Archive for October, 2012

507 S Cocoplum Drive | Egret Landing | Jupiter

October 28th, 2012

Unmatched & spectacular lake views will be enjoyed from this 3BR + loft home at 507 S Cocoplum Drive in Egret Landing in Jupiter. A charming porch greets you. Volume ceilings give an open and spacious feel. The formal living & dining rooms have crown molding. The 22×14 family room & granite kitchen take advantage of the lake views. The kitchen has loads of granite, stepped bar, gas range, cabinet space. Upstairs is an oversized master suite with huge walk-ins, oasis bath with coffered ceiling. A large loft makes for a great den & can easily be converted into a 4th bedroom. Unforgettable sunsets from your covered loggia, pool, & spa under the screen. A side yard is great for play or gardening. CBS construction on 2nd floor (except over garage), newer A/Cs & water heater. Accordion shutters give great peace of mind.

507 S Cocoplum Drive

 

507 S Cocoplum Drive – Pool & View

 

http://www.echofineproperties.com/blog/2012/10/507-s-cocoplum-drive-egret-landing-jupiter

http://www.youtube.com/watch?v=SvPKdbv4Kho

 

What does contingency mean in Florida real estate?

October 26th, 2012

Jeff,

This listing, and many others I have noticed, are listed as contingency rather than active. What is contingency? In MA we don’t really have this. I see the 10/31 “deadline” – we will not be down there till the following week. Is that too late for this particular property? Thank you for your help.

Peter

———————————————————————————

Peter:

Contingency means that there is some condition of significance that has not been met; loan approval, inspection, and deposits are 3 prime examples. Once the major contingencies are met, then it gets moved to pending. You can always write a backup offer on a contingency or a pending. My guess is that 90% of contingencies get to sold.

Thanks,

Jeff

———————————————————————————

Jeff,

Thank you for the quick response.  I had a feeling that is what it was, but you know what happens when you assume.  Thank you again.

Peter

29 Via Verona | Villa d’Este at PGA National

October 24th, 2012

Charming & delightful 3BR golf course home at 29 Via Verona in desirable Villa d’Este at PGA National. Incredible views & preferred eastern exposure will be enjoyed from the open, great room floorplan. The beautiful walkway leads to voluminous & cathedral ceilings in the living room. Many skylights give lots of light. A built-in console & window sliders lead to a large screened lanai with lush landscaping, pavers, and a pretty view. The gas kitchen has top appliances & wide open pass-thru. The master has cathedral ceilings, plantation shutters, and direct golf views. The ample bath has double vanities, Roman tub, and walk-in closets. 2 guest rooms will keep company coming. Extras include a 1-car garage, humidifier & intercom system. Located on a private cul-de-sac street. Low HOA fees & close to the community pool.

29 Via Verona

 

29 Via Verona – View from patio

29 Via Verona | Villa d’Este at PGA National


 

3rd Quarter 2012 Palm Beach County Real Estate Update

October 24th, 2012

3rd Quarter 2012 Palm Beach County Real Estate Update

Market is HOT, so long as Sellers price homes within reason.


1. Short take
:

A dramatic change in the marketplace in certain categories from 2 years ago. In some areas it’s a complete seller’s market with little inventory available. There are 6,605 single family homes available, which is drastically down from 11,710 in September 2011. Supply of inventory is down across the board for inexpensive and luxury homes although it’s less for inexpensive homes. However, Sellers might want to consider not pushing the limit with pricing expectations.

2. Prices:

Prices are way up from a year ago. The average sold price in September 2012 was $355,805 versus $303,787 a year ago, according to the Florida Realtors Association. A 17.1% increase!  Townhomes and condos have gone up at a 14.4% clip. The average sold price has now been over $330,000 for 7 straight months, so prices have stabilized.

3. Sales:

In a surprise, sales slipped in September versus last year at this time. There was a 4.4% drop in closed sales (1,031 in September 2012 versus 1,079 in September, 2011). The townhouse and condo market also saw an 8.6% drop in closed sales.

4. Buyers: 

There is a good mix of who is purchasing. A huge percentage is people who have sold their home and now are able to purchase; first time homebuyers and downsizers as well. While I see more downsizing, I’m starting to see some upsizing for the first time in a while. We are also getting the first of the short-sale sellers who sold 3-4 years ago coming back into the market. There are a lot of South American investors in the Miami area but not in northern Palm Beach County.

5. Distressed properties:

Short sale inventory has been holding steady but even there was a drop of 14.5% from last year. However, banks are opting more for doing short sales, so we will see a continuation with this for some time.

6. Financing:

Some clients are still running into some issues on financing. The process is taking 30-35 days. Banks are asking for lots of documentation and writing down investment properties. In many cases I’ve had clients find a family member or friend to co-sign.

7. Jeff’s Comments: Last spring I wrote about the laws of supply & demand and how I saw that prices would be pushed up – http://www.echofineproperties.com/blog/2012/04/jefftv-law-of-supply-and-demand. It’s exactly what occurred and why Sellers should put their homes on the market now if they are thinking about moving. Since last March we’ve seen a surge of sales from must-sell short sales and foreclosures to properties that had been lingering on the market forever. The lessening of supply has led to an appreciation of pricing. The best of the deals from the 2007 market crash have finally disappeared.  Buyers need to come to grips with the fact that the excess supply from that ‘once in a generation excess market’ are not available nor is it coming back.

However, there is a limit to how high prices will go. Economic realities, cautious lending restrictions, and a more conservative population will limit prices. I’ve seen some of this happening at street level in the past 6 weeks and the September pending/sold numbers support it with less sales occurring.

Buyers have already agreed to pay more, which is evident in higher sold price appreciation. The Sellers, though, are at the beginnings of trying to push up the prices the next 5-10% and the Buyers aren’t going to bite. I just had a buyer walk away from a deal where a Seller was too over-confident in their pricing by trying to bump it up to the next level. This will lead to more inventories and maybe a slight dip in prices if Sellers reach too high.

My advice to sellers is to avoid this overpricing temptation. The point of listing now is that if you price it properly, you can take advantage of the low inventory. Not only will you get fair market value, but your home will move quickly. If inventory starts to go up, then it will not only affect your sales price, but days on the market as well.

 

Market Update – Sep 2012 – Page 1

 

Market Update – Sep 2012 – Page 2

How Important is Landscaping When Putting a Home on The Market?

October 22nd, 2012

The answer is it can be incredibly important.

Landscaping is usually the single-most bang-for-your-buck thing to do.  It not only can change the outside curb appeal of a house, but how it shows from the inside as well.  Take a look at these 2 simple changes to this PGA National home for sale .

Front Walkway – Before

 

Front Walkway After Mulch & Plants

First impressions are so important.  If the walkway is unkempt, the Buyer starts to think, what else is unkempt.  Their eye is immediately on alert to look for problems.  By giving a good first impression, the Buyer is now excited to see the positives that the home has to offer.

 

Backyard Before Trimming Shrubs & Palms

 

Backyard After Trimming Trees & Palms

Notice how you can now see the golf course and sand traps.  Cutting down hedges also makes the inside of your home look larger when you look out from the inside.  The depth of your view plays a trick on the eye.