Tag: Lake Worth

Real Estate News
Real Estate Property
Fraud Alert

Mark & Annmarie Lenson Farming & Pad Photo

USA – Florida

Real Estate News – S.E. Florida
Orange County – Palm Beach County – Broward County

Orlando – Vero Beach – Fort Pierce – Port St. Lucie – Stuart – Jupiter – Palm Beach Gardens – West Palm Beach – Boynton Beach – Delray Beach – Boca Raton – Fort Lauderdale – Hollywood – Deerfield Beach – Lighthouse Point – Wellington.

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Kissimmee – Cocoa Beach – Melbourne – Palm Bay – Sebastian – Hutchinson Island – Jensen Beach – Palm City – Port Salerno – Hobe Sound – Tequesta – Riviera Beach – Lake Worth – Ocean Ridge – Manalapan – Pompano Beach – Lauderdale By The Sea – Oakland Park – Dania Beach – Hallandale Beach – Loxahatchee – Royal Palm Beach – Okeechobee – Indiantown

Real Estate Property Fraud Alert

Nationwide the fastest growing white-collar crime in the United States according to the FBI is property and mortgage fraud.

In short, scammers file (put on the public record) fake deeds to make it look as if they (the scammer) owns a property.

The scammer then tricks the public, taking their money as the scammer sell the property or rent the property to an unsuspecting purchaser or lessee.

For the County of Palm Beach, Florida, click HERE to read more about this latest scam.  And/or to and sign up for a FREE Property Fraud Alert program from Palm Beach County,  click HERE or call (800) 728-3858.  You will be asked to enter your name or business name.  When your name or business name hits the public records you will be notified automatically within 48 hours.

For other counties throughout the USA, please contact whomever is in charge of the public records and see if they have a similar program for the county your property is located in.

Mark Lenson

Broker / Owner

Lenson Realty, Inc.

Mark & Annmarie Lenson have personally sold over 800 properties in 29 years selling real estate in South Florida.  They have offices from Orlando to Boca Raton, Florida with 107+ agents.  Mark & Annmarie won every award a major national franchise had to offer.  Mark is a real estate instructor, has been on television and has written numerous real estate articles.

Orlando – Vero Beach – Fort Pierce – Port St. Lucie – Stuart – Jupiter – Palm Beach Gardens – West Palm Beach – Boynton Beach – Delray Beach – Boca Raton – Fort Lauderdale – Hollywood – Deerfield Beach – Lighthouse Point – Wellington

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Kissimmee – Cocoa Beach – Melbourne – Palm Bay – Sebastian – Hutchinson Island – Jensen Beach – Palm City – Port Salerno – Hobe Sound – Tequesta – Riviera Beach – Lake Worth – Ocean Ridge – Manalapan – Pompano Beach – Lauderdale By The Sea – Oakland Park – Dania Beach – Hallandale Beach – Loxahatchee – Royal Palm Beach – Okeechobee – Indiantown

Real Estate News
Update: Proper Pricing

Mark & Annmarie Lenson Farming & Pad Photo

USA – Florida

Real Estate News – S.E. Florida
Orange County – Palm Beach County – Broward County

Orlando – Vero Beach – Fort Pierce – Port St. Lucie – Stuart – Jupiter – Palm Beach Gardens – West Palm Beach – Boynton Beach – Delray Beach – Boca Raton – Fort Lauderdale – Hollywood – Deerfield Beach – Lighthouse Point – Wellington

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Kissimmee – Cocoa Beach – Melbourne – Palm Bay – Sebastian – Hutchinson Island – Jensen Beach – Palm City – Port Salerno – Hobe Sound – Tequesta – Riviera Beach – Lake Worth – Ocean Ridge – Manalapan – Pompano Beach – Lauderdale By The Sea – Oakland Park – Dania Beach – Hallandale Beach – Loxahatchee – Royal Palm Beach – Okeechobee – Indiantown

Properly Pricing A Property For Sale

As I discuss properly pricing a property, please understand, this article is about exactly that.  Properly pricing – neither underpricing it and giving it away, nor overpricing it trying to get way more money than the property is worth.  In both cases, improper pricing will backfire on the property owner and yield them less money than if the property was properly priced from the onset.

When a property is listed, it will be the “hottest” during the first 30 days on the market.  The property will likely get the most showings during this time period while brand-new to the marketplace.  If the property is priced correctly, the property will yield the most money for the property owner.  This is why….

It is not uncommon when either an inexperienced or unscrupulous real estate agent will list a property way above the fair market value.  This is either from lack of experience, or to beat out other agents more realistic pricing, whereby later the listing agent invariably hits the owner for multiple price reductions later.

Due to the proverbial “greed factor” many property owners jump at overpricing their property.  It is common for a homeowner to think they have the best house on the block, the best location, the best floorplan, the best upgrades, the best pool, the best of everything, therefore overinflating its worth and listing it well above fair market value.  To assure the real estate agent in getting the listing, the agent typically agrees with the homeowner 100%.

The problem is, buyers are looking not only at this particular property, but also at other competitive properties. Chances are that many of these competitive properties have been on the market long enough to have had price reductions and be at the proper fair market value asking price. This makes the improperly overpriced property glaringly overpriced.

When an overpriced property sits on the market for a long time, it tends to get “old.”  It racks up a lot of time in the MLS and indicates to the buyer that either something is wrong with the property or the property owner is getting desperate, even though this may not be the case.  Neither may be true, but that is what goes through the buyer’s mind.

Either way, when a buyer makes an offer on a property that has been sitting around too long, the buyer tends to come a much lower offer.

There is a saying in the real estate business that goes like this, “Let me be your third Realtor®.”  The reason for this is that when a property owner overprices their property, it will typically not sell during the 6 month listing period.  The property owner will blame the listing real estate agent for not advertising their property enough. Then the owner will relist the property with a second real estate agent.  When this exact scenario plays out again, the owner moves on to their third real estate agent.  By this point, owners tend to be tired of having their property on the market for so long and will finally price it competitively.

The shameful thing is, to the buyer’s thinking the property has been on the market for a very long time.  Buyers assume that either something is wrong with the property or that the owner is desperate to sell.  The buyer will then come in with an offer much lower than they would have previously and the frustrated property owner will negotiate their property to sell lower than fair market value.

Because of the above scenario, I have said many times that I could make a good living on the amount of money property owners lose due to greed.

Unless the property is being purchased for 100% cash (no mortgage) which is not common, then any inflated sale price will not be approved by the lending institute anyway. The lending institute will not put a mortgage on a property unless it is sold at fair market value or below.  Therefore if a property did sell above market value, it is not likely to close.

In addition to the above, most buyers who can pay 100% cash for a property are likely savvy enough to have a good quality analysis done on a property before they make an offer. This is to avoid overpaying for a property.  Ergo, cash buyers typically do not purchase overpriced properties.

When a property is properly priced, it will typically sell within the first 30 days for the highest amount.  Ironically, when property owners remove the greed factor they make more money on their sale.  It is just one of those paradoxes in life.  Greed often stings you in the end.

Lastly, when the fair market value of the property is known, it should then go on the market for a reasonable amount above fair market value for the proverbial negotiation game.  The best list price for most properties will be ~5% above the fair market value.  When a property is properly priced, there is little need to move off the list price very much and will attract more buyers and likely a sale.

Price it right and get the most from the sale of your property without all the headaches and inconvenience of having it on the market for months on end.

Mark Lenson

Broker / Owner

Lenson Realty, Inc.

Mark & Annmarie Lenson have personally sold over 800 properties in 29 years selling real estate in South Florida.  They have offices from Orlando to Boca Raton, Florida with 107+ agents.  Mark & Annmarie won every award a major national franchise had to offer.  Mark is a real estate instructor, has been on television and has written numerous real estate articles.

 

 

Orlando – Vero Beach – Fort Pierce – Port St. Lucie – Stuart – Jupiter – Palm Beach Gardens – West Palm Beach – Boynton Beach – Delray Beach – Boca Raton – Fort Lauderdale – Hollywood – Deerfield Beach – Lighthouse Point – Wellington

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Kissimmee – Cocoa Beach – Melbourne – Palm Bay – Sebastian – Hutchinson Island – Jensen Beach – Palm City – Port Salerno – Hobe Sound – Tequesta – Riviera Beach – Lake Worth – Ocean Ridge – Manalapan – Pompano Beach – Lauderdale By The Sea – Oakland Park – Dania Beach – Hallandale Beach – Loxahatchee – Royal Palm Beach – Okeechobee – Indiantown

Real Estate News
Update: Drones

Mark & Annmarie Lenson Farming & Pad Photo

USA – Florida

Real Estate News – S.E. Florida
Orange County – Palm Beach County – Broward County

Orlando – Vero Beach – Fort Pierce – Port St. Lucie – Stuart – Jupiter – Palm Beach Gardens – West Palm Beach – Boynton Beach – Delray Beach – Boca Raton – Fort Lauderdale – Hollywood – Deerfield Beach – Lighthouse Point – Wellington

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Kissimmee – Cocoa Beach – Melbourne – Palm Bay – Sebastian – Hutchinson Island – Jensen Beach – Palm City – Port Salerno – Hobe Sound – Tequesta – Riviera Beach – Lake Worth – Ocean Ridge – Manalapan – Pompano Beach – Lauderdale By The Sea – Oakland Park – Dania Beach – Hallandale Beach – Loxahatchee – Royal Palm Beach – Okeechobee – Indiantown

Drone Update

Starting December 21, 2015 everyone (including real estate agents) with very few exceptions will need to register their drone(s) with the FAA.

After December 21, 2015, when you buy a drone you need to register it with the FAA prior to your 1st flight.

Existing drone owners have until February 19, 2016 to register.

Drones under 9 ounces do not need to be registered.  Registration is still $5 and is good for 3 years.

The exception for the drones under 9 ounces is done for experimental purposes such as engineering schools experimenting with different designs and such.

Penalties for not registering are presently up to $27,500 in civil fines and $250,000 and 3 years in prison for criminal penalties.

Due to the serious nature of flying drones in civil airspace and the potential of collisions with aircraft, the fine and penalty is high to help assure registration compliance.

In part, registration compliance will help the FAA track the use and possible collision follow up issues as drones become more and more a popular activity increasing the liability of flight.

 

Orlando – Vero Beach – Fort Pierce – Port St. Lucie – Stuart – Jupiter – Palm Beach Gardens – West Palm Beach – Boynton Beach – Delray Beach – Boca Raton – Fort Lauderdale – Hollywood – Deerfield Beach – Lighthouse Point – Wellington

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Kissimmee – Cocoa Beach – Melbourne – Palm Bay – Sebastian – Hutchinson Island – Jensen Beach – Palm City – Port Salerno – Hobe Sound – Tequesta – Riviera Beach – Lake Worth – Ocean Ridge – Manalapan – Pompano Beach – Lauderdale By The Sea – Oakland Park – Dania Beach – Hallandale Beach – Loxahatchee – Royal Palm Beach – Okeechobee – Indiantown

City of Boca Raton

M&A

USA – Florida

Real Estate News – S.E. Florida
Orange County – Palm Beach County – Broward County

Orlando – Vero Beach – Fort Pierce – Port St. Lucie – Stuart – Jupiter – Palm Beach Gardens – West Palm Beach – Boynton Beach – Delray Beach – Boca Raton – Fort Lauderdale – Hollywood – Deerfield Beach – Lighthouse Point – Wellington

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Kissimmee – Cocoa Beach – Melbourne – Palm Bay – Sebastian – Hutchinson Island – Jensen Beach – Palm City – Port Salerno – Hobe Sound – Tequesta – Riviera Beach – Lake Worth – Ocean Ridge – Manalapan – Pompano Beach – Lauderdale By The Sea – Oakland Park – Dania Beach – Hallandale Beach – Loxahatchee – Royal Palm Beach – Okeechobee – Indiantown

City Of Boca Raton
Untamed Growth

Having been actively involved in the local real estate market for 29 years, I am frequently asked about the seemingly untamed and aggressive growth of “downtown” Boca Raton, with its sprawl of ugly construction.  It therefore appears prudent of me to share my opinion, both personally and professionally.

The most common question “Is it good or bad?” depends upon your vantage point.

If you are a business owner in downtown Boca Raton, then it is good.  Particularly if you live within walking distance of your business.

If you are not within walking distance of your downtown business, then the massive explosion of tall cement structures lurking over our crowded streets is not so good.  The upside for downtown business owners is more customers; the downside is traffic-clogged roads and increased commuting time.  It appears the City is looking the other way as developers and many owners of these businesses make money and live well outside the downtown area.

From a real estate industry perspective, growth is positive because there are more units to rent.  However, the negative by-product of unbearable traffic which causes difficult access to these units must be taken into account.

Another negative is that unchecked growth depresses property values all over Boca Raton, not just the downtown.

No one ever says, “Let’s increase property values by erecting rental complexes and hotel monstrosities that look like prisons.”  This is not the tasteful, well-planned, upscale architecture for which Boca Raton has always been known.

Thanks to the current administration in Boca Raton, our charming downtown with its quaint stores and beautiful plazas is rapidly becoming a thing of the past.  In my opinion, this is NOT what the vast majority of residents want.

Boca Raton is becoming the new Fort Lauderdale and on its way of becoming a mini Miami due to massive congestion and towering buildings with frontage practically up to the road.  Huh? Setbacks?  What setbacks?

When the question arose as to where we are going to put the thousands of parked cars that we do not have room for, the response was to bus people in off of the rail.  Really?  This increases property values?  I think not.

Before approaching the concept of more money coming into the city via increased taxes, we need to consider the greater need (and expenditure of those monies) for increased emergency services.

Shall we also discuss how emergency services are going to timely get to their destination with the massive abundance of cars and buses congesting our roadways?

Although I could go on forever in this vein (like the unremitting building in the downtown area of Boca Raton,) let it suffice to say that as a homeowner and business professional, I prefer to maintain the history, beauty, quaintness and love for our city. To maintain our tradition of thoughtfully-considered planning and growth, allowing property prices to rise naturally.  Do you remember the simple marketing law….the law of Supply and Demand?

I find it curious that every person I’ve spoken with on this subject in the last few years objects to the decimation of downtown Boca Raton.  That not one resident, whether living downtown or not, thinks the current unfettered growth is a good thing.  Hmm.

Wouldn’t it be nice if the citizens actually had representation…..oh, but that is a different matter.  Or is it?

As a parting remark, at the northeast corner of South Federal Highway and SE 5th Street there is an elevated statue of Addison Mizner holding a monkey on his shoulder.  I think I know where all his brothers and sisters are.  I’m just say’n……

 

Orlando – Vero Beach – Fort Pierce – Port St. Lucie – Stuart – Jupiter – Palm Beach Gardens – West Palm Beach – Boynton Beach – Delray Beach – Boca Raton – Fort Lauderdale – Hollywood – Deerfield Beach – Lighthouse Point – Wellington

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Kissimmee – Cocoa Beach – Melbourne – Palm Bay – Sebastian – Hutchinson Island – Jensen Beach – Palm City – Port Salerno – Hobe Sound – Tequesta – Riviera Beach – Lake Worth – Ocean Ridge – Manalapan – Pompano Beach – Lauderdale By The Sea – Oakland Park – Dania Beach – Hallandale Beach – Loxahatchee – Royal Palm Beach – Okeechobee – Indiantown