Palm Beach County home prices hit post-crash high

The median price of a house sold in Palm Beach County rose to $348,000 in March.

Palm Beach County home prices hit a post-crash high in March.

The median price of a single-family house sold last month was $348,000, the Realtors of the Palm Beaches and Greater Fort Lauderdale said Monday. That’s up slightly from February’s median of $345,000, and a 7 percent increase from March 2017.

Sales were down slightly, and the number of new listings is scarcely keeping pace with demand. That combination is creating a market that’s frustrating for buyers but lucrative for sellers.

For instance, a house in the Riverwalk of the Palm Beaches development along Okeechobee Boulevard recently fetched $418,000 a new record for a four-bedroom house without a pool in that neighborhood, said Douglas Rill, owner of Century 21 America’s Choice.

While sellers are seeking ever-more ambitious prices, buyers are struggling with the combination of tight inventories and home values that are increasing more quickly than their paychecks.

"Buyers are still anxious to get on the boat before it leaves the station," Rill said. "I think they see we’re in a slow, steady crawl up, and they want to get on before things get any less affordable."

Meanwhile, mortgage rates are rising, creating what Rill calls “a double whammy” for buyers. The average rate for a 30-year mortgage rose to 4.47 percent last week, the highest level since January 2014, lending giant Freddie Mac said Thursday.

“It is very much still a seller’s market in Palm Beach County as the median sales price continues to increase and inventory tightens,” said Jeffrey Levine, a West Palm Beach broker and president-elect of the Realtors of the Palm Beaches and Greater Fort Lauderdale.

Houses priced at $250,000 to $300,000 occupy the hottest spot in Palm Beach County housing market. Properties in that price range found a buyer in a median of just 34 days. By contrast, mansions priced at $1 million or more needed 185 days to go to contract.

Trends were similar in the condo and townhouse market. The typical Palm Beach County condo that sold in March fetched $177,000, up 9 percent from a year ago. But the number of sales fell 2 percent from a year ago.

Nationally, the median price for all types of homes sold in March was $250,400, up 5.8 percent from March 2017, the National Association of Realtors said Monday.

In Florida, the median price rose to $250,800, also marking a post-crash high, the Florida Realtors said. March’s price increase marks the 75th straight month of year-over-year gains in Florida’s housing market.

Home prices still remain well below record levels. During the housing bubble, the county’s median resale price peaked at $421,500 in November 2005 (a sum, that if adjusted for inflation, equates to $532,323 in today’s dollars). Within a few years, the median price had crashed to less than $200,000.

Source Article


Pulte to build 36 affordable townhouses in West Palm Beach

A townhouse at Pulte’s Parkview at Hillcrest development in Hollywood

Pulte Homes will build 36 affordable townhouses in partnership with the West Palm Beach Housing Authority.

Prices will range from $140,000 to $180,000 for the townhouses, which would have an average of 1,300 square feet of interior space plus a garage.

Pulte will build the townhouses on land owned by the West Palm Beach Housing Authority at 1906 Merry Place in West Palm Beach. The location is just west of U.S. Highway 1 and approximately seven blocks north of Palm Beach Lakes Boulevard.

As a developer of a large-scale residential community in Palm Beach County, Pulte is required to build affordable homes or contribute to the county’s affordable housing fund.

Patrick Gonzalez, vice president of land development in the Southeast Florida division of Pulte, said the 36 townhouses will meet Pulte’s affordable housing requirement for building the Fields at Gulfstream, a 916-home development near Lake Worth.

Gonzalez also said the affordable townhouses will have the same quality as the market-rate townhouses that Pulte builds. [South Florida Business Journal] – Mike Seemuth

Source Article


Palm Beach couple doesn’t want to give up oceanfront living at Bellaria


The condominium at Bellaria has 3,219 square feet of living space, inside and on its balconies. It is listed for $4.39 million. Photo by Tom Tracy, courtesy Linda R. Olsson Inc.

Peter Lukes and Silvia Kusnirova’s oceanfront condominium in Bellaria on the South End turned out to be the perfect fit for them. Because of their work, they live in Bratislava, Slovenia, and have spent only a couple months a year in Palm Beach.

Lukes bought the condo 10 years ago as a second home, a year before the two married, explains Kusnirova. And she has enjoyed the unit — No. 308S at 3000 S. Ocean Blvd. — as much as her husband, she says.

“Bellaria is the right place for us. Since we don’t live in a seaside country, it was necessary for us to have an oceanfront apartment here. … And when we head back to Europe, we just close our door, and management takes care of our home for us.”

PHOTOS: Oceanfront condominium in Bellaria, 3000 S. Ocean Blvd.

These days, however, their work schedule allows them more flexibility, and they plan to spend more time in Florida. For that reason, they have purchased a bigger condo. And although they are moving, they are also staying put.

“Bellaria doesn’t compare to other places,” she says. “We were really lucky. Our neighbors were selling an apartment, and we love Bellaria so much that we bought it, staying in the same building but on another floor.”

As such, their third-floor, three-bedroom, three-and-a-half bath unit has been offered for sale furnished with Linda Olsson, broker of Linda R. Olsson Inc. She has set a price of $4.39 million for the apartment, which has 3,219 square feet of living space, inside and on its balconies.

The apartment is in the southernmost of Bellaria’s two buildings, and its front door is on the north side. A hallway leads to the living room, where an oceanfront terrace faces east. The dining room, kitchen and oceanfront breakfast room are south of the living room. At the west end of the unit are the guest bedroom suite and the master suite.

Lukes bought the condominium from its developer.

“It was new, very nice and ready to decorate — and we have wonderful marble floors and marble bathrooms,” his wife explains.

+ In the living room of No. 308S at 3000 S. Ocean Blvd., an oceanfront terrace faces east. Photo by Tom Tracy,

Other features include walls of glass offering sea views from the living room and breakfast room, a gas fireplace with a marble mantelpiece in the living room, carpeted floors in the bedrooms and plantation shutters on south-facing windows throughout. A terrace off the master bedroom provides views of the Intracoastal Waterway to the west.

Details in the island kitchen include walnut cabinetry, granite countertops, professional-grade appliances and a wine cooler.

“It’s an open-floor-plan kitchen connecting to a nice eating area,” Kusnirova says. “It’s oceanfront and makes a fabulous breakfast place. I love cooking and when I’m working in the kitchen, I have the brightest (workspace) and most picturesque view.”

+ “It’s oceanfront and makes a fabulous breakfast place,” Silvia Kusnirova says of the breakfast area with the view. Photo by Tom

… read more

With a Palm Beach address, Bellaria was completed in 2008 immediately south of the Lake Worth public beach, pier and casino complex. Both buildings have five residential floors and 18 units. The development was designed by the late Palm Beach architect Gene Lawrence for Gordon Deckelbaum and Mike Kempner of Premier Developers.

Bellaria’s amenities include direct beach access, a gym, a billiards room, a media room and a party space.

“Living here is like having a modern home proximate to the beach, with great amenities and an Olympic-size pool,” Kusnirova says. “With this unit on the third floor, there’s an immediate connection to the ocean. It feels almost like you are stepping into the water.

“When the sun reflects off the ocean’s surface, it makes an amazing ever-changing canvas. Our second-floor apartment does not have the (same feeling), and I’ll really miss that,” she says.

“We are passionate art collectors and we needed more walls. Otherwise, we would never have given up our apartment.”

+ The open-floor plan kitchen connects to an eating area. It “makes a fabulous breakfast place,” says Silvia Kusnirova. Photo by Tom

… read more

Source Article


3/2 beachfront condo with views, West Palm Beach, FL $239,000

Stunning 3 bdrm unit with high end updates. Tastefully renovated with tile floors on diagonal and wood laminate in 2nd/3rd bedrooms. IMPACT WINDOWS through out, stainless steel appliances and updated cabinets and granite counter tops, solid core doors through out, full size front loading washer, new bi-fold doors…bring your fussiest buyer…seller has thought of everything! Palm Beach House is located just south of the new Manatee Lagoon in the historic Northwood neighborhood, which is known for its quaint shops and restaurants and historic 1920’s homes. Close to downtown WPB/CityPlace right on the trolley line. PBH offers private beach, tiki hut, day dock, beachside bbq area, fitness center, pool, off street parking, I could go on and on but why don’t you see for yourself!

Continue reading “3/2 beachfront condo with views, West Palm Beach, FL $239,000”


Rosie O’Donnell Sells Her Waterfront West Palm Beach Estate for $5 Million

Rosie O’Donnell is switching up her real estate portfolio once more. The former talk show host recently sold her waterfront estate in West Palm Beach, Florida, for $5 million—10 percent below her initial $5.5 million asking price, and only slightly more than the $4.975 million she paid for the property back in July 2015. The 5,700-square-foot home features five bedrooms and 6.5 bathrooms (with a separate one-bed, one-bath guesthouse nearby), spanning two floors and with access to the Intracoastal Waterway. The home doesn’t correspond to any particular architectural style, but does boast an impressive amount of light and space, including a nearly 30-feet-long living room with a reclaimed brick fireplace and an entire wall of windows and French doors that open out to the waterside backyard, which features a 40-foot-long deep swimming pool.

Continue reading “Rosie O’Donnell Sells Her Waterfront West Palm Beach Estate for $5 Million”


Why Is Property In West Palm Beach A Great Investment?

Realtors in West Palm Beach Florida are up beat about the prospects as far valuations are concerned as 2018 gets going.

There are a number of reasons for this – besides the undoubted lifestyle benefits of living in this sought after area. The first of these is the ascending value of the U.S. dollar when compared to other currencies. The strong dollar has led to a slight decline in interest from buyers in places like Canada – but there are other pockets of investors who are still tremendously interested in investment properties in West Palm Beach.

Continue reading “Why Is Property In West Palm Beach A Great Investment?”