The Florida real estate market is definitely picking up including Palm Beach County where homes values are expected to gain 5.8% in 2014. Luxury homes sales are also on the rise showing evidence of a turnaround in the county’s real estate market. The number of homes sold over $1M in the county went up by 16% during the first quarter of 2014 compared to a year ago. Evidence of this is the sale of Ivana’s property which in less than one year went up in value over $6M or 64%.
Luxury home buyers can afford to buy and are not subjected to the strict lending standards as they have the financial back-up to qualify for mortgages. However, sales records show that a great majority of luxury home sales are done cash. According to an article on the Sun sentinel (June 14, 2014), a total of 245 single-family homes sold for $1 million or more in the county in the first three months of this year. Home prices are inching up, sales are rebounding, and while foreclosure is still a problem, it’s much less of a problem than it has been. There’s a lot of positive news about housing all over the United States and the outlook throughout 2014 is a positive one.
Click here to view the full story on Ivana’s property sale.
http://www.sun-sentinel.com/business/yourmoney/fl-palm-ivana-sells-home-20140715,0,3736832.story
Comments(0)