It has been a few months since my last Blog entry. As a 55+ community specialist, historically August through October are my slow months. The heart of South Florida's "season" is just beginning and I am thankful to say I have been as busy as ever over the last few months. As we approach the end of 2009, I am also thankful to say this has been my best year by far. With all the news we hear about the Real Estate market and the economy on a daily basis, I believe the 55+ community niche market remains one of the strongest Real Estate market sector's in the industry.
We have seen a boost in sales due to the first time buyer tax credits which were due to end in November. Although most buyers in 55+ communities are not first time buyers, many of my clients recently sold their houses to first time buyers freeing them up to purchase a house in our market. I am very excited that the tax credit has not only been extended through April 2010, it has been revised to provide incentives to qualifying existing home owners who are buying a new home. Details on The Worker, Homeownership, and Business Assistance Act of 2009 can be found at http://www.federalhousingtaxcredit.com/faq2.php.
We have also seen a boost in sales due to Palm Beach County's number one developer (and land owner), G.L. Homes. Among other projects, G.L. Homes is currently developing Valencia Pointe and Valencia Reserve, both located in Boynton Beach. Here is an update on both projects as of November 2009.
Valencia Pointe
Valencia Pointe is entering their final stages of development. When complete, Valencia Pointe will have 690 homes. As of 11/23/09, 649 homes have been sold or are under contract*. Of the remaining 40 homes, approximately 17 are spec houses. Spec houses are brand new homes which G.L. Homes has built and are ready for quick delivery. They come will all the same warranties provided to buyers who pick a lot and build a home to their specifications. These spec houses are all in G.L. Homes Signature series.
On November 20th, 2009, G.L. Homes released 12 models as well as some additional lots in the Crown Series and Signature Series. Most of the lots that were released will be built when G.L. Homes vacates their current sales office at Valencia Pointe and moves it to Valencia Reserve. This will most likely happen in October or November of 2010. The release of these models and new lots created quite a bit of activity at the G.L. Homes sales office. Potential buyers started lining up on Monday and were required to stay on site all week, from 10:00 am through 5:00 pm. They were of course provided a lunch break. I am unsure of the exact number of lots/models sold last week, but there are definitely still some available. If you are interested in more information on these models/lots, please call me at (561) 496-2000
According to Metrostudy 2008, Valencia Pointe was the number one development in Palm Beach County, when ranking annual closings. Metrostudy is an independent, leading provider of primary and secondary market information for the Real Estate market and related industries. Although Metrostudy 2009 will not be available until early 2010, I am confident Valencia Pointe will again rank number one in closed sales in Palm Beach County.
Valencia Reserve
As Valencia Pointe enters the final stage of Development, Valencia Reserve has moved far into the beginning stages of development. It is hard to imagine that just 6 months ago G.L. Homes held a ground breaking ceremony at Valencia Reserve. The past 6 months has brought many changes. Most noticeably when one pulls up to Valencia Reserve, the trailer noting the future location of Valencia Reserve has been replaced with a gorgeous entrance filled with cascading waterfalls and lush landscaping.
When complete, Valencia Reserve will have over 1000 homes in the Signature Series, Crown Series and now the Vintage Series, which is brand new to Valencia Reserve. Currently 131 homes have been sold or are under contract*. Many more have been reserved and will be under contract in the coming weeks. Most exciting is the first residents have begun to move into Valencia Reserve. More and more closings are scheduled each week.
Some other exciting developments at Valencia Reserve include the release of more Crown Series lots. This makes two Crown Series sections, two Signature Series sections and one Vintage Series section one can choose from at Valencia Reserve. The club house will begin construction over the next few months and is due to be completed in approximately one year.
Additionally, G.L. Homes has started to release spec homes available for quick delivery at Valencia Reserve. When asked by my clients how I feel about G.L. Homes, among other examples of why I believe in them, I point to their policy of building spec homes. G.L. Homes takes pride in each and every section (also known as a POD) being completed as soon as possible. Once a resident moves in, they want to live around construction for as little time as possible. By building spec houses, G.L. homes helps to complete each section as quickly as possible. Building spec homes carries financial risks and liabilities for a developer. There is no guarantee when someone will buy it, and G.L. Homes needs to carry the cost of construction and ownership once it is complete. G.L. Homes' ability and willingness to take these risks speaks very strongly about their own confidence in their finances and projects such as Valencia Reserve.
Remember, like Valencia Pointe, Valencia Reserve also warmly welcomes Brokers. As a buyer, you receive all the benefits and services I provide, while all Brokers' fees are paid by G.L. Homes. Buyers get the same purchase price regardless of the involvement of a Broker. Please call me at (561) 496-2000 for more details, or visit my FAQ on this topic. Also, don't forget to view the testimonials of many of my satisfied clients.
* Based on the number's posted at the G.L. Homes Sales office located at Valencia Pointe
If you would like to hear more about the services I offer to my clients, please visit www.JeffreyJKatz.com or simply pick up the phone and give me a ring at (561) 496-2000.
RE/MAX Advantage Plus is not affiliated in any way with G.L. Homes or any of its affiliates and is not an authorized representative of G.L. Homes or any of its affiliates. G.L. Homes or it's affiliates do use the services of RE/MAX Advantage Plus to list and market homes for sale in their communities from time to time in which RE/MAX Advantage Plus is acting in the capacity as a Transaction Broker."
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