Saturday, April 7, 2012

Palm Beach County’s rebounding Real Estate Market


West Palm Beach, Florida - As the recession finally appears to be in the rearview mirror for some areas others are still sinking further. However the development has returned to Palm Beach County, as some sources are reporting. There were plenty of projects that were on hold or closed down dues to the old Community Reinvestment Act destroying the Real Estate market. One project that has restarted is the long-stalled Cannery Row development. The Developers on many projects ran out of funding or decided to wait as home prices fell to record lows.

Palm Beach County Real Estate Development News

The plan was for a townhouse development in Pineapple Grove at the site of an old shopping center. But prolific Palm Beach developer Ironwood Properties stalled the project in 2007, along with several others it had forged, as the recession hit. But now the Cannery Row plans are back from the dead, as a clubhouse and pool were already built on the site and the first of three townhouse buildings, each with four units, will be completed this spring.

Ironwood was inspired to build by what it saw to be growing confidence in the real estate market. That move has paid off as six Cannery Row homes, each asking about $600,000, are already sold. The Mortgage Lenders will have to feel comfortable to start lending again. We must realize that if forecast have homes dropping another 3% to 4%, Mortgage Lenders and Banks will have to be funding below LTV (Loan to values) of projected dips in price.

West Palm Beach and Delray Beach Homes For Sale

Two developers have preliminary plans to build two condos in the county, one high-end one mid-tier, according to Premier Sales Group. Meanwhile, in the commercial sector, West Palm Beach-based McCraney Property Company was finally able to refinance its industrial portfolio and has found new tenants for 250,000 square feet of vacancies in its 2 million-square-foot portfolio.

Delray Beach and the Beautiful Atlantic Ocean

Cannery Row, set just north of Atlantic Avenue, is in the heart of Delray Beach’s Pineapple Grove and Bankers’ Row historic districts. The Pineapple Grove neighborhood is home to some of the finest shops, restaurants and galleries in Delray Beach. This area is a thriving arts and cultural center and full of excellent restaurants. Downtown Delray Beach’s mélange of history and energy provides the perfect setting for the elegant townhomes of Cannery Row.

Palm Beach County Retail Shopping Outlet Center Coming

The West Palm Beach area has news as the new owners are getting set to demolish the longstanding Palm Beach Mall. This was the first shopping mall in the Palm Beach County area and was the place to be during the 80's. Many West Palm Beach Residents were saddened to see the Palm Beach Mall slip away with crime and store closings. Rather than redevelop Palm Beach County’s oldest mall into a new outlet center, the partnership that bought the Palm Beach Mall in October has decided to demolish it and build a sparkling new facility.

Now, the $35.5 million New England Development, Eastern Real Estate and Lubert-Adler paid to buy the firm doesn’t seem like such a bargain price. Looking into the cost of planning, preparing and constructing the Palm Beach Fashion Outlets, as they will be known, likely brings the total price north of $100 million. New England Development Chairman Stephen Karp told the Post that he’d likely file plans with West Palm Beach in the next 90 days.

The developers are in talks with a whole host of retailers, and said that JC Penney, one of the two retailers that remain open at the mall, would likely get a new building. The new Retail Shopping Center Owners are in contact with over 100 net lease tenants right now. Currently some of them are in different stages of negotiations, some of them with lease requests at this point in time.


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Tuesday, April 3, 2012

Florida Seniors and Young Adults Buying Homes


Seniors and Young Adults Will Influence U.S. Housing Markets

Aging baby boomers and their echo boomer children will significantly impact trends in the nation’s housing market over the next 20 years. In a new report released by the Bipartisan Policy Center, “Demographic Challenges and Opportunities for U.S. Housing Markets,” researchers at the National Association of Realtors®, The Urban Institute, and the University of Southern California analyze key demographic trends and their likely influence on housing and homeownership in the United States.

The Baby Boomer Generation Welcomed in West Palm Beach Area

Over the next two decades, the aging baby boomer generation will swell the nation’s senior population by 30 million. That demographic shift will likely help increase the supply of housing, since people over age 65 typically release much more housing than they absorb.

Northeast and Midwest Residents Decide on The South Florida Area to Live

“The Northeast and Midwest are most likely to see a large number of older homeowners selling their homes to younger homeowners as the baby boomers age,” said NAR Chief Economist Lawrence Yun. “This increased supply could mean additional buying opportunities for echo boomers. That generation will absorb 75-80 percent of the available inventory of owner-occupied housing by 2020.”

Palm Beach County Real Estate Is A Great Place for Young and Elderly Homeowners

The echo boom generation includes nearly 65 million people born between 1981 and 1995. NAR’s analysis illustrates the potential impact of economic and housing policy on this generation’s demand for housing as they come of age.

“Housing, jobs and the economy are inextricably connected,” said Yun. “A strong recovery with favorable housing market conditions would encourage substantial growth in echo boomer households, which would help absorb the current vacant inventory and stabilize conditions for residential construction.

South Florida Homes and Condominiums Deals

Under a reasonable ‘middle’ recovery scenario, approximately 12 million new households will be formed over the next decade, requiring construction of up to 15 million new housing units.”

Buying a Home in West Palm Beach Florida

NAR President Moe Veissi noted that current market trends favor would-be homeowners of all ages. “As the supply of rental housing continues to fall, rents are increasing,” said Veissi, broker-owner of Veissi & Associates Inc., in Miami. “At the same time, affordability for homeowners is at a record high. For buyers who qualify and are ready to assume the responsibilities of owning a home, opportunity is knocking.”

West Palm Beach Homes and Palm Beach Island Condominiums

Anybody taking into consideration an investment in Florida Real Estate should take into account the south east portion of Palm Beach County. Specifically consider West Palm Beach Homes and Delray Beach Condominiums. It appears The People from the North are heading there. The West Palm Beach area has stunning weather, and the retail and restaurants sector is booming. There are plenty of sources for Florida Homeowners Insurance in the vicinity also.

Seniors and Young Buyers Buying a Condo in Florida

West Palm Beach and South Florida has homes and condos with tranquil views. Many are seated on a golf Course or situated near a course. West Palm Beach homes have suburbs with privacy, some with horse property and others with gorgeous waterfront views.


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Monday, April 2, 2012

West Palm Beach Home Buying Decisions


How Do Men, Women Make Home Buying Decisions?

West Palm Beach, Florida - While the price of a home and its square footage are important factors in judging a home, women and men also base their decision largely on how they “feel” and whether the home fits their lifestyle, according to a new survey conducted by Coldwell Banker Real Estate.

The survey of 1,000 men and women found that the sexes don’t differ too much when it comes to sizing up a home to buy.

Daily Florida Real Estate News

For more than a quarter of home buyers, the home’s “feeling” has to be just right to make them want to buy. Twenty-eight percent of women and 25 percent of men put more emphasis on their feelings about a home than they do the square footage, price, or even the layout, according to the survey.

Multiple Visits For West Palm Beach Home Buyers


The survey also found that it doesn’t take multiple visits to a home to know if a home is right for them. Sixty-two percent of women and sixty-one percent of men knew within the first visit if a home was the right one.

Palm Beach County Homes For Sale Business News

“A home is more than square-footage and the number of bedrooms and bathrooms, and this survey shows just how much emotion can play a role in home buying process,” says Jessica Edwards, Coldwell Banker Real Estate consumer specialist. “When two people are looking for a home together, there are many considerations to take into account. Of course, price and layout matter, but ‘feeling at home’ is an important factor.”


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