Palm Beach Real Estate News & Events

Today’s economy is threatened from every direction, as diminishing consumer spending, failing financial and credit institutions and big business layoffs continue to feed the public’s grim outlook. But while that is true in much of the country, the economic climate in West Palm Beach, Florida remains bright and sunny. The longtime playground for the rich and famous has enjoyed ongoing job growth and economic development, with no sign of stopping any time soon. With interest rates hitting near 20-year lows and less buyers to compete with, now is a great time to consider buying a home in places like Palm Beach, where home values have held steady. With the continued demand for new homes in West Palm Beach, real estate brokers like Fite Shavell & Associates are enjoying the benefits.

Since its founding in 1894 by real estate and oil tycoon, Henry Flagler, Palm Beach has been a favorite getaway destination for the rich and famous and anyone who enjoys the spectacular beauty of South Florida. Today, with a population for more than 5 million people, West Palm Beach and Palm Beach County make up one of the best places to own a home. In fact, West Palm Beach was ranked #4 among the best performing U.S. Cities Index in 2007. With ongoing renovation and restoration in Downtown West Palm Beach, business, tourism and population growth continue to make this economy strong.

Coupled with growth of the population and economy, West Palm Beach, FL enjoys an employment rate that’s well above the national average, with job growth currently at 2.61 percent despite the recent economic conditions. Future growth for jobs in West Palm Beach is expected to top 26 percent over the next 10 years, in stark contrast to the national average of 11.9 percent job growth within the next 10 years. Palm Beach is also the fifth largest school district in Florida and the eleventh largest school district in the United States. The highly rated Palm Beach schools, including several private and magnet schools, as well as colleges and universities, give residents the opportunity for high-quality primary and extended education for all ages.

While the job growth and school systems are great, the most important reason so many people flock to West Palm Beach is the weather. With average temperatures hovering between 70 and 80 degrees year-round, and lows typically in the high 50’s even in December, the Palm Beaches are a beacon for vacationers, retirees and “snow birds.” On almost any given day, residents and visitors alike can relax along miles of Atlantic coastlines, with white sandy beaches and moderate surf. The weather is also perfect for a range of outdoor activities, including hiking, biking and, of course, golf. For those who love to golf, West Palm Beach is a haven of spectacular courses, dramatic waterfront and near perfect weather year-round.

With all of these factors helping drive the economy in West Palm Beach, real estate in the area is still in high demand. Locally owned and operated real estate brokers, Fite Shavell & Associates specialize in representation for buyers and sellers in this distinct market. Combining years of national experience with local expertise and personal service, Fite Shavell & Associates can help current and future residents find their dream home in West Palm Beach.

Visit www.fiteshavell.com for the most comprehensive real estate listings in West Palm Beach and the surrounding areas.

December 16, 2008
Luxury never goes out of style in Palm Beach and surrounding communities

Savvy domestic and international real estate buyers, who were waiting patiently on the sidelines during the first half of 2008, are now starting to pick off the best properties on Palm Beach island, as well as on neighboring Singer Island and Palm Beach Gardens, according to local area real estate experts.

Palm Beach real estate, with its unique blend of exclusivity and luxury, has never gone out of style. From the earliest days in the late 19th Century, when the town was founded by Henry Flagler as a winter playground for the rich and famous, to modern mansions built by celebrities such as Rush Limbaugh and Jimmy Buffet, Palm Beach has offered homeowners a small-town feel with world-class amenities, including sophisticated shopping and dining along Worth Avenue.

“In Palm Beach, we are seeing buyers purchasing existing homes at land value and then building their dream homes on the lots,” said David Fite, principal at Fite Shavell & Associates in Palm Beach.

For the first half of 2008, the median price of a single-family home sold increased 9 percent over 2007, to $4.3million. “The market has slowed a bit as reflected by a decline of 23 in the number of total properties sold,” Fite said. “It is interesting to note, however, that there were four properties with sale prices in excess of $20 million and a sale in July topped $95 million.” Linda Gary, Realtor/owner of Linda A. Gary Real Estate, in Palm Beach, said, “Our company had a record season last year, despite a slow start. Sellers are ready to sell.”

One trend Gary has noticed is that buyers don’t want to do renovations or deal with construction issues. “They’ll come in with their interior decorator, but beyond that, they don’t want to do much work on the house itself.” She said. Both Gary and Fite see a stable real estate market moving forward into 2009.

Singer Island
“Ninety percent of our buyers deal in cash and aren’t affected by the economy,” said Jeannie Walker, a Realtor with Keller Williams Realty of the Palm Beaches, which specializes in Palm Beach Gardens and Singer Island properties. “They are also aware that prices have dropped to 2003 levels in some areas.” Singer Island, just north of Palm Beach, is a fabulous beach area where many luxury waterfront condos and oceanfront real estate developments are attracting savvy buyers. Some of the newer, hot properties on Singer include 2700NorthOcean, a condominium with units in the $1million to $7 million range, and the Resort at Singer Island, a combined condominium hotel, with private residences available from $1.3 million to $5 million.

Palm Beach Gardens
Across the bridge from Palm Beach and north of West Palm Beach is the self-proclaimed “Golf Capital of the World,” Palm Beach Gardens, the headquarters for the Professional Golfers Association of America. There are a total of 12 golf courses within the Palm Beach Gardens city limits, including one owned by the municipality itself. One notable area is Frenchman’s Reserve. Blended within a spectacular Arnold Palmer Signature Golf Course, it offers the luxurious, relaxed atmosphere of private country club living combined with proximity to modern conveniences and malls. As of this writing, there are 10 coach homes and 44 single-family homes for resale from $440,000 to $897,000 and $995,000 to $3.5 million, respectively.

Did You Know?
Palm Beach witnessed two record-breaking sales in 2008 within a one-month span. On April 15, Jones Apparel founder and philanthropist Sidney Kimmel sold his Palm Beach home for $81.5 million, an island record. But in May it was reported that Donald Trump reached an agreement to sell his 6-acre Palm Beach oceanfront estate for $100 million.

1. The Beach…duh!

Phipps Ocean Park, located on Ocean Boulevard, stretches along the striking South Florida coast. The beach is a hot spot for locals and tourists alike, and it is easy to see why. Phipps Ocean Park is more than the typical Florida beach. There are playgrounds, tikki huts, barbeque pits, picnic tables and more. The shallow crystal blue shoreline makes for a beautiful Florida day for snorkeling, surf fishing and swimming.

2. Town of Palm Beach Golf Course

The Town of Palm Beach Par 3 Golf Course is one of the most uniquely designed and prominent courses in Palm Beach, is open to the public and is set right in the intersection of the Intracoastal Waterway and the Atlantic Ocean — so close that if you swing too hard you might send your ball sailing off into the ocean. The rolling green hills set the stage for the 18-hole course with sand dunes, palm trees, lagoons, and even wildlife as its natural obstacles. Each and every hole captures the majestic beauty of the Palm Beach landscape.

3. The Flagler Museum

Built in the Gilded Age, the Flagler Museum, enriched with American history, is one of the most extraordinary displays of unending prosperity. The classic white mansion located along the beautiful shorelines can only be compared to a historic monument in the ancient Roman Empire, and Henry Flagler and his partners, such as J.D. Rockefeller, who revolutionized economic progress in America, were the gladiators of their time. The inside of the mansion features colossal columns holding up soaring arched walkways and a sunroof that lets in the warm light of the Florida sun. Tour the museum or join afternoon tea in the café and participate in the tradition of America’s wealthy society.

4. Breakers Hotel

Just one night in Palm Beach’s legendary hotel, The Breakers, is all it takes to experience the unparalleled luxury. The hotel features two 18-hole golf courses, an ocean view fitness center, ½ mile of private beach, five swimming pools, 10 tennis courts and eight luxury restaurants. Make sure to also visit the 20,000 square foot spa and book the Ocean Breeze treatment, a massage on a peaceful outdoor terrace with the sound of the waves to send you off into ultimate relaxation. Whether it’s a week long vacation or just a day or night out, the 140 acre oceanfront resort has enough services and amenities to make you never want to hear the words “check out.”

5. Taverna Opa

The Taverna Opa in Palm Beach is the epicenter of the distinctive and exciting city nightlife. The trendy restaurant and bar is alive with Greek lifestyle featuring authentic music, food, drink and culture. In one sitting you will experience belly dancers dancing on tables and napkins tossed up into the air. This place is a nonstop celebration. It is so much fun that before you know it, it could be you who ends up dancing on the table.

6. The Garden’s Mall

The Garden’s Mall, located in Palm Beach Gardens, is a heavenly haven for any type of shopper. The upscale mall features an extensive collection, 160 to be exact, of fine specialty shops with a wide range of name brand retailers such as Chanel, Gucci, Ralph Lauren and high-end department stores like Nordstrom, Saks Fifth Avenue and Bloomingdale’s. This Palm Beach prize can keep you and your wallet busy all day long.

7. Palm Beach Cardinals

The Palm Beach Cardinals, a 1-A minor league affiliate for the St. Louis Cardinals, provide outdoor fun during those hot summer nights. Whether entertaining clients or just spending a night out with the family, the Palm Beach baseball games are exciting and affordable. Who wouldn’t love great seats, cheap beer and some thrilling competitive baseball?

8. Palm Beach Confections

They might still have a perfect beach body but Palm Beach residents do indulge, and when they do, they go to the Palm Beach Confections to satisfy that aching sweet tooth. Their handmade chocolates are a delight, and they feature one-of-a-kind specialties like the “Escargot” which is made of chewy butter caramel and vanilla dipped in milk or dark chocolate. Escargot has never sounded so good!

9. Lake Worth Lagoon

Lake Worth Lagoon stretches all the way from Boyton up to North Palm Beach and is the best fishing spot in the area. This lagoon is stocked with saltwater fish like snook, redfish, tarpon, jack crevalle, snapper and sea trout just to name a few. Not all areas are fishing hot spots though. You might need to squeeze the secret out of the local anglers, if they’ll tell you.

10. Real Estate

Palm Beach Real Estate is a hot commodity attracting home buyers from all over the country and the world. Palm Beach features thousands of beautiful luxury homes for any type of home buyer. If you are interested in checking out available homes in the area, visit www.fiteshavell.com to get in touch with a local realtor today.

About Fite Shavell & Associates
Fite Shavell & Associates is a locally owned boutique real estate broker in Palm Beach, with national experience and a global approach to buying and selling residential real estate. Their unique approach combines the flexibility and traditional values of local leadership with decades of experience in a range of neighborhoods, property types and deal structures in some of the country’s most sought-after luxury real estate markets. Through a commitment to personalized service, expert guidance and absolute integrity in our professional actions, Fite Shavell & Associates places the customer’s needs first and creates a clear advantage for buyers and sellers within the markets they serve.

Media Contact:
Christina Berry
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561.655.6570 Office
561.655.6573 Fax