EL CID HISTORIC HOME TOUR from 2-5 pm ON APRIL 3rd

 Here’s your chance to see thirteen homes in the grand West Palm Beach historic neighborhood of El Cid, an area of 285 homes of which 185 are listed as historic.  

 

The 1925 house and gardens at the Ann Norton Sculpture Gardens, 253 Barcelona Road, West Palm Beach, listed on the National register of Historic places, is included and after the tour, come and enjoy the wine, hors d’oeuvres and live music there.  This is also where the tour begins.

 Homes will be examples of Mediterranean Revival and Mission Revival, built in the 1920’s, many of them renovated, some taken down to the studs and with redone foundations.  Others are mostly “original”.  West Palm Beach has 14 historic districts.

Parking is available at Unity of the Palm Beaches, 1957 S.Flagler Drive, West Palm Beach.  Trolley is available.

Advance admission is $55; $65 the day of the tour.  For information call 954-270-6081.

CENSUS: FLORIDA HAD 7TH CONSECUTIVE DECADE OF DOUBLE-DIGIT POPULATION GROWTH

Florida remains one of the top places to move to in the United States.  The US population grew by 9.7%, and Sunshine State residents grew by 17.6 percent with a 2.8MM increase in residents between 2000 and 2010.

 

 

This growth swelled despite a high rate of unemployment and a housing slump.  While 1.7MM new residential units were built over the past decade, the number of vacant properties climbed nearly 63% during the same time frame, according to the New York Times.

NEW BILLS ARE UNDER CONSIDERATION NEXT WEEK IN TALLAHASSEE RELATING TO REAL ESTATE PROBLEMS

With Florida having hundreds of thousands of foreclosures, millions of underwater mortgages and four years of depreciating values, lawmakers meeting next week in Tallahassee are considering new real estate laws.  They generally affect help for condo associations, property tax reform or changes to the foreclosure process.

The Distressed Condo Relief Act passed last year gave condo associations the authority to collect rent directly from tenants of delinquent owners until delinquencies are paid up, and to bar non-paying condo owners from using common amenities like pools and clubhouses.  The bill also provides protections for condo associations that file foreclosure against delinquent unit owners, ensuring that they are not held liable for that owner’s past due assessments when they take title.

A bill being considered this year would give condo associations the power to restrict cable television service and internet access from owners of delinquent condos.  It was pointed out that the reason many homeowners are in default is lack of jobs; this could mean less access to job opportunities.

 Another Bill will change a portion of the Save Our Homes Law by eliminating the Recapture Rule.  If voters approve, a home’s property value assessment would not be increased during years when the home’s market value decreases.  More than 300,000 homes were affected by rising property taxes while property values fell 13% in 2010. However with governments struggling with budget cuts, less property revenue means MORE cuts.  

 A bill is being considered to potentially lower property taxes for new and 2^nd homeowners, and the annual cap on increases for non-homesteaded properties would be reduced from 10% down to 3%.  An additional homestead exemption would be given to first-time homebuyers, worth 50% of the property value.

A bill is up for consideration to provide banks and mortgage lenders the option of conducting foreclosure on commercial properties outside the courtroom rather than going to court to repossess delinquent properties, allowing lenders to reclaim a property through a trustee foreclosure which is usually faster than a judicial foreclosure.  According to the Miami Herald, about 100,000 foreclosed residential homes are stymied within the processes right now.

There will be an attempt to direct funds for affordable housing away from new housing to instead renovate vacant abandoned properties and tenants will be given 90 days notice to move out of repossessed foreclosed homes.

Nevertheless it is apparent that current problems will not be solved quickly, and that there are pros and cons with every change.

UPDATES ON THE HOME FRONT - PRICES DOWN, SALES UP

Realtytrac reports that 26% of all home sales are foreclosures, nationally and Bank repossessions level off, down slightly from 2009 but up from 2008.

Case-Schiller reports that during the 6 months ending December 31, home prices fell nearly 6%. 

National Association of Realtors reports that sales of existing homes rose for the third straight month.

In 2010, Nevada,  Arizona, California and Florida had the highest percentage of foreclosures, in that order.

Cash buyers are offering very low bids, especially for distressed homes being sold at deep discounts, pulling the median price down.

According to Zillow, nearly 30% of mortgage borrowers are underwater on loans and very vulnerable to foreclosure.

THE GOOD NEWS

According to the National Association of Realtors:

·        Existing home sales increased 2.7% nationally

·        This is the first time in 7 months that sales activity was higher than a year earlier

·        Chief Economist Lawrence Yun says

o   Home sales uptrend is consistent with improvements in the economy and jobs

o   Consumer confidence is boosting

o   Affordability conditions are a big factor

o   Tight credit has resulted in high levels of all-cash purchases primarily for distressed homes sold at deep discounts – which pulls the median price downward but traditional homes in good condition have held their value

o   Investor activity is another factor re purchasing undervalued homes

·        In January, first time buyers bought 29% of homes sold

·        Investors bought 23% of purchases in January

·        Housing inventory is at a 7.6 month supply, lowest level since 12/2009

·        Existing-home sales increased 3.6% in the South

NAR is America’s largest real estate trade association, representing 1.1MM members involved in all aspects of the residential and commercial real estate industries.

GOOD NEWS AND BAD NEWS ON THE HOME FRONT

Zillow reported that south Florida home values are down 15.4% year-over-year in 4Q2010.  Home Value Index fell to $139,100 from $160,000 at end of 2009.

 Housing bargain sales wins prevail with big losses for many sellers.  This IS THE BEST TIME EVER to buy in Florida.

Foreclosures in Florida fell 54% according to Realty Trac year-over-year in January 2011.  Foreclosure filings last month were 21,671 in Florida, one for every 409 housing units in the state which is 15.4% lower from December 2010.

 What to make of this?  An interesting 9-acre man-made island between Aventura and Sunny Isles Beach is on the market for $49.5MM reports  Condo Vultures.  In the 1950’s the DOT created the island as part of a massive dredging effort.  Assessed value?  $3MM or $7.90 per sq ft according to the Miami-Dade County Property Appraisers Office.   Sounds like an interesting deal… so let’s wait and see who (if anyone) buys this island!

 Mortgage interest rates are going up… rate topped 5% for the first time since last April.  Rates, however, are still historically low according to Florida Realtors organization, and there is actually a $100 a month jump on a $200,000 loan since the lowest rate in November.   Rates follow the 10-year Treasury note yields, heading up with inflation fears.   Many buyers are paying cash.

WANT TO SEE THE NEWEST DECORATOR MODELS?

Model Tour: 1200 Hillsboro Mile, Before & After – 2/8/2011 at 2 pm

Join the Robb & Stucky Design Team of Rene Evans, ASID and Richard Ramus at 1200 Hillsboro Mile for a private tour of their beautiful model. This is an opportunity to see the “before” unfurnished unit and the “after” decorated model–and the transformation is amazing. This event is offsite. The model is located about 1 mile south of Hillsboro on the west side of A1A. Reservations are required so please call early to reserve your space and to receive directions. No cameras, please.

Model Tour: Villas By The Sea, Before & After – 2/16/2011 at 2 pm

Have you ever wondered how a designer finds inspiration and then transforms it into a design concept? Join Robb & Stucky Design Associate Ron Acosta on-site at Villas by the Sea. Ron will start the tour in an unfurnished unit, then continue to the completed model for comparison. He will share his design process, and the secret that inspired the special look of this incredible Oceanside model project. Meet first at the Sales office for Villas by the Sea, located off A1A just north of Commercial Blvd in Lauderdale by the Sea. Reservations are required so please call early to reserve your space and to receive directions. No cameras, please.

Please call (561) 862-5597 to reserve; reservations are limited!

RECENT STUDY SHOWS WALKABILITY ADDS VALUE TO A PROPERTY

Ceo’S FOR Cities, a national consortium of civic and business leaders, did a 2009 study and found that homes where you can walk to the supermarket and other stores, schools and parks will be valued at $4,000 to $34,000 more than those with less walkability where you have to drive to get to amenities.  The bigger, more urban the city, such as Miami, the higher value walkability adds.  Nearby public transportation also boosts value.

The study covered 94,000 real estate sales of comparable homes in 15 major markets. 

You can use Walkscore to rate the walkability of your home or a home you are considering purchasing. 

HAVE A GREAT TIME IN DELRAY BEACH

A PEEK AT DELRAY BEACH

Delray Beach is the type of coastal town that has it all: unobstructed beaches, shops, the restaurants and definitely, the entertainment.  A little bit for everyone to enjoy.  Delray does a great job with its festivals and fairs.  They close a main street and fill it to capacity with vendors, musicians and artists in a blink of an eye.  When is all over done with, it comes down just as fast as it went up. 

Come on downtown on Thursday, January 27^th for Art & Jazz On The Avenue.  Once a month, during the season, and on a Thursday from 6-10 pm, live musical entertainment is presented, On the Avenue.  Open house specials, and gallery exhibitions are will be browsed at the very least.  Even though it is On the Avenue, it will also extend to the SW 5th Avenue Plaza. 

Highlights will include:

• Florida Panthers’ Partymobile --- interactive games and the launch of the team’s new video game --- at the Delray Beach Magazine booth in the 300 block of East Atlantic Avenue.
• Palm Beach Makos and Cheerleaders in the 400 block of East Atlantic Avenue.
• Exhilarating skateboard course designed and constructed by Stoner Skateboards in the 600 block of East Atlantic Avenue;
• Sports clinics led by Atlantic High School sports leaders on the Great Lawn by Old School Square.
• City of Delray Beach Parks & Recreation sponsored dance and fitness demonstrations and performances led by the Delray Divas, Diamonds and Pearls and Delray Rocks and Cheerleaders Dance, also on the Great Lawn by Old School Square.
• Yankee great Roy White, the Roger Dean Stadium inflatable hitting bay and the Allianz golf hitting bay – all in Worthing Park.
• Representatives of the International Tennis Championships and the US Tennis Association in the 200 and 400 blocks of East Atlantic Avenue.
• Cycling on Your Mark in the 300 block of East Atlantic Avenue.
• Miss Geico 50-foot racing boat with jet turbine engine will be on display in the 500 block of East Atlantic Avenue and sports car along NE 1^st Avenue.
• Roaming Drew Tucker Stomp Band
• The Heavy Pets, a production of 102 Degrees, will be performing on the Old School Square Entertainment Pavilion with Stampede as the opening act. The concert will benefit Delray Beach’s Caring Kitchen through donations collected by volunteers. An after-party hosted by the new Pineapple Groove will start just after the concert.  
• Jim Kolvacik Trio in the 100 block of East Atlantic Avenue
• Groove Merchant and Atlantic High School Jazz Band on SE 4^th Avenue.
• Jazz Stream in the 400 block of East Atlantic Avenue.
• Al Johnson in the 500 block of East Atlantic Avenue.
• Visitors to the Vista BMW tent will be invited to register for a chance to win a new BMW 135i. Details will be available on site.
• Representatives of the Boca Artists Guild in the 100 East Atlantic block.
• Avalon Gallery at 425 E Atlantic Ave.
• Blue Coast Art Exhibit at 110 E Atlantic Ave.
• Blue Gallery at 600 E Atlantic Ave.
• Cacace Fine Art Studio & Gallery at 135 E Atlantic Ave.
• DeBilzan Gallery at 38 E Atlantic Ave.
• Delray Art & Framing at 321 E Atlantic Ave.
• Ford Fine Art at 235 NE 4^th Ave. #101
• Forms Gallery at 415 E Atlantic Ave.
• Kevro’s Gallery, Media Studio & Art Bar at 166 SE 2^nd Ave.
• Ora Sorensen Gallery at 445 E Atlantic Ave.

 Art & Jazz will extend to the SW 5^th Ave Plaza with entertainment from:

• Beacon Center first- and second-grade classes, creative dance team and Village Academy praise dancers.
• Creative dance team, Step Club and Drum Line of the Family Resource Center.

FREE ADMISSION!

THE GOOD NEWS: FALLING REAL ESTATE PRICES MAY ENCOURAGE BUSINESSES TO MOVE TO PALM BEACH COUNTY

 Palm Beach is 40^th on the list of top 55 cities of cheapest places to run a corporate headquarters.  The average age of Boca Raton and Highland Beach residents is 42, and in Delray Beach is 44.

They were ranked by Boyd Company, Princeton, NJ, comparing the cost of running a hypothetical 75,000 sq ft office with 300 employees.  The first 3 on the list were New York, San Francisco and San Jose.  Orlando was #55.  

Boyd  Company helps many of America’s best-known companies plan real estate expansions and does surveys in many industries.

4th ANNUAL DOWNTOWN DELRAY BEACH ART SHOW

January 15th & 16th, 2011

Located on Atlantic Ave starting at US1 East over the Intracoastal Waterway all the way to A1A on the Atlantic Ocean. 

Browse, walk, observe and buy... enjoy the day in this fabulous "All American Town."  Stop in one of the eateries for some glorious food.  Mingle, people-watch, and talk to the artisans.

Lovely way to spend the day.


SEE VIDEO

TIME FOR A WALKING TOUR OF HISTORIC PLACES IN PALM BEACH?

Worth Avenue is considered one of the best world wide upscale exclusive shopping streets, with many top name luxury retail stores, jewelers, art galleries and restaurants.  Walking down Worth Avenue, in and out of the pretty and picturesque flowered alleyways, browsing or buying, can occupy a happy afternoon.  

Five major architects are responsible for charming, elegant old-world Mediterranean-style buildings in the Worth Avenue area – Addison Mizner, John Volk, Howard Major, Maurice Fatio and Marion Sims Wyethe.  The Everglades Club was built in 1918 and is still beautiful.  These architects are also responsible for many commercial and residential buildings.  The Palm Beach Preservation Foundation’s mission is to preserve the architectural and cultural heritage of the Town of Palm Beach and the scenic quality.  Awards are given to properties for their preservation efforts and results.

Built in 1925, architects for the Brazilian Court Hotel were, Rosario Candela (1925) and, Maurice Fatio (1936).  The property began as a Mediterranean Revival style residence, and later added a south wing and was landmarked in 1994.  Fatio built many beautiful homes in the area, as did the other architects mentioned above.  These stately elegant properties still stand, well loved and lived in, a testament to the abilities and quality of materials used by these architects in the early 1920’s.  In 2010 this hotel was designated #1 in Florida by Travel & Leisure Magazine. 

Now a 5-star hotel, you might want to stop for an exciting lunch or dinner at Café Boulud.  The courtyard in back is charming and romantic. A reservation for a room or suite will result in an elegant, memorable vacation.  The courtyard in back is charming and romantic. A reservation for a room or suite will result in an elegant, memorable vacation. You can walk to Worth Avenue or head to the beach with jeep transportation provided.

At 450 Worth Avenue, Casa de Leoni, built in 1920 by Addison Mizner, favors a Venetian design.  This property received the Preservation Foundation Ballinger Award for Restoration in 1995.  At 456 Worth Avenue, sits Villa des Cygnes, built by Addison Mizner in 1922.  In 417 Major Alley there is a small row of Bermuda style homes built by Howard Major in 1925.

In 1994, Pan’s Garden at 386 Hibiscus Avenue became a Preservation Foundation project, and won many awards.  See many Florida native plants at this delightful, serene Botanic Garden.  At 319 Brazilian Avenue, a typical Palm Beach bungalow was built in 1910 and given the Preservation Foundation of Palm Beach Ballinger Award for Restoration in 1995.  Tours are available for school children.

The oldest house in Palm Beach is Sea Gull Cottage, built in 1886, in 1993 Henry Flagler’s first winter home.  In 1913 it was moved to the oceanfront as part of the Breakers Hotel.  The property has won many awards.

For exclusive walking tours for groups, call 561-659-6909 and be treated to the history of the area by James Ponce, who is called Palm Beach’s only “Two Legged Historical Landmark” by the Palm Beach Town Council.  Hear the facts and fables of Palm Beach’s illustrious history and celebrity residents.  Tours are scheduled to start at 11 a.m. in the Gucci Courtyard at 256 Worth Avenue on January 12,  January 26, February 9, February 23 and other dates thereafter.  Call to reserve.