11/15/2022 - David Sicherman
One major way through which real estate investors maximize their profit-making is by purchasing a foreclosure property at a discount and selling it at a higher price. However, acquiring a foreclosed property is not a walk in the park.
Many buyers make several mistakes while bidding, such as failure to prepare properly. Most of these mistakes could result in complications during the transaction, and in the worst cases, could even result in a financial loss. As a result, it is necessary to ensure that all grounds are covered when preparing to buy a foreclosed property. Here is a list of mistakes you should avoid when bidding on a foreclosure property in Palm Beach:
There is no taking a knife to a gunfight, and the same rule applies when buying foreclosed properties. One of the biggest mistakes buyers make is venturing into the foreclosure market without carrying out the necessary due diligence.
While ... read more
06/23/2022 - David Sicherman
Overall, the real estate market in Palm Beach has grown in bounds in the last decade, setting the median cost price of a home within the boundaries of $535,500. This growth is no doubt a result of the low mortgage rate, low tax burdens, high rate of demand, and limited supply of houses within the county. However, while the general market has been doing great, the same cannot be said for the foreclosure market. Foreclosure rates have generally been dropping nationally, and consequently, there has been reduced activity in the foreclosure auction sphere. Now, this might only be a fluke, and a closer look at the market is necessary. So, what has been going on in the Palm Beach foreclosure market within the last few years, and what should real estate enthusiasts interested in foreclosure auctions expect in 2022?Foreclosure Auction Trends Between 2015-2021 in Palm Beach CountyDue to the devastating market crisis... read more
05/10/2022 - David Sicherman
Purchasing bank-owned and Real Estate Owned (REO) properties is a gainful strategy for investing in the real estate market. It comes with its unique advantages as well as its challenges and has a process that is quite different from real estate transactions of regular properties.
Therefore, investors looking to add bank-owned properties or REOs to their portfolios must possess a detailed understanding of the requirements of the transaction. The same goes for new investors to acquire their first property by purchasing a bank-owned property.
What is a Bank-owned Property?
A bank-owned or real estate-owned property is a term used for properties that are not sold in a foreclosure auction. These properties are reclaimed by the lender, -usually a bank- and added to the inventory. The properties are then listed and sold to investors at a lower price than their actual market value.
Before acquiring a bank-owned proper... read more
05/10/2022 - David Sicherman
Overall, the real estate market in Palm Beach has grown in bounds in the last decade, setting the median cost price of a home within the boundaries of $535,500. This growth is no doubt a result of the low mortgage rate, low tax burdens, high rate of demand, and limited supply of houses within the county.
However, while the general market has been doing great, the same cannot be said for the foreclosure market. Foreclosure rates have generally been dropping nationally, and consequently, there has been reduced activity in the foreclosure auction sphere.
Now, this might only be a fluke, and a closer look at the market is necessary. So, what has been going on in the Palm Beach foreclosure market within the last few years, and what should real estate enthusiasts interested in foreclosure auctions expect in 2022?
Foreclosure Auction Trends Between 2015-2021 in Palm Beach County
Due to the devastating market crisis c... read more
04/27/2022 - David Sicherman
When seeking to purchase real estate, the most common way to do so is by purchasing a property that has been listed for sale with the help of a real estate agent. However, there are other ways of purchasing real estate property. One of such ways is purchasing a foreclosed property.
What is a Foreclosed Property?
A foreclosed property is a property that has been repossessed from the homeowner by a creditor, that is, a bank or a lending organization and put up for sale to reclaim what is being owed.
Buying a foreclosed property has its advantages - they are usually cheaper when compared to properties that are not in foreclosure. However, the process of purchasing one involves a whole lot of evaluation and documentation.
Asides from having a significantly high cost of living, buying homes is also an expensive activity in Palm Beach. If you are looking to live in this beautiful island town and you are hoping to g... read more
10/14/2019 - Mike Francis
Palm Beach County has been going through a dramatic increase in foreclosed properties this calendar year. In the first half of 2019, the housing market experienced an increased number of distressed homeowners, which has created a shift in the market. In the first six months, there were a total of 10,258 foreclosure filings in the tri-county area. In comparison to the same time last year, this number is up a startling 7%.
What’s Causing the Increase?
In this specific case, some counties had more to do with the increase than others. Palm Beach County was one of the highest affected areas; the county experienced a 23% increase in foreclosures during the first half of 2019. What is causing the increase in this particular area isn’t what most people would expect. While the common cause is the seizure of homes in older cases, this shift has been created by new foreclosure lawsuits. In total, there were 5,663 for... read more
10/02/2019 - Mike Francis
If you're thinking of upgrading to a more expensive home in Palm Beach County, experts recommend that now might be the best time to do it. Palm Beach County has been reporting a subtle but growing shift in the upscale property market, away from a seller's scene and towards a buyer's bonanza. While record setting sales have recently occurred (like the recent whopping $105 million dollar sale of Terry Allen Kramer's Palm Beach estate) asking prices for more expensive homes have leveled off, due to a variety of factors, and this has given buyers the ability to be slightly more discriminating depending on the amount they are looking to spend. Conversely, entry level homes (in the $250k - $350k level) are still selling at near their highest asking prices since the 2008 crash, which hit their top asking prices in May of 2019, and have only edged downward slightly since. So why the gap in how the different price p... read more
10/09/2013 - David Sicherman
Boaters and fishermen alike are drawn to South Floridas year-round temperate climate and its thousands of miles of shoreline. So it should come as no surprise that Florid ranks among the top ten boating states with an estimated 865,000 registered recreational boats, according to the National Marine Manufactures Association. Powerboats make up a big part of that number, followed by personal watercraft, sailboats and other, according to the NMMA. In Palm Beach County, there are an estimated 40,000 registered vessles. No matter the type of boat, there are plenty of boat ramps from which to launch in Palm Beach County. Its also home to the second largest freshwater lake in the U.S. Lake Okeechobee in the city of Belle Glade. There are five county-operated saltwater boat ramps located in various parks. They are: Bert Winters Park, Juno Beach Burt Reynolds, Jupiter Jim Barry Light Harbor, Riviera Beach Juno Park,... read more
For many homebuyers finding a place to live in an area with good schools is right up there on their must-have list along with demands that the home be in move-in ready condition or have an upgraded kitchen and bath. But what makes one school better than another goes beyond test scores and student-teacher ratios.
If you dont have family or friends to ask, the Internet provides a rich source of information, with websites that can help you find the right home in the right school district based not only on statistics, but also on parent and student feedback.
The task can seem overwhelming especially given the fact that Florida has 67 counties, more than 3,600 public schools and close to 2.6 million students. The tri-county area, which includes Miami-Dade, Broward and Palm Beach counties, has some of the largest school districts. Miami-Dade ranks fourth in the state with 392 schools. Broward ranks sixth with 232 ... read more
09/25/2013 - David Sicherman
What are homebuyers looking for in a house these days? Realtors will tell you that before the recession many looked for a place to hang their hat for a few years before moving on to bigger and better. But today, more buyers are looking for a long-term investment and that means a home in which they can live for the next 20 or more years. As a result they need to plan for the future, which often means the addition of children, or in some cases perhaps an aging parent. So it only goes to reason that topping the list of must-haves today is a home with plenty of room for everyone and that generally translates to a four-bedroom, two-and-a-half bath home. Everyone would like a home as big as possible, but it also comes down to what they can afford, say Realtors. Many will skip the lake view, the pool or other amenities if they can squeeze a four-bedroom home into their budget. Many of todays homeowners also are de... read more
09/05/2013 - David Sicherman
Florida, once the epicenter of the real estate crash, is now leading the rest of the country in the number of all-cash home sales.
A report by the Irvine, Calif.-basedreal estate research company RealtyTrac found that in July a whopping 66 percent of home sales did not require mortgages. That number was even higher in South Florida, which includes Miami-Dade, Broward and West Palm Beach, which recorded 69 percent all-cash sales.
By comparison, nationwide all-cash home purchases accounted for 40 percent of all residential property sales in July, up from 35 percent in June.
The recent uptick in interest rates could also be contributing to a higher percentage of cash purchases as some non-cash buyers can no longer afford to buy, particularly in high-priced markets, Daren Blomquist, vice president at RealtyTrac, said in a news release.
Many of those buying for cash in South Florida, and particularly in the Miami ar... read more
09/04/2013 - Csdevteam
In todays real estate market, potential buyers are finding many short sales and foreclosures. Generally speaking, both occur when the homeowner no longer can afford to make mortgage payments. With a short sale, the mortgage holder owes more than what their home is worth in the current market. During the height of the real estate boom, many people purchased homes at exorbitant prices. When the bottom fell out of the market and prices plunged, their homes no longer were worth what they paid. Rather than continue to pay a mortgage on an underwater home, some opt to list it for the current market value. However, once they get an offer, they will need approval from their lender to sell it. And, the lender doesnt have to accept the offer. So, basically if you are conducting a short sale you will have to negotiate with two parties -- the buyer and then with your mortgage company. If you are interested in buying a ... read more
Most house hunters set out looking to purchase the house of their dreams. They think of the classic white picket fence, a beautifully manicured lawn, and nothing to do inside but move in their furniture and settle down.
But if you are an avid HGTV watcher, then you may have learned from the Property Brothers, or perhaps even from your Realtor, that there are numerous benefits to buying a fixer-upper.
The most important words in the real estate game are, and always have been, location, location, location! Whether its because you want to live in a certain school district, near family and friends, closer to your job, or in an established neighborhood where the canopy of trees is to die for, location often is a buyers primary concern. But sometimes location and budget dont always match up. Thats where a fixer-upper can come into play.
Before investing your hard-earned cash into a pig, that no matter how much lipst... read more
Jupiters Town Council in August approved construction of a mixed-use project in the heart of whats become known in Jupiter, Fla. as the Funky Fishing Village.
The project, a 15,000-square foot, two-story retail/office building, includes a 60-seat caf with outdoor dining. Above it all will be six residential apartments.
It will be built on a 2-acre parcel on the east side of A1A between Saturn and Parkway streets near the Jupiter Inlet. The property already is home to a 5,300 square foot office building.
The newly approved project is part of the $5 million redevelopment of the area on State Road A1A that runs from Jupiter Beach Road north to U.S. 1 that is expected to start next spring and be finished in 2015.
Over the years there have been many plans for the area with much discussion about what kinds of projects best fit the areas Old Florida vibe.
Residents have voiced concerns about preserving the towns histor... read more
Wells Fargo Bank, which won a $52.6 million foreclosure judgment over 63 commercial condos at Renaissance Commons in Boynton Beach, has scheduled an online auction for Sept. 18.
One of the biggest foreclosures in South Florida to date, the judgment is against
Boynton Development Associates II, along with managing members Anthony Comparato, Carl E. Klepper Jr. and Robert DAngelo.
Boca Raton-based Compson Associates developed the property.
The friendly foreclosure was filed July 2 with the borrower consenting to the judgment on the properties located at 1880 N. Congress Ave. and 1500 W. Gateway Blvd. in Boynton Beach. The buildings are 122,338 and 109,000 square feet.
Wachovia Bank originated the mortgage in 2004, before it was taken over by Wells Fargo. It was modified in 2008 at $56.6 million.
Eighteen of the units were previously sold. Tenants include Bonefish Grill, AT&T, Lemon Grass Asian Bistro, Village Tave... read more