As a continuation of my previous blog post on Lawrence Yun's speach at the National Real Estate Cyber Convention, here are some further highlights and what I think are interesting tidbits of information about the state of the current housing market and predictions for the year ahead:

  • The decline in housing prices is destroying middle class wealth.
  • Average home price to income is now below historical levels.
  • More importantly, the average mortgage payment to income (by middle income person buying a medium priced home) is below historical rate. This implies an overcorrection in the market. Therefore a stimulus is actually justified in the form of the tax credit in order to prop up the overcorrection.
  • If consumers feel more comfortable that their home…

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I am participating this week in the National Real Estate Cyber Convention and just attended a keynote presentation by Lawrence Yun, the chief economist of the 1.2 Million member National Association of Realtors and widely considered one of the top ten economic forecasters in the country. Here are some of the highlights of Mr. Yun's very interesting talk about what to anticipate in 2010. This is part one of my recap of his lecture. The second part will be covered in a separate blog post:

  • Predictions are for 15% higher unit sales in 2010 which will cause inventory levels to stabilize.
  • 2 Million first time buyers are expected to take the 1st time buyer credit to date
  • An additional 2.4 Million (both 1st time and move up buyers) will take the credit by…

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JUST LISTED IN PALMA VISTA!

 

WOW! Beautiful Castellana model in the Estates of Palma Vista in Boca Raton, located on a cul-de-sac lot with gorgeous lake views. Six bedrooms, five baths, 3 car garage, heated free form pool, paver patio, large yard with no rear neighbors and a view!

The first floor has hardwood flooring throughout, a large living room and formal dining room. Cook up a storm in your gourmet kosher kitchen with two dishwashers, two sinks, double ovens, chef's island, wood cabinets, granite counters, walk-in pantry and so much more!The kitchen table has a built-in banquette in a bay window with plantation shutters. The kitchen opens to the family room with an impressive mahogany built-in wall unit. There is also a bedroom (currently used…

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According to a survey released by Freddie Mac, interest rates on 30 year fixed rate mortgages averaged 4.97% for the week ending February 11, marking the third week this year that rates have fallen below 5%. A year ago rates were slightly higher, at 5.16%

15 year fixed rate mortgages averaged 4.34% this week as compared to 4.81% a year ago.

These low rates combined with increased affordability (i.e. LOW PRICES) hopefully will encourage continued activity in our local markets. Here in the Boca Raton/ Delray Beach/ Boynton Beach area we are closing significantly more deals than this time last year. This is really a great time to buy real estate in the Boca Raton area.

You can search the entire MLS here.

 

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Thornhill Estates Home just sold by Gloria Singer! front_512_01

Beautiful Home on fabulous Cul-de Sac Location in popular Montoya Circle community of Thornhill Estates. The house is 4 bedrooms, 3 1/2 baths, over 3700 square feet under A/C.

Gorgeous kosher chef's kitchen with abundant cabinets, professional grade appliances and more!  

 

Step into your resort-like pool and spa and enjoy the best that Boca has to offer!

 

The view cannot be beat! This house is built on a .39 acre lot overlooking the golf course of The Club at Boca Pointe! Live the Dream!
If you are interested in Boca Raton Real Estate and the popular communities of Montoya Circle 
this will give you some idea of the amazing housing opportunities available. This house was listed at $1,250,000…

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The news continues to be bleak for the luxury real estate market in Boca Raton, Delray Beach, and Highland Beach at the end of 2009 and beginning of 2010.

Last fall I wrote a blog post about the Boca Raton Luxury Market for the six months ending September 30, 2009.  THis is a followup to that previous post.

I have examined the current state of the market for properties in excess of $1,000,000 for the last half of 2009.

Here are the number of sold properties in relation to current listings for each price band for the last six months:

sold_to_current_2h2009_700

Here is an illustration of the current month's supply in each of the price bands:

It is very clear from these illustrations that the luxury market continues to be hammered. While the number of current listings in…

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 Check out this baby just sold by Karen Rothstein!!

 tropic_palms_pool_512

 

I am pleased to announce that Karen Rothstein, one of my buyer's specialists, has successfully closed on a short sale for her investor buyer.

The property is a single family five bedroom, three bath pool home in Tropic Palms in Delray Beach. It is a waterfront property with a beautiful view and dock with access to Lake Ida and Lake Eden.

The house closed for $279,000 in a short sale where the lender accepted a lower price in lieu of having to foreclose on the property. This house sold to the previous owner for $735,000 in December of 2005! It is a great property and our buyer was able to pick this house up for a great price!

I am proud to say that Karen Rothstein is a great Buyer's Agent, she…

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New listing alert! Great 4 bedroom house in the sought after community of Colonnade. Just listed!!!

MOTIVATED SELLER HAS PRICED THIS HOUSE RIGHT! FANTASTIC COLONNADE LOCATION JUST STEPS FROM BOCA TIERRA PARK. ENJOY YOUR NEWER CHEF'S KITCHEN WITH WOOD CABINETS, GRANITE COUNTERS,PULLOUTS AND GREAT APPLIANCES! ADDITIONALLY, THERE IS AN ENORMOUS DINING/ LIVING ROOM WITH VAULTED CEILING OPENING TO THE LARGE COVERED PATIO AND POOL AREA, AS WELL AS A DEN/FAMILY ROOM WHICH IS OPEN TO THE KITCHEN. THE STACK BEDROOMS INCLUDE A SPACIOUS MASTER RETREAT AS WELL AS THREE MORE NICE-SIZED BEDROOMS AND A LARGE BATH. HOME HAS TWO AND A HALF BATHS TOTAL, FOUR BEDROOMS, PLUS A POOL AND IS PRICED TO SELL WITHOUT THE HASSLE OF A SHORT SALE! BEST DEAL IN COLONNADE! A-RATED…

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There were a total of 24 home sales that closed in Montoya Circle Boca Raton in 2009. That's a decline of about 20% from those closed in 2008. Montoya Circle, like the rest of the Boca Raton and Palm Beach County area, felt the impact of the recession and prices have declined sharply from the peak of Summer of 2006 and have even declined sharply over the 2008 average prices. Several of the sales have been short sales and foreclosures, and the general Boca Raton market conditions prevail in Montoya Circle. The community is characterized by its proximity to the popular Boca Raton Synagogue and continues to attract residents that require a location which is walking distance to the synagogue. However as in the past many people moved to the area from the New…

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Great Opportunity
18435 Spanish Isles Ct, Boca Raton, FL 33496
Picture of House THIS IS A GREAT BOCA RATON HOME FOR SALE - ADORABLE HOUSE, HUGE FENCED YARD, GRANITE KITCHEN, TILE FLOORS, CUL DE SAC LOCATION! "A" RATED SCHOOLS NEARBY. GARAGE IS AIR CONDITIONED AND USED AS A PLAYROOM. THIS IS A GREAT DEAL!!
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Details   Contact Info
Asking Price:
MLS:
Sq. Feet:
Bedrooms:
Bathrooms:
Garage Size:
Subdivision:


 $135,000
R3073211
1328
2
1
1.0
Saddlebrook


  
Gloria Singer
Lang Realty, Realtor

Main 561.447.0666
Dir…

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