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 Jupiter, . ...
palm beach county, jupiter florida, market updates, wealth, luxury homes, luxury real estate
Wednesday, October 18, 2017 / by Carl Gentile
Moving-Up to a Luxury Home
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! We recently shared data from Trulia’s Market Mismatch Study 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 those searching to purchase these properties in many areas of the country. This means that homes are often staying on the market longer which can eventually lead to a price change.
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 your house their new home.
The sale of your starter or trade-up house will aid in coming 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 sell first.
Carl Gentile, President and Luxury Speciali. ...
palm beach county, jupiter florida, market updates, homeowners, wealth, carl gentile, luxury homes, luxury real estate
Tuesday, October 17, 2017 / by Carl Gentile
In the latest Rent vs. Buy Report from Trulia, they explained that homeownership remains cheaper than renting with a traditional 30-year fixed rate mortgage in the 100 largest metro areas in the United States.
The updated numbers show that the range is an average of 3.5% less expensive in San Jose (CA), all the way up to 50.1% less expensive in Baton Rouge (LA), and 33.1% nationwide!
A study by GoBankingRates looked at the cost of renting vs. owning a home at the state level and concluded that in 39 states, it is actually ‘a little’ or ‘a lot’ cheaper to own (represented by the two shades of blue in the map below).
One of the main reasons owning a home has remained significantly cheaper than renting is the fact that interest rates have remained at or near historic lows. Freddie Mac reports that the current interest rate on a 30-year fixed rate mortgage is 3.91%.
Nationally, rates would have to reach 9.1%, a 128% increase over today&r. ...
palm beach county, market updates, homeowners, wealth
Monday, October 16, 2017 / by Carl Gentile
When it comes to South Florida living in Palm Beach County, one of the most important questions everyone wants to know is where are the waterfront restaurants and what are the fixed bridge heights. Well, we have the solution for you!
Find Your Waterfront Dream Home in Palm Beach County
palm beach county, fixed bridges, restaurants, waterfront
Friday, October 13, 2017 / by Carl Gentile
Every three years, the Federal Reserve conducts their Survey of Consumer Finances in which they collect data across all economic and social groups. The latest survey data, covering 2013-2016 was released two weeks ago.
The study revealed that the 2016 median net worth of homeowners was $231,400 – a 15% increase since 2013. At the same time, the median net worth of renters decreased by 5% ($5,200 today compared to $5,500 in 2013).
These numbers reveal that the net worth of a homeowner is over 44 times greater than that of a renter.
Owning a home is a great way to build family wealth
As we’ve said before, simply put, homeownership is a form of ‘forced savings.’ Every time you pay your mortgage, you are contributing to your net worth by increasing the equity in your home.
That is why, for the fourth year in a row, Gallup reported that Americans picked real estate as the best long-term investment. This year’s results showed th. ...
palm beach county, jupiter florida, market updates, first time buyers, homeowners, wealth