FAU MAKES BOCA RATON MORE AND MORE OF A COLLEGE TOWN

New 1200-bed apartment opens near new Florida Atlantic University football stadium, offering large pool, sand volleyball court and bbq grills.  Resident card access for elevators increases security.  Campus has a fitness and recreation center, movie house and mall-style food court.  

Cost to student for a semester is $4400-$4800.  This $121-MM complex has a 7- and 8-story buildings separated by a courtyard, with 2- and 4-bedroom apartments, two baths, kitchens, cable tv and high speed internet access.  Each student has their own bedroom and full size bed.  Apartments are all rented for this semester.

AWARD WINNING PALM BEACH COUNTY THRIVES.

Palm Beach County maintains a strong internet presence by offering many web-based applications to easily and transparently access service and do business with county departments and agencies. The 2011 Digital Counties Survey, partnering with the National Association of Counties, awarded our county #1 in digital technology, #1 in counties with populations over 500,000.

The annual survey takes into account achievements using technology both regarding operating efficiencies and realizing strategic objectives. ePZV refers to planning, zoning and building. ePermits is used for land development. WbEOC is for emergency management,e911for emergency dispatch, LEX for law enforcement data sharing, HRIS for human services and myGeoNav (GIS).

Many government, education and nonprofit organizations are connected to the county fiber optic network, allowing an open access public network. Internet service is provided to the network by Florida LambdaRail.

For making government information easily accessible, the county website, www.pbcgov.com won the 2011 Sunny Award from Sunshine Review which recognizes government websites exceeding standards aimed at encouraging open government, and the 2010 NACo Achievement Award for outstanding promotion of government transparency was presented to the Palm Beach County Ethics Initiative.

MARKET UPDATE AUGUST 2011

PALM BEACH PROPERTY OWNERS PETITION TO LOWER MARKET VALUES OF PROPERTIES

Palm Beach Property Appraiser’s total market value includes land and improvements and determines the assessed value.

Nearly 350 property owners in Palm Beach filed to challenge the total market value assigned to their properties by Palm Beach County Appraiser Gary Nikolit’s office.  Market value is part of the formula used to determine property-tax rates for the tax rolls.  Hearings will begin shortly and continue most likely for several months.  Appeals will be held at the county courthouse in downtown West Palm Beach, and each petitioner is notified 30 days in advance of when their petition is scheduled to be heard.

Last year, petitions were filed in the area for 462 properties.  There was also a big drop in countywide challenges from 10,941 to about 7,600 this year.   Part of the reason for dwindling numbers might be because fewer properties are changing ownership.  In 2010, about 37% of countywide petitioners received adjustments.

Properties with highest market values in Palm Beach included six commercial buildings and developments and four residences, none with homestead exemptions.  On September 19^th the 25-day period ended for filing a petition.

INVENTORIES CONTINUE DOWN; PENDINGS REMAIN THE SAME

HERE WE GO AGAIN....

RealtyTrac advises that while foreclosure activity fell for the 11th straight month on a yearly basis in August, it rose compared to July. In August the nation’s foreclosure rate was 1 in 570 housing units. The increase in foreclosure activity was driven by a 33% jump in default notices, largest monthly increase since August 2007. RealtyTrac’s CEO stated that, “The big increase in new foreclosure actions may be a signal that lenders are starting to push thru some of the foreclosures delayed by robo-signing and other documentation problems.” Scheduled auctions and bank repos fell both month-to-month and year-over-year in August. In Florida 23,569 properties received a foreclosure filing in August, a 59% drop from August 2010. That accounts for 1 in 376 units.


Banks are offering incentives of $10,000, $20,000 and $30,000 to sellers who go to foreclosure to help with a new start and a new bill, Homestead Act 2, being introduced shortly, will propose offering $20,000 to foreclosure buyers for down payment assistance. A similar offer was made by President Abraham Lincoln in 1862 for Union Army veterans to file an application and claim up to 160 acres of government land; the homesteader was required to improve the land building a home and growing crops. It would come in the form of a loan and be forgiven each year in the first 5 years of the homestead, by 1/5th each year.

MARKET HEADING UP?

Realtor.com reports that homes, condo and townhouses for-sale inventories shrunk for 4th month in a row to 19% less than a year ago among the 146 markets most searched by Realtor.com users. Miami, Orlando and Fort Myers had declines of nearly 50%. 11 of the 20 markets that whose inventories declined in August were in Florida.


This may reflect a slowdown in homes moving thru the foreclosure process. Areas with high unemployment rates and many seriously delinquent borrowers could swell up inventories. Realtor.com states that , “Florida is a judicial foreclosure state that’s been ground zero in the robo-signing scandal.” Fears remain of a foreclosure glut.


Median list prices were up by 1% in 64 of the 146 markets tracked, down in 49 and unchanged in the other 33, a steady improvement trending. In 14 Florida markets, the median price list was down.

BOCA RATON HISTORICAL SOCIETY HOLDS TOURS AT THE ADDISON

Perhaps you have enjoyed a wonderful meal in the Addison restaurant.

In 1925, Palm Beach Architect Addison Mizner launched plans for a resort community in a then small farming town called Boca Raton. There are two adjacent structures on Camino Real and Dixie Highway which housed his Mizner Development Corporation that included his sales offices, drafting rooms a small apartment for him and an alfresco restaurant. The structure is modeled after El Greco’s house in Toledo, Spain.


The Boca Raton Historical Society will be offering tours of these historic buildings from 5-8 pm on Wednesday, September 21st, 2011. Cost is $10 per person, which will benefit the Historical Society, and Complimentary cocktails, hors d’oeuvres and music will be provided. Call 561-372-0568 to RSVP.

DELRAY BEACH'S CREST THEATRE PRESENTS HOLIDAY ICE SHOW

Treat yourself to the Award Winning MUSICAL MOMENTS ON ICE feauring Big Band and Abba sounds and sounds of many other musical genres along with world class skating, elaborate costumes and artistic athleticism for a most memorable performance.

The performance will be held at the Crest Theatre, 51 North Swinton in Delray Beach within Old School Square on December 16, 17 and 18th, with matinee and evening performances. The Crest Theatre is located within Old School Square at 51 North Swinton Avenue in Delray Beach. Call the Crest Theatre Box Office: 561.243.7922 ext. 1. Individual ticket price is $42.

2002 PRICES PREVAIL FOR SOME SOUTH FLORIDA HOMES

According to the Chairman of the Index Committee and S&P indices, “No cities made new lows in June 2011,” and “this month’s S&P/Case Shiller Home Price Index report showed mixed signals for recovery in home prices.” Home sales, they say, are at the same levels in June as they were in 2002. Homes in the tri-county area were up .6% from May but down 5.1% from the same period in 2010. Keep in mind that “2002 prices prevail” does not refer to all sales. When homes are well located for the buyers needs and have extra features such as pools, boat docks, sizeable lots, and upgraded kitchens and baths, the seller may get a higher price than the “2002 value.” Investors looking for income earning properties, on the other hand, bid low, so those sales are at the 2002 level, and maybe lower if not in good condition.


Pending sales have declined, and until we have easier access to credit, an increase in job opportunities, and the financial markets stabilize, the housing market will continue to struggle to recover. Lawrence Yun, NAR chief economist, said, “The market can easily move into a healthy expansion if mortgage underwriting standards return to normalcy… proper comparables [must be] used in appraisal valuations” and he added that the short sale process must be streamlined. He also stated that, “investors are buying real estate as a future inflation hedge.”


Nevertheless, this remains the best time ever to buy in Florida, and discerning cash buyers are buying. Those looking at higher end houses realize that if they buy now, they can live in a beautiful home, in due time it will appreciate in value while they are enjoying the lifestyle… and real estate has ALWAYS “COME BACK”.

WHAT IS SHADOW INVENTORY?

The chart above represents the balance of distressed loans

for total US markets -  excuse blurriness - had to blow it up to see it at all

bottom up: reo, foreclosures, 90-days delinquent, [unreadable]

MIT's Value of All Us Properties to Jan 2011 - down 50% since 2008

Shadow inventory represents homes that are in the foreclosure system but haven’t hit the market yet. Standard &Poor defines shadow inventory as foreclosure and REO properties in 90-day delinquency or worse and says that shadow inventories are slowing down market recovery.

The National Association of Realtors says that Standard & Poor estimates that there are 47 months of shadow inventory to work it’s way through the system.  1Q/2011 estimate was 52 months, so the number has gone down.

RealtyTrac, who tracks foreclosures, said that delays from mortgage servicers in processing foreclosures likely will cause more than 1 million foreclosures to be postponed until next year. This is a “Catch 22” because releasing many of these homes for sale will further drive down home prices.

WHAT'S UP?

Are we facing the loss of the interest deduction and would that threaten a housing market recovery?

Chief Economist of the National Association of Realtors, Lawrence Yun, says, "the mortgage interest deduction is vital to the stability of the American housing market and economy."  He further says, "facilities home ownership by reducing the carrying costs of owning a home, and it makes a real difference to hard-working middle-class families."

With all the cuts coming up soon, would this be a positive or negative cut for the economy if it reduces the number of home buyers who counted on the interest deduction?

BOCA FESTIVAL 2011 RAISES FUNDS FOR CHARITIES

Boca Festival 2011 events begin August 8th with Martinis and Manicures from 6-9 pm benefiting the American Cancer Society at Tipsy Spa Salon, 100 Plaza Real South, Suite J, Boca Raton, FL 33432. Phone: 561-394-7751 x 5308.  

The Festival runs for the whole month of August.  See EVENTS.

Have fun while groups are fund raising this month in various areas in downtown Boca.

DON'T LIKE WAITING ON LINE?

Here is a helpful idea when you need drivers licensing services.  If you have a mobile device, you can text waitpbc to 41411, says Anne M. Gannon, Constitutional Tax Collector, and you will receive back a text message shoing the number of people currently in line for a license and the approximate wait minutes.  Appointments for drivers license services can be scheduled up to three months in advance and wait times can be viewed at www.taxcollectorpbc.com.  Payment options include cash, check or money order; credit cards cannot be processed.  For office locations go to http://www.flhsmv.gov/offices/.

 Since 2010 the Legislature transferred the job of issuing Real ID driver licenses from the DMV to local tax collectors.  One must go in person to prove their identity, according to the Federal Real ID Act.  With their service centers now in small offices, Gannon says, “We are harnessing the power of technology to put new tools directly in the customers’ hands.

Other implementations to assist those waiting on line include a mobile receptionist issuing Q-flow tickets to clients standing in line so they can circumvent the line; mobile receptionist can process simple motor vehicle transactions including license plate surrender or renewal and handicapped parking permits.  An employee checks the line in peak times so if you do not have required documentation you don’t wait needlessly.

CREST THEATRE IN DELRAY BEACH TO PRESENT INTERESTING LECTURES

Thursdays at 2 pm, “come winter,” the Robert D. Chapin 2012 Lecture Series presents the following programs and you may want to note them on your calendar now:

 January 12:  Author and Today Show correspondent JENNA BUSH HAGER may tell stories of inspirational people doing great things across America, which she contributes to the Today Show.  Jenna is the daughter of former President George and Laura Bush and granddaughter of former President George H.W. and Barbara Bush.  Jenna wrote “Ana’s Story:  A Journey of Hope”, inspired through working with UNICEF which became a New York Times Best Seller.

 February 2:  US Ambassador to the Manila-based Asian Development Bank, ROBERT “Skip” ORR, is former President of Boeing Japan, and former Vice President of Motorola’s European Affairs Division.  He graduated from Florida Atlantic University in 1976, received his Master’s Degree from Georgetown University, and Doctorate in Political Science from Tokyo University.  

 March 15: host of The Newlywed Game and former disc jockey BOB EUBANKS will share with us untold stories and funny anecdotes about some Hollywood and Music Industry moments.  His six rules for success are motivational.  He will also review hilarious moments from The Newlywed Game.  In 2000 Bob became the only tv personality to ever host the same show format for 5 decades.

 April 5: Journalist, Producer, Author and Writer STEVEN BOGART is also the son of legendary acting greats Humphrey Bogart and Lauren Bacall.  His non-fiction “Bogart: In Search of My Father” was a bestseller.  He will share with us his personal insights and funny stories about his parents and some rarely seen home movies.

General Admission is $25 for open balcony seating; reserved seating on the main floor is $40.  Reserved tickets include a post-lecture reception.  

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WHAT IS AGING ABOUT?

MIT RESEARCH: 

Understanding how the body ages 

via an aging suit

 

 

EVENTS THIS WEEKEND AND BEYOND..

Looking for TREASURES at Bargain Rates?  Be at Bruce Kodner Galleries on Sunday, July 10^th at 1 pm for all kinds of goodies to bid on from stunning jewelry to sculpture to porcelain to watches to oriental room size rugs and much, much more.  Located just below Lake Avenue in Lake Worth on east side of Dixie.

Cirque du Soleil: Alegria was an early presentation, still popular after 17 years, featuring classic baroque imagery and a timeless theme of age.  Bank Atlantic Center in Sunrise, an indoor arena, presents this and other shows this month. 

Mizner Park Amphitheater presents “Summer in the City,” a Neil Diamond Tribute on July 29, 2011 at 7 pm.  It is a free concert.  You can bring along a chair or blanket, relax and enjoy the best of entertainment under the stars and bring the whole family.  Lots of great eateries for dinner in Mizner Park!

Crafts fan?  Be at the South Florida Expo Center, South Florida Fairgrounds, 9067 Southern Blvd, West Palm Beach starting at 10 am July 9 to see unique one-of-a-kind items and gifts, try on custom made gold and silver jewelry, find handcrafted furniture, fudge and gourmet delights, folk art, dolls, candies, artwork, pet items, quilts, wearable art, and many other collectable items.

NAR COMMENTS RE PENDING HOME SALES TRENDING UP

While homes for sale inventories are falling, pendings have trended up in 7 of the last 11 months. 


Lawrence Yun, National Association of Realtors Chief Economist, said that the upward trending of home sale pendings bodes well for home prices. “Absorption of inventory is the key to price improvement, and this solid gain in contract signings implies that home values in many localities are or will soon be stabilizing as inventories get absorbed at a faster pace,” he said.  “Home sales still could be 15 to 20 percent higher,” Yun said.

“If banks would simply return to normal sound underwriting standards and begin lending to more creditworthy borrowers, we’d get a much faster recovery in the housing sector.”  Yun, as is the common thread, said that healthy job creation is necessary to ensure a solid recovery both in home sales and the overall economy.

A sale is listed as pending when the contract has been signed but the transaction has not closed, though the sale usually is finalized within one or two months of signing.

THINKING OF BUYING OR SELLING?

NOTE THAT INVENTORIES ARE DOWN

AND PENDINGS ARE UP

 NOW IS THE BEST TIME EVER

TO BUY IN FLORIDA...

BEFORE ALL THE BEST PROPERTIES

ARE GONE...

Marilyn Jacobs will show you properties that fit

your criteria, negotiate for you,

explain the purchase and sale process

... and work with you AFTER the sale as well

561-302-2288 or marilynfjacobs@gmail.com