Town Villas Community In Boca Raton: A Happy Medium Between Single Family Home and Condominium

Town Villas in Boca Raton

I recently worked with a client in the Town Villas community in Boca Raton.  The community is conveniently located two miles north of Glades Road on Lyons Road.  This is maintenance free living like a condominium with private entrances, eat-in kitchens and garage parking, much like a single family style home.

The community has certain age-restrictions for residents and has nice amenities for the residents.  There is a recreation center that has a clubhouse, tennis courts, swimming pool, card and billiards room, sundeck, auditorium and exercise center.

If you are thinking of selling your home or buying in the area, give me a call.

I take an analytical approach to buying, selling and leasing real estate. I work with families, people looking for a rental home, a second home, investors, etc. As a Realtor, I am aware of trends in the domestic market, as well as in the local markets throughout South Florida. If you are thinking of selling or buying a home, please feel free text me or call me at 561-247-3550.

For free home searches, please text me your name, e-mail address and phone number or visit my Web-site at http://homes.MYsouthFLrealestate.com

Michael Friedman
Realtor, Certified Distressed Property Expert (CDPE)
Member of Who's Who in Luxury Real Estate
Lang Realty
561-247-3550

An Analytical Approach To Buying, Selling and Leasing Real Estate

http://MYsouthFLrealestate.com

The greatest compliment you can give is the referral of your friends and loved ones

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

South Florida Home Price Increasing Faster Than Most: Case-Shiller Index April 2013

The South Florida real estate market saw prices increase by 13.0% in April 2013 over April 2012.  The average US market was about 12.0% on a year over year basis in April 2013.  On a sequential basis, prices were up 2.4% for the South Florida market in April 2013, which was about in line with the national average.

Language in the Case-Shiller report indicated rising mortgage rates will not interfere with the housing rebound.  The report talked about consumers shifting to an adjustable mortgage and away from fixed mortgages in times of rising rates.  The report also alluded to the fact that some banks are easing credit restrictions.

I tend to agree, but for different reasoning.  During the next six months (i.e., until the end of the year), I suspect those who were thinking of purchasing a home will jump in before mortgage rates climb higher.  This will inflate the short term units sold as well as help to push up prices as more demand enters the market.  However, the longer-term effects of rising rates are more cloudy, in my opinion.

Some of the other areas of interest:

Apr-13	Monthly	Sequential	Annual
Metropolitan Area	Level	Change	Change
Boston	159.14	2.20%	8.10%
Chicago	113.69	2.70%	9.30%
Miami	159.65	2.40%	13.00%
Minneapolis	126.81	2.90%	14.80%
New York	163.05	1.10%	3.20%
Tampa	142.1	1.70%	11.30%
Composite 10	165.63	2.60%	11.60%
Composite 20	152.37	2.50%	12.10%
Source:
S&P Indices
Firserv

I take an analytical approach to buying, selling and leasing real estate. I work with families, people looking for a rental home, a second home, investors, etc. As a Realtor, I am aware of trends in the domestic market, as well as in the local markets throughout South Florida. If you are thinking of selling or buying a home, please feel free text me or call me at 561-247-3550.

For free home searches, please text me your name, e-mail address and phone number or visit my Web-site at http://homes.MYsouthFLrealestate.com

Michael Friedman
Realtor, Certified Distressed Property Expert (CDPE)
Member of Who's Who in Luxury Real Estate
Lang Realty
561-247-3550

An Analytical Approach To Buying, Selling and Leasing Real Estate

http://MYsouthFLrealestate.com

The greatest compliment you can give is the referral of your friends and loved ones

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

Mortgage Rates Are Rising: Will It Spur A Rush To Buy Homes?

Freddie Mac reported mortgage rates have moved up to almost 4.0%; the company reports the average 30-year fixed rate is now 3.98%.

I believe 4.0% is a milestone that people will take notice of.  When they hear this number, people will realize rates are rising.  Those who are interested in buying homes will begin to buy in earnest before it moves up higher, in my view.

With the Federal Reserve hinting it may start to cut back on buying mortgage-backed securities and the employment picture improving, mortgage rates could continue to climb. 

If home prices stay on the upward trend as does mortgage rates, it could put a damper on the recent housing recovery in the longer-term.  However, I believe prices will continue to trend slightly higher on a sequential basis for the remainder of the year in the South Florida market.  Buyers will become more aggressive to take advantage of the low rates and I do not foresee a huge influx of inventory over the next six months of the year.

If you are thinking of selling your home, now may be a very good time to get it listed.

I take an analytical approach to buying, selling and leasing real estate. I work with families, people looking for a rental home, a second home, investors, etc. As a Realtor, I am aware of trends in the domestic market, as well as in the local markets throughout South Florida. If you are thinking of selling or buying a home, please feel free text me or call me at 561-247-3550.

For free home searches, please text me your name, e-mail address and phone number or visit my Web-site at http://homes.MYsouthFLrealestate.com

Michael Friedman
Realtor, Certified Distressed Property Expert (CDPE)
Member of Who's Who in Luxury Real Estate
Lang Realty
561-247-3550

An Analytical Approach To Buying, Selling and Leasing Real Estate

http://MYsouthFLrealestate.com

The greatest compliment you can give is the referral of your friends and loved ones

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

May 2013: Florida Leading The Nation In Foreclosure Activity

RealtyTrac, Inc., a firm that tracks foreclosures, said Florida had the most foreclosure activity than any other state in the US during May 2013.  One in every 303 homes was in involved in a foreclosure filing. 

Palm Beach county had one in every 286 homes being in foreclosure activity during May 2013, according to RealtyTrac, Inc.  Broward county had one in every 317 homes involved in foreclosure activity, according to RealtyTrac, Inc. during May 2013.  Miami-Dade was only one in every 143 homes being involved in foreclosure activity, according to RealtyTrac, Inc. during the timeframe.

The Florida foreclosure numbers were almost three times more than the national average, according to the RealtyTrac, Inc. report. 

As we have discussed in previous posts, there is a dearth of inventory in the local market right now.  An increase in homes hitting the market might help to balance out the supply and demand equation.

I take an analytical approach to buying, selling and leasing real estate. I work with families, people looking for a rental home, a second home, investors, etc. As a Realtor, I am aware of trends in the domestic market, as well as in the local markets throughout South Florida. If you are thinking of selling or buying a home, please feel free text me or call me at 561-247-3550.

For free home searches, please text me your name, e-mail address and phone number or visit my Web-site at http://homes.MYsouthFLrealestate.com

Michael Friedman
Realtor, Certified Distressed Property Expert (CDPE)
Member of Who's Who in Luxury Real Estate
Lang Realty
561-247-3550

An Analytical Approach To Buying, Selling and Leasing Real Estate

http://MYsouthFLrealestate.com

The greatest compliment you can give is the referral of your friends and loved ones

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

New Florida Foreclosure Law And How It Affects Consumers

The new law was signed by Florida's Governor Rick Scott on Friday (June 7, 2013) and went directly into effect. 

The new law allows lenders to query the court as to why a final foreclosure order has not been entered.  Furthermore, condominium associations and homeowners associations can ask the courts to expedite the foreclosure process under certain circumstances.

Lenders must now provide details showing the entity owns the loan before foreclosing on the property.  There are protections in the law for innocent parties who purchased a property where a former owner may have claim to the property. 

Perhaps the most pertinent part of the law is deficiency judgments in foreclosure actions can be sought for only one year, down from five years.  The deficiency judgment is the difference between the proceeds from the home and what is owed on the mortgage note.

I believe it is preferable for distressed homeowners to complete a short sale when compared to a foreclosure.  (Please see previous entries on the subject of short sales by searching short sale in the label section of the Blog).

I take an analytical approach to buying, selling and leasing real estate. I work with families, people looking for a rental home, a second home, investors, etc. As a Realtor, I am aware of trends in the domestic market, as well as in the local markets throughout South Florida. If you are thinking of selling or buying a home, please feel free text me or call me at 561-247-3550.

For free home searches, please text me your name, e-mail address and phone number or visit my Web-site at http://homes.MYsouthFLrealestate.com

Michael Friedman
Realtor, Certified Distressed Property Expert (CDPE)
Member of Who's Who in Luxury Real Estate
Lang Realty
561-247-3550

An Analytical Approach To Buying, Selling and Leasing Real Estate

http://MYsouthFLrealestate.com

The greatest compliment you can give is the referral of your friends and loved ones

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 House Index March 2013 Shows Continued Rise In US Housing Prices

The recovery in US housing prices continues in March 2013, according to the Case-Shiller Home Price Index.  The US composite shows year-over-year growth of about 10% to 11% for March 2013; sequential growth as 1.4%.

The South Florida market saw prices move up 10.7% on an annual basis in March 2013, according to the Case-Shiller Home Price Index; sequentially, prices increased by 1.2%.  These statistics were more-or-less in line with the national averages by measure of the Case-Shiller Index.

I think the following is an interesting quote from the report:

“Other housing market data reported in recent weeks confirm these strong trends: housing starts and permits, sales of new home and existing homes continue to trend higher. At the same time, the larger than usual share of multi-family housing, a large number of homes still in some stage of foreclosure and buying-to-rent by investors suggest that the housing recovery is not complete.”

The average home price was back to the mid-2003 level in March 2103, according to the Case-Shiller report.  The decline for the US composites are still off about 28% to 29% from the peak value in June/July 2006. 

Other areas of interest:

Mar-13	Monthly	Sequential	Annual
Metropolitan Area	Level	Change	Change
Boston	155.71	1.20%	6.70%
Chicago	110.73	0.00%	7.80%
Miami	155.89	1.20%	10.70%
Minneapolis	123.15	-1.10%	12.50%
New York	161.54	-0.40%	2.60%
Tampa	139.91	2.60%	11.80%
Composite 10	161.48	1.40%	10.30%
Composite 20	148.65	1.40%	10.90%
Source:
S&P Indices
Firserv

 
I take an analytical approach to buying, selling and leasing real estate. I work with families, people looking for a rental home, a second home, investors, etc. As a Realtor, I am aware of trends in the domestic market, as well as in the local markets throughout South Florida. If you are thinking of selling or buying a home, please feel free text me or call me at 561-247-3550.


For free home searches, please text me your name, e-mail address and phone number or visit my Web-site at http://homes.MYsouthFLrealestate.com

Michael Friedman
Realtor, Certified Distressed Property Expert (CDPE)
Member of Who's Who in Luxury Real Estate
Lang Realty
561-247-3550

An Analytical Approach To Buying, Selling and Leasing Real Estate

http://MYsouthFLrealestate.com

The greatest compliment you can give is the referral of your friends and loved ones

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 Median Home Prices Up More Than 20% In April 2013

Avid readers of this blog know there is a scarcity of homes in the South Florida housing market and there are bidding wars.  However, most are unaware unless they have been in the market to buy or sell a home in the market recently.  The Sun-Sentinel ran an article on the front page of the newspaper yesterday declaring "bidding wars, shortage of houses for sale."  The word is beginning to hit the mainstream media outlets.  This inturn could lead to more of a frenzy.

The median price for existing single family homes in Palm Beach rose by 26% in April 2013 from a year ago; the median price was $265,000.  April was one of the busiest months for sales since 2007, according to the local Realtors board.

It is also being reported that as prices begin moving up quickly, it is spurring a sense of urgency by potential buyers.  The article sites an agent in Broward County who put in at least ten offers for a client before finally getting a completed deal.  The agent is quoted as saying, "this reminds me of 2005... the bubble is coming."

Even though new listings rose 9% from a year ago, Palm Beach County's inventory levels are still 43% below the previous year, according to the Sun-Sentinel article.

In the current market I advise my customers to be prepared to act quickly.  This means having proof of funds for cash deals and pre-qualification letters for offers that are to be financed.  On the flip side, for my seller customers I remind them to be realistic and that the current trends may not last indefinitely.

I take an analytical approach to buying, selling and leasing real estate. I work with families, people looking for a rental home, a second home, investors, etc. As a Realtor, I am aware of trends in the domestic market, as well as in the local markets throughout South Florida. If you are thinking of selling or buying a home, please feel free text me or call me at 561-247-3550.


For free home searches, please text me your name, e-mail address and phone number or visit my Web-site at http://homes.MYsouthFLrealestate.com

Michael Friedman
Realtor, Certified Distressed Property Expert (CDPE)
Member of Who's Who in Luxury Real Estate
Lang Realty
561-247-3550

An Analytical Approach To Buying, Selling and Leasing Real Estate

http://MYsouthFLrealestate.com

The greatest compliment you can give is the referral of your friends and loved ones

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