Pending Home Sales on a Record Roll

Pending home sales on a record roll 

WASHINGTON – Sept. 1, 2009 – Contract activity for pending home sales has risen for six straight months, a pattern not seen in the history of the index since it began in 2001, according to the National Association of Realtors® (NAR).

The Pending Home Sales Index, a forward-looking indicator based on contracts signed in July, increased 3.2 percent to 97.6 from a reading of 94.6 in June. It’s also 12.0 percent higher than July 2008 when it was at 87.1. The index is at its highest level since June 2007.

Lawrence Yun, NAR chief economist, says housing market momentum has clearly turned for the better. “The recovery is broad-based across many parts of the country. Housing affordability has been at record highs this year with the added stimulus of a first-time buyer tax credit.

“Other buyers are taking advantage of low home values before prices turn higher,” Yun says. “Nationally, the typical mortgage payment now takes less than 25 percent of a middle-income family’s monthly income to buy a median priced home, with payment percentages so far in 2009 being the lowest on record dating back to 1970. As long as home buyers stay within their budget, mortgage payments will be very manageable.”

NAR estimates that about 1.8 to 2.0 million first-time buyers will take advantage of the $8,000 tax credit this year, with approximately 350,000 additional sales that would not have taken place without the credit. Buyers have little time to act because they must complete the transaction by Nov. 30 to qualify for the credit. Unless extended, contracts signed but not completed by that date will not be eligible – it is taking approximately two months to complete home sales in the current market.

The Pending Home Sales Index in the Northeast declined 3.0 percent to 78.8 in July but is 4.7 percent higher than July 2008. In the Midwest, the index slipped 2.0 percent to 88.1 but is 8.1 percent above a year ago. In the South, pending home sales activity rose 3.1 percent to an index of 103.8 in July and is 12.0 percent above July 2008. In the West the index jumped 12.1 percent to 112.5 and is 20.0 percent above a year ago.

NAR President Charles McMillan says Congress needs to keep the momentum going. “Even with a good recovery taking place, the market is not yet back to normal. With a gradual absorption of inventory, we are on the cusp of a general stabilization in home prices,” he says. “To ensure that housing has a broad stimulus to the overall economy and stays on sound footing, we’re encouraging Congress to extend the tax credit into 2010, and to expand it to all buyers of primary residences. The faster we stabilize home prices, the fewer families will face foreclosure and the quicker the credit can be extended to other sectors of the economy.”

NAR’s Housing Affordability Index (HAI) stood at 158.5 in July – below the peak set in April but still 36.0 percentage points higher than a year ago. The HAI is a broad measure of housing affordability using consistent values and assumptions over time, which examines the relationship between home prices, mortgage interest rates and family income.

Yun expects existing-home sales to rise through the fourth quarter. “Unless the tax credit is extended, no one should be surprised to see home sales drop in the first quarter of next year,” he said. “However, the fundamentals of the housing market and the economy are trending up, and we expect home sales to generally pick up in the second quarter of 2010. The buyer psychology may be shifting from, ‘Why buy now when I can purchase later,’ to ‘I don’t want to miss out on a recovery.’”

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 Tesoro 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

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

Fantastic Townhome with Ocean Views $369,900

Approved Short Sale  Beautiful 3 story townhouse with it’s own elegant private elevator. Fantastic ocean views from almost every room. Two covered Balconies, custom closet origanizer, spacious rooms, impact glass windows throughout.The kitchen is model perfect… Granite counter tops, beautiful wood cabinetry and more… Impact resistant glass throughtout, two car attached garage… This home was originally purchased for nearly $830,000 and is now available at a fraction of that amount. HURRY! disclaimer: this property has Ocean veiws, but is not ocean front. :It’s the seller’s intention to exclude the appliances and plantation shutters

Living Rm: 15 x 14 Den: 14 x 10 Master BR: 17 x 14 Liv SqFt: 2,374 BR: 3 Kitchen: 11 x 9 Family Rm: 10 x 11 Bedroom 2: 14 x 12 Tot SqFt: 3,146 FB: 3 Dining Rm: 11 x 11 Florida Rm: Bedroom 3: 15 x 13 Guest Hse: HB: 0 Dining Ar: Patio/Balc: 10 x 7 Bedroom 4: Yr Built: 2007/ NEW Utility: 8 x 6 Porch: 10 x 7 Bedroom 5: Pool Size: Pets: Y

Design: MEDITERR, View: OCEAN, OTHER Const: WtrFrt: NONE Unt Desc: Corner Secur: GATE-UNMAN, SEC SYST/OWN Roof: S-Tile Mmbrsh: Floors: Carpet, CERAMIC TILE Cool: CENTRAL Frnsh: Unfurnished Heat: CENTRAL Dining: Din-Liv, EAT IN KITCH Utilities: PUBLIC WATER, PUBLIC SEWER Gst Hse: Boat Service: MBR/MBath: Sepshower, SPA TB + SHR, DUAL SINKS Spec Info: Rooms: Util-Lndry, DEN, FAMILY Restrictions: OTHER Window/Trmts: Sliding, HURRICANE FeeIncl: LAWN CARE, INSUR-BLDG, CABLE Equip/Appl: Smoke Detect, INTERCOM, AUTO GAR DR Private Pool: Parking: Att Garage, DECOR DRIVE Lot Desc: MH Features: Subdv Info: Pool, CLUBHOUSE, EXER ROOM Interior: Vol Ceil, ROMAN TUB, WLK IN CLOS, PANTRY, LAUNDRY TUB, ELEVATOR Exterior: Covrd Bal, COVRD PATIO, AUTO SPRINK

118 Ocean Bay Dr Jensen Beach   

$349,900    Currency Converter      E 259,600 Euros

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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 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

 

Florida’s existing home, condo sales up in May 2009

Florida’s existing home, condo sales up in May 2009

ORLANDO, Fla. – June 23, 2009 – Florida’s existing home sales rose in May – the ninth 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 sales showed gains over the previous month’s sales level in both the existing home and existing condominium markets. Also, for the first time in many months, the statewide median sales price in May for existing homes and for existing condos rose over the previous month’s figure.

Existing home sales rose 16 percent last month with a total of 13,921 homes sold statewide compared to 12,044 homes sold in May 2008, according to FAR. Statewide existing home sales in May increased 6.2 percent over April’s statewide activity. Florida Realtors also reported a 21 percent rise in statewide sales of existing condos in May; existing condo sales last month rose 3.8 percent over the total units sold in April.

“The improving sales of existing single family homes and condos is a trend we have been seeing for several months in Florida. What is new in this month’s data release is that we are seeing evidence of prices beginning to firm,” says Dr. Sean Snaith, director for the University of Central Florida’s Institute for Economic Competitiveness. “While one month of data does not a trend make, it is the first green shoot we have seen in some time as far as prices are concerned. Until prices stop declining, we cannot state with confidence that the housing market has stabilized. Sales have risen to levels we have not seen since 2006, though the economy still faces headwinds. As credit markets begin to thaw this will help speed along this process of recovery in the housing market.”

Thirteen of Florida’s metropolitan statistical areas (MSAs) reported increased existing-home sales in May and 13 MSAs also showed gains in condo sales. A majority of the state’s MSAs have reported increased sales for 11 consecutive months.

Florida’s median sales price for existing homes last month was $144,400; a year ago, it was $203,800 for a 29 percent decrease. However, the statewide existing home median price in May was higher than the statewide median price reported in each of the previous four months. According to housing industry analysts with the National Association of Realtors® (NAR), sales of foreclosures and other distressed properties continue to lower 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 April 2009 was $169,800, down 14.9 percent from a year earlier, according to NAR. In California, the statewide median resales price was $256,700 in April; in Massachusetts, it was $275,000; in Maryland, it was $255,587; and in New York, it was $185,000.

According to NAR’s latest housing industry outlook, buyers are responding to favorable market conditions. “The $8,000 first-time buyer tax credit is beginning to impact the market,” said NAR Chief Economist Lawrence Yun. “Since first-time buyers must finalize their purchase by Nov. 30 to get the credit, we expect greater activity in the months ahead and that should spark more sales by repeat buyers.” Many homebuyers are taking advantage of the bargain prices offered on foreclosed listings in states like Florida, California and Nevada, Yun noted, which should “set the stage for healthy market conditions going forward.”

In Florida’s year-to-year comparison for condos, 4,839 units sold statewide compared to 3,998 units in May 2008 for a 21 percent increase. The statewide existing condo median sales price last month was $113,400; in May 2008 it was $181,700 for a 38 percent decrease. May’s statewide existing condo median price was the same as January’s statewide median, and was higher than the median reported in February, March or April. The national median existing condo price was $173,900 in April 2009, according to NAR.

Interest rates for a 30-year fixed-rate mortgage averaged 4.86 percent last month, down significantly from the average rate of 6.04 percent in May 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 Melbourne-Titusville-Palm Bay MSA reported a total of 584 homes sold in May compared to 491 homes a year ago for a 19 percent increase. The existing home median sales price was $123,700; a year ago, it was $163,100 for a 24 percent decrease. In the year-to-year comparison for the existing condo market, 123 units sold in the MSA last month, up 6 percent compared to 116 condos sold the previous May. The market’s existing condo median price last month was $134,400; a year earlier, it was $144,300 for a 7 percent decrease.

I would be happy to act as your Realtor for luxury homes in Palm City, Stuart , Sewalls Point and the Treasure Coast

 Are you looking for an ocean front condo on Hutchison Island, a beautiful home in Jensen Beach an exclusive home in Sewalls Point, or a townhouse in downtown Stuart?

Let me help you find your dream home in South Florida! 

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If you are looking for the right move abroad South Florida is the place to invest.

Ken@yourfraction.net

305-320-6744 Office hours

772-224-6378 Evenings and weekends

 

The Courtyards at City Place

We have a fabulous condo at The Courtyards at City Place available for long term and short term rentals. Prices are posted at Florida Rentals.

Please read some of the comments from a few of our happy customers

Dear Mr. Duncan

Our 4 week stay in your condo at City Place was fantastic. We have never had such a great holiday , the area is teaming with entertainment Opera, open air concerts, the Comedy Club , Cinema , the beautiful tropical pool and of course the gym. Your pictures and description do not do City Place the justice it deserves, simply a marvelous place to spend ones holiday. Do recommend your golfing guests a round on The Ocean Course at Manalapan.
Yours truly,
S. Ramsey
London

“Wonderful stay , The Cheese Cake Factory was our favorite place . We will be back again.”
Jan and Mick
Jersey CI

“We were not sure what to expect , the area was everything you described , we did not use the car for 4 days”
The Stewarts
Glendale House
Edinburgh

“We had a great time ”
Gary White
Doncaster

“I read 3 books in the gardens , beautiful holiday”
K Bews
Carcroft

“The kids enjoyed every minute we were there, we used the beach bus almost every day”
The Lustigs
NY NY

“The Opera Concert in the Plaza was excellent , we really enjoyed our vacation”
Chuck and Sylvia
Utah

”Hopefully we will be back in 2 years , our holiday was perfect”
Nick Potts
Surrey

“The amenities around your condo were unbeleivable, everything was right on our door step. We plan to stay again next season, I had easy access to all my tournaments.”
Way
PGA Professional

Thank you for letting your beautiful condo at City Place to my family it was perfect for our 3 week stay in Palm Beaches we will be back again.
Clair ,Stafford England 2/11/2008

 

 

 Ken@yourfraction.net

305-320-6744 Office hours

772-224-6378 Evenings and weekends

 

City Place Keeps Moving Forward

Why not rent our fabulous  condo

The Courtyards at City Place

With clothing and furniture stores limping through this recession, CityPlace is moving toward a new identity:  The Entertainment Capitol

Coming soon: Carousel Can Can Cafe. This is a French bistro that will feature a bar shaped like a carousel, as well as a healthy dose of entertainment, including can can dancers, fortune tellers, mimes – and waitresses dressed as French maids (Ooh la la!).

A creation of Karim El Sherif, who owns the popular Metronome brasserie in Palm Beach Gardens, Carousel is slated for the space vacated by Mark’s restaurant last April. Look for an old-style theme that’s colorful, festive and reminiscent of happier days gone by – such as a childhood spin on a painted wooden horse.

Also in the works at CityPlace: B.B. King’s Blues Club. The regional chain, which has locations in Orlando, Memphis and Nashville, offers Creole and Southern comfort food, along with live blues music.

Carousel and possibly B.B. King’s would join two other recent entertainment additions to CityPlace. Taverna Opa, is a festive Greek eatery that also features dancing on the tables. Palm Beach Improv, a comedy club, recently doubled its space.

CityPlace managing partner Ken Himmel confirmed the deal with Carousel, and the talks with B.B. King’s. He was enthused about the center’s efforts to further enhance its reputation for offering entertainment. “They could be a great fit for us,” Himmel said.

“What it does is transform CityPlace from a shopping destination with restaurants, to an entertainment destination with shopping,” added Alan , a Palm Beach Gardens restaurant broker with Score Realty. “That’s really what separates CityPlace from the rest of the market.”

“People love to be with people and watch people, and feel like there’s something to do,” said Koch, who is working these new deals.

There will be plenty to do and look at in Carousel. The restaurant’s exterior will be pushed in, creating more room for an outside bar, which will have a carousel top. Can can girls will dance through the night inside in a dining room adorned with plenty of brass poles, mirrors – even a sculpture of a can can girl on a horse: “Very sexy,” El Sherif said.

But start a new restaurant in this economy?

El Sherif said he wouldn’t have done this deal if it were an upscale steak place, for instance. But a venue that focuses heavily on entertainment will serve the needs of people seeking an escape: “We all need an outlet to let loose and have fun,” he said. “I want to transport people to yesteryear.” The success of Taverna Opa convinced El Sherif that CityPlace was ready for another unique idea.

Food also will be important, of course, with bistro classics plus some Mediterranean dishes. Entrees will be prices mostly in the $12 to $18 range. El Sherif hopes to open Carousel by May.

Despite the down economy, Himmel said restaurants and the movie theaters did very well during the holidays – further proof that entertainment is the way to go

During the next few weeks, car shows, festivals, bike nights and green markets will all be on display at Abacoa. In fact, some 100 events are set for the next 12 months. Palm Beach Gardens-based retail broker Richard Lackey, who is working with Abacoa owner Woolbright Development to bring new tenants to the center, said the events are designed to increase pedestrian traffic to the shops and restaurants. And look for new ones coming soon

City Place is also home to our fabulous Florida holiday rental condo. For details on this condo or our beautiful 3 bedroom home at PGA Village Port St Lucie visit http://kenduncanrealtor.com/category/rentals/ 

 

The West Palm Beach shopping and dining mecca is re-creating itself as an entertainment destination, focusing on tenants that amuse as well as feed.

EVEN MORE GOOD NEWS!

More Good news

U.S. government: Home prices up 1.7 percent month-to-month

WASHINGTON, DC – March 25, 2009 – U.S. home prices rose 1.7 percent on a seasonally-adjusted basis from December to January, according to the Federal Housing Finance Agency’s (FHFA) monthly House Price Index.  This could be the start to a turn around in the housing market our only advice to people who are thinking of buying not to waste much time as houses are selling and selling fast in some areas.

The Commerce Department said sales rose 4.7 percent in February to a seasonally adjusted annual rate of 337,000 units from an upwardly revised January figure of 322,000. Even after the revision to January’s sales results, the month remained the worst on records dating back to 1963.

South Florida Realtors report a 5  Month increase in sales as high as 35% over last years sales records. These figures just released by The Commerce Department and the recent 5  month sales figures reported by The Realtors Association of Florida are proof that South Florida is  a very popular place for investors to buy. Dean Gasabi from International Agents reports that he has buyers from all over the world interested  in South Florida ” I actually needed to ask my wife to help me due to all the inquiries.  It is amazing within 4 months from no business now I have to much business”

Many Thanks for helping us find our new holiday home

Ken

Cant thank you enough for the work you put into finding us our new holiday home.

Living in the UK and buying a home in Florida was going to be a nightmare however you made the process very simple you obviously have done this many times before.

We will pass on your contact details to all our friends.

We will all enjoy a nice bottle of wine on our ocean view balcony in the next few weeks.

Sue and Steve Wilson

Manchester England

Port St Lucie Florida a Hidden Gem

Port St Lucie is halfway between Orlando and Miami perfectly positioned for a days outing to Orlando’s many amusement parks. Port St Lucie is new town with all forms of entertainment within minutes of any part of the city. Sailing, fishing, golf, tennis, surfing  or a walk on the beach . It has an international feel as there are owners and visitors to Port St Lucie from all over the world. The NY Mets make St Lucie their winter headquarters it is also home to the worlds largest golf training facility The PGA Village.

 

 

Never had such a great holiday

Dear Mr. Duncan

Our 4 week stay in your condo at City Place was fantastic. We have never had such a great holiday , the area is teaming with entertainment Opera, open air concerts, the Comedy Club , Cinema , the beautiful tropical pool and of course the gym. Your pictures and description do not do City Place the justice it deserves, simply a marvelous place to spend ones holiday. Do recommend your golfing guests a round on The Ocean Course at Manalapan.
Yours truly,
S. Ramsey
London

City Place

Thank you for letting your beautiful condo at City Place to my family it was perfect for our 3 week stay in Palm Beaches we will be back again.
Clair Trigg ,Stafford England 2/11/2008

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