Newsletter: November 2008 Newsletter
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Market Update
SINGLE FAMILY DETACHED: The average median sold price for single family detached homes has dropped an average of -1.8% per month this year in Palm Beach County, and -3.2% in Saint Lucie and Martin Counties. Meanwhile, the number of units sold has shown an average monthly increase of +5.8% in Palm Beach County, and +8.7% in Saint Lucie and Martin Counties.
CONDOMINIUMS: The average median sold price for condominiums has dropped an average of only -0.8% per month this year in Palm Beach County, and -3.5% in Saint Lucie and Martin Counties. The number of units sold has shown an average monthly increase of +6.4% in Palm Beach County, and +0.3% in Saint Lucie and Martin Counties.
FOCUS ON WHAT’S IMPORTANT: Don’t focus on some of the negative press about decreasing median prices when it’s the number of units sold that really puts the money in your wallet. As stated above, the number of units sold for residential properties is strong. Palm Beach County recorded over $1.1 billion dollars in residential sales in the MLS for 3rd Quarter, and Saint Lucie and Martin Counties recorded over $350 million. Congratulations to a job well done! Let’s keep this momentum rolling as we prepare for prosperous 4th Quarter.
Palm Beach County - Single Family Detached |
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| 2008 Month | Number Sold | Median Orig. List Price | Median Sales Price | Sales Price to List Price | Average DOM |
| Jan. | 393 | $400,000 | $328,000 | 82.0% | 183 |
| Feb. | 446 | $394,000 | $327,000 | 83.0% | 179 |
| March | 623 | $375,000 | $315,000 | 84.0% | 170 |
| April | 673 | $370,000 | $309,000 | 83.5% | 176 |
| May | 758 | $377,000 | $319,000 | 84.6% | 175 |
| June | 833 | $379,000 | $320,000 | 84.4% | 176 |
| July | 707 | $345,000 | $285,000 | 82.6% | 181 |
| Aug. | 665 | $359,000 | $305,000 | 85.0% | 177 |
| Sept. | 557 | $333,000 | $280,000 | 84.1% | 165 |
Saint Lucie and Martin Counties - Single Family Detached |
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| Jan. | 238 | $219,000 | $183,000 | 83.6% | 169 |
| Feb. | 294 | $220,000 | $178,000 | 80.9% | 146 |
| March | 426 | $220,000 | $178,000 | 80.9% | 174 |
| April | 395 | $210,000 | $172,000 | 81.9% | 169 |
| May | 419 | $210,000 | $170,000 | 81.0% | 172 |
| June | 513 | $199,000 | $165,000 | 82.9% | 169 |
| July | 477 | $200,000 | $168,000 | 84.0% | 163 |
| Aug. | 362 | $195,000 | $160,000 | 82.1% | 167 |
| Sept. | 402 | $170,000 | $140,000 | 82.4% | 172 |
Palm Beach County - Condominiums |
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| Jan. | 225 | $165,000 | $125,000 | 75.8% | 195 |
| Feb. | 341 | $169,000 | $130,000 | 76.9% | 191 |
| March | 441 | $154,000 | $124,000 | 80.5% | 192 |
| April | 448 | $157,000 | $124,000 | 79.0% | 197 |
| May | 468 | $180,000 | $136,000 | 75.6% | 194 |
| June | 447 | $159,000 | $120,000 | 75.5% | 197 |
| July | 333 | $179,000 | $135,000 | 75.4% | 213 |
| Aug. | 317 | $130,000 | $100,000 | 76.9% | 207 |
| Sept. | 313 | $155,000 | $110,000 | 71.0% | 195 |
Saint Lucie and Martin Counties - Condominiums |
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| Jan. | 48 | $236,000 | $193,000 | 81.8% | 246 |
| Feb. | 58 | $155,000 | $124,000 | 80.0% | 234 |
| March | 75 | $183,000 | $150,000 | 82.0% | 238 |
| April | 90 | $188,000 | $148,000 | 78.7% | 199 |
| May | 87 | $240,000 | $183,000 | 76.3% | 242 |
| June | 73 | $175,000 | $135,000 | 77.1% | 203 |
| July | 59 | $180,000 | $146,000 | 81.1% | 216 |
| Aug. | 62 | $152,000 | $102,000 | 67.1% | 187 |
| Sept. | 41 | $149,000 | $115,000 | 77.2% | 258 |
Foreclosures - An Online Guide
Homeowners facing foreclosure need information, and the U.S. Department of Housing and Urban Development offers a one-stop shop online that can help. "The Guide to Avoiding Foreclosure is an easy-to-use site allowing users to quickly search information specific to their needs," says HUD Secretary Steve Preston. "The streamlined Web site educates individuals on the many ways HUD can assist them through these trying times and help them hold on to their homes." The Guide to Avoiding Foreclosure links homeowners to housing counselors, lenders, local resources, refinancing options, FHASecure, HOPE for Homeowners, and information about the foreclosure process and possible alternatives. The Guide to Avoiding Foreclosure can be found on HUD's home page (http://www.hud.gov) or by going directly to: www.hud.gov/foreclosure
HOPE for Homeowners
The HOPE for Homeowners program will refinance mortgages for borrowers who are having difficulty making their payments, but can afford a new loan insured by HUD's Federal Housing Administration (FHA). The program begins October 1, 2008 and ends September 30, 2011.
First-Time Buyer Tax Credit:
Helping to Make Buying a Home More Affordable
When you combine the homeownership tax credit, which allows buyers who haven't owned a home in three years to take a $7,500 credit against their federal income taxes, with today’s continuing low interest rates, large selection of for-sale inventory, and low home prices, many of the pieces are in place for potential homeowners to buy now.
Reverse Mortgages Get A Boost
On Nov. 1, the limit on FHA-backed reverse mortgages, dubbed Home Equity Conversion Mortgages (HECMs), rises to $417,000 nationwide. The new rules will institute a 2-percent cap on origination fees for the first $200,000 of the loan amount or a 1-percent ceiling for higher amounts, with a $6,000 inflation-adjustable limit. Additionally, seniors will be allowed to use such loans to purchase a new property and extract equity from co-operative properties, and lenders will no longer be allowed to sell annuities and other financial products along with the mortgage.
Property Management Services Available from One World Realty, Inc.
- We check your home when you are away.
- We manage your rental property.
- You have the benefits of ownership while we handle the day-to-day issues.
- Fee priced from $75.00.
Call Property Manager David Monsour at 561-339-5980 for more information.
Italian Icons are Remembered at Feast of Little Italy - Deana Martin & Lena Prima to Headline
Published by Little Italy Feast The Feast of Little Italy, held in Abacoa Town Center, is proud to announce the musical headliners for this years Comcast entertainment stage. Two daughters of legendary performers Dean Martin and Louie Prima will headline the festival. Featuring Deana Martin and Lena Prima, the Comcast entertainment stage will bring crowds singing all their favorite Italian songs with a taste of Doo Wop at the Feast of Little Italy.
Lena Prima performing Friday, November 7th at 8pm and is the daughter of the legendary Louis Prima and singer Gia Maione. Lena was born with a unique musical heritage singing all of the hits “Louie Prima that’s My Dad”, “That Old Black Magic", "Just a Gigolo", "Jump Jive 'An Wail", "Pennies from Heaven" and many more! Deana Martin performs Saturday, November 8th at 8pm and will take the audience on a musical journey, honoring her legendary father Dean Martin and other great performers who shaped American music and popular culture for over four decades. Deana performs many of her father’s greatest and most enduring hits, including: “Memories Are Made of This”, “That’s Amore”, “Everybody Loves Somebody”, and many more of the world’s favorites.
Legends of Doo Wop performs Sunday, November 9th at 6pm featuring the best in Doo Wop with a combined total of more than 160 years of harmony experience, this super group is comprised of doo wop legends Jimmy Gallagher of the Passions; Tommy Mara of the Crests; Steve Horn of The 5 Sharks; and Frank Mancuso.
There will be performances on stage throughout the three-day festival. The stage will be full of local performers from the Maltz Jupiter Theatre Conservatory of Performing Arts, local singer, Frank Corso, and the music of Tre Bella. There will be a special opera serenade by Lou Galterio, a baritone with his romantic style. Lou will perform all of Italy’s most famous ballads performed on the balcony in Abacoa over the crowds. Feast Dates & Times: Friday, November 7, 2008 from 3:00 p.m. to 10:00 p.m., Saturday, November 8, 2008 from 10:00 a.m. to 10:00 p.m., and Sunday, November 9, 2008 from 10:00 a.m. to 8:00 p.m. The three-day festival is free to the public. About Feast of Little Italy Feast of Little Italy was established in 2003 to create an experience rich in Italian culture that celebrates the contributions of great Italians through food, music, art and tradition within the community for the entire family to enjoy. For the latest updates on Feast activities please visit feastoflittleitaly.com or by calling the Feast office 561-427-0500.
