Boca Raton Real Estate

In today's market, there are no "cut and dry" formulas for determining a selling price or what a property should sell for. Many variables do come into play.

First and foremost, the main determining factor are comparables, also know as "comps". These are properties that are similar that have sold in the past ninety days (preferably). Appraisers can go back up to six months to find sold properties, as was the norm before. They are now trying to stay within that ninety day period due the the continuous slide in the market.

The next factor would be how motivated a seller is to sell. If a seller bought a property between 2005 - 2006, chances are they overpaid then according to market values today. They most likely are "upside down", which is not a good situation to be in. They cannot expect a buyer to "bail them out" of a bad situation. Most times their flexibility is limited, due to the fact that they would have to go to closing with a check! Also not a good thing.

There are plenty of very motivated sellers out there. The key is, as a buyer, is to be pre approved by a lender, if financing, and be ready to move forward on a good deal. There are many times, in the market place, that a buyer is willing to buy, but has to sell their home to move forward. This is the last kind of situation a seller wants to get involved in. It becomes a "domino effect" for the worse.

A buyer that shows interest in a property, is pre approved, has nothing to sell to move forward and is putting down 20% or more, commands more attention from a seller and usually can negotiate a very good deal. The reason being is that the seller knows that it's a "done deal"They also realize that it's a buyer's market and that particular buyer has many other options to choose from.

Scam artists may promise to save cash strapped home owners from foreclosure but then, instead, steal their money or any remaining home equity.Such scams are becoming more prevalent, and some staes are fighting back.

In Florida, one of the nation's foreclosure capitals, State attorney General Bill McCollum has filed suit against National Foreclosure Management, a mediation company, for allegdly defrauding troubled home owners. Fraudulent rescue companies in Illinois have been increasingly penalized, while in Massachusetts the for-profit practice of foreclosure rescue transaction has been banned.

Here are the most common ploys scammers use to prey on desperate home owners:

Bait and switch.The home owner is presented with what appears to be an application for refinancing, but in reality it's title transfer papers. Once the home owner signs, he loses his home.

Upfront fees.Scammers ask for money to be used for locating rescue funding. Once the homenowner pays, the scam artist disappears.

Bankruptcy ploys.An attorney- or someone who pretends to be -persuades the home owner that filing for bankruptcy will save the house. The only one who wins is the person who pockets the fees he charges to file.

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1st Quarter 2008

Good News! According to the Regional Multiple Listing Service (RMLS) the number of homes sold is on the rise. In January 2008, in Palm Beach County, 393 homes sold. That number increased by over 71% in the month of April 2008 with 673 homes sold.In Saint Lucie and Martin Counties, 238 homes were sold in January 2008 and that increased 65% in the month of April 2008 with 395 homes sold.

Condo sales have been even better. There were 448 condos sold in the month of April 2008 in Palm Beach County and that was almost double the number of  condo sales in January 2008. The April 2008 condo sales in Saint Lucie and Martin Counties had an 87% increase over January's sales figures.

Palm Beach County had $210 million dollars in single family home sales in January 2008 but had $324 million dollars in sales in April 2008.Saint Lucie and Martin Counties had $118 million dollars in single family home sales in April 2008, up from $57 million in January 2008.

The meaning of the name Boca Raton has always aroused curiosity. Many people wrongly assume the name is simply Rat's Mouth.The Spanish word Boca (or mouth) often described an inlet, while Raton (literally mouse) was used as a term for a cowardly thief. But the "Thieves Inlet, " Boca ratones, appeared on eighteenth century maps associated with an inlet in the Biscayne Bay area of Miami. By the beginning of the nineteenth century, the term was mistakenly applied to Lake Boca Raton, whose inlet was closed at the time.

 In May of 1925, the Town of Boca Raton was incorporated at the height of the Florida land boom. The town council commissioned noted society architect Addison Mizner to plan a world - class resort community. His exclusive hotel, know as the Cloister Inn, was completed in 1926 and continues its reign as a city landmark as the Boca Raton Resort & Club.

In the 1930's and 40's, Boca was known for it's winter vegetable crop, particularly the green beans which commanded a premium in northern markets. In 1942, the Army Air Corps established its only war-time radar training school at the site of what is today's Florida Atlantic University and the Boca Raton Airport. The facility brought thousands of servicemen as well as families and civilian employees to the tiny community of Boca Raton, with a population of 723 in 1940.

In the 1960's, South Florida experienced another great land boom, with developments pushing the Everglades and former farmlands increasingly westward. The population grew to almost 30,000 residents by 1970, continuing to increase well outside city limits to this day. In 1962, Boca Raton attracted the newest state university, Florida Atlantic, to the site of the old army airbase.IBM moved one of its computer facilities to Boca Raton in 1967, and in 1981, it was there the first IBM PC, or personal computer, was developed.

Today the city of Boca Raton, in 1903 a farming village of eighteen souls, is today home to 80,000 residents within city limits and another 120,000 in "West Boca".It's the core of the south Palm Beach County metropolitan community, offering beautiful parks and facilities, economic opportunities, and a unique quality of life that is the envy of its neighbors.

Courtesy of Boca Raton Historical Society