Neighborhood News

Last month, Wall Street answered the rancorous debate over the debt ceiling with four consecutive days of wild swings involving more than 400 points per day. In one of the most volatile weeks in the market's history, unnerved investors were suddenly scrambling to find safer havens to park their money. Meanwhile the volatility that unsettled real estate

markets over the past few years has largely subsided, leaving housing prices at their lowest level since the turn of the century. In a clear case of over-correction, seasoned market watchers are now calling many areas that bubbled-up the most during the boom, like South Florida, undervalued.

Real estate is rarely a practical way to earn a short-term profit, as many underleveraged property flippers discovered the hard way once the boom went belly-up. Still, as a means to enjoy steady long-term appreciation, it remains one of the most reliable.

Today's real estate investors have their sights properly set on the long term. For example, with the rental market struggling to meet demand, many buyers are purchasing homes to lease out over the long term. If the home is strictly for your own use, the purchase will yield much more than a parcel of real estate. Home prices-now presumed to be at or near their bottoms-are expected to trend higher over the next several years; restoring real estate to the reliable, long-term proposition it has usually been. Plus, with interest rates now approaching their lowest level in recorded history, the long-term cost of owning a second-home or retirement property (in a tax-friendly state) has seldom been lower. Buying now will help keep costs to a minimum, especially if the property earns rental income until you're ready to move in.

Last month's news cycle also brought a reminder of why it's always best to work with the most knowledgeable and well-connected brokerage and agents in your market. In a much publicized case of "Do as I do, not as I say," Colby Sambrotto-a founder and former chief operating office of ForSaleByOwner.com-spent six months trying to sell his condominium in New York City (on his own of course) before finally enlisting a brokerage that specializes in his Chelsea neighborhood.

Once his $2.15 million property was listed with the broker, it was placed under contract within six months, attracted multiple offers; and closed for $150,000 more than its original asking price. This was largely due to the agent's superior knowledge of the neighborhood as well as his brokerage's ability to market New York City properties to buyers around the world.

Whether you're buying a home for yourself-or as a rental property-we are

ready to help you accomplish your goals. We will help you find, negotiate, finance and close on the property. Moreover, our company, Illustrated Properties offers a full range of services including extensive internet and international marketing, in-house title, mortgage and insurance affiliates and the experience of 3 generations.

BALLENISLES SALES - August *

SALE ORIG SALE MKT

ADDRESS BR BA PRICE PRICE DATE TIME

111 PEMBROKE DRIVE	4	5.5	$435,000	$464,000	08/12/2011	115
28 ST THOMAS DRIVE	6	7.0	$2,675,000	$3,500,000	08/15/2011	320
281 ISLE WAY	3	2.0	$350,000	$375,000	08/17/2011	249
123 ST EDWARDS PLACE	4	5.5	$1,300,000	$1,750,000	08/25/2011	182

*This representation is based in whole or in part on data supplied by the Realtors Association of the PalmBeaches or its Multiple Listing Services thru 09/07/2011.

To learn more about current Real Estate trends in BallenIsles, click on the links below.

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