Home prices in Palm Beach, Broward down 30 percent
Posted by Paul Owers on April 28, 2009 01:37 PM
A widely respected index released today shows -- brace yourself, sellers -- more broad price declines of single-family homes nationwide.
But there is at least this: the rate of decline is easing.
Standard & Poor's Case-Shiller Home Price Index, a measure of prices in 20 major cities, fell 18.6 percent in February from February 2008. Prices now are what they were in 2003.
But for the first time in 16 months, the drop didn't set a record.
In metropolitan Miami, which includes Broward and Palm Beach counties, year-over-year prices fell 29.5 percent. South Florida prices have fallen 45 percent from their peak in December 2006.
The index is considered a strong measure of home prices because it examines price changes of the same property over time, instead of calculating a median price of homes sold during the month, as the Florida Association of Realtors does.
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Wednesday, April 29, 2009
Palm Beach COACH Store Closes !
Coach store on Worth Avenue closes after two years in Palm Beach
By ROBERT JANJIGIAN
Daily News Fashion Editor
Tuesday, April 28, 2009
Coach, the New York City-headquartered leathergoods purveyor, has closed its 2-year-old Worth Avenue store.
The store, 255 Worth Ave., was shuttered for good Friday evening, with windows papered over by Saturday morning, an adjacent retail tenant reported.
A sign in the door announces the closure and invites shoppers to visit Coach locations at Town Center in Boca Raton and The Gardens mall in Palm Beach Gardens.
"We've decided to close our Worth Avenue location as the returns we were achieving were not up to Coach standards of excellence," a company spokesperson said.
In addition to closing its Worth Avenue location, Coach also shuttered its stores in Greenwich, Conn.; Green Valley Ranch, Nev.; and Embarcadero Center in San Francisco.
"There are always changes on the Avenue, especially at this time of year," said Sherry Frankel, president of the Worth Avenue Association. "It is surprising that they (Coach) decided to close after such a brief time here."
"We are always sad to see any business leave but look forward to welcoming a 'fresh' tenant for this prime retail space," Frankel said.
By ROBERT JANJIGIAN
Daily News Fashion Editor
Tuesday, April 28, 2009
Coach, the New York City-headquartered leathergoods purveyor, has closed its 2-year-old Worth Avenue store.
The store, 255 Worth Ave., was shuttered for good Friday evening, with windows papered over by Saturday morning, an adjacent retail tenant reported.
A sign in the door announces the closure and invites shoppers to visit Coach locations at Town Center in Boca Raton and The Gardens mall in Palm Beach Gardens.
"We've decided to close our Worth Avenue location as the returns we were achieving were not up to Coach standards of excellence," a company spokesperson said.
In addition to closing its Worth Avenue location, Coach also shuttered its stores in Greenwich, Conn.; Green Valley Ranch, Nev.; and Embarcadero Center in San Francisco.
"There are always changes on the Avenue, especially at this time of year," said Sherry Frankel, president of the Worth Avenue Association. "It is surprising that they (Coach) decided to close after such a brief time here."
"We are always sad to see any business leave but look forward to welcoming a 'fresh' tenant for this prime retail space," Frankel said.
Economy falls more than expected
Economy falls more than expected
The nation's gross domestic product fell 6.1% in the first quarter -- nearly the same pace as the end of 2008, and a much sharper drop than expected.
By Chris Isidore, CNN
April 29, 2009
NEW YORK (CNNMoney.com) -- The U.S. economy shrank at a pace of 6.1% in the first quarter -- almost as much as it did in the fourth quarter of 2008, according to a government report Wednesday.
The drop was much worse than expected. According to economists surveyed by Briefing.com, expectations were for a drop of 4.7% in gross domestic product, the broadest measure of the nation's economic activity, from a year ago.
The first quarter decline was the second biggest drop recorded in 26 years, behind only the fourth quarter reading. GDP fell 6.3% in the last three months of last year.
Still, investors didn't appear to be too upset by the news. Stocks rose modestly after the opening bell Wednesday.
While the overall GDP figure was disappointing, there were some signs of improvement in the report's other readings.
Purchases by individuals rose at an annual 2.2% rate, the first time personal spending rose since the second quarter of 2008. A smaller trade gap also limited the rate of economic decline.
But businesses pulled back on spending a great deal in the first quarter, as purchases of equipment and software declined at a 34% annual rate, the sharpest decline in 50 years. This drop accounted for 2.6 percentage points of the overall decline in GDP.
Businesses also slashed their inventories by more than $100 billion during the quarter, the biggest drop on record. That contributed another 2.8 percentage points to the drop in GDP. State and local governments also cut back on spending.
Robert Brusca of FAO Economics said the huge drop in inventories is good news for the economy going forward, because it will force businesses to start ramping up production again quickly once there are more signs of increased demand from consumers.
So even though the declines in GDP reported in the fourth and first quarter were similar, Brusca thinks this latest report is far more positive.
"This is the best minus 6% reading we've ever had," he said.
Wachovia economist Adam York said the sharp plunge in inventories needed to take place in order for the economy to be able to turn around.
Now that businesses have made that adjustment, York said there could be growth in the overall economy as soon as the second quarter. But he cautioned that growth was more likely to resume in the second half of this year.
"We're in the light at the end of the tunnel camp," he said. "This sets us up for a traditional business cycle recovery."
The nation's gross domestic product fell 6.1% in the first quarter -- nearly the same pace as the end of 2008, and a much sharper drop than expected.
By Chris Isidore, CNN
April 29, 2009
NEW YORK (CNNMoney.com) -- The U.S. economy shrank at a pace of 6.1% in the first quarter -- almost as much as it did in the fourth quarter of 2008, according to a government report Wednesday.
The drop was much worse than expected. According to economists surveyed by Briefing.com, expectations were for a drop of 4.7% in gross domestic product, the broadest measure of the nation's economic activity, from a year ago.
The first quarter decline was the second biggest drop recorded in 26 years, behind only the fourth quarter reading. GDP fell 6.3% in the last three months of last year.
Still, investors didn't appear to be too upset by the news. Stocks rose modestly after the opening bell Wednesday.
While the overall GDP figure was disappointing, there were some signs of improvement in the report's other readings.
Purchases by individuals rose at an annual 2.2% rate, the first time personal spending rose since the second quarter of 2008. A smaller trade gap also limited the rate of economic decline.
But businesses pulled back on spending a great deal in the first quarter, as purchases of equipment and software declined at a 34% annual rate, the sharpest decline in 50 years. This drop accounted for 2.6 percentage points of the overall decline in GDP.
Businesses also slashed their inventories by more than $100 billion during the quarter, the biggest drop on record. That contributed another 2.8 percentage points to the drop in GDP. State and local governments also cut back on spending.
Robert Brusca of FAO Economics said the huge drop in inventories is good news for the economy going forward, because it will force businesses to start ramping up production again quickly once there are more signs of increased demand from consumers.
So even though the declines in GDP reported in the fourth and first quarter were similar, Brusca thinks this latest report is far more positive.
"This is the best minus 6% reading we've ever had," he said.
Wachovia economist Adam York said the sharp plunge in inventories needed to take place in order for the economy to be able to turn around.
Now that businesses have made that adjustment, York said there could be growth in the overall economy as soon as the second quarter. But he cautioned that growth was more likely to resume in the second half of this year.
"We're in the light at the end of the tunnel camp," he said. "This sets us up for a traditional business cycle recovery."
Thursday, April 16, 2009
The Great Recession
The Great Recession: America Becomes Thrift Nation
By NANCY GIBBS, TIME, Wednesday, Apr. 15, 2009
... sometimes we change because we have no choice...
Now we're stripping down and starting over.
Nearly half say their economic status declined this year, and 57% now think the American Dream is harder to achieve.
Unlike any other downturn since the 1930s, this one has affected everyone, either the fact of it or the fear of it. Even when prosperity returns, 61% predict, they'll continue to spend less than they did before.
Among people earning less than $50,000 a year — roughly half of U.S. households — 34% have not gone to the doctor because of the cost, 31% have been out of work at some point, and 13% have been hungry.
At the same time, 4 in 10 people earning more than $100,000 say they are buying more store brands, 36% are using coupons more, and 39% have postponed or canceled a vacation to save money. Forty percent of people at all income levels say they feel anxious, 32% have trouble sleeping, and 20% are depressed. After a season of big news, of war and storms and swindlers, pirates and poison peanut butter, 43% are watching the news even more, taking the medicine even if it tastes bad because skipping it could be risky.
By NANCY GIBBS, TIME, Wednesday, Apr. 15, 2009
... sometimes we change because we have no choice...
Now we're stripping down and starting over.
Nearly half say their economic status declined this year, and 57% now think the American Dream is harder to achieve.
Unlike any other downturn since the 1930s, this one has affected everyone, either the fact of it or the fear of it. Even when prosperity returns, 61% predict, they'll continue to spend less than they did before.
Among people earning less than $50,000 a year — roughly half of U.S. households — 34% have not gone to the doctor because of the cost, 31% have been out of work at some point, and 13% have been hungry.
At the same time, 4 in 10 people earning more than $100,000 say they are buying more store brands, 36% are using coupons more, and 39% have postponed or canceled a vacation to save money. Forty percent of people at all income levels say they feel anxious, 32% have trouble sleeping, and 20% are depressed. After a season of big news, of war and storms and swindlers, pirates and poison peanut butter, 43% are watching the news even more, taking the medicine even if it tastes bad because skipping it could be risky.
Foreclosures, U.S.
Foreclosure filings jump 24%
March and first-quarter total filings were the highest monthly and quarterly totals on record. Repossessions fall 3%.
By Julianne Pepitone, CNN
April 16, 2009
NEW YORK (CNNMoney.com) -- Foreclosures skyrocketed in March and the first quarter of 2008 to their highest levels on record as banks lifted moratoria on filings.
Foreclosure filings - which include default papers, auction sale notices and repossessions - reached 803,489 in the first quarter, according to a report released Thursday by RealtyTrac, on online marketer of foreclosed properties. That is a 24% jump over a year earlier and a 9% increase compared to the previous quarter.
The March and first quarter were the highest monthly and quarterly totals since RealtyTrac began reporting in January 2005.
"In the month of March we saw a record level of foreclosure activity - the number of households that received a foreclosure filing was more than 12% higher than the next highest month on record," said James J. Saccacio, chief executive officer of RealtyTrac, in a prepared statement.
Foreclosures have hit the economy hard. Housing prices have plummeted and some homeowners are severely underwater - meaning they owe more than their homes are worth. That can remove the incentive to keep up with mortgage payments.
Amid mass layoffs and pay cuts, soaring unemployment is a bigger reason for missed mortgage payments than high interest rates, according to a study from the Federal Reserve Bank of Boston.
Worst-hit states
Five states accounted for nearly 60% of the total foreclosure activity in the first quarter: In California, Florida, Arizona, Nevada and Illinois, 479,516 properties received foreclosure filings.
California alone, with 230,915 filings in the first quarter, accounted for nearly 29% of the total. The number of foreclosure filings in the state increased 35% from the fourth quarter and 36% from the year-ago period.
In March, California had 107,785 total filings - a jump of 33% from February and almost 67% from a year ago.
Florida's total filings in the first quarter fell 12% from the fourth quarter, but the state's 119,220 were still the second-highest in the country.
March and first-quarter total filings were the highest monthly and quarterly totals on record. Repossessions fall 3%.
By Julianne Pepitone, CNN
April 16, 2009
NEW YORK (CNNMoney.com) -- Foreclosures skyrocketed in March and the first quarter of 2008 to their highest levels on record as banks lifted moratoria on filings.
Foreclosure filings - which include default papers, auction sale notices and repossessions - reached 803,489 in the first quarter, according to a report released Thursday by RealtyTrac, on online marketer of foreclosed properties. That is a 24% jump over a year earlier and a 9% increase compared to the previous quarter.
The March and first quarter were the highest monthly and quarterly totals since RealtyTrac began reporting in January 2005.
"In the month of March we saw a record level of foreclosure activity - the number of households that received a foreclosure filing was more than 12% higher than the next highest month on record," said James J. Saccacio, chief executive officer of RealtyTrac, in a prepared statement.
Foreclosures have hit the economy hard. Housing prices have plummeted and some homeowners are severely underwater - meaning they owe more than their homes are worth. That can remove the incentive to keep up with mortgage payments.
Amid mass layoffs and pay cuts, soaring unemployment is a bigger reason for missed mortgage payments than high interest rates, according to a study from the Federal Reserve Bank of Boston.
Worst-hit states
Five states accounted for nearly 60% of the total foreclosure activity in the first quarter: In California, Florida, Arizona, Nevada and Illinois, 479,516 properties received foreclosure filings.
California alone, with 230,915 filings in the first quarter, accounted for nearly 29% of the total. The number of foreclosure filings in the state increased 35% from the fourth quarter and 36% from the year-ago period.
In March, California had 107,785 total filings - a jump of 33% from February and almost 67% from a year ago.
Florida's total filings in the first quarter fell 12% from the fourth quarter, but the state's 119,220 were still the second-highest in the country.
Monday, April 13, 2009
Latest Palm Beach Home Sales
Latest Palm Beach Home Sales
250 Pendleton - March 2009 - $3,000,000 at $599 per sq. ft. (Sold in Feb 2005 for $3,500,000)
209 Seaspray - March 2009 - $3,900,000 (Asking $4,750,000) Historic House ($780 per sq. ft.)
269 Pendleton - February 2009 - $3,550,000 Foreclosure - SALE at $617 per sq. ft.
402 Primavera - February 2009 - $2,000,000 - SALE at $333 per sq.ft.
250 Pendleton - March 2009 - $3,000,000 at $599 per sq. ft. (Sold in Feb 2005 for $3,500,000)
209 Seaspray - March 2009 - $3,900,000 (Asking $4,750,000) Historic House ($780 per sq. ft.)
269 Pendleton - February 2009 - $3,550,000 Foreclosure - SALE at $617 per sq. ft.
402 Primavera - February 2009 - $2,000,000 - SALE at $333 per sq.ft.
Monday, April 6, 2009
Madoff mansion faces decline in estimated value, from $9.4M to $7.45M
Madoff mansion faces decline in estimated value, from $9.4M to $7.45M
By MEGAN V. WINSLOW, Daily News
Sunday, April 05, 2009
Just like most everywhere else, 410 N. Lake Way is worth less this year than it was last year.
A property appraisal obtained by the U.S. Marshals Service last month revealed that Bernard Madoff's waterfront Palm Beach mansion is now valued at $7.45 million compared to $9.4 million last year, according to prosecutors' application for the warrant used to seize the home last week.
The decline in estimated value failed to surprise Roger Plevin, an agent with local Leibowitz Realty Group.
"That's not unusual for this market," Plevin said.
The Madoffs purchased 410 N. Lake Way, a five-bedroom, seven-bathroom home, for $3.8 million in March 1994 from owner Michael Burrows, who renovated it.
By MEGAN V. WINSLOW, Daily News
Sunday, April 05, 2009
Just like most everywhere else, 410 N. Lake Way is worth less this year than it was last year.
A property appraisal obtained by the U.S. Marshals Service last month revealed that Bernard Madoff's waterfront Palm Beach mansion is now valued at $7.45 million compared to $9.4 million last year, according to prosecutors' application for the warrant used to seize the home last week.
The decline in estimated value failed to surprise Roger Plevin, an agent with local Leibowitz Realty Group.
"That's not unusual for this market," Plevin said.
The Madoffs purchased 410 N. Lake Way, a five-bedroom, seven-bathroom home, for $3.8 million in March 1994 from owner Michael Burrows, who renovated it.
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