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Friday, June 30, 2006
Prices flat-line, more condo projects, etc.
Stat of the week
$100
That’s how much the median home price in Palm Beach County rose from May 2005 to May 2006, according to the Florida Association of Realtors. Remember when prices were rising $100,000 a year?
Quotes of the week
“I was driving some clients around downtown West Palm Beach, and they asked, ‘What’s that crane for?’ I said, ‘It’s a condo.’ ‘And what’s that crane for?’ ‘It’s another condo.’ Finally, I said, ‘Look, every crane you see is a condo, so stop asking.’”
Neil Merin, NAI/Merin Hunter Codman
“Unfortunately, this is not a blip. It is going to be a trend for quite a period of time.”
Jack McCabe, president of McCabe Research and Consulting, on rising foreclosure rates
Bullish signs of the week
Still ponying up: A Broward condo developer paid $24 million for the 2500 block of North Flagler Drive in West Palm Beach. A Miami condo developer paid $19.9 million for the downtown block at Dixie Highway and Datura. Condo glut? What condo glut?
The Florida population boom will continue, according to two real estate profs at the U. of Pennsylvania’s Wharton School. They predict Palm Beach County will add 465,971 people from 2000 to 2020, while the Treasure Coast will add 135,410 residents. Grab the PDF here.
Bearish signs of the week
Florida foreclosures up 6 percent, Florida sales volumes down 24 percent and prices in Palm Beach County and the Treasure Coast are flat-lining.
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