One of the sectors of Palm Beach real estate that generates much conversation is Palm Beach Foreclosures and it’s a conversation that can be taken into a few different directions. Hardly a week goes by for example without the latest article or discussion on either the month over month changes to either the Case-Shiller Index or similar market indices, or perhaps the latest study on Bank shadow inventory. Every neighborhood and community in Palm Beach County it seems is participating in similar conversations about the state of housing every time a new foreclosure sale occurs or a boarded up property appears, once again impacting everyone’s Palm Beach real estate values as a result.
The reality of course is that eventually individual real estate markets on a local level will stabilize (if they haven’t already) and correct themselves once again because fundamentally, that’s how markets work and economies are cyclical as history has taught us repeatedly.
In the meantime, opportunities present themselves and what we have experienced, particularly at Palm Beach Premier Real Estate, our Real Estate Brokerage, is an opportunity to demonstrate our knowledge and experience as luxury foreclosure agents and luxury short sale realtors®.
With an emphasis on the luxury foreclosure market we have seen a significant increase from our clientele for the following types of luxury foreclosure as well as an emphasis by our luxury foreclosure agents in promoting the following niche areas
- Waterfront foreclosures
- Oceanfront foreclosures
- Beachfront foreclosures and
- Luxury condo foreclosures
By the same token, our work with Banks and Mortgage Lenders has seen, for example, an increase the number of short sale BPO valuations on Palm Beach Island that we perform, particularly on North Ocean Boulevard and South Ocean Boulevard with Intracoastal estates as well as oceanfront mansions experiencing increased lender activity.
This renewed activity follows the slowdown that all luxury foreclosure agents experienced in the middle to latter parts of 2010 when many Banks suspended their foreclosure activities due to the robo-signing revelations that materialized and which were subsequently reported widely. As readers may recall, the latter stages of the real estate market run-up in the early to middle of the last decade saw mortgages being pooled together and sold as bundles of mortgage backed securities of various types, sizes and associated risks. Luxury foreclosure agents at that time had very little by way of work for obvious reasons since the real estate market continues to run up significant annual price gains year over year. What followed however was a decline of such magnitude and alacrity that most investors and homeowners simply were unable to escape.
Palm Beach real estate prices have been in a tailspin ever since, only now beginning to show indications of price and market stability but on a hyper-local and on an individual neighborhood by neighborhood basis.
Luxury foreclosure agents have experienced huge volumes of activity in recent years and particularly now that Banks have resumed their normal foreclosure process activities with assurances that the robo-signing debacle was resolved.
Palm Beach real estate Investors have also resumed their activities with bidding wars being seen in a variety of sub-divisions and communities though les so at the higher end of the luxury foreclosure market.
In the interim luxury foreclosure agents can anticipate continued interest from savvy and opportunistic investors looking for waterfront foreclosures beachfront foreclosures oceanfront foreclosures and luxury condo foreclosures and particularly in the desirable Palm Beach real estate areas of Boca Raton, Highland Beach, Delray Beach, Palm Beach Gardens, Palm Beach Island, Manalapan, Ocean Ridge and Gulf stream.
One interesting area of opportunity in the Palm Beach real estate marketplace, not as surprising as one might summize given the history and demographic of the typical long-term and seasonal Palm Beach Florida resident, is the vast number of luxury mansions and Intracoastal estates and waterfront homes that have passed down from generation to generation that are slowly slipping into disrepair and/or distressed and need to be sold. In some instances it is the beneficiaries of these luxury mansions and intracoastal estates that have inherited the resulting problems.
As frequent visitors to Palm Beach will know, it is many of these older estate properties and waterfront homes that only get remodeled and updated, if not re-built, when the properties themselves change hands to new owners. Real estate taxes for example have failed to drop significantly in line with Palm Beach real estate market price declines thereby placing an additional reason to allow the older mansion or intracoastal estates to slip into the listing portfolios of luxury foreclosure agents.
It is this area of opportunity that will likely increase as area prices continue to show signs of value and inventory stability with luxury foreclosure agents well positioned to pass on compelling luxury foreclosure opportunities to their discerning clientele.
If you would like to receive additional information from our luxury foreclosure agents or receive early notification of Palm Beach foreclosure listings new to market, please give Gia or Grant at Palm Beach Premier Real Estate a call on 561.395.8418 or email us in confidence toInfo@PBPrealestate.com
If you are a Bank or Asset Manager looking to list or value a luxury foreclosure property or looking for luxury foreclosure agents that can handle your portfolio of waterfront foreclosures beachfront foreclosures oceanfront foreclosures and luxury condo foreclosures – please contact us directly using the above-referenced information.