June 2014

Found 7 blog entries for June 2014.

Jupiter Island, Florida – Marotta Realty Group is proud to announce that they successfully sold the highest priced condominium unit in the history of Jupiter Island.  Vince Marotta represented the Sellers, and Realty 21 represented the Buyers.  The selling property is the North Penthouse suite in the signature property, The Carlyle.

Call Vince Marotta at 561-847-5700 to learn more about this area on other fine properties.

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Singer Island, Florida – Marotta Realty is proud to announce the sale of the most expensive condo unit in Dunes Towers on Singer Island.  Vince Marotta of Marotta Realty represented the Seller of this 1,330 square foot, 2 bedroom with 2 baths unit which was sold in about six weeks for almost 98% of the listing price.  Patty Hetzel of Keller Williams represented the Buyer.

With this most recent sale which closed on October 23, 2013, Marotta Realty has sold the most expensive Singer Island condo unit within the past year in two different buildings (the other being Eastpoint II), plus the second most expensive unit sold within the past twelve months in Seawinds.

Contact Marotta Realty at 561-847-5700 to learn more about other opportunities on Singer

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Even though median home prices in Palm Beach County have increased 22% from January 2013 through April 2013, to a high of $265,000, according to the Realtors Association of the Palm Beaches, may experts still believe area real estate prices are undervalued.  Trulia, a San Francisco based real estate company, estimates Palm Beach County home prices are still 14% undervalued when considering such key factors as personal income, rental costs and affordability, and long term price trends.  Trulia goes on to report their belief that  Broward and Miami-Dade Counties are 3% and 4% undervalued, respectively.

Shrinking supply, pent-up demand (including a surge in investor interest), and low mortgage rates makes many experts comfortable predicting no real estate

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Buyers looking to find a unique and special estate for more than $3,000,000 make up a select fraternity.  Over the past year in Jupiter and Palm Beach Gardens, 31 properties fit that bill.  Of those 31 estates, 74% of the closed sales (23/31) were in just three communities – Admiral’s Cove (13 sales), The Bear’s Club (5 sales), and Old Palm (5 sales).  Clearly, the market has spoken when three out of every four sales over $3M are in just three communities.

Buyers at this ultra high-end of the luxury market will be happy to know that there are still 67 properties for sale in Jupiter and Palm Beach Gardens over $3M.  Of those 67 estates, 39 or 58% of the listings are in those same three communities.  Here’s the breakdown of available listings over $3M:

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It’s shocking to consider how fast townhouses and condos have been absorbed in Palm Beach County over the past year.  There were 9,300 condos and townhouses available for sale in June of 2012, versus only 5,082 units available in June of 2013.  That’s a 45% drop in just one year which lowered the supply from 8.1 months to 4.3 months.  Most experts agree that a six month supply is generally considered a neutral market.

Sellers in this category are also fighting harder in their negotiations on price with Buyers.  In June of 2012, Sellers agreed to a sales price on average at 90.2% of their original list price.  One year later, in June of 2013, Sellers were agreeing to deals with Buyers at an average sales price of 92.4% of the original listing price.

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It’s not often I write blogs about things unrelated to real estate, but I just returned from a six day mission trip with my 10-year-old son to help the poor in the Dominican Republic, and it was truly a life changing experience.  We stayed at a local church in the middle of the country, and worked construction in the mornings to help build housing for future missions and played with local kids in the afternoons.  The accommodations were meager, but it offered us a chance to really see how people live in the region.   Best of all, I noticed that the children here were happy and played freely.  They had little, but didn’t know any different.

We live in Palm Beach Gardens, Florida in a beautiful home.  My son goes to a fine private school, and we really

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Palm Beach County, Florida – The nation’s leading home price measure, the Standard & Poor’s/Case-Shiller index reports that Palm Beach County home prices have increased by 13% in April 2013 over the same time period last year.  These numbers also equate to a 2.4% increase since March 2013 which is the highest gain in monthly home prices in six years.  Economists point out that South Florida has achieved market stability because these price surges have been recorded for six consecutive months.

Nationally, the 20 metropolitan areas measured by the report posted the highest combined monthly gains in the history of the index at 2.5%.  The annual combined increase was 12% which signals its biggest jump since 2006.

The Standard & Poor’s/Case-Shiller index

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