GOOD NEWS ON THE HOME SALE FRONT JUST IN...

"The upswing in April sales was expected because of the tax credit inducement, and no doubt there will be some temporary fallback" ahead,” says National Association of Realtors Chief Economist Lawrence Yun. He further states that  “Not only do consumers have growing confidence in the economy and their own incomes, but home buyers no longer fear further price declines -- and that's a crucial turning point in the cycle.”

THINKING ABOUT SELLING YOUR HOME?

Have you heard that STAGING can make a difference and may help sell your home?

Learn all about it at Robb & Stucky by attending one of their seminars, “Staging to Sell”.  Robb & Stucky Design Consultant Ron Hammond will tell you how to “prep” your home for a faster sale and make it stand out from other homes on the market.   

Your real estate agent can also be helpful, e.g. convincing you to remove clutter, open up spaces… after all, “it is all about the buyer,” and they are not interested in the sellers collections nor family photos, but rather, how their collections and furniture will fit in your home if they buy it.  It may be hard for sellers to understand that, but can make the difference for a faster sale.

The seminars will be held in the Boca Raton store in Mizner Park on May 27^th and June 24^th at 2 pm.  Reserve by calling 561-862-5597.

5-28-2010 WSJ: LUXURY MARKET BOUNCES BACK

SEE ARTICLE

JUNE HAPPENINGS TO ENJOY

JUNE HAPPENINGS TO ENJOY

Old School Square members have lots of goodies in store.  You and the family can visit 17 museums, attractions and cultural centers free during June 2010. 

This includes the BAMM program which gives free June entry to 20 organizations including the Boca Raton Children’s Museum, Cornell Museum, Cinema Paradiso, Flamingo Gardens, IGFA Fishing Hall of Fame, International Swimming Hall of Fame Museum, and many other interesting facilities.

The Cornell Museum of Art has developed a reciprocal partnership with the Boca Raton Museum of Art, allowing OSS members complimentary admission from June 22 through August 8, 2010 to the Boca Museum of Art 59^th Annual All Florida Juried Exhibition and the Boca Museum Artist’ Guild Exhibition and permanent collection.

Collectors should head over to the Cornell Museum for their STUFF II: The  Joy of Collecting exhibit.  Treasured items have been loaned by local collectors including glass, vintage household items, comic books, antique tools, women’s accessories, photographs, baseball cards, duck decoys and home décor which have wonderful stories accompanying the collections. 

Old School Square Membership starts at $30 for up to 2 adults and children under 18 in same household.

WALL ST JOURNAL RE FAMILY MANAGERS and MANAGEMENT FIRMS

Focusing on Oprah Winfrey’s starting a family office by hiring a Family Manager who is with a full investment organization, recommended by her law firm, for her estimated $2.4BB net worth holdings, the WSJ states that, “Wealthy investors typically hire mangers at banks and brokerage firms to handle their financial affairs.  A family office is considered a step up from such an arrangement, with a team of advisers working exclusively, and directly, for the client.” 

The article also mentions that Michael Dell, with more than $10BB worth of personal assets, has a team of 80 people working on Money Management for him at a Family Management Firm.  WSJ further states that, “the billionaire Bass brothers in Fort Worth TX created an operation that became a model for family-office investment vehicles around the US.”  

ZILLOW CHART SHOWS BOCA RATON HOME PRICES TREND STILL DOWNWARD

The Zillow chart for Boca Raton transactions from 2006 to 3-31-2010 still shows a downward price trend.  In 2006, index showed a value of $470,000.  On 3-31-2010 value is about $255,000.  Average price is $256,200 which represents a year-over-year decline of 4.2%.

BOCA RATON TO GIVE INCENTIVE DOLLARS TO BUSINESSES

City Council, recognizing that other local and state governments are giving out funds and other assistance to attract businesses, has approved $1,000,000 to provide local matching dollars to business receiving state money or moving to the city, or to expanding local businesses that are creating jobs.  Some state, city and county grants require a local dollar match. The amount may increase to $5,000,000.  The City Council’s focus is to create jobs and expand the tax base.

Under the plan, a local business could receive between $1000 and $500,000 to create a certain number of jobs, provide a salary level that is 120% of the average county salary, and have the potential to create significant economic growth in the city.  The target is office-based and industrial businesses, not restaurants or retail businesses.

Eleven programs include workforce training assistance and grants, low-interest loans to start up small businesses, façade improvement grants and building renovations that will make energy use more efficient.  Economic development funds have also been created in Jupiter and Palm Beach Gardens. 

ROBB & STUCKY’S FAUX PAINTING PRESENTATION REVIEW

If you enjoyed finger painting as a child, you will understand why Tim Ellis has such a good time doing the beautiful faux painting work that he does.   Tim showed us samples of fabulous marble, wood, granite, leather, suede, Venetian plaster and fabric finishes that he made. 

His grandfather started the faux painting business in Florence, Italy, and now a 4^th generation is also involved.   He explained that faux painting is an absorbing business and told us about the process. 

He showed us a marble finish he did that had 9 layers… took several days.  Many finishes can be done in one day in one room.  He uses a water base primer that, vs. oil based, is not toxic and does not smell.  Wipe the surface first with primer, sand, apply finish(es) and then glaze.  He suggested using Old Masters glaze and has experimented with most glazes, if not all.  Tim said that glazes seal the paint and give a nice luster, and best of all they can be scrubbed.  He showed us that you can put a strong color in the back ground, striae (stripe) at random over it in white and the background will be there, but not strong.  Tim described various brushes he uses, and he also uses sponging and other methods.

A leather sample he did went up on a coffered ceiling, matching the furniture in the room.  Wood finishes match actual wood pieces and look exactly like them.  Marbles were beautiful colors and he compared using the same colors with darker or lighter results.  The black granite sample, he said, was okay for formica cabinets but not for counter tops. 

I found myself thinking how closely his work resembled faux work done on pillars and in architectural niches in a listing of mine.  The pillars are painted to match the floor and "fade out," and are not intrusive.  When he showed the crushed tissue paper samples, I got very excited, as the listing's master bathroom had it on the walls.  I raised my hand and asked, “Back in about 2002 did you do a builder’s model in Polo Trace?”  He said he did. I said, “I KNEW IT and want to tell everyone here that it looks as good today as when he did it.  The house looks fabulous because of those touches.” 

If you want to reach Tim, call Robb and Stucky Design Consultant Ron Hammond at 561-445-7190.

WEALTHY SPENDING AGAIN ON LUXURY HOMES

Two home sales, each exceeding $45 million set U.S. records for 2010.  In April, Texas Energy executive Kelcy Warren purchased a Colorado property for $46.5 million.  Hot on the heels of this transaction, an un-named Indonesian buyer contracted in May for a 48,000 square foot Bel-Air mansion for an amount reported to be close to $50 million.   

If the Los Angeles transaction closes, it will bump the Colorado sale to set the newest record for this year’s priciest residential transaction.  Some brokers speculate that these transactions illustrate a return of the wealthy to the upper-tier housing market. Photos and details of the Colorado property can be seen on the April 30^th post at http://HistoricHomesinFlorida.blogspot.com.

Laurie Moore-Moore, Founder of The Institute for Luxury Home Marketing – which trains agents in the luxury market and awards an international designation to the most successful –reports that, “Institute members from many markets across the country are telling us that buyers at the top of the market are looking again and that many are cash buyers.  We believe this anecdotal evidence may herald the return of the very affluent to the national residential market.” But is this the case in our local market?

Founding Member Marilyn Farber Jacobs, a luxury home professional with Realty Associates in Boca Raton, reports that the upper tier market in Boca Raton is experiencing an up-tick.  “Our Boca Raton luxury market currently has 14 homes on the market listed between $10,000 and $22,000,000.    Inquiries and showings are up in the luxury market and that’s a good sign.  “What’s more,” says Jacobs, “according to the Multiple Listing Service, 63 homes sold at $1,000,000+ so far in 2010 with the highest sale for a point lot Sun N Surf intracoastal deepwater property at $6.8MM, on the market for 420 days; original price was $16.900MM.”

“In the recent economic downturn, while many of the wealthy experienced substantial drops in their portfolios and felt the uncertainty of global economic conditions,” said Moore-Moore, “today, many are looking at U.S. home values and deciding to buy another residence as both a lifestyle decision and a portfolio play. Although the current turmoil in global economies is a wild card which could change things, we think the luxury home buyer is re-entering the market and shopping for fabulous homes as smart investments.” 

GETTING A NEIGHBORHOOD HISTORIC DESIGNATION

Why do it?  Being designated as a historic district can result in higher property values and access to grants and financial assistance for maintenance and repairs.

How long could this take? Working up to 20 hours a week, it could take 6 months or more.  Be ready for intensive research, paperwork, local government involvement, surveys, and you may want a consultant. 

What to research? Neighborhood architecture, be sure it is historic, photograph homes and streetscapes, survey property lines, and contact local and state historic officials and any historic preservation society, city or state groups nearby.  Learn about any well known people who lived in the area in the past as well as currently.

Why hire a consultant ($5000-$20,000 or more)?  A qualified consultant can do the paperwork, understand architectural terms, determine if properties are historic, usually meaning 50 or more years old.  Exceptions could be properties associated with major events.

Suggestion: Contact your town’s state representative to determine boundaries of the historic district you want to create.  Local designations may involve a town zoning board vote.

Know this: you may find opposition from neighbors and if so, an individual owner can decline to have their home listed.  People may be upset if they cannot change any parts of their homes without a lot of paperwork to get permission. 

What are the Designation differences: Restrictions differ with local, state and national designations, so learn the differences.  National designation is the most lenient; state designations tend to follow them.  Local designations are the most restrictive and usually are included in municipal preservation ordinances.  Restrictions can include colors of paint, additions or how windows and/or roofing are replaced.  The National Park Service administers the National Register of Historic Places, which is considered the most prestigious designation.  It is honorary and does not limit what owners can do to their homes.  National and State designated properties are usually overseen by State Historic Preservation Officers.  Most complaints are at the local level, but homes with local AND national designations tend to increase in value more than those with only a national designation, perhaps due to more oversight and more neighborhood involvement.  

For more information on Historic Homes.

SOME SAY THINGS ARE LOOKING UP....

SOME SAY THINGS ARE LOOKING UP....

Stockholders gathering in Omaha for Annual Meeting were told by Warren Buffet that the economy is showing “significant” and persistent improvement for the first time since the financial crisis broke in 2008.

Other indications to back this up include new loan applications going up 13% in a week according to the Mortgage Bankers Association, and the FHA and VA share of home purchase applications soared above 50%, highest amount in twenty years.   The PMI Risk index (tracks price decline potentials for two years out) found that out of the 50 largest markets in its latest survey, 42 showed less risk.  Jumbo loans are roaring back with one major lender announcing for credit-worthy applicants, rages are dropping on jumbos to 5.7% for 30 years – the best rate ever.

The current jobs recession might take 2-3 years to change, and then it is predicted there will be shortages in labor markets.  Government analysts expect 14.6 new nonfarm payroll jobs by 2018 and 15.3 MM new jobs for self-employeds, family members working in family businesses and farm jobs.   

One field where shortages are expected is health including registered nurses, and home health aides, nursing aides, orderlies and attendants.  Many jobs in the social sector (industries covering health care and social assistance, educational services, nonprofit community and religious organizations, the performing arts, museums, libraries and government) do not require enormous physical exertion, but requiring people with commons sense and experience.  Older workers might “fill the bill.”  Social sector jobs represent 47 percent of total projected nonfarm payroll employment growth, according to the MetLife/Civic Ventures report.

PUBLIC GOLF COURSES

OCEAN BREEZE COUNTRY CLUB, 5800 NW 2^nd Avenue, Boca Raton, 33487.  Within 280+ plush acres in beautiful east Boca Raton you can play 27 championship Golf holes on a semi-private golf course that provide 3 challenging 18 hole courses which test your skills.  Tennis program as well.  Inn – 1 mile to Boca beaches.  From I-95 go east on Yamato Road, then north onto NW 2^nd Avenue.  Course and Clubhouse are on left side.  561-994-0400, Ext. 241

BOCA MUNICIPAL GOLF COURSE, 8111 Golf Course Road, Boca Raton 33432.  Par 72 18-hole championship course, 6514 yards.  Situated on a 210-acre setting of manicured greens, fairways, mature trees and winding lakes.  From I-95, go west on Yamato Road, south on St. Andrews Boulevard.  Head west on Glades Road past the Florida Turnpike and watch for sign for the course on north side.  561-483-5226. 

POLO TRACE, 13481 Polo Trace Drive, Delray Beach 33446.  One of south Florida’s premier golf courses with over 7000 challenging yards featuring championship Turf greens, and lush rolling fairways providing the ultimate golf experience.  From I-95 or Florida Turnpike to Atlantic Avenue exit.  From I-95 head west, from Turnpike head east to Hagen Ranch Road, north to Polo Trace on west side. 561-495-5300.

DEER CREEK, 2801 Deer Creek Country Club Boulevard, Deerfield Beach 33442.  A challenging course, Mens par is 71, Ladies par is 73.  Doglegs, water holes and tall pines contribute to the challenge.  From I-95 head east on Hillsboro Boulevard to golf course on north side.  561-421-5550.

BOCA DUNES, 1400 SW 65^th Avenue, Boca Raton FL 33428. Bruce Devlin designed this 18-hole par 72 executive course of 7000 yards.  Walk or ride.  Lighted Driving Range.  From I-95 take Palmetto Park Road west then south on Lyons Road/SW 57^th Avenue.  561-451-1600.

SOUTHWINDS, 19557 Lyons Road, Boca Raton 33434.  5643 yards, par 70 course.  Driving range, practice putting green and chipping area.  I-95 west on Yamato Road, south on Lyons Road to course on right.  561-483-1305.

ELEGANT FAUX FINISHES CAN TRANSFORM THE APPEARANCE OF YOUR HOME

Ordinary surfaces can be transformed to look like Venetian plaster, leather, wood, onyx or marble and add drama and new interest to your surroundings, adding a sense of history and artistry.  

Robb & Stucky presents Tim Ellis, faux artisan and painter, speaking on Revisiting Faux Trends on Tuesday, May 8 at 2 pm in the Boca Raton store in Mizner Park.  Faux effects, from faux gold to faux marble, can add fabulous finishing touches to your interiors.   

Come and learn all about it and see beautiful examples.  Reservations requested – call 561-862-5597.  You can also request a complimentary design consult.

VOTE FOR THE 2010 COLLECTIBLE CAR OF THE YEAR

The New York Times offers pix of 30 finalists with classics from different eras and countries to vote for.   

Pictures and information on each car are available.  Voting ends May 17, 2010.  Winner to be announced July 24, 2010.   

Photos also available on the site for previous winners.