REALTORS ASSOCIATION OF THE PALM BEACHES POINTS OUT THAT THE MEDIAN SALE PRICE OF SINGLE FAMIILY HOMES IS UP TO $197,000 FROM $190,000 THE PREVIOUS YEAR

The median townhouse-condo price in Palm Beach County is $82,500, up from $75,000 a year ago.  Less than 1 in 5 closings were for residential home sales in financial distress.  Distressed inventories are at 2007 levels.

Short sale process by Bank of America has been "accelerated."  These indications bode well for the housing market.

Total March pending single-family home sales in the county are up 70% from a year ago for homes and 41.1% for townhouses and condos.  Single family homes inventory has decreased 38% from the previous year and 40.8% from a year earlier.

The inventory decrease and increase in number of buyers has created a more competitive market place and that has positively impacted property values.

MARKET HEADING UP, THEY TELL US...

"For people who have been waiting to time their home purchase close to market bottom, it's time to start shopping," said Stan Humphries, Zillow's chief economist.  Bidding wars have returned as buyers compete for a shrinking supply of homes.  Inventories of single-family homes in Palm Beach and Broward counties have fallen in the past year by 38% and 48%, respectively, local Realtor boards say.  (From loansafe.org.)


The Sun-Sentinel interviewed a dozen builders, buyers, analysts, real estate agents and other local housing observers and they agreed that the region has reached a housing floor, despite concern that another wave of bank-owned homes will hit the market.


With prices back to levels last seen in 2002, demand is strong again, particularly from foreign investors and others willing to pay cash.

BEST TIME TO BUY IN FLORIDA IS NOW!

“For people who have been waiting to time their home purchase close to market bottom, it’s time to start shopping,” said Stan Humphries, Zillow’s chief economist.  Bidding wars have returned as buyers compete for a shrinking supply of homes. Inventories of single-family homes in Palm Beach and Broward counties have fallen in the past year by 38 percent and 48 percent, respectively, local Realtor boards say.  From loansafe.org.

The Sun Sentinel interviewed a dozen builders, buyers, analysts, real estate agents and other local housing observers, and 10 agreed that the region has reached a housing floor, despite concern that another wave of bank-owned homes will hit the market.  With prices back to levels last seen in 2002, demand is strong again, particularly from foreign investors and others willing to pay cash.

RIS MEDIA: HOUSING MARKET MAY BE ON THE RISE

 

The key word is MAY.

Many economists see the easing of foreclosures as the key reason the market may be on the rise.  However, they note, “Banks still retain many foreclosed properties on their books and some analysts have predicted that housing prices could weaken again if lenders dump these properties into the recovering market.” 

Lowe’s Daily Real Estate Report for first three months of 2012 says, “Foreclosure filings up in most markets.” This was for more than half of the markets tracked by RealtyTrac, “an early sign that long-dormant foreclosures are coming out of hibernation in many local markets.”

The foreclosures referred to above are only part of the shadow inventory, and more people who are “underwater” may do short sales or be foreclosed on in the near future.  Ris Media points out that one of several factors holding back a major turnaround in the housing market is, “the huge number of homeowners who owe more on their mortgages than their homes are worth leaving them essentially stuck in their properties.”  

One good sign is that Standard & Poor’s Case-Shiller Index of 20 US cities shows the steady shrinking in recent months of a year-over-year decline in home values.  Ris Media says, “analysts note that prices have stablizied and sales volume has been gaining.

DataQuick of San Diego reported that, “statewide the notices of default had a 17.6% drop from the same period last year.”  One of the early callers of the housing crash, Christopher Thornberg of Beacon Economics said, “What are important are sales and inventory, and those are pointing in the right direction… I would say that by the end of the year, they should translate into better prices.”  As reported in this blog recently, NAR Chief Economist said that by the end of the year prices might rise by 10%.  Zillow predicts a 5%+ price rise by the end of  the year.

Some promising factors for home sales include low interest rates and the availability of bargain-priced properties, and a prevalence of investors buying up, fixing up and renting out former foreclosures.  New home sales, with last year being their worst on record, are up 16% for the first three months compared to 2011.  Now we will wait to see what happens to some or all those shadow inventory foreclosures.

PERFORMANCE CANCELED

DUE TO WEATHER CONDITIONS

IT HAS NOT BEEN RESCHEDULED 

YET.

SOMETIME THIS WEEKEND HEAD OVER TO THE EXCITING DELRAY AFFAIR ARTS & CRAFTS FESTIVAL

Stretching from Swinton Avenue to the Intracoastal Waterway, encompassing10 city blocks, the Delray Affair will be open starting at 10 am and Fridays and Saturdays to 6pm, Sunday to 5 pm along eastern Atlantic Avenue.  

Eight hundred of the best artists, crafts persons and photographers from all over the US will be participating. Delicious foods will be available. The area will only be open to pedestrian traffic.  Included will b 5 food courts, two beer and wine gardens, live music and strolling street performers.  This is Delray’s BIGGEST PARTY, and this is the 50^th anniversary of this annual event.  Admission is free.

Ora Sorenson as selected as the artist for the commemorative poster.  The landmark Colony Hotel is pictured with a stalk of pretty gladiolas.  The festival evolved from the original Gladiolas Festival.

The Downtown Roundabout Shuttle will provide free round trip service 9 am to 8 pm on Atlantic Avenue from the Congress Avenue TriRail station to the Public Library, just west of the event.  See map for parking garages.

Attendance may top 300,000 people, 66% of whom attended in past years.  Forty-five percent are over age 54, 73% are Palm Beach County residents. The event generates $21MM in economic activity and has an advertising budget of $180,000, according to the Chamber of Commerce.

FOR MORE INFORMATION

 

 

Addison Mizner 1925 BOCA HOUSE SEEKING HISTORIC PRESERVATION DESIGNATION

About a dozen bungalow-style homes designed by Addison Mizner and built in 1925 and 1926 remain in the neighborhood, on Northwest Seventh and Eighth streets west of Boca RatonBoulevard.  Designation has been applied for and is in process.  Decision will come in May.

HIRING 5000 HEROES

Yesterday, job fairs for military veterans took place in New York, Chicago and Fort Hood, Texas.  In New York the job fair was held at the Intrepid Air & Space Museum.  There, over 5000 veterans and military spouses connected with more than 100 employers.  A total of 23,000 veterans and military spouses attended Hiring Our Heroes events.

 

Companies came with job opportunities in hand, including rock band KISS.  They received over 500 applicants for their roadie job.  Comcast was there. NBC Universal pledge to hire 1000 veterans over the next three years.

 

Over 400 more job fairs are being held across the country.  Military.com and Monster.com are holding virtual career fairs for veterans and military spouses; over 19,000 people applied online.

The campaign was held by the US Chamber of Commerce, the National Chamber Foundation and Capital One, which has pledge $4.5MM to support job fairs and workforce training initiatives.  NBC has promoted this effort.

Andrea Mitchell reported that the veteran unemployment rate was 12.1% last year.

OCEANFRONT KLUGE ESTATE WITH MIZNER AND WYETH HOMES AND EXTENSIVE GARDENS IS UP FOR SALE

Columbia University will be the happy beneficiary from the sale of one of Palm Beach’s highest priced estates.  In 2007, philanthropist Kluge donated the ultra-private 4.3-acre compound, a magnificent trophy estate made up of five contingent parcels, to Columbia as part of a $400-MM pledge exclusively for student scholarships.   

His vision was to create a verdant park-like retreat with 150’ of oceanfront and a private beach parcel.  Ocean views are exceptional.  Gardens and outdoor art collections are extensive. 

Kluge came to the US as an immigrant from Germany in 1922, worked for his stepfather in Detroit when he was 10 and by age 37 he made his first million dollars.  In 1987 Forbes named him as the world’s richest man.  This pledge is the largest ever gift devoted exclusively to student aid at a single institution of higher education in the United States.  By the time of his death, Kluge had accumulated $6.5BB.

At the entrance to the house, a domed ceiling appears with artwork within.  To the right is the casino room with pool table and seats for socializing. There is a lush and beautiful arcade with rotunda on the grounds.

The piano sits on a tiger skin carpet in the piano room.  The second floor has bedrooms with French windows and doors overlooking the gardens.

Once ranked by Forbes as the world’s richest man, John Kluge, the late billionaire who died at age 95 in 2010, purchased the five residences in the heart of Palm Beach’s estate section over a 30-year period before gifting the estate to his alma mater.  Kluge was CEO of Metromedia.

Casa Sin Nombre has exotically landscaped grounds and 21,000 living sq ft of housing.   

The 12,000 sq ft Garden House, his main residence, was built in 1935 and designed by society architect Marion Sims Wyeth.  Addison MIzner designed the now-renovated  6000-sq ft Mediterranean-Revival style oceanfront house in 1921.  Three separate buildings are for staff and/or guests.  The property has frequently been used for charity events.  It is located near the world-famous Worth Avenue and between Ocean Boulevard and South County Road.  Kluge acquired the properties in 1995.  

Listed price tag is $59MM.  The property has been on the market advertised globally for nine months.

MILLION DOLLAR HOUSING MARKET SMALL BUT BRISK

The Realtors' Research Division of the National Association of Realtors reports that last year 68,200 residential transactions closed at $1MM or more, about 1.6% of all home sales in 2011.


The $500,000 and above market segment represented 10% of all home sales.

While luxury homes are a small niche, they are generally outperforming the market.

APRIL 1, 2012 WALKING TOUR OF 14 WEST PALM BEACH HISTORIC HOME

The Grandview Heights Historic District will be hosting their 15^th annual historic home tour on Sunday, April 01st,  between 3 – 7 pm. This home tour will mark the 100^th birthday of the oldest section of Grandview Heights. Located within walking distance to City Place and the downtown Clematis Street Historic District, the Grandview Heights Historic District has become one of the most desirable residential neighborhoods in West Palm Beach due to its superb location and eclectic, old south Florida atmosphere. Established in 1912 and listed on the National Register of Historic Places, this neighborhood has one of the highest concentrations of historically significant architecture, such as Spanish Mission, Mediterranean Revival, Florida Bungalow, Art Deco and Dutch Colonial Revival.

This year’s tour features 14 homes, the biggest ever, with various styles and in different stages of restoration.  11 of the homes have never been shown in the past, including one which dates back to 1912. Highlights of the tour this year include art exhibits by locally acclaimed artists at Grandview Gardens Bed & Breakfast and Casa Grandview Historic Luxury Inn, a complimentary street party including a full meal, wine, soft drinks and live entertainment by Samm, one of the areas most popular jazz singers.

Tickets can either be booked in advance for $ 25 (plus small booking fee) online at www.historichometours.com or by calling 659-6721. Tickets are $30 on the day of the tour and can be purchased in front of the Armory Art Center in Howard Park. Visit www.grandviewheights.net for more information.

MOODY’s ECONOMY.COM PREDICTIONS

… market will not rebound to previous highs until 2030 or later, particularly in south Florida, California, Nevada and Arizona

… Other regions are predicted to recover in 2020

LATEST NEWS

• The 258,000-square-foot Delray Marketplace retail center project has begun construction with Deerfield Beach-based SIKON Construction Company. The center, which is located at the northwest corner of West Atlantic Avenue and Lyons Road, will feature shopping, restaurants and entertainment, and is set for completion Nov. 15 of this year. 
  
• In Florida, the Federal Housing Finance Agency says it completed 119,113 loan modifications in 2010 and 2011. More than 56,550 short sales or deeds-in-lieu of foreclosure were also completed during the same time period
• Florida has more loans that are one year or more delinquent than any state in the U.S. but California, according to a new report by the Federal Home Finance Agency. There are a total of 166,000 Florida loans more than one year delinquent, out of 292,000 delinquent loans backed by Freddie Mac and Fannie Mae, the Palm Beach Post reported. California has 174,000 loans that are delinquent by a year or more.
• Miami-Dade County saw the greatest increase in the state when it came to the rate of mortgage delinquencies, with 23.5 percent more mortgages 90 or more days delinquent than in the previous quarter, according to data from the Federal Reserve Bank of New York. In the same period, the number of delinquent mortgages rose 19.3 percent in Broward County and 16.3 percent in Palm Beach County.  

FROM THE BREAKERS HOTEL

We are proud to share with you that The Breakers has been nominated as one of Florida's top 100 buildings by the Florida chapter of the American Institute of Architects. The "Florida Architecture: 100 Years, 100 Places" competition is one of many events planned to celebrate the organization's 100th anniversary and to recognize the most architecturally significant buildings in our state.

As you are a valued guest of The Breakers, we hope you will join us in voting for the resort as often as you can from now through April 6, 2012.  There is no limit to the number of times an individual can vote. The winner will be announced in early April and honored at the chapter's annual convention held at The Breakers in July 2012. It would be very exciting if The Breakers was named the #1 building in Florida! Vote Now>

We are honored to showcase the original 1926 building and its breathtaking public rooms, all hand painted by Italian artisans, to thousands of visitors to enjoy each year. The parallel path of preservation and modernization has allowed The Breakers to thrive in the luxury hotel sector and survive as the only large historic luxury resort in the country still in the hands of its original owners.  At 116 years old, this is an unusual feat.

Given the number of other buildings included in this survey, it would be an honor to rank at the top of the list. Thank you for your vote and, as always, for being our guest. We look forward to welcoming you back to the resort again in the near future.

Warmest Regards,

The Breakers Team 

PS: You can vote for more than one and The Colony Hotel is on the list as well.

HOUSING PREDICTIONS

Robert Schiller, Yale Professor of Economics and originator of Case-Shiller housing reports, says we may be at bottom, but has no indications of another boom any time soon.

Hear what he has to say.

Florida has one of the highest negative equity percentages nationwide, with 44 percent of its mortgaged properties reported as being underwater

6,082,000 US MORTGAGES GOING UNPAID IN END OF JANUARY 2012 - IS THIS GOOD NEWS OR BAD?

Lender Processing Services, whose mortgage performance statistics are derived from its loan-level database of nearly 40MM mortgage loans, gives the above headline statistics for loans 30 or more days delinquent and in foreclosure, about 15% of all mortgages in the database.  

Nevertheless, they report that the delinquency rate is down 10%+ from January 2011, and foreclosure rate is up 1.1% compared to December 2011.  LPS says Florida had the highest percentage of non-current mortgages last month.

Capital Economics, a leading independent international macro-economic research consultancy, predicts the housing crisis will end in 2012 as banks loosen credit standards, now lending at 82% LTV with average required credit score to be 700.  They caution that, “Any improvement in credit conditions won’t be significant enough to generate actual house price gains.”  They also say that potential ramifications from the euro-zone pose a threat to future credit availability. “Shadow inventory” is not included, nor how long it will take for those properties, not yet on the market, to be sold.

HomeValueForecast mentions positive trends including an improving jobs picture, low interest rates and a slowing of distress sales on the market, but note that here too, the end of shadow inventory is not mentioned. They state that current Florida prices are at 2002 levels.

This IS A GOOD TIME TO BUY.

DISCOVER BOCA RATON'S GUMBO LIMBO ENVIRONMENTAL NATURE CENTER

Founded in 1984, Gumbo Limbo Nature Center at 1801 North Ocean Boulevard is a unique, outstanding cooperative project of the City of Boca Raton, Greater Boca Raton Beach and Park District, The Palm Beach County School District, Florida Atlantic University (FAU), and Gumbo Limbo Nature Center, Inc. Each year, more than 100,000 local and tourist visitors receive valuable environmental education while enjoying respite from the city bustle.  Gumbo Limbo is a great place for all ages to visit.

 As a beacon for environmental education, research, and conservation, Gumbo Limbo’s 20 acres of protected barrier island not only provide refuge to many varieties of plants and animals - some rare or endangered - but also represent a commitment to protect our natural resources by our members, volunteers, and the organizations that comprise the Center.

Florida boasts some of the most important nesting beaches for loggerhead sea turtles in the world, and also offers important nesting habitat for green and leatherback sea turtles, as well as the occasional Kemp's ridley and hawksbill turtle nests.  Florida's waters provide important development habitat for many species of sea turtles in a variety of life stages.  The Boca Raton Sea Turtle Conservation and Research Program works under permit from, and in coordination with, the Florida Fish & Wildlife Conservation Commission (FWC).

All species of sea turtles in the world are either threatened or endangered species. Sea turtles face many threats in the world today that were not an issue hundreds of years ago. 

Some of these threats include:

• ·Collisions with boats
•  Direct and Indirect glow from artificial lighting
• Interactions from commercial fisheries
• Loss of nesting habitat
• Pollution

Gumbo Limbo instructs more than 10,000 Palm Beach County school students in coastal and marine ecology every year with programs constructed to meet the Sunshine State Standards Requirement in science education.  They monitor 500 nests a year within a five mile span of beaches and rescue injured turtles and release more than 6000 stranded hatchlings each nesting season. More than 50 programs are offered for children, adults, and families facilitated by qualified naturalists and biologists with Small class sizes and a low cost with more than 13,000 people participating annually.

The FAU lab conducts valuable scientific research which enhances our understanding of sea turtle behavior, physiology, and ecology.  The research creates practical applications in the conservation of sea turtles and other marine life.  The North Trails feature a Butterfly Garden, in full bloom in May and June.  The outdoor amphitheater holds plays.  The ¼ mile boardwalk is an opportunity to visit an ecosystem that once flourished thruout Florida before modern development and industrialization.  Take a free guided walk Wednesday mornings at 10 am.  Look into the half-day weeklong summer Environmental Camp where the children learn about about plants, anumals and coastal habitats, and enjoy many other activities.

Visit Gumbo Limbo Nature Center to learn more about these threats and what you can do to help.   If you might like to volunteer, call 561-338-1588. http://www.gumbolimbo.org

The 7th annual festival celebrating sea turtles and our ocean environment will take place at Gumbo Limbo on Saturday, March 3, 2012! The fun begins at 10 am and lasts until 4 pm.  Admission is free.  Stroll around the lush grounds, visit environmentally friendly exhibitors, attend a performance by Sol Children Theatre, and learn how to make leaf prints! There will be plenty of fun for all ages, from arts, crafts, and games, to educational talks and guided walks through the hammock. Keep your eyes open for Luna, the NEW Green Sea Turtle mascot – a great photo opportunity!