Today I have a couple of ideas to share.
*** Delray Beach is on the verge of a massive spending spree. In my latest video, I snuck in two bonus ideas that will become regular fodder in this eLetter and on my YouTube channel for the coming years.
First is what Delray Beach calls the Northwest Neighborhood Improvements. Over the last year, I attended several city meetings where they discussed the progress towards it’s launch. It’ll have sewage and electrical upgrades as well as street pavement, public parking and a few roundabout intersections. As you can see, this will take about five years to complete and its price tag is in the tens of millions.
Next is the Pompey Park Project. Delray Beach plans to rebuild and enhance several facilities, add new basketball courts, and new pool(s). It’s a significant undertaking that’s taken years of community involvement and inputs. The price tag here is rumored to be near $42 million.
Last is the renovation of the Delray Beach Municipal Golf Course. Talks about this project have been going on for the last 15+ years. The course, built one hundred years ago with architecture by renowned Donald Ross, will undergo significant upgrades. It’ll get new drainage, new hole layouts, a new practice facility, and return its condition to what golfers want today. And, it’ll have higher greens fees. The price for this is about $30 million.
Add it all up and the improvement price tag is near $100 million over the next five years for The City of Delray Beach. I’m not sure about you, but I like to put my money where the government is putting theirs. Make sure you watch my latest video above and share your comments.
*** This one chart is causing a ruckus when talking about our local real estate.
Look at the graph below. It shows the last three years median sold price for greater Delray Beach. While most folks believe real estate prices continue to soar, this graph squashes that notion.
You can see in October, 2022 – three years ago – the median sold price was $397k. Today it’s $398k. So, prices are flat for the last 36 months. You can see the range in this period is between $300k – $400k, but overall, prices haven’t changed in the last three years.
Print that graph and show it to your local friends. Or if you’re a seller this high season, pin it in your office as reference when you’re researching your home’s value. And don’t believe that since yesterday’s prices were high, today’s prices should be higher. Delray Beach and its real estate market doesn’t work like that.
Remember, seller’s sell on logic, and buyer’s buy on emotion. Make sure you are aligned.
If you want to get current on our Delray Beach real estate, you’ll be able to see my October market update on my YouTube channel later this week.
(Top Photo: Monday morning watching boats make their way north on the Intracoastal Waterway)
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*** Being 100 years old, the Delray Beach Golf Course has a beautiful history you can check out here
*** My real estate team is growing with my newest agent Dana, aka West Boca Boss, ready to assist with your needs there
*** If you know of anyone who may be thinking about selling or buying, please keep me in mind. I’m never too busy for your referrals
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*** South Florida Real Estate Inventory is ABOVE 2019***
Last week’s supply was 57,103
Today’s supply is 57,579
*** Supply was up 459 unit last week ***
*** Supply is DOWN 18 of 23 weeks***
