Anthony Pizzarelli a.k.a. Mr Down Town West Palm Beach presnts The Slade. Sobe chic meets West Palm Beach. The Slade, near CityPlace in West Palm Beach, is a condo complex that offers splendid views of the Atlantic Ocean, the Intracoastal Waterway, and the city skyline of West Palm Beach. One-, two- or three-bedroom apartments are available in this complex, which also features a large swimming pool that is heated all winter long. Slade residents can get into shape at the complex's fitness center, which includes spacious saunas for men and women. All of the conveniences and activities of the CityPlace town center are just a few blocks away from Slade in West Palm Beach, and the unspoiled beaches of Singer Island are also within easy reach.
If you are a sports fan who is considering investing in Slade, near CityPlace in West Palm Beach, you'll have plenty of opportunities to take in a game. The St. Louis Cardinals and Florida Marlins have a minor league affiliate in Palm Beach Gardnes, while the Baltimore Orioles have a minor league affiliate in nearby Fort Lauderdale. The Orioles play spring training games in Fort Lauderdale every February and March. Pro basketball, baseball, and football teams all play in Miami, an easy day trip from West Palm Beach. For college sports enthusiasts, Palm Beach Atlantic University features men's Division II basketball, baseball, and tennis teams, as well as women's basketball, softball, and tennis squads.
Golf enthusiasts will have a great time at the Honda Classic, held each year at the PGA National Resort and Spa, just a few miles outside of West Palm Beach. When you're not hitting the links, you can enjoy some of the other attractions at the resort, including an award-winning European spa with "water of the world" mineral pools and a health and fitness club.
For more information contact Anthony Pizzarelli of The Corcoran Group Palm Beach via e-mail at anthony@pb-select.com and/or directly by dialing 888-888-2814. Get to know the market by visiting http://www.palmbeachmarketinfo.com/ .
Best Wishes,
Anthony L. Pizzarelli
a.k.a. Mr Down Town West Palm Beach
Realtor
The Corcoran Group
340 Royal Poinciana Way #302
Palm Beach, Fl. 33480
Anthony Pizzarelli a.k.a Mr Down Town West Palm Beach presents Flagler Pointe. Full amenity waterfront for less sums up Flagler Pointe. Private, lush, classic, elegant - these are terms synonymous with Flagler Pointe. This romantic, Mediterranean style community is uniquely situated near the sparkling waterways of West Palm Beach. Flagler Pointe delicately merges the vibrant CityPlace lifestyle with the quiet serenity of the shoreline. The inspiring views of the water and skyline are simply breathtaking. Flagler Pointe CityPlace West Palm Beach is the best choice for home owners who want to live conveniently near the city's attractions, yet comfortably away from traffic and congestion.
Flagler Pointe offers all the features of a fine resort in a private gated community. Let the complimentary valet parking help you begin a comforting evening after a busy day. Then feel free to relax in the lap-length heated pool or the adjacent Jacuzzi spa. You may even enjoy a leisurely stroll along the Intracoastal shoreline. allowing the warm sands to soothe your feet. Finally, why not top off the evening by inviting a few friends and family to enjoy an intimate outdoor picnic. Whatever you choose, everyday at home is sure to feel like a permanent vacation.
Flagler Pointe CityPlace West Palm Beach features a variety of floor plans and living options to fit your budget and taste. Choose your new home from one of 330 residences housed within a 9-story tower providing a grand view of the crystal blue waters and the multihued skyline. You may also select from among two 3-story garden homes that open onto a lush, tropical courtyard.
For more information contact Anthony Pizzarelli of The Corcoran Group Palm Beach via e-mail at anthony@pb-select.com and/or directly by dialing 888-888-2814. Get to know the market by visiting http://www.palmbeachmarketinfo.com/ .
Best Wishes,
Anthony L. Pizzarelli
a.k.a. Mr Down Town West Palm Beach
Realtor
The Corcoran Group
340 Royal Poinciana Way #302
Palm Beach, Fl. 33480
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Sponsored by www.PalmBeach-Select.com Your #1 source for real estate market information specific to your Palm Beach County real estate interest. When you enter your e-mail address here @ www.PalmBeachMarketInfo.com you'll be prompted to select which down town West Palm Beach building(s) you'd like to receive e-Reports on as well as an option to recieve general market information. It's my philosphy that an educated customer is the best customer and it's my pleasure and honor to provide reliable market data to help assist with your real estate needs. Best Wishes, Anthony L. Pizzarelli a.k.a Mr Down Town West Palm Beach anthony@pb-select.com 888-888-2814 The Corcoran Group Palm Beach 340 Royal Poinciana Way #302 Palm Beach, Fl. 33480 See my listings @ www.PalmBeach-Select.com |
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This website is not the official website of The Corcoran Group or its affiliated companies, and neither The Corcoran Group nor its affiliated companies in any way warrant the accuracy of any information contained herein. Any product and/or services offered for sale on this website shall not be considered an offer to sell such goods and/or services in any state other than Florida anthony.pizzarelli@corcoran.com
Ant's Palm Beach Real Estate Blog Draft to be Labeled December 17, 2008 Hello it's been quite some time since my last communication and that's no mistake. There has been so much turbulence; both economically and socially that is tough to make a statement in confidence. There are all kinds of housing reports, three US auto manufacturers are on the brink of distinction, a Manhattan/Palm Beach Fell-a Hudini'd $50 billion, there's a new President Elect, Federal intervention in banks and US Corporations, International economic markets in decline and countless other stories that are impacting our lives, for better or for worse. If history has taught us anything it has taught us that things like this move in cycles, so hold on to your hat and just keep your spirits up if you're being impacted negatively and celebrate the obscurity of the circumstances and take advantage of new opportunities created by these dynamics. The best blessings in life, are the ones we don't realize until later in life. In this market memo I'm going to discuss a change of my own, a side note about my new website Palm Beach select.com, the downtown West Palm Beach condo market, a general market comment, a general "what the heck is the world coming to comment" and am including two video clips that I feel are very telling about the times. Shall we proceed? After an award winning 4 years with Re/Max I have moved my operation to The Corcoran Group. To say that I am ecstatic about the affiliation with Corcoran is an understatement. I am surrounded by some of the most brilliant minds in residential real estate. It has turned me from Re/Max Whale to a Corcoran tadpole to which I am humbled. I encourage you to visit www.Corcoran.com if you are not familiar with our World Class Company. In 2009 I will be celebrating my first decade of real estate service and looking back I am proud of where my path currently rests. Ultimately, being a realtor is about serving your customer and the new tools at my disposal via my new company help me attain superior customer service with maximum efficiency while affording me the opportunity to have a very fulfilling career.
In an earlier market memo I announced my foray into million dollar + estate homes and premium oceanfront condo residences throughout Palm Beach County via my knowledge of the geography and its residential landscape assisted by the launching of www.PalmBeach-Select.com. While the website is a masterpiece in progress and will take the better part of 2009 to complete I have launched a beta homepage for you to view some website basics like listings and contacts info. I'd like to see you, so I suggest ya take a moment pay me a visit and say hello... www.PB-Select.com .
Now, we're going to get in to the meat and potatoes of why I write these memorandums. Lets start with a clip from 60 minutes on December 14, 2008. If this clip is at all accurate, I believe its great news. My comments about the segment follow: http://www.cbsnews.com/video/watch/?id=4668112n Pretty crazy huh? What a report! Just when the Time Bomb Comet of Doom is speeding into Earth's atmosphere the tenure of the interview shifts to opportunity. Tilson's last comments are about opportunity. I love the chart. Let's hope they're right. That's a timeline America can live with. Basically, I see the immediate issue being the second surge of mortgage defaults. These defaults are based on their egregious interest rate increases. America has already discussed a 4.5% retail rate for mortgages. The chart shows a 24 month window of consistent market dynamics for 2009-2011 which is adequate time to redirect the interest rate resets into the 4.5% loans. When implemented the housing market will stabilize at such value. I have some other perspectives on this interview that include a statistic that was represented by the red eyed man. He was preaching doom and gloom pretty good and one of his comments circled around and all time supply surplus. While he is correct about this, there was no mention that pending home sales are extremely stable and even spiked in August when there was a drop in mortgage rates leading us to believe that there is pent up demand. There are adequate statistics showing increased rates of absorption. I am seeing this activity backed up in my immediate Palm Beach County Market as referenced in my prior memorandum. This news report really had me on the edge of my seat. I came out of it extremely satisfied because what I am looking for is a sense of stability in pricing. I truly feel my Palm Beach market is resting in the sentiment of the first US housing bomb in the first decade of the 21st century. As in all decades past, we will absorb our lessons, and not repeat the mistakes of the past. So, let's talk about WPB....... to be continued 12/19/08.. Is it really a buyer's market? In the month of September there were 1168 properties sold in Palm Beach County. 527 were closed using a conventional mortgage and 481 were cash closings. Year to date in 2008 there have been 10,890 properties sold in Palm Beach County. 5,633 were closed using a conventional mortgage and 4,342 were cash closings. To have 40% of Palm Beach County properties purchased with cash is an indication of the financial stability of Palm Beach County. The average cash closing year-to-date is $393,000 and the average mortgage closing is $357,000 and the average sale in Palm Beach County according to my data is $360,000. Not too shabby. As mentioned earlier I commenced my research for Palm Beach County sales looking for signs of declining sales volume. I have found just the opposite. It seems that October sales volume will be up significantly over September sales volume. Another supporting factor is the time that properties have been on the market. Compared to September the average time on the market for property in October is 10% less. I believe this figure is impacted greatly by bank owned foreclosures on the market and their aggressive prices. People are here and people are buying. Correctly priced properties sell in an average market time of 5 months and severely discounted properties sell in a matter of days. If you are a regular reader of my market memos you have been subjected to my opinion of the wait-and-see approach. I still believe that there is room for further decline in market prices in the near future. Some values will fall further than others and it is very very important for you as a consumer to realize that not every condo is the same nor every home is the same and when considering a purchase it is important to look at location, location, location. What seems to be a once in a life time deal today, may be just that. Contact me Anthony@pb-select.com ; I'll give you a no obligation opinion. I feel there are a few good reasons to commit to a purchase in the near future. Back in July, the following was printed in the Palm Beach Post: September 24, 2008 I'd like to start this memo off by saying wow! What a time. Despite all the turmoil in the financials, I am feeling very confident about the real estate market. I am seeing a light at the end of the housing tunnel. Granted that light is probably 18 to 24 months away, but it's still a light. Since last week I've been kind of idol watching the financials and wondering how to effectively sell real estate in such a market. My conclusion is to do what I've always done, monitor the market, have knowledge of the products, consult my customers to their best interest and work hard. There are so many dynamics influencing real estate values these days that it's tough to summarize the impact by just talking about home price, time on the market, mortgages, the ability to get a mortgage and foreclosures. So excuse me if I tend to jump around just a little bit on this memo as I share some thoughts that I see from the inside looking out, and the outside looking in. In this market memo I'll discuss some details of downtown West Palm Beach condo sales year-to-date, I'll break down condos into two types, the only way I feel to buy a short sale, the ultra affluent market of Palm Beach Island and its effect on Down Town WPB. I also have compiled my list of what I deem to be the best 31 units in downtown West Palm Beach as well as comments on what is going on in the banking industry as it pertains to real estate purchases. I want to reiterate real estate is a niche market and these comments pertain to the general area of downtown West Palm Beach condos. That being said, even within downtown West Palm Beach, what is happening in one condo building is not happening in another. Let's start small; condo sales year-to-date. From this time last year the number of units sold is down 15% and the value of the units sold is down 30%. I broke down each month Y.T.D. and found price per square foot values as high on average of $341 and as low as $177. The high values were in January and May and the low values were in April and September. These values illustrate the dynamic that not all condos are created equal. Premium units seem to fetch $300+ a square foot while run-of-the-mill condos seem to be trending towards the $200 a foot rate. As a consumer it is imperative for you to understand the type of condo you seek to purchase. If you're looking in the $2-$300000 two bedroom two bath price ranges you'll notice most of the condos seem to be the same. My advice to you is unless that property is exactly what you want and for the price you want to pay for, put this purchase on cruise control and take your sweet time. There are so many similar units on the market that you will have a good selection to choose from over the coming months. If you are in the premium price point you'll notice that properties seem to be more unique, sellers are less motivated to take a loss and there are limited opportunities. My advice to you is if you see a property that you love but it costs a little more than you'd like to spend, you may want to take a leap of faith and make the purchase today as there are only so many premium units available. This premium unit theory does not convey in buildings like Trump Plaza, Esplanade Grande and Waterview Towers where the entire building is considered premium. E-mail me for more specific feedback anthony@pb-select.com Another item to consider is how long properties are on the market. Of the 120 units that have been sold this year the average time on the market is only 139 days. This is good. This significant number shows that properties that are priced correctly sell in a reasonable period of time. Of the properties that have sold in less than six months we see an average time of sale being 87 days with an average purchase price of $220,000 with an average price per square foot of $207. I believe these figures to be encouraging and just may help us see the bottom of the downward trend market. A few weeks ago as I was listening to Bloomberg on XM Satellite Radio and they reported a statistic that August had the most foreclosures recorded in American history. While that is not necessarily good news, it may signal a peak in the foreclosure filing index. I am curious to see how the subsequent months of September October and November trend in the foreclosure filing. If filings decreased and therefore establish August as our peak this is a good sign that we're trending towards the end of the foreclosure dynamic. I stated in the July Market Memo that I felt the foreclosure dynamic would play its course within two years. If August, or any month through December wind up being a peak month for foreclosure filings than my two year projection from July 2008 should be about accurate. In the recent few weeks we have seen some financial circumstances that have some of us spinning in their seats. Hundred year companies folding, Chinese capital buying American investment banks and the federal government intervention into the companies like AIG has really changed the game. I believe that the government intervention will in the long run be a good thing for Americans. Again, not everybody wins but if the majority of the American people benefit from these actions, than this action is correct. The bill that the House passed recently called Help for Homeoners is now back page news. It has some very good items for people that are facing foreclosure of their primary residence. One new regulation that I find extremely interesting and encouraging has to do with helping primary residence who are in a property that may be worth $300,000, but is mortgaged $500,000. This regulation basically allows a refinance of the mortgage for 90% of the homes current appraised value and absorbs the excess balance of the original mortgage without consequence to the borrower. This reestablishes an affordable payment. Now that borrower gets out from underneath a seemingly desperate negative equity position and more importantly keeps them in their homes. This will lead to less foreclosure properties and a more expeditious stabilization of the housing market. And if you're wondering where the $230,000 goes, it just may be covered by that $700,000,000,000 we've been hearing so much about lately. If you'd like more information regarding Hope for Homeowners and if you may qualify or a friend or family member may qualify please do not hesitate to contact me via e-mail at Anthony@pb-select.com. Anyone that has read or spoken to me in regard to short sales in the past has heard me discourage short sale purchases unless the property was in excess of $400,000. However one cannot deny that a short sale can present a golden opportunity to purchase real estate on the cheap. I believe I have devised the perfect theory on how to effectively purchase a short sale property in any price range. Normally I would share exactly what to do in this market memo however I wouldn't mind working for you to set up a short sale purchase or 2 or 10. If you are interested to learn more about what I feel is the only way to go about purchasing a short sale property please contact me at Anthony@pb-selectl.com and/or call me @ 888-888-2814 and we'll discuss this theory in detail. Again 888-888-2814 rings directly to my cell phone. What if you are interested to buy a downtown West Palm Beach condo today? I have a list of what I feel are the 31 best buys in downtown West Palm Beach and I would love to share those opportunities with you. If you are seriously interested in contracting and closing on a property in the next 60 days please contact me via e-mail with your complete name and the best possible contact number and I will send you 7 of the best one-bedroom and 24 of the best two bedroom plus buys in the market. anthonyremax@gmail.com Currently there are three new buildings that are being delivered; Two City Plaza, City Place South Tower and City Palms. Closings have just commenced at Two City Plaza. I believe South Tower is just starting to commence or is within a week or two of closings. City Palms is sounding more like mid November. I've had a chance to preview Two City Plaza as well as South Tower. My opinion of Two City Plaza is wow wow wow wow wow wow wow. I love it. I believe it is truly a world-class condominium that offers smart floor plans, superior construction, great price points, ($600k average + some $2+ million) and a finished rooftop that may leave you breathless. My opinion of City Place South Tower is a different kind of wow. City Place South Tower much like its Slade counterpart on North Flagler Drive is a work of art. South Tower is extremely stylish and makes a bold statement. The pool deck is the kind of place you don't mind losing an entire day to. The condos in my opinion are a bit more utilitarian than Two City Plaza. I really see a Manhattanite popping in and out of S. Tower a few times a month to escape the winters of NYC. When it comes down to choosing either Two City Plaza or South Tower I believe it is truly a matter of taste and style as each offering is special in its own way. City Palms I have yet to preview. The true issue at hand with the new buildings is the ability for the developers to close on the contracts they have. I believe given the market climate, I'd be happy to see 50% of these buildings close. The people running these buildings are a bit more optimistic as they should be. They have delivered a great product to our area that we are lucky to be able to offer and reside. Again time will only tell how these buildings will fit into the market and the consumer is the final say on where the market values will settle. As a real estate salesperson it is understandable that I sometimes daydream about doing the big deal; selling the $30 million home on Palm Beach and quite frankly taken a month off... :) The neat part is that that daydream, with a little hard work and the right connection could possibly be a reality someday thanks to the amazing Island of Palm Beach. Chances are you've recently heard of the record sale of $100 million for the six acre oceanfront estate sold by Donald Trump. Chances are you did not hear about the $85 million sale that happened only a few months earlier and chances are you're not aware of the other five Palm Beach homes that sold for an aggregate price of $88+ million in the past 180 days along side the countles $2-15 miliion dollar sales. Palm Beach Island has seen property values increase and demand remain steady through the market decline. This Palm Beach dynamic and these wealthy individuals help draw attention to the opportunities in downtown West Palm Beach. I truly believe upon the stabilization of our local real estate market that downtown West Palm Beach will benefit greatly due to its proximity to the island of Palm Beach and its resident mix. Down Town West Palm, gotta love it!!! In closing I like to say thank you for taking your time in reading through this market memo. You can access my market memos current and past directly via www.WPBcondoMARKETfacts.com . Please do not hesitate to contact me for any of your real estate needs are concerns. Again, as some of you have learned, I use my knowledge and passion for my profession not too hard to sell you, but to consult you with substantial market information to help assist the best possible decision for your wants and needs. Best Wishes, A. Anthony L. Pizzarelli 888-888-2814 www.MrDownTownWPB.net P.S. Below is a Forward email link. It would be greatly appreciated if each of you sent this memo off to someone you know and if you are one of these recipients, please keep the information flowing and please sign up for future e-mails by clicking the Join Our Mailing List button below. Many Thanks!!
********************************************************************************************************* Patience is a Virtue July 9, 2008 Owners and would-be buyers of downtown West Palm Beach condos are dealing in a volatile market. As they say, "one man's loss is another man's gain." The current market is currently being praised as a buyer's market. I also believe that the buying opportunity is here for no less than the next 24 months. I am going to speak about some current market ingredients that I feel are affecting our market and should affect your decision as a would-be buyer, current owner and anyone interested in downtown West Palm Beach real estate. It is important to note that real estate is a niche market and my comments are geared specifically towards downtown West Palm Beach condos. Let's start by talking about what is on most people's mind and that is foreclosure properties. Last evening I took a sampling of seven buildings that consist of 2047 total units. Of these units I found 217 of them in some state of delinquency. (Basically; 1 out of 10) 31 of the 217 units had a foreclosure judgment already. 61 of the units had a Lien that was placed by a home owners association, and 125 of these units were pre-foreclosure status. Of the 217 units, 31 have already been foreclosed on. This Leaves 186 potential foreclosures pending. I feel of the 186 units it is possible that 150 of them will be foreclosed. The interesting thing that I noticed is that the units that are in a foreclosure state are not what I would call premium. Meaning they seem to have poor views, poor floor plans and poor locations in the building. They basically scream of a poor decision to purchase and were most likely some of the speculator driven sales. I believe that within 24 months the foreclosure surplus will no longer be a relative dynamic of our market. The other buzzword of the market is short sale. In a previous memo I nicknamed this Short Brain. The short sale is depressing property values as much if not more than the actual foreclosure sales. If I were a governing principle I would vote short sales illegal. I have however been forced to deal with short sales as they are a fact of our current market. The short sale process has become a bit more standardized as well as more predictable in their ability to be executed. I believe the best opportunities for a short sale purchase are in the higher price range properties where there is more money at stake and therefore more attention given to the files from the lenders. If you are a buyer in the $100k, $200k or $300k price range I believe it is better to purchase a bank owned foreclosure or look for a seller that can sell at current market value than deal with the headaches and B.S. of a short sale process. There are always exceptions and if the deal is right and you are patient you may get a steal on a short sale. Case in point are the 2 Flagler Pointe 2/2's I have to offer. Total pain in the butt, but totally great deals and able to close, so why not make it happen? Details @ www.MrDownTownWPB.net Overall though, there is no shortage of $100,000 - $300,000 properties out there that are not short sales. There are going to be nearly 1200 new condos on the market by this time next year. We have three new buildings scheduled to commence closings as early as August. I strongly believe that our market will be easier to predict by March 2009. Around this time we will know how many of the 1200 units actually closed and what the builders plan to do with their remaining inventory left. The best case scenario for current downtown West Palm Beach condo owners is if a developer only closes 50% to 70% of their units, they hold and sponsor the balance of the condos available. This is being done at a building called the Edge on Australian Avenue. The developer successfully closed 150 out of 307 units and the remaining 157 units have been put into a rental pool to cover basic operating expenses. Once the market flattens, this developer will release and sell properties at the higher fair market price of a natural market. It is going to be very interesting to see how things pan out with the release of these three new buildings. Nearly half of the 1200 units will be of a unique price point where the average unit should fetch between$ 400,000 and $800,000. The other 50% I am not so sure about. They may deliver a slightly better standard of product than what is currently offered. Again, my crystal ball is foggy on this one and only time will tell the tale. It is going to be very interesting to see how things pan out with the release of these three buildings. Stay tuned! I'd like to speak to those of you that are currently selling your properties. I believe you have two basic options. The first option is to sell now at a depressed value. There are buyers ready willing and able to purchase, however they are understandably not paying premium prices. These buyers (and their Realtors) would prefer to deal with a natural seller as the bank stuff is just downright taxing at times. The second option is to hold onto your condo. Understand that depressed values may sustain for the following two years until we return to natural market dynamics. As stated earlier I feel the foreclosure market will be played out over the next 24 months. When this happens, consumers will realize that if they want something bad enough they may have to pay a higher price. This will help us return to value. Our Palm Beach area has the type of consumer that is willing and able to pay for what they want. Therefore it should help us return to reasonable market values in a relatively short period of time upon the conclusion of the foreclosure market influence. Again, refer to my statement that these foreclosure units aren't all a bunch of premium units. So if you have a killer condo, it may be best to just hold of selling for now. For those of you cash investors that are in a property that is worth much less than your purchase price, you may want to consider selling that property for the loss and buying another property or two that already has equity in it and have a strong chance to return you 50% over their current acquisition cost. These opportunities can cash flow without debt service. I have some killer ideas on how to maximize these opportunities that are routinely in the $100,000 - $250,000 price range. I'd also like to share with you something I am very excited about. I don't believe it is a secret that I love my work and I love real estate. I also love the Palm Beaches and the phenomenal lifestyle it affords us. I am currently working on and gathering data to support a new real estate service I will be offering. That service will be my specialized knowledge of the best places to live in Palm Beach County. I will be launching a new state of the art website sometime near the fall that will focus on three core areas of expertise; Ocean Lifestyles; Mr. Down Town; Estate Homes. Ocean Lifestyle will feature sand in your toes, ocean breezes and the Atlantic Symphony outside your oceanfront condominium or townhome from Tequesta to Boca Raton. Estate Homes will highlight the many glorious single family homes throughout Palm Beach County. Golf, equestrian, aeronautics and waterfront homes priced from $1 million. So in the event you may be interested in areas outside of downtown West Palm Beach I would like you to know that my intense market research of these areas has already commenced and in the event you may be interested in the finest of Palm Beach County residences I would love the opportunity to share my new found knowledge and enthusiasm for these exquisite properties. In closing, I'd like to say thank you again for taking the time and checking out this newsletter. I've written this memo to share some thoughts that are rattling around in my head. I obviously would love to sell you properties today, however I am conscious as well as you should be conscious that time passes quickly and it is important for me that you feel that I provide you, my customer with specialized knowledge that helps you make the best possible decision for your own personal best interest first. My reward will be your trust and the opportunity to service your Premium Palm Beach County Real Estate needs when the time is right for you. Best Wishes, Anthony L. Pizzarelli 888-888-2814 www.MrDownTownWPB.net P.S. Below is a Forward email link. It would be greatly appreciated if each of you sent this memo off to someone you know and if you are one of these recipients, please keep the information flowing and please sign up for future e-mails by clicking the Join Our Mailing List button below. Many Thanks!!
********************************************************************************************************** To buy or not to buy, or not to buy, is it even a question? March 19, 2008 By Re/Max Hall of Fame Member Anthony L. Pizzarelli- Down Town West Palm Beach, Florida As a real estate agent it's no surprise that my response is "maybe". As the market has corrected in the past two years it has come to the point where there are numerous purchase opportunities for those purchasers interested in living in South Florida. To keep things simple, I believe this is a good time for buyers who intend to use their properties for personal use. We will discuss three types of purchase opportunities you may be considering and I'll explain why I feel one of them is the best over the other two. We'll then dive into a few reasons why I feel a buyer can buy with confidence in today's market. The three points of interest are; Foreclosure Short Sale Traditional sale Foreclosure: Foreclosures are properties owned by a bank after a borrower defaults on their mortgage. Foreclosures, at one time meant buying a property and receiving instant equity. While many buyers still equate foreclosures with a golden goose style real estate purchase, the current market has seen foreclosure properties with liens and mortgages that exceed market value by as much as 50%. These properties are riddled with negative debt and are not able to be sold that easily. In natural real estate markets it was the first person to find out about the foreclosure who would benefit. Therefore it was imperative to act with a sense of urgency in seeking a foreclosed property. This race to find a foreclosed property is no longer needed. Today, a foreclosed property listed with a real estate agent presents the best purchase opportunity. When presented with a foreclosure opportunity it is imperative to discern the difference between a true foreclosure and a pre-foreclosure. True foreclosures will be owned by banks outright, and usually provide the best purchase opportunity and a purchase transaction with little drama. These bank owned properties are sometimes referred to as R.E.O.'s (Real Estate Owned). Pre-foreclosures are properties that are in the foreclosure process and may be several months away from actually being able to be purchased. Pre-foreclosure are also referred to as Short Sales. Today's pre-foreclosures are usually over leveraged and therefore will have a greater period of time to come to market. It is not unusual for a pre-foreclosure to take over one year to come to market after the commencement of the foreclosure process. Foreclosure Auctions are becoming a popular sight and there are deals to be had there. The saying "haste makes waste" comes to mind when thinking of Auctions. Again, these auctions are surrounded with an aire of urgency that may get you out of your natural buying rythm. The fact is, if something you like sells at auction for a good price you can still benefit by the impact the sale will have on the surrounding properties. My opinion is; the way to purchase a foreclosure today is to find them listed on multiple listing services and/ or Realtor.com. In short, don't think you need to do anything special to find a great deal on a foreclosure. Short Sale: The buzzword of the day now, is Short Sale. I recommend you stay away from Short Sales. Short Sales are when a seller owes a mortgage in excess of the market value of the property. This seller seeks permission from his mortgage holder to sell the property for a price that is less than the outstanding mortgage obligation. The entire transaction is subject to bank approval. It has been my experience that Short Sales are riddled with false expectations, headaches, potential misrepresentations, and a long drawn out process that usually ends with a denial from the bank. I have nicknamed the term Short Sale, Short Brain. Most Short Sale sellers were speculator buyers who bought during the recent boom period and are now desperate to sell their properties. Lenders do not approve Short Sales that were investment purchases. If you come across a Short Sale, be sure the seller is the primary resident. Primary resident Short Sale sellers are being approved by their lender. While, I strongly encourage all buyers to avoid making offers on short sale properties, I will comment that they have created a sensational buying opportunity, which I'll explain next. Traditional Sale: A traditional Sale is when there is no distress situation such as foreclosure, short sale or third-party liens. Traditional sellers have been forced to reduce their asking price significantly to compete with foreclosure properties and short sale sellers. The environment has created tremendous purchase opportunities for current buyers. Over the past two years as the market has declined, traditional sellers were not quick to accept offers. They have also been reluctant to reduce their asking prices. Only since the fourth quarter of 2007 has the federal government acknowledged a housing crisis. While less than 2% of all households are in some form of delinquency, (98% are just fine) the numbers of delinquencies are unprecedented. The acknowledgement of the federal government and the media coverage of the housing market have led sellers to realize that they have to accept prices less than they'd like to. The introduction of the short brain seller, a.k.a. short sale seller, has forced our traditional seller to drastically cut their prices to procure an immediate sale. These traditional sellers either own their properties with no mortgage or have bought so long ago that they have significant equity and can sell at today's reduced values. Many of these sellers are high net worth individuals who are able to reap a tax advantage by selling a property for a loss. As a buyer, you should not just focus on foreclosure or short sales. The real deals to be had are amongst the Traditional Sellers. Focus less on the asking price of a property and more on what you like and what you want. As a buyer you can use the low asking prices of short sales and foreclosure as leverage to get a really strong deal on a Traditional Seller. Once you identify the right property for you, write an offer and align the value with any comparable short sale offering. Working with the right realtor will help you to facilitate a purchase from a traditional seller at the price of a foreclosure or short sale offering. So, is now the time to buy? This is a question that can only be answered by you. There is no doubt that great buys exists in today's market. I believe a purchaser who is buying to use the property for personal reasons can buy with confidence now. Prices have decreased to values that existed prior to the market boom that commenced circa 2002. In other words you can buy a property at a price it was during the last natural market. Offerings on the market that are priced aggressively tend to go pending in 30 days or less. These sales indicate consumer confidence and this is a good thing. There is also another property taxt reform bill coming up that is sure to spark the market in a positive fashion. You may be aware of what is happening in the new buildings and asking "what are developers doing?" Developers like all business people are in business to make money. They are not quick to reduce their estimate of profit just to close a building out. A trend that is not yet common, but soon to be prevalent, is developer leasing of their unsold inventory. Developers will lease their properties for values above annual operating expenses until the market reaches a natural supply verses demand balance. Other individual sellers are also reluctant to sell properties at today's values and will lease their properties and also use them. These sellers tend to list their properties at seemingly high prices. These sellers are excellent for the market as their financial strength to hold out for a higher price will ultimately help escalate values once the supply verses demand balance is restored. Something that may trigger a run on properties is recent actions by the federal goverment to improve the overall housing market and the passing of a new proposal to reduce property taxes. The announcement of the amendment going on the ballot in November may come as early as next week (3-24-2008). If passed, property taxes will decrease about 45% and the sales tax will increase by 1 percent. This would be huge for property sales. Baby Boomers, first-time home buyers, full-time Florida residents, and the millions of people around the world who desire a Florida vacation property can seek their dream property with confidence. Don't rush into anything and only purchase if you are in love with a property you find. I also encourage any purchaser to intend to keep a property for no less than five years. There is a great selection of properties available and seller's, realtors, and mortgage agents are very attentive to buyers needs. Interest rates are also very appealing and mortgages are attainable to well-qualified buyers. In summary the buyer's market will sustain for quite some time to come. As a buyer, you should focus on what region you would like to be in. Once you find the region you should focus on the style of property you want. Once you find the style of property you want you should investigate several communities/buildings that offer that style. Once you have narrowed down your preferences to a specific community and/or building you should monitor the activity in that building. If there is a particular property of interest, you should compare recent sales and my advice would be to bid 20% less with an intention of purchasing for 10% less than in the recent comparable sales indicate. In closing, I would like to thank you for the opportunity to share this information and I would also like to encourage you to visit my website www.MrDownTownWPB.net and please check my market blog from time to time. I also have a great tool to help you find the perfect property. You can access all properties offered for sale in South Florida and create search criteria to receive automatic updates as new properties come to market as well as monitor the activity of a property you may have found of interest. This feature is called MLS search and can be accessed directly at www.MrDownTown.net. (9/24/2008 feature may be unavailable as I switch service providers) As a Re/Max Hall of Fame Member and one of the top agents in Florida it would be my pleasure to assist you in purchasing your next Palm Beach County residence. I can be reached at Anthonyremax@Gmail.com and am available nearly 24-7 at 888-888-2814 which rings directly to my cell phone. I'd love to hear from you. Best Wishes, a. "An optimist sees an opportunity in every calamity;" -Winston Churchill Anthony L. Pizzarelli Great Listings @ Great Prices www.MrDownTownWPB.net e-Fax 561-584-5119 Toll Free Directly 888-888-2814
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One City Plaza CityPlace West Palm Beach
Click Here to see my Listings
Anthony Pizzarelli a.k.a. Mr Down Town West Palm Beach presents One City Plaza. Offering a luxurious lifestyle in one of the most diverse and fascinating cities in South Florida, the residences at One City Plaza in CityPlace West Palm Beach are located just minutes from the world-class CityPlace shopping and entertainment district, and just one block from the Atlantic Intracoastal Waterway.
One City Plaza CityPlace West Palm Beach is just a five-minute walk from CityPlace and the Kravis Center for the Performing Arts. One City Plaza is also located near Worth Avenue in Palm Beach, which provides world-class shopping in addition to the shops at CityPlace.
Newly completed in 2006, One City Plaza is the first of two developments. Two City Plaza will be located adjacent to One City Plaza in CityPlace West Palm Beach, and is nearing completion. One City Plaza stands at an impressive 15 stories high and is comprised of 350 residences. Living at One City Plaza is often described as living in the "center of it all," and is certainly one of the most luxurious places to live in all of West Palm Beach.
Each of the sophisticated units at One City Plaza in CityPlace West Palm Beach features ceilings higher than most other residences in West Palm Beach. The spacious, two-level New York Style City Lofts at the plaza feature especially high 26-foot ceilings made entirely of glass, in order to maximize views of the Intracoastal Waterway.
The amenities at One City Plaza CityPlace West Palm Beach are comparable to that of a fine luxury resort. For example, you'll enjoy a 24-hour attended lobby, valet service, full concierge and electronic security system, the exclusive Sky Club with a heated rooftop swimming pool with sweeping views; the Plaza Club with a full fitness center, entertainment facilities, meeting rooms, and a catering kitchen; and the Plaza Gardens, which feature beautifully landscaped gardens, a pool and fountain, and seating for relaxation, reading, meditation, and more.
For more information contact Anthony Pizzarelli of The Corcoran Group Palm Beach via e-mail at anthony@pb-select.com and/or directly by dialing 888-888-2814. Get to know the market by visiting http://www.palmbeachmarketinfo.com/ .
Best Wishes,
Anthony L. Pizzarelli
a.k.a. Mr Down Town West Palm Beach
Realtor
The Corcoran Group
340 Royal Poinciana Way #302
Palm Beach, Fl. 33480
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