urban development department, home buyers can get a better idea of what the future may hold for the surrounding area of the neighborhood they choose.
• Remodeling rules: Some community associations may set limitations on what can be done to a property, particularly if the buyer ever wants to make exterior changes like adding a garage or guest house. Purchasers who plan to have a house grow with their family’s needs through the years may want to investigate such rules beforehand to make sure that they’ll be able to add onto their home as needed.
• Impact of crime rate: Home purchasers may not realize how buying a home in a low-crime area can help their budget. Car insurance, for example, might cost less in a neighborhood where property has historically been safe.
Source: “4 Not-So-Obvious Things to Research Before Buying a Home,” U.S. News & World Report (May 2, 2012)

South Florida housing market has hit bottom, Zillow says

After six years of historic price declines, South Florida’s housing market has hit bottom.

So says Zillow.com, a Seattle-based real estate website that reports home values aren’t just stable but rising in Miami-Dade, Broward and Palm Beach counties. Prices in South Florida reached their low point at the end of 2011, according to Zillow.

The optimism extends beyond Zillow. The Sun Sentinel interviewed a dozen builders, buyers, analysts, real estate agents and other local housing observers, and 10 agreed that the region has reached a housing floor, despite concern that another wave of bank-owned homes will hit the market.

The median value for all homes in the three counties is $141,300, up 1 percent from a year ago, Zillow says. While values still may dip in some areas from month to month, the website says overall prices are expected to climb about 6 percent in the next year, making it one of the nation’s best-performing housing markets.

“For people who have been waiting to time their home purchase close to market bottom, it’s time to start shopping,” said Stan Humphries, Zillow’s chief economist.

Most experts don’t anticipate a quick turnaround, but neither do they predict prices will fall farther.

“There are a lot of good signs,” said Ken H. Johnson, an economist and finance professor at Florida International University. “If the guy who buys today looks to sell in a few years, I don’t think he will have made such a good decison. But if he buys and holds off selling for eight years or so, he’ll think, ‘Man, I made a good investment. That was really shrewd.'”

Some say the housing bust that began in 2006 rivaled the Great Depression. Demand from short-term investors and easy lending standards fueled a frenzy that ultimately collapsed, ushering in foreclosures and price declines.

Prices for existing single-family homes tumbled by more than 50 percent in Broward and Palm Beach counties. Condo values plummeted by more than 60 percent.

With prices back to levels last seen in 2002, demand is strong again, particularly from foreign investors and others willing to pay cash.

As a result, the South Florida market is heating up, real estate agents say.

Home values in 21 of 32 Broward cities, including Fort Lauderdale, Oakland Park and Deerfield Beach, have increased from a year ago, Zillow says. In Palm Beach County, Gulf Stream and Highland Beach are among 17 communities with higher values.

Bidding wars have returned as buyers compete for a shrinking supply of homes. Inventories of single-family homes in Palm Beach and Broward counties have fallen in the past year by 38 percent and 48 percent, respectively, local Realtor boards say.

Broward agent Marisa DiLenge said a client recently offered $10,000 above the asking price. Another client, Sarah Brobst, said she and her husband placed an offer on a three-bedroom home in Plantation the first day it went on the market because they were worried they’d lose it to another buyer.

“I honestly am a little afraid,” DiLenge said. “I think we’re setting ourselves up for the craziness that we had before.”

Some real estate observers are skeptical that prices have gone as low as possible.

While sales of existing homes and construction of new homes have likely reached their low points, overall home prices could still fall farther, said Greg McBride, senior financial analyst with Bankrate.com, a consumer website in North Palm Beach.

After a self-imposed moratorium to address possible paperwork errors in late 2010 and 2011, lenders have resumed filing foreclosures, and eventually those repossessed homes will hit the market and drag down prices, McBride said.

“I don’t think prices are going to drop another 10 percent,” he said. “But they still could soften some more.”

At year-end 2011, Florida had 550,000 homes in or near foreclosure, representing about 30 percent of the U.S. total, according to a report last week from Florida Realtors. But banks aren’t flooding the market with properties, and the state’s so-called shadow inventory is declining, the report said.

While some worry about the impact of these bank-owned homes, others insist the properties will help the market, not hurt it.

“Anything that comes on the market is good,” said Becky Walzak, a Deerfield Beach-based mortgage industry consultant. “We can use it.”

Buyer Alexander Fischer isn’t convinced that South Florida has reached a housing bottom. He thinks prices in some areas are headed down.

Still, Fischer, 27, isn’t willing to bet on that. He decided to look for his first home now and found a great deal: a three-bedroom house for $184,000 in a Plantation neighborhood where some prices top $200,000.

He’s redoing the floors and expects to move in this month.

“It’s still a buyer’s market,” Fischer said. “But sellers are starting to raise their prices a little.”

Reference Sun-Sentinel.com

One Thousand Ocean…A Spectacular Gem on the Atlantic Ocean! – Boca Raton, Florida

One Thousand Ocean is an elegant icon of modernist architecture in Boca Raton. The shimmering light of the water’s edge provides the design inspiration for the seven-story, nautilus-shaped building. A private collection of luxury oceanfront condominiums, beach villas and penthouses, One Thousand Ocean is positioned on the Boca Raton Inlet peninsula—surrounded by the Atlantic Ocean and Intracoastal—creating a unique living experience of relaxed formality and discreet community. Exemplary service, including concierge assistance and valet parking, completes the ambience.

•Only 11 of the 52 residences remain at One Thousand Ocean, located adjacent to the grounds of the Boca Beach Club and the world-famous Boca Raton Resort & Club, a Waldorf-Astoria Collection property

•Surrounded on three sides by water — the Altantic Ocean, the Boca Raton Inlet and the Intracoastal waterway — One Thousand Ocean truly enjoys a location unlike anywhere else in the world

•The remaining inventory is a variety of one-of-a-kind residences: 3 Penthouses, 2 Two-Story Beach Villas and 6 Residences •The Residences and Beach Villas range from approximately 2,600 sq. ft. to 5,837 sq. ft. of living space, priced from just under $3,000,000 to approximately $7,000,000

•The three remaining Penthouses offer the most extraordinary space in all of South Florida.They range from 5,652 sq. ft. to 5,837 sq. ft. and are priced from approximately $3 to $15 million

Beach Villa 101
http://cmd.shutterfly.com/commands/pictures/slideshow?site=onethousandocean&page=onethousandocean&album=125

Residence 208

http://cmd.shutterfly.com/commands/pictures/slideshow?site=onethousandocean&page=onethousandocean&album=119

Residence 301

http://cmd.shutterfly.com/commands/pictures/slideshow?site=onethousandocean&page=onethousandocean&album=87

Let us know your thoughts!

Florida’s Housing Shows Positive Trend in March

ORLANDO, Fla. – April 19, 2012 – Florida’s housing market had increased pending sales, higher median prices and a reduced inventory of homes for sale in March, according to Florida Realtors® latest housing data.

“With the continued steep decline of inventory, historically low-interest rates and buyers no longer willing to wait on the sidelines, Florida’s real estate market continues on its road to recovery,” says 2012 Florida Realtors President Summer Greene, regional manager of Better Homes and Gardens Real Estate Florida 1st in Fort Lauderdale. “The latest numbers show that pending sales are up almost 30 percent for single-family homes and almost 20 percent for townhomes and condos.”

Pending sales refer to contracts that are signed but not yet completed or closed; closed sales typically occur 30 to 90 days after sales contracts are written.

The statewide median sales price for single-family existing homes in March was $139,000, up 10.3 percent from the year-ago figure, according to data from Florida Realtors Industry Data and Analysis department, and vendor partner 10K Research and Marketing. The statewide median for townhome-condo properties was $105,000, up 20.8 percent over March 2011.

The national median sales price for existing single-family homes in February 2012 was $157,100, which is slightly higher than the previous year, according to the National Association of Realtors® (NAR). In California, the statewide median sales price for single-family existing homes in February was $266,660; in Massachusetts, it was $255,000; in New York, it was $220,000; and in Maryland, it was $212,301.

The median is the midpoint; half the homes sold for more, half for less. Housing industry analysts note that sales of foreclosures and other distressed properties continue to downwardly distort the median price because they generally sell at a discount relative to traditional homes.

Statewide sales of existing single-family homes totaled 18,370 in March, down 5.7 percent compared to the year-ago figure. Looking at Florida’s year-to-year comparison for sales of townhomes/condos, a total of 10,012 units sold statewide last month, down 12.4 percent from those sold in March 2011. NAR reported the national median existing condo price in February 2012 was $153,000.

In March, there was a 5.9-month supply of single-family homes in inventory and a 6.0-month supply for townhomes/condos, according to Florida Realtors.

“The encouraging trends we’ve seen in the Florida housing market are continuing, with very strong pending sales and decreasing inventory,” said Florida Realtors Chief Economist Dr. John Tuccillo. “The large jump in median sales prices for both single-family homes and condos is a sign that buyers are now looking at higher priced properties, while it’s becoming tougher to find properties at the lower end of the market.”

The interest rate for a 30-year fixed-rate mortgage averaged 3.95 percent in March 2012, down from the 4.84 percent average during the same month a year earlier, according to Freddie Mac.

Reference NAR Florida Realtors

Boca Raton Florida – Colonnade and Boca Tierra – A Perfect Neighborhood For Your Family!

Boca Tierra and Colonnade at Glen Oaks in Boca Raton Florida is one of the area’s most desirable non-gated communities. Nestled among towering oak trees offering a park like setting. The community is comprised of 350 single-family, one-story and two-story homes built in the mid-1980’s. The homes here sit on generously sized lots and range in size from approximately 2,200 square feet to over 5,000 square feet. The community boasts a beautiful lakefront 16 acre public park in the center of the community with tennis courts, basketball courts, jogging and bike paths, picnic areas, gazebos and a playground. Surrounded by the A-Rated Public Schools and  the best of Private Schools. Please click on the link below to view the available homes:

http://www.idxre.com/toppicks/38203/ColonnadeandBocaTierraatGlenOaks/81287

Enjoy the best of Boca Life!

Delray school listed among nation’s top healthiest

Thank the fresh fruits and veggies for making a Delray Beach school one of the healthiest in the country. S.D. Spady Elementary School is among 47 schools in Florida that won the USDA HealthierUS School Challenge.

It was the only South Florida school to make the list, the state Department of Agriculture and Consumer Services said Monday.

Schools score points for serving vegetables and fresh fruit, for offering nutritional education and physical fitness classes. Other winners: whole grains, skim milk and vending machines with low-fat, low-sugar snacks.

Reference The Sun Sentinel

Delray Beach Market Update

7-day Market Stats for Single Family properties in DELRAY BEACH, FL  as of 09 Mar 2012
Median List Price:	$326,500	Average List Price:	$907,347
Total Inventory:	1,364	Price Per Square Foot:	$154/SqFt
Average Home Size:	1,910 SqFt	Median Lot Size:	95,832 SqFt
Average # Beds:	3.14	Average # Baths:	3.54
Homes Absorbed:	80	Newly Listed:	85
Days on Market:	154 days	Average Age:	26 years
Data provided by and ©2012 Altos Research LLC Reference Langrealty.com Please contact The Furht Ahmad Team for a Free Market Analysis of your home! 561-703-6523, 561-445-3818