Such a peaceful energy is created when you walk into this bright & open floorplan. This is a beautiful and meticulously-maintained home located at 634 Masters Way in The Masters at Eagleton in PGA National. Exceptionally remodeled kitchen with the finest appliances and granite countertops. A kitchen designed for a cook! Large island, maple cabinets with built-ins, Vicking appliances, Jenn-Air 4-burner gas range, breakfast nook, and a wine cooler are just a few components that create this spectacular kitchen. Just off of the kitchen is the cozy family room with stunning built-ins, perfect for the computer or a television. The flooring in the living areas are covered in a gorgeous light Travertine marble. The beautiful master suite boasts neutral colors and features separate sitting area, large walk-in closet, and a patio with very private views. Relax in the Roman tub or enjoy the large walk-in shower in this large master bathroom. Large sliders and windows allow the natural light to pour into this home, filling every room with brightness. Gorgeous outdoor area that offers a screened-in patio, as well as an open one. Enjoy the privacy this large backyard has to offer!
Immaculate home with a great room floorplan located at 13344 Touchstone Court in Eastpointe with wonderful golf course views. With its volume ceilings and all-day sun exposure, this home is open & bright! Located conveniently across from the swimming pool and Jacuzzi. Beautiful great room which is open & bright with volume ceilings and views of the golf course. Open to the great room, the kitchen provides plenty of natural light with butted glass. Open kitchen with a large pantry and plenty of counter space. Dining room features a side patio with lush palms and volume ceilings. The master suite is spacious & bright with tray ceilings, large walk-in closet, and Berber carpeting. Enjoy the beautiful golf views from the master through the sliders leading to the patio. The master bathroom includes a double-sink vanity and shower. The second bedroom conveniently offers an en-suite bathroom. Oversized bonus room with skylights and an extra bump-out. Outdoor living includes a covered and screened lanai, golf course views, and lush landscaping. All windows can be protected with fabric hurricane shutters.
Oftentimes the buyer feels justified in their purchase because Zillow says it’s worth it. And I have a bridge to sell you, too. Yet people so want instant gratification that they have hooked themselves on Zestimates like an 8AM line at Starbucks.
Here are 5 reasons why Zillow must be taken with a (very small) grain of salt:
Zillow doesn’t know if a home or a comparable is upgraded. How can a computer module know if a home has marble floors or granite counters? An appraiser physically goes to the home to see it. Zillow can’t. The answer is it can’t and this can throw a home 10% +/- in valuation in my opinion.
Zillow doesn’t know the exposure on a home. Oftentimes a home is more or less valuable because of exposure or if the builder built the home properly to take advantage of the light. Zillow can’t figure that out.
Zillow can’t feel what is going on at the street level of the marketplace. Even an appraiser only knows what happens in the past. Zillow is off in values in this way.
Zillow does not know the inside scoop on a deal. Did you know that an appraiser MUST call the listing agent and find out if the transaction was an arm’s-length transaction? They also ask if furniture is included and if the commissions and documentary stamps were reversed to lower the price for tax purposes. A Realtor or appraiser gathers this information. Zillow can’t. This can be another 7-15% bogey in value.
Zillow doesn’t have access to all of the MLS listings. Zillow is a portal. It does not get listings from MLS. There are many active listings that do not show up on Zillow, making it much less reliable than a local Realtor’s website statistics.
The Numbers for February are in (per RAPB) and the South Palm Beach County Real Estate Market continues to stay hot. Single-Family home sales were up 15.7% compared to last year. Townhomes/Condos are up a staggering 25.4%. The only chink is that total sales of townhomes/condos were down 15.6%. Much of this is due to investor purchases. One investor I talked to said they were still purchasing but had cooled because it’s harder to make the 8% return on rents that they desire to make. There are a number of rental projects in the Jupiter-Juno-Palm Beach Gardens area coming in the next year, thus I see a cooling of rental prices which should trigger a slowdown of the appreciating prices in this category. However, there is very little new construction on the horizon for properties for sale. This means that resales are the only option for a Buyer. Therefore, prices should continue to rise without an increase in supply for our growing market.
So, is there a new housing bubble being formed? My quick answer is no. While we’ve had strong appreciation, especially in the under $300,000 part of the market, there are reasons for it. Much of it can be attributed to the 17.8% cumulative inflation since 2007, influx of people moving to the area, extreme lack of new construction, and an improved economy.
The possibilities for a bubble would be if we see a giant amount of new construction and investors purchasing them. So far that has not occurred. There has also been lax lending. FHA, which was 3% of market, is significantly higher. I’ve seen some loans go through with homeowners having low-600 credit scores and putting almost nothing down. Last would be if interest rates moved up significantly.
The one item that should be watched is if investors start pooling all of their property in a portfolio and get 100% loans for more than they paid. However, they still have a vested interest in the property value.