The biggest historic preservation news of the season — aside from voters’ approval of Bradley Park as a new home for Henry Flagler’s Sea Gull Cottage — was the Town Council’s decision to cast off a longtime policy of rejecting landmark designation for properties when owners object to the protective, historic status. In April, the Town Council voted 5-0 to reverse the informal policy. The Landmarks Preservation Commission recommends properties for landmark designation; the Town Council approves or rejects those recommendations. Preservation consultant Jane Day told the council Palm Beach has forever lost to demolition houses and other buildings that might have been worthy of preservation but weren’t considered for landmark protection because their owners did not volunteer them.

Other Florida towns, including Coral Gables, Miami and Tampa, designate properties as landmarks without owner consent, Day said. Landmarks Preservation Commission Chairman Gene Pandula said high real estate values are putting existing houses at risk of being torn down to make way for larger ones. “The value of property in Palm Beach poses a threat that wasn’t there just a few years ago,” Pandula said.

For more information on this and other real estate matters, your first source for Palm Beach real estate should be licensed agent and long-time resident Caesar Parisi.

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Florida’s housing sector continued to show signs of market adjustments in April as mortgage rates edged up and the inventory of homes available for sale remained at higher levels in many markets. Statewide, the existing-home median price rose 13 percent to $249,700 last month; a year ago, it was $221,100, according to the Florida Association of Realtors® (FAR). A total of 16,392 existing single-family homes sold statewide last month, a decrease of 31 percent from the 23,844 homes that changed hands during the previous April, according to FAR.

“The single-family existing-home market has eased its pace, but the market is returning to a more normal balance after a long run of record sales and low inventory,” says Beverly Pindling, president of the Orlando Regional Realtor Association and broker-partner of Orlando Real Estate Professionals. “With economists predicting the national housing market to be the third-best ever (below 2005 and 2004), by comparison this confirms that Orlando remains a very strong local market. Our condo market offers many homeownership opportunities priced under $200,000, which helps to meet the challenge of getting more people into their first home.” (more…)

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Many less-experienced flippers who bought heavily into pre-construction deals in large communities on the Treasure Coast have experienced less than great returns. Instead of the quick riches they expected, many have encountered a slow market in which buyers are hard to come by. Some are stuck carrying mortgages longer than expected, cutting their asking prices or walking away from contracts altogether. The driving force: Too much competition for a diminished pool of buyers.

Just in Martin’s Crossing — one of the largest new communities in Martin County — 81 of about 500 completed homes were for sale last week, not including many listed by owners. In its sister development in St. Lucie County, Newport Isles — a subdivision east of Interstate 95 in Port St. Lucie — 84 of 403 completed homes were listed with an agent. Meanwhile, the communities’ builders also are continuing to jockey for buyers. (more…)

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La Vieille Maison, one of Boca Raton’s most famous restaurants is closing. Three decades after Leonce Picot brought French cuisine and Old World service to southern Palm Beach County, this Boca Raton real estate property has become more valuable than the restaurant. The last lemon crepe soufflé, a constant over 30 years, will be served Wednesday. The most requested table, the four top in the Fish Pond Room, will be no more.

“It was difficult selling that place,” he said. “We were the first in Florida, perhaps in the South, that poured champagne by the glass. We were the first ones to bring Mondavi wine east of the Mississippi.” Laura Sayles, Picot’s daughter and the restaurant’s controller, said, “We were doing things that no one else had done before.” She runs the family’s Good Tastes, a Boca wine and gift shop that is not being sold. “[La Vieille Maison’s] very unlike most restaurants in South Florida,” said Carol Gottlieb, of Boca Raton, who celebrated a friend’s birthday there in March. “It’s set up like you’re the only ones there.” (more…)

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Buying your first home involves some sacrifice. You’ll have to come up with a down-payment. Your aim should be to put down 10 percent to 20 percent of the purchase price. The bigger your down payment, the lower your mortgage payments will be. Tack on another 3 percent to 5 percent for closing costs and that is your goal. Sure, the number may be scary, but it’s better to know and be prepared than to be caught short later.

If you must the borrow a portion of the down payment, particularly if you find a home that your know is a great buy. You might consider borrowing the remainder of the down payment from your 401(k). The interest rate is usually good compared with other loans (typically, the prime rate plus a point or so) and you generally have 15 years to pay back the loan. Plus, the interest and principal you pay go back into your own account.

To find the perfect home, RE/MAX Properties REALTORS® Annette Smith is available to help you be an informed home buyer or home seller in today’s changing Sarasota real estate market.

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Not long after settling into a new dwelling, many buyers begin to critique the house they just rented or bought. Rather than engaging in a depressive round of “buyers remorse”, wouldn’t it be better to spend some time in pre-purchase planning? Here are some practical things to think about when you’re looking through your pool of homes that you’re hoping to buy.

Location, location, location.

Yes, location means everything in the real estate market. And, have you considered where you live in relation to the services you need; schools, church, groceries, doctors, etc. Is the shopping just down the road, or does it take a maddening half-hour of fighting bumper-to-bumper traffic to visit your favorite supermarket?

More information on pre-purchase planning is discussed here.

Ready to buy or sell a Palm Beach home or condo? Consult with licensed agent Caesar Parisi. Caesar has assisted hundreds of buyers and sellers, giving sound advice on how to most effectively buy and sell property.

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