Where You Live & Work Matters! |
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WHAT A DIFFERENCE A MONTH MAKES! |
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We now have a President-Elect, Joe Biden, to tackle the incredible issues we face as a nation—the COVID crisis, the economy, and re-uniting our country. It is with great hope and optimism that we support his efforts during this unprecedented time!
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Despite the worsening COVID crisis, the real estate statistics for the 4th quarter of 2020 have been robust! In Florida, Dr. Brad O’Connor, Florida Realtors’ chief economist said, “all indications are that we will continue to see strong sales as mortgage interest rates will almost certainly remain at or near low records.”
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Single-family sales are up over 23%; Condo sales are over 25% and median days on the market are low as local and out of state buyers descend on the ever-tightening supply of properties. In fact, O’Connor says that inventory levels are down 27% compared to 2019. |
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For instance, in the incredibly active micro-market of Palm Beach, David Hofheinz, writing for the Palm Beach Daily News, noted that on the day before Thanksgiving, the number of single-family homes available was 83, down from last year's number of 145. Townhouses were 6, down from 8 last year. Condos in Midtown and the near North- end fell to 110 from 119, and the South-end Condo market fell from 171 to a current 141. Properties are being snapped up at a rapid rate!
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For sellers teetering of the edge of “to sell or not”, make the move…NOW is the time to have your property on the market! Low inventory combined with rising demand means a rise in property prices. This trend of increasing price is most likely to continue in 2021, so the current seller’s market is expected to stay very strong. |
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While mortgage rates have set record lows more than a dozen times during this COVID year, last week there was another record set!
According to the Mortgage Banker’s Association, interest rates for 30-year fixed-rate mortgages of up to $510,500 decreased to a low of 2.92% from 2.99% in the last week.
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As a result, mortgage applications rose 4% in the past week and were 19% higher than the same week one year ago!
Refinance activity jumped to 71.1% of total applications from 69.8% the previous week. There have been over 4 million refinances this year to date! So, if you are considering a refinance of your mortgage, don’t delay!
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Charles Mburugu, a HubSpot writer specializing in real estate, forecasts the following real estate trends for Florida in 2021:
1. The Population will increase – the current population of Florida is 21,993,000. The current growth rate of approximately 1.6% is expected to rise significantly in 2021. Much of the increase will be from over-seas and other areas of the U.S. Many folks will be renting first, so there will most likely be a high demand for rental properties.
2. There will be a higher demand for real estate – Once the population realized that COVID was not a short-term situation, late Spring pent-up demand jumped. That surge has continued through the 4th quarter and is expected to continue in a robust fashion in 2021.
3. Property prices will continue to increase – with low property inventory and continued falling interest rates, sellers are realizing an enviable increase in prices.
4. Florida 2021 will be a seller’s market – low supply will give sellers an upper hand in negotiations. Many homes and condos are being bid on at levels over the asking price.
5. There will be a high demand for Airbnb rentals – Florida has some of the most Airbnb-friendly laws. The current law does not permit cities or counties to prohibit short-term rentals of residential properties, and, as of now, there appear to be no changes to this law during the year 2021. As a result, people looking to move here can experience a community, city or county for short periods of time rather than signing year-long leases of condos or homes to determine where they eventually want to purchase.
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We have some exciting new listings for your review. Sally Kimball, Broker, has listed a lovely, renovated condo at 3360 S. Ocean Blvd. in Palm Beach. With 2 bedrooms, 2 baths, this bright SW corner unit has views of the ocean and the Intracoastal. Elegant and stylish design includes 26” marble tile through-out, Viking Professional kitchen appliances, wine cooler, large granite-topped eating area, custom cabinets, beautiful tile, stone and glass baths, new laundry room and specialty lighting. The 3360 Oceanfront building has 24-hour concierge, indoor parking, a new state of the art gym, sauna, refurbished salt pool and grilling out door area and a cross-dune walkway to the beach among other amenities. Available furnished or unfurnished. Unfurnished $795,000.
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Also new to the market is a beautiful beach/waterfront home in Lake Worth that sports its own private beach!
Built on a deep lot 250'x50', this lovely home is decorator ready with 3 bedrooms, 3.5 baths plus a hidden outdoor shower room off the master bedroom. With stunning water views, a lush private yard with swimming pool and walkway down to your private shaded pergola area and the beach, there is one more luxury element...permission to have your own private dock! This home was built to be ready for a second story which could accommodate 3BR or a large master bedroom facing the water and one smaller guest suite. The 2 car garage has built in storage closets and there is a private outdoor firepit and sitting area off the living room. Unusual, great for entertaining indoors or out, partially renovated, easy to maintain. Unfurnished $1,695,000.
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Ginger Gowing continues her incredible success in sales and leasing at One City Plaza with New Listing at One City Plaza - #902 for $478,000.
Other listings currently available for sale are: #221 - $228,000, #403 for $250,000 and #1001 for $500,000. Call Ginger at 561-222-4508 to schedule a showing.
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Wendy Roberts is offering a listing at Esplanade Grande unit #703 for $1,750,000.
Breathtaking Views of the Intracoastal, Ocean and Island of Palm Beach, from the large covered balcony, living room, master and second bedroom. Master has a sitting area with doors out to the balcony. Gorgeous Marble Flooring throughout, His/Her Baths, Private Elevator into the apartment, Building foyer with 24 hour concierge. Rooftop Pool, club room, exercise room, 2 pets allowed! Full Service Building, valet parking, security. Walk to everything downtown West Palm Beach has to offer. Call Wendy at 561-307-1544 to schedule a showing.
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Esplanade Grande, West Palm Beach, FL 33401 |
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Brenda Burnette is offering a listing at Cabana Colony in Palm Beach Gardens for $265,900.
Nicely remodeled, almost 1200 sf CBS Home WITH GARAGE in Cabana Colony East just north of The Gardens Mall and Downtown Gardens. NO HOA! 2 bedroom/1 bathroom/1 car garage home with large covered screened-in patio and fully fenced yard with sprinkler system. Backs up to a small canal for a preserve view, not another house. Plenty of room for your boat or RV. Separate dining room, living room and eat-in kitchen, light and bright rooms. W/D and extra refrigerator in garage. INVESTORS!!! Plenty of room to remodel and enlarge or leave as a rental property! Call Brenda at 561-351-4314 to schedule a showing.
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12311 Acapulco Avenue, Palm Beach Gardens, FL 33410 |
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Elida Jacobsen Justo, a luxury community specialist from Boca Raton to Boynton Beach, is a new resident of Polo Trace in Delray Beach. She just sold a home in Valencia Pointe in Boynton Beach for $625,000. She also sold a home in Stonebridge Place for $432,500. You can reach Elida at 917-597-6809.
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6967 Corning Circle, Boynton Beach, FL 33437 |
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John A. Ray, rejoined Ambassador Realty Corp. - he is a new resident of La Coquille, Palm Beach. You can reach John at 702-218-6792.
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Brygida Trzaska, the Operations Manager, and now also a Licensed Sales Associate at Ambassador Realty Corp. She can be reached at the office 561-557-7662 or 561-301-0899 cell.
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CASA MARA – Lincoln Property Co. developed and manages this 85-unit luxury rental project at 3111 S. Dixie Highway in the Historic area of Prospect Park in West Palm Beach. The leasing offices have opened for business and hours are
M-F 8:30-5:30; Sat. 10-5; Sun. 12-5.
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The project has an assortment of apartments from studios that start at $1775, 1 bedrooms starting at $1850, 2 bedrooms starting at $2500 and 3 bedrooms starting at $3350. In these elevator buildings, all units have hardwood flooring, large balconies, insulted high-impact windows, stainless steel Samsung appliances and an in-unit washer & dryer.
This pet friendly (2 per unit) development has fabulous amenities: a business center with free WiFi, clubhouse, sports lounge, fitness center, pet park, outdoor whirlpool and retail and boutique spaces on the ground floor.
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CAREFREE THEATER SITE - The West Palm Beach Planning Board, in a 5-1 vote on Nov. 17, recommended approval of a rezoning for the proposed mixed-use development on South Dixie Highway. The proposed development is for 58 housing units, 6,910 square feet of restaurant space and 8,748 square feet of retail space. Also included is a six-screen, 600-seat movie theater and underground parking. Click for article from PB Post:
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Developer Charles Cohen is personally very invested in the film industry and classic movies. This project is a passion for him, and the four years that have brought it to this point has been fraught with over 20 development concessions on his part. The project goes next to the City Commission for final approval. Stay tuned!
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ELISABETTA’S RESTORANT - Big Time Restaurant Group, owners of City Cellar, Rocco’s Tacos and Louie Bossi’s among others, is poised to open their newest restaurant in January in West Palm Beach …Elisabetta’s Ristorante, Bar and Pizzeria!
This 10,000 square-foot waterfront restaurant that will seat 300 sits on the site of the former Helen Wilkes Hotel and the old City Hall at 185 Banyan Street. This is the second Elisabetta’s, the first had opened in July 2019 in Delray Beach on Atlantic Avenue.
The huge restaurant is multi-storied and offers brick walls and beamed ceilings (and a private dining room) inside, and open-air, outdoor seating including a fabulous bar, pizza ovens, full-sized bocce ball court, 2 gazebos and a 25-foot tall fireplace.
The menu is obviously Italian-based, but such specialties as dry-aged steaks, seafood and chicken will also be offered and everything, including desserts and pasta is made from scratch! Yummy! The restaurant will serve dinner 7 nights a week, lunch Mon.-Fri. and brunch on Sat. and Sun. Sounds marvelous! Click here for full article from PB Post:
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SALLY KIMBALL
BROKER/OWNER
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PLEASE BE SAFE, STAY WELL AND WE LOOK FORWARD TO SEEING YOU SOON! |
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ONE CITY PLAZA
801 S. Olive Ave., Ste. 119
West Palm Beach
FL 33401
Office: 561.557.7662
Email: info@ambassadorrealtycorp.com
Web: www.AmbassadorRealtyCorp.com
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DISCLAIMER: The materials on this newsletter have been prepared by Ambassador Realty Corp only for general informational purposes. We assume no responsibility for the accuracy or timeliness for any information provided herein or by any linked site or publication. |
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