Market Updates

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Today, it is clear that our culture and our existence are dependent on technology and all of its wonders. The world today is a digital one. From socializing, learning or commerce, technology is lifeblood and the world of real estate is no different. 

With apps, stunning websites and the ease of email communication the world of real estate is adapting. Realtor.org recently released a study indicating the power of this change. With apps and websites that allow customers to search by specific location and specific neighborhoods, buyers have the ability to maximize their search and their ability to compare and contrast homes on the market. The ability to do this gives both the buyer and the realtor an advantage. Most of the consumers will have their ideal

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Now that the housing market has steadied after more than a decade of difficulties, this could be the perfect opportunity to invest in a home. It is said that South Florida is an earmarked real estate market and it’s driving the prices of real estate up. 

The Case-Shiller 20 City Index noted that home values rose 5.7%.  Leading economists think prices will continue to rise, at least in the interim. Nationally, Miami is considered one of the top 20 metropolitan cities with highest growth forecast.  Topping the list is another South Florida city, Tampa. 

The National Association of Realtors is forecasting a 4.4% increase in existing home prices and in 2017 an increase of 3.4%.  According to Miami Board of Realtors, “South Florida housing

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Image Courtesy of Turtle Beach Construction.

One of the first things many South Florida homebuyers look at when purchasing a new home is the kitchen. The kitchen can "make or break" a home.  In the Palm Beaches, indoor/outdoor living is paramount and the kitchen is the most trafficked room in the house. An upgraded kitchen can make your home stand above others and make it irresistible. 

If considering a kitchen renovation, building a new home, or just an update to your existing decor, take a look at the current design trends for 2016. Some of the hottest trends in kitchens these days, according to Forbes Magazine,  include hardwood floors, transitional styling and white in the kitchen. As a general rule of thumb, spend between 6-10% of the total

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South Florida's MIAMI Association of Realtors (including Jupiter/Tequesta to South Miami areas) celebrates a "milestone 90th anniversary and illustrious history of success and achievements."

 As a client of a Realtor, you can expect honest and ethical treatment in all real estate transaction-related matters. Using a professional Realtor is well advised and advantageous. They are competent members of the National Association of Realtors and here in South Florida, they are members of MIAMI as well. Realtors are not just agents. According to RealtorMag.com, Realtors make a significant difference for home buyers/sellers:

      "1). An expert guide. Selling a home usually requires dozens of forms, reports, disclosures, and other technical documents.

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If you intend to sell your home, it might be a good idea to do a couple of renovations before listing it.  It is also wise move if you have not updated the home in several years.

Remodeling Magazine publishes an annual “Cost vs. Value Report”. The 2016 report disproves most people’s first assumption – kitchen or bathrooms being the remodels that yield the most resale value. According to this report, adding fiberglass attic insulation is the best return on investment.  This simple improvement yielded 117%. 

Renovations that are at the top of the list are:

-         Add fiberglass attic insulation with a yield of 117%.

-         Replace bottom siding on the bottom third of the house with stone veneer at 93%.

-         Exchanging garage

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The National Association of Realtors data shows existing home sales ascended again in June 2016. They stated, “Existing home sales maintained their upward trajectory in June and increased for the fourth consecutive month.”

The National Association of Realtors, “The Voice for Realtors”, is the United States principal trade association. They represent 1.1. million members involved in all aspects of the residential and commercial real estate.

“Palm Beach County’s housing market is scorching,” Ten-X, a company that has profound roots in technology and real estate, said in its report released earlier this week. Seasonally attuned home values are up 16.8 percent year-over-year, “the highest pace in the country.”

Palm Beach County has shoved its way

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Palm Beach County has always had an envy provoking lifestyle with its stunning real estate, year round great weather, warm ocean waters, sandy beaches and some of the best dining and entertainment in the nation. This year, the enviable lifestyle was made a permanent lifestyle by many as Palm Beach County’s cities have experienced a considerable growth in population according to the U.S. Census. 

The cities and towns with the biggest growth in population were in the northern part of the county in Jupiter and West Palm Beach specifically. West Palm Beach gained 2,967 new residents, Jupiter gained 1,997 and Palm Beach Gardens gained 975 new residents. The City Administrator, Jeff Green stated that these numbers are “in line” with what they were

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America’s Happiest Seaside Town of 2016 is on South East Florida’s “Treasure Coast”.  Stuart, Florida ranked number #1 of America’s Happiest Seaside Towns according to Coastal Living Magazine on April 6, 2016!  The travel and beach living magazine directs subscribers to the United States happiest coastal places to live. The magazine based their criteria on a several fundamental influences including the Gallup Healthways Well Being-Index, number of sunny days, beach excellence, countless educational opportunities, low crime index, and other factors.

The hidden gem of the Town of Stuart is on the Atlantic Ocean’s shoreline and nestled between two flowing rivers.  Mayor Jeffrey Krauskopf describes the old-fashioned feel of the town of Stuart as

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The property located at 16133 Jupiter Farms Road in Jupiter has a lengthy past. The 150+-acre ranch is alleged to have been a hideout for crime boss Al Capone and his associates in the 1920’s. The notorious Chicago gangster built the original home in 1923.  Capone also took the name of Al Brown and lived in a tiny home in West Jupiter off Italian Farms Road (now Jupiter Farms Road).  West Jupiter and West Palatka were the moonshine capitals of the world when Capone was in Jupiter.  Capone preferred spending time in Miami, near the action and the beach.  The Chicago mob boss moved south to Miami in 1928 and acquired a beachfront home.  Capone died in South Florida in 1947.

In the 1980’s, well-known actor Burt Reynolds purchased the West Jupiter

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When a  South Florida homeowner wants to renovate his/her home in the hopes of increasing its value, it is wise to know which renovations will enumerate their financial expenditure. Be cognizant that the average garage addition can cost more than $50,000, an  average bathroom remodel can cost more than $16,000, and adding a master suite or second floor can easily cost six figures, according to the National Association Remodeling Industry.

If the kitchen is over 15 years old, upgrading the appliances, cabinetry and flooring to contemporary ideals will net you more money at time of sale.  The kitchen is the “heart “of the home and a simple updating can increase the value.  Do not put in Wolfe or Sub Zero appliances if it is not warranted.

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