Wednesday, November 24, 2010
The first new planned condo in Palm Beach County is set to begin construction at 4001 North Ocean on A1A along the beach. This is prime beachfront property and only 2 ½ miles north of the bustling dining, arts, cultural and entertainment trendy downtown Delray Beach’s Atlantic Avenue, and near Gulf Stream.
The builder will use in-house contractors and local subcontractors as well. There will be 34 condo units in the 6-story building, each about 3000 sq ft and priced betweent $1.4MM and $3MM. Four separate villas will be built on the west side of A1A priced similarly but 4000 sq ft with 2-car garages.
Featured will be 10’ ceilings, glass and hurricane-resistant constructions, and delivery is expected in early 2013. The Grand Opening is planned for mid-January 2011 and needs 10 to 12 contracts to”go vertical.” Three are reported already sold.
C’MON ALONG and listen to live music and prowl the art galleries for a new piece of artwork to fall in love with and take home. Delray Beach boasts a vibrant, bustling art scene in its trendy downtown with almost 20 galleries clustered among boutiques, nightclubs and many of Florida’s best restaurants.
Thursday, December 2nd, here are the open galleries, 6-10 pm
- Avalon Gallery - 425 E Atlantic Ave
- Blue Coast Art Exhibit - 110 E Atlantic Ave
- Blue Gallery - 600 E Atlantic Ave
- Boca Raton Museum of Art Artists Guild - 512 E Atlantic Ave
- Cacace Fine Art Studio & Gallery - 135 E Atlantic Ave
- DeBilzan Gallery - 38 E Atlantic Ave
- Delray Art & Framing - 321 E Atlantic Ave
- Ford Fine Art - 235 NE 4th Ave #101
- Forms Gallery - 415 E Atlantic Ave
- Kevro's Gallery, Media Studio & Art Bar - 166 SE 2nd St
- Ora Sorensen Gallery - 445 E Atlantic Ave
- Jim Kolvacik - 110 E Atlantic
- Groove Merchant - Worthing Park
- Demian Bell - 300 E Atlantic
- South Groove - 400 E Atlantic
- Jazz Survivors - 500 E Atlantic
- Southern Dance Theatre - 600 E Atlantic
Many great eateries… try sidewalk dining… or inside. Pick your ethnic food choice.
· Palm Beach - There were 517 sales of houses and condos for $1MM+ in the first 9 months of 2010, up 13% from the same period in 2009 – buyers are driving hard bargains and sellers are selling!
· October statewide year-to-date existing home sales in Florida were u p 7% and condo sales up 33%
· NAR Chief Economist Lawrence Yun said what is slowing down the housing market recovery includes:
o Recent foreclosure moratorium
o Tight credit
o Appraisals coming below a negotiated price
· Yun also said the good news is:
o Low mortgage interest rates
o Favorable affordability conditions
o Pentup demand by buyers may soon be unleashed
· Economists forecast 1 million new jobs in Florida over the next 7 years
· Foreclosure Shadow inventory (not yet on the market) poses a threat to market values going up
· Proposed limits on mortgage interest tax deductions are slowing sales
· Should some of the savings from earmarked money being canceled be put in the form of a new tax credit to help home buyers?
Saturday, November 20, 2010
NAR Chief Economist and GURU
Lawrence Yun, said,
According to the
WALL STREET JOURNAL,
that removing the mortgage
interest deduction completely
could cause home prices to
fall by about 15%,
should it be wiped away
“”That is,” he said, “an ugly
scenario, particularly given
housing’s fragile state.”
While the chances of the
deduction going away
are slim, he painted
a grim picture of
what could happen.
“Housing is critical
to the economy,”
he said in an interview.
“In my view,
[losing the deduction]
that will surely put us in a
Posted by Marilyn Farber Jacobs at Saturday, November 20, 2010
Saturday, November 13, 2010
ZILLOW REPORTS ALMOST HALF OF ALL
SEPTEMBER SALES IN SOUTH FLORIDA
SOLD FOR A LOSS.
The tri-county area has a 42% rate of underwater mortgages for single family homes. Home values have fallen since the 2006 peak by 53% with price levels what they were in July 2002. In October foreclosures increased with one in every 155 Florida housing units receiving a foreclosure filing, 2nd behind California and 17% of all US foreclosures.
Posted by Marilyn Farber Jacobs at Saturday, November 13, 2010
Monday, November 08, 2010
IF THE ART MARKET EMERGES FROM A SLUMP THANKS TO INTERNATIONAL BUYERS… CAN THE HOUSING MARKET BE NEXT?
Bullish bids for important works of Impressionist and Modern art came in this past week from Russia, China, Hong Kong, Taiwan, Quatar, Abu Dhabi and Singapore as well as other corners of the world. The money comes from fortunes made in oil, gas, gold and other commodities. Sotheby’s sold $227MM worth of impressionist and modern art last week. Between $800MM and $1BB of art has sold or is planned for sale last week and this week by Sotheby’s and Christie’s, both prominent auction houses.
The last major auction was in May 2008 before the financial crisis stemmed the tide, when the art market was down 30% according to Mei Moses All Art index which tracks publicly sold art. 2009 was described as “rocky” in the art market. In the first half of 2010 returns were up 13%.
Recent “big time” art sales that set records included:
MATISSE: Monumental bigger-than-lifesize bronze sculpture of a woman’s back set a new record at Christies for this artist by selling for almost $49MM ($48,802,500). Sale estimates were between $25-$30MM and a global bidding wear sent the price up. The piece, “Nu de dos, 4 etate (Back IV)” measures 74.5”. This work was conceived by Matisse around 1930, but cast in 1978, 24 years after his death. The piece is No.oo in a collection of 12, the first three versions conceived in 1909, 1913 and 1916-17 are at the Museum of Modern Art. Matisse’s "Danseuse dans le fauteuil, sol en damier," sold for $20.8MM. Photo is from Christie’s Images Ltd.
MODIGLIANI: A life-sized painting sold at Sotheby’s for $69MM, and Modigliani’s circa 1917 seductive canvas, titled “Nu assis sur un divan (La Belle Romaine),” ["Nude Sitting on a Divan (The Beautiful Roman Woman),"] catapulted beyond a pre-sale estimate of about $40MM. It sold back in 1999 at Sotheby’s for $16.7MM, which was a record at the time. His previous record was $52.6, sold earlier this year in Paris.
GRIS: “Violon et guitare” a cubist oil painting on canvas done in September 1913, sold for $28.64MM after estimates for $18-25MM. It was sold by Marilyn Arison, wife of late billionaire Ted Arison and sold to benefit the nonprofit YoungArts. In 1998 they paid $9.9MM for this work of art. Gris regarded this Cubist still life as his ultimate masterpiece, according to Christie’s.
MONET’s: “Le Bassin aux Nympheas,” part of his iconic water lilies series, sold for $25.7MM. Its format is awkwardly elongated. Most of his coveted water lily paintings are in museums and some consider them, painted during the last 20 years of his life, his ultimate achievement.
ROTHCO: abstract painting, off the market for 40 years, could sell this week at Sotheby’s, estimate is between $20-$30MM. PICASSO: “Man with a Flag” sold for $5.3MM. LEGER: His “Femme sur fond rouge, femme assise”, the stylized figure of a woman seated cross-legged, in black and white on a red background sold for $6.35MM. SEURAT: A black Conte crayon study of a woman standing is seen from the back with a feeling of time suspended and profound mystery as the shadowy figure seems about to enter an invisible world brought $4.3MM. GIACOMETTI: “His “Femme de Venise V,” a craggy, jagged elongated fiture case in 1958 in an edition of 6 brought in $10MM.
This week, Christies hopes to get $240MM from sales of works by Warhol, Lichtenstein, Koons, Richter and Rothco.
Both Christie’s and Sotheby’s had predicted a surge in demand ahead of this year’s autumn auctions, with the art market emerging from a slump triggered by the global financial crisis.
Posted by Marilyn Farber Jacobs at Monday, November 08, 2010
Sunday, November 07, 2010
OBAMA ADMINISTRATION RELEASES
OCTOBER HOUSING SCORECARD
The latest housing figures show continued
signs of stabilization in house prices and
high home affordability due in part to record
low interest rates. The housing scorecard is
a comprehensive report on the
nation’s housing market.
Posted by Marilyn Farber Jacobs at Sunday, November 07, 2010
Monday, November 01, 2010
September showed an increase in home sales, causing NAR chief economist Lawrence Yun to say, “A housing recovery is taking place, but will be choppy at times depending on the duration and impact of a foreclosure moratorium. But the overall direction should be a gradual rising trend in home sales with buyers responding to historically low mortgage interest rates and very favorable affordability conditions.”
Let’s keep our fingers crossed that this path upwards will continue.
Interest rates have fallen to about half what they were nearly a decade ago, causing, in some cases, monthly mortgage payments to be less money than renting. About 35% of the September sales were distressed sales. According to reports, there will be more to come for some time into the future, while the government struggles to clear up a review of banking agency practices, looking at irregularities and weaknesses.
Posted by Marilyn Farber Jacobs at Monday, November 01, 2010