Treu Group Real Estate Blog - Boca Raton

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Boca Raton

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International Real Estate Market in FloridaThe international impact on our South Florida real estate market makes me think of "It's a Small World After All".  If you have been to Disneyworld, that song probably started going in your head.  In South Florida, that is a great theme song for our real estate market.

Florida has become a favorite with International Buyers and is the #1 place that they are investing their money.  

Top States for International purchased

Florida - 22%

California - 15%

Texas - 10%

New York and Arizona - 4% 

The international buyer spends more on real estate as an average sales price which helps the luxury sellers.  Most international buyers are cash which is a nice plus.  Also many buyers are looking for property that will wow their friends and family.  Often the homes are vacation homes or even quick get a way properties.  

Understanding which countries are interested in South Florida is important. We are constantly building relationships and studying the world changes so that we can stay in front of the changes.  

For more on International influence on the local real estate market in South Florida, check out our latest radio show!

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Buying a home with Treu Group Real EstateThis week on Treu's Weekly Tips we'll talk about buying a home and everything you need to know about the process! The first step is getting pre-approved. Treu Group has great resources for you, like our website which is a direct MLS feed, so you can search all of the newest homes for sale. 

When buying a home, or working with a builder, you should use Treu Group. Most importantly, we will represent you as a buyer's agent. The seller pays our commission, and when you hire one member of the Treu Group, you really get the entire Treu team, working for you! We have years of experience and are experts at getting results, and finding solutions. 

 

Listen to "Master Your Mortgage with Treu Group Real Estate" here!

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Are you looking to see great art in an amazing atmosphere with some great food options within walking distance? The Boca Raton 31st annual Juried Art Festival is something you should not miss! On February 4th-5th in Mizner Park, 200 of the nation’s best artisans who display and sell high-quality ceramics, wood, fiber, glass, drawing, jewelry, mixed media, painting, photography, and sculpture. Art Festival proceeds help support the Museum’s educational programs for children and youth. 

This year the Art Festival in Mizner Park features an Art Activity Zone in the Amphitheater with performances and fun activities for the entire family. For 2017 we feature award-winning fine art body painter Shannon Holt. Classically trained, Shannon earned her BFA from Tyler School of Art Philadelphia/Rome in 1998.  She took interest in painting female figurative subject matter on different surfaces, including canvas, wood, and textiles. It was this search for surface which drew the artist to painting on skin in 2008.  In 2014, Shannon starred as a contestant on the body paint competition show, Skin Wars. In addition to contending in international body art competitions, she is a favorite at major festivals, including House of Blues, New Orleans every Mardi Gras, and Fantasy Fest in Key West.

So be sure to attend this amazing event full of art, food and culture! 

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The international market is alive and well in Florida.  It really is a small world after all.  Changes globally impact us here at home in Florida both positively and negatively.  Why does the international market matter so much?  Florida receives 22% of all international buyers.  In fact, we are the number one state that international buyers purchase in.  Many guess that California or New York are the most popular however they trail Florida with !5% for California and 4% for New York. This shift has occurred since because of the perceived value for Florida properties. 

One of the benefits of the international buyer is that their average sales price is higher.  The average sales price for Florida buyers was $258,200 compared to Florida International buyers at $538,600. 

Why do international buyers purchase a home in Florida? 

41% selected Florida because it is a desirable location.  That is an easy guess.  Who wouldn't love warm weather, great beaches and a lot of entertainment. 

30% selected Florida because it was a secure investment. 

21% selected Florida because it was a profitable investment. 

The value of the US dollar versus their prospective country's currency impacted their ability or comfort to make a purchase.  The Canadian, Brazil and Britain have seen the impact and therefore their buying decisions. 

Why do international buyers decide not to purchase?  The number one reason is the cost of the property.  This is up 7% in a year.  The other reason is that they could not find the right property.  Many times, this could be avoided by finding the right agent that understands their needs, takes a consultative approach, has an understanding of the market and a proven track record. 

The International Market is always changing and it is important to look for the opportunities that are current and also upcoming.  I would say all countries are important however some impact our real estate market more than others.  Changes in economic and political situations in other countries as well as the United States can impact buying and selling decisions for South Florida. 

Why is the International Market important?  They make up many of our real estate transactions and also tend to buy more expensive properties.  What do the international buyers spend by country?

Brazil                      $587,700 

Canada                   $376,800

China                   $1,064,000

United Kingdom       $289,600

Venezuela                $390,400

Western Europe       $844,500

Most of the international buyers are purchasing with cash which also helps with our real estate market stability.  Only about 20% of the buyers obtained a mortgage. 

Why are they buying?  We are seeing a variety of reasons.  Buyers from the UK were the most likely to purchase for vacation or rental.  Buyers from China like to buy properties for their primary residence or for their college students to occupy.  This is one of the reasons that the Chinese tend to spend more. 

Why should Palm Beach County be considered by international buyers?  Palm Beach County offers stability and opportunity.  There are amazing communities that have a variety of lifestyles including golf, great beaches and unlimited entertainment.  There is something for everyone. 

 

 

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The international market is always something to watch with real estate in South Florida. It is always a constantly adapting market, with the economic and political changes that take place.  As the famous ride at Disney World says, It's a Small World After All.  

Which two countries could have the greatest impact on OUR Florida real estate market?  

Give up? 

Well…. One is CANADA.  The other is CHINA.

Let me ask you another question now.  Which country’s impact will be more positive and which will be negative?  I’ll give you a hint:

 China has just surpassed the US as the official new world leader in cross-border investing.  Florida has made the top 5 places that Chinese investors are focusing on with their real estate purchases.  
 

And what exactly are the Chinese investing in??  They are investing in residential and commercial property assets - to the tune of about 21 billion dollars!  And they’re using some great strategies to do so.   

What is their overall investment strategy?  

Stability… and opportunity. By opportunity…the Chinese know where to find a good REAL ESTATE BARGAIN.  South Florida is really popular since our rent rates are favorable for the investor. 

Now… what about our friends north of the border??  Well… that’s where the news isn’t so good.  

Canadians represent a lot of the international real estate purchases here in Florida.  However, with the Canadian dollar continuing to decline… that’s causing a significant decrease in their ability to invest in Florida real estate.  With the strengthening of the US dollar, it now costs 25% more for the Canadian buyer.  
 

What can you learn from all this:  It’s important when hiring a realtor… that your realtor knows the ins and outs of the international market!  


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Click here to see what Delray Beach has to offer!Who loves Delray Beach?  It turns out that the luxury buyer loves Delray Beach.  There has been an interesting shift in the luxury real estate market in south Florida in recent months.  Palm Beach County prices have shot up and in contrast to Miami which had a decline of 10% during the same time period.  The luxury condo inventory was a contributor to this decline. In Palm Beach County, Delray Beach has topped the housing price index with the average price of luxury homes in Delray Beach going up 70% over the past year with an average price of $2.98 million.  The neighboring city to the south, Boca Raton was 2nd and enjoyed a rise of 38% to $2.59 million.

 The focus of the luxury activity and price jumps are related to building of new homes on the water or near the beaches.  The Lake Ida area is another reason that the luxury market has been doing well with the new construction on vacant land and tear downs. The luxury buyers are drawn to Delray Beach and Boca Raton due to the revitalized downtown with available restaurants and shopping nearby. There is always something to do and enjoy.  

 There are lot of choices and increased inventory in the Miami area which has led to the softened market and decreased values and this is expected to remain for sometime.  The struggling and uncertain foreign economies which normally brought buyers to the Miami area has trailed off also impacting the demand. This is contrasted with the lower inventory in the Delray Beach and Boca Raton areas which has pushed the gains up.    

 Overall, the South Florida luxury real estate market is expected to remain stable and optimistic.   The buyers are often buying 2nd or 3rd homes and great weather along with generally good values compared to many other parts of the world make this area hot.

See what luxury homes are for sale in Delray Beach.  

See all luxury homes for sale in Palm Beach County.  

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3 Ways to Save Big on Property Tax

 

I am sure you have heard the quote, "In this world nothing can be said to be certain, except death, and taxes," by Benjamin Franklin. However, there are ways to save money on your property taxes!  In the state of Florida, you can claim homestead on your property if you reside there for 6 months and 1 day out of the year. If you own a property in Florida that is your primary residence, you qualify for some great tax breaks!  Here are 3 things you need to know about property taxes:



1. Close by December 31st, 2016!


If you are in the process of purchasing a new home, you must close by December 31st to be allowed to receive the homestead tax exemption for the next year. To qualify for the homestead exemption for the year of 2017, you must own your home by December 31st, 2016! Another date to keep in mind is March 1st, 2017. In order to get a homestead tax exemption for the year of 2017, you must apply by March 1st, 2017. If you miss these dates you will have to wait until next year!  Either error could cost you thousands of dollars. 


2. Plan ahead!

Closings  can take some time. The average closing takes about a month to fully complete. In some cases it can take up to 6 weeks. Allow yourself plenty of time well before the December 31st due date to assure that your new home will qualify as your primary residence for the next year!


3. Use a reliable lender!


Be sure to finance your new home through a lender you can trust. Don’t work hard to meet that December 31st cut off only to find that your financing has fallen through or has been delayed! Only use a dependable lender for your real estate finances, a reliable institution that will definitely be able and willing to hit your deadlines.


Follow these steps to your homestead tax exemption!


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There is so much to love in this home. Located in Boca Gardens, this beautiful villa houses three spacious bedrooms and an expansive paved patio. The property has been well cared for and now it can be yours.

 

From the moment you step in, you will be impressed. The interior boasts modern upgrades and a great layout. The floor plan is open, which really expands the space and makes entertaining easy. The living room is spacious and flows easily to the kitchen and eat-in area. The kitchen by itself is incredible. It has been renovated with sleek granite and features all of the countertop and storage space that you desire. The three bedrooms were each built with privacy in mind, with the master on one side of the villa and the two bedrooms on the other. The master suite offers volume ceilings and great closets with plenty of storage space. The master bathroom, as well as another bathroom, have both been updated, too. The home also comes with a modern washer and dryer set.

 

This home's exterior is just as amazing as its interior. The villa boasts a huge patio that serves as one of the largest entertaining areas of the property. With this space, the opportunities are endless. You can put up an awning and form a shaded retreat, install a screened enclosure, create an outdoor dining area, or even build a private pool. Whether you want to relax on a quiet day, or host a large holiday barbecue, the patio is the place to do it.

 

Boca Gardens is a wonderful community and much desired in the county. Residents have access to great amenities, such as the resort-style community pool. There, you can dive in, lay out in the sun, or have a pool party.

 

 

The community is also located conveniently near grocery stores, shopping, and restaurants, with easy access to the Turnpike and 441. The location is just minutes away from centers like Downtown Delray Beach's Atlantic Avenue, the Delray Marketplace, and Mizner Park, which each feature a selection of shopping, dining, nightlife, and entertainment. Some of our favorite restaurants nearby include: Henry's, Shin Ju Japanese Buffet, Cabo Flats Cantina & Tequila Bar, and Apeiro Kitchen & Bar.

If you're interested in this incredible home, call the Treu Group today. Hurry and schedule a private showing!

Click here to see all Boca Raton homes for sale.

See more of this home in our virtual tour video.

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Waterfront Home in Boca Raton FL - 1This home located in Boca Raton is absolutely incredible!  It features 178 ft on the water and stunning views, a private dock, and amazing upgrades throughout the property! This 3-bedroom, 3.5-bathroom home is perfect for those who desire to live in paradise!

There is so much to enjoy!  Fall in love with the 24 x 24 travertine marble and wood floors, which are just some of the great renovations this home has had.  This home is move-in ready and ideal for entertaining!  Its open space and laid-back luxurious design, along with the cedar beams and columns, are sure to wow guests!

Waterfront Home in Boca Raton FL - 2Everything about this property maximizes its gorgeous views; windows line the perimeter of the home letting in plenty of light into the living room, dining room, and family room!  Invite everyone over for a dinner party and enjoy a decadent meal.  The kitchen is a chef's paradise!  It features sleek granite counter tops that complement the white cabinets and stainless steel appliances!  There is plenty of storage and prep space, too, such as the cook's island.  Not to mention, this space faces wide views of the patio and pool!  The staircase in this home is something in itself; it is upgraded with glass to tie together the modern feel of this home.

Waterfront Home in Boca Raton FL - 3When it comes time to unwind, the master bedroom is truly a retreat!  It is spacious and features access to the large private balcony that overlooks the pool and water.  Lay out in the sun with a drink and a good book or watch the sun rise and set, the possibilities are endless!  Make every day a spa day in the master bathroom.  It features his and her baths too.

Waterfront Home in Boca Raton FL - 4The exterior amenities of this home are just as remarkable as the interior's.  The covered patio is paved with travertine, as well, and offers plenty of space!  Host a barbecue or pool party; family, friends, and loved ones will surely be impressed!  Dive into the pool and enjoy Florida's year-round sunny weather!  Additionally, perhaps the most breathtaking feature of this home, is its waterfront access.  The private dock can accommodate a 50' boat!  For those who love water sports, this home is a dream come true.  Jet skiing, kayaking, fishing, and more are available right in the backyard!

Would you like to see more?  You can view our video of this Waterfront Home.

Interested in this breathtaking home?  Call the Treu Group today to set up a private showing!

View more homes for sale in Boca Raton!

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Timbercreek-front-300x200Are you ready to fall in love with this Timbercreek home located in Boca Raton?  You will love the location and this upgraded home.  This community offers all of the conveniences in central Boca Raton including shopping, great schools, restaurants and beaches.  You are minutes to everything.

This Timbercreek home features a split design, three spacious bedrooms, two bathrooms, a pool, and more!  You will love the renovations and upgrades.  It truly has anything imaginable for ideal South Florida living.

Timbercreek-Kitchen-300x200There is so much to love with the interior of this home.  From the moment that you enter, you will notice the hardwood floors that are spectacular.  This home is a great place to entertain with a formal living and dining room or maybe a more relaxed setting is a better fit.  The kitchen is a chef's dream!  Those who love to cook will love this kitchen, it features stunning cabinets, granite countertops and stainless steel appliances.  There's even a great view in the kitchen.  The kitchen has a window that overlooks the gorgeous pool and patio area. There's an adjoining family room too.  Loved ones will be wowed by this home and keep coming back.

Timbercreek-Pool-300x200Would you prefer to entertain pooside?  Invite everyone over for fun pool parties and summer barbeques!  The covered patio expansive space for patio furniture and a grill!  Dive in for a swim or lay poolside.  There is no better way to enjoy South Florida.

 

Timbercreek-Sign-300x200

This home is located in Timbercreek in Boca Raton, a sought-after neighborhood that features plenty of great amenities for its residents.  Fish at the dock or have fun at the basketball courts and playground, the possibilities are endless.  You're minutes to great schools and universities too.

 

View more homes for sale in Boca Raton.

Call the Treu Group today to schedule a private showing! (561) 352-3056.

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