Florida Job Market will recover.........by 2014

The U.S. economy grew by 3.5 percent during the quarter ending Sept. 30, but Florida economist Sean Snaith isn’t ready to throw a recovery party just yet.

The University of Central Florida researcher says despite federal reports released Thursday of a national rebound, Florida’s recovery will lag behind as it continues to be hamstrung by a glut in housing and only a gradual recovery in consumer spending.

Employment levels won’t return to pre-recession conditions until 2014, Snaith estimates. “The job market will haunt us for years after the recession has ended,” Snaith says. “As we saw during the boom, strong growth can quickly and dramatically ratchet down the unemployment rate, but a weak recovery just prolongs our pain.”

Other state economists concur that Florida’s unemployment rate will exceed its current 11 percent level and top out sometime next year. They also agree that the state’s economic recovery will be gradual and slower than the rebound elsewhere.

Mr. & Mrs. Seller: Give some thought to what the above news might mean to your sale.

Hope is not a successful selling strategy!


Richard Sites

Delware Scrub Restoration Project

The Town of Jupiter, the State of Florida and Palm Beach County are buying and setting aside parcels of land with their natural vegetation. In Jupiter, we love our green space and having these parcels ensures that we here in Jupiter will never face the congestion problems that have plagued south Florida. Moving to south Florida, Jupiter's the place!!

Safe Harbor-Jupiter's No-Kill Animal Shelter

Safe Harbor Animal Sanctuary & Hospital is proud to announce the Re-Grand Opening of our Pick of The Litter Thrift Store. After being absent from the community, our Pick of the Litter Thrift Store will be an exciting addition to Safe Harbor with all proceeds going to help support us continue our mission.

WHAT: Grand Opening and tours of new hospital and shelter
WHEN: Saturday, October 31, 2009 from noon to 6pm.

WHERE: 185 E. Indiantown Road, Jupiter

WHY: Public demand is now allowing our thrift store to become a vital part of Safe Harbor’s operation.

Who will speak for those with no voice? Safe Harbor has always been there.

Please join us, browse through our new boutique while enjoying music by Acoustic Remedy & Friends from 1pm – 4:30pm and food provided by Chili’s of Jupiter.

All kids receive a pepper pass which entitles them to one free dinner at Chili’s. Take part in our pet costume contest which begins at 2pm sharp, and get questions answered from our Animal Communicator. Also on hand will be a henna tattoo artist and a face painter. Micro Chip Clinic also being held within the Halloween Festival event.

It will run from noon to 6pm, the cost is $15.00 which includes one year registration.Safe Harbor Animal Sanctuary & Hospital is located at 185 E. Indiantown Road, Jupiter, FL 33477. Call us at 561-747-5311.


Jupiter and waterfront properties

As the season is in full swing, officially starting November 1, we are seeing signs of our seasonal residents. I passed this vessel in the Intracoastal Waterway.  Some yachts this size are heading to Ft. Lauderdale or Miami for the winter.  Others stay here at Admirals Cove.

Down on the island of Palm Beach, the cars are reflecting the influx of seasonal residents.

Follow the Coastal Florida lifestyle on this blog or at my Google+ page. www.coastalflrealestate.com

When a pool becomes an Aquatic Complex

When I was growing up in Miami, we called it a pool. Now, its an Aquatic Complex.

This is the main entrance to our "pool" here in Jupiter. I can tell you, the pool really looks inviting on some of our hot summer days.

OK, call me old fashioned...but this looks like a pool! The "pool" is surrounded by some of the remaining preserve areas we have here in Jupiter.
The local swim team, The Sea Dragons, practice here.
Oh, the picture below is from a newer Jupiter neighborhood called Paseos. You can find out more about the Jupiter real estate market and coastal florida lifestyle on my website: http://www.coastalfloridarealestate.net/
Richard Sites
Realty Associates, richard@coastalflrealestate.com

Jupiter Community Center

Here's a shot of the Town of Jupiter Community Center as you approach from the east. Several years ago, the Town decided to build this Center located directly behind Town Hall and the Police Station.

Here's a shot of the entrance under stately Royal Palms, a native palm of Florida.

This is the main entrance on the east side. The Center is open for community events.

Follow the Jupiter and Coastal Florida lifestyle on this blog or my website:

Richard Sites
Jupiter Resident and Realtor
Realty Associates-FL Properties

Home sales rose 34% in Florida, but PB prices are down

The Sun Sentinel reported that although home sales have shot up, aided by the $ 8,000 credit, prices have continued to fall.

Median home prices in Palm Beach County fell from $ 292,200 to $ 242,900 in the last year.

Existing sales in September went from 522 to 746. This means sales in Palm Beach county have increased 14 of the last 15 months.

Sellers hope prices will stabilize soon. However, housing analysts, citing high unemployment figures, said prices are likely to keep dropping until the middle of next year.

Follow the local market: www.CoastalFloridaRealEstate.net

Richard Sites, Realty Associates

Jupiter Inlet-Dubois lagoon

I had the camera with me yesterday at the Jupiter Inlet and snapped this picture of the Dubois Park lagoon. Looks pretty inviting for late fall, huh?
What you see in the water are montrous sand bags to slow down erosion.
This is the original Jupiter Inlet which wound through islands and made it way to the ocean. It was "fixed" and cut into the straight inlet we see today in the 1920's.  If you are interested in the Park, hop over to My You Tube Channel and take a look at the videos there on the Park and its great fishing and historic side.

If you are looking for a house in the Jupiter area, you can see all listed for sale at Coastal Florida Real Estate

Kooky Halloween planned by Town of Jupiter

Mark your calendars to join your fellow resident ghosts, princesses, monsters, & superheroes Friday, October 30th at the Jupiter Community Center, 200 Military Trail, for a creepy evening of bounce houses, candy & fun!

The Kooky Halloween bash will take place from 6:00 p.m. to 9:00 p.m.

All activities are FREE! For general information please call 741-2400 or visit www.jupiter.fl.us.

If you'd like to be a sponsor for this event, please contact Julie Wark at 741-2252 or juliew@jupiter.fl.us.

Richard Sites
Realty Associates

Existing-home sales rise 9.4% to 5.57 million pace

Resales of U.S. houses jumped 9.4% in September to a seasonally adjusted annual rate of 5.57 million, the highest in more than two years, the National Association of Realtors estimated Friday.

Sales as tracked by the NAR are up 24% from January's bottom, and are up 9.2% compared with a year ago.
Read the whole story:http://www.marketwatch.com/story/existing-home-sales-rise-94-to-557-million-pace-2009-10-23?dist=bigcharts

Richard Sites
Realty Associates-FL Properties

Jupiter Home Prices-The Hamptons

I've been hightlighting some of our Jupiter communities to point out the most active for sales. So far, we've looked at The Shores of Jupiter and Egret Landing. Now, we'll take a look at an older favorite in Jupiter, The Hamptons.
Built by Di Vosta, the Hamptons is one area divided into 3 sections. All have the same feel, which is a Di Vosta trademark; winding streets lined with live oaks, small ponds and similarity of construction. There are 395 homes in the Hamptons, located in central Jupiter just south of the Loxahatchee Club.
So, this year we have seen 19 homes sell. This is more than Egret Landing and 3 times more than The Shores.
But, let's look at the numbers and remember we use the median:
Living square footage: 1,975 Di Vosta did not sell variety
Median list price: $ 298,000
Per square foot list price: $ 150.89
Sold price: $ 280,000 or 90% of list price
Per square foot: $ 141.77
Days on market: 127
So, The Hamptons is selling briskly and why not. First Time Home Buyer incentives, affordable price range, mature oak trees on winding streets and very convenient to everything.
I wonder what we would find if we looked at homes in The Hamptons that expired without selling in the last 90 days??
WOW! Only 1 house expired this year.
Richard SitesRealty Associates-FL Properties

Jupiter home prices-Standard Deviation


In statistics, standard deviation is a very useful tool. How many agents have ever explained your value proposition to the buying public with standard deviation?

In practically every aspect of modern life, we are overwhelmed with statistical data. Don't believe me? Watch the evening news and count how many statistics are given.

Baseball is strictly done with stats. In fact, every single pitch and its result is counted and measured. This why baseball managers are so calm and football managers are so hot headed.

Every baseball play has been performed thousands of times and the players know from statistics exactly how to execute no matter where the ball is hit. Football is completely random and it leads to coaches tearing their skin off over their heads. Last time we ran this play we gained 10 yards, this time we lost 10!!

So, if you are selling, do you want to be a baseball or football coach?

Why is standard deviation important?

Richard Sites
RealtyAssociates-FL Properties


Summer fades into fall in Jupiter

Here we are in the middle of October and we are just getting out first taste of cool, fall weather. 2 weeks ago we had record heat which then gave way to record cool temps...but only for a couple of days. It never lasts very long here in Jupiter. The proximity of the ocean mitigates the bite of Jack Frost.

Although back yard fruit trees have mostly passed from favor with the influx of northerners, when I was growing up in Miami everyone had fruit trees. Right now, banana trees are holding fruit. In fact, I was playing golf this week at Jonathan's Landing and saw a dwarf cavendish banana tree propped up with the stalk of bananas covered with a protective bag so the fruit could mature. Banana trees in Florida always need some help to support their heavy cargo.

Orchids are just finishing their blooming. The few I have hanging in my trees still have a few flowers on them. They couldn't be any easier to take care of. Just hang them and forget them.

My 2 key lime trees have started dropping ripe fruit that I pick up daily and another pair of unidentified lime trees are practically breaking off with fruit.

Finally, my valencia and honeybell orange trees suffered a lot of root damage, so I picked the growing fruit to allow the trees to focus on recovering. I had a good crop last year but it looked like they needed to take a break this year.


Richard Sites, Realty Associates

Foreclosure second wave coming

The next big wave of foreclosures is set to hit south Florida.

According to the Palm Beach Post:

If you think the torrent of foreclosures affecting every city and nearly every neighborhood and street in South Florida is as bad as it can get, here is a harsh new reality:
There's a new wave of foreclosures making its way through the courts that has nothing to do with exotic subprime loans, real-estate flippers out to make a quick buck or people who bought way more house than they could afford.

Now, double-digit unemployment, sagging home prices and a lingering recession are to blame.
The second tsunami of foreclosures is coming,'' said Miami Beach-based John Tur, who teaches people how to invest in real estate. The numbers already are staggering.

During the second quarter of the year, nearly one in four Florida home loans were past due or in foreclosure, making Florida the most delinquent state in the nation, according to the Mortgage Bankers Association. This could delay a serious recovery in Florida, because a market with many foreclosures tends to drive down housing prices.

New foreclosure filings in Miami-Dade, Broward and Monroe counties are on pace to top 120,000 this year. Court clerks say filings could even go as high as 135,000. That's 17,000 to 32,000 more filings than last year.

So what is reality?

Those statistics are played out daily in neighborhoods such as Malibu Bay, a gated community in Homestead where property values have plummeted. A two-bedroom, two-bath home that sold for $242,000 in August 2006, for example, is now listed for $70,000, said Karen Klores, a Realtor at The Keyes Company.

In another effort to prevent further foreclosures, most Florida lenders began in August to require credit scores of 740 to obtain Federal Housing Authority loans, said Valerie Saunders, president of the Florida Association of Mortgage Brokers.

Of 1.1 million loans with adjustable rates in South Florida, 53 percent have already reset. But at the beginning of August, another 22 percent were scheduled to reset in the next two years, according to First American CoreLogic.

The question you should be asking Mr. & Mrs. Seller, is how will this news effect me and my sale?

Richard Sites-Realty Associates

Jupiter & Tequesta Florida home sales for October


As of today, the month of October is showing healthy signs in the number of sales. Remember, last month we had 121 sale and so far this month we have 104 under contract and 58 which have already closed.

But, there have also been 122 that either expired without selling, were cancelled or taken off the market. This means more homes don't sell than do.

The last house I listed in Jupiter this summer sold in 17 days with no problems. If you want to be part of the group that sells, call me.

Richard Sites

Jupiter Homes Prices-Egret Landing


In a earlier post, I talked about The Shores of Jupiter, which has always been one of Jupiter's most popular neighborhoods. So far this year, there have been only 6 sales in The Shores and there have been 18 in Egret Landing.
Not only have there been more sales, home owners are finding the homes on the market for a shorter period of time and getting a higher percentage of their asking price. Let's take a look at the median information for sales so far this year:
Living square footage: 2,592
Listing price: $ 441,950 or $ 186 per foot
Sale price: $ 422,450 or $ 164.16 per foot
This is 93.5% of the asking price which is about 6% more than The Shores
Time on the market: 87 days
Egret Landing does have more amenities. There is a winding entrance, large clubhouse with tennis court right on a lake and its very well cared for.
Richard Sites, Realty Associates

Jupiter Home Prices-The Shores of Jupiter


The Shores has long been one of Jupiter's favorite communities for several reasons.

  1. Good location on the NE side of town, close to I-95 and the Turnpike.

  2. Winding, oak lined streets with great uniformity in the neighborhood.

  3. Affordable housing.

  4. Several nature preserves and lakes dot the community.

In the last 60 days, there have been 6 sales in The Shores. Using the median, we find:

Living square footage: 2,377

Listing price at time of contract: $ 384,950 or $ 164.34 per square foot.

Sale price: $ 333,850 or $ 146.05 per square foot. This is 87.8% of asking price.

Time on the market: 165

Statistics will always show that the highest listing price does not always equal the highest net to the seller. In the case of The Shores (granted this is a very tough market) the home which had been on the market the longest started at $ 529,900 and finally sold for $ 300,000 after over 3 years.

Visit me at: http://www.coastalfloridarealestate.net/

Richard Sites, Realty Associates


Dow 10,000...Housing trouble over, right?

So, the Dow is back to 10,000. That must mean our troubles are over, right?

Think again. Foreclosures rise 5 percent from summer to fall!

According to the Associated Press:

The number of households caught up in the foreclosure crisis rose more than 5 percent from summer to fall as a federal effort to assist struggling borrowers was overwhelmed by a flood of defaults among people who lost their jobs.The foreclosure crisis affected nearly 938,000 properties in the July-September quarter, compared with about 890,000 in the prior three months, according to a report released Thursday by RealtyTrac Inc. That puts foreclosure-related filings on a pace to hit about 3.5 million this year, up from more than 2.3 million last year.

Banks repossessed nearly 88,000 homes in September, up from about 76,000 a month earlier.On a state-by-state basis, Nevada had the nation’s highest foreclosure rate in the July-September quarter. Arizona was No. 2, followed by California, Florida and Idaho. Rounding out the top 10 were Utah, Georgia, Michigan, Colorado and Illinois.

So, the eternally frustrating short sale is giving way to the foreclosure sale. I also posted information on my website: http://www.coastalfloridarealestate.net/ about another new trend called the strategic default, where sellers simply walk away and don't try to work things out. The hidden aspect of all this is that there is a ripple effect where everyone associated with the housing industry suffers, except the companies who board up and maintain foreclosed properties.

Richard Sites

Jupiter Florida latest real estate data

Jupiter/Tequesta Current Market Analysis as of October 14, 2009
Number of properties on the market in Jupiter & Tequesta: 1,510
Median living square footage: 2,000
Median list price: $ 429,000
Median per square foot price: $ 214.50
Median time on the market: 180 days

Jupiter/Tequesta Sold Market Analysis as of October 14, 2009

The data in the Jupiter/Tequesta area for the last 30 days reveals some interesting facts when compared to the above figures. First, the number of properties sold in the last 30 days was 121. The median size was 1,670 square feet and was listed at $ 250,000 when the house went under contract. The final median sales price was $ 143.71 per square foot or a final price $ 240,000, which is 96% of the listing price. Also, the median time on the market was 140 days.
Why isn't a high listing price necessary to achieve the highest net return?
Richard Sites