Jeffrey Levine presented some current information about Real Estate trends in Palm Beach and Broward Counties at our meeting Monday May 6, 2019.  Jeffrey is the 2019 President of REALTORS® of the REALTORS® of the Palm Beaches and Greater Fort Lauderdale, he has been a Realtor since 1997 starting his career in Real Estate in Central New Jersey. 
 
Recognizing that the current Palm Beach County population is 4.7 million, Jeffrey told us that represents an 11.4% increase since 2010.  During February more than a thousand single family homes sold with a median price about $340k and nearly a thousand townhouse/condo sales completed with a median price about $180k. He went on to say, "we're seeing increases in median prices, foriegn investors, and development in western Palm Beach County."  Jeffrey suggested that some of the draw for foreign investors include: lack of state income tax, development in western Palm Beach County, tourist destination, relatively low sales tax, and limited tax on intangible property.
 
When he indicated there's a bright future for Palm Beach County real estate he couldn't help prompt a discussion about the Brightline, now Virgin Trains, expecting continued expansion toward Orlando, and now expecting a Disney station then on to Tampa.  This produced much discussion of funding and timing with minimal expectations for near future, but hopes for an added station in Boca.
 
Concluding his summary of Palm Beach County real estate, Jeffrey noted a comparison between February of 2018 and February of 2019 showing a decrease of about 5.4 % in closings, but a 7.6% increase in median price; he also noted that the median time to closing increased about 11.1% and the active inventory increased by about 0.8%.
 
As Jeffrey continued into Broward County, he mentioned there was continued growth as well, showing slightly more condo sales than single family homes.  Broward also experienced increase in foreclosures and rentals, noting many rentals going to millennials.  He introduced the term "metropica" tropical modernism in the heart of South Florida, highlighting the growth in big city living in the Everglades with a picture of high rises on the edge of the Everglades and mentioning the western development of dense housing, entertainment, shopping, etc.
 
A very interesting presentation.  We thanked Jeffrey with our token club pen and appreciation offered by President Ana Londono.  Thanks, Jeffry.  We look forward to hearing from you again in the future.
 
In 2002 Jeffrey Levine obtained his FL Brokers License and in 2004 was named Managing Broker of Continental Properties nine (9) south FL offices. He has been honored as Broker of the Year in 2014 and Realtor of Year in 2017.  Jeffrey is very active in the REALTOR® Party and has served as Chair of RPAC in which he won the state award as Chairman of the year in 2015 and Government affairs chair.  He is the 2018 National Association of Realtors Vice Chair for Business Issues Policy and sits on NAR Public Policy and Insurance Committees.  At the state level he is 2018 Chair of the REALTOR® Party Member Involvement Committee and sits on Public Policy and REALTOR® Party Coordinating Committee. 
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