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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Jan 2020 market statsNewly 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 January 2020. Read on to learn more about the real estate market in South Palm Beach County:

Economic Indicators

For 2020, The National Association of REALTORS® Chief Economist Lawrence Yun sees good news for home prices. “National median home price growth is in no danger of falling due to inventory shortages and will rise by 4%,” the long-term NAR economist predicts. He is also expecting the new-home construction market sales to increase 10%. Yun and others would like to see home builders bring more affordable units to market to help ease shortages and slow price gains in that segment.
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December 2019 Market StatisticsNewly 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 December 2019. Read on to learn more about the real estate market in South Palm Beach County:

Economic Indicators 

In 2019 home prices were up again in most markets. Buyer demand continues to be strong but with tepid seller activity still in many locations, total sales are lower than they would normally be in a more balanced market. While up from their recent lows a few months ago, mortgage rates end the year close to three-quarters of a percent lower than a year ago, helping to improve affordability and offset rising home prices.

Local Market Overview

New Listings decreased 16.0…

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Welcome home to this move-in ready 2 Bedroom, 2 Bath condo on the 7th floor of Palmetto Place in downtown Boca Raton. 

Under $500,000! No need to look further! Centrally located in the middle of downtown Boca Raton, close to Mizner Park, Royal Palm Place, restaurants, shops and the beach. Balcony overlooking pool and gardens. Palmetto Place is a full-service concierge building with abundant amenities including a resort style pool, valet parking, fitness center, clubhouse and more. Small pets welcome, and you can lease it right away, so it's a great investment. 

Listed by Gloria Singer for Boca Expert Realty. Please contact Gloria for current pricing + availability. 

Address: 99 SE Mizner Blvd, Apt #734, Boca Raton, FL 33432
Price: $499,000
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October 2019 Market StatsNewly 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 October 2019. Read on to learn more about the real estate market in South Palm Beach County:

Economic Indicators

In October, mortgage rates increased slightly from the three-year lows seen in September. While the Federal Reserve reduced the federal-funds target rate by .25%, this decline was widely expected and largely factored into mortgage rates already, which are still approximately 1% lower than this time last year. Fannie Mae is predicting that continued low rates, and possibly lower rates are expected in 2020.

Local Market Overview

As in previous months, the year over year…

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sept 2019 market statsNewly 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 September 2019. Read on to learn more about the real estate market in South Palm Beach County:

Economic Indicators

Although mortgage rates remain low, and the economy is strong, we are still hampered by low inventories and fewer home sales. In Washington there are discussions around a broad overhaul of the housing finance system, including the re-privatization of Fannie Mae and Freddie Mac and reforms to federal agencies involved with financing substantial portions of the mortgages made every year. Many of these policy conversations and eventual changes will take months or years to be…

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August 2019 Market StatsNewly 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 August 2019. Read on to learn more about the real estate market in South Palm Beach County:

Economic Indicators

As the summer draws to a close, multiple opposing factors and trends are competing to define the direction of the real estate market. After the Federal Reserve lowered its benchmark interest rate on July 31, 30-year mortgage rates continued to decline, approaching all-time lows last seen in 2016. [UPDATE: On September 18, 2019, the Fed cut rates another ¼% for a target range for the Federal Funds Rate of 1.75-2.00%]. In spite of these rate cuts, most experts agree that the…

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