Thursday, March 25, 2021 / by Carl Gentile
The Stock Market Might Shift, But Right Now Real Estate in the Palm Beaches is Looking Strong
With the end of 2020 and start of 2021 we have seen quite the rollercoaster in the stock market and a lot of uncertainty. On the other hand, the Palm Beaches real estate market continues to stay consistent and strong.
How strong? Let’s talk numbers. In the northern Palm Beaches, Jupiter closed home sales year to date are up 15% from 2020 with the average sales price up 27.6% from $861,327 to $1,098,664. For the tenth month in a row, new listings are down -21.2% with inventory down to 111 homes for sale, a -66.7% drop from 2020. The lack of new inventory continues to drive prices across the Palm Beaches with average sale price in Palm Beach Gardens rising 32.5% TYD comparison to 2020 from $759,172 to $1,005,873.
As prices continue to rise and mortgage rates up 20% since the start of 2021 it makes you wonder how long can this path continue? It doesn’t take much ...
Wednesday, April 22, 2020 / by Carl Gentile
March by the Numbers
Q1-2020 Real Estate Market Update
Palm Beach County
Increased demand continued to set record breaking figures for 2020, up until the global impact of COVID19 began to locally impact the markets. How will this impact the remainder of 2020?
2020 in Palm Beach County saw a strong start as the ability to communicate and operate business through cell phones and laptops becomes widely accepted more businesses are transitioning to the Sunshine State.
Closed sales for the month of March continued to climb between 8-14% from March 2019 between Tequesta and Boca Raton. However, as news of COVID19 spread globally the impact began to set play mid-march causing a steady decline in both new inventory and pending sales. With a 10% decrease in new inventory and a 40% decrease in pending home sales as the threat of COVID19 initiated quarantine lockdown, leading to limited interactions.
As we enter the close of April, we have seen the market activity drastically sh ...
Monday, February 24, 2020 / by Carl Gentile
Everything you need to know about Florida Homestead Exemption
For many home buyers, the process of buying a home is a lengthy, but exciting one! From starting your loan application to making an offer and then finally closing, every buyer will encounter what feels like endless amounts of paperwork, forms, and signing. But once you leave the closing table with your keys in hand, there is still many important things to do, one of them being filing your Florida Homestead Exemption!
The Florida Homestead exemption is an enormous benefit of owning a home in Florida! It's great that in Florida we do not have state income tax, which is one of the many reasons so many individuals are looking to gain Florida residency! The Florida Homestead Exemption reduces the assessed value of your property, therefore reducing the amount of property tax you pay! Who wouldn't want to save money!?
Remember If you purchased and resided in your home after January 1 of the given year, you qualify to fi ...
Monday, December 23, 2019 / by Carl Gentile
With 2019 coming to a close, we saw a lot of exciting events and market shifts take place in the Palm Beaches and Treasure Coast real estate market this year. Good schools, the 2017 Republican tax bill and a construction boom of condos and apartments propelled Boca Raton and Jupiter to the fastest growth rate among Palm Beach County since 2010, a Palm Beach Post review of recently released U.S. Census data shows. Jupiter, FL alone has seen an increase in population of over 14,000 new residents in the past few years, that is almost a 20% increase in population!
The Palm Beaches real estate market growth was impacted greatly by new construction in 2019. As new communities have sparked up across the county, their attractiveness remains very strong in the outside consumer eyes. A combination of decreasing inventory of resale homes, has shown promising sales for many new construction communities thus far.
Pending home sales are down again, for the 8th straight month o. ...
Tuesday, November 26, 2019 / by Carl Gentile
We are starting to feel the annual migration of sun seeking visitors to our little slice of paradise. Here in the Northern Palm Beaches, we see more cars on the road, more people on the beach, and tables at the best restaurants mean you better have a reservation, or be prepared to wait.
Season has started, and while the big crowds don’t arrive until after we get through the holidays, there is no doubt that the party has already started. This years’ season should be a big one and if the economy keeps churning in a positive manner, local real estate is going to get more expensive.
Back on June 1st, we hit an all time record high of $515,000 and over the summer we watched prices drop for 4 consecutive months. That downward streak ended in October with median single family home prices jumping from $496,250 all the way back up to $510,500.
Sales actually were not that strong, and in October were a full 14% below year ago numbers. It isn’t demand pushing prices h ...