Mark Palace

NAR: Pending home sales rise 2.1 percent WASHINGTON – April 1, 2009 – Pending home sales have edged up, hinting at a possible pickup of sales activity in coming months, according to the National Association of Realtors® (NAR). The Pending Home Sales Index (PHSI), a forward-looking indicator based on real estate contracts signed in February, rose 2.1 percent to 82.1 from a reading of 80.4 in January, but is 1.4 percent below February 2008 when it was 83.3. Lawrence Yun, NAR chief economist, says the market continues to underperform. “Pending home sales have a way to go for there to be a meaningful increase, but recent increases in shopping activity are hopeful indicators that we’ll see additional sales gains,” he says. “More buyers are getting into the market to take advantage of stimulus incentives and much improved housing affordability conditions, but it will take a few months before we could see this turn up in measurable sales contract activity.” The PHSI in the Northeast rose 10.6 percent to 63.9 in February and is 11.2 percent below a year ago. In the Midwest, the index jumped 14.5 percent to 83.1 and is 3.4 percent higher than February 2008. The index in the South rose 4.4 percent to 85.8 in February and is 0.1 percent below a year ago. In the West, the index fell 13.5 percent to 89.6 and is 1.7 percent below February 2008. NAR President Charles McMillan says home buyers are in an excellent position. “The drop in mortgage interest rates and home prices means the buying power of a typical family has never been better,” he says. “If you have a good job and long-term plans, it’s unlikely that you’ll find a much better time to buy a home. This is especially true for first-time buyers who can qualify for an $8,000 tax credit this year, have a great selection of homes to choose from, and are in a favorable negotiating position.” Housing Affordability Index Also today, NAR announced that its Housing Affordability Index (HAI) rose 0.9 percentage points to a record high of 173.5 in February from an upwardly revised index of 172.6 in January; it’s 36.3 percentage points higher than a year ago. The HAI, a broad measure of housing affordability using consistent values and assumptions over time, shows that the relationship between home prices, mortgage interest rates and family income is the most favorable since tracking began in 1970. A median-income family, earning $59,700, could afford a home costing $285,600 in February with a 20 percent downpayment, assuming 25 percent of gross income is devoted to mortgage principal and interest. Affordability conditions for first-time buyers with the same income and small downpayments are roughly 80 percent of that amount. The affordable price is considerably higher the median existing single-family home price in February, which was only $164,600. “Obviously, potential home buyers need to be managing their existing debt effectively,” McMillan says. “A Realtor can counsel you on what you may be able to afford given your personal financial situation. In some cases, buyers who want to build their future through homeownership may need to start reducing their debt and improving their credit score before entering the housing market. Last year at this time, the typical family could afford a home costing $265,600, which is $20,000 less than the current affordable price. Homes in many areas are now selling for less than replacement construction costs – clearly this is an abnormal situation which will change once inventory is drawn down and supply and demand come closer into balance.” Yun says he expects housing inventories to rise through early summer from a normal seasonal pattern of more sellers appearing in the spring. “But with the positive housing stimulus incentives now in place, we expect home sales to gain momentum in the second half of the year with first-time buyers absorbing a lot of the excess inventory,” he says. “Under these conditions, we should see price stabilization in most markets by the end of the year.” © 2009 FLORIDA ASSOCIATION OF REALTORS®

Realtor® Mark Palace Attends Florida’s
Largest Real Estate Event of the Year

LAKE BUENA VISTA, Fla., Aug. 22, 2007 -- Mark Stephen Palace, Founder and CEO of Palace Properties International, Inc., located in Indian Harbour Beach, attended the Florida Association of Realtors®’ 91st Annual Convention & Trade Expo held Aug. 22-26, 2007 at the Buena Vista Palace Hotel & Spa in Lake Buena Vista near Orlando, Fla.

Each year, FAR’s Convention & Trade Expo brings Realtors® from around the state together to discuss and vote on key issues that shape their profession and state association. In addition to committee meetings, members attend educational seminars on topics such as developing marketing strategies, using the latest computer technology and current real estate industry trends.

Some of the top industry speakers featured during the 2007 FAR Convention included:
Nikki Ubaldini, who discussed how to thrive in a changing marketplace and find sales opportunities; Ted Jones, chief economist at Stewart Title Guaranty Company, who discussed economics, interest rates and the Internet as part of his 2008 real estate forecast; and keynote motivational speaker Les Brown, who inspired attendees at the Super Sales Day Awards Luncheon. Real estate professionals throughout the state took advantage of this year’s Trade Expo, where more than 150 booths showcased the latest products, technology and other business tools.

Silver Sponsors for FAR’s 2007 Convention & Trade Expo were American Home
Mortgage, Countrywide Home Loans and Wells Fargo Home Mortgage, while Bronze
Sponsors were OREXCO (Old Republic Exchange Corp) and Spectrus Real Estate
Group. Other Sponsors included www.floridarealtors.org and RPAC.

The Florida Association of Realtors, the voice for real estate in Florida, provides programs, services, ongoing education, research and legislative representation to its 155,000 members in 67 local boards/associations throughout Florida.

Palace Properties International’s Mark Palace Conducts Business in Iceland, Norway and Sweden

Melbourne, FL, June 6th, 2008-- Mark Palace is truly taking advantage of his seven years of living in Sweden, Denmark and Norway. Palace’s network of referrals is the key marketing channel for his international real estate success. Palace has just returned to the States after having spent two weeks conducting informational meetings, private meetings and general meetings with staff, prospects and clients throughout Scandinavia. “Having met with all of these foreign nationals in their respective countries and speaking their respective languages makes them feel much more comfortable and secure with their real estate investments here in Florida,” states Palace. Working with and for international clients represents a great opportunity to achieve a new level of appreciation and understanding of many cultural differences. Folks from different parts of the world have different experiences and procedures when it comes to buying a home. “I possess a great advantage inasmuch as I understand the multi-cultural aspects of our international clients and am able to readily help them with our American processes.”

Since most foreign nationals use different forms and contracts that we use here in the States, our firm makes sure to thoroughly explain agency relationships and the like. We explain how the home inspection process works, the contract terms and conditions, escrow deposits and the general timeline from contract to closing. We also offer property management services for our clients. Most of our international clients purchase real estate in Florida as investments. We have opened offices in Norway and Sweden.