It looks like our real estate sales are rebounding in Palm Beach County. According to the sales results published today in the Palm Beach Post, compared with 2010, February sales have increased in Palm Beach County by 32 percent. We have been seeing more investors buying property below $300,000 and paying with cash. This has definitely played a role in the supply of homes in that price range. Also, short sales have been closing at a faster pace. However, there's always the backlog of foreclosures waiting to appear in the market after banks decided to review their foreclosure procedures. Can you get a good deal still? Of course, there are great deals around and when these foreclosures come back in the market many of us will start getting calls again (not that investors have lost interest) from investors, to analyze the potential of the properties and buyers desperate to buy cash or at a very good interest rate.
Great deals also exist in areas with very few distressed sales but with great new prices due to the whole market meltdown. These are the easiest to transact sales where the owners for any reason need to sale at the current market price. There are properties going for as much as 66% less than 2005. Even new construction, waterfront and golf communities in Palm Beach County have had to adjust to the new market prices often dictated by the amount of distressed properties in other areas of the county.
One draw back has been for those needing a mortgage. Unfortunately, the banks have been quite slow in awarding mortgages and buyers are expected to come up with a bigger down payment. If a buyer has the cash or has the patience to sometimes wait a month for the loan to get approved, everything will be fine.
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