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After busy summer, Palm Beach real estate agents scramble to find listings

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Who is knocking on the door? Who is ringing the doorbell?

If you live in Palm Beach, you might very well be a real estate agent asking if you want to sell your home.

Stories of actual door knocks and doorbells are likely to be apocryphal – but there have been plenty of emails, phone calls, and even letters in the mail sent to homeowners by realtors seeking deals in a historically tense real estate market after months of gangbuster sales.

And while intense competition among buyers has pushed prices up, many would-be sellers just don’t take the bait.

“Where are you going?” asks Douglas Elliman Real Estate’s agent Gary Pohrer, summing up the riddle the island’s real estate community faces at the start of the winter season.

Many people could easily part with their homes on the island’s rapid fire market, explains Pohrer. But they are hesitant to sell, fearing that they will not find a comparable property at a reasonable price in a city where inventory is more corked than an unopened bottle of Dom Perignon.

“A lot of brokers call each other weekly and ask, ‘What are you up to?’ And the answer is often: ‘Nothing,’ ”he says.

Agent Dana Koch of the Corcoran Group echoed Pohrer, talking about the dilemma potential sellers face.

“People just don’t know what their next landing step will be,” says Koch, “and they are afraid of being excluded from the market.”

New sales reports show that sales volume has hit a record summer high

And how did the agents get into this position? The irony is that in the 18 months since the coronavirus pandemic first hit Palm Beach headlines, they’ve sold their customers home-for-home – and condominium after condominium.

This activity means that as the new season begins, properties for sale are rare, especially waterfront properties, new homes, and recently renovated homes and condos. Newly released third quarter sales reports – issued by agencies doing business on the island – tell a lot of the story.

Busy summer:Palm Beach properties were “incredibly hot” in Q3, according to sales reports

Palm Beach properties continued to shoot for much of the summer, breaking a new record for third-quarter sales at $ 712 million. That comes from the latest report from Frisbie Real Estate, the team around real estate agent Suzanne Frisbie from the Corcoran Group.

Palm Beach real estate agent Suzanne Frisbie prepares quarterly sales reports for the local market using data from the Multiple Listing Service and private sales recorded at the Palm Beach County Courthouse.

But the bigger sales story is that island sales hit a record $ 3.3 billion in the first nine months of the year, according to Frisbie’s report. In contrast, total sales for 2020 as a whole were nearly $ 1 billion lower, reaching $ 2.4 billion according to Frisbie’s previous reports. In 2019, the total annual amount was $ 1.2 billion.

Strong start:Reportedly, the second quarter was a record for Palm Beach real estate

The third quarter Corcoran report, released separately from Frisbie’s analysis, predicted that high demand for Palm Beach homes would continue into the new season.

“Overall, the desire for more space, the ongoing home office trend, low interest rates, tight supply and cheap taxes continue to drive buyers into the area, which we believe will last until the end of 2021,” says the Corcoran report.

A tight market would favor sellers if they agree to sell

The busy summer only exacerbated the existing storage shortage.

“The total stock of listings fell a record rate to its lowest level in nearly a decade,” said Miller Samuel Inc. analyst Jonathan Miller in a statement accompanying the third quarter sales report issued by Douglas Elliman Real Estate.

Note that at the end of September, 37 single-family homes were being offered for sale on the local multilisting service, up from 113 at the same time last year. The same goes for condos and cooperative units in Midtown – 18 entries at the end of last month, up from 105 the year before. And on the South End, the quarter ended with 36 MLS-listed units available, up from 150 at the end of September last year.

The lack of real estate – and the undisputed sellers’ market – drove up prices for single-family homes. But the market also led to a rebound in condominium and cooperative unit sales as buyers scoured the lower end of the apartment market in search of homes, particularly in the South End.

And, as is usually the case in a seller’s market, the limited supply of single-family homes for sale drove prices to record highs in the third quarter, often in the midst of bidding wars, multiple third-quarter reports report.

Analysis by Brown Harris Stevens found that the average sales price for single-family homes in July, August and September was 17.361 million, according to Corcoran’s analysis, up 33%.

These prices came as a shock to many property developers struggling to find land suitable for speculation to develop homes.

An unusual series of high dollar deals occurred during the summer months

In addition to the unusual summer activity, there was a remarkably high number of sales in the upper price ranges, which have been closed since May 1st, the end of last season. In total, 10 sales of $ 35 million or more were documented during the warmer months. In the same period last year, only five acts were recorded in this price range.

Looking south shows the Ocean-to-Lake property at 1840 S. Ocean Blvd.  in the foreground.  The Palm Beach property was sold for a record-breaking $ 109.625 million in June, setting a record for the sale of an ocean-to-lake property in a single transaction.  Lawrence A. Moens Associates represented both the buyer and the seller.

And the three biggest sales since May 1 have been stratospheric. An estate on 1840 S. Ocean Blvd. on Billionaires Row in the South End changed hands in June for a record-breaking $ 109.63 million, setting a record for an ocean-to-lake property in Palm Beach sold in a single transaction.

Sea-to-sea record:Billionaires Row Property in Palm Beach Reaches $ 109 Million:

Down the street, an oceanfront mansion at 1341 S. Ocean Blvd. was trading for $ 95 million in May. Lawrence A. Moens Associates’ broker, Lawrence Moens, did both sides of the business on South Ocean Boulevard.

And across town in the Estate Section, the private island known as Tarpon Island in the Estate Section set a lakefront record when it was privately sold for $ 85 million in July by Premier Estate Properties as the lead for the sellers.

Then, last week, Moens listed Tarpon Island at $ 125 million “as is,” and $ 210 million on a major renovation and expansion project for a 1930s home.

In the condo scene, multiple sales reports have indicated that South End condominium sales set a record for dollar volume in the third quarter. These units also sold much faster than those that closed in the same period last year, according to Sotheby’s International Realty analysis.

Realtor Linda Olsson founded and runs Linda R. Olsson Inc, Realtor, in Palm Beach.

Real estate agent Linda Olsson, of Linda R. Olsson Inc.’s sales analysis provided one reason for the surge in condominium sales during the summer.

“As single-family home prices soar, many buyers are turning to … condominiums,” Olsson wrote.

Nowadays, creativity is key to matching buyers with sellers

Amid limited housing options, real estate agent Christian Angle of Christian Angle Real Estate said finding buyers in Palm Beach requires “creativity and out-of-the-box solutions.”

Angle declined to discuss specific sales strategies.

The real estate agent Christian Angle runs Christian Angle Real Estate in Palm Beach.

In Palm Beach, however, it is not uncommon for agents to put together what are known as “chain reaction” deals, in which they match a buyer with a seller – and then move the seller to another home. In another scenario, a buyer could agree to rent the house to the owner-changing seller and give the seller time to find other accommodations.

And with limited options in MLS, such deals are often handled privately.

One sale leads to another:Bon Jovi Home Sale Triggers Chain Of Deals; latest records at $ 8.25 million

The key to any transaction, Angle added, is carefully listening to the needs of everyone involved.

“Everyone needs to feel that what is important to them is being addressed, regardless of whether they are buying or selling,” said Angle. “We had an excellent year with more sales than ever by responding to all of our customers’ needs.”

Angle also noted that in Palm Beach, more people are looking for primary homes – rather than vacation destinations – and expects this trend to continue as the new season begins.

Pohrer also mentioned the importance of creative solutions to help buyers, and part of that might just be giving them access to the market. A customer, he said, might initially buy a home or condo that is less than a dream home but will move up quickly as a result when a more suitable property comes on the market.

“This can be at least a two-step process, sometimes even three,” said Pohrer, adding that in situations like this, buyers can still enjoy the benefits of island life while browsing the market. “Palm Beach is always great. It’s a 10 out of 10. “

Pandemic has changed the priorities of buyers and sellers, the agent says

Koch, meanwhile, noted how customer priorities have changed during the pandemic. People make a point of enjoying their home rather than thinking of real estate primarily as investments that trade for a profit.

Dana Koch is an agent for the Corcoran Group in Palm Beach.

“People have re-prioritized their list of important things. And enjoying life is at the top of her list, ”said Koch.

And some house hunters in Palm Beach, Olsson said, will be looking for better properties, even if the search takes longer than they originally expected.

“The people are demanding. It is a lot of money. And they want to get what they need and what works for their family, ”said Olsson. “You are ready to wait.”

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Portions of this article were previously published on PalmBeachDailyNews.com.

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Darrell Hofheinz is a journalist for the USA TODAY Network of Florida. Help us to support our journalism. Subscribe today.

dhofheinz@pbdailynews.com

@PBDN_hofheinz

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Real Estate News

Troubling Data For Horry County Future Real Estate Sales MyrtleBeachSC News

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Rocket Homes lists Horry County as a seller’s market for 2020 and 2021.

The average sales price for a house sold in Horry County is currently $ 245,569.

Horry County is the fastest growing county in the state with a population of 350,000 and the growth continues.

BUT THERE ARE ONLY PROBLEMS

Click the image to view the Boomer Death Clock in real time

In 2014, Incendar.com created what is known as the Boomer Death Clock. While it is certainly a morbid name, each generation goes through its own life cycle.

According to Incendar, a baby boomer dies every 16.5 seconds in America. This number is expected to double over the next 10 years.

BoomersYoung Boomers and Old Boomers account for 32% of all home sales

According to the National Association of Realtors, baby boomers would buy 32% of all homes sold in America in 2021.

Millennial and Gen-X buyers were just behind. Millennials make up the largest generation in the United States today.

Statistics: Resident population in the USA in 2020, by generation (in millions) |  Statista
More statistics can be found at Statista

FASTER FORWARD 5 YEARS

The Generation X generation is nowhere near as big as the boomers. This generation is about 10 years away from retirement. However, Horry County is not in the top state for retirement.

IT’S GETTING WORSE – MILLENIALS

The top 10 states where millennials buy homes include:

1. Denver, Colorado

Denver had the largest net millennial migration with 10,974 millennials moving to the city from another state in 2019, resulting in approximately 33% of Denver’s population being millennials.

2. Seattle, Washington

Seattle had a net immigration of 6,164 millennials from other states, which is 34% of the city’s population.

3. Phoenix, Arizona

Phoenix had a net migration of 5,958 millennials. Millennials made up 23 percent of the city’s population after migrating.

4. Austin, Texas

Austin had a net immigration of 5,686 millennials from other states, which is 31% of the city’s population.

5. Colorado Springs, Colorado

Colorado Springs saw a net migration of 5,050 millennials from other states in 2019. Millennials made up approximately 24% of the city’s population.

6. Frisco, Texas

Frisco, which is located in the Dallas-Fort Worth metropolitan area, saw a net migration of 3,516 millennials from other states in 2019, which is roughly 19% of the city’s population.

7. Cary, North Carolina

Cary, which is about 15 minutes west of Raleigh, had a net migration of 3,364 millennials from other states in 2019. No data on the millennial population were available.

8. Portland, Oregon

Portland saw a net immigration of 3,311 millennials from other states, which resulted in them making up about 29% of the city’s population.

9. Henderson, Nevada

Henderson, which is about 25 minutes from downtown Las Vegas, saw a net migration of 3,042 millennials from other states in 2019. Millennials made up about 20% of the city’s population.

10. Cape Coral, Florida

Cape Coral, which is about 20 minutes from Fort Meyers and on the Gulf Coast, saw a net migration of 2,666 millennials from other states in 2019. Millennials made up about 18% of the city’s population.

Horry County is nowhere to be found on this list.

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Jax Beach oceanfront home goes for $6.5 million

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4015 Duval Drive in Jacksonville Beach sold for $ 6,500,000 on October 12.

A classic clapboard style beach house holds the top spot as the most expensive home sold in Duval County last month. Built in 1964, the nearly 4,000-square-foot home sold for $ 6,500,000 on October 12.

Below are the top 10 single family home sales recorded October 1st through October 31st.

1. 4015 Duval drive

Price: $ 6.5 million

Buyer: Modern Development LLC

Seller: John & Meghan Starling

Neighborhood: Jacksonville Beach

Cultivation area: 0.26

Square Feet: 3,926

Bedroom: 5

Baths: 4.5

Year of construction: 1964

Sale Date: October 12th

Property: With Zillow still owning hundreds of homes in Jacksonville, he stops going upside down. Should you take care of it?

Related: The tight market is helping to keep home prices at a median of $ 310,000 in the Jacksonville area

2.3904 Alhambra Drive W., Jacksonville

Price: $ 5,400,000

Buyer: William McCalla

Seller: William & Shannon Connell

Neighborhood: San Marco

Cultivation area: 2.5

Square Feet: 10,204

Bedroom: 5

Baths: 6.5

Year of construction: 2006

Sale Date: October 12th

3. 12386 Royal Troon Lane, Jacksonville

Price: $ 3,900,000

Buyer: GK Realty Holdings Land Trust

Seller: Susan & Raymond Walden

Neighborhood: Glen Kernan

Cultivation area: 2.13

Square Feet: 8,418

Bedroom: 5

Baths: 6.5

Year of construction: 2009

Sale Date: October 14th

4. 5370 Commissioners Drive, Jacksonville

Price: $ 2,205,000

Buyer: Mary Lester

Seller: Frank & Janina Pinon

Neighborhood: Pablo Creek Reserve

Cultivation area: 0.78

Square Feet: 4,260

Bedroom: 4

Baths: 4.5

Year of construction: 2014

Sale Date: October 12th

3904 Alhambra Drive W. in the San Marco area of ​​Jacksonville sold for $ 5,400,000 on October 12.

3904 Alhambra Drive W. in the San Marco area of ​​Jacksonville sold for $ 5,400,000 on October 12.

5 6326 San Jose Boulevard. W., Jacksonville

Price: $ 2,175,000

Buyer: Elsazo LLC

Seller: Todd Sack & Barbara Sharp

Neighborhood: San Jose

Cultivation area: 0.85

Square Feet: 4,513

Bedroom: 4

Baths: 3.5

Year of construction: 1951

Sale Date: October 1st

6. 3407 Pine St., Jacksonville

Price: $ 1,899,000

Buyer: John Douglas Hirabayashi et al

Seller: Eric & Katherine Gabriel

Neighborhood: Avondale

Cultivation area: 0.5

Square Feet: 5,782

Bedroom: 4

Baths: 3.5

Year of construction: 1931

Sale Date: October 12th

7. 3404 St. Johns Avenue, Jacksonville

Price: $ 1,850,000

Buyer: Michael & Lynn Israel

Seller: Nicholas & Jessica Narducci

Neighborhood: Avondale

The story goes on

Cultivation area: 0.34

Square Feet: 5,252

Bedroom: 4

Baths: 3.5

Year of construction: 1929

Sale Date: October 1st

8. 5203 Tallulah Lake Court, Jacksonville

Price: $ 1,800,000

Buyer: Charles & Stacey Hogan

Seller: Joseph & Megan Schobert

Neighborhood: Pablo Creek Reserve

Cultivation area: 1.0

Square Feet: 4,314

Bedroom: 4

Baths: 4.5

Year of construction: 2014

Sale Date: October 19th

9. 2218 Alicia Lane, Atlantic Beach

Price: $ 1,550,000

Buyer: Gary J. Schecodnic

Seller: 2218 Alicia Lane LLC

Neighborhood: Tiffany-by-the-Sea

Cultivation area: 0.25

Square feet: 5,110

Bedroom: 4

Baths: 5

Year of construction: 2000

Sale Date: October 8th

10. 2590 Karatas Court, Jacksonville

Price: $ 1,450,000

Buyer: Timothy & Tracy Walton

Seller: John & Sarah Deperi

Neighborhood: Golden Glades – The Woods

Cultivation area: 0.34

Square Feet: 4,641

Bedroom: 5

Baths: 4

Year of construction: 2019

Sale Date: October 22

Source: Real estate appraiser for the district of Duval

This article originally appeared in the Florida Times-Union: Real Estate in October: The Oceanfront Home in Jax Beach is $ 6.5 million

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What Does Metaverse Real-Estate Deals Mean for the Future?

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Real estate deals in the metaverse seem like a fuzzy concept, but will it benefit humanity or make addiction to personal technology worse?

The Metaverse may just be a hyperbolic take on virtual social reality, but it’s becoming the hotspot for multi-million dollar real estate investments in virtual land – even if investors can’t live in those virtual spaces. With the explosion of the term “Metaverse” – especially after Facebook was renamed “Meta” – technology companies are ringing in to participate in the revolution. Of course, this revolution can simply be the first step towards immersive computing or the digital renaissance that many artists believe it is. But one thing is obvious, virtual worlds are getting exciting enough for million dollar real estate deals. Or could it just be another crypto trading fad?

SCREENRANT VIDEO OF THE DAY

Virtual real estate has been seducing investors and technopreneurs since the NFT (non-fungible token) boom. Earlier this year, artist Krista Kim sold a digital house as an NFT and it was valued at 288 ethers, or nearly $ 500,000. The house is part of a metaverse, just like the one Facebook wants to create – or one of the many others where users can interact in virtual reality. Decentraland is another such metaverse, or virtual world, that allows users to co-create, explore, and interact with one another.

Related: Meta’s cool VR gloves could be even less original than their Metaverse

The last virtual land purchase was in Decentraland and valued at $ 2.43 million – the highest of its kind to date. In a press release, a company called Metaverse Group – owned by Tokens.com – confirmed that it was an estate in the center of Decentralands Fashion District for 618,000 mana (the cryptocurrency used in the Metaverse). Metaverse Group would like to use this investment to establish themselves in Decentraland’s digital fashion industry and allow users to choose outfits for their virtual avatars. Of course, none of this is free, and while the companies can be viewed as early visionaries in a promising new world, the consequences for users can be dire and undeniable.

Selling in Metaverse has consequences, both good and bad

Decentralized country

Decentralized country

Even without deep pondering, it’s not difficult to draw a parallel between a metaverse like Decentraland and social media platforms. One of the primitive ways to see this deal is by investing in the ad landscape. Platforms like these should generally allow users to exist in their carefully curated digital personalities that can have both good and bad results. Starting with the good ones, users can find a way to express themselves through their digital ego – especially with the properties they buy, make friends, and shop in the comfort of their own (real) home. Users can visit any location or event, control the weather, and choose who can attend. The metaverse could allow the user to rule out unwanted news, consume good news carefully, and stay away from bad news.

On the other hand, a metaverse like Decentraland could become an escape for users, much like social media. The ability to carefully choose the persona could ultimately result in users feeling depersonalized and detached from their actual lives. Ultimately, augmented reality (AR) addiction could get as severe as smartphone addiction. Fear of missing out (FOMO), users might buy digital assets in the metaverse. Those unable to buy digital assets may feel discouraged, or even become depressed or anxious. It could get worse if Big Tech gives in and tries to turn the odds in their favor. At this point, it might not be long before tech companies have built a large conglomerate that controls not just one but all of the metaverses. It could prevent users from creating or curating their own digital spaces and restrict access to virtual spaces, making them more exclusive to make more money.

In the coming decades, Apple will have completely replaced smartphones with AR. This will dissolve the lines between the virtual and the real world, and more users may find it more convenient to pay to upgrade their avatars than to work on their real selves. Whether this proliferation of the digital world has good or bad consequences for humanity and their minds is – unfortunately – only time.

Next: Facebook disbanded team that exposed its platform dependency problem

Source: Tokens.com

Lennie James as Morgan in Fear The Walking Dead

Fear of TWD Stalker Twist Explained: Why [SPOILER] Want Morgan’s help

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Tushar Mehta
(6 articles published)

Tushar dreams of leading humanity against the robots’ uprising. He is preparing for the end of the world by trying to learn as much about technology as humanly or robotically possible.

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