Though not as expensive as the Trump Estate sale - $95Million or the Kimmel house sale-$81.5 million, the Munders’ home is never the less continuing the recent trend in high priced home sales in Palm Beach.

According to a report by the Florida Association of Realtors, newly lowered prices of existing single family homes is the main reason for the Treasure Coast’s 43% rise in sales, the largest annual percentage gain in the state.

After months of sales dropping in the double digits, Palm Beach County’s sales dropped only 3% last month from last year’s levels, another positive sign that the market is stabilizing.

Sources at the Realtors Association of the Palm Beaches agree, saying that buyers have been waiting to see how much prices will drop.  And they did -- median prices of existing homes in Palm Beach County fell 12% to $334,300 since June 2007, and in Martin and St. Lucie Counties, median prices fell 32% to $160,800.

Also according to the report, existing condominium sale prices fell 24% since June 2007 to a median price of $153,200, making them more affordable to first-time buyers. Martin and St. Lucie counties’ media price fell to $165,000 – a drop of 28%.

This reflects two things, according to analysts.  One – sellers are becoming more realistic about pricing their properties, and two – the amount of foreclosures in the upcoming months will drive down prices in the next 24 months.

Across the state, existing home sales fell 5% compared to last year’s figures.  Nationally, sales fell by 15%.  These low sales levels also mean lower prices – the median price dropped by 7% compared to figures from last year. 

Economists warn that there is still a way to go, but are hopeful that this is at least the beginning of the end.

Veronica Hearst, widow of famed publisher Randolph Hearst, was recently able to sell a New York property for a reported $36.5 million – enough to pay off her debt on her Manalapan mansion with some left over.

Hearst was behind on a $47 million mortgage from lender New Stream Capital.  In February, the lender paid $22 million at a foreclosure auction for the property.  The next month, it is reported that Franklin L. Haney paid New Stream $23.5 million for the 28,000 square foot mansion, cutting Hearst’s debt to New Stream in half.

The sale of the property in New York has settled her account completely and left her with some cash for herself, according to her attorney.

Watch this video with Jim Kramer from "Mad Money".
It is great news for the Florida Real Estate Market.

Please Click Link Below To View Video:
http://www.thestreet.com/video/10421733/index.html#10421733

Prices and values for South Florida homes have generally seen an “across the board drop”, with some markets experiencing more drastic percentage drops than others.  The Palm Beach real estate market is actually one of the markets where prices and values are still doing significantly better in comparison and is therefore slightly less of an investment and/or buying risk than markets where prices continue to fluctuate.

On top of that, the state of Florida also seems to be eyeing Palm Beach with more confidence.  It recently bestowed the county’s local governments with its State Housing Initiative Partnership (SHIP) program, an $8.9 million dollar fund which, much like the name implies is intended to further develop programs and grants in order to boost homeownership among those with lower income and tackle foreclosure prevention by continuing to fund programs designed to assist distressed homeowners.

Receiving the SHIP funds does entail a few prerequisites however.  Programs designed to assist first time buyers and existing homeowners must already be in place and no neighborhood can have inflated mortgage rates that are higher than thirty percent of what the median value of homes in the neighborhood are currently at.  This removes the need to start from scratch and ensures that the funds are being used as effectively as possible.

The money does (and can) go beyond foreclosures and first time home buyer assistance.  Assuming the requirements have been met, governments may also choose to use the money to construct additional beachfront condos, take care of costly repairs or create additional assistance programs of some sort.

The more that can be done to help those people who don’t have six figure salaries or the homeowners drowning in mortgage debt, the better the chances of improving the country’s real estate market situation and SHIP can only work in favor of these buyers and homeowners.

The real estate market is ever changing; much like the fashion industry buying and selling trends are a continual ebb and flow. One of the biggest mistakes in a buyers’ market is to price homes with a “cushion” for negotiating room. With more and more inventory to look at buyers are taking their time to decide and heavily weighing pros and cons. They are searching for the most updated home with the best price in the most ideal location. Pricing your home correctly right from the beginning while your home is new on the market is crucial.

The agents at Scott Gordon Realty and Exclusive Estates are very familiar with the current market trends and are always available to assist you with any questions or if you need a price analysis of your home.

Your real estate agent determines the best price for your home by examining two categories: the current homes listed and the recent sold homes. Looking at homes that have sold in the last 30 days will give you an idea of what homes would have gone under contract for about 60 days ago. Then examine the current homes listed, a motivated seller will price their home the lowest of what is currently listed to ensure a fast sale.

Coming out of a seller’s market many homeowners in Palm Beach County understandably have trouble pricing their homes for the current market conditions. When faced with the need to sell your home, you need to weight the cost of lowering the price vs. your home possibly sitting empty and unsold, or the cost of postponing an important move for work or other reasons.

Other than price the second area buyers are focusing on is overall home condition. There are a few things you can do with minimal cost that will have a tremendous difference. These are a MUST if you need to sell your home quickly.

   1. New paint, inside and out! Paint is the least expensive update yet has the biggest impact.

   2. New carpet/flooring. Everyone wants to feel like they're in a new home, doing this simple task for the buyer may just put your home way above the completion.

   3. Replace the small things. Attention to detail is very important to buyers. Replace the faucets, switch plates, if old- replace hardware on doors and cabinets.

   4. Seriously Deep Clean Your Home. How you keep your home clean tells buyers how well you’ve maintained the unseen parts of a home. If your home is dirty and cluttered the buyer will assume behind the walls could lie many more problems.

   5. Clean and caulk windows. Seal any cracks anywhere.

Finally, location is the last factor to consider. If you home backs up to an interstate or overlooks a parking lot you would need to price your home accordingly. When an ocean view is available for the same price, what would bring buyers to your home?

Market the strong points of your home, if the nearby highway is a concern, advertise the property as close to transit, easy commute etc. What makes your home special? A koi pond? completed media room? bonus room set up as a kids play area? Make sure to stress the best features of your home and stage it accordingly.

The knowledgeable Realtors at Scott Gordon Realty and Exclusive Estates would love to help you get your home ready to sell. Contact us today.

www.ScottGordonRealty.com

561-533-5888