July 2020Newly released market statistics from Florida Realtors® are in, showing recent real estate market activity in our area. The reports compare year over year data for March. Read on to learn more about the real estate market in South Palm Beach County:

Economic Indicators

Healthy buyer demand and constrained supply continue to be the story for much of the country. Nationally, showing activity in July remained substantially higher than a year before and multiple offer situations are a frequent experience in many markets. With the inventory of homes for sale still constrained, a competitive market for buyers shows little sign of waning.

While the number of unemployment insurance weekly initial claims have been far lower in recent weeks than their peak…

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Newly released market statistics from Florida Realtors® are in, showing recent real estate market activity in our area. The reports compare year over year data for March. Read on to learn more about the real estate market in South Palm Beach County:

Economic Indicators and COVID

As COVID-19’s impact spread across the country in March, the stock market declines which started in February accelerated downward before recovering a bit in the last week of the month. With volatility across all the financial markets, lenders began tightening underwriting standards and some buyers found they no longer were approved for a loan. Massive layoffs also shook the economy with 6.6 million initial jobless claims filed in a single week—double the number last week and…

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Trying to eat healthy while quarantining? Want a delicious box of fresh farm to table produce from the best growers around for $10? Our local farmers have had to adjust during the peak of Florida’s growing season. Typically only selling wholesale to the food service/hospitality industry, many growers are offering fresh picked boxes for the public. Some of our favorites are:

Mobile Green Markets 

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Good morning, veggie lovers! We are open from 9am to 5pm today. Pop your trunks for some delicious farm fresh veggies and sweet corn. We are offering our $10 veggie boxes as well as 10 ears of sweet corn for $5! YUM. Cash only, please!

A post shared by Mobile Green Markets (@mobilegreen_markets)…

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East Boca Raton is booming. It is at once an international destination served by three airports including the private executive Boca Raton Airport, home to the world-class Boca Raton Resort and Club and the upcoming Mandarin Oriental Hotel.  It is also a pleasant drive to Delray Beach’s Atlantic Ave, Palm Beach’s Worth Ave. and Fort Lauderdale’s Los Olas Blvd.

The Mizner Park neighborhood in East Boca Raton aka the Golden Triangle is one of the most sought after and hottest places to buy or build a home.

In the heart of this coveted neighborhood, is 2nd street, one of the finest residential streets, a few minutes walk to the pedestrian walkways, interactive water features, and dockage of Silver and Wildflower Park on the Intracoastal, plus the…

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It’s not business as usual

Throughout Florida, the US, and the world for that matter, the coronavirus pandemic has upended everything for everyone. Real estate is considered an essential service in Florida, as people need housing during this critical time, and Realtors are permitted to practice our profession while following CDC distancing guidelines. That does not mean that it’s business as usual. In our office as well as our local market, business has slowed dramatically. The office is closed, we are all working from home, and we are not meeting in person with our clients. We are encountering difficulties in keeping many of our pending transactions together as many Condo buildings and Homeowners associations are refusing to allow appraisers or…

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On April 1, 2020 Florida Governor Ron DeSantis issued  Executive Order Number 20-91, deeming both residential and commercial real estate essential in Florida. We continue to practice real estate in accordance with CDC guidelines for social distances. With the technology able today we are able to provide essential services through virtual practices. Our office continues to have showings and to list properties, albeit virtually. 

Here is the latest Boca Raton real estate market activity for the week of March 30 - April 5, 2020:

Weekly Activity over $1,000,000

These numbers represent residential listings in Boca Raton, Delray Beach, and Highland Beach with a list price of $1,000,000 or more. Closings are still happening, but those mostly reflect…

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This is a guest post written by Mike Krumholz of Fairway Mortgage:Mike Krumholz

I wanted to give you an update on where things are in the Mortgage World to date.  Our market is currently very fluid, so we are getting updates all the time.  These changes are not unique just to Fairway – this of course is industry wide.   

Summary of how servicers impact the mortgage business and what is causing them to pause

To be very transparent the mortgage business is in a tough place currently.  It’s not because of lack of business… it truly is because of a bottleneck that is forming at the servicer level.  The problem arose from the fastest ever economic adjustment the world has ever seen.  Here is a high level explanation of how the process works:

  • We help you…

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Palm Beach County issued Emergency Order #2 on March 26 to minimize the spread of COVID-19 which requires all non-critical businesses to shut down in the county. Included is a provision for REALTORS® which states that we are permitted to see our current transactions through to closing in accordance with CDC and FDOH requirements, but all future work must be conducted remotely and electronically. What does this mean for us? We can continue practicing real estate including listing homes, but we are not allowed to meet physically with our clients or customers. All showings must occur virtually, with no other parties being present. 

Up until this order was effective, there were sporadic showings and activity taking place during the month of March. We will…

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For the past several years, we have shared monthly market statistics showing recent activity in our area comparing year over year data for a particular month. It doesn’t really matter what February 2020 numbers are: Sales are up! Prices are up! Inventory is low!  Whatever. Everything has changed.

As a real estate professional, my job is to advise the facts of the marketplace rather than just the emotions of the marketplace. While the real estate business has certainly changed (work from home, few or no in-person showings, no open houses, etc), people still need homes. We have active Buyers and Sellers who are continuing to show interest in a real estate transaction in the near future. Sure there have been a few deals canceled, and buyer showings…

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Make your home in this magnificent Golden Harbour estate on the water and live close to the beach, house of worship, downtown Boca, shopping and dining.

East Boca Raton is booming and has become an internationally recognized destination served by three major airports as well as the Boca Raton Executive Airport. It is home to landmark hotels such as the world-class Boca Raton Resort and Club and the Mandarin Oriental Hotel currently under construction.

Ideally situated in the heart of Palm Beach County, you are a short drive away to Delray Beach's Atlantic Ave, Palm Beach's Worth Ave. and Fort Lauderdale's' Los Olas Blvd.

Golden Harbour is one of the most sought after neighborhoods in Boca Raton, nestled within the Intracoastal and it's waterways…

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