Things appear to be looking up for the most part in the Palm Beach real estate market.  Home sales have seen an improvement; prices are no longer in an alarming freefall and builders are actually purchasing lots once again.  Despite this good news, the term ‘housing recovery’ is still very much a loose one.  Depending on your situation and the home itself, you’ll find that property generally falls into one of three categories.

The lowest tier is actually where the most affordable Palm Beach homes are available and where you’ll find the largest number of foreclosure property.  With the first time buying tax credit and high end property available for sale at $100,000, sales have seen the biggest increase in this sector.

The middle or “cool” tier is where you’ll find the majority of homes that may be underwater.  Most buyers in this category already own a home which is why is it’s encouraged that prospective buyers sell their current property before moving into another one.  Sellers really need to utilize all of the resources they have available if time is an issue.

At the top is where things are tougher.  Although banks are hesitant to provide “jumbo” loans to buyers, coming in with as many of your bases covered such as being pre-approved can yield fruitful results.  Sellers with homes in this tier should consider pricing aggressively and perhaps throwing in some incentives, strategies a Palm Beach realtor will be able to provide.  As another plus, you’ll find very few foreclosures forcing prices down in this tier, one less thing to have to deal with.

It’s not unusual to see homeowners looking to modify the terms of their Palm Beach real estate mortgage loan. Loan modification has had huge demand, leading to a backlog that has slowed down the process for some. This might be interpreted as though applying for a modification is difficult but it’s not quite as complicated as it may seem.

If you’ve become unemployed, you can still apply for a loan modification contrary to what you might think. The catch is that you must be able to provide evidence of being able to make the monthly payments at the reduced amount, usually a reduction of twenty or thirty percent. If you’re looking for a very low monthly payment, your lender may have to extend the mortgage a few years so be aware of that.

Another misconception is the timeframe available to apply for a Palm Beach real estate loan modification. Even if your home has gone into foreclosure and will be auctioned off a week from now, you can still contact your lender and request a modification. Just make sure that when this happens, your lender has canceled the sale of the home.

For many people, turning off emotions is easier than it sounds and that’s certainly the case for first time buyers exploring the Palm Beach real estate market. Once you become too emotionally attached to a home, there are added risks that could lead to disappointment or problems down the road. Make sure to avoid these common mistakes.

Getting yourself attached to an unaffordable home. Gorgeous stainless steel appliances, marble bathrooms, stunning views, it’s easy to find Palm Beach homes that instantly draw you in but if the price is beyond your means, it’s not doing you any favors. Stick to a certain price and start near the lower end as you make your way up.

Not taking into account flaws. Most reputable sellers will detail whatever problems the home might have but that’s not always the case. If you purchase a home completely overlooking some major flaws, that could lead to major dissatisfaction and additional money out of your pocket.

Believing a particular home is the only one suitable for you. Unless you’re going to build a home from scratch, there will likely always be something you’ll either need to sacrifice or simply won’t get. Insisting that there are no other Palm Beach homes that can match what you need is almost like buying a more expensive home for no good reason.

For most people, choosing the Palm Beach homes they ultimately settle on is a matter of ensuring that its size, design and its price tag all satisfy that particular buyer’s needs and financial situation. However, any reputable Palm Beach realtor will tell you that there are several additional factors you should take into account before making that final decision.

What’s the neighborhood like? Just because you visited during the day and found the neighborhood serene and quiet does not mean that will necessarily be the case during the evening. Make sure you’re fully aware of the neighborhood and whatever quirks it may have.

What potential problems should I know about? Usually a seller will be forthcoming about possible flaws in and around the home as it builds trust but there is no law stipulating such. Before you end up finding out after it’s too late, make sure you know exactly what you’re purchasing.

What are the home utility bills? Air conditioning is pretty much mandatory in Palm Beach homes unless you want to endure the oftentimes sweltering South Florida heat. Cooling costs can be especially pricey during the summer when temperatures are firmly within the 90s and this could translate to a hefty electric bill. This may not work with your other monthly expenses so make sure you take utilities into consideration.

New Visas available for Foreign Buyers

New visa categories have been recently introduced allowing many foreign nationals the opportunity to gain US Residency and purchase property in America. Citizens of other countries contribute to a large part of home buying in the United States and the National Association of Realtors is urging Realtors and home buyers to educate themselves on the new available opportunities.

Knowing how to use the correct special visas Realtors are able to assist foreign nationals buy second homes, vacation homes or future retirement homes.

During a recent forum in Washington, attorney Stephen H Davis noted “NAR research shows the increasingly international nature of real estate markets and how foreign buyers are responding to opportunities to acquire homes in this country. After all a piece of America is worth its weight in gold, and buyers from overseas recognize this. Understanding how the visa categories work can be useful tool in unlocking this important new market segment.”

According to NAR 2008 profile international real estate transactions in the United States make up a significant part of business for many realtors. Various programs are available to assist foreign buyers including the E-2, EB-5 and C-1 visas.

“These different Visa programs will help attract individual investors from other countries,” Davis said.  “One long term visa program helps investors attain a conditioned lawful permanent resident status by investing $500,000 in a limited partnership at various government maintained regional centers. Another program involves an investment of $1 million to create 10 new full-time positions for US workers.”

Davis also notes there are many other opportunities for people who are in the export, import business; foreign executives who manage US subsidiaries of foreign companies or those who manage various types of companies not limited to franchises, condos or rental properties.

Let us help you purchase a property here in Palm Beach. Call us today!

Scott Gordon Realty
www.scottgordonrealty.com
561-533-5888

Palm Beach is home to many of the world’s finest gourmet restaurants. Whether you are searching for a casual dining experience or something more exquisite, you will find everything you’re searching for and more in Palm Beach.

Fourteen Palm Beach restaurants are offering three-course price fixed lunches for $20.09 and dinners for $35 in June as part of Palm Beach Restaurant Month. A similar meal deal lasted just a week last year.

• Amici Palm Beach — Egg sandwich and cup of Lavazza coffee to go, $3.99 from 7:30 - 11 a.m. weekdays. To-go menu, $5 from 11:30 a.m. - 9:30 p.m. Monday to Saturday. Three-course dinner with wine, $29 daily until 7 p.m. 375 South County Road; (561) 832-0201.

• Cucina — Small-plate versions of regular menu items available at the bar only from 4:30 p.m. until close for $6-$18. 257 Royal Poinciana Way; (561) 655-0770.

• Michael R. McCartys Restaurant — Two-course (appetizer and entree) dinner for $29.95 with unlimited wine from 5 p.m. - 9 p.m. weekdays and from 5 p.m. to 10 p.m. Friday and Saturday. 50 Cocoanut Row; (561) 659-1899.

• Nick and Johnnies — Three-course Sunset Supper for $25 from 4:30 p.m. - 6:30 p.m. daily. Small-plate versions of regular menu items available at the bar only from 4:30 p.m. until close for $6-$18. 207 Royal Poinciana Way; (561) 655-3319.

• Testas - Early bird menu from 3 - 6 p.m. daily from $13-$18. Coupon available at www.testasrestaurants.com make all early bird entrees $14. Thursdays from 5 p.m. martinis are $5. Breakfast specials with a cup of coffe daily for $7.25. 221 Royal Poinciana Way; 832-0992.

• PB Restaurant Month: Fourteen restaurants are offering three-course prix fix menus (appetizer, entree and dessert) for $20.09 at lunch and $35 at dinner. Beverage, tax and gratuity not included. Participating restaurants include:

• Bice — 313 1/2 Worth Avenue; 561.835.1600.

• Café Boulud at The Brazilian Court — Three-course Sunday brunch is $25. Other specials daily. 301 Australian Avenue; (561) 655-6060.

• Café L’Europe — 331 South County Road; 561.655-4020.

• Charley’s Crab — 456 South Ocean Boulevard; 561.659.1500.

• The Leopard Lounge & Restaurant at The Chesterfield — 363 Cocoanut Row; 561.659.5800.

• COCO Palm Beach — 290 Sunset Avenue; 561.832.3734.

• The Flagler Steakhouse at The Breakers — 2 South County Road; 561.659.8488.

• The Italian Restaurant at The Breakers — 1 South County Road; 561.659.8488.

• The Ocean Bistro at the Four Seasons — 2800 South Ocean Boulevard; 561.582.2800.

• Renato’s — 87 Via Mizner - Worth Avenue; 561.655-9752.

• The Seafood Bar at The Breakers — 1 South County Road; 561.659.8488.

• The Temple Orange at The Ritz-Carlton — 100 South Ocean Blvd., Manalapan; 561.533.6000.

• Ta-Boo — 221 Worth Avenue; 561.835.3500.

• Trevini — 151 Worth Avenue; 561.833.3883.