STEEPLECHASE HOMES SALES INCREASING AS PRICES DECLINE IN FIRST QUARTER 2008

Homes sales are increasing slightly during the first quarter of 2008 in Palm Beach Gardens premiere estate community of Steeplechase.  Four homes sold during the first three months of the year, putting sales at an expected level of 16 for Steeplechase this year.  This would be slightly higher than the 10 homes sold in Steeplechase during 2007.

Prices in Steeplechase continue to drop. 

The four homes sold in Steeplechase averaged $273 per square foot, down from $297 in 2007, a decline of about 7%.  There were no foreclosed or “short sales” in Steeplechase during the first quarter of 2008. These lower than market value sales tend to significantly decrease property values in a community.

There are a moderate number of Steeplechase homes on the market – 13 properties for sale ranging in price from $599,000 to $2,890,000.

HAS THE MARKET BOTTOMED?

Many of our clients are asking whether the market has bottomed yet as home buying activity increases. While we wish we had that crystal ball and could say “yes,” there may be further erosion in home sale prices as the season ends and more homes come on the market.

Yet it is an outstanding time to buy with prices throughout Palm Beach County declining.

Home prices in January 2008 were 12 percent lower than in January 2007 and prices in February 2008 were 8 percent lower than in February 2007.  While many potential buyers state that they are waiting for the prices to reach the bottom, we encourage them to act now, since it is impossible to “peg” the bottom of the market.

The Weiss-Clawson Team includes a resident experts Steeplechase, but we serve clients throughout the region, selling property from Ft. Lauderdale to Sebring.  We look forward to working with you, your friends and relatives and deeply appreciate all referrals. Please contact us for all your real estate needs.

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