Real estate and prices realized are driven by location, location, location and the better the location the higher the price. Quality of life, quality of schools, employment opportunities, beach access; the list goes on and are all important considerations when selecting the right place to purchase a home or an investment. I just sold two townhomes both in Palm Beach Gardens, same builder, same floorplan, same year of construction but they were in different parts of town; one closed at $90,000 the other at $147,500. Location, location, location.
Prices escalated during the height of real estate mania to really unrealistic values. Money was easy to get and everyone thought they could buy and flip and while it worked for a while it was a game of musical chairs and if you weren't seated (sold your units) when the music stopped you got killed. We see valuations in some developments at 20% of what they last sold for and if you looked at some of these units and what they sold for in 2005/2006 you would shake your head in disbelief.
I have been shouting for over a year that the best investments one could make are the right piece of investment property in south Florida. Over the past month or two this market has literally exploded and it is very difficult to be the highest bidder and investors need to bid aggressively and quickly. A couple of examples; a property in North Palm Beach listed early one morning last week had over 18 offers within 24 hours and quit taking offers. A unit we bid on that was listed at $57,000 and the most recent sales justified that number went for more than 116% of list price. How much higher I do not know I just know that was our offer and we were not successful. This list too goes on.
I work almost entirely as a buyers agent in Palm Beach and Martin Counties and certainly would be honored to be on the list of RealtorsÂ® you interview and happy to be of assistance in any way that I can. I hope this information is helpful but if you need anything additional please do not hesitate to give me a call.
Always at Your Service,
Tom Priester e-PRO
"Results Driven Real Estate"
Keller Williams Realty