*** There are some updates on Atlantic Avenue in downtown Delray I want to share today.
Rack’s Fish House & Oyster Bar officially closed its doors after 12 years in Downtown Delray Beach. It was a staple for quality fish, sushi and a lively bar. Rack’s farm-to-table fare at Farmhouse Kitchen will still be there to serve.
Costa Delray also closed on the corner of Atlantic Ave and 5th Ave.
Good News For Downtown Delray
Geronimo’s Tequila Bar and Southwest Grill is making progress building out their restaurant. Expect them to open by Thanksgiving
True Vegan is ramping up their marketing while putting final touches to their interior, upstairs and back patio. This is chef Raheim’s second vegan restaurant that’s sure to be a success after he had to close New Vegan during Covid. The design looks fabulous. His flavors are incredible and… downtown Delray needs an epic vegan option.
And Segreto’s Italian on the corner of NE 3rd & 3rd opened several weeks ago. Their menu looks fabulous. It’s next to Glimmer Cafe that opened with social media flare a few months ago.
At the same time Sundy Village has completed their construction. On the corner of Atlantic Ave & Swinton, it’ll be one of the prominent developments in Delray’s history. It’s located at the epicenter of downtown Delray: Atlantic Ave and Swinton. You can follow along on their website for the latest restaurants and office space leases. Now the tenant-businesses will begin building out their spaces and we hope to have their first restaurant open by the end of 2025 for you to enjoy.
*** One year ago this week the real estate industry changed. Similar to working with home sellers when they want to list their home, home buyers now sign a Buyer-Broker Agreement (BBA) with their buyer’s agent.
There was a lot of hoopla leading up to this change in 2024. But as I look back over the last year, it’s a better process now as there are more disclosures and transparency about buyer agent compensation. At least now it’s something agents discuss with their buyer-customer before seeing properties together.
So far, the way in which agents get compensated hasn’t changed much. Since it’s the seller who is offer their home for sale, they still remain the paying party in the transaction. And to hit home on one big idea, agent compensation remains a negotiable fee.
So the only folks who made out on that national class-action lawsuit were the attorney’s. But in hindsight, not much else has changed.
So, if you’re preparing to see properties with your agent (me), or my team, know that I’ll present you with the Buyer-Broker Agreement BEFORE we can see any properties together. We get this done in advance. It provides better transparency and allows the opportunity to discuss anything else on your mind regarding your real estate goals.
(Main photo: Delray Dunes Country Club 18th hole – just 8 minute drive to downtown Delray)
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*** I’m following housing supply like a hawk. After a 3-year rise of about 350%, it’s been falling monthly since April 30th. We’re still in a buyer’s market, but keep current with my inventory update below or in my latest market update video – I share some downtown Delray updates as well
*** Are you familiar with Wellness Real Estate? It’s a growing segment of the industry. And it fits with my niche in sustainable living. Read this essay to get up-to-speed
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*** South Florida Real Estate Inventory is ABOVE 2019***
Last week’s supply was 58,804
Today’s supply is 58,478
*** Supply is Down 336 units last week ***
*** Supply is DOWN 9 of 10 weeks***
