There were 1076 single family homes sold in Palm Beach County during September, 2011, a 20 percent increase over sales of September 2010 and a nine percent increase over August 2011 sales, according to the Florida Association of Realtors.

It is apparent that the surge in sales is being fueled by the lowest prices of the year. These are also the lowest prices in about 10 years.

The median price of a single family home in Palm Beach County fell to $180,300 in September 2011, about 20 percent lower than prices in September 2010 and almost nine percent lower than August 2011 prices. The median price reflects half the homes selling for more and half selling for less.

In March 2002 the median price of a single family home in Palm Beach County was $183,500.

The downward trend in housing prices began in 2006 as the housing bubble burst. Since that time, a large percentage of sales throughout the area have been bank foreclosures and short sales, distressed properties that continue to cause a significant price declines. We find that as distressed properties are eliminated from communities, prices begin to stabilize and in some cases, start increasing. But most believe distressed properties will continue to flood the market for the next several years.

The Weiss-Clawson Team researches housing market trends throughout communities in Palm Beach Gardens, West Palm Beach and Palm Beach County to provide the most up to date information to our clients. If you are interested in buying or selling a home in Palm Beach County, contact The Weiss-Clawson Team directly. We look forward to hearing from you and to working with you.

If you decide to sell your current home and then buy another primary residence in Florida, you will very likely be paying lower property taxes even if the price of your new home is higher than the value of your current home.

Those who have been in their homes for many years and are homesteaded will see the market value of their home going down while their property tax bill increases. This happens because the taxable value of the home is now beginning to catch up with the market value of the home.

During years of peak real estate price appreciation, market values were increasing 20 25 percent a year in many communities. Those who were homesteaded only saw their taxable values increase by a maximum of three percent a year. Now, as property values continue to decline, the taxable value (which can still increase three per cent a year) is catching up to the market value (which is declining).

Regardless of whether the taxable and market values are the same or whether there is a gap between the two numbers, many longtime residents are now thinking seriously about selling their home because property taxes are more than they want to pay.

Those who sell their current home and buy another home in Florida can reap significant tax savings. The 2008 “portability amendment” to the Florida Constitution allows Florida residents to carry their property tax benefits to their new home as long as they purchase their new Florida home within two years of selling their prior Florida home. An example:

A Palm Beach Gardens home has a sales value of about $625,000. The property appraiser has given it a market value of $556,230, yet because it has been homesteaded for many years, its taxable value is $472,490. If the owners sell the house and buy another home priced at $400,000, by utilizing portability, the taxable value of their new home would be $269,682. And if they bought a home priced at $600,000, the taxable value of that property would be $429,523, still less than the taxable value of their current home. The $400,000 house in the same area of Palm Beach Gardens would lower their property tax bill from nearly $11,000 to about $6000. Purchasing a $600,000 house would lower their property tax bill to about $9550.

The Weiss-Clawson Team can help you identify the portability benefit on your current home. If you are interested in selling or buying a home in Palm Beach County, we would like to work with you. Please contact The Weiss Clawson Team directly. We look forward to hearing from you.

The median price of a single family home in Palm Beach County dropped below $200,000 for the first time since 2002 hitting $192,800 for 745 sales in January. That compares with a median price of $212,900 for 929 sales in December 2010.

Overall, throughout Palm Beach County, the median price of a single family home is down 65 percent from its high point of $421,500 in November, 2005.

The news brought additional angst to home sellers hoping to see a bottom to real estate price declines. At year end, 2010, the rate of price decline appeared to slow, but January statistics are showing a much different trend. Lower priced homes, coupled with short sales and foreclosures continue to dominate the Palm Beach County market.

Inventory remains high and sellers must price their homes to the market if they hope to sell at all. List price plus condition of the home are keys to selling real estate today. Priced too high, the home will not be seen by the right buyers. And homes that are in less than model condition will be passed over by buyers or will result in significantly lower offer prices.

For buyers there are wonderful opportunities to acquire the home of your dreams at an affordable price. Homes that once sold in the $400,000s and $500,000s can now be found in the $200,000s and sometimes lower. The Weiss-Clawson Team researches communities throughout the area to find the best homes at the lowest price for their clients. For sellers we aggressively market our listings to bring the largest number of potential buyers to see the home.

If you are interested in buying or selling a home in Palm Beach Gardens, West Palm Beach or throughout Palm Beach County, we would like to help you. Please contact The Weiss-Clawson Team directly. We look forward to hearing from you.

But once again, the homes moving are lower priced properties with nothing priced over $1 million sold in nearly three years. The last home sold in Steeplechase priced over $1 million was new construction closing in March, 2008.

Steeplechase is a unique community in the heart of Palm Beach Gardens with 324 custom built homes each sitting on an acre of land. The spaciousness of property in the community is unusual so close to shopping, recreational facilities, schools and major roadways.

There were 10 sales in Steeplechase in 2010 compared with just two sales in 2009. And those two sales during 2009 included a tear down and a foreclosure.

Of the 10 sales in 2010, there was just one short sale. Shortsales and foreclosures tend to depress home prices in a community.

But prices in Steeplechase continue to decline. The median price of the 10 homes sold in Steeplechase in 2010 was $665,000 with half of the homes sold closing higher and half closing lower. Throughout Palm Beach County the median price of a single family home sold in 2010 was $228,900 so Steeplechase remains well above the county figures. Pricing in Steeplechase now makes the community more affordable for people looking for the individuality and uniqueness of this neighborhood.

But looking at another measurement, dollars per square foot of homes sold, prices in Steeplechase declined 19 percent from 2008 to 2010, going from $246 per square foot down to $200 per square foot for all homes sold. Overall, since the peak of the real estate market in 2006, prices of homes in Steeplechase have declined about 40 percent, going from $334 per square foot in 2006 down to $200 per square foot in 2010.

Moving forward, in early February, 2011 there were 23 homes on the market in Steeplechase with just one under contract. Of those on the market, two are short sales and one is bank owned. There are 11 homes on the market priced over $1 million.

Homes on the market in early February, 2011 range in price from $460,900 for a 2540 square foot three bedroom, two bath home to $2,499,000 for a 9252, six bedroom, seven bath home on Native Dancer. And there are many opportunities in between those two pricing points.

The Weiss-Clawson Team inlcudes a resident expert in Steeplechase. We are knowlegeable about Steeplechase and about many other communities throughout Palm Beach Gardens so that we can provide the most up to date information for our clients. If you are interested in buying or selling a home in the area, please contact The Weiss-Clawson Team directly. We look forward to hearing from you.

More than 10,000 homes sold in Palm Beach County in 2010, a much more solid number than has occurred since the peak of 2005 when 13,679 homes sold, according to statistics from the Florida Realtors. But year end prices between 2005 and 2010 have declined more than 41 percent as the year end median price of a single family home in Palm Beach County has dropped from $390,000 in 2005 to $228,900 in 2010.

The drop in prices seems to have slowed and observers are hoping this means the bottom of the market is close. According to statistics from Florida Realtors, the year end price decline from 2009 to 2010 was about four percent, from 2008 to 2009 the decline was 21 percent; from 2007 to 2008 the drop was 18 percent, from 2006 to 2007 it was four percent and from 2005 to 2006, when the price bubble began to losing steam, the decline was just one percent.

Buyers who have been sitting on the fence, waiting for the bottom of the market, might want to begin the search now. We will only know that we hit bottom when we see prices start rising consistently.

Overwhelmingly, buyers are flocking to lower priced homes as more than two-thirds of sales in Palm Beach Gardens in 2010 were priced at or below $300,000. And just four percent of the homes sold in Palm Beach Gardens in 2010 were priced at or above $1 million.

The numbers reflect averages or medians and all real estate is local. In this challenging market, some communities are faring better than others. Some communities are holding value, dropping or increasing a percentage point or two, while others are feeling the pressure of short sales and foreclosures bringing prices into double digit declines.

In the weeks ahead our blog will report on 2010 prices in many Palm Beach Gardens communities and we urge you to return to find information about your favorite neighborhoods. Or you can certainly e-mail us and we will put your request at the top of the pile and report on more popular communities sooner.

The Weiss-Clawson Team researches real estate market trends in Palm Beach Gardens and throughout Palm Beach County to bring the most up to date information to our clients. For more information on a specific community, please contact The Weiss-Clawson Team directly.

Steeplechase is a unique community in Palm Beach Gardens, with all 325 homes custom built on one acre lots or more, and with a location near the center of activities. The community has just homes, no neighborhood pool, tennis courts or golf course, through most homes have backyard pools and some have tennis courts. There are even a few putting greens in some yards. But community residents are not saddled with paying costs for services they may not want.

Prices of homes in Steeplechase, once averaging over $1 million, can now be found in the $500,000's, $600,000's and progressively higher. In early January, 2011 there were 21 homes on the market in Steeplechase, ranging from a 2700 square foot, 4 bedroom, 2 bath ranch home for $489,900 up to $2,499,000 for a massive 6 bedroom, 7 bath compound of 9252 square feet. This is a wonderful time to buy a home in Steeplechase and there are many very good deals on the market today.

The average price per square foot for 10 homes sold in Steeplechase in 2010 was $213 without including two tear downs sold and just $200 with the tear downs. A one acre lot in the community sold for $435,000 in 2010. In 2009 just two homes sold in Steeplechase, and both were tear downs.

The price per square foot for Steeplechase homes is 36 per cent lower in 2010 compared with 2006 when prices were highest at $334 per square foot.

Home prices, while still inching downward, have moderated the pace of decline and it is uncertain when the market will bottom. Steeplechase are likely to rebound more quickly than many other neighborhoods simply because of the uniqueness of the community. This could absolutely be the right time to buy if you have been thinking about a home in Steeplechase.

The Weiss-Clawson Team researches market trends in communities throughout Palm Beach Gardens and Palm Beach County to bring the most up to date information to our clients. If you are interested in buying or selling a home in Palm Beach County, please contact The Weiss-Clawson Team directly, We look forward to hearing from you.

In June, 2006 the median price of a single family home in Palm Beach County was $405,000. That $400,000 home is now selling for just above $200,000 and is often a short sale or a bank owned property. The flood of distressed home sales in Palm Beach County has continued to drive prices down. And it puts sellers of homes that are not distressed at a disadvantage. Home prices today are less than they were in 2003 and in November, 2010 prices fell to the lowest level of the year, according to statistics released by Florida Realtors.

The number of home sales in Palm Beach County for November, 2010 is down about four percent from October and down five percent from a year ago.

The condo market felt a similar tumble as November prices declined 12 percent from a year ago and also reached the lowest level of the year. The number of condo sales however increased about 12 percent from a year ago and remained about the same as in October.

The median price for a Palm Beach County condo was just $79,100 in November, nearly two-thirds lower than the median price of $224,600 in April, 2006. There are fantastic deals on condos throughout the area and buyers are beginning to take advantage of this tremendous price decline.

The Weiss-Clawson Team researches real estate market trends in communities throughout Palm Beach County to provide the most up to date information for our clients. If you are interested in buying or selling a home in Palm Beach Gardens or throughout Palm Beach County, please contact The Weiss-Clawson Team directly. We look forward to hearing from you.

The reality of our free market society is that supply and demand determines the price and in todays real estate word, the buyer holds the cards. The supply of homes on the market is high with demand dwindling. The competition is stiff as buyers look at scores of homes before making a decision. Short sales and foreclosures contribute to declining prices. Long gone are the days when buyers view a house and decide to buy it on the spot, regardless of the price. Homes that are financed must appraise, but even cash buyers want an appraisal contingency in their contract to ensure they are not overpaying for their home.

There are over 1600 homes on the market in the Palm Beach Gardens area today with more than half of them selling at $300,000 or below including units in such well respected communities as Ironhorse, Ibis, BallenIsles, Mirabella and Bay Hill Estates. In Mirasol and in Frenchmans Reserve homes have sold recently in the mid- $300,000s and in Bay Hill Estates for $299,000. In Steeplechase there have been no homes sold above $1 million for two years.

In fact, the median price of a single family home in Palm Beach County today is down 45 percent from its high point of June, 2006. For condos the price is down 65 percent.

So what should a seller do today to sell his home at the highest achievable price?

1. Pricing is key. Work with your realtor to understand todays market in your community. Be realistic and price your home to be competitive in your marketplace. If the home is priced above the category in which it will sell, the buyer that can afford your home will never see it. Over-pricing and hoping for any offer rarely works. Price correctly and negotiate firmly.
2. Condition is vital. The home needs to be immaculate and staged so that a potential buyer can picture it with his belongings in place. If the home is cluttered or does not show well, the buyer will simply go on to another similar home. Your home must be accessible and available to be shown when a buyer can see it.

Five years ago Citigroup stock sold for about $50 a share. Today the stock is priced under $5. As much as wed like to sell our shares now in the $50 range or above, its just not going to happen.

As a seller you should carefully assess your motivation for selling. If you do not need to sell and only want to see if you can achieve an “above market sales price” for your home, you should reconsider your timing. It may be best to wait for inventories to come down and prices to climb.

The Weiss-Clawson Team researches market prices and trends in communities throughout Palm Beach Gardens and Palm Beach County to provide the most up to date information for our clients. If you are interested in buying or selling a home in the area, we welcome the opportunity to help you. Please contact The Weiss-Clawson Team directly. We look forward to hearing from you.

These include single family homes in gated communities, country club homes, townhomes and condos.

It is a fantastic time for buyers who have been on the fence, waiting for the bottom of the housing market in south Florida.

The median price of a single family home in Palm Beach County is now down 45 percent from what it was in June 2006 when market prices peaked. And the median price of a condo in Palm Beach County is down about 65 percent from June 2006, according to statistics from the Florida Realtors.

There are more than 1400 homes for sale in Palm Beach Gardens with nearly 750 of them priced below $300,000 and more than 350 of them classified as short sales. There are also a significant number of bank owned properties on the market providing great opportunities for savvy buyers.

Buyers can find reduced priced homes in some of the area finest country club communities including BallenIsles, Mirasol, Frenchmans Reserve, PGA National, Ibis and Ironhorse as more properties come on the market with the beginning of the winter season.

Estate home communities such as Steeplechase and San Michele have also seen prices decline giving buyers opportunities not seen for many years.

The Weiss-Clawson Team researches real estate market trends in Palm Beach Gardens and throughout Palm Beach County to bring the most up to date information to our clients. If you are interested in buying or selling a home in Palm Beach Gardens, please the Weiss-Clawson Team website at www.palmbeachcountyhomes.com where you can see all homes for sale provided by the regional multiple listing service. And you can contact us directly through our website. We look forward to hearing from you and to helping you with all of your real estate needs.

The number of single family home sales in Palm Beach County in March increased by 33 per cent over February sales with 843 homes closing during the month. The median price of a Palm Beach County single family home also jumped 11 percent in March compared to February, going from $219,100 up to $246,100.

Condo sales saw similar increases in March, but the median price of a Palm Beach County condo declined about six percent in March going from $96,700 down to $90,900.

The number of homes for sale in Palm Beach Gardens is slowly decreasing with about 1400 single family, townhouses and condos on the market at the end of March. More than half of those properties on the market are priced at or below $300,000 making ownership affordable to more people.

Through the end of March more than 230 homes were sold in Palm Beach Gardens with about 58 percent of them priced under $300,000.

The Weiss-Clawson Team researches housing sales in Palm Beach Gardens and throughout Palm Beach County to provide the most up to date information to our clients. If you are interested in buying or selling a home in Palm Beach County in the next few months, we would like to talk with you. Please contact The Weiss-Clawson Team directly. We look forward to hearing from you and to working with you.