Jim Jacobs' Blog: All Categories

In northern Palm Beach County the number of distress sale of homes is seen as a huge problem. The word on the street is they make up as much as 40 % of the market and are really dragging down values. The question is this; just what percentage of the market is really distressed and how is it affecting the overall market?

From Northlake Blvd to County Line Road, from the ocean to Jupiter Farms there were 4736 homes for sale on the MLS. Of those there were 306 that are in the distressed category of Short Sale or Bank Owned foreclosed.   If you would like to look at these figures yourself, go to http://www.yourultimateteam.com/foreclosuresandbankowned.php And take a look. This is about 6 % of the market and is a factor, but not the dominant one.   If we… Read Full Post

Palm Beach Country Estates, Palm Beach Gardens

          Palm Beach Country Estates, a country setting community is conveniently located in Palm Beach Gardens to the west of I95 at the end of Donald Ross Road.   You will find elegant country living in Palm Beach Country Estates with various size homes built on nice sized lots with over an acre, great for those animal lovers or equestrians who would like to have a little room and be close to nature. It's also very close to town, so without a long drive, you'll have some of the finest shopping available, and enjoy great restaurants.  There is easy access to I95 and only about 20 minutes to Palm Beach International Airport.  Beaches and fishing are less than 10 minutes away.  A great golf course is even…

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Old Port Cove is a 60 acre condo complex in North Palm Beach.  It includes it's own Old Port Cove Marina, Old Port Yacht Club, eight towers and one low-rise Condominium. It is a secure community witha maned gate and roving guards.  It is beautifully landscaped including the long seawalled waterfront. 
     Lakepoint Tower
     Cove Towers
     Marina Tower
     North Quay and South Quay
     Admiralty Towers
     Harbor Village

The complex has waterfront on three sides.  You can enjoy the 2-mile walking/jogging trail with most of it is having the fabulous views on the waterfront.  All the Condominiums have their own pools and exercise rooms.  You can walk to the Yacht Club for great meals and social activities.  Keep your yacht of…

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Jupiter Farms is an area of large lots and individual homes. There are no large developments in Jupiter Farms. The homes were mostly built one at a time and are sometimes very different in design and structure.   The home at 12971 174th Place N in Jupiter Farms is a prime example of gracious country living. It is a large cement block construction home on a paved road with easy access to shopping, the turnpike and the beach. The home has a large, screened in pool and patio area that draws you outside for relaxation and enjoyment. Inside there are four bedrooms and three bathrooms. One bathroom opens directly onto the patio and pool area. The home sits on over an acre of land with lush lawn and all enclosed by a fence. There are native plants, tropical… Read Full Post

Buyers that wait for the very bottom of the Palm Beach Gardens market will in all probability miss it. By the time it is apparent to everybody that the market is climbing, there will be a 5 % or so adjustment from the real bottom. If you waited to buy a $600,000 home in Palm Beach Gardens for $400,000 when you could have bought it for $500,000, you will now pay $525,000 if you want to buy it. That is still a good buy, but by trying to get the last dollar from the seller you will probably miss the sale or pay more for it.   If you look at the single family homes for sale in Palm Beach Gardens there are about 1,000 of them. We are on track for about 750 of them to sell this year.   There were 626 sold in 2006 and 1,086 in 2005. If the pace of sales pick… Read Full Post

If you listen to the doom sayers, you will believe that homes are not selling in North Palm Beach unless the price is drastically cut. If you examine the facts it presents quite another picture. It is commonly understood that if you have less then 6 months supply of homes on the market you have a sellers market. If you have from 6 months to one year of supply you have a balanced market and if you have from a year to a year and a half you have a buyers market. If you have over 2 years of supply you have a strong buyers market.   At this time in North Palm Beach, Florida there are a total of 119 single family homes for sale in the MLS. In 2003 there were 132 single family homes sold. In 2004 there were 126 single family homes sold in North Palm Beach. In… Read Full Post

The number of homes on the market in Palm Beach County has declined for 4 consecutive months now. The amount of homes for sale is still about a 24 month supply at the present rate of sales, but once the buyers understand the prices are not going lower it will pick up rapidly. There will still be isolated cases of sacrifice sales, but the trend line for home prices is basically flat at this time. What has always happened in the past is the trend on home prices is usually up about 3 to 5 % a year on average. If you get a rapid run-up in prices as we did in 2004 and 2005 and the prices get far above the line, you then get a downturn and go below the trend line to compensate. It takes a period of time from 6 months to 3 or 4 years to get back on the trend… Read Full Post

The prices of luxury homes in the Jupiter, Juno Beach and North Palm Beach areas are almost unchanged from last month with sales slow, but steady. The inventory of older homes, condos and townhomes in Jupiter, Juno Beach and North Palm Beach has stopped building and has actually declined about 5 % in the last two months. There will still be isolated cases of distress sales, but the trend is toward prices stabilizing and starting to climb once again. If you are considering buying a home in Jupiter, Juno Beach, North Palm Beach or Palm Beach Gardens, it is time to get off the fence and do something.  If you are holding off waiting for the bottom to come before you buy something you may be waiting too long.    It is kind of like summer. The heat keeps… Read Full Post