Commercial Real Estate Turnaround Likely Next Year

West Palm Beach, Florida - We have some Commercial Real Estate News for today.
Vacancies are still increasing in many parts of the U.S. and new commercial construction will be sparse this year, Kermit Baker, chief economist for the American Institute of Architects said Wednesday.

It is apparent that there are a number of factors at play that are contributing to one of the steepest construction downturns in in over 50 years.
Many businesses are nervous about expanding their facilities, a fragile financial sector, excess commercial space, and general unease in the international economy. It would have to help if this administration was more pro-business to help ease fears.

Some economists are predicting a demand for retail, hotels, healthcare, and recreation facilities could result in a turnaround for Commercial Real Estate, in 2011.

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Palm Beach Home Sold for $10.3 million, Owned by James Patterson

PALM BEACH, Florida — A Palm Beach home owned by the best-selling author James Patterson has recently sold for $10.3 million, according to the Palm Beach County Clerk and Comptroller.

James Patterson, who bought the five-bedroom, seven-and-a-half-bathroom home in 1999 for $5.2 million, is moving his family to another Palm Beach oceanfront mansion that he purchased for $17.4 million last year.

The Everglades Island home at 686 Island Drive was bought by Robert Greenhill of Greenwich, Connecticut.

The plantation-style colonial home has about 11,000-square-feet, a terrace surrounding a heated pool and spa, built-in barbecue and a dock with a boat lift.

It was listed for $14.95 million, and has a total market value of $11.83 million according to the property appraiser's office.

Built in 1933, the property also has 136-feet of frontage on the Palm Beach, Florida, Intracoastal Waterway.

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Home, Condo Sales Rise & Loanrise.com

West Palm Beach, Florida - Sales of existing homes and condos rose in all three South Florida counties and statewide in April, according to some figures from Florida Realtors.

The median price of homes in all three counties also rise.
West Palm Beach Homes saw the biggest year-over-year jump, with 918 homes sold – up 35 percent from a year ago, when 681 homes sold. The median sales price was up 2 percent, to $239,100 from $234,400.

Condo sales in West Palm Beach rose 39 percent, to 1,024 units from 735 in April of 2009. The median sales price rose 4 percent, to $102,000 from $98,200.

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