Friday, July 30, 2010
This home is one of the larger homes being sold at this time in Stuart-West. The landscaping adds beauty to the three plus acre estate. The view from the front door is of beautiful PVC fencing. It is very quite and private. For only $410,000 one can own this very nice property. The property is move in ready. As a bonus, the two golf carts stay plus the John Deer Tractor stay with the property. There is a storage area built on the south side for lawn equipment. This home has 2606 square feet of Air Condition space but 3795 under roof. Four bedroom home, pool, private large land, and a beautiful kitchen. Call me for an appointment. This one will not last. This property can have horses. There is a small Home Owners fee of approximately $384 per quarter. Come live in beautiful Stuart-West.
Wednesday, July 28, 2010
OVERVIEW ~ July 12 through 16 ~ The optimism that pushed the Dow Jones Industrial Average (DJIA) higher through Thursday, July 15, lost whatever power it had by Friday, July 16, when it fell more than 266 points to 10097.90. As the DJIA lost ground, interest rates also edged lower. The 10-year Treasury note, which began the week at 3.24%, fell to 2.94% at the close of the week; the HSH average 30-year mortgage rate (which includes jumbo rates) held at 4.98%; and the Freddie Mac average rate edged down to 4.57%. And, indicative of slackening confidence in our nation’s economic recovery, the dollar lost ground against the euro all week.
FOCUS ~ Analysts had been suggesting the stock markets would benefit from higher corporate earnings reports, but the belief (or, at least, hope) that improving corporate earnings data would be announced last week faded by Friday.
Instead of reigniting the markets with good news about earnings and, indeed, proving that the markets had overreacted to increased worries about the economic recovery, corporate earnings and corporate revenue reports were mostly lower than expected. By the end of Friday, all thirty stocks in the DJIA had lost value.
This can be read, in part, as a decline in confidence in stocks. Not surprisingly, the indicators that suggest what is happening in the real estate market are similarly weak. The purchase money loan applications component of the Mortgage Bankers Association indices of mortgage applications fell another 3.1% to 163.3, down 36.9% from a year ago. And the July National Association of Home Builders Market Index, measuring the relative optimism (and pessimism) among builders about the new-home market, was down 12.5% from the Association’s June reading, and 17.6% from its year-ago reading.
We have seen, on a nearly weekly basis, the inclination of this market to turn around, rising when analysts were most certain that it would continue falling, and falling when it seemed certain to rise.
The week does demonstrate one thing, however. When market conditions weaken, interest rates decline still more. Home (and other) financing simply becomes more affordable, and that fact continues to support the markets in this uncertain time.
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Wednesday, July 14, 2010
OVERVIEW ~ June 28 through July 2 ~ The psychology of the economic marketplace, to the extent that it can be measured, shows up in the numbers. Over the course of the week, for example, the Dow Jones Industrial Average (DJIA) fell from 10143.81 at the opening on Monday to 9640.69, presumably on growing concerns about the apparent weakness in the American economy. Until recently, it has generally been agreed that the economy would stumble forward for several months and then, at the beginning of the next year, begin to grow in a sustainable way. By Friday, however, after the release of the June employment figures, the DJIA dropped and most other data edged lower. Even the manufacturing sector, which has been one of the brightest lights in the economy in recent months, showed a weakening with the Institute of Supply Management (ISM) Index dropping from a strong 59.7 in April to 56.2 in May, and a 1.4% fall for May factory orders. In such an environment, interest rates are likely to fall, and indeed the 10-year Treasury note declined from 3.110% to 2.956%.
FOCUS ~ The employment report was treated as if it were a mid-term report card for the economy in our nation. The Thursday report of 472,000 new claims for unemployment insurance worried most investors and then the larger employment report, released Friday, caused analysts to doubt their earlier hopes for recovery and caused the markets to fall significantly.
There were 125,000 jobs lost in June. Analysts had hoped for a furthering of the positive numbers reported in the prior month. We need at least 150,000 new jobs each month to just keep up with the employment needs in our nation. In June, the economy failed even to tread water.
The unemployment rate actually declined from 9.7% to 9.5%, but this was not good news either, because the survey indicated that 652,000 capable workers had simply stopped looking for work, pulling themselves out of the so-called "labor pool." Thus, the unemployment rate declined, not because more people found jobs, but because fewer people are looking for them.
The May employment report apparently lulled investors and analysts into a more optimistic view than it should have, largely because of the many census jobs that increased employment numbers and then swiftly fell away. A survey of American economists had resulted in a median expectation of 110,000 new jobs in June. Thus, the markets reacted strongly to the decline.
If there is any good news to be found in the week, it is the fact that overall mortgage interest rates remain even more attractive than they were before.
Thursday, July 8, 2010
New owners of Palm City's Quail Hollow hope to expand, add amenities to stables
By Paul Ivice
Wednesday, July 7, 2010
PALM CITY — The new owners of the Quail Hollow estate say they want to open the equestrian farm to more public events.
Frank and Maribel Hart, formerly of Royal Palm Beach, purchased the 19.2-acre estate on Quail Hollow Street from Walter and Jackie Kost of Barrington, Ill. The Kosts, who have a winter home in Harbor Ridge, never lived on the estate. The Harts, however, plan to live year-round with their two young children in a house that was originally built in 1948 in Sewell’s Point and moved to the estate several years ago.
The sale price was not disclosed and documents are not yet on file with the Martin County Clerk of Courts.
Walter Kost said the sale price was more than $1 million, but does not equal what he spent to purchase the property about 10 years ago and develop it from bare land into the equestrian farm it is now.
Kost said he was willing to sell Quail Hollow, which has horse stables and a dressage arena, only to someone like the Harts who want to continue to maintain and develop it.
Frank Hart said, “We’re very fortunate because there’s already a very good staff out there and we plan on retaining them.
“What they (the Kosts) did out there showed a lot of love,” he said. “We don’t want to change things too much but continue what they did.”
He said changes might include holding more charitable events at the farm, installing cameras in the stables so owners can keep tabs on their horses and adding more horse stables.
“That makes it so much easier for me and my husband,” said Jackie Kost, who said she plans to continue to board and ride her horses there. “Otherwise, I’d be heartbroken.”
Walter Kost said, “We’re comfortable giving up the farm to someone who has lofty ambitions.”
Realtor Carol Barron-Cross of Yanick Realty in Palm City, who represented both the buyers and sellers in the transaction, said the deal took months to put together.
The property was first listed in August. The sale agreement was reached in March, but the closing wasn’t until June 29.
“The deal was complicated,” said Barron-Cross, who specializes in equestrian and waterfront properties. “It had to be broken into three parcels because financing anything larger than 10 acres is a problem for lenders.”
Hart said he had to be persistent and went through several mortgage lenders before finding one that would work with him. “The mortgage companies are being kind of ridiculous,” Hart said. “It seemed like they didn’t want to write a mortgage for this kind of property.”
© 2010 Scripps Newspaper Group — Online
Tuesday, July 6, 2010
See this beautiful 50 acre farm located near Bradenton, Sarasota, and St. Petersburg. Bring your livestock and start your business and live in this beautiful place. Call for more information. http://www.mysunflowerfarmfl.com.
Sunday, July 4, 2010
Suncreek Ranch is located near Okeechobee, Florida, just off highway 710. This gated community is beginning to blossom again. This lot is available for $85,000. Nice and private. Easy access to Palm City, West Palm and really neak Lake Okechobee. Call for more information.