Florida's Condo Sales And Home Sales Were Up In May 2011: Homes For Sale: Homes For Rent

Florida's existing home sales increased 3.0%, to 17,228, in May 2011 when compared with the year earlier, according to Florida Realtors. Sales of existing condominiums rose by 17.0% in May 2011 over May 2010.

The increase in unit sales is coming with a reduced price. Florida's existing homes sold for a median price of $135,000 in May 2011, which was 5.0% below last year. On a sequential basis, prices increased 2.9%. On a national level, year-over-year home prices were down 5.4%, to $163,200.

Median prices for a condo in Florida were actually up 2.0%, to $98,200 in May 2011 over May 2011. On a sequential basis, the median condo sales price was 6.9% higher.

The data seems to indicate what I am seeing in my local market-- which is to say, there's more interest in lower price, more affordable homes. I am seeing increased interest from investors and those looking for a second home. Those seeking more expensive homes are out in the market; however, they tend to be discriminating and are taking a while to pull the trigger in making an offer.

If you are thinking of selling or buying a home, renting out or leasing a home, or require more information, please feel free to contact me.

You can text me or call me at the number below.

Michael Friedman
Realtor, Certified Distressed Property Expert (CDPE)
Lang Realty
561-247-3550

Boca Raton FL real estate for sale and surrounding areas including real estate properties for sale in: Belle Glade, Boca Raton, Boynton Beach, Bryant, Canal Point, Dania, Deerfield Beach, Delray Beach, Fort Lauderdale, Hallandale, Hialeah, Hobe Sound, Hollywood, Indiantown, Jupiter, Key Biscayne, Lake Harbor, Lake Worth, Loxahatchee, Miami, Miami Beach, North Miami Beach, North Palm Beach, Opa Locka, Pahokee, Palm Beach, Palm Beach Gardens, Pembroke Pines, Pompano Beach, South Bay, West Palm Beach, Lang Realty

Homes For Sale: Quarterly Update: Woodfield Country Club in Boca Raton, Florida

Woodfield Country Club is centrally located in Boca Raton, Florida. The Country Club is among the most exclusive in an area that boasts many of the top clubs in the state.

The community is located very close to several large shopping plazas and the Florida Turnpike. There are tennis courts, basketball courts, community pool, children's pool, hot tub, and exercise room, spa and all of the ameneties one would expect at a high-end country club community.

During the past twelve months we estimate the average sold information is as follows:

4 bedrooms
3 bathrooms
3,295 square feet
$764,000 sales price

To search for homes in Woodfield Country Club:

Cut and paste the following link into your Web browser:

http://michaelfriedman.rmlsfl.mlxchange.com/?Page=7395217

If you are thinking of selling or buying a home, or require more information, please feel free to contact me.

Michael Friedman
Realtor, Certified Distressed Property Expert (CDPE)
Lang Realty
561-247-3550

http://michaelfriedman.rmlsfl.mlxchange.com/?Page=7395217 <--property search link to cut and paste into your Web browser

Boca Raton FL real estate for sale and surrounding areas including real estate properties for sale in: Belle Glade, Boca Raton, Boynton Beach, Bryant, Canal Point, Dania, Deerfield Beach, Delray Beach, Fort Lauderdale, Hallandale, Hialeah, Hobe Sound, Hollywood, Indiantown, Jupiter, Key Biscayne, Lake Harbor, Lake Worth, Loxahatchee, Miami, Miami Beach, North Miami Beach, North Palm Beach, Opa Locka, Pahokee, Palm Beach, Palm Beach Gardens, Pembroke Pines, Pompano Beach, South Bay, West Palm Beach, Lang Realty

US: Jumbo Mortgage Loans Up; To Increase Sales Of Luxury / Country Club / Waterfront Real Estate In Delray Beach / Boca Raton, Florida?

Lenders wrote $18 billion in jumbo mortgages during 2Q 2010, which is up 20% sequentially. Some analysts feel this reflects a confidence the stability of the US real estate market on the higher end of the market. Jumbo loans are usually more than $417,000; as such, these mortgages tend to be for homes in the higher-end of the market.

These jumbo loans are considered more risky because they are not guaranteed by FHA, Fannie Mae or Freddie Mac because the amount is above the conforming limits set by these government-backed agencies. Could this mean the higher-end real estate market is set for a rebound in price?

Working with both buyers and sellers in the country club and luxury housing market in South Florida, I can attest to the fact that there are worries on both sides of the equation. The result is gridlock as there is in many other segments of the real estate market.

As a Realtor who specializes in luxury, waterfront and country club communities, I believe the higher-end market segment is beginning to show signs of increased movement. The recent increase in the amount of jumbo loans underwritten is another sign things are moving in a positive direction.

Those who want to sell their homes have more potential buyers due to the increase in loan activity. On the other side of the coin, those who would like to upgrade into, or upgrade within, the luxury market now have more financial flexibility at their disposal to do so.

With the apparent mitigation of lenders' anxiety in writing the riskier jumbo mortgages, I think it will give buyers and sellers more confidence in the upper-market housing segment. As a result, I expect to see more activity in the next year.

If you are buying or selling in a luxury home or country club community or looking for waterfront homes in South Florida, please feel free to contact me.

I have provided a link to a property search engine where you can find and view listings. Contact me for more details on those listings and/or information in the area.

Michael Friedman
Realtor, Certified Distressed Property Expert (CDPE)
Lang Realty
561-989-2100

http://michaelfriedman.rmlsfl.mlxchange.com/?Page=7395217 <--property search link to cut and paste into your Web browser

Boca Raton FL real estate for sale and surrounding areas including real estate properties for sale in: Belle Glade, Boca Raton, Boynton Beach, Bryant, Canal Point, Dania, Deerfield Beach, Delray Beach, Fort Lauderdale, Hallandale, Hialeah, Hobe Sound, Hollywood, Indiantown, Jupiter, Key Biscayne, Lake Harbor, Lake Worth, Loxahatchee, Miami, Miami Beach, North Miami Beach, North Palm Beach, Opa Locka, Pahokee, Palm Beach, Palm Beach Gardens, Pembroke Pines, Pompano Beach, South Bay, West Palm Beach, Lang Realty

Predictions On Foreclosure and Short Sale Real Estate In Boca Raton, Florida

Executives at major US banks and real estate experts recently testified before the US Senate Banking Committee in Washington, DC about problems with the foreclosure process. Much of the recent problems stem from the litigation regarding the irregularities of the foreclosure process; prior pieces have discussed the issue in detail.

The Congressional Oversight Panel recently released a report predicting the potential problems in the foreclosure process could be significant. Greater disrputions than we've already experienced in the US housing market has been predicted as a possibility.

The current problem of lenders having to prove they own the mortgage loans is predicted to lead to a drop in foreclosure sales. The theory is the banks would favor short sales during this period of difficulty in actually foreclosing on homes.

Experts believe the delay in foreclosures will mean less price competition in the short-term and long-term a record high amount of bank foreclosures by mid-2011. The theory is that after the ligitation mess is worked out, the delayed foreclosures, and those that were in limbo because of the litigation, will all be worked out at the same time. Should that happen, one might expect to see US home prices fall yet again, as a new wave of lower-priced inventory enters the market.

As a Certified Distressed Property Expert (CDPE) and a Realtor, I can help both buyers and sellers navigate the ever changing distressed property landscape.

If you are looking to buy, sell, rent or invest in the South Florida real estate market, please feel free to contact me.

Michael Friedman
Realtor, Certified Distressed Property Expert (CDPE)
Lang Realty
561-989-2100

http://michaelfriedman.rmlsfl.mlxchange.com/?Page=7395217 <--property search link to cut and paste into your Web browser

Boca Raton FL real estate for sale and surrounding areas including real estate properties for sale in: Belle Glade, Boca Raton, Boynton Beach, Bryant, Canal Point, Dania, Deerfield Beach, Delray Beach, Fort Lauderdale, Hallandale, Hialeah, Hobe Sound, Hollywood, Indiantown, Jupiter, Key Biscayne, Lake Harbor, Lake Worth, Loxahatchee, Miami, Miami Beach, North Miami Beach, North Palm Beach, Opa Locka, Pahokee, Palm Beach, Palm Beach Gardens, Pembroke Pines, Pompano Beach, South Bay, West Palm Beach, Lang Realty

August New Homes Sales Still Slow In US

Annual sales of new homes in the United States were only 288,000 in August 2010. Sales were down 29% from a year earlier and were relatively unchanged on a sequential basis. This was the second lowest sales amount for the month of August on record. The median sales price of $204,700 was down 1.2% from August 2009 and the lowest amount since December 2003.

Sales of new homes increased by 54% in the Western portion of the US and they were up 15% in the Northeastern US during August 2010. However, this was offset by a 26% drop in the Midwest and an 11% decline in the South.

Foreclosures and other distressed properties (i.e., short sales), have been putting a damper on pricing and unit sales of new homes. As a result, builders are cutting back on adding new inventory to the market. Although home construction is up 25% from the bottom in April 2009, it is 75% below the peak new construction that took place in January 2006.

The number of unsold new homes in the US was 206,000 in the US as of August 2010. Experts believe this is about 8.6 months worth of supply. Therefore, it seems unlikely that construction will ramp up during the next six to nine months.

What does this mean to those looking to buy a home now?

It is still a buyer's market. Those looking for a new home have many options and can be choosy. However, for the best deals, home buyers should be focused on distressed properties.

If you are looking to buy, sell, rent or invest in the South Florida real estate market, please feel free to contact me.

Michael Friedman
Realtor, Certified Distressed Property Expert (CDPE)
Lang Realty
561-989-2100

http://michaelfriedman.rmlsfl.mlxchange.com/?Page=7395217 <--property search link to cut and paste into your Web browser

Boca Raton FL real estate for sale and surrounding areas including real estate properties for sale in: Belle Glade, Boca Raton, Boynton Beach, Bryant, Canal Point, Dania, Deerfield Beach, Delray Beach, Fort Lauderdale, Hallandale, Hialeah, Hobe Sound, Hollywood, Indiantown, Jupiter, Key Biscayne, Lake Harbor, Lake Worth, Loxahatchee, Miami, Miami Beach, North Miami Beach, North Palm Beach, Opa Locka, Pahokee, Palm Beach, Palm Beach Gardens, Pembroke Pines, Pompano Beach, South Bay, West Palm Beach, Lang Realty