Page 14 - Boca Club News - July '20

Page 14, Boca Club News
Legal

Covid’s Impact on the Real Estate Market

By Michael J Posner, Esq., a partner Interestingly, the median price for sold homes actually experiencing a 26% increase over May 2019 and Broward
in Ward, Damon, Posner, Pheterson increased in April in all three counties. The median price County had a 23% increase for the same time. It is not
& Bleau, P.L. a mid-sized real estate, increase in Dade County was 7.3% to $382,000 for homes clear if this increase will be sustained for the summer of
estate planning and business-oriented and 6.9% to $265,000 for condominiums. The increase 2020, or this just includes delayed closings from April.
law firm serving all of South Florida, in Broward County was 6.1% to $382,000 for homes and Because of the combination of canceled listings and
with three offices in Palm Beach 8% to $183,500 for condominiums. The increase in Palm fewer new listings, the inventory of homes available for
County. They specialize in residential Beach County was 4.3% to $365,000 for homes and 5.4% sale has fallen by 28.8% for single-family homes and
and commercial real estate and can to 195,000 for condominiums. 12.5% for townhomes/condominiums. This equates to
assist with a closings and loans. During March and April 2020, many pending deals were a 4.2-month supply of homes in Palm Beach County.
They can be reached at (561) 594-1452 or at mjposner@ canceled by purchasers asserting a force majeure clause in This number is below the generally accepted equilibrium
warddamon.com their real estate contract. Some buyers gave up their deposits number of 5.5 months’ supply. When the supply is below
It has now been three months since the coronavirus, rather than proceed to close. Others sought to delay closing 5.5 months it is generally considered to be a sellers’
Covid–19, has existed as a substantial force on the Florida or fought to obtain the return of their deposit. market, which is reflected in the higher median sales price
economy. This impact has been felt especially hard in the real Many sellers pulled their properties from the market for homes that actually close.
estate market, resulting in a substantial drop in the number and the number of active listings in Palm Beach County The virus also affected the mortgage foreclosure market.
of sales compared to 2019. fell 18.5% from April 2019 to a total number of listings The number of homes being foreclosed and sold at the
The first quarter of 2020 reflected the strong economy of 6,126. New listings eventually declined from 2019 as courthouse has dropped dramatically. Only 24 homes were
with a year-over-year growth of over 10% from 2019. In well: only 1,264 new listings in April 2020, a decline set to go to auction in June 2020 at the Palm Beach County
addition, inventory for single-family homes was a low 3.4 of 39.4%. The time period from listing to contract also Courthouse compared to a total of 136 homes that were
months and the inventory for townhomes/condominiums was increased substantially from earlier in 2020 to nearly 76 scheduled to be auctioned in June 2019. In addition, Fannie
a more average 5.5 months. The time periods from listing days. This is a 21.6% increase from April 2019. Mae, Freddie Mac and the Department of Housing and
to contract was a short 43 days for single-family homes and Unlike April, sales actually picked up some in May Urban Development of all extended their stay of mortgage
only 55 days for townhomes/condominiums. 2020. Sales levels are still below similar levels in May foreclosures through June 30, 2020, which make up the bulk
In addition to the strong economic news in the first 2019 but listings and closings increased compared to of the residential housing market. It is also possible that a
quarter of 2020, the low mortgage interest rates also helped April 2020. Houses that were withdrawn from the market further extension of that stay maybe entered depending on
encourage sales, dropping nearly three quarters of a point in March and April were re-listed in May by many sellers. the status of the economy at the end of June.
from the same time in 2019, from an average of 4.37% to an While the virus has restricted sales throughout the market, It appears in the short run that the real estate market will
average of only 3.51%. the effect has been less on very high-end sales in excess continue to be affected by the virus, but that once the public
The effects of the virus came to a head in April 2020. In of $10 million. perception is that the virus is contained and the economy
Miami, sales declined 40% compared to April 2019. Broward For homes priced over $1 million, May 2020 sales is rebounding the pent-up demand for home purchases,
County experienced a decline of 37.4% and Palm Beach County figures were encouraging. Sales surged 45% in Miami- coupled with the continuing low mortgage interest rates,
experienced a decline of 33.8% compared to April 2019. Dade County over May 2019, with Palm Beach County should see increased sales at some point in the future.
Health & Wellness

Medical Matters: Brain Tumors

By Richard Nagler, M.D., a member The cause is unknown, but there are a number of risk This tumor is also highly vascular and develops finger-
of Broken Sound Club and retired factors involved. Exposure to radiation is the single most like tentacles that rapidly grow into vital areas of the brain,
physician. After graduating from important factor. Genetics, neurofibromatosis type 2 (a rare but it rarely metastasizes to other parts of the body. As it
the University of Pennsylvania and genetic disorder associated with noncancerous tumors of grows it increases pressure on the brain, which results in
New York University’s School of the nervous system, especially acoustic neuromas that affect worsening headaches, nausea and vomiting, drowsiness,
Medicine, Dr. Nagler served his the ears) and previous head injuries, especially a fractured weakness on one side of the body, paralysis, memory loss,
internship and residency at Baltimore skull, are involved. Cell phone use has been shown to be a speech difficulties, visual disturbances, hearing loss, balance
City Hospital and Johns Hopkins. He non-factor. problems, loss of coordination, personality changes and
followed that with a Fellowship in Meningiomas have a slow growth rate and symptoms seizures, which may be the first sign of the tumor. The cause
Gastroenterology at Yale University School of Medicine, and usually develop slowly. Headaches, blurred vision, arm is unknown. A family history is a risk factor, and exposure to
was then Chief of Gastroenterology at Fitzimmons General or leg weakness, numbness, speech difficulties, loss of power lines has been implicated. Immune system deficiencies
Army Hospital in Denver. He returned to the Yale Medical concentration, hearing loss, loss of smell, memory loss, and exposure to UV rays and certain chemicals are risk
School for one year as an Assistant Professor of Medicine nausea and vomiting, changes in personality and seizures factors.
before opening his own successful private practice in Internal are common. The diagnosis is made with an MRI, CT scan with contrast
Medicine and Gastroenterology. During that time, he also These tumors are readily diagnosed with a CT scan with and magnetic resonance spectrometry, which will determine
served for ten years as Chief of Medicine at Huntington contrast, an MRI, and arteriography. Obtaining spinal fluid the size and location of the tumor. Once it is located, a needle
Hospital in Huntington, N.Y. with a lumbar puncture usually reveals elevated cerebro biopsy can be done to confirm the diagnosis. A spinal tap
A brain tumor consists of a mass of abnormal cells in the spinal fluid proteins. can be done to identify cancer cells. Because this tumor is
brain. Some of them can be benign and some are malignant. When a meningioma is very small there are usually no so vascular an angiogram is another useful diagnostic tool.
They can be primary in the brain or they may be metastatic, symptoms, and many of these tumors are found incidentally Treatment involves surgery with an attempt to remove
having spread from a cancer that originated elsewhere in the by a CT scan done for another reason or at autopsy. Periodic as much of the tumor as possible, but because of its rapid
body. Primary brain tumors originate in the brain itself or in observation is recommended as they grow very slowly. infiltration into adjacent brain tissue this is a daunting
ancillary structures such as the meninges, which are the outer When there are symptoms, surgery is the preferred method task. During surgery, thin circular wafers which contain
lining of the brain and cranial nerves. Normal cells mutate to of treatment. It involves a craniotomy, where part of the chemotherapeutic drugs can be placed in the tumor area where
become cancer cells, which results in their ability to grow and skull is removed in order to gain access to the brain. The they dissolve, slowly releasing them to kill cancer cells.
divide at an increased rate and continue to live while normal tumor is removed entirely, or as much as possible limited Proton beam radiation, which delivers the x-rays directly
cells die. to its location so as to minimize any damage to essential to the tumor with less radiation than x-rays is useful.
There are many varieties of brain tumors, but this column nearby structures. The part of the skull that is removed is then Computer driven three-dimensional intensity modulated
will be limited to the two most common ones that afflict the replaced. Following surgery there is a 20% rate of recurrence radiation can target the tumor, sparing normal brain tissue.
adult American population. of a meningioma, either in the original location or a new one Stereotactic radiation, where seeds are implanted directly
Meningioma. This is a brain tumor that arises from the in some other area in the brain. into the tumor and emit radiation for months, is somewhat
meninges, which is the membrane that surrounds the brain In some instances, because the tumor is located close to effective. Oral steroids are useful short-term to reduce
and spinal cord. Ninety-nine percent are benign and are twice a vital structure, it cannot be safely removed and another swelling. Chemotherapeutic drugs, such as Tamodar, are
as common in women. The 1 % of them that are malignant approach is required. Ionizing radiation therapy utilized at the used in conjunction with radiation to help interfere with the
rapidly grow and attack the central nervous system and often time of surgery in lieu of the knife---or stereotactic radiation, growth and spread of the tumor. Avastin reduces new blood
spread to other parts of the body, especially the lungs. which is effective with minimal damage to normal cells---is a vessel formation that delivers nutrients to the cancer cells
common alternative. Benefits develop over time with shrinkage they need to survive. Temolozomide given five days a week
of the meningioma or even its disappearance. In the 1% of cases for six to 12 cycles over a six-week period is effective in
where a meningioma is malignant it is usually discovered at destroying cancer cells.
the time of surgery. The prognosis is extremely poor as they TTF therapy involves delivering an electrical field to the
readily metastasize to the lungs, pleura, liver and bones. tumor that disrupts the ability of the cancer cells to multiply.
Glioblastoma. This is a very aggressive malignant There are also adhesive electrical pads connected to a portable
brain tumor. It is more common in white and Asian men device that can help destroy cancer cells. Unfortunately, all
after the age of 50. Famous people who have succumbed to of these therapeutic efforts do not cure this cancer, and the
this devastating brain tumor include Ted Kennedy, George median survival rate is just 14 months. Two-year survival
Gershwin, Ethyl Merman, Beau Biden, Tug McGraw, Gene is less than 25% and five-year survival is 10%, making
Siskel, Susan Haywood, Walter Johnson and John McCain, glioblastoma one of the most lethal of all cancers. In all
among many others. It can be found anywhere in the brain instances a palliative care plan is essential to provide relief
and is usually made up of a variety of cell types, which makes from the unrelenting pain and suffering associated with this
it so difficult to treat. devastating disease.