Thursday, June 7, 2018 / by Carl Gentile
Did Tax Reform Kill the Luxury Market? Not so Far!
The new tax code limits the deduction of state and local property taxes, as well as income or sales taxes, to a total of $10,000. When the tax reform legislation was put into law at the beginning of the year, some experts felt that it could have a negative impact on the luxury housing market.
“The impact on expensive homes could be detrimental, with a limit on the MID raising taxes for those that itemize.”
Mark Zandi of Moody’s Analytics:
“The impact on house prices is much greater for higher-priced homes, especially in parts of the country where incomes are higher and there are thus a disproportionate number of itemizers, and where homeowners have big mortgages and property tax bills.”
The National Association of Realtors (NAR) predicted price declines in “high cost, higher tax areas” because of the tax changes. They forecasted ...
Thursday, May 17, 2018 / by Carl Gentile
Moving Up To Your Dream Home? Don't Wait
Mortgage interest rates have risen by more than half of a point since the beginning of the year, and many assume that if mortgage rates rise, home values will fall. History, however, has shown this not to be true.
Where are home values today compared to the beginning of the year?
While rates have been rising, so have home values. Here are the most recent monthly price increases reported in the Home Price Insights Report from CoreLogic:
January: Prices were up 0.5% over the month before.
February: Prices were up 1% over the month before.
March: Prices were up 1.4% over the month before.
Not only did prices continue to appreciate, the level of appreciation accelerated over the first quarter. CoreLogic believes that home prices will increase by 5.2% over the next twelve months.
How can prices rise while mortgage rates increase?
Freddie Mac explained in a recent&nb ...
Monday, March 19, 2018 / by Carl Gentile
Dreaming of a Luxury Home? Now's the Time
If your house no longer fits your needs and you are planning on buying a luxury home, now is a great time to do so! Recently, the Institute for Luxury Home Marketing released its Luxury Market Report which showed that in today’s premium home market, buyers are in control.
The inventory of homes for sale in the luxury market far exceeds the number of people searching to purchase these properties in many areas of the country. This means that homes are often staying on the market longer or can be found at a discount.
Those who have a starter or trade-up home to sell will find buyers competing, and often entering bidding wars, to be able to call their house their new home.
The sale of your starter or trade-up house will help you come up with a larger down payment for your new luxury home. Even a 5% down payment on a million-dollar home is $50,000.
But not all who are buying luxury properties have a home to s ...
Friday, December 1, 2017 / by Carl Gentile
Palm Beach Gardens, Florida luxury living at it's finest in this 8,311 waterfront masterpiece. Step inside this 5 bedroom and 8 bath luxury home. 14670 Palmwood boasts the finest of luxury detail and construction quality, all encompassing the ultimate in Palm Beach luxury living. Deep water access, no fixed bridges, and minutes to the wide open ocean.
View Full Details Here
Saturday, October 21, 2017 / by Carl Gentile
Million Dollar Home Sales Soar in Jupiter, Florida
Jupiter, Florida and the surrounding Treasure Coast and Palm Beaches is known to be a mecca of the rich and famous, with an average home sale pushing this year well into the high $400's. The combination of beautiful beaches, decadent restaurants, crystal blue waters and a booming stock market has created a strong buying confidence here in South Florida paradise.
With that, 2017 has been a banner year of $1 million dollar plus home sales in Jupiter, Florida. We have to look back all the way to pre-bubble 2005 to find a comparable year of million dollar home sales. Not only are we going to surpass the 2005 numbers of number of million dollar plus homes sold in Jupiter, Florida - we are going to surpass it by a relatively large gap. Through October 1, home sales of this caliber are a staggering 14% higher than the same period 2005. As the stock market remains strong and bullish, we expect to see little slow down in the Jupit ...