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By Jeff Echo
As of the week of June 1, 2020, the Palm Beaches is in a Sellers’ Market!
This is an email thread with a National Reporter just yesterday……
This piece is moving through the editing process and should publish soon.
One question: I summarized your words a tiny bit in the sentence below. I do not want to misquote or mischaracterize. Please let me know if this is okay with you.
“Markets [vary] by region. Our market in the Northern Palm Beaches isn’t getting affected much.”
On Jun 4, 2020, at 7:33 PM, Jeff Lichtenstein <firstname.lastname@example.org> wrote:
Our area right now is actually more active, and we are seeing a lineup of pent demand at the same time.
Since we talked in the past few days, there has been an even greater uptick.
It might be better to say that…. Markets can vary wildly by region.
Urban cities with a high density of people, colder 🥶 climate, and higher tax environment are taking a dramatic hit. Cites like NYC which have been a hub for international and financial jobs with super high cost of living and sky-high prices per square foot will be in for a large adjustment.
The northern Palm Beaches is in a unique spot where all boxes 📦 are checked ✅.
When an earthquake occurs, the land settles differently. This virus is a massive earthquake and things are settling very differently than before.
Northern Palm Beaches 📦 ✅
Thanks so much, Jeff. Glad we got to update this. It is super interesting how quickly the market is adjusting.
At the moment we are in a Sellers’ Market!
As of the week of June 1, 2020, the Palm Beaches is in a Sellers’ Market! Last night at 10pm I had a client from Pennsylvania who wanted to pull the trigger on a property. I called to check the status of it. Under Contract! Earlier in the week a Buyer pulled out of a contract negotiating on repairs. The next day we put it under the contract for $5k more. The Buyers agent whose Buyers pulled out were stunned. Have another situation where we have a Buyer who found some things in an inspection report and wants the seller to repair. Problem is our Buyer beat out 3 others to win this contract. Our June and July closings are incredibly strong. The market has become stronger since then so if you are purchasing better be careful of pushing to hard……
So, our advice to Buyers is the Summer might be the new “Season” this year. Up is Down. Left is Right.
Normal Schedule of Purchasing
Flash forward and there is a Starbucks and Chic Mexican restaurant cafe on every corner. The Northern Palm Beaches is not Kansas anymore. Meaning, while season still matters, we are much more of a year-round market with more full-time residents and industry that has relocated here.
But now you can take the playbook and throw it out the window.
There is a lot of moving around from within the area, but we are being invaded by the Northerners who just want to get the hell out of Dodge. So “Season” might be starting right now!
I have no illusions that the economy is hunky dory. I used to travel 35 weeks a year until from 21 – 29 years of age. The amount of money spent on airline trips, hotels, restaurants, rental cars, was fantastic. I do not think that will all go away. But with Zoom a lot of it has. We are doing listing presentations and meeting Buyers over Zoom and getting much more accomplished than with a normal phone call. A lot of this tech is going to stay. We are doing physical open houses but someone in Boston today can complete 3-D VR Tours or stream into one of our open houses and really get a good feel for what it is like.
Everyone has their own beliefs on social distancing.
I get that. But regardless, restaurants are not going back to 100% capacity until a vaccine is invented. And their costs have increased with masks and more costs of disinfecting. Some are not going to make it throughout our country. Other industries are in the same boat. And those jobs effect the people who are most vulnerable. The trickle up effect which limits their purchasing power then effects both people in the middle and the top is going to be the most significant.
But I get back to the Palm Beaches. For reasons discussed in past blogs 8 Covid Real Estate Trends, Florida Real Estate on the Mend regarding our lack of Supply and area growth put us in an extremely unique position. In 2008, South Florida, Orlando, Vegas, and Arizona all overbuilt with Speculation homes and we got hit the worst by far. This time is vastly different.
About Us……ECHO Fine Properties is unique in the industry, a non-traditional approach to an old, “traditional” business joined with a ground-breaking tech product. Our 57-point Home Home ECHOnomics Guarantee capsulizes our commitment to meeting the needs of every customer. Our “Best Sellers” book of 471 glowing testimonials proves that the combination of 50 top agents and an industry-leading team of gifted Realty Nerds are the reasons we leave nothing but happy buyers and sellers in our wake.
Jeff Lichtenstein, is the owner and broker of Echo Fine Properties, a luxury real estate brokerage in Florida. Jeff has 20 years of experience, closed over a 1,000 transactions, and manage over 50 agents in a non-traditional model of real estate that mimics a traditional corporate business model that ensures their clients that everything that is supposed to happen.
For a Zoom meeting or confidential phone conversation about your real estate needs, email Jeff at Jeff@EchoFineProperties.com or 561.346.8383
Posted in Uncategorized on June 6, 2020 at 9:28 am.
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Posted on: by Jeff Echo
From PGA National homes to Admiral Cove, you've discovered the top source of comprehensive information on homes in Northern Palm Beach County communities. Jeff Lichtenstein of Illustrated Properties is the top producing real estate agent in these locations. Jeff has sold over 300 homes, more than anyone else since 2001. He caters to the Waterfront, golf & ranch, and luxury communities here. His focus has always been on providing exceptional service, showcasing quality properties and working with quality clientele. Jeff your only choice for a real estate agent in the area if you're looking for the best. Whether you're looking to sell a home in Admiral's cove or buy one of the beautiful PGA National homes, you need to talk to Jeff Lichtenstein.
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