PALM BEACH GARDENS DISTRESSED PROPERTIES CONTINUE TO INFLUENCE THE MARKET; HOMES SALES INCREASE AS PRICES FALL

Palm Beach Gardens' area homes sales were generally higher in the first quarter of 2011 compared with the first three months of 2010, but prices declined as distressed and lower priced properties continue to have a major impact on the local real estate market.

 During the first quarter of 2011 more than 400 homes sold in Palm Beach Gardens with 75 percent of these priced at or below $300,000.  A year earlier, about 275 homes sold in the same time period with 63 percent priced at or below $300,000.

 Lower priced homes are selling well and as sellers reduce prices, or distressed homes come on the market, more properties are falling into the lower priced categories.  It is an exceptional time for buyers to purchase a new home, vacation home or the home of their dreams.  Prices today are about where they were in 2002 and it is possible to find outstanding values in many of the area's finest communities.

Looking at several Palm Beach Gardens area communities of interest to our clients, in Steeplechase, there was just one sale during the first quarter of 2011 and that was a foreclosure.  There remain nine distressed properties in Steeplechase -- these are homes that are in pre-foreclosure, bank owned or slated for auction according to the Regional Multiple Listing Service.  Some are on the market, others are not.  There are 24 homes on the market in Steeplechase in early April 2011 with seven priced at or below $700,000.

In San Michele sales are up during the first quarter, but prices have declined about 10 percent since year end 2010. San Michele has six homes categorized as distressed. There are six homes on the market in San Michele with just one priced below $1 million.

Bay Hill Estates sales have about doubled in the first quarter of 2011 and prices in this community have increased about 10 percent compared with 2010 sales.  Bay Hill has 14 distressed properties, with some on the market and some not listed.  There are 22 homes on the market in Bay Hill with seven priced below $600,000.

 Home sales are up 60 percent in Ironhorse Country Club during the first quarter, but prices have dropped about 17 percent from 2010 sales.   And there are still 14 distressed properties in the community. Some are on the market, others are not. There are currently 24 homes on the market in Ironhorse, with 12 priced below $400,000.

 In Ibis Country Club sales are also up about 60 percent in the first quarter, but prices are down 22 percent over the same period in 2010.  Distressed sales brought prices as low as $37 per square foot for a single family home in Ibis during the first quarter of 2011.  There are 43 distressed properties in Ibis.  In early April 2011, there were 168 homes on the market in Ibis with 89 of these priced at or below $400,000.

At PGA National sales and prices remain strong, but there are still 136 distressed homes in the community.  There are more than 200 homes for sale in PGA National with 112 priced below $300,000.

The Weiss-Clawson Team researches communities throughout Palm Beach Gardens and Palm Beach County to provide the most up to date information to our clients.  If you are interested in buying or selling a home in the area, we would like to talk with you and will provide a market analysis of your home, or a perspective on available local properties to meet your needs.

Please contact The Weiss-Clawson Team directly.  We look forward to hearing from you.