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!
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Who will speak for those with no voice? Safe Harbor has always been there.
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/
Realty Associates, firstname.lastname@example.org
Follow the Jupiter and Coastal Florida lifestyle on this blog or my website:
Jupiter Resident and Realtor
Realty Associates-FL Properties
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
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 email@example.com.
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
Realty Associates-FL Properties
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?
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
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.
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.
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.
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.
- Good location on the NE side of town, close to I-95 and the Turnpike.
- Winding, oak lined streets with great uniformity in the neighborhood.
- Affordable housing.
- 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
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.
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.