With nearly 1.7 million homes in the US in some state of foreclosure and more coming on the horizon, some economists worry home prices will be depressed for years to come. How do we reduce the supply-- one way is with a bulldozer.
Some of the least valuable homes are being demolished. For instance, Bank of America recently announced plans to demolish 100 foreclosed homes in Cleveland; the land will be donated to local municipalities. JP Morgan Chase has beeen donating homes it could not sell or were not repairable.
Why would the banks do this? Once the property is donated no more tax or upkeep expenses are required. The lender may also be able to write-off the donation. Municipalities like it becasue they get free land to develop or leave as open space. The market may have a chance to stablize quicker because there is less inventory keeping prices depressed.
The fact that the banks are attempting to do something might be a good sign for the future. With undesireable, distressed homes lingering on the market, it is taking 9 1/2 months for the current number of homes on the market to sell at the end of June 2011; a healthy supply is six months of sales, according to many experts.
If you are thinking of selling or buying a home, or require more information, please text me or call me at 561-247-3550. Also, text me your name and e-mail address if you would like home search capabilities.
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
Saturday, August 13, 2011
Number Of Contracts On Homes Increased And So Did Cancellations: Homes For Sale: Homes For Rent
More potential home buyers signed contracts in May 2011 on both a sequential and year-over-year basis, according to the National Association of Realtors (NAR). Pending home sales rose 2.4% in May over April 2011 and an increase of 30% over June 2010, according to NAR.
However, NAR also noted a huge jump in cancellations of pending home sale contracts. In May 2011 about 16% of contracts did not make it to a closing, which compares with the normal rate of about 4%, according to NAR.
Some reasons why: uncertainty about job security and the US economy; increased time needed to obtain financing; tighter underwriting restrictions; longer time to get appraisals completed; and the increased popularity of short-sales, which take longer than normal sales-- which causes some potential buyers to cancel as well.
The positive is potential homeowners are being more active. However, some of the same issues still remain: economy, financing and the patience required for distressed property sales.
If the potential homebuyer is aware of some of these potential issues, it will be easier for them to make a more firm commitment from the outset. That is why I try to educate my clients looking to purchase a home from the beginning of our journey of finding a suitable new home.
It is also important for my clients who are selling their homes to be aware of these issues as well. We try to mitigate the potential for problems later on in the process by bringing to light these same issues with the prospective buyer at the first sign of interest.
If you are thinking of selling or buying a home, or require more information, please text me or call me at 561-247-3550. Also, text me your name and e-mail address if you would like home search capabilities.
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
However, NAR also noted a huge jump in cancellations of pending home sale contracts. In May 2011 about 16% of contracts did not make it to a closing, which compares with the normal rate of about 4%, according to NAR.
Some reasons why: uncertainty about job security and the US economy; increased time needed to obtain financing; tighter underwriting restrictions; longer time to get appraisals completed; and the increased popularity of short-sales, which take longer than normal sales-- which causes some potential buyers to cancel as well.
The positive is potential homeowners are being more active. However, some of the same issues still remain: economy, financing and the patience required for distressed property sales.
If the potential homebuyer is aware of some of these potential issues, it will be easier for them to make a more firm commitment from the outset. That is why I try to educate my clients looking to purchase a home from the beginning of our journey of finding a suitable new home.
It is also important for my clients who are selling their homes to be aware of these issues as well. We try to mitigate the potential for problems later on in the process by bringing to light these same issues with the prospective buyer at the first sign of interest.
If you are thinking of selling or buying a home, or require more information, please text me or call me at 561-247-3550. Also, text me your name and e-mail address if you would like home search capabilities.
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
Palm Beach County Florida See More Home Sales, Housing Prices Decline: Homes For Sale: Homes For Rent
Existing home sales in Palm Beach County increased 18% in the second quarter 2011 over the same time in 2010. This was better than the state of Florida, which had a 1% sales increase in the number of existing sales 2Q:11 over 2Q:10.
The increase in sales comes at a "price"-- a lower price. The median sales price for a single-family home in Palm Beach County fell 13% to $206,000 in 2Q:11 over the previous year. The median sales price in the state of Florida was down 5% during 2Q:10, to $134,600, versus the previous time frame last year.
Looking at the United States' housing market as a whole, there were less sales on a percentage basis and not as steep of a price drop when compared with Florida. Existing home sales nationwide fell almost 13% 2Q:11 over 2Q:10. The median existing single-family home price was $171,900 in 2Q:11, which was down 2.8% from the same time last year.
If you are thinking of selling or buying a home, or require more information, please text me or call me at 561-247-3550. Also, text me your name and e-mail address if you would like home search capabilities.
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
The increase in sales comes at a "price"-- a lower price. The median sales price for a single-family home in Palm Beach County fell 13% to $206,000 in 2Q:11 over the previous year. The median sales price in the state of Florida was down 5% during 2Q:10, to $134,600, versus the previous time frame last year.
Looking at the United States' housing market as a whole, there were less sales on a percentage basis and not as steep of a price drop when compared with Florida. Existing home sales nationwide fell almost 13% 2Q:11 over 2Q:10. The median existing single-family home price was $171,900 in 2Q:11, which was down 2.8% from the same time last year.
If you are thinking of selling or buying a home, or require more information, please text me or call me at 561-247-3550. Also, text me your name and e-mail address if you would like home search capabilities.
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
Case Shiller Index: May 2011: Some Seasonal Improvement in Home Prices: Homes For Sale: Homes For Rent
The US housing market showed about a 1.0% sequential price increase in May 2011, according to the Case Shiller Home Price Index. However, this can be attributed to seasonal selling patterns as opposed to a strengthening in the market.
The seasonality argument comes from looking at the US as a whole on a year-over-year basis in May 2011. When looking at the Case Shiller Index in that way, 19 of the 20 cities saw prices drop; the exception being Washington, DC. I attribute this to the concentration of government employees.
Case-Shiller Index points out that the average US home in May 2011 is back to the levels in the summer of 2003.
The Miami area saw a 1.2% sequential price increasein May 2011 and a 5.3% decrease on a year-over-year basis. The Tampa area saw a 0.6% sequential drop and a 9.5% decrease, respectively.
Some other areas of interest are as follows:
May 2011 May/April April/March
Metropolitan Area Level Change (%) Change (%) 1-Year Change (%)
Boston 150.98 2.7% -0.2% -3.2%
Chicago 112.01 1.7% -0.4% -8.1%
Miami 138.60 1.2% -0.2% -5.3%
Minneapolis 108.34 2.6% 0.1% -11.7%
New York 164.96 0.7% 0.9% -3.2%
Tampa 125.10 -0.6% -0.6% -9.5%
Composite-10 153.64 1.1% 0.6% -3.6%
Composite-20 139.87 1.0% 0.6% -4.5%
As a local Relator, I am aware of the trends in the US market as well as in many of the communities in which I specialize. If you are thinking of selling or buying a home, please feel free to contact me.
If you are thinking of selling or buying a home, or require more information, please text me or call me at 561-247-3550.
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
The seasonality argument comes from looking at the US as a whole on a year-over-year basis in May 2011. When looking at the Case Shiller Index in that way, 19 of the 20 cities saw prices drop; the exception being Washington, DC. I attribute this to the concentration of government employees.
Case-Shiller Index points out that the average US home in May 2011 is back to the levels in the summer of 2003.
The Miami area saw a 1.2% sequential price increasein May 2011 and a 5.3% decrease on a year-over-year basis. The Tampa area saw a 0.6% sequential drop and a 9.5% decrease, respectively.
Some other areas of interest are as follows:
May 2011 May/April April/March
Metropolitan Area Level Change (%) Change (%) 1-Year Change (%)
Boston 150.98 2.7% -0.2% -3.2%
Chicago 112.01 1.7% -0.4% -8.1%
Miami 138.60 1.2% -0.2% -5.3%
Minneapolis 108.34 2.6% 0.1% -11.7%
New York 164.96 0.7% 0.9% -3.2%
Tampa 125.10 -0.6% -0.6% -9.5%
Composite-10 153.64 1.1% 0.6% -3.6%
Composite-20 139.87 1.0% 0.6% -4.5%
As a local Relator, I am aware of the trends in the US market as well as in many of the communities in which I specialize. If you are thinking of selling or buying a home, please feel free to contact me.
If you are thinking of selling or buying a home, or require more information, please text me or call me at 561-247-3550.
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
Sunday, July 17, 2011
Woodfield Hunt Club In Boca Raton, Florida: Homes For Sale: Homes For Rent: Real Estate Agent
Woodfield Hunt Club has always been known as a premier family community of year-round residents. There are 325 single family homes. About 90% of the residents live in the community year-round.
The family-oriented theme for both Hunt Club I and Hunt Club II is highlighted with three-, four- and five-bedroom homes. Numerous lakes are located throughout both communities.
The community is zoned for the following public schools: Elementary School: Calusa; Middle School: Omni; High School: Spanish River
The community is located very close to several large shopping plazas and the Florida Turnpike.
During the past twelve months we estimate the average sold information is as follows:
4 bedrooms
3 bathrooms
3,719 square feet
$650,000 sales price
If you are thinking of selling or buying a home, or require more information, please to text me or call me at 561-247-3550. Text me your e-mail address for free home search capabilities.
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
The family-oriented theme for both Hunt Club I and Hunt Club II is highlighted with three-, four- and five-bedroom homes. Numerous lakes are located throughout both communities.
The community is zoned for the following public schools: Elementary School: Calusa; Middle School: Omni; High School: Spanish River
The community is located very close to several large shopping plazas and the Florida Turnpike.
During the past twelve months we estimate the average sold information is as follows:
4 bedrooms
3 bathrooms
3,719 square feet
$650,000 sales price
If you are thinking of selling or buying a home, or require more information, please to text me or call me at 561-247-3550. Text me your e-mail address for free home search capabilities.
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
Woodfield Country Club in Boca Raton, Florida: Homes For Sale: Homes For Rent: Real Estate Agent
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
3,533 square feet
$867,000 sales price
If you are thinking of selling or buying a home, or require more information, please to text me or call me at 561-247-3550. Text me your e-mail address for free home search capabilities.
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
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
3,533 square feet
$867,000 sales price
If you are thinking of selling or buying a home, or require more information, please to text me or call me at 561-247-3550. Text me your e-mail address for free home search capabilities.
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
Mission Bay in Boca Raton, Florida: Homes For Sale: Homes For Rent: Real Estate Agent
Mission Bay is a community of homes and condos located in Boca Raton. Many homes are cinder block construction with a concrete roof, feature hurricane shutters, swimming pool, screened-porch, skylight, vaulted ceilings, garages, French doors, pantry, foyer, walk-in closets, carpeting, ceramic tile and wood floors, cooking island, granite counter tops, refrigerator, disposal, washer, dryer, and dishwasher. Amenities at Mission Bay include game room and swimming pool. Maintenance includes cable television, common area, and security.
The community is located in west Boca Raton, 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 with classes such as Yoga. Some have described it as a "country club" type community without the costs.
During the past twelve months the average sold information is as follows:
3 bedrooms
2 bathrooms
2,054 square feet
$255,000 sales price
If you are thinking of selling or buying a home, or require more information, please to text me or call me at 561-247-3550. Text me your e-mail address for free home search capabilities.
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
The community is located in west Boca Raton, 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 with classes such as Yoga. Some have described it as a "country club" type community without the costs.
During the past twelve months the average sold information is as follows:
3 bedrooms
2 bathrooms
2,054 square feet
$255,000 sales price
If you are thinking of selling or buying a home, or require more information, please to text me or call me at 561-247-3550. Text me your e-mail address for free home search capabilities.
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
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