Marotta Realty Group Blog

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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If I won the Florida Lottery tomorrow, I would buy a place on Beach Road, Jupiter Island, Hobe Sound, Florida with the Atlantic Ocean as my front yard and the Intracoastal Waterway with boat dockage as my back yard.  Many of the homesites, most which are more than one acre in size, have high elevations which offer constant ocean breezes, and amazing water views of paradise.

Catch the sunrise over the Atlantic Ocean as you savor coffee in your private beachhouse or end a perfect day by taking in the burnt orange sky of sunsets over the Intracoastal and your private yacht while sipping cocktails by the pool and patio area in your back yard.  It sounds like a dream, but here on Beach Road in Jupiter Island, it’s a reality for a select few.  No

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Summer is ocean and beach time here in Palm Beach County, Florida.  The water is extremely warm and calm this time of year with constant soft breezes that offer the feeling of a perpetual vacation, even though you can return to the heart of the city within minutes.

Juno Beach is a world famous destination for sea turtle nesting, and the summer season is the perfect time to catch a glimpse of this natural phenomenon by either viewing large sea turtles pull themselves up on shore to lay their eggs or witnessing the process months later as hatchlings scurry past birds and other prey from the nest to their ocean life.  These animals can swim to Africa and back in their lifetime, but somehow know to return to our area beaches, within just miles of their

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Jupiter, Florida – After the real estate meltdown of 2008, few buyers saw the value in luxury home new construction because many existing properties were available at prices below replacement cost.  ”Why build when I can grab something for less than it would cost me to knock down and rebuild,” was the comment I often heard from buyers over the past few years.

Now the market has changed, and The Bear’s Club is a perfect example of a super high-end community where building now makes great sense.  The estate section of this community only has six resale homes available, and three are priced over $10,000,000.  Assuming a one-acre estate lot purchase of $2.7M and a building cost of $450 SF for 7,000 SF, that’s a total cost of $5,850,000, to design and build

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Jupiter, Florida – The Bear’s Club achieved the highest price for an existing home sale within its ultra-exclusive gates when 218 Bear’s Club Drive traded hands last Friday.  This is another positive market sign in general, and specifically within The Bear’s Club, because just seven months prior to this sale, 146 Bear’s Club Drive set a record price closing for the prior two year period.

Currently, there are six estate homes available on one-acre plus lots, one home on an approx. one-half acre site overlooking the Par 3 golf course, and three golf cottages near the clubhouse.  Pricing ranges from $12,500,000 for a large estate home with more than 10,000 SF of air-conditioned space, to $1,750,000 for a golf cottages of 3,225 SF.

Home site

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Singer Island, Florida – Now that the “high season” has come to an end and many of the snowbirds have headed back north, an analysis of the Regional Multiple Listing Service (RMLS) numbers shows that 191 condos were sold and closed on Singer Island within the past twelve months versus 176 units in the prior year.  That’s a 9% increase in sales activity year-over-year.  In addition, 51 units are currently “Contingent” or “Pending” to close which is about 23% of the current inventory, leaving just 167 available units on Singer Island.

I also found it interesting that the median closed price of a Singer Island condo over the past year was $390,000 which was up 15% from the median sales price of $340,000 in the prior twelve month period.  Not bad, making a

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Lawrence Yun, chief economist for the National Association of Realtors, recently stated, “the housing recovery is surpassing most expectations.  Rising demand and many years of sluggish new-home construction have forced home prices to rise at a near double-digit pace in many parts of the country.”

Too many buyers are chasing too few sellers, as noted by the latest National Association of Realtors surveys which track foot traffic at open houses and inquires by sellers. This trend should continue for the remainder of this year and 2014.

Quickly rising home values are good for sellers, but price increases that far exceed income growth do not help buyers and the economy in general.

Demand could increase even more if banks decide to ease credit

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Palm Beach Gardens, Florida – Mirasol Country Club achieved a 44% increase in sales activity this year over the same period last year with 95 closed sales compared to 66 in the prior twelve months.  The highest priced sale was recorded at $2,371,700 or $488 SF; the low at $337,500 or $160 SF; and the median sale price was $691,125 or $206 SF.

Mirasol recorded 41 sales in the past year above $750,000; 21 greater than $1,000,000; and 9 at pricing that exceeded $2,000,000.

There are currently 69 properties available for purchase in Mirasol which equals about 6% of the total within the community.  Call Marotta Realty today at 561-847-5700 to learn more about Mirasol or other fine area club communities.

Data:  Regional Multiple Listing Service,

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Palm Beach Gardens, Florida – Old Marsh Golf Club has often been the hidden gem of Northern Palm Beach County club communities.  Home to an award winning Pete Dye designed championship golf course, Old Marsh boasts a relaxed lifestyle with low HOA fees.  Best of all, this community only has 1/2 acre homesites or larger, so values are protected through a consistency of quality and product among the 180 total properties.

The market has reacted favorably to Old Marsh by recording 16 closed sales in the past year which is equal to the sales there in the prior three years combined.  Three of those sales were for more than $2,000,000 and the median sales price was $1,375,000.  The highest price sale at Old Marsh within the past year was $2,700,000, and the

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