Treasure Coast Real Estate News

Articles on Our Housing and Real Estate Markets

May 29, 2023

Where Sellers Are Slashing Home Prices the Most—and the Least

The 10 U.S. Cities Where Sellers Are Slashing Home Prices the Most—and the Least

Article By Evan Wyloge, Realtor.com

At the height of the frenzied COVID-19 pandemic-era housing boom, price reductions were the furthest thing from most sellers’ minds. After all, why slash asking prices when overeager homebuyers were queuing up for practically any good home that hit the market—sometimes regardless of price, condition, or even general cleanliness?

Those days are fast fading. Today’s homebuyers don’t have as much cash to spend; they’re grappling with rising rents, punishing inflation, and increasing mortgage interest rates. Those higher rates can tack on hundreds of dollars each month to the typical mortgage payment, pricing many buyers out of the market entirely and forcing others to reduce their homebuying budgets drastically. Read More

The 10 U.S. Cities Where Sellers Are Slashing Home Prices the Most—and the Least By Evan Wyloge

Eric Slifkin, Broker Associate

Eric Slifkin, Broker Associate

Serving the Treasure Coast Since 2003

A Broker Associate at Keller Williams Real Estate and the Slifkin Real Estate Team lead, Eric and his experienced agents serve South Florida and the Treasure Coast.

Our service area includes homes for sale in Stuart, Hobe Sound, Palm City, Port Saint Lucie, Jupiter, Tequesta, and the Palm Beaches. We also provide relocation and other real estate services through our global network of Keller Williams referral agents.

Contact us today to schedule a free consultation. Whether buying or selling a home on the Treasure Coast, we are always happy to meet with you to discuss your wants and needs with no obligation.

May 14, 2023

Relocating to Stuart, Florida

Greater Stuart, Florida Relocation Guide

For those who enjoy outdoor recreation and appreciate an area with natural beauty, the greater Stuart area is perfect for your Florida relocation, offering a casual lifestyle with access to a primary metropolitan market.

Homes for Sale in Stuart FloridaThe U.S. Census Bureau estimates that over 43 million Americans will relocate this year alone. A significant number will be moving to and from Florida – particularly the Stuart area of the Treasure Coast, which offers an unspoiled natural environment that creates the quality of life many of its residents seek.

Search Homes for Sale in Stuart, Florida

Whether moving to Stuart from your home up North or points south, we can get you through the complicated real estate process without breaking a sweat. We will not only find you that desirable beach property, boating community, luxury home, or equestrian community, but we also represent your best interests and negotiate the most favorable terms possible for your purchase.

Let us be Your Search Engine

Even if you know the difference between Stuart, Palm City, Hobe Sound, and Jensen Beach, finding a property that suits your Real Estate needs and lifestyle can be daunting. There are multitudes of real estate agents competing for your business. An Internet search for "Stuart Florida Real Estate" yields hundreds of real estate websites with properties and selling and buying tips galore.

You could spend days and weeks scrolling through real estate listings and driving through neighborhoods to find the perfect home – or you could ask us to do the looking for you! We offer a full range of relocation services, beginning with an extensive client consultation leading to a successful transaction.

Please Don't Buy a Home Without Our Assistance!

Relocation can be a very stressful process for you and your family. The time and effort required to get things done can be overwhelming. We understand what you are going through and can handle much of the work involved to help you through this experience – at no cost to you. We are knowledgeable in all aspects of real estate for buyers, sellers, and relocation. Why not put our expertise to work for you?

Pre-Decision Services

If you are relocating to the Treasure Coast for career purposes, our pre-decision services will help you evaluate your living situation before accepting a relocation assignment. Pre-decision counseling includes an analysis of our local real estate market, a review of destination area costs, and a tour of potential homes.

Stuart Rental Homes

Are you looking to rent? Be sure to contact us at 772-678-1600 for up-to-date long or short-term and furnished or unfurnished Stuart area rental listings. Join our interest list.

Stuart Rental HomesShould your needs call for a rental home, we offer furnished or unfurnished Stuart, Florida rental homes, villas, and condos available for annual or short-term lease. Discover our selection of MLS-listed home rentals located in the heart of the Treasure Coast, convenient to Stuart area restaurants, theaters, golf, shopping, and West Palm Beach and Orlando area attractions. Learn More

Eric Slifkin, Broker Associate

Eric Slifkin, Team Lead

Your local real estate expert

Are you seeking a home that suits your lifestyle, community, and neighborhood needs? Eric offers home buyers a turn-key approach to finding and purchasing real estate from the Treasure Coast to the Palm Beaches and beyond with his team. 

Contact us today to schedule a free consultation. Whether buying or selling a home on the Treasure Coast, we are always happy to meet with you to discuss your wants and needs with no obligation.

 

May 10, 2023

Making Room for a Home Office

Need a home office? An addition is not your only option. Rather than adding costly square footage, you may consider repurposing a rarely used closet or moving interior walls to create more space.

Discover The ‘Cloffice’

Pushing Clothes and Boxes Aside to Transform a Closet into a Small Office

CHICAGO – Pressed for space to work, some remote workers are reimagining closets – the “cloffice.” The latest trend in home design originates from the need to work from home during the pandemic. While dining room tables may have provided temporary space for a month or two, some people seeking more private space decided that a closet was their best alternative for privacy – and for many of them, it was their only alternative.

“For so many of us trying to type and Zoom through the chaos, the closet has become the last bastion for something resembling a dedicated office space,” a realtor.com report says about the trend.

Pinterest calls the cloffice one of the hottest design trends for this year, saying, “Pinners are getting creative with closet doors. In 2021, we’ll all learn what a ‘cloffice’ is. Even when doors aren’t available, people will find new ways to create personal space.”
Cloffice
When occupants decorate a cloffice, Ginger Curtis, owner of Urbanology Designs in Dallas, says good lighting, organization, and comfort are essential. Good overhead lighting is necessary for the absence of natural light. Bring in a desk and use a comfortable desk chair that fits properly.

Also, dress up the closet space with wallpaper or artwork on the walls. Designers also suggest using open shelving above the desk for efficient organization and bookcases on the sides or vertical magazine files to store papers.

“Like many others during the pandemic, I tried to work in transitional spaces – the kitchen, living room, front door area, etc. Unfortunately, it wasn’t working,” says Lahari Rao, who designed a cloffice for her at-home office. “I realized I owed much more importance to my workspace – it wasn’t selfish, but rather a self-care gesture to provide my mind and productivity the respect it deserves.”

Source: “The ‘Cloffice’ Is the New Cubicle: Expert Inspiration to Put That Closet to Work, Beautifully,” realtor.com® (Feb. 1, 2021)

© Copyright 2021 INFORMATION INC., Bethesda, MD (301) 215-4688

 

Eric Slifkin, Broker Associate

Eric Slifkin, Team Lead

Your local real estate expert

A Broker Associate at Keller Williams Real Estate and the Slifkin Real Estate Team founder. Eric and his experienced agents serve South Florida and the Treasure Coast, including  Stuart, Hobe Sound, Palm City, Port Saint Lucie, Jupiter, Tequesta, and the Palm Beaches.

Contact us today to schedule a free consultation. Whether buying or selling a home on the Treasure Coast, we are always happy to meet with you to discuss your wants and needs with no obligation.

 

 

 

May 7, 2023

Why Florida Real Estate Investing Makes (Dollars and) Sense

Investing in Florida Treasure Coast Real Estate

Investing in Florida real estate on the Treasure Coast is an effective way to accumulate wealth and create a passive income stream. There are many choices to consider when purchasing a Florida investment property, including single-family homes, multi-family residences, condos, townhomes, student housing, and vacation rentals.

Investing

In choosing an investment property, weighing the advantages and disadvantages of each type based on your budget, location, and target renters is essential. For example, single-family homes are simpler to manage and appeal to a broader range of tenants. At the same time, multi-family properties can provide a higher return on investment but require more upkeep. To make the right decision, consider your priorities, financial situation, and location before investing.

A luxury beachside villa, a cozy condo for two, or a townhouse perfect for a small family — if you're thinking of becoming an investment property owner, the possibilities are endless when buying real estate to flip or for rental purposes. Click here to learn more about our investor services.

Florida Treasure Coast Rental Trends

Investing in Florida residential properties is an effective way to accumulate wealth and generate a passive income. Here on Florida's Treasure Coast, the median rental price for a single-family home is over $3,000 per month, with median condo monthly rents exceeding $2,000. Better vacation rentals during the season start in the $4,000 range, with solid demand and low inventory driving prices.

The type of investment property you buy will dictate how much you could receive in monthly rent payments. Location, size, and features will also influence your return on investment (ROI) or how much profit you can make. Here's a look at the most common investment property types and their main pros and cons.

Multi Family Home

Treasure Coast Single-Family Residences

A mainstay of Treasure Coast suburban areas, single-family homes with backyards and desirable neighborhoods are the first choice compared to multi-family housing. Further, many renters looking to buy are priced out of the market, even after spending years saving for a down payment. As of December 2022, the national average price for a single-family home sat at $372,700, according to the NAR. So if you've got the cash to buy a detached house, chances are high that renters will scoop it up. 

Advantages of Single-Family Homes

For newcomers to investment property ownership, a single-family home may be easier to manage than other options. In addition, because they're in demand, you can expect to attract a vast pool of prospective tenants, giving you options to choose the family you'd like to work with. Furthermore, owning a single home means you won't worry about maintaining multiple units. Also, growing demand and loftier rents suggest that your house could bring in a substantial amount of rental income. You can use this income to pay off your mortgage and other expenses associated with the property while receiving rent payments from your tenants and building equity.

The Downside of Single-Family Homes

At the same time, a single-family home won't earn you as much rental income as other options, such as a duplex, fourplex, or other multi-family residences — unless you manage multiple single-family properties.

The other downside is vacancies. If your tenants move out, you may incur a month or two of vacancies as you procure new renters. You won't receive any rent during that time, even though you'll still be on the hook for all costs, including your mortgage, property insurance, property taxes, and homeowners association fees. Landlords with a single unit must remember this and keep a cushion of savings for these times.

Multi-Family Residences

Treasure Coast Multi-Family Residences

Multi-family homes include duplexes, townhouses, condos, or homes with an Accessory Dwelling Unit (ADU), making a single property available to multiple households. Multi-family rentals usually share common areas like a rooftop patio, community swimming pool, and gated entry.

Pros of Multi-family Residences

With a multi-family residence, you can increase your ROI much faster than a single-family home. For example, buying a duplex will yield two monthly rental incomes instead of one. Purchasing a multiple-story townhouse could equal several rental payments to cover your mortgage and expenses and provide revenue. 

If one family moves out of their unit, you don't necessarily need to scramble to find a new tenant to move in immediately. In addition, your rental income won't flatten out to $0 overnight because you'll still have occupied tenants in other parts of the property, making multi-family residences a more stable investment option.

Cons of Multi-family Residences

With more renters comes more responsibility as the landlord. While you may collect more rental income, you'll have to look after multiple units under one roof, staying on top of repairs, maintenance, and renovations. 

Some tenants may want a furnished unit while others don't, and some may opt to buy their utilities while others prefer a lease with all bills included in their rental price. Managing multiple units requires you to be available, flexible, and agile. 

While there aren't concrete rules on whether to furnish multi-family residences, your tenants will look to you to provide furnishings in shared spaces, which entails buying a patio set, a barbecue for the backyard, and gym equipment for a recreational area. Expect to spend more on refrigerators, washer-dryer combos, and dishwashers. You'll invest more time into property management, too. 

While a family living in your single-family home may tend to the garden or maintain the backyard, the tenants of your multi-family residence may count on you to keep the common spaces clean and tidy. You may have to hire a third party to help keep flooring and shared rooms in great shape.

A Word About Tenant Screening

Being selective with your tenants is critical. You'll also need to screen your potential tenants carefully and look for chemistry between the families. If you're renting to an elderly couple, for example, you may not want to accept a rental application from a bunch of university students throwing parties well into the morning. One bad tenant could wreak havoc on others under the roof, even in separate units. 

Condos foe Sale in Stuart, FL

Condominiums

Young urban professionals, couples, and empty nesters looking to downsize tend to flock to condominiums and apartments, making these investment properties a safe place to park your savings.

In 2022 condominiums rentals saw significant rental price increases due to solid demand, triggering intense competition among renters. That's great news for landlords in this hot rental market.

Condominiums ("Condos") are privately owned units in a larger residential building. Various types of condos are available, ranging from studio to three-bedroom units. Although, the most popular choices among homeowners are two-bed/2-bath residences.

While condo owners have their own living space, including bedrooms, bathrooms, kitchens, and living rooms, they share common areas like hallways, garages, mailrooms, and recreational facilities like gyms, swimming pools, and outdoor patios with other condo units in the building. In addition, a condominium association typically manages landscaping, pool cleaning, and other repairs, from faulty elevators to lobby renovations.

Advantages of Condominiums

The beauty of condominiums — aside from the universal demand from singletons, couples, young families, and seniors alike — is the convenience that comes from property maintenance. As a landlord paying condominium fees, you don't have to worry about mowing the lawn, tending to the swimming pool, or keeping the mailroom clean. You will, however, have to respond to queries from your tenants regarding the condominium unit itself. If you're buying a brand-new condominium with warranties and new appliances for your tenants, you should expect fewer maintenance issues or costs. 

Cons of Condominiums

Convenience comes at a hefty price for landlords in the form of monthly condo fees that could go as high as $800 to $1,200, depending on your location and the amenities building residents receive. However, you can transfer this expense to your tenants by working it into their monthly rent.

With condominiums, you also need more control over how well the building is maintained. As a result, you may need to join the condominium's board to ensure the building stays in excellent condition for the sake of your current and future tenants and to safeguard your investment. 

Rental Properties

Vacation Rentals

The likes of websites like Airbnb and VRBO have made it incredibly easy to market vacation rentals to tourists visiting your city.

If you're in a major tourist hotspot, like New York City, Miami, Los Angeles, or Orlando, purchasing an investment property ideally situated for visitors may be a worthy choice. (A caveat: Several cities have instituted regulations around short-term rentals, so be sure you know the requirements in places where you are looking to acquire property.) 

A 2020 Airbnb report suggests the average Airbnb host in the United States makes about $24,886 annually. You could yield between $500 and $800 per night, depending on where your vacation rental is located and its size and features. 

For example, a sprawling vacation property on South Beach in Florida could easily command prices of $800 per night during peak season. Families may consider this price tag a steal compared to renting several hotel rooms in the same area, and they'll have added perks like a kitchen to prepare kids' meals and a private patio to host dinners.

Pros of Vacation Rentals

Unlocking unlimited cash flow, depending on your property's popularity, is the defining perk of owning a vacation rental. Instead of receiving one rental income each month, you may have Florida-bound visitors throughout the seasonal Winter months and during the off-season, earning a massive ROI for your short-term and vacation rentals. The other perk? You — and your family and friends — can use the vacation rental while it's sitting empty or when you need to take a break.

Cons of Vacation Rentals

Unless you have a property manager taking care of your investment property, owning a vacation rental can become a full-time job. You'll need to vet potential visitors applying to stay at your vacation home, arrange their check-in and check-out times, schedule cleaning and laundry, prepare the property for the next set of visitors, and maintain a five-star rating to keep your calendar full of bookings. If you outsource this work to a management company, that's another expense on top of your mortgage payments, insurance, and property taxes.

Because vacation rentals must be like a hotel room, you'll need a steady supply of clean bedding, towels, pillows and blankets, toiletries, and kitchen staples like coffee and tea. Yes, your temporary tenants will look for wine glasses and welcome snacks! Make sure those are available to keep the good reviews coming. Providing these household essentials will be an ongoing expense in your budget, but they're mandatory to keep your business going.

Concerns about vacancy rates are highest for this kind of investment property. If you're in the low season or your city offers many vacation rental options, you may not receive any rental property income during some weeks or months.

Bottom Line

Investment properties offer great benefits for landlords regardless of the route they take. You can enjoy tax breaks, collect rental income to cover expenses and watch your investment grow in value over time.

The type of property you choose, location, and its capacity will determine how much you can charge. Therefore, it's essential to do some budgeting, select a desired location, and assess the demand for housing in that area, which will help you find the perfect investment property for your ideal tenants.

Investing in real estate by purchasing an investment property can generate wealth and provide a source of passive income. That said, there are different investment properties to consider, such as single-family homes, multi-family residences, condos, student housing, and others.Slifkin Team

Contact Eric Slifkin 

 

April 29, 2023

Top 10 Active Adult Communities

The Top Ten Active Adult Communities in Port St. Lucie, Florida

See our picks below for the best Active Adult Communities in Port St. Lucie and Saint Lucie West, Florida. Click on the image below to search for homes in Active Adult communities.

Search PSL Homes

Top PSL Active Adult and 55+ Communities & Homes for Sale

 

Get in touch. Contact us today for all Port St. Lucie area homes for sale. Then, call 772-678-1600 to learn more about Treasure Coast living.

 

April 29, 2023

Search PSL New Construction Homes

Top New Homes, New Home Communities, and New Home Builders 

Find and buy new construction homes in Port Saint Lucie. Sign up to get listings sent to you before almost anyone else finds out about them. Join Our Interest List Search the Largest  Collection of New Homes

Are you seeking information on new homes and builders along the Treasure Coast? We can help you find the right new home, new home community, or custom builder you seek and represent you as our client. Click here to explore new home construction listings featuring the area's premier home builders.

Top Reasons to Buy a New vs. Resale Home

  • Modern floor plans
  • Latest designs and materials
  • Ability to customize or upgrade
  • Innovative/green home features
  • Energy efficient construction
  • Low maintenance - fewer repairs

Contact us today for all Port St. Lucie area homes for sale. Then, call 772-678-1600 to learn more about Treasure Coast living. Get in Touch

Slifkin Real Estate Team

 

Posted in Home Buying, New Homes
April 28, 2023

Real Estate News

What's Up with Real Estate?

Welcome to this week's talking points on breaking real estate news and local market trends. As always, we are here to answer your questions and concerns about buying, selling, or renting a home on Florida's Treasure Coast. -Eric

Friday, April 28, 2023

Is the correction over?

In this week's talking points, Great news for the real estate market this week! National home prices showed an increase in February, according to reports from Case-Shiller and the FHFA. New home sales are also rising, and we're seeing increased competition levels. However, the inventory of existing homes remains low, which has resulted in a decrease in pending sales. Overall, it's been an encouraging week for the industry. Read MoreRates

Read the Full Article

 


Questions about our local real estate market? 

Contact us today to learn more about homes for sale or selling a home on the Treasure Coast. Whether buying or selling a home on the Treasure Coast, we are always happy to meet with you to discuss your wants and needs with no obligation. Eric Slifkin, Broker Associate, Keller Williams Realty. Info: 772-678-1600.

April 25, 2023

Make Your House Appeal to Buyers

Presenting a House Attractive to Buyers

Are you getting ready to sell? Cleaning and decluttering are chores often relegated to the bottom of our to-do list when preparing a home for sale. You need to set practical goals that you'll be able to stick to. Instead of aiming to get every area in your home cleaned out within one weekend, focus on more realistic goals.

Download Our Home Sale Preparation Checklist

Home Seller Preparation Checklist

Preparing your home to sell means presenting a house attractive to buyers. If you're going to be living in the home while it's on the market and choosing not to stage it, you must go through a decluttering process. It can feel overwhelming at first, but I assure you the process can be broken down into manageable steps to help your home sell faster and for a better price.

1. Take photos of what you're up against. You might think things look pretty good until you see your home with the camera's unflinching eye. Photograph every room from multiple angles, and you'll begin to see what buyers will see. Don't forget to snap the closets, laundry rooms, and garage.

2. Plan a room-by-room attack. This doesn't have to be done in a day, a weekend, or even a week. Regarding your timeline, tackle as much or as little as you can reasonably manage before burning out. If you try too much at once, you will likely start making unfortunate compromises about what stays and what goes.

3. Use a checklist when you assess a room; list what needs to be done and the order in which it makes the most sense. Visualizing the process will prevent you from wasting time. For example, You may find that certain pieces of furniture can go, and if you haven't planned for help moving them out, you can get stalled.

4. Be ruthless. You have clothes you haven't worn in years, piles in the garage you've moved around, and shelves of unread or dispensable books. Start thinking of those "perfect" somethings you've been hanging onto as anchors dragging down your home's appeal.

 

Eric Slifkin, Broker Associate

Eric Slifkin, Team Lead

Your local real estate expert

Are you seeking a home that suits your lifestyle, community, and neighborhood needs? Eric offers home buyers a turn-key approach to finding and purchasing real estate from the Treasure Coast to the Palm Beaches and beyond with his team.

 

Contact us today to schedule a free consultation, or call us at 772-678-1600 for immediate service. Whether buying or selling a home on the Treasure Coast, we are always happy to meet with you to discuss your wants and needs with no obligation.

 

 

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April 23, 2023

Home Buying: Negotiating Repairs

Negotiating Repairs with an AS IS Contract

Are you buying a new home? Your home inspection may reveal defects you feel should be the seller's responsibility. If your purchase agreement were written on an "as is" contract, this would typically involve some negotiation, as the seller generally is not obligated to make any repairs under the terms of an as-is agreement. Scroll down to see what FloridaRealtors.org says about negotiating repairs with an "as is" contract.

As-Is Contracts

One of the most popular contracts Florida Realtors has available for members is the Florida Realtors/Florida Bar "AS IS" Residential Contract for Sale and Purchase ("FR/Bar AS IS"). As the name implies, the seller listed the property "as is," meaning the seller is not obligated to make repairs.

However, many Florida Realtors Legal Hotline calls involve a buyer requesting repairs from a seller after the inspection results come in during the inspection period. While nothing prevents parties from renegotiating an existing contract's terms, understanding the nuances and risks is essential to facilitate a smooth transaction.

It's imperative to recognize this: There is no obligation on the seller's part to make any repairs or even respond to a repair request. Read More

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April 20, 2023

Finding the Perfect Real Estate Agent

Gain Insight into the Perfect Real Estate Agent

The selection of the right real estate agent to work with can be as important as which Treasure Coast home to purchase. If your expectations are not aligned with the real estate agent's skills, experience, and personality, the results can be anywhere from ineffective to disastrous.

A Guide to Choosing the Right Agent for You

Working with a qualified real estate agent is crucial when buying or selling a home. Not just a professional but a fantastic agent and a market expert. So how do you ensure you're hiring an excellent real estate agent? According to the National Association of Realtors®, trust and reputation are the Top deciding factors consumers use when hiring an agent. In this guide, we've outlined the top attributes outstanding agents possess and the questions you can ask to ensure you're working with the right market expert to achieve your real estate goals.

In this guide, we've outlined the top attributes outstanding agents possess and the questions you can ask to ensure you're working with the right market expert to achieve your real estate goals. Learn MoreHiring an Amazing Real Estate Agent

5 Attributes of an Amazing Agent

Are you seeking a home that suits your lifestyle, community, and neighborhood needs? We offer a turnkey approach to finding, purchasing, or selling real estate from the Treasure Coast to the Palm Beaches and beyond. Contact us today to schedule a free consultation.

 

 

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