Tickets purchased in advance are $50 and those paid for at the door are $55.
The annual event, which has been held at The Breakers Palm Beach for the past several years, typically draws dozens of Realtors, Realtor Associates and their guests.
During the luncheon, the board's new slate of officers and directors will be sworn in. President Elect Ava Van de Water of Brown Harris Stevens is expected to accept the gavel from outgoing president Norma Mirsky of Mirsky Realty Group.
The luncheon is sponsored by the Palm Beach Daily News and Premier Title of Palm Beach. A variety of local businesses have donated door prizes.
Reservations can be made by calling Athleen Barr at (561) 659-3810 by 5 p.m. today. No cancellations will be accepted after that time.
Index: Remodeling Activity
Rises Slightly In Third Quarter
Remodeling activity held up well during the third quarter of 2007, according to the National Association of Home Builder's Remodeling Market Index. The "current market conditions" indicator increased slightly to 46.2 from 44.8 in the second quarter. And the future expectations measure came in at 43.3, down just slightly from 44.6. Comparisons to third quarter 2006 showed only a slight decline.
"Buoyed by continuing strong demand for minor additions and alterations, the remodeling market is expected to end the year in pretty good shape," said NAHB Remodelers Chairman Mike Nagel, a remodeling professional from Chicago. "Though down a bit from the previous quarter, the remodeling market is not experiencing the dip in production and sales being seen by the new-home-building sector of the industry."
The index measures remodeling professionals' perceptions of market demand for current and future residential remodeling projects. Any number over 50 indicates that the majority of the respondents view market conditions as improving. The index has been running slightly below 50 since the final quarter of 2005.
Nationally, minor additions and alterations increased significantly during the third quarter to 47.07 (from 43.27), while major additions and alterations remained stable at 46.89 (from 46.36). Regionally, minor additions and alterations increased significantly in the northeast to 56.68 (from 50.43) and Midwest to 57.44 (from 45.06).
The amount of work committed for the next three months rose slightly to 36.12 (from 35.91), and the backlog of remodeling jobs decreased to 44.93 (from 47.33). Additionally, owner-occupied remodeling increased to 49.1 (from 47.1), while renter-occupied remodeling declined to 38.7 (from 40.2).
"The (index) is consistent with our forecasts for the remodeling market," said NAHB Chief Economist David Seiders. "We expect activity to contract in 2008 but to resume positive growth in 2009 and beyond."
The index's "special questions" section focused on outdoor remodeling jobs, which marked the first time questions have been asked on the topic. A little more than half of the respondents reported that the most common type of outdoor remodeling job completed by the company was adding a deck, followed by porch (35 percent), patio (25 percent), front porch (25 percent), decking/patio covers/enclosures (22 percent), outdoor lighting (13 percent) and outdoor kitchen (13 percent).
A little more than 30 percent of respondents reported an increase in outdoor remodeling work compared to the previous year. And 44 percent responded that outdoor remodeling work had increased during the last five years. Respondents said that 62 percent of customers financed outdoor remodeling projects with cash, while 36 percent used an equity line of credit.
The U.S. Census reported $2.5 billion was spent last year on decks. It appears that customers tend to hire remodeling professionals to add decks onto homes after living in the house for a period of time, according to the trade group.
Realtors See Mixed Results in October
Used-Home Sales
Single-family used-home sales were stable in October, according to the National Association of Realtors.
Total used-home sales – including single-family, town homes, condominiums and co-ops – eased by 1.2 percent to a seasonally adjusted annual rate1 of 4.97 million units in October from a downwardly revised level of 5.03 million in September.
The national median used-home price for all housing types was $207,800 in October.
Among the many metro areas showing healthy price gains were Charlotte, N.C.; San Francisco; Albuquerque; and Green Bay, Wis.
Total housing inventory rose 1.9 percent at the end of October to 4.45 million used homes available for sale, which represents a 10.8-month supply at the present sales pace, up from a downwardly revised 10.4-month supply in September.
Single-family home sales were unchanged from September at the seasonally adjusted annual rate of 4.37 million in October. The median used single-family home price was $205,700.
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source: palmbeachdailynews.com
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