Archive for the ‘Uncategorized’ Category

Happy Birthday Danielle!

September 5th, 2018

Happy Birthday to #EchoAgentDanielle Pults

We hope you have a wonderful day! 🎂🎈🎉

Bday Danielle

🐬www.EchoFineProperties.com/danielle-pults🐬

Florida Real Estate Sales

September 4th, 2018

As of August 2018, Florida’s Real Estate market has reported more sales, more new listings, and rising median prices throughout July, compared to the same time last year.

Although the for-sale inventory remains restrained in many markets, there were 25,488 sales of single-family homes in the state last month, which is up 3.8% compared to July 2017.

Florida Realtors President Christine Hansen remarked, “In a positive sign for Florida’s housing market and potential buyers, we saw a modest increase in new listings in July. New listings for existing single-family homes rose 3.1 percent compared to a year ago and new listings for condo-townhouse properties increased 2 percent from last July. Meanwhile, home sellers received more of their original asking price at the closing table. Sellers of existing single-family homes received 96.7 percent (median percentage) of their original listing price, while those selling condo-townhouse properties received 95.3 percent (median percentage).”

July 2018 became the 79th month in a row that saw the Florida median sales prices for condo-townhouse properties and single-family homes rise year-over-year. Rather than an average price, the median price is the midway point – meaning that half the homes were sold for more, and half for less. The median sales price for single-family homes in Florida was found to be $255,000, which is up 6.3% from 2017. Condos and townhomes were found to have a median sales price of $180,000, which is up 5.3% on last year.

Concentrating on the condo and townhouse market, we notice that there were 10.032 closed sales throughout the state of Florida last month, which is up by 8.5% on last year. Short sales and foreclosures both dropped compared to last year, in both condo/townhome properties and single-family homes.

“We are continuing to see signs that the low-inventory situation impacting the single-family home market has finally stopped getting worse, though it remains constrained,” says Florida Realtors Chief Economist Dr. Brad O’Connor. “As of the end of July, there were 3.9-months’ supply of single-family inventory in Florida, marking the third straight month where there was no year-over-year change in this metric. We’re still squarely in seller’s market territory, though, and we’re going to need new single-family construction to ramp up even more.

“Half of Florida’s 4.3 million millennials are now in their thirties, and while their employment opportunities have improved drastically in recent years, the state’s housing shortage is locking them out of their best opportunity to build lasting wealth during their prime working years. In the short run, their best bet may be to consider ownership of a multifamily unit like a condo or townhouse, where inventory levels are not nearly as tight in most areas around the state. Statewide, there’s currently a 5.3-months’ supply in the condo-townhouse category, indicating a much more balanced market than what we have with single-family homes.”

For all of your real estate needs 🐬

☎️561.500.ECHO (3246)

✉️Jeff@EchoFineProperties.com

www.EchoFineProperties.com

What’s Your Florida Home Worth? Check Out Your Home’s Value?🏡

bit.ly/homevaluesPalmBeachesFL

#EchoFineProperties #NextWaveInRealEstate#PalmBeachCountyRealEstate

#PalmBeachCountyHomes#PalmBeachCountyRealtors #PalmBeach #ThePalmBeaches

#DiscoverthePalmBeaches #ParadiseLife #LoveFL #LuxuryRealEstate#LuxuryHomes

#FloridaRealEstate #FloridaHomes #HomesforSale#EchoAgents

Original Sources: © 2018 Florida Realtors®, https://www.floridarealtors.org

Rent vs. Buy

September 4th, 2018

The scale tips towards ‘rent’ for the first time since 1999!

United States housing markets are now ‘in rent territory’ when considered as a whole, according to FAU and Florida International University faculty. This means that renting and reinvesting money that may previously have been spent on owning a home, will tend to financially outperform owning and building equity.

This is a big deal – it has been 19 years since the U.S. was, on average, in this position – way back in 1999. Then in January 2010 the housing market crossed back over into ‘ownership territory’, and have stayed that way until now.

As it stands, 16 our of the 23 cities covered in the Beracha, Hardin & Johnson Buy vs. Rent (BH&J) Index are in rent territory, including Miami. All of these cities are likely to be experiencing lessening pressure on the demand for ownership.

What does this mean for the future of U.S. housing prices?

The downward pricing pressure implies that in some markets the annual home pricing increases will start to slow down. The Midwest and Northeast appear to be offering the best buys, with Cleveland and Chicago showing the lowest and best ownership scores. Of all 23 cities covered in the index, Dallas has the most worrying score of .888.

According to Ken Johnson Ph.D., a real estate economist and one of the index’s creators in FAU’s College of Business, “Across all of the data for the Index going back to 1982, only 49 times has a market in any given quarter been at this score or higher. All of these markets experienced significant price declines in their residential housing prices.”

Currently, perhaps the biggest reason for the United States moving into ‘rent territory’, is the fact that the cost of ownership is quickly outpacing the cost of renting a similar property, said Eli Beracha, Ph.D., co-creator of the index and director of the Hollo School of Real Estate at FIU.

For all of your real estate needs 🐬

☎️561.500.ECHO (3246)

✉️Jeff@EchoFineProperties.com

www.EchoFineProperties.com

What’s Your Florida Home Worth? Check Out Your Home’s Value?🏡

bit.ly/homevaluesPalmBeachesFL

#EchoFineProperties #NextWaveInRealEstate#PalmBeachCountyRealEstate

#PalmBeachCountyHomes#PalmBeachCountyRealtors #PalmBeach #ThePalmBeaches

#DiscoverthePalmBeaches #ParadiseLife #LoveFL #LuxuryRealEstate#LuxuryHomes

#FloridaRealEstate #FloridaHomes #HomesforSale#EchoAgents

 

Sources: https://www.floridarealtors.org

Florida Real Estate Update

September 4th, 2018

Quick Florida Statistics

·        Population: 20,984,400

·        2018 job growth: 2.3%

·        2017 job growth: 2.2%

·        New jobs in 2018: 193,400

·        New jobs in 2017: 181,500

·        Unemployment rate by year-end 2018: 3.7%

·        Unemployment rate at year-end 2017: 3.9%

Florida GDP is expected to grow about 3.8 percent in 2018 and 2019, which is well above the national average.

Construction is booming: a new high-rise is going up in Miami, and many retail strips are being converted to upscale.

Housing starts will rise 10% this year and 6% next year, with home prices continuing to rise 6 percent to 10 percent on high demand. Florida still faces an oversupply of luxury condos, but cheaper housing remains tight in most areas of the state.

The manufacturing sector is surging, along with much of the service sector. Workers are becoming scarcer, as unemployment rates are dropping fast in many metro areas. Residual effects of the Hurricane Irma evacuation are still keeping labor force growth low in the southwest and the southern Atlantic coast. Orlando continues to be the hottest growth area, with gains in tech, aerospace, and healthcare.

Also, the resort beaches of the Panhandle are beginning to be discovered. Domestic tourism to Florida is still setting records, but international tourism is down, especially to Miami. Latin American currencies have fallen in relation to the dollar this year. Overseas immigration to the state is also down.

The tax law change limiting the amount of property deductions may increase desire to relocate to the Florida Atlantic coast from the Northeastern states. We are already starting to see the effects in the luxury property market.

For all of your real estate needs 🐬

☎️561.500.ECHO (3246)

✉️Jeff@EchoFineProperties.com

www.EchoFineProperties.com

What’s Your Florida Home Worth? Check Out Your Home’s Value?🏡

bit.ly/homevaluesPalmBeachesFL

#EchoFineProperties #NextWaveInRealEstate#PalmBeachCountyRealEstate

#PalmBeachCountyHomes#PalmBeachCountyRealtors #PalmBeach #ThePalmBeaches

#DiscoverthePalmBeaches #ParadiseLife #LoveFL #LuxuryRealEstate#LuxuryHomes

#FloridaRealEstate #FloridaHomes #HomesforSale#EchoAgents

Florida Luxury Home Boom

September 4th, 2018

The price of Luxury Real Estate in Florida has risen by a massive 16% from 2017, following the recent U.S Tax reforms.

According to data from Redfin, wealthy home owners in some of the affluent suburbs of New York City have been hit by the $10,000 cap on the tax deduction of state and local taxes. This is encouraging many people to seek out property in the gorgeous Sunshine State.

Although always popular as a winter getaway destination, the changes to the tax laws have been a driving force behind convincing many more people to make the move down south. If you’re a high-income earner, the implications of the tax reform are significant and therefore you might be more tempted than ever to purchase a Florida home.

8336 SE Red Root_Prado-1

The most luxurious and extravagant (and expensive) top 5% of properties in Florida saw the fastest rise in price in 5 years. In particular, sales of southwestern Florida’s million-dollar properties were at the highest in at least 10 years in the first half of this year. They saw a rise of a massive 25% from 2017. In comparison, the rest of the Florida Real Estate market rose only 7%.

However, there may be a couple of other reasons behind the increase in desire for these luxury Florida properties. As mentioned above, the tax changes mostly favor the high-earners who may be deciding to splash out on a second home in Florida – perfect for escaping the cold winters. Also, many of the ‘baby-boomer’ generation are finding themselves ready to downsize, or looking for a notoriously sociable and warm community in which to spend the coming years. The tax reforms might just be the incentive many people needed to make the move. Florida Realtors Chief Economist Brad O’Connor says simply “We were at peak boomer anyway, but tax reform might have pushed them over the top.”

For all of your real estate needs 🐬

☎️561.500.ECHO (3246)

✉️Jeff@EchoFineProperties.com

www.EchoFineProperties.com

What’s Your Florida Home Worth? Check Out Your Home’s Value?🏡

bit.ly/homevaluesPalmBeachesFL

#EchoFineProperties #NextWaveInRealEstate#PalmBeachCountyRealEstate

#PalmBeachCountyHomes#PalmBeachCountyRealtors #PalmBeach #ThePalmBeaches

#DiscoverthePalmBeaches #ParadiseLife #LoveFL #LuxuryRealEstate#LuxuryHomes

#FloridaRealEstate #FloridaHomes #HomesforSale#EchoAgents

 

Original sources: Bloomberg (08/09/18) Gopal, Prashant, https://www.floridarealtors.org