Tuesday, August 26, 2008

Today's Offer is Going to be the Best Offer!

Housing Prices Have Hit 2004 Levels

The offer you receive today is most likely going to be the best offer you are going to get for a very long time. Michelle Meyer, an economist at Lehman Brothers Holdings Inc. in New York, said in an interview with Bloomberg Television "In terms of prices, we don't think we'll see a bottom until the end of next year."

The number of closed transactions are slightly up from 2007 to 2008. According to the Florida Association of Realtors press release on Monday, Palm Beach County had 652 sales in July, that number is up 8 percent from 605 sales a year ago. The median price of home in Palm Beach County is currently $291,300 falling 22 percent from $372,200 a year ago.

South Florida Sellers are having an extremely difficult time coming to terms with the hard reality that their properties are no longer valued at what they thought their properties should be. Buyers actively searching for a home are aware the market is in their favor and are quite verbal that there is a massive amount of inventory to select from and that price is their motivation!

In the Luxury Real Estate Market, Sellers are slowly and painfully accepting that what is happening elsewhere at lower price points is also "trickling up" to their unique market. Fewer Buyers are purchasing second homes in this volatile economy, financing is harder to secure, purchasing homes for cash is a thing of the past, and rising country club dues and fees are becoming less and less attractive. We are noticing that the younger, wealthier Buyers are choosing to go into more moderate priced homes or gated communities to gain "more house for their money". The appeal of moving into the fancy, very expensive gated golf community has lost a lot of its luster in the last couple of years.

Mike Pappas, head of The Keyes Co. in Miami, said Palm Beach County's price plunge shows buyers are demanding bargains. "The only way you're going to move a property today is because of price," Pappas said. "You're seeing that reflected in the numbers."

Pappas and others say property owners shouldn't expect the value of their homes to rise much more than the rate of inflation, which hovered at about 3 percent a year during the boom. "The market is taking the excesses out and penalizing us to get back to the normal, historic appreciation trend," Pappas said. "It's a painful process."

For months, Realtors have been noticing that that their phones are beginning to ring with calls from eager buyers and the number of showings have also increased. Realtors have all been hoping that the end might be in sight soon. But more skeptical observers say prices have further to fall before they're affordable and attractive to Buyers. "We've been saying prices were going to go back to 2003 levels," said Jack McCabe, a housing analyst based in Deerfield Beach. "Now, I'm starting to think it may be even worse than that." McCabe pointed to the glut of homes on the market, and he said prices remain out of reach.

What's more, he expects the flood of foreclosures to continue to hurt home values. "We've probably seen only 30 percent of the foreclosures we're going to see over the next few years," McCabe said. The number of sales in Palm Beach County rose slightly to 652 in July, up 8 percent from a year ago but down 12 percent from the previous month.

Home prices in Palm Beach County have plunged to a four-year low in July, only to raise new questions about just how much farther can property values fall. The last time the median home price in Palm Beach County was $300,000 it was May 2004, when property values were in the middle of their stratospheric rise. Late 2005, when Palm Beach County real estate was the hottest investment this side of Google, home prices have dropped 30 percent. "It's a massive dip over the past couple years, there's no two ways about it," said John Mike, president of the Realtors Association of the Palm Beaches. "The buying public is unnerved about what's been happening in the general economy."

The median condo price in Palm Beach County was $152,300, down 15 percent from a year ago. The number of sales jumped 16 percent.

The national housing market continued to struggle, too, the National Association of Realtors said Monday. The national median existing-home price was $212,400 in July, down 7.1 percent from a year ago, when the median was $228,600. Home sales, however, rose 3.1 percent.

Sales of existing homes in the South tumbled 18 percent in July from a year ago, while the median price fell 3.5 percent to $179,300.

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For further information or if you wish to see your property featured here.
Please Contact:The Smiths - Luxury Resort Portfolio at (561) 445-2282


NOTE:

Remember to visit our corporate blog at
http://LuxuryResortPortfolio.blogspot.com

If you are subscribed to our corporate blog, you are NOT automatically subscribed to the
Mizner
Country Club - Real Estate News. They are two separate published newsletters.
Please subscribe today and start receiving the latest updates in Real Estate News.
Thank you again for all your support and best wishes!


Philip and Carla Smith

The Smiths - Luxury Resort Portfolio


The information herein is believed to be accurate but not guaranteed and may be subject to errors, omissions and changes without notice. This is not to be construed as a solicitation of property presently listed for sale. All information is derived from the Palm Beach County Property Appraisers website and the MLS.

Sunday, August 24, 2008

Featured Property of the Week


Mizner Country Club - Capri

Custom Built Tuscan-Harvey Mediterranean Estate

Double Golf Fairway Panoramic Vistas


The Smiths- Luxury Resort Portfolio
A Transaction Brokerage Representing Both Buyers And Sellers

"Featured Property of the Week"


For Information: (561) 445-2282

New to Market and Just Listed

click on image to view details

Mizner Country Club - D'Alene Drive
Delray Beach, Florida


The Jewel of Mizner Country Club. Magnificent double fairway custom built Tuscan-Harvey Mediterranean Estate replete with: Chicago brick and cypress tree lined arrival, fountain courtyard entry with fire pit, hurricane impact glass, elevator, temperature controlled wine cellar, pecky cypress wood beamed ceilings, Brazilian walnut and terrazzo floors, sauna, authentic barrel tiled roof, billiard loft, pub room, resort style beach entry / lagoon inspired pool with rock waterfall and spa.



For further information or if you wish to see your property featured here.
Please Contact:The Smiths - Luxury Resort Portfolio at (561) 445-2282


NOTE:

Remember to visit our corporate blog at
http://LuxuryResortPortfolio.blogspot.com

If you are subscribed to our corporate blog, you are NOT automatically subscribed to the
Mizner
Country Club - Real Estate News. They are two separate published newsletters.
Please subscribe today and start receiving the latest updates in Real Estate News.
Thank you again for all your support and best wishes!


Philip and Carla Smith

The Smiths - Luxury Resort Portfolio


The information herein is believed to be accurate but not guaranteed and may be subject to errors, omissions and changes without notice. This is not to be construed as a solicitation of property presently listed for sale. All information is derived from the Palm Beach County Property Appraisers website and the MLS.


Wednesday, August 13, 2008

Home Sellers Suffering Huge Losses

25% of home sales result in loss

Values have fallen so far in many cities that sale prices don't cover what sellers originally paid. That means more hard times before markets recover.



Source: CNNMoney.com
By: Les Christie

Monday, August 4, 2008

Featured Property of the Week


Mizner Country Club's Trophy Cul-De-Sac Lot
Premier Golf and Lakefront Panoramic Views


The Smiths - "Featured Property of the Week"


(click on image to view more pictures)

Mizner Country Club
Delray Beach, Florida
16187 Andalucia Lane
Offered at $1,999,000


Location

Andalucia Lane, Delray Beach, Florida. A luxurious new golf course community, Mizner Country Club enjoys a lush lake-studded landscape centered on an 18-hole Arnold Palmer signature golf course. Other world-class amenities include the magnificent Grande Clubhouse and state-of-the-art fitness, tennis, and swimming facilities. Beautiful Gold Coast beaches and exclusive shopping, dining, and entertainment are close by.

Property

One of Mizner Country Club’s premier cul-de-sac settings gives this magnificent lakefront European-inspired estate commanding panoramic views across the shimmering lake to the emerald fairways and palatial clubhouse. Featured in Florida Design magazine
(Volume 6, Number 1), this lavish villa showcases signature interiors by Roz Shuster Design. A lushly landscaped circular drive sets the tone of Old World elegance with a trickling fountain backdropped by a frescoed mural. Stretching across the lakefront, multi-level Loggias with an open-air Kitchen are perfect for outdoor entertaining by the stately formal Pool and Spa graced with groomed tropical gardens.

Residence

Meticulous attention to detail is evident in the stylishly elegant interiors of this extraordinary home replete with rich millwork and elaborate trompe l’oeil and faux-painted details.
Also notable are the soaring ceilings, Schonbek chandeliers and sconces, and dupioni silk draperies. With French doors flowing onto the lakefront loggias, 6,425± total square feet offers
5 Bedrooms, 5 full and 2 half Baths, and a 3-bay Garage.

First Floor: An elegant marble Gallery Foyer steps down to the formal Living Room dramatized by soaring 24’ ceilings, a stone fireplace, and an executive bar with temperature-controlled wine storage. A columned entry presents the formal Dining Room illuminated by a crystal chandelier below the elaborately molded ceiling. Rich mahogany paneling appoints the wood-floored Office along with intricate moldings, plantation shutters, and a wall-mounted
large-screen television. The gourmet island Kitchen offers furniture-grade cabinetry, granite counters, and stainless steel appliances. Soaring to a beamed ceiling, the Family Room focuses on an elaborate built-in entertainment center with surround-sound system.

Second Floor: A circular marble staircase ascends to the upper level featuring a mahogany-paneled Billiard Loft with wet bar and hammered copper sink Sumptuous elegance is the theme of the grand Master Bedroom Suite featuring elaborate tray ceilings, Sitting/Exercise Area, Morning Bar, mahogany fitted closets, and opulent Bath with spa tub, Roman shower, and custom-etched windows. Four additional Bedrooms all have en-suite Baths.


Inspection by appointment only
MLS# R2945004




For further information on the "Featured Property of the Week", or if you wish to have your property prominently featured here.
Please Contact:
The Smiths - Luxury Resort Portfolio at (561) 445-2282



NOTE:

Remember to visit our corporate blog at
http://LuxuryResortPortfolio.blogspot.com

If you are subscribed to our corporate blog, you are NOT automatically subscribed to the Mizner Country Club - Real Estate News. They are two separate published newsletters. Please subscribe today and start receiving the latest updates in Real Estate News. Thank you again for all your support and best wishes!
Philip and Carla Smith
The Smiths - Luxury Resort Portfolio



The information herein is believed to be accurate but not guaranteed and may be subject to errors, omissions and changes without notice. This is not to be construed as a solicitation of property presently listed for sale. All information is derived from the Palm Beach County Property Appraisers website and the MLS.

Disclosure

The information herein is believed to be accurate but not guaranteed and may be subject to errors, omissions and changes without notice. This is not to be construed as a solicitation of property presently listed for sale. All information is derived from the Palm Beach County Property Appraisers website and the MLS.