Your Realtor in Palm City
August 29, 2009 by kenduncan
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Palm City
The small town of Palm City borders the St. Lucie River. In addition to several regional parks offering tennis, bicycling, hiking and horseback adventures, Palm City’s waterfront parks provide great access for boating, paddling and fishing enthusiasts. Golfers will find world-class golfing facilities here, including those designed by the likes of Jack Nicklaus and Chi Chi Rodriguez, as well as camping at Phipps Park, where fishing, nature trails, picnic areas, and a boat ramp provide a relaxed outdoor atmosphere.
Phipps Park also overlooks the St. Lucie Locks, a spillway structure built for flood and regulatory flow control through the St. Lucie Canal to manage the water level in Lake Okeechobee. Approximately 10,000 boats pass through the locks annually; 91% are recreational vessels. I am happy to find you the perfect vacation home in Palm City email me at ken@yourfraction.net
Buyers Agent on the Treasure Coast. I would be happy to act as your agent working with you from start to finish on the purchase of your new luxury home in Plam City Florida
Jensen Beach Stuart Palm City Eagle Marsh Golf Club Europe City Place Vacation Rental The PGA Village Port St Lucie Hammock Creek Golf Club Harbor Ridge Golf Club Stuart Yacht and Country Club
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Ken Duncan Realtor now working as your Realtor in Jensen Beach with Real Estate of Florida. Helping customers to buy and sell homes in Martin County , Ports St Lucie, Stuart, Palm City and Sewalls Point.
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I have been involved in the property and building industry for 30 years. My experience together with my personal knowledge of the market in Florida is an extremely valuable asset to have working for you in your search for a Florida vacation home or investment property.I would be happy to act as your Realtor in Palm City and Palm Cove Country Club. Please view http://kenduncanrealtor.com/category/homesforsale/ for a few homes for sale in Eagle Marsh Country Club. If you are interested in listing your home with Ken Duncan and Real Estate of Florida in Jensen Beach please contact me.
305-320-6744
Serving all of Martin County and Port Saint Lucie, Choose Ken Duncan Realtor for all Your Martin County and Port St. Lucie, FL Real Estate NeedsIf this is not the type of home you are looking for. I would be happy to act as your agent to help find you the right home. Please call or email me and I will start searching for you
Eagle Marsh Country Club
August 29, 2009 by kenduncan
Filed under News / Comments
Eagle Marsh Enterprises gives you access to the facilities and services you need to enjoy the very best in South Florida living. Our Jensen Beach location is in the heart of Florida’s Treasure Coast, an area that offers a lifestyle that is truly among the most gratifying in the world.
Eagle Marsh provides Treasure Coast residents and visitors with two outstanding golf clubs, excellent dining and banquet facilities, a full-service water sports school, a luxury limousine service and world-class irrigation and landscaping services. We welcome you to the online home of our family of companies and hope that we will soon have the opportunity to serve you.Eagle Marsh Golf ClubA Tommy Fazio Masterpiece, Eagle Marsh Golf Club is the premier destination for a golfing experience in South Florida. Its solid reputation for overall conditioning, unparalleled greens, and host of challenging holes makes it a truly memorable experience.
Sandpiper Golf Club
Take advantage of Sandpiper Golf Club’s eighteen hole regulation course located in south Port St. Lucie, in one of the city’s most exclusive areas. Sandpiper always delivers a pleasant and relaxing afternoon of golf.
Eagles Nest Restaurant & Banquet Hall We are conveniently located at the Eagle Marsh Golf Club, right off Jensen Beach Blvd. in Jensen Beach, the heart of the Treasure Coast of South Florida. Our facilities are available for lunch, banquets, functions, special occasions, meetings, events & much more.
Eagle Marsh is proud to be part of the community and is proud of the organizations surrounding the Golf Course as a whole. Our membership is comprised of some of the finest people around and our members have proven to be supportive, enthusiastic and fun.
The members of Eagle Marsh Golf Club have worked hard to establish and organize both the Men’s Golf Association and the Women’s Golf Association, where throughout the year, enjoy many events and outings which are elegant, exciting and some times competitive. Eagle Marsh Golf Club is proud to be considered home for the associations and looks forward to what the future holds.
Eagle Marsh Luxury Limousine Service
Eagle Marsh Luxury Limousine offers safe, professional and reliable transportation all over Florida. Our 18 passenger Hummer stretch limo, 16 passenger Excursion Stretch limo, Lincoln 8 passenger stretch limo and 4 passenger sedans are perfect for any occasion!
Landscaping & Irrigation Services
In addition to keeping our own courses in world-class condition, we also provide and maintain irrigation and landscaping systems to clubs and facilities throughout the Treasure Coast.
Ken Duncan Realtor now working as your Realtor in Jensen Beach with Real Estate of Florida. Helping customers to buy and sell homes in Martin County , Ports St Lucie, Stuart, Palm City and Sewalls Point.
Google Maps Important Phone Numbers
I have been involved in the property and building industry for 30 years. My experience together with my personal knowledge of the market in Florida is an extremely valuable asset to have working for you in your search for a Florida vacation home or investment property.I would be happy to act as your Realtor in Eagle Marsh Country Club. Please view http://kenduncanrealtor.com/category/homesforsale/ for a few homes for sale in Eagle Marsh Country Club. If you are interested in listing your home with Ken Duncan and Real Estate of Florida in Jensen Beach please contact me.
305-320-6744
Serving all of Martin County and Port Saint Lucie, Choose Ken Duncan Realtor for all Your Martin County and Port St. Lucie, FL Real Estate NeedsIf this is not the type of home you are looking for. I would be happy to act as your agent to help find you the right home. Please call or email me and I will start searching for you
Survey finds Realtors hopeful
August 26, 2009 by kenduncan
Filed under News / Comments
Survey finds Realtors hopefulTAMPA – Aug. 25, 2009 – For anyone in the market to buy a home, there’s one question on everyone’s mind:
Will home prices continue to fall?
Home buyers may get conflicting advice.
About 46 percent of the nation’s real estate agents think home prices will stay the same over the next six months, according to a report released today from Calif.-based HomeGain. The report showed 31 percent of agents think prices will decrease, while 23 percent think prices have hit the bottom and will actually start to increase.
HomeGain surveyed more than a thousand agents across the country earlier this month.
“The vast majority of Realtors expect prices to remain the same or increase in the next six months,” said Louis Cammarosano, general manager of HomeGain. The real estate company focuses on marketing and surveys agents quarterly to gauge what they’re seeing in the market.
In order for that to happen, though, agents are trying to convince their clients to price homes correctly.
“Buyers continue to believe that homes are overpriced and expect bargains, while a greater percentage of sellers, perhaps emboldened by stabilizing conditions, think their homes should be priced higher than their (agents) are recommending,” Cammarosano said.
Agents who responded to the survey said they think lower inventory levels will help prices stabilize. Only time will tell if the agents are correct. But recent sales data doesn’t show a stop in falling prices. Monthly drops, though, have been getting smaller and have recently even increased.
The median sales price of existing home sales in the Tampa-St. Petersburg-Clearwater area fell 19 percent in July to $143,100, compared to the previous year, according to the Florida Association of Realtors. Condominiums, whose sales rose 39 percent, saw median sales prices fall to $98,000 from $147,300 a year ago.
Even though year-long comparisons show big drops, monthly changes don’t.
The median sales price for single-family homes was $141,100 in May and $139,400 in June. Economists say it would take several more months before they can say prices have stabilized.
I have been involved in the property and building industry for 30 years. My experience together with my personal knowledge of the market in Florida is an extremely valuable asset to have working for you in your search for a Florida vacation home or investment property.I would be happy to act as your Realtor in Port St Lucie
Let me help you find your dream home in South Florida!
If you are looking for the right move abroad South Florida is the place to invest.
Ken@yourfraction.net
305-320-6744
Serving all of Martin County and Port Saint Lucie, Choose Ken Duncan Realtor for all Your Martin County and Port St. Lucie, FL Real Estate Needs
Florida’s existing home, condo sales up in July 2009
August 21, 2009 by kenduncan
Filed under News / Comments
Florida’s existing home, condo sales up in July 2009
ORLANDO, Fla., Aug. 21, 2009 – Florida’s existing home sales rose in July – the 11th month in a row that sales activity increased in the year-to-year comparison, according to the latest housing data released by the Florida Association of Realtors® (FAR). Statewide existing home sales in July also rose over the previous month’s sales level.
Existing home sales rose 37 percent last month with a total of 15,882 homes sold statewide compared to 11,595 homes sold in July 2008, according to FAR. Statewide existing home sales in July increased 0.2 percent over June’s statewide activity. Florida Realtors also reported a 48 percent rise in statewide sales of existing condos in July.
Eighteen of Florida’s metropolitan statistical areas (MSAs) reported increased existing home sales in July; the same number of MSAs also showed gains in condo sales. A majority of the state’s MSAs have reported increased sales for more than a year (13 consecutive months).
To gain insight into current trends in Florida’s real estate industry, the University of Florida’s Bergstrom Center for Real Estate Studies conducts a quarterly survey of industry executives, market research economists, real estate scholars and other experts. According to the recent second quarter 2009 survey, investor confidence in the outlook for business and availability of money are reasons for cautious optimism.
“I think we’re on the road to recovery and even though most markets report they’ve seen the bottom, it’s going to be a long climb,” said Timothy Becker, the center’s director. He noted that the investment outlook for single-family development increased to its highest level since the survey began, with more respondents than ever believing it is a good time to buy.
Florida’s median sales price for existing homes last month was $147,600; a year ago, it was $193,800 for a 24 percent decrease. According to housing industry analysts with the National Association of Realtors® (NAR), 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. The median is the midpoint; half the homes sold for more, half for less.
The national median sales price for existing single-family homes in June 2009 was $181,600, down 15 percent from a year earlier, according to NAR. In Massachusetts, the statewide median resales price was $306,000 in June; in California, it was $274,740; in Maryland, it was $274,008; and in New York, it was $189,900.
Several positive market factors are influencing the housing sector, notes NAR’s latest industry outlook. “Historically low mortgage interest rates, affordable home prices and a large selection are encouraging buyers who’ve been on the sidelines,” said NAR Chief Economist Lawrence Yun. “Activity has been consistently much stronger for lower priced homes. We expect a gradual uptrend in sales to continue due to tax credit incentives and historically high affordability conditions.”
In Florida’s year-to-year comparison for condos, 5,035 units sold statewide compared to 3,396 units in July 2008 for a 48 percent increase. The statewide existing condo median sales price last month was $108,300; in July 2008 it was $168,700 for a 36 percent decrease. The national median existing condo price was $183,300 in June 2009, according to NAR.
Interest rates for a 30-year fixed-rate mortgage averaged 5.22 percent last month, down significantly from the average rate of 6.43 percent in July 2008, according to Freddie Mac. FAR’s sales figures reflect closings, which typically occur 30 to 90 days after sales contracts are written.
Among the state’s smaller markets, the Pensacola MSA reported a total of 371 homes sold in July compared to 321 homes a year earlier for a 16 percent increase. The market’s existing home median sales price last month remained level compared to a year ago at $157,800. A total of 48 condos sold in the MSA in July, up 23 percent over the 39 units sold in July 2008. The existing condo median price in July was $250,000; a year earlier, it was $325,000 for a 23 percent decrease.
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I have been involved in the property and building industry for 30 years. My experience together with my personal knowledge of the market in Florida is an extremely valuable asset to have working for you in your search for a Florida vacation home or investment property.I would be happy to act as your Realtor in Martin County
Let me help you find your dream home in South Florida!
If you are looking for the right move abroad South Florida is the place to invest.
Ken@yourfraction.net
305-320-6744
Serving all of Martin County and Port Saint Lucie, Choose Ken Duncan Realtor for all Your Martin County and Port St. Lucie, FL Real Estate Needs
If this is not the type of home you are looking for.
I would be happy to act as your agent to help find you the right home. Please call or email me and I will start searching for you
http://kenduncanrealtor.com/category/foreclosure/page/2/
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http://kenduncanrealtor.com/category/foreclosure/page/5/
High-end homes: is the tide turning?
August 17, 2009 by kenduncan
Filed under News / Comments
High-end homes: is the tide turning?
HORSHAM, Penn. – Aug. 14, 2009 – High-end homes appear to be selling better than analysts thought.
Toll Brothers (TOL), the nation’s largest luxury homebuilder, on Aug. 12 announced its first year-over-year increase in signed home contracts since 2005, suggesting that first-time buyers might not be alone in driving improving U.S. home sales.
The Horsham [Pa.]-based builder said that signed contracts in the quarter ended July 31 – though still low by historic standards – rose 3 percent, to 837, compared with the same period a year ago. But revenues fell 42 percent in the quarter, to $461.3 million. The company also said it has been able to reduce buyer incentives in several markets as demand and contract cancellations improve.
“Mood has changed”
No other major builder has matched Toll Brothers’ 3 percent increase in contracts signed, though a few reported a 2 percent improvement in the most recent quarter, said Barclays Capital analyst Megan McGrath in New York. The average quarterly decline in new home contracts for major public builders was about 14 percent, she said.
Toll Brothers attributed the improvement to low interest rates, government homebuyer incentives, the recent stock market surge, and decreased competition from smaller and midsize builders now frozen out of credit markets. “The mood has changed,” Chief Executive Robert Toll told analysts during a conference call. “Our traffic still stinks but those people that are coming in are more serious. They’re not just fishing any longer. Now, there’s fear on both sides. We fear not selling and they fear missing.”
McGrath said Toll Brothers is selling homes for an average of $582,000 – far below the multimillion-dollar price tags for the estates of the rich and famous commonly referred to as “luxury real estate.” The market for million-dollar homes is weak, but Toll Brothers’ homes are more modestly priced and generally don’t require “jumbo” mortgages. Those are loans that generally exceed $417,000. Toll said the company’s strongest markets are in the Northeast, particularly Connecticut, the New York suburbs, and New Jersey. But sales are also strong in the Virginia suburbs of Washington, D.C.; Delaware; Raleigh, N.C.; Orlando; Northern California; and Naples, Fla.
Too soon to tell
Shares of Toll Brothers closed 14 percent higher Wednesday, at 23.42. “There are a lot of stories in the press about how poor the luxury market has been doing,” McGrath said. “Some of it is a misunderstanding about what is luxury and Toll’s actual business.”
Michael Widner, vice-president of Stifel Nicolaus Research (SF), said it’s too early to say whether Toll Brothers’ performance represents a change in the market because the small improvement in contracts signed might be a temporary blip. “If we have seen a rebound in something other than the first-time homebuyer market, this is the first real sign of it,” Widner said. “It’s a little early to celebrate too much.”
Let me help you find your dream home in South Florida!
305-320-6744
Serving all of Martin County Jensen Beach, Stuart, Sewalls Point, Hobe Sound, Palm City and Port Saint Lucie, Choose Ken Duncan Realtor for all Your Martin County and Port St. Lucie, FL real estste needs.
If this is not the type of home you are looking for. I would be happy to act as your agent to help find you the right home. Please call or email me and I will start searching for you
Welcome to Martin County, Florida, a place of ease, unhurried moments, natural beauty and a preserved past. Just north of Palm Beach, it’s Florida’s best-kept secret, with small-town charm, secluded beaches, wide-open skylines, exquisite nature and many other reminders of yesteryear that are quickly vanishing.Your Realtor for Martin County Florida.
Historic, but modern, natural and convenient, Martin County is a charming tropical paradise that has something for everyone, no matter what your passion. Looking for a memorable family beach vacation? A romantic getaway? How about unlimited, world-class golfing, boating and fishing? It’s all here, and so much more in Martin County, the way Florida was meant to be. Your realtor for Martin County Florida
Stuart / Sewalls Point
The ‘Sailfish Capital of the World’ -Stuart offers- a wide array of activities to visitors, including waterfront and sidewalk cafes, Fodor rated restaurants, one-of-a-kind boutiques, working studio and art galleries, antique shops, museums, a weekly Green Market, monthly waterfront jazz concerts, antique car shows, juried art festivals, and arts and craft festivals providing color and fun throughout the year. The landmark Lyric Theatre, built in 1926 as a silent movie house, brings a full slate of concerts, shows and cultural events to Stuart. Downtown celebrations include Fourth of July and Christmas festivals, Fall Stuart Stroll, Dancing in the Streets, a variety of parades, and Pirate’s Day in the summer. The Stuart Boat show comes to town for three days every January. And, in November the Stuart Air Show turns all eyes to the sky for two days of aerial acrobats, static ground displays and vintage aircraft. Adventurers wanting to get back to nature, will find an array of outdoor options in the area, including paddling, hiking, biking and birding options at Halpatiokee Regional Park or discovering the pristine and often deserted beach at St. Lucie Inlet Preserve State Park. Stuart is located on the eastern point of the Okeechobee Waterway, a 54 mile long waterway and Florida’s only cross-state canal, which extends from the Atlantic Ocean in Stuart to the Gulf of Mexico in Ft. Myers. One more golden nugget: Stuart was named America’s Most Beautiful City in 2008 by America In Bloom. Your realtor for Stuart and Sewalls Point Florida
Sales of existing single-family homes in Florida continue to rise
August 12, 2009 by kenduncan
Filed under News / Comments
Aug. 12, 2009 – Sales of existing single-family homes in Florida rose 23 percent in second quarter 2009 compared to the same period a year earlier, according to the latest housing statistics from the Florida Association of Realtors® (FAR). A total of 43,125 existing homes sold statewide in 2Q 2009; during the same period the year before, a total of 35,008 existing homes sold. It marks the fourth consecutive quarter that Florida has seen higher existing year-to-year home sales, according to FAR.
Sales of existing condominiums statewide in the second quarter rose 29 percent compared to the same time the previous year. This marks the third consecutive quarter for increased statewide sales in both the existing home and condo markets compared to year-ago levels.
Statewide sales activity in 2Q 2009 also increased over 1Q 2009’s sales figure in both the existing home and existing condo markets, FAR records show. For 2Q 2009, statewide sales of existing homes rose 37.2 percent over the 1Q 2009 figure; existing condo sales statewide in 2Q 2009 increased 45.3 percent over the 1Q 2009 level.
“In spite of the challenges with the economy, most people – 83 percent – still believe that buying a home is a good financial decision, according to a recent survey from the National Association of Realtors® (NAR),” says 2009 FAR President Cynthia Shelton, CCIM, CRE, a broker and director of investment sales with Colliers Arnold in Orlando. (CCIM stands for Certified Commercial Investment Member and CRE is the Counselor of Real Estate designation). “Many homebuyers are realizing that this is the time to buy – with a good selection of housing inventory, affordable pricing and low mortgage rates.
“In fact, three-fourths of those responding to the 2009 National Housing Pulse Survey said they think now is a good time to purchase a home, a number that has increased steadily the past two years,” she says. “However, providing solid financing options for homebuyers is key to returning stability to the housing market, and buyers also need programs that help with downpayment and closing costs. That’s why the federal $8,000 first-time homebuyer tax credit and other programs enabling eligible buyers to access that tax credit for downpayment or closing costs are so important – programs like the Florida Homebuyer Opportunity Program.”
Sixteen of Florida’s metropolitan statistical areas (MSAs) reported increased sales of existing homes in the second quarter compared to the same three-month period a year earlier, while 12 MSAs showed gains in condo sales.
The statewide existing-home median sales price was $143,600 in the second quarter; a year earlier, it was $203,200 for a decrease of 29 percent. The 2Q 2009 statewide existing-home median sales price was 1.8 percent higher than 1Q’s statewide existing-home median sales price of $141,000. According to industry analysts with the National Association of Realtors® (NAR), 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. The median is a typical market price where half the homes sold for more, half for less.
In the year-to-year quarterly comparison for condo sales, 14,742 units sold statewide for the quarter compared to 11,459 in 2Q 2008 for a 29 percent increase. The statewide existing-condo median sales price was $111,100 for the three-month period; in 2Q 2008, it was $179,800 for a decrease of 38 percent. The 2Q 2009 statewide existing-condo median sales price was almost 1 percent higher 1Q’s statewide existing-condo median sales price of $110,100.
Continuing low mortgage rates remain another favorable influence on the housing sector. According to Freddie Mac, the national commitment rate for a 30-year conventional fixed-rate mortgage averaged 5.03 percent in 2Q 2009; one year earlier, it averaged 6.09 percent.
I have been involved in the property and building industry for 30 years. My experience together with my personal knowledge of the market in Florida is an extremely valuable asset to have working for you in your search for a Florida vacation home or investment property.I would be happy to act as your Realtor in Port St Lucie Florida
Let me help you find your dream home in South Florida!
If you are looking for the right move abroad South Florida is the place to invest.
Ken@yourfraction.net
305-320-6744
Serving all of Martin County and Port Saint Lucie, Choose Ken Duncan Realtor for all Your Martin County and Port St. Lucie, FL Real Estate Needs
If this is not the type of home you are looking for.
I would be happy to act as your agent to help find you the right home. Please call or email me and I will start searching for you
The U.S. Housing Market Is Finally On The Mend
July 25, 2009 by kenduncan
Filed under News / Comments
Existing home sales show signs of recovery
WASHINGTON – July 24, 2009 – The U.S. housing market is finally on the mend after its most far-reaching collapse in 70 years. That could help rebuild consumer confidence and revive the economy.
For the first time in five years, sales of previously occupied homes rose for the third consecutive month in June, while foreclosure sales and the glut of homes on the market both declined.
The figures, released Thursday by the National Association of Realtors, and a string of rosy corporate earnings reports sparked a rally on Wall Street as the Dow Jones industrials rose above 9,000 for the first time since January.
“People believe that the worst is behind us,” said Julie Longtin, a real estate agent with Re/Max Professionals in Providence, R.I., an area that has suffered deeply from record foreclosures of risky loans.
Sales also have risen for three straight months in 40 out of 55 major metropolitan areas tracked by the Associated Press-Re/Max Housing Report, also released Thursday. Prices rose during that period in about half of those areas.
Still, unlike past recessions, the turnaround in the real estate sector is likely to have a muted effect overall. That’s largely because homebuilders are expected to keep bulldozers idle as long as they face competition from bargain-priced foreclosures. And it’s likely to take at least another year before job losses and foreclosures peak.
The Labor Department said Thursday the number of newly laid-off workers seeking jobless benefits rose 30,000 to a seasonally adjusted 554,000 last week, though the government said its report again was distorted by the timing of auto plant shutdowns.
Unemployment insurance claims have declined steadily since the spring, but most private economists and the Federal Reserve expect jobs to remain scarce and the unemployment rate to top 10 percent by year-end.
“We’re not going to see much growth in (home) sales until the labor market turns around,” said Patrick Newport, an economist with IHS Global Insight. “People don’t move as much when they can’t find work.”
But companies should start hiring as their fortunes improve – and there were some early signs Thursday that’s starting to happen.
Ford Motor Co. surprised investors with a profit of $2.3 billion, due mainly to a huge gain for debt reduction, while manufacturing conglomerate 3M Co. and candy maker Hershey Co. raised their profit forecasts for the year.
The Dow Jones industrial average, the stock market’s best-known indicator, shot up almost 190 points Thursday to 9,069.29, its highest level since November, and all the big indexes gained more than 2 percent.
Analysts said signs that the housing market is finally, gradually turning around could help spur demand as buyers become less fearful of losing their shirts.
I have been involved in the property and building industry for 30 years. My experience together with my personal knowledge of the market in Florida is an extremely valuable asset to have working for you in your search for a Florida vacation home or investment property.I would be happy to act as your Realtor in Jupiter Florida
Serving Stuart, Sewall’s Point, Jensen Beach, Palm City, Hobe Sound, Hutchinson Island,Jupiter or Port Saint Lucie, Florida . Let me help you find your dream home in Jupiter Florida!
Ken@yourfraction.net
305-320-6744
This home on Hampshire Lane in Port St Lucie is now reduced to $99,900 and is ready to close in 30 days
http://kenduncanrealtor.com/category/foreclosure/ there are 4 pages of short sale homes
Serving all of Martin County and Port Saint Lucie, Choose Ken Duncan Realtor for all Your Martin County and Port St. Lucie, FL Real Estate Needs
If this is not the type of home you are looking for. I would be happy to act as your agent to help find you the right home. Please call or email me and I will start searching for you
Florida’s existing home, condo sales rise in June 2009
July 23, 2009 by kenduncan
Filed under News / Comments
Florida’s existing home, condo sales rise in June 2009
Existing-home sales up again, says NAR
ORLANDO, Fla. – July 23, 2009 – Florida’s existing home sales rose in June – the 10th consecutive month that sales activity showed gains in the year-to-year comparison, according to the latest housing data released by the Florida Association of Realtors® (FAR). Statewide sales in June also increased over the previous month’s sales level in both the existing home and existing condominium markets. And, for the second month in a row, the statewide median sales price for existing homes was higher than the previous month’s statewide median.
Please contact me for an up to date list of condos for sale on the Treasure Coast.
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Existing home sales rose 28 percent last month with a total of 15,850 homes sold statewide compared to 12,339 homes sold in June 2008, according to FAR. Statewide existing home sales in June increased 13.8 percent over May’s statewide activity.
Florida Realtors also reported a 39 percent rise in statewide sales of existing condos in June; existing condo sales last month rose 8.3 percent over the total units sold in May.
Sixteen of Florida’s metropolitan statistical areas (MSAs) reported increased existing-home sales in June and 14 MSAs also showed gains in condo sales. A majority of the state’s MSAs have reported increased sales for the past year (12 consecutive months).
Florida’s median sales price for existing homes last month was $148,000; a year ago, it was $205,300 for a 28 percent decrease. However, the statewide existing home median price in June increased 2.49 percent over May’s median price; it also was higher than the statewide median price reported each month since the start of 2009. According to housing industry analysts with the National Association of Realtors® (NAR), 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. The median is the midpoint; half the homes sold for more, half for less.
The national median sales price for existing single-family homes in May 2009 was $172,900, down 16.1 percent from a year earlier, according to NAR. In Massachusetts, the statewide median resales price was $284,000 in May; in California, it was $267,570; in Maryland, it was $265,724; and in New York, it was $189,000.
NAR’s latest housing industry outlook notes the $8,000 tax credit for first-time homebuyers is boosting the sector. “Strong activity by entry level buyers is helping to absorb inventory and allow some existing owners to make a trade,” said NAR Chief Economist Lawrence Yun. “However, the increase in sales is less than expected because poor appraisals are stalling transactions. The big question is how much the appraisal issue will impact the ability of contracts to go to closing.”
In Florida’s year-to-year comparison for condos, 5,241 units sold statewide compared to 3,771 units in June 2008 for a 39 percent increase. The statewide existing condo median sales price last month was $112,900; in June 2008 it was $180,400 for a 37 percent decrease. The national median existing condo price was $173,800 in May 2009, according to NAR.
Interest rates for a 30-year fixed-rate mortgage averaged 5.42 percent last month, down significantly from the average rate of 6.32 percent in June 2008, according to Freddie Mac. FAR’s sales figures reflect closings, which typically occur 30 to 90 days after sales contracts are written.
Among the state’s smaller markets, the Punta Gorda MSA reported a total of 216 homes sold in June compared to 196 homes a year ago for a 10 percent increase. The existing home median sales price was $145,600; a year ago, it was $141,000 for a 3 percent increase. The market’s existing condo median price last month was $140,000; a year earlier, it was $160,000 for a 13 percent decrease
I have been involved in the property and building industry for 30 years. My experience together with my personal knowledge of the market in Florida is an extremely valuable asset to have working for you in your search for a Florida vacation home or investment property.I would be happy to act as your Realtor in The PGA Village Port St Lucie
Serving Stuart, Sewall’s Point, Jensen Beach, Palm City, Hobe Sound, Hutchinson Island or Port Saint Lucie, Florida Let me help you find your dream home in South Florida!
Ken@yourfraction.net
305-320-6744
Serving all of Martin County and Port Saint Lucie, Choose Ken Duncan Realtor for all Your Martin County and Port St. Lucie, FL Real Estate Needs
If this is not the type of home you are looking for. I would be happy to act as your agent to help find you the right home. Please call or email me and I will start searching for you
Bidding wars break out on low-priced homes
July 21, 2009 by kenduncan
Filed under News / Comments
Bidding wars break out on low-priced homes
Fla. – July 21, 2009 – Bidding wars are returning to South Florida’s housing market, as investors and first-time buyers compete for homes and condominiums listed at $200,000 or less.
The race for properties is reminiscent of the boom years from 2000 to 2005, when multiple offers on all types of dwellings helped push prices to record highs.
Back then, a dearth of properties for sale had buyers rushing to scoop up anything they could find, for fear that prices would keep rising. Now, frustrated with a bloated inventory of foreclosed homes in disrepair, buyers go to great lengths when they spot a house or condo in pristine condition.
“When they find a good listing, people are pouncing,” said Terry Story, a real estate agent for Coldwell Banker in Broward and Palm Beach counties.
Agents say the heated competition has been building in recent months, a result of low mortgage rates and the $8,000 tax credit for first-time buyers that expires Nov. 30.
Steady sales increases during the past year gradually have worked off the inventory of available homes. Real estate agents are convinced that the overall market has hit bottom or is close to one.
Banks say they’re overwhelmed with foreclosures and try to market them for sale as quickly as possible.
“The longer we hold them, the more money it costs us,” said Nancy Norris, a spokeswoman for banking giant Chase.
The bidding wars in South Florida are giving sellers more leverage after three years of buyers calling the shots.
Investor Greg Bales bought a three-bedroom home in Lauderdale Lakes three months ago for $65,000 – $1,900 less than what it sold for in 1985.
Bales, 41, beefed up the curb appeal with a new paint job, trees and other landscaping. Inside, he installed laminate floors, granite countertops, new kitchen appliances and an alarm system.
He put the home back on the market July 10 for $139,900 and fielded 10 offers, three for more than the asking price.
He selected a bid from a first-time buyer for $145,000, and the deal is expected to be complete next month.
“We would have had a bunch more offers, but my real estate agent told the people it really wasn’t worth their time if they weren’t submitting a full-price offer,” Bales said.
Eric Cormier of Philadelphia is searching for a small home for his sister-in-law in Delray Beach. He offered $120,000 cash for a house listed for $152,000, only to be out-bid by a few thousand dollars.
Another home he considered received four offers in one day.
“I was surprised,” said Cormier, 47. “I thought there was a fire sale going on in Florida.”
In some cases, first-time buyers are losing homes because sellers prefer dealing with cash investors who don’t have to fiddle with financing.
Meanwhile, some real estate agents are creating “drama pricing” – listing properties for far less than the market value to attract bidders and drive up the eventual selling price.
“It’s like ‘Ta-da’,” said Douglas Rill, an agent for Century 21 America’s Choice in West Palm Beach. “It creates so much of a buzz that it results in a bidding war.”
Drama pricing typically happens with short sales. Those homes aren’t as much in demand because buyers know that it can take months for the deals to close. In a short sale, a lender accepts less than what’s owed on the mortgage and forgives the remaining debt.
Tony Thomas, 44, is looking for a home in the $200,000 range in central Palm Beach County. He made three offers, only to be told each time that another buyer out-bid him.
His agent, Liz Golub, told him to “run like a bunny” to make strong offers as soon as properties come on the market. The strategy paid off recently when the owner of a home near Lantana accepted his offer. But because it’s a short sale, the bank must approve the deal, and that could take months.
“It’s frustrating,” Thomas said. “I have not seen the benefits of this buyer’s market right now.”
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Upscale home sales lag as jumbo loans are hard to get.
July 18, 2009 by kenduncan
Filed under News / Comments
Upscale home sales lag as jumbo loans are hard to get.
WASHINGTON – July 15, 2009 – More than four months after the Obama administration launched its housing rescue plan, scores of lenders are focused on rewriting mortgage loans to make them more affordable.
But one demographic is being largely ignored: homeowners with higher-price loans, which his hrting sales and affecting realtors in Jupiter.
They don’t qualify for mortgage modifications under the Obama plan. They can’t get today’s low interest rates if they try to refinance. And with newly cautious lenders warier about who they lend to, just try to sell a home that costs $730,000 or more these days. In many cases, finding a buyer who can get financing takes far longer than for lower-price homes, because banks want as much as 30 percent down and six months of mortgage payments in reserve.
The result is a housing market in which sales and purchases of higher-price homes have come almost to a standstill, and it’s a predicament that could undermine the housing recovery. Move-up buyers (homeowners who want to buy larger, pricier homes) are getting locked out by lack of financing. Too many unsold homes in the top tier of the market also can push down prices for homes in the midprice range. Realtors in Stuart have reported that the recent boo in sales has not yet hit the higher priced market.
“We need to have a market recovery in all segments,” says Lawrence Yun, chief economist with the National Association of Realtors (NAR). “If the high-end market weakens, those in the middle have to reduce prices.” Prices on luxury water front homes have dropped over the past few months report several realtors in Jupiter Island
While the number of homeowners with higher loans is small relative to the entire market, Yun says, “All of Middle America is undoubtedly impacted.”
Jumbos and super-jumbos
Bigger loans, known as jumbo loans, come in three types.
Loans up to $417,000 are considered “conforming,” and can be sold to mortgage-finance giants Fannie Mae and Freddie Mac, which also guarantee them when they resell those mortgages to investors. But after that, the situation is more complex.
Loans between $417,000 and $729,750 are “conforming jumbo,” and loans above $729,750 are “super-jumbo.” Fannie and Freddie back only conforming jumbos, and what qualifies as conforming can vary depending on location. In San Francisco, Fannie and Freddie will back loans up to $729,750. In Atlantic City, the maximum is $453,750.
Lenders are leery of making loans above the amount that Freddie and Fannie will guarantee, because if a jumbo loan borrower defaults, it’s harder for a bank to quickly sell a higher-end foreclosed property. And because Freddie and Fannie don’t buy non-conforming jumbo loans, there’s less of a secondary market for super-size loans.
States with the highest percentages of jumbo mortgages include Hawaii, California and New York, as well as the District of Columbia. In New Jersey, Maryland, Massachusetts, Virginia, Connecticut, Washington, Nevada and Florida, jumbos account for 10 percent or more of all loans.
Jumbo loans aren’t just for the very rich: In some pricey areas, $500,000 may buy only a modest single-family house or condo.
Sales of higher-price homes have slowed to a glacial pace, driving the supply of homes for sale above $750,000 from 18.7 months in 2007 to 41.1 months in 2009, according to NAR.
With home values still falling in many areas, borrowers who took out jumbos a few years ago are finding they can’t refinance, and their mortgages are sliding into default. The number of jumbos 90 or more days delinquent reached 4.83 percent in March 2009, up from 1.68 percent in March 2008, says First American CoreLogic.
That trend is helping spread the foreclosure crisis from real-estate-bubble markets, such as California and Florida, where the housing crisis started, to other areas. Data from First American CoreLogic show that delinquency rates on jumbo mortgages under $1 million have more than doubled in areas such as Atlanta, St. Louis and Portland, Ore.
Some cities with high percentages of jumbo loans that are 90 or more days delinquent include Merced, Calif., Muncie, Ind., and Las Vegas-Paradise, Nev.
It’s been a costly situation for Victor Montalvo-Lugo, a clinical program manager at MedImmune in Gaithersburg, Md. He and his wife, Janette, bought a $1.6 million home in Thousand Oaks, Calif., in late 2005. He moved to Maryland for the MedImmune post in December, contracting for an $800,000 home to be built by late August. But with the California house on the market for weeks, he’s had no luck selling, even asking $1.05 million.
If he can’t sell that home before a company buy-out option expires, Montalvo-Lugo worries about the financing on the new one. A similar but smaller home down the block from his in California is listed in the $900,000s, forcing him to lower his initial asking price. “I’m very concerned. We are already listing for less than what we owe,” Montalvo-Lugo says. “We lost all of the initial equity, and we owe the bank more than we will get.”
Pressure on prices
Those with jumbo loans who lose a job or have an adjustable-rate mortgage that resets to a higher amount are struggling. But help is scarce: Under the Obama housing rescue plan, homeowners with loans above $729,750 aren’t eligible for mortgage modifications. Lenders may make such modifications on an individual basis, however.
Many homeowners in higher-end markets are finding they must drastically lower prices to try to get buyers. From July 1, 2008, to July 1, 2009, nearly 26 percent of homes on the market for more than $1 million have seen price reductions, and the average reduction is 13 percent off the asking price, according to real estate information provider Trulia. Homes on the market for less than $1 million have seen an average reduction of 9 percent off the asking price.
“What you’re seeing are those properties sitting on the market for a lot longer because people can’t get loans,” says David Kerr, a ZipRealty agent in the San Francisco area. “I got a call about a property in Berkeley for more than $1 million and almost fell out of my chair. All of what we’re showing is in the $200,000 to $300,000 price range.”
Jumbos are still being offered at Investors Savings Bank in Short Hills, N.J. But demand has slacked off because those taking out or refinancing jumbo loans must pay higher interest rates than other borrowers, says Richard Spengler, chief lending officer. Rates on jumbos are hovering around 6 percent, vs. 5.20 percent on a 30-year, fixed conventional loan.
The bank requires down payments of 20 percent to 30 percent, depending on the size of the jumbo. Spengler says many banks have gotten out of jumbo lending because of the lack of a secondary market. Investor Savings Bank keeps jumbos it issues in its own portfolio.
The overall stagnation in the market has a spillover effect on the economy. NAR estimates the slump in the jumbo home loan market has led to a $42 billion decline in economic activity.
That’s because borrowers who take out jumbos have much higher incomes than a typical borrower (an average $207,600 in 2007, says NAR’s most recent data) and when they buy a home, they spend a lot to furnish it. When sales of costly homes slow, sellers of furniture, carpeting, flooring and appliances get hurt.
Z Gallerie, a home merchandise retailer, is the latest in a string of higher-end stores to feel pinched. The store filed for bankruptcy-court protection from creditors in April, citing a severe sales drop. January sales were down 19 percent from a year earlier.
“The high-end retailers are being impacted,” says Gary Drenik at BIGresearch, a consumer intelligence firm. “When people buy a home, home-improvement and related sales go up.”
Those who can buy higher-end homes are seeing their discretionary income further whacked by strict lending conditions. Lenders are requiring some borrowers seeking to finance 80 percent of their home purchase keep 40 percent of the total loan value in a reserve account, says Michael Tooker, a mortgage planning specialist for Valley Private Mortgage Group in Scottsdale, Ariz. On a $1 million loan, “that’s $400,000 in reserve,” he says. “Some want six months total debt service in reserve. It’s so arbitrary.”
Camille Swanson, a Realtor at Realty Executives in Phoenix, can relate to the struggle. After selling her home, she fell in love with a foreclosed stacked-stone home in the desert that had been abandoned. But she discovered that no lender wanted to give her a jumbo loan on a property that needed so much renovation.
Swanson is almost finished obtaining a loan for the new place with an approval up to $640,000, but details are still being negotiated. With her 20 percent downpayment, the total investment will be $800,000. She approached five lenders as far as Washington before finding one in her area to give her a loan. She didn’t need money in reserve because of her retirement assets. “For them, it’s an issue of risk,” Swanson says.
Raising the roof
Real estate groups such as the NAR are pressuring Congress and the Obama administration to increase the jumbo loan limits that Fannie and Freddie will guarantee and make them permanent. Current amounts were raised in 2008 and are set to expire Dec. 31. They also want the Federal Reserve to buy jumbo-backed securities because Freddie and Fannie can’t. The hope is that Fed purchases would create enough of a secondary market for these loans so banks would be more open to lending higher amounts.
Meanwhile, in jumbo-heavy markets, homeowners are increasingly frustrated by their inability to sell. They can’t relocate for jobs or retirement. They can’t unload vacation homes that they may now struggle to afford this could be hurting realtors in Sewalls Point.
One such homeowner is Robert Westover, who works for the federal government in Washington, D.C. He’s been trying for months to sell a home in Hawaii with an ocean view. He bought it for $585,000 six years ago; it was valued at $1.1 million during the real estate peak in 2006. But there are no offers. He planned to list it for $940,000, but his Realtor suggested $890,000. Then he lowered it to $850,000. At one point, a potential buyer came forward but had no financing.
“It’s just been tough. It was getting crazy,” says Westover, 45, who now is taking the home off the market and renting it instead. “I hope I’ve learned a lesson, which is don’t put anything on the market in this economy. Most people who have homes in the jumbo (price range) are reliable, pay bills. Why are we suffering while the government gives help to everyone else?”
June housing construction rises unexpectedly
WASHINGTON (AP) – July 17, 2009 – Construction of new U.S. homes rose in June to the highest level in seven months, a sign builders are starting to regain confidence as they emerge from the housing bust good news for realtors in Port St Lucie
The Commerce Department said Friday that construction of new homes and apartments jumped 3.6 percent last month to a seasonally adjusted annual rate of 582,000 units, from an upwardly revised rate of 562,000 in May.
That was better than the 530,000-unit pace economists expected, and the second straight increase after April’s record low of 479,000 units.
In another encouraging sign, applications for building permits, seen as a good indicator of future activity, rose 8.7 percent in June to an annual rate of 563,000 units. Economists polled by Thomson Reuters expected an annual rate of 520,000 units.
The jump in housing starts reflected a more than 14 percent rise in construction of single-family homes. Recent reports on waterfront condos on Hutchison Island show an increase in sales over the past few months as reported by several realtors on Hutchison Island.
