Real Estate Information Archive

Blog

Displaying blog entries 1-6 of 6

The Palm Beach FL Housing Market and Outlook 2017 2018

by Michael Goldberg

Update on the Palm Beach Real Estate Market and Forecast

What does the crystal ball tell us about the Palm Beach housing market in 2017 and 2018?  Some new housing and economic stats along with activity reports of Palm Beach Realtors are providing some excellent clues.

The rising valuation of the US dollar might be the current and ongoing influence for the rest of 2017 and 2018. The higher valued US dollar has dried up buyer interest from many countries including Canada, yet there are pockets of buyers from specific areas. With Palm Beach County home prices peaking, some sellers are beginning to consider selling. For buyers, that spells opportunity.

Let’s take a look at the housing data and the micro and macro factors including lifestyle, economic, and financial that could weigh in your decision to buy a home here in Palm Beach County or sell your current home.
 
The Palm Beach Housing market is dynamic, characterized by very high priced estate homes near the coast and more affordable properties to the west (for the most part). The range of home prices you’ll see below shows that each community has its own price level. Buyers are international and buying and selling trends follow political events. 

Providing a real estate forecast for Boca Raton, Wellington, and Palm Beach isn’t easy in 2017. There is some local and international turbulence yet after it settles, Florida’s growth will continue. Palm Beach is still one of the nicest places to live and invest and I’m the Palm Beach realtor who will introduce you to all that these beautiful communities have to offer.

What are the Top 13 Factors affecting the Housing Market in the Palm Beach area in 2017 and 2018? 

Here's some key factors that could push prices and availability one way or the other:

  1. Demographics: older homeowners maybe selling and new US millennials could soon be buying here
  2. Rising employment and new business development in Palm Beach County and whether Trumps economic plan will begin to work
  3. Moderately rising mortgage rates
  4. High end and lower end rentals may be down
  5. Home and condo availability - new construction
  6. Migration - number of people migrating to Florida overall
  7. Banks withdrawing financial support for new condo projects
  8. In-migration of wealthy people from outside the US
  9. Value of USD rising against all other currencies
  10. Advantage of no state tax or inheritance tax in Florida
  11. High prices in the Palm Beach area spreading interest to other communities in the county
  12. A limited amount of land for development
  13. Fast improving US economy generates new potential buyers in many other US states

Some housing data research providers have offered up their interpretation of the South Florida housing situation and outlook. So I thought you might like to look at their stats to as a helper to determine whether buying a condo or home down here in Palm Beach is a smart and timely move.

As this graphic depicts, home sales fell in 2016. Does that mean it’s a market in contraction? It turns it out sales were down due a lack of available single detached homes. And when supply falls, prices will rise. This basic equation won’t change for a while so we can expect rising prices this year in Palm Beach. Naples had a similar situation with a drop of 8.2% in sales.
 
 

 

"This past year was marked by tight housing inventory throughout Florida, particularly in the range of $200,000 and under," said 2017 Florida Realtors President Maria Wells.
 

The condo/townhouse market in South Florida had similar data with sales down 7.7% and prices up about 7%. Sales dropped overall in Florida, yet Orlando, Tampa and Jacksonville markets all saw increases in sales. More inventory is the likely reason.
 
In a report published in bizjournals.com, Florida Realtors Chief Economist Brad O’Connor. "Sales of non-distressed single-family homes, on the other hand, were up nearly 14 percent in 2016, and non-distressed condo and townhouse sales were up more than 5 percent. This increase in 'traditional' sales activity is a clear sign of good things to come for Florida's housing markets in 2017."
 
The state of normal housing sales in Florida, particularly south Florida is good. Demand is strong and sales are continuing where available.  It points to a competitive market and means you’ll need a realtor to get in on the action, if you intend to move here and buy (or even to rent). 
 
The latest realty news reports on a number of luxury home properties in Palm Beach selling at very high prices. One, an 18,300-square-foot oceanfront mansion in Palm Beach just sold for $40 Million.  The wealthy are definitely interested in the Palm Beach County area and they will enjoy more variety than the average working buyer will in lower price ranges.
 
Have a look at some Palm Beach County homes or Boca Raton condos for sale right now so you can get a feel for what’s available. Please remember that many upscale homes are not listed on the MLS for obvious reasons. People like their anonymity and privacy here. 
 
Here’s a beautiful home in Delray Beach for sale you might like to check out.

Low Inventory doesn’t last forever, and as home prices continue rising many homeowners here in Palm Beach County will want to cash out and sell their home. It’s a waiting game, and if you’re working with me, I can keep you aware of a potential sale coming up. Being connected is so important.
 

As I mentioned above, the distressed/foreclosures property list has all been dried up.  Foreclosures and short sales in Palm beach comprised just 10% of all closing last summer. So we’re back to a somewhat normal local market condition for 2017. And the shortage of homes is sure to extend into 2018.
 
Foreign Buyers have Been a Big Segment of the Palm Beach Market

One macroeconomic factor that might be temporarily affecting the housing market here is diminishing purchasers from outside the US. The US dollar has been so strong and other currencies so weak, that real estate here is beyond the resources of foreign buyers, who previously may have paid cash.

At this point, the Trump election promises and anti-Trump backlash is a very real distraction.  Yet if the US economy continues to roll, with upward growth in wages, it stands to reason that more buyers will come from across the US. It will be Americans buying homes here. 

If you’re from Illinois, New York, Massachusetts, Pennsylvania, or Minnesota, you may find the weather, lifestyle, beautiful communities and improving employment/business market much to your liking.

Sharing is Good for Your Social Health - Share this post with your friends and coworkers who may be looking for a healthy life change. Give them the gift of life in South Florida!

Let’s take a quick look at the Association of Florida Realtor’s report on housing sales in 2016.  These 6 chart graphics from PBCA Yearly Market Detail - 2016 for Palm Beach County, tells a compelling picture of a market of rising prices, growing availability, and more sales in the $250k to $600k price range.

Pending inventory is low however, so you may have to hunt hard to find a buy a home for yourself in one of the many desirable communities in Palm Beach, Boca Raton, and Wellington. Location is important, and I hope as you’re preferred Boca Raton Palm Beach Realtor, I’ll be able to assist you in purchasing your home.


You may want to get on this spring so you can lock into a lower mortgage rate over a longer term, thus protecting you from inflationary cost issues.

Economic Factors for Palm Beach and South Florida

Recent economic reports have been very favorable, with experts suggesting Florida's economy is one of the nation's best. 

According to Snaith's forecast, Florida is expected to break the $1 trillion mark in 2018 and climb to $1.074 trillion in 2019. That would make Florida's economy the 16th largest in the world, according to rankings by the World Bank - From a news story in the Sun Sentinel.

Palm Beach isn’t just for wealthy people. It’s for kids and families who want to enjoy life to the fullest. See this list of top 20 attractions in Palm Beach County. I hope you and your spouse are taking this possibility seriously and that you’ll work with me to find the best home for you here in Palm Beach, Wellington or Boca Raton.

Here are a few gorgeous communities you might investigate. As you can see, Palm Beach County home prices vary considerably. And while price doesn’t tell you everything about whether a particular city or community will work for you, it does give you an idea of how badly other people want to live there.
 
Home Prices in Palm Beach County

Community Median Household Income Average Home Price Population
Cloud Lake $55,046 $75,500 26000
Glen Ridge $55,046 $75,500 26907
Golf $50,783 $130,000 42898
Jupiter Inlet Colony $71,644 $208,900 14678
Manalapan $47,873 $96,500 32000
Briny Breezes $40,753 $74,350 32783
Gulf Stream $64,531 $340,000 12284
Palm Beach Shores $67,730 $340,000 37,940
South Palm Beach $99,132 $475,000 1,021
Ocean Ridge $40,500 $74,350 32,783
Haverhill $36,055 $56,367 75,410
Mangonia Park $40,753 $71,750 30,217
Atlantis $28,799 $130,000 32,000
Hypoluxo $47,873 $96,500 32,000
Juno Beach $62,143 $175,000 17,130
Loxahatchee Groves $83,200 $145,000 27,439
Lake Clarke Shores $55,046 $75,500 26,907
Highland Beach $63,627 $259,300 16,731
South Bay $29,863 $48,494 5,012
Tequesta $71,644 $208,900 14,678
Pahokee $28,001 $50,450 29,041
Lake Park $43,471 $80,600 12,416
Palm Beach $99,132 $475,000 10,017
Lantana $47,873 $96,500 32,018
North Palm Beach $62,143 $175,000 17,130
Belle Glade $28,799 $55,000 21,473
Palm Springs $39,592 41475 18,928
Riviera Beach $38,540 $79,474 58,140
Royal Palm Beach $64,982 $117,300 66,657
Lake Worth $57,199 $126,750 219,298
Greenacres $48,822 $92,374 114,765
Palm Beach Gardens $71,997 $221,750 69,925
Jupiter $77,308 $231,575 91,000
Wellington $54,985 $177,500 82,295
Delray Beach $48,802 $144,285 109,306
Boynton Beach $68,695 $169,041 158,703
Boca Raton $68,962 $207,891 214,419
West Palm Beach $49,535 $96,721 316,628

Learn more about the market here in Palm Beach County by getting in touch with me.  Register now so you can receive alerts and news about homes for sale in the our region. Get the jump on a hungry market for buyers in South Florida.

I'm Michael Goldberg of United Realty Group in Florida, and I'm looking forward to helping you with your home purchase and relocation to Florida.

The Advantages of Moving to Palm Beach Florida

by Michael Goldberg

Beautiful Palm Beach County is Waiting for You

Palm Beach County is a major Florida destination during the annual spring break vacation period. And for good reason. It's what you might call a taste of southern lifestyle.  This lifestyle is our coastal waterfront living, outstanding schools, friendly service, amazing sports and recreation, leisure and relaxation, incredible climate, and or unique shopping and dining.

Whether driving on the seashore highways, or boating in our waterways, tourists drink in the atmosphere while they're here. They wish they could stay.


With all the other places you might travel to including Miami, Orlando, Fort Lauderdale, and St Petes, you'd wonder why the Palm Beaches  is so special.

There's a lot of reasons, however perhaps the main draw is how beautiful, tasteful, and exquisite the atmosphere is in the Palm Beaches.  The upscale charm is very magnetic for those with financial means. You might say it attracts a better type of resident and visitor. 

It's Quieter and a Place You'll Love to "BE" in

What Palm Beach lacks is the more chaotic atmosphere of Orlando and Fort Lauderdale.  You won't need to pass time to stave off boredom.  Even when you're doing nothing, you'll feel more relaxed. 


Contact Me. It's Faster. If you have any questions about the culture, education and business climate here in Palm Beach County, please send me a message with your questions. I'd be happy to help you know the Palm Beach area better and clarify what we have to offer here.  It is a special place and may be the perfect choice for you and your family. The availability of homes is strained as it is all over South Florida because people not only want to travel here with their family, but they want to live here.  So you'll want to be working with a good Palm Beach Realtor and get the jump on the most affordable and relevant listings.



The Winter of Your Discontent - Act On It!

After a too long winter up north, you may be dreaming or thinking once again about when a move to the south might be wise. Does this happen every year? Your winter of discontent is a signal that life is short and we don't need to stay stuck. Sometimes we need to create a Brazos Minshew Trivita style plan of action and make progress on a better life

As I've pointed out in other posts, Palm Beach, Wellington FL, and Boca Raton FL have the private schools, kids educational, recreational, entertainment and growth opportunities for your kids. They will have fun and will enjoy accelerated growth and development. For you, life here may be a little slower and more relaxing. If you've felt your health slide through with winter, it probably is deteriorating. Winter is hard and when you combine that with your daily commute and job pressures, you could end up like so many tens of millions of people, with significant health issues

The Palm Beaches region is free of snow, ice and mind-numbing cold.  And the commutes are short. You'll be able to get out for daily walks in your neighborhood, on park paths, and on the beaches. Our region is home to excellent and world-renowned golf clubs and tennis schools, nail salons, and boating is almost a religion.  

So that's it, fun and relaxation are the two benefits that will lower your blood pressure and help you be more effective in your life. If you're healthy and happy, your kids well-being is better assured.

Take a good look at what relocating to Wellington FL, buying a house in Boca Raton, and living a completely new, refreshing lifestyle could do for you. Please contact me to discuss your goals and how I can help you.

Please call or text me now.

Michael Goldberg
United Realty Group
1035 S. State Rd. 7
West Palm Beach FL 33414
561-231-0021

Amazing High Definition Videos of Palm Beach Florida

by Michael Goldberg

Linger in the Mediterranean Architecture and Style of Palm Beach FL

Most visitors to the Palm Beach area are impressed with the relaxing, casual atmosphere which includes the Italian-Spanish/Mediterranean inspired architecture, designs, color, and creative mix of stone in buildings and landscaping. Then there's the drives along the beach highway and quaint streets culminating in dining at some exquisitely designed restaurant in town. It's a tough life here in Palm Beach!

Relax and enjoy the sites of this beautiful location in South Florida and remind yourself of why you want to move here.

This first entertaining high definition video from 8K video offers a very delightful walkaround view of shops, patios, palm lined streets, glittering waterways, along with streetside and aerial views of estate homes in Palm Beach. The expansiveness and lack of crowds is just one reward you'll enjoy when you're here. It's why the wealthy come to Palm Beach County.

 

 

Next up is the driving video from J Utah. This is beach town driving to enjoy. This is a pleasant drive up A1A (South Ocean Boulevard) to Palm Beach and the highway runs right on the beach.

 

 

And a tour of Palm Beaches exclusive shopping area called Worth Avenue is on many hopeful new resident's list.

 

The Breakers Palm Beach Hotel. And a visit or stay at the stunning and historic Breakers Palm Beach Hotel is just one more fantastic experience for visitors. This video gives you a close up view of this magnificent and famous hotel, its rooms, ballrooms, courtyards, waterfalls, spas, and incredible Mediterranean-styled architecture. American tropics meets the Mediterranean. The architecture as discussed by a prominent architect in this video is an example Mediterranean Revival which mixes gothic Venetian, Italian, Spanish Renaissance and Colonial influences.

 

 

And if you crave the nightlife and touristy and entertainment, there's plenty in West Palm Beach. Discover the top attractions in Palm Beach for you and your family.

 

 

 

Are you looking at homes for sale in Palm Beach or homes in Boca Raton? Or are you interested in more spacious estate properties in Wellington, home of the equestrian community? A quick call to me is the fastest way to get oriented to the best offerings and the best communities. Call me, Michael Goldberg now and let's accelerate your Palm Beach home quest.

 

MLB Spring Training Comes to the The Palm Beaches

by Michael Goldberg

MLB Spring Training at the Ballpark of the Palm Beaches

It's March, and that means baseball preseason in Florida. This year, there's a new exciting place to watch baseball and it's Palm Beach County! A new baseball park and facility is ready for spring training in 2017.

One more reason you'll find Palm Beach a special place to call home.
The Houston Astros and the Washington Nationals will be sharing the new facility in West Palm Beach. It's been named the The Ballpark of the Palm Beaches. They're snazzy logo is ready too!

These two screen captures below, courtesy of  www.ballparkpalmbeaches.com show how beautiful the complete baseball complex is. It's been designed in an old Florida style, in such a way to give visitors a more intimate and immersive experience in major league baseball pre-season training. That means they designed more with fans in mind.

 


This isn't just another run of the mill Florida or Arizona preseason ballparks with a cool name. The service and cuisine and comfort are just a cut above expectations. And a panoramic view from close up seating gives you a special connection to the players and the game.

The Stats for The Ballpark of the Palm Beaches

You can buy tickets in 2 different seating areas and in a grassy area outside of the outfield fence. You can bring your own cushion or chair and enjoy a drink from the nearby left field bar. The $41 million dollar stadium offers 6400 seats on two different concourse levels and space for 1000 more fans outside the outfield fence.

The park is located in West Palm Beach just off of I95, about 3 miles east of Riviera Beach. Distance from Boca Raton FL is about 30 miles, 20 miles from Boynton Beach, and about 10 miles to Wellington.

The 12 acre park will also have other amenities including basketball courts and a biking trail. 

Now you won't have to travel up or down Florida's coasts to see a preseason game. You can visit where everyone wants to and enjoy more attraction in Palm Beach. And if you're coming down during spring break, don't forget to check it out while you're looking at homes for sale!

I'm Michael, a Realtor in Wellington FL, serving the communities of Palm Beach, Wellington and Boca Raton. I help buy and sell condos and luxury homes in the area and I'd be happy to help you. Find out more about living in Boca Raton, all the top local attractions in Palm Beach, about the Palm Beach real estate forecast.

 

New Apartment Development in Boynton will Be Green Friendly

by Michael Goldberg

Large New Apartment Project Coming to Boynton

pic courtesy of msaarchitectsinc.com

A brand new project in Boynton on the south corner of Ocean Avenue and Federal Highway is raising the profile of the downtown section nicely and it should make conservationists and eco-conscious people happy.

The new mixed use development to be started at the end of the year is very forward thinking. It will be called 500 Ocean, designed by architects MSA Architects of Miami.

Tax Incentives Recovered Through Project Activity

City of Boyton officials agreed to big tax incentives for the project in exchange for developing the apartments according to National Green Building Standard  standards, creating office space, and incorporating electric car charging stations. 

500 Ocean will contain 341 one, two and three-bedroom apartments. Mixed use developments have become popular in the last 5 years across the county due to increased convenience and less auto travel.  This particular new apartment development in Boynton will have about 20,000 square feet of commercial space, including 6,000 square feet for offices and 14,000 square feet for retail stores.

The addition of the new apartments may help in revitalizing the downtown Boynton area which has suffered from a lack of commercial activity.

Interested in apartments or condos for sale in Boynton FL? Learn more about Palm Beach County and home prices in Boca Raton, Wellington and Palm Beach.   Looking for things to do in the Palm Beaches area? Where is Palm Beach FL? Its in the heart of Florida's east coast shoreline. It's a special place, made better for boaters with the Intracoastal waterway.  Find out more about why Palm Beach County might be the right choice for you and your family.

 

Why Your Kids Will Love Palm Beach Florida

by Michael Goldberg

How to Launch Your Child's Life in Florida

Kids love South Florida. And there’s far more here than Disneyland and Cape Canaveral to keep them enthralled. If childhood is the launchpad to a great life, Palm Beach will give your kids something extra special.

palmbeachkidpixabay.jpg

If you’re wondering how your kids might fare after a move to sunny, warm Palm Beach, you can rest assured they’ll be very happy here. Kids like to be busy all the time and they love new adventures, learning experiences, and enjoying new activities. Palm Beach County has these things aplenty.

It’s more than just activities though. Here in Palm Beach, you’ll find a higher quality of life and an optimism that colors kids lives. Life is different here. This unique environment can provide a new sense of freshness, imagination and great new friends to share a more creative and engaging lifestyle with. It can make them more interested in their community and society and foster stronger self-esteem.

It's been long believed that environment is very influential in childhood development, and Palm Beach is a place of imagination and possibilities. And if you have big dreams for your kids, then there's few places that could offer more to them.

At School and After School Activities Galore

If the beaches and backyard pools aren’t enough, there are plenty of community driven activities for them too.  And the private schools might be the deciding factor for you. If you’re disappointed with public schools in the north, you’re not alone. The quality of experience and education has dropped nationally in public schools while the reverse is true in South Florida’s private schools. Learn more about Palm Beach Schools at www.palmbeachschools.org.

 

A Big Bonus!

And your kids will be happier because you’ll be happier. Your sense of relaxation, new purpose, and the joy of your new adventure and lifestyle will rub off on them. Kids pick up on all that. They’ll be exploring new wildlife, enjoying new sports and leisure pastimes, and whether they’ll puttering around water building sandcastles, flying a kite, or doing a little fishing, they’re going to have eye opening experiences here.

It’s no secret that Palm Beach is a wealthy community and this generates many advantages for residents here. The collective effect is a greater sense of well being, shared purpose, endless opportunities and an unsurpassed quality of life. Your choice to upgrade your life will be an upgrade in opportunity and potential for your kids.

Get started searching for a new home for sale in Palm Beach, Wellington, and homes for sale in Boca Raton.

What are the top 20 attractions in Palm Beach County? 6 cities here offer tourists and residents alike an exciting, educational and memorable time. From top ranked Waterparks to eco-friendly nature preserves and animal rehabilitation compounds, your kids can learn and have fun from sun up to sun down. Oh, and by the way, Palm Beach gets perfect views of the sunrise and sunset. What you do in between is your business.

Displaying blog entries 1-6 of 6

Make your first call to Mike about homes for sale in Palm Beach, homes for sale in Wellington, and homes for sale in Boca Raton. Mike's experience in these communities is great asset at a time when luxury homes in Palm Beach along with upscale condos are difficult to find. Work with Mike to find the ideal property for you and your family, and enjoy the lifestyle you want.