30-YEAR FIXED RATE FALLS TO AT
LEAST A 37-YEAR LOW
McLean, VA – Freddie Mac (NYSE:FRE) today released the results of its Primary Mortgage Market Survey® (PMMS®) in which the 30-year fixed-rate mortgage (FRM) averaged 5.19 percent with an average 0.7 point for the week ending December 18, 2008, down from last week when it averaged 5.47 percent. Last year at this time, the 30-year FRM averaged 6.14 percent. The 30-year FRM has not been lower since Freddie Mac started the Primary Mortgage Market Survey in 1971.
The 15-year FRM this week averaged 4.92 percent with an average 0.7 point, down from last week when it averaged 5.20 percent. A year ago at this time, the 15-year FRM averaged 5.79 percent. The 15-year FRM has not been lower since April 1, 2004, when it averaged 4.84 percent.
Five-year Treasury-indexed hybrid adjustable-rate mortgages (ARMs) averaged 5.60 percent this week, with an average 0.6 point, down from last week when it averaged 5.82 percent. A year ago, the 5-year ARM averaged 5.90 percent.
One-year Treasury-indexed ARMs averaged 4.94 percent this week with an average 0.5 point, down from last week when it averaged 5.09 percent. At this time last year, the 1-year ARM averaged 5.51 percent.
(Average commitment rates should be reported along with average fees and points to reflect the total cost of obtaining the mortgage.)
"Interest rates for 30-year fixed-rate mortgage rates fell for the seventh consecutive week, moving these rates to the lowest since the survey began in April 1971," said Frank Nothaft, Freddie Mac vice president and chief economist. "The decline was supported by the Federal Reserve announcement on December 16th, when it cut the federal funds target to a record low and stated it stood ready to expand its purchases of mortgage-related assets as conditions warrant."
Freddie Mac was established by Congress in 1970 to provide liquidity, stability and affordability to the nation's residential mortgage markets. Freddie Mac supports communities across the nation by providing mortgage capital to lenders. Over the years, Freddie Mac has made home possible for one in six homebuyers and more than five million renters.
Courtesy of Freddie Mac. © 2008 Freddie Mac
http://www.freddiemac.com/dlink/html/PMMS/display/PMMSOutputWk.jsp?week=51&ending=20081218
Friday, December 19, 2008
Monday, December 1, 2008
New Condominium Laws: A Lot to Digest
New Condominium Laws: A Lot to Digest
BY ROBERT L. KAYE (SPECIAL TO THE MIAMI HERALD)
If you have lived in Florida for any time, there is a high probability that you have had some form of contact with a condominium. There are more than 5,000 condominiums occupied or under construction in Miami-Dade, Broward and Palm Beach Counties, accounting for more than 20,000 individual units. For those who currently live in or will move to a condominium as a permanent or seasonal residence in Florida, the newest changes to condominium laws are important to understand.
The good news is that the Condominium Act (Chapter 718 F.S.) has been significantly amended with several changes benefiting current and future condominium residents.
There also are significant provisions, however, that are poorly written, ambiguous, vague and open to interpretation.
The scope of the statute is diverse but there are three critical areas for residents: insurance, board qualifications and collection of delinquent assessments. The laws affecting insurance and assessment collection were effective as of July 1, and those involving board qualifications went into effect on Oct. 1.
INSURANCE
One of the hottest topics for all involved with condominiums is insurance. The statute provides that for hazard (casualty) policies which begin Jan. 1, 2009, covering such events as storms, hurricanes or even relatively minor water leaks, the association is required to provide primary coverage for all areas of the condominium property as originally installed and any replacements of the same kind or quality.
The associations are also required to cover alterations properly made by the association through the years and places the onus on the association for reconstruction payments after a casualty loss, such as extensive damage from a hurricane.
Condominium unit owners' insurance policies issued after Jan. 1, 2009 for portions of the property that they are to cover will also be required to include extra coverage that includes loss-assessment insurance for no less than $2,000 per occurrence. Additionally, if the association requests proof of a unit owner hazard and liability insurance coverage and the unit owner fails to provide that proof within 30 days, the association has the authority to purchase coverage for the unit owner and assess that unit for the cost.
Other revisions further clarify what falls under the association's responsibility as a common expense. This includes hazard insurance deductibles, uninsured losses and other damages in excess of coverage. All reconstruction and/or repair responsibility following a casualty loss falls to the association to complete, although some of the costs may be apportioned between the association and the affected unit owners.
BOARD QUALIFICATIONS
Generally speaking, to be an effective leader, one should be knowledgeable in all areas under his or her jurisdiction. The new legislation recognizes this and the statute has been revised to address the qualifications necessary to become a board member, requiring that candidates who wish to be board members submit a certificate as proof of their knowledge of their governing documents, as well as the provisions of the Condominium Act.
The goal is to assure condominium residents that new board members will be knowledgeable in the condominium statutes and documents that apply to their condominium, and be better able to effectively manage their community. Also, any director who is delinquent for more than 90 days in assessments is automatically deemed to have abandoned his or her office.
ASSESSMENTS
Another revision to the statute places a larger burden on a condominium association when it is pursuing delinquent unit owners by adding a new step to the process. The association is now required to provide owners 30 days written notice via certified and regular mail before they can place a lien on the property.
Robert L. Kaye, Esq., is the founder and managing shareholder of Robert Kaye & Associates, a commercial law firm based in Fort Lauderdale.
Courtesy: Miami Herald: http://www.miamiherald.com/business/story/793086.html
BY ROBERT L. KAYE (SPECIAL TO THE MIAMI HERALD)
If you have lived in Florida for any time, there is a high probability that you have had some form of contact with a condominium. There are more than 5,000 condominiums occupied or under construction in Miami-Dade, Broward and Palm Beach Counties, accounting for more than 20,000 individual units. For those who currently live in or will move to a condominium as a permanent or seasonal residence in Florida, the newest changes to condominium laws are important to understand.
The good news is that the Condominium Act (Chapter 718 F.S.) has been significantly amended with several changes benefiting current and future condominium residents.
There also are significant provisions, however, that are poorly written, ambiguous, vague and open to interpretation.
The scope of the statute is diverse but there are three critical areas for residents: insurance, board qualifications and collection of delinquent assessments. The laws affecting insurance and assessment collection were effective as of July 1, and those involving board qualifications went into effect on Oct. 1.
INSURANCE
One of the hottest topics for all involved with condominiums is insurance. The statute provides that for hazard (casualty) policies which begin Jan. 1, 2009, covering such events as storms, hurricanes or even relatively minor water leaks, the association is required to provide primary coverage for all areas of the condominium property as originally installed and any replacements of the same kind or quality.
The associations are also required to cover alterations properly made by the association through the years and places the onus on the association for reconstruction payments after a casualty loss, such as extensive damage from a hurricane.
Condominium unit owners' insurance policies issued after Jan. 1, 2009 for portions of the property that they are to cover will also be required to include extra coverage that includes loss-assessment insurance for no less than $2,000 per occurrence. Additionally, if the association requests proof of a unit owner hazard and liability insurance coverage and the unit owner fails to provide that proof within 30 days, the association has the authority to purchase coverage for the unit owner and assess that unit for the cost.
Other revisions further clarify what falls under the association's responsibility as a common expense. This includes hazard insurance deductibles, uninsured losses and other damages in excess of coverage. All reconstruction and/or repair responsibility following a casualty loss falls to the association to complete, although some of the costs may be apportioned between the association and the affected unit owners.
BOARD QUALIFICATIONS
Generally speaking, to be an effective leader, one should be knowledgeable in all areas under his or her jurisdiction. The new legislation recognizes this and the statute has been revised to address the qualifications necessary to become a board member, requiring that candidates who wish to be board members submit a certificate as proof of their knowledge of their governing documents, as well as the provisions of the Condominium Act.
The goal is to assure condominium residents that new board members will be knowledgeable in the condominium statutes and documents that apply to their condominium, and be better able to effectively manage their community. Also, any director who is delinquent for more than 90 days in assessments is automatically deemed to have abandoned his or her office.
ASSESSMENTS
Another revision to the statute places a larger burden on a condominium association when it is pursuing delinquent unit owners by adding a new step to the process. The association is now required to provide owners 30 days written notice via certified and regular mail before they can place a lien on the property.
Robert L. Kaye, Esq., is the founder and managing shareholder of Robert Kaye & Associates, a commercial law firm based in Fort Lauderdale.
Courtesy: Miami Herald: http://www.miamiherald.com/business/story/793086.html
Tuesday, November 25, 2008
Home Sales in Broward County Up 46% from a Year Ago
Bargains drive up home sales in Broward County
With foreclosure glut, more price drops likely
By Paul Owers | South Florida Sun-Sentinel
November 25, 2008
Find Broward County Homes: http://www.InvestFloridaRealty.com/search.htm
Even as job losses mount and mortgage lending remains tight, South Floridians still are buying homes.
Bargain hunters continue to respond to plunging prices, with October sales of existing homes in Broward County rising 46 percent, to 625 from 428 a year ago, the Florida Association of Realtors said Monday. The median price plummeted 29 percent, to $252,500 from $354,000 last October.
Sales have shot up since July, but that doesn't mean the region's nearly 3-year-old housing slump is ending, analysts say.
The October figures reflect home sales contracts signed during the summer, before the financial free-fall on Wall Street. Prices are expected to keep dropping as long as the foreclosure problem persists.
"We would be lucky if the market bottoms out in South Florida in 2009," Miami-based housing consultant Lewis Goodkin said.
Broward's condominium sector followed a similar trend last month. Condo sales increased 30 percent while the median price fell 28 percent, to $115,200.
Distressed properties are popular targets among people trying to buy now.
Roger Palermo, a building maintenance supervisor for the city of Pompano Beach, said he looked at almost 50 houses. Many needed new roofs and other major repairs. And most were foreclosures or short sales, in which lenders take less than what's owed on the mortgages and forgive the remaining debt.
Overwhelmed with properties, some banks said they wouldn't consider Palermo's offers for three months or longer. One lender came back with a counteroffer higher than the asking price.
Earlier this month, Palermo and his fiancee finally bought a two-bedroom house in Boca Raton after the previous owner's death. They paid $225,000, $34,000 less than the asking price.
"At least 75 percent of the homes for sale are either foreclosures or short sales and need a lot of work," said Palermo, 48. "But it's hard because you can't even get answers from the banks."
In Palm Beach County, October sales increased 37 percent, and the median price dropped 24 percent to $264,600.
Statewide, sales increased 15 percent last month, while the median price fell 24 percent, to $169,700, the Realtors' group said.
Nationally, sales fell 3.1 percent in October to a seasonally adjusted annual rate of 4.98 million units. The median sales price fell 11.3 percent from a year ago to $183,000. That was the largest year-over-year drop on records since 1968 and the lowest median sales price since March 2004. The median is the level at which half sold for more, half for less.
In South Florida, the recent sales momentum is helping reduce the number of properties on the market.
Broward County had a little more than 28,000 homes and condos for sale at the end of October, down 5 percent from a year ago, according to the Miami-based Keyes Co.
But demand still is lagging. It takes longer to sell a house in South Florida, an average of 172 days, than anywhere else in the nation, according to an October housing report from California real estate firms Altos Research and Real IQ.
"The inventory news is starting to get a little better, but the question is, how much more pressure are we going to get from new foreclosures that come on the market?" said Mike Larson, a housing analyst with Weiss Research in Jupiter.
Regardless, real estate agents here are enjoying the renewed interest among buyers, many of whom are coming from the Northeast.
"We're hoping for a really cold winter up north," joked Pamela Orr, an agent with Balistreri Realty in Lighthouse Point. "If it's priced right, people are buying."
Find Broward County Homes: http://www.InvestFloridaRealty.com/search.htm
Courtesy: Fort Lauderdale Sun-Sentinel http://www.sun-sentinel.com/business/realestate/sfl-flzhousingbr1125sbnov25,0,6508022.story
With foreclosure glut, more price drops likely
By Paul Owers | South Florida Sun-Sentinel
November 25, 2008
Find Broward County Homes: http://www.InvestFloridaRealty.com/search.htm
Even as job losses mount and mortgage lending remains tight, South Floridians still are buying homes.Bargain hunters continue to respond to plunging prices, with October sales of existing homes in Broward County rising 46 percent, to 625 from 428 a year ago, the Florida Association of Realtors said Monday. The median price plummeted 29 percent, to $252,500 from $354,000 last October.
Sales have shot up since July, but that doesn't mean the region's nearly 3-year-old housing slump is ending, analysts say.
The October figures reflect home sales contracts signed during the summer, before the financial free-fall on Wall Street. Prices are expected to keep dropping as long as the foreclosure problem persists.
"We would be lucky if the market bottoms out in South Florida in 2009," Miami-based housing consultant Lewis Goodkin said.
Broward's condominium sector followed a similar trend last month. Condo sales increased 30 percent while the median price fell 28 percent, to $115,200.
Distressed properties are popular targets among people trying to buy now.
Roger Palermo, a building maintenance supervisor for the city of Pompano Beach, said he looked at almost 50 houses. Many needed new roofs and other major repairs. And most were foreclosures or short sales, in which lenders take less than what's owed on the mortgages and forgive the remaining debt.
Overwhelmed with properties, some banks said they wouldn't consider Palermo's offers for three months or longer. One lender came back with a counteroffer higher than the asking price.
Earlier this month, Palermo and his fiancee finally bought a two-bedroom house in Boca Raton after the previous owner's death. They paid $225,000, $34,000 less than the asking price.
"At least 75 percent of the homes for sale are either foreclosures or short sales and need a lot of work," said Palermo, 48. "But it's hard because you can't even get answers from the banks."
In Palm Beach County, October sales increased 37 percent, and the median price dropped 24 percent to $264,600.
Statewide, sales increased 15 percent last month, while the median price fell 24 percent, to $169,700, the Realtors' group said.
Nationally, sales fell 3.1 percent in October to a seasonally adjusted annual rate of 4.98 million units. The median sales price fell 11.3 percent from a year ago to $183,000. That was the largest year-over-year drop on records since 1968 and the lowest median sales price since March 2004. The median is the level at which half sold for more, half for less.
In South Florida, the recent sales momentum is helping reduce the number of properties on the market.
Broward County had a little more than 28,000 homes and condos for sale at the end of October, down 5 percent from a year ago, according to the Miami-based Keyes Co.
But demand still is lagging. It takes longer to sell a house in South Florida, an average of 172 days, than anywhere else in the nation, according to an October housing report from California real estate firms Altos Research and Real IQ.
"The inventory news is starting to get a little better, but the question is, how much more pressure are we going to get from new foreclosures that come on the market?" said Mike Larson, a housing analyst with Weiss Research in Jupiter.
Regardless, real estate agents here are enjoying the renewed interest among buyers, many of whom are coming from the Northeast.
"We're hoping for a really cold winter up north," joked Pamela Orr, an agent with Balistreri Realty in Lighthouse Point. "If it's priced right, people are buying."
Find Broward County Homes: http://www.InvestFloridaRealty.com/search.htm
Courtesy: Fort Lauderdale Sun-Sentinel http://www.sun-sentinel.com/business/realestate/sfl-flzhousingbr1125sbnov25,0,6508022.story
Palm Beach County sales up 37% from a year ago
Home Prices Fall, Triggering Sales
By JEFF OSTROWSKI, Palm Beach Post Staff Writer
Monday, November 24, 2008
Find Palm Beach Homes: http://www.InvestFloridaRealty.com/search.htm
The region's housing picture remained gloomy in October, a month when prices continued to plunge even as sales volumes recovered.
The median price for a Palm Beach County home fell to $264,600, the Florida Association of Realtors said Monday.
That's down 24 percent from a year ago, off 9 percent from September and the first time since February 2004 that Palm Beach County's median home price slipped below $270,000.
Bargain hunters took the bait. Realtors sold 618 houses in October, up 37 percent from a year ago and up 18 percent from September.
"There's buyers out there who are buying, but the mind-set is they want a deal," said Bob Graeve, an agent at Illustrated Properties Real Estate in Palm Beach Gardens. Graeve, for instance, recently advertised a foreclosed home and got three dozen calls.
Even so, the number of October home sales didn't exactly soar - they simply returned to October 2006 levels.
Nationally, of the homes that did find buyers in October, nearly half were the result of a sale after a foreclosure.
That trend helped send home values down at the fastest annual rate since the Realtors association began keeping records in 1968. The nationwide median price of a home was $183,300 last month, down 11.3 percent from October 2007.
The Treasure Coast showed similarly plummeting prices, but with a rebound in sales volume.
The median price of an existing single-family home in Martin and St. Lucie counties was $134,600, down 33 percent from a year ago, while sales jumped to 383 in October, up 76 percent from a year ago.
Housing analyst Brad Hunter of Metrostudy expects Palm Beach County prices to fall another 10 percent to 15 percent, and he sees the housing market weakening, in spite of the sales volume bounce.
"It's good news if you're a Realtor," Hunter says of the uptick in sales. "More transactions fuels that business. But it's bad news for the home builders, because what it means is that there's more pressure on them in terms of how much price discounting they have to do to sell homes."
It can be bad, too, for sellers who are facing intense price competition among banks selling foreclosed properties and by short sales, in which the bank agrees to accept a price that is less than the balance owed on the property and forgive the difference.
Frank Ortiz first placed his 2,600-square-foot, fully remodeled home on the Miami market in September 2007, then took it off the market seven months later because of a lack of buyer interest.
He listed it for sale again this summer for $389,000, and despite lowering the price $10,000 and holding several open houses over the past few months, he's yet to get a nibble.
"I haven't even gotten a call with interest in the house," Ortiz said. "It's not like a dilapidated house or anything. It's a remodeled house."
His agent, Pam Mayers of Esslinger-Wooten-Maxwell Realtors in Miami, says, "It's easy pickings for anybody buying a house right now. For sellers it's horrible. People are like vultures, flying around and picking whatever's left."
Eric Sain, president of the Realtors Association of the Palm Beaches, is urging his clients not to sell now.
"I'm telling my clients that if you can rent it and hold on, that's great," Sain said. "Most economists I've heard are looking for another 10 to 15 percent decline in prices before we hit bottom."
The housing market's meltdown has sent the entire economy into a tailspin.
On Monday, the Florida Home Builders Association said that as banks tighten their lending practices, they're pushing even solvent builders to "the brink of financial disaster."
"Not only are banks making additional capital calls, they are calling in loans not in default, eliminating lines of credit, and in many cases, altogether doing away with construction financing," Florida Home Builders Association President Jay Carlson said. "The current method banks are using to recapitalize is exacerbating Florida's economic problems."
Meanwhile, the National Association of Realtors is calling on Congress to approve $100 billion in incentives for home buyers as the housing market continues to crater.
Nationally, existing-home sales fell 3.1 percent to a seasonally adjusted annual rate of 4.98 million units in October, 1.6 percent below the 5.06 million-unit pace in October 2007, NAR said.
Find Palm Beach Homes: http://www.InvestFloridaRealty.com/search.htm
Courtesy: Palm Beach Post http://www.palmbeachpost.com/business/content/business/epaper/2008/11/24/1124homesales.html
By JEFF OSTROWSKI, Palm Beach Post Staff Writer
Monday, November 24, 2008
Find Palm Beach Homes: http://www.InvestFloridaRealty.com/search.htm
The region's housing picture remained gloomy in October, a month when prices continued to plunge even as sales volumes recovered.
The median price for a Palm Beach County home fell to $264,600, the Florida Association of Realtors said Monday.
That's down 24 percent from a year ago, off 9 percent from September and the first time since February 2004 that Palm Beach County's median home price slipped below $270,000.
Bargain hunters took the bait. Realtors sold 618 houses in October, up 37 percent from a year ago and up 18 percent from September.
"There's buyers out there who are buying, but the mind-set is they want a deal," said Bob Graeve, an agent at Illustrated Properties Real Estate in Palm Beach Gardens. Graeve, for instance, recently advertised a foreclosed home and got three dozen calls.
Even so, the number of October home sales didn't exactly soar - they simply returned to October 2006 levels.
Nationally, of the homes that did find buyers in October, nearly half were the result of a sale after a foreclosure.
That trend helped send home values down at the fastest annual rate since the Realtors association began keeping records in 1968. The nationwide median price of a home was $183,300 last month, down 11.3 percent from October 2007.
The Treasure Coast showed similarly plummeting prices, but with a rebound in sales volume.
The median price of an existing single-family home in Martin and St. Lucie counties was $134,600, down 33 percent from a year ago, while sales jumped to 383 in October, up 76 percent from a year ago.
Housing analyst Brad Hunter of Metrostudy expects Palm Beach County prices to fall another 10 percent to 15 percent, and he sees the housing market weakening, in spite of the sales volume bounce.
"It's good news if you're a Realtor," Hunter says of the uptick in sales. "More transactions fuels that business. But it's bad news for the home builders, because what it means is that there's more pressure on them in terms of how much price discounting they have to do to sell homes."
It can be bad, too, for sellers who are facing intense price competition among banks selling foreclosed properties and by short sales, in which the bank agrees to accept a price that is less than the balance owed on the property and forgive the difference.
Frank Ortiz first placed his 2,600-square-foot, fully remodeled home on the Miami market in September 2007, then took it off the market seven months later because of a lack of buyer interest.
He listed it for sale again this summer for $389,000, and despite lowering the price $10,000 and holding several open houses over the past few months, he's yet to get a nibble.
"I haven't even gotten a call with interest in the house," Ortiz said. "It's not like a dilapidated house or anything. It's a remodeled house."
His agent, Pam Mayers of Esslinger-Wooten-Maxwell Realtors in Miami, says, "It's easy pickings for anybody buying a house right now. For sellers it's horrible. People are like vultures, flying around and picking whatever's left."
Eric Sain, president of the Realtors Association of the Palm Beaches, is urging his clients not to sell now.
"I'm telling my clients that if you can rent it and hold on, that's great," Sain said. "Most economists I've heard are looking for another 10 to 15 percent decline in prices before we hit bottom."
The housing market's meltdown has sent the entire economy into a tailspin.
On Monday, the Florida Home Builders Association said that as banks tighten their lending practices, they're pushing even solvent builders to "the brink of financial disaster."
"Not only are banks making additional capital calls, they are calling in loans not in default, eliminating lines of credit, and in many cases, altogether doing away with construction financing," Florida Home Builders Association President Jay Carlson said. "The current method banks are using to recapitalize is exacerbating Florida's economic problems."
Meanwhile, the National Association of Realtors is calling on Congress to approve $100 billion in incentives for home buyers as the housing market continues to crater.
Nationally, existing-home sales fell 3.1 percent to a seasonally adjusted annual rate of 4.98 million units in October, 1.6 percent below the 5.06 million-unit pace in October 2007, NAR said.
Find Palm Beach Homes: http://www.InvestFloridaRealty.com/search.htm
Courtesy: Palm Beach Post http://www.palmbeachpost.com/business/content/business/epaper/2008/11/24/1124homesales.html
Lee County's Ft. Myers; Existing Home Sales Pace Up 44%
Lee County's existing home sales pace looks promising
BY DICK HOGAN • NOVEMBER 25, 2008
Find Lee County Homes: http://www.AqualandRealty.com
Lee County's existing-home market experienced a slight dip in sales and prices in October - and that may be good news.
That's because the pace of homes being sold continues to be quick while prices slowly fall.
The price of an existing single-family home in the county sold with the help of a Realtor dropped 2 percent to $139,500 in October while the number of homes sold fell 3 percent to 720, according to statistics released Monday by the Florida Association of Realtors.
Experts aren't saying the real estate market is healthy, but compared to the wild gyrations of the stock market, real estate now seems relatively stable.
Compared to a year ago, sales are strong, said Brett Ellis, a real estate agent with RE/MAX Realty Group in Fort Myers. There were 405 houses sold in October 2007, 44 percent fewer than October 2008.
High sales are good because once the 15,000 houses listed for sale and the 30,000 foreclosure properties backed up in the court system are sold, the laws of supply and demand kick in, he said.
Although October's sales were slightly off September's pace, Ellis said, that could be because those sales were based on deals that went on through August and September - two of the slowest months of the year.
In a separate report issued Monday by the National Association of Realtors, sales nationally of existing homes fell 3.1 percent to a seasonally adjusted annual rate of 4.98 million homes in October, from a downwardly revised pace of 5.14 million in September. Sales had been expected to fall to a rate of 5.05 million, according to economists surveyed by Thomson Reuters.
The national median sales price plunged 11.3 percent from a year ago to $183,000. That was the largest year-over-year drop on record going back to 1968, and the lowest median sales price since March 2004.
Lee County's median price is the lowest since February 2003, when it was $135,900.
That's more good news for the market, Ellis said.
Sales are staying strong because "our prices are where they ought to be" after a long slide following the collapse of the market, he said. The median price reached its all-time high of $322,300 in December 2005.
Still, for people trying to sell a house, competition is heavy from foreclosures and short sales.
"I don't know, man, everybody wants to buy houses," said contractor Mike Kelly, who's trying to sell his house on Devonwood Court in south Lee County for $270,000. "I'm going to cut the price a little bit and then wait. I'm hoping that January through March, in season, maybe they'll get more buyers."
But, he said, it's a tough environment to be selling a house. "Business is really slow, and I don't want to have to eat into my savings."
Kelly's company, Southwest Florida Custom Electronics, installs burglar alarm, camera and sound systems, but demand is soft, he said.
Around the nation, sales were down in October compared to September. But sales were up 40.5 percent in the West compared with October last year, without adjusting for seasonal factors. Buyers in places such as Las Vegas and Orange County, Calif., snapped up distressed properties at bargain prices.
Nationwide, the Realtors group estimates that sales of distressed properties made up 45 percent of all property sales in October.
Having money in the stock market has been a wilder ride than real estate in recent weeks: The Dow Jones Industrial Average sank from 9,625 on Nov. 4 to 7,552 on Nov. 20.
- The Associated Press also contributed to this report.
Courtesy Fort Myers News-Press: http://www.news-press.com/article/20081125/RE/811250378/1014/business
BY DICK HOGAN • NOVEMBER 25, 2008
Find Lee County Homes: http://www.AqualandRealty.com
Lee County's existing-home market experienced a slight dip in sales and prices in October - and that may be good news.That's because the pace of homes being sold continues to be quick while prices slowly fall.
The price of an existing single-family home in the county sold with the help of a Realtor dropped 2 percent to $139,500 in October while the number of homes sold fell 3 percent to 720, according to statistics released Monday by the Florida Association of Realtors.
Experts aren't saying the real estate market is healthy, but compared to the wild gyrations of the stock market, real estate now seems relatively stable.
Compared to a year ago, sales are strong, said Brett Ellis, a real estate agent with RE/MAX Realty Group in Fort Myers. There were 405 houses sold in October 2007, 44 percent fewer than October 2008.
High sales are good because once the 15,000 houses listed for sale and the 30,000 foreclosure properties backed up in the court system are sold, the laws of supply and demand kick in, he said.
Although October's sales were slightly off September's pace, Ellis said, that could be because those sales were based on deals that went on through August and September - two of the slowest months of the year.
In a separate report issued Monday by the National Association of Realtors, sales nationally of existing homes fell 3.1 percent to a seasonally adjusted annual rate of 4.98 million homes in October, from a downwardly revised pace of 5.14 million in September. Sales had been expected to fall to a rate of 5.05 million, according to economists surveyed by Thomson Reuters.
The national median sales price plunged 11.3 percent from a year ago to $183,000. That was the largest year-over-year drop on record going back to 1968, and the lowest median sales price since March 2004.
Lee County's median price is the lowest since February 2003, when it was $135,900.
That's more good news for the market, Ellis said.
Sales are staying strong because "our prices are where they ought to be" after a long slide following the collapse of the market, he said. The median price reached its all-time high of $322,300 in December 2005.
Still, for people trying to sell a house, competition is heavy from foreclosures and short sales.
"I don't know, man, everybody wants to buy houses," said contractor Mike Kelly, who's trying to sell his house on Devonwood Court in south Lee County for $270,000. "I'm going to cut the price a little bit and then wait. I'm hoping that January through March, in season, maybe they'll get more buyers."
But, he said, it's a tough environment to be selling a house. "Business is really slow, and I don't want to have to eat into my savings."
Kelly's company, Southwest Florida Custom Electronics, installs burglar alarm, camera and sound systems, but demand is soft, he said.
Around the nation, sales were down in October compared to September. But sales were up 40.5 percent in the West compared with October last year, without adjusting for seasonal factors. Buyers in places such as Las Vegas and Orange County, Calif., snapped up distressed properties at bargain prices.
Nationwide, the Realtors group estimates that sales of distressed properties made up 45 percent of all property sales in October.
Having money in the stock market has been a wilder ride than real estate in recent weeks: The Dow Jones Industrial Average sank from 9,625 on Nov. 4 to 7,552 on Nov. 20.
- The Associated Press also contributed to this report.
Courtesy Fort Myers News-Press: http://www.news-press.com/article/20081125/RE/811250378/1014/business
Monday, November 24, 2008
Florida’s Existing Home, Condo Sales Rise in October 2008
Florida’s existing home, condo sales rise in October 2008
ORLANDO, Fla. – Nov. 24, 2008 – For the second month in a row, Florida’s existing home sales rose in October, with Florida Realtors® reporting a 15 percent increase in activity in the year-to-year comparison; last month’s sales of existing condos statewide increased 5 percent in the year-to-year comparison, according to the latest housing data released by the Florida Association of Realtors (FAR).
A total of 10,443 existing homes sold statewide last month, up 15 percent over the 9,118 homes sold in October 2007, according to FAR. Florida Realtors also reported higher statewide existing home and existing condo sales in September compared to the year-ago levels.
Thirteen of Florida’s metropolitan statistical areas (MSAs) reported increased existing-home sales in October; seven MSAs also showed gains in condo sales, marking the fourth consecutive month that a number of markets have noted higher sales activity.
Florida’s median sales price for existing homes last month was $169,700; a year ago, it was $222,200 for a 24 percent decrease. The median is the midpoint; half the homes sold for more, half for less.
The national median sales price for existing single-family homes in September 2008 was $190,600, down 8.6 percent from a year earlier, according to the National Association of Realtors (NAR). In California, the statewide median resales price was $316,480 in September; in Massachusetts, it was $295,000; in Maryland, it was $271,520; and in New York, it was $215,000.
Market conditions continue to range widely, according to the latest housing outlook from NAR. “A pattern of sharply higher sales in areas with large price declines is well established,” said NAR Chief Economist Lawrence Yun. “Affordability conditions have consistently been a major factor in driving sales. Historically during recessions, buyers have responded to incentives and it’s important for government to keep that in the forefront of housing stimulus decisions.”
In Florida’s year-to-year comparison for condos, 2,956 units sold statewide compared to 2,805 sold in October 2007 for a 5 percent increase. The statewide existing condo median sales price last month was $147,600; in October 2007 it was $192,300 for a 23 percent decrease. In the latest data available at press time, NAR reported the national median existing condo price was $199,400 in September 2008.
Last month, interest rates for a 30-year fixed-rate mortgage averaged 6.20 percent, down from the average rate of 6.38 percent in October 2007, according to Freddie Mac. FAR’s sales figures reflect closings, which typically occur 30 to 90 days after sales contracts are written.
Among the state’s large to medium-size markets, the Miami MSA reported a total of 453 homes sold in October compared to 367 homes a year ago for a 23 percent increase. The existing home median sales price was $246,800; a year ago, it was $354,800 for a 30 percent decrease. In the year-to-year comparison for the existing condo market, a total of 439 units sold in the MSA last month, up 1 percent compared to 436 condos sold the previous October. The market’s existing condo median price was $197,400; a year ago, it was $268,300 for a 26 percent decrease.
Courtesy: FLORIDA ASSOCIATION OF REALTORS © 2008 http://www.floridarealtors.org/NewsAndEvents/n1-112408.cfm
ORLANDO, Fla. – Nov. 24, 2008 – For the second month in a row, Florida’s existing home sales rose in October, with Florida Realtors® reporting a 15 percent increase in activity in the year-to-year comparison; last month’s sales of existing condos statewide increased 5 percent in the year-to-year comparison, according to the latest housing data released by the Florida Association of Realtors (FAR).A total of 10,443 existing homes sold statewide last month, up 15 percent over the 9,118 homes sold in October 2007, according to FAR. Florida Realtors also reported higher statewide existing home and existing condo sales in September compared to the year-ago levels.
Thirteen of Florida’s metropolitan statistical areas (MSAs) reported increased existing-home sales in October; seven MSAs also showed gains in condo sales, marking the fourth consecutive month that a number of markets have noted higher sales activity.
Florida’s median sales price for existing homes last month was $169,700; a year ago, it was $222,200 for a 24 percent decrease. The median is the midpoint; half the homes sold for more, half for less.
The national median sales price for existing single-family homes in September 2008 was $190,600, down 8.6 percent from a year earlier, according to the National Association of Realtors (NAR). In California, the statewide median resales price was $316,480 in September; in Massachusetts, it was $295,000; in Maryland, it was $271,520; and in New York, it was $215,000.
Market conditions continue to range widely, according to the latest housing outlook from NAR. “A pattern of sharply higher sales in areas with large price declines is well established,” said NAR Chief Economist Lawrence Yun. “Affordability conditions have consistently been a major factor in driving sales. Historically during recessions, buyers have responded to incentives and it’s important for government to keep that in the forefront of housing stimulus decisions.”
In Florida’s year-to-year comparison for condos, 2,956 units sold statewide compared to 2,805 sold in October 2007 for a 5 percent increase. The statewide existing condo median sales price last month was $147,600; in October 2007 it was $192,300 for a 23 percent decrease. In the latest data available at press time, NAR reported the national median existing condo price was $199,400 in September 2008.
Last month, interest rates for a 30-year fixed-rate mortgage averaged 6.20 percent, down from the average rate of 6.38 percent in October 2007, according to Freddie Mac. FAR’s sales figures reflect closings, which typically occur 30 to 90 days after sales contracts are written.
Among the state’s large to medium-size markets, the Miami MSA reported a total of 453 homes sold in October compared to 367 homes a year ago for a 23 percent increase. The existing home median sales price was $246,800; a year ago, it was $354,800 for a 30 percent decrease. In the year-to-year comparison for the existing condo market, a total of 439 units sold in the MSA last month, up 1 percent compared to 436 condos sold the previous October. The market’s existing condo median price was $197,400; a year ago, it was $268,300 for a 26 percent decrease.
Courtesy: FLORIDA ASSOCIATION OF REALTORS © 2008 http://www.floridarealtors.org/NewsAndEvents/n1-112408.cfm
Friday, November 21, 2008
Housing Affordability Rises to Highest Level in Four Years
Housing affordability rises to highest level in four years
WASHINGTON – Nov. 19, 2008 – With home prices decreasing and interest rates holding at historically low levels, the number of potential homebuyers nationwide who can afford to buy new and existing homes has reached the highest level in more than four years, according to the National Association of Home Builders/Wells Fargo Housing Opportunity Index (HOI).
According to the third-quarter HOI readings, 56.1 percent of all new and existing homes sold were affordable to families earning the national median income of $61,500 – far more than the 40.4 percent of families who could afford homes at the peak of the housing boom.
“If there is a silver lining to this crisis, it would be that some housing markets have become more affordable with a larger inventory to choose from,” said NAHB Chairman Sandy Dunn. “But this is undeniably a crisis and Congress needs to act on housing stimulus to get the market moving again.”
The two most affordable major housing markets in the country during the third quarter of the year were Indianapolis, Ind., and Youngstown, Ohio, according to the HOI. In both Indianapolis and Youngstown, 91.0 percent of homes sold in the third quarter were affordable to families earning the areas’ median household incomes of $65,100 and $52,000, respectively.
Also near the top of the list for affordable major metropolitan areas were Grand Rapids-Wyoming, Mich.; Warren-Troy-Farmington Hills, Mich.; and Detroit-Livonia-Dearborn, Mich., in that order.
One smaller metro market (fewer than 500,000 people) outranked all others in terms of housing affordability during the third quarter of 2008 – Springfield, Ohio, where 92.9 percent of all homes sold in the period were affordable to families earning that area’s median household income of $54,500.
New York-White Plains-Wayne, N.Y.-N.J., was the nation’s least affordable major housing market for the second consecutive quarter. In the New York market, 10.6 percent of the new and existing homes sold during the third quarter were affordable to those earning the area’s median family income of $63,000.
Other major metro areas at the bottom of the housing affordability chart included San Francisco-San Mateo-Redwood City, Calif.; Nassau-Suffolk, N.Y.; Los Angeles-Long Beach-Glendale, Calif.; and Miami-Miami Beach-Kendall, Fla., in that order.
Among smaller metro areas, the other markets at the bottom of the affordability chart were San Luis Obispo-Paso Robles, Calif.; Santa Cruz-Watsonville, Calif.; Napa, Calif.; and Bend, Ore., respectively.
Courtesy FLORIDA ASSOCIATION OF REALTORS® © 2008: http://www.floridarealtors.org/NewsAndEvents/n1-111908.cfm
WASHINGTON – Nov. 19, 2008 – With home prices decreasing and interest rates holding at historically low levels, the number of potential homebuyers nationwide who can afford to buy new and existing homes has reached the highest level in more than four years, according to the National Association of Home Builders/Wells Fargo Housing Opportunity Index (HOI).According to the third-quarter HOI readings, 56.1 percent of all new and existing homes sold were affordable to families earning the national median income of $61,500 – far more than the 40.4 percent of families who could afford homes at the peak of the housing boom.
“If there is a silver lining to this crisis, it would be that some housing markets have become more affordable with a larger inventory to choose from,” said NAHB Chairman Sandy Dunn. “But this is undeniably a crisis and Congress needs to act on housing stimulus to get the market moving again.”
The two most affordable major housing markets in the country during the third quarter of the year were Indianapolis, Ind., and Youngstown, Ohio, according to the HOI. In both Indianapolis and Youngstown, 91.0 percent of homes sold in the third quarter were affordable to families earning the areas’ median household incomes of $65,100 and $52,000, respectively.
Also near the top of the list for affordable major metropolitan areas were Grand Rapids-Wyoming, Mich.; Warren-Troy-Farmington Hills, Mich.; and Detroit-Livonia-Dearborn, Mich., in that order.
One smaller metro market (fewer than 500,000 people) outranked all others in terms of housing affordability during the third quarter of 2008 – Springfield, Ohio, where 92.9 percent of all homes sold in the period were affordable to families earning that area’s median household income of $54,500.
New York-White Plains-Wayne, N.Y.-N.J., was the nation’s least affordable major housing market for the second consecutive quarter. In the New York market, 10.6 percent of the new and existing homes sold during the third quarter were affordable to those earning the area’s median family income of $63,000.
Other major metro areas at the bottom of the housing affordability chart included San Francisco-San Mateo-Redwood City, Calif.; Nassau-Suffolk, N.Y.; Los Angeles-Long Beach-Glendale, Calif.; and Miami-Miami Beach-Kendall, Fla., in that order.
Among smaller metro areas, the other markets at the bottom of the affordability chart were San Luis Obispo-Paso Robles, Calif.; Santa Cruz-Watsonville, Calif.; Napa, Calif.; and Bend, Ore., respectively.
Courtesy FLORIDA ASSOCIATION OF REALTORS® © 2008: http://www.floridarealtors.org/NewsAndEvents/n1-111908.cfm
Florida’s Existing Home, Condo Sales Increase in September 2008
Florida’s existing home, condo sales increase in September 2008
ORLANDO, Fla., Oct. 24, 2008 – For the first time in almost three years, Florida’s existing home sales rose in September, noting a 24 percent increase in activity in the year-to-year comparison; last month’s sales of existing condos statewide increased 11 percent in the year-to-year comparison, according to the latest housing data released by the Florida Association of Realtors® (FAR).
A total of 10,817 existing homes sold statewide last month, up 24 percent over the 8,725 homes sold in September 2007, according to FAR. The last time Florida Realtors reported higher statewide existing single-family home sales was for year-end 2005, FAR records found. In July of this year, six more homes sold statewide than in July 2007, but that increase was statistically insignificant.
Fourteen of Florida’s metropolitan statistical areas (MSAs) reported increased sales of existing homes in September; nine MSAs also showed gains in condo sales, marking the third month in a row that a number of markets have noted higher sales activity.
“The September sales report from the Florida Association of Realtors shows a 24 percent increase in the sales of existing homes in the state; this represents the sixth month in a row that the sales figure has exceeded its 12-month moving average (average of the previous 12 months),” says Dr. Sean Snaith, economist and director of the University of Central Florida Institute for Economic Competitiveness. “This is a clear sign that the significant price declines that have occurred across the state are leading to a more rapid absorption of the housing inventory.”
Snaith noted that September 2007 was a volatile time for the housing industry. “The large percentage increase of sales this September versus September 2007 is inflated by the sharp decline in sales that took place in September 2007,” he explained. “That was the month following the initial wave of global fallout precipitated by the subprime mortgage meltdown that roiled markets in August 2007.”
Florida’s median sales price for existing homes last month was $175,100; a year ago, it was $224,700 for a 22 percent decrease. But, looking back to September 2003, the statewide median sales price for single-family homes was $158,800 – an increase of 10.3 percent over the five-year-period, according to FAR records. The median is the midpoint; half the homes sold for more, half for less.
The national median sales price for existing single-family homes in August 2008 was $201,900, down 9.7 percent from a year earlier, according to the National Association of Realtors® (NAR). In California, the statewide median resales price was $350,140 in August; in Massachusetts, it was $325,000; in Maryland, it was $295,283; and in New York, it was $225,000.
The latest housing outlook from NAR points out the importance of available credit to the mortgage market. “Home sales will be constrained without a freer flow of credit into the mortgage market,” says NAR Chief Economist Lawrence Yun. “The faster that happens, the sooner we’ll see a broad stabilization in home prices that in turn will help the economy recover.”
In Florida’s year-to-year comparison for condos, 2,878 units sold statewide compared to 2,595 sold in September 2007 for an 11 percent increase. The statewide existing condo median sales price last month was $153,800; in September 2007 it was $197,000 for a 22 percent decrease. In the latest data available at press time, NAR reported the national median existing condo price was $212,600 in August 2008.
Last month, interest rates for a 30-year fixed-rate mortgage averaged 6.04 percent, down from the average rate of 6.38 percent in September 2007, according to Freddie Mac. FAR’s sales figures reflect closings, which typically occur 30 to 90 days after sales contracts are written.
Among the state’s large to medium-size markets, the Daytona Beach MSA reported a total of 536 homes sold in September compared to 478 homes a year ago for a 12 percent increase. The existing home median sales price was $160,000; a year ago, it was $193,200 for a 17 percent decrease. In the year-to-year comparison for the existing condo market, a total of 74 units sold in the MSA last month, up 1 percent compared to 73 condos sold the previous September. The market’s existing condo median price was $237,500; a year ago, it was $277,100 for a 14 percent decrease.
Courtesy FLORIDA ASSOCIATION OF REALTORS © 2008:http://www.floridarealtors.org/NewsAndEvents/n1-102408.cfm
ORLANDO, Fla., Oct. 24, 2008 – For the first time in almost three years, Florida’s existing home sales rose in September, noting a 24 percent increase in activity in the year-to-year comparison; last month’s sales of existing condos statewide increased 11 percent in the year-to-year comparison, according to the latest housing data released by the Florida Association of Realtors® (FAR).
A total of 10,817 existing homes sold statewide last month, up 24 percent over the 8,725 homes sold in September 2007, according to FAR. The last time Florida Realtors reported higher statewide existing single-family home sales was for year-end 2005, FAR records found. In July of this year, six more homes sold statewide than in July 2007, but that increase was statistically insignificant.Fourteen of Florida’s metropolitan statistical areas (MSAs) reported increased sales of existing homes in September; nine MSAs also showed gains in condo sales, marking the third month in a row that a number of markets have noted higher sales activity.
“The September sales report from the Florida Association of Realtors shows a 24 percent increase in the sales of existing homes in the state; this represents the sixth month in a row that the sales figure has exceeded its 12-month moving average (average of the previous 12 months),” says Dr. Sean Snaith, economist and director of the University of Central Florida Institute for Economic Competitiveness. “This is a clear sign that the significant price declines that have occurred across the state are leading to a more rapid absorption of the housing inventory.”
Snaith noted that September 2007 was a volatile time for the housing industry. “The large percentage increase of sales this September versus September 2007 is inflated by the sharp decline in sales that took place in September 2007,” he explained. “That was the month following the initial wave of global fallout precipitated by the subprime mortgage meltdown that roiled markets in August 2007.”
Florida’s median sales price for existing homes last month was $175,100; a year ago, it was $224,700 for a 22 percent decrease. But, looking back to September 2003, the statewide median sales price for single-family homes was $158,800 – an increase of 10.3 percent over the five-year-period, according to FAR records. The median is the midpoint; half the homes sold for more, half for less.
The national median sales price for existing single-family homes in August 2008 was $201,900, down 9.7 percent from a year earlier, according to the National Association of Realtors® (NAR). In California, the statewide median resales price was $350,140 in August; in Massachusetts, it was $325,000; in Maryland, it was $295,283; and in New York, it was $225,000.
The latest housing outlook from NAR points out the importance of available credit to the mortgage market. “Home sales will be constrained without a freer flow of credit into the mortgage market,” says NAR Chief Economist Lawrence Yun. “The faster that happens, the sooner we’ll see a broad stabilization in home prices that in turn will help the economy recover.”
In Florida’s year-to-year comparison for condos, 2,878 units sold statewide compared to 2,595 sold in September 2007 for an 11 percent increase. The statewide existing condo median sales price last month was $153,800; in September 2007 it was $197,000 for a 22 percent decrease. In the latest data available at press time, NAR reported the national median existing condo price was $212,600 in August 2008.
Last month, interest rates for a 30-year fixed-rate mortgage averaged 6.04 percent, down from the average rate of 6.38 percent in September 2007, according to Freddie Mac. FAR’s sales figures reflect closings, which typically occur 30 to 90 days after sales contracts are written.
Among the state’s large to medium-size markets, the Daytona Beach MSA reported a total of 536 homes sold in September compared to 478 homes a year ago for a 12 percent increase. The existing home median sales price was $160,000; a year ago, it was $193,200 for a 17 percent decrease. In the year-to-year comparison for the existing condo market, a total of 74 units sold in the MSA last month, up 1 percent compared to 73 condos sold the previous September. The market’s existing condo median price was $237,500; a year ago, it was $277,100 for a 14 percent decrease.
Courtesy FLORIDA ASSOCIATION OF REALTORS © 2008:http://www.floridarealtors.org/NewsAndEvents/n1-102408.cfm
Monday, October 13, 2008
Pending Homes Sales Up Strongly
Pending Home Sales Up Strongly
WASHINGTON, D.C. - Pending home sales activity surged as buyers took advantage of low home prices and affordable interest rates, according to the National Association of Realtors®.
The Pending Home Sales Index, a forward-looking indicator based on contracts signed in August, jumped 7.4 percent to 93.4 from an upwardly revised reading of 87.0 in July, and is 8.8 percent higher than August 2007 when it stood at 85.8. The index is at the highest level since June 2007 when it stood at 101.4.
Lawrence Yun, NAR chief economist, said home buyers were responding to improved affordability. “What we’re seeing is the momentum of people taking advantage of low home prices, with pending home sales up strongly in California, Nevada, Arizona, Florida, Rhode Island and the Washington, D.C., region,” he said. "It’s unclear how much contract activity may be impacted by the credit disruptions on Wall Street, but we’re hopeful most of the increase will translate into closed existing-home sales.”
The PHSI in the West surged 18.4 percent to 109.5 in August and remains 37.8 percent above a year ago. In the Northeast the index jumped 8.4 percent to 79.8 and is 2.0 percent higher than August 2007. The index in the Midwest rose 3.6 percent to 84.5 in August and is 6.6 percent above a year ago. In the South, the index increased 2.3 percent to 96.0 but is 2.1 percent below August 2007.
Yun notes the unusual timing of contract activity in August. “Home buyers in July were hampered by overly stringent lending criteria in the months before the government takeover of Fannie and Freddie,” he said. “August shows some unleashing of pent-up demand before the credit crisis accelerated in September.”
He cautioned that the sampling size for pending home sales is smaller than the track on existing-home sales, so there is more volatility in the forward-looking series. “We need to see just how much of this gain holds up,” Yun said.
NAR President Richard F. Gaylord, a broker with RE/MAX Real Estate Specialists in Long Beach, Calif., said despite all the turmoil in world financial markets, home mortgages are available. “Mortgages have been harder to find, and availability and terms vary depending on credit score and location, but Realtors® can help buyers find reputable lenders while helping them navigate the transaction process,” he said. “The recently enacted economic stimulus package should help housing by gradually freeing the flow of credit.”
Yun now expects growth in the U.S. gross domestic product (GDP) to contract for two consecutive quarters, in the fourth quarter of this year and the first quarter of 2009, before expanding in latter part of 2009 as the housing market begins a steady improvement.
Looking at middle-ground assumptions, existing-home sales are forecast at 5.04 million this year and 5.41 million in 2009. Following national declines of 5 to 8 percent in 2008, home prices are projected to increase 2 to 3 percent next year.
New-home sales should total around 503,000 this year and 471,000 in 2009. Housing starts, including multifamily units, are likely to fall 28.2 percent to 973,000 units this year, and come in around 843,000 in 2009 as builders continue to clear the accumulation in inventory.
The 30-year fixed-rate mortgage will probably average 6.1 percent in the fourth quarter and rise gradually to 6.6 percent by the end of 2009. NAR’s housing affordability index is expected to average 18 percentage points higher this year than in 2007.
The unemployment rate is projected to average 6.4 percent in the fourth quarter and then average 6.6 percent in 2009. Inflation, as measured by the Consumer Price Index, is estimated at 4.0 percent for 2008 and 2.0 percent next year. Inflation-adjusted disposable personal income is forecast to grow 1.7 percent this year and 1.0 percent in 2009.
Reprinted from National Realty News:
http://nationalrealtynews.com/content/templates/standard.aspx?articleid=1278&zoneid=1
WASHINGTON, D.C. - Pending home sales activity surged as buyers took advantage of low home prices and affordable interest rates, according to the National Association of Realtors®.
The Pending Home Sales Index, a forward-looking indicator based on contracts signed in August, jumped 7.4 percent to 93.4 from an upwardly revised reading of 87.0 in July, and is 8.8 percent higher than August 2007 when it stood at 85.8. The index is at the highest level since June 2007 when it stood at 101.4.
Lawrence Yun, NAR chief economist, said home buyers were responding to improved affordability. “What we’re seeing is the momentum of people taking advantage of low home prices, with pending home sales up strongly in California, Nevada, Arizona, Florida, Rhode Island and the Washington, D.C., region,” he said. "It’s unclear how much contract activity may be impacted by the credit disruptions on Wall Street, but we’re hopeful most of the increase will translate into closed existing-home sales.”
The PHSI in the West surged 18.4 percent to 109.5 in August and remains 37.8 percent above a year ago. In the Northeast the index jumped 8.4 percent to 79.8 and is 2.0 percent higher than August 2007. The index in the Midwest rose 3.6 percent to 84.5 in August and is 6.6 percent above a year ago. In the South, the index increased 2.3 percent to 96.0 but is 2.1 percent below August 2007.
Yun notes the unusual timing of contract activity in August. “Home buyers in July were hampered by overly stringent lending criteria in the months before the government takeover of Fannie and Freddie,” he said. “August shows some unleashing of pent-up demand before the credit crisis accelerated in September.”
He cautioned that the sampling size for pending home sales is smaller than the track on existing-home sales, so there is more volatility in the forward-looking series. “We need to see just how much of this gain holds up,” Yun said.
NAR President Richard F. Gaylord, a broker with RE/MAX Real Estate Specialists in Long Beach, Calif., said despite all the turmoil in world financial markets, home mortgages are available. “Mortgages have been harder to find, and availability and terms vary depending on credit score and location, but Realtors® can help buyers find reputable lenders while helping them navigate the transaction process,” he said. “The recently enacted economic stimulus package should help housing by gradually freeing the flow of credit.”
Yun now expects growth in the U.S. gross domestic product (GDP) to contract for two consecutive quarters, in the fourth quarter of this year and the first quarter of 2009, before expanding in latter part of 2009 as the housing market begins a steady improvement.
Looking at middle-ground assumptions, existing-home sales are forecast at 5.04 million this year and 5.41 million in 2009. Following national declines of 5 to 8 percent in 2008, home prices are projected to increase 2 to 3 percent next year.
New-home sales should total around 503,000 this year and 471,000 in 2009. Housing starts, including multifamily units, are likely to fall 28.2 percent to 973,000 units this year, and come in around 843,000 in 2009 as builders continue to clear the accumulation in inventory.
The 30-year fixed-rate mortgage will probably average 6.1 percent in the fourth quarter and rise gradually to 6.6 percent by the end of 2009. NAR’s housing affordability index is expected to average 18 percentage points higher this year than in 2007.
The unemployment rate is projected to average 6.4 percent in the fourth quarter and then average 6.6 percent in 2009. Inflation, as measured by the Consumer Price Index, is estimated at 4.0 percent for 2008 and 2.0 percent next year. Inflation-adjusted disposable personal income is forecast to grow 1.7 percent this year and 1.0 percent in 2009.
Reprinted from National Realty News:
http://nationalrealtynews.com/content/templates/standard.aspx?articleid=1278&zoneid=1
Saturday, October 11, 2008
Why Wait for a Wall Street Recover - Use Your Stock Portfolio Now
NO RECOURSE - NO MARGIN CALL
Why Wait Out the Wall Street Crisis?
Regardless of What the Stock Market May Do, Our Stock Loan is UNAFFECTED.
For more information, please visit our website: http://www.HedgeLender.com
That's right; unaffected. And that means full steam ahead for you and our other stock loan clients. We're ready today to assist small-to-medium-sized business directors, individual shareholders, or those with current financial dilemmas caused by the recent freeze in the credit markets.
Need some ideas? Here are two recent questions and our answers...
1) Enhance Your Down payment - A Mortgage-Rescue Stock Loan Solution
"I have a $10 million real estate project that's now in danger of halting because my bank is demanding a huge increase in the down payment, this despite my excellent credit rating! I do have stocks, but don't want to sell them because they've dropped like rocks with the falling stock market - valued at only about 50% less than what I paid for them a year ago. I'd hate to sell at a loss. Is there any other way to raise the down payment capital needed to release the loan funds for your project? HELP!"
The Stock Loan Solution: Relax, you are covered. By placing your stocks as guarantee for your Loan, you can get 85% - for good stocks even 90% - of the value of your portfolio today, when you need it, which should be more than enough to cover the needed additional down payment funds and still get the project moving. Best of all, you remain beneficial owner of the shares while they remain in lender custody. On a three year term, you can quickly close a NON-RECOURSE stock loan with no interest payments due until maturity, at which time the stocks will have a good chance of recovering their initial value, if not more. You can then exit your loan at maturity by asking the lender to sell enough shares to pay off the loan, and recoup the remaining profit in shares or cash. In such case you win around the board; your project gets funded, and you walk away "in the money" with stocks or cash. And if the stocks fall in value? Again, you're covered. It's a non-recourse loan, so you can walk away, and your project gets funded. Since you've suffered a loss on your stocks, you may even have a favorable tax result as well (consult only with a licensed tax professional for a precise determination of tax status).
2) Get Your IRA Off the Couch - Turbo-boost with an IRA Stock Loan
"As they say one man's misfortune is another man's opportunity. Looking at the massive drops in the stock market I have to think there are bargains galore for the stocks of otherwise soundly managed companies. I'd love to get into that but I want to stay protected. My IRA is worth about $500,000. What can I do with this?"
The Stock Solution: We'll place you into our IRA Stock Loan program and handle the stock loan side of the process while our partner firm (made up of licensed financial planners and insurance experts) will guide you to a temporary dissolution of your IRA, purchase of stocks, placement of stocks in to a Stock Loan, and re-purchase of annuities to re-stock your IRA within the statutory limit. Our firm provides the loan only; all other facets are handled 100% by licensed professionals in compliance with regulations.
The result? You'll have a healthy IRA producing annuity income (or building value) while remaining "in the market" as beneficial owner of your carefully selected 'bargain' stocks. By the time the loan term is up in 3-5 years, if you picked with care, your portfolio will be worth much more in a healthy economy and you can use that to have the lender sell enough shares to pay off the loan, while you recoup the upside profit as shares or stock, whatever you prefer. You've thus profited from the market, while retaining your IRA.
Quick funding – If your stocks are in "electronic form" already at your brokerage, and you can move them quickly, we can have your cash in hand in as few as 72 hours.
For more information, please visit our website: http://www.HedgeLender.com
Thank you for the opportunity to earn your business.
All the best,
--Branon A. Edwards
Why Wait Out the Wall Street Crisis?
Regardless of What the Stock Market May Do, Our Stock Loan is UNAFFECTED.
For more information, please visit our website: http://www.HedgeLender.com
That's right; unaffected. And that means full steam ahead for you and our other stock loan clients. We're ready today to assist small-to-medium-sized business directors, individual shareholders, or those with current financial dilemmas caused by the recent freeze in the credit markets.
Need some ideas? Here are two recent questions and our answers...
1) Enhance Your Down payment - A Mortgage-Rescue Stock Loan Solution
"I have a $10 million real estate project that's now in danger of halting because my bank is demanding a huge increase in the down payment, this despite my excellent credit rating! I do have stocks, but don't want to sell them because they've dropped like rocks with the falling stock market - valued at only about 50% less than what I paid for them a year ago. I'd hate to sell at a loss. Is there any other way to raise the down payment capital needed to release the loan funds for your project? HELP!"
The Stock Loan Solution: Relax, you are covered. By placing your stocks as guarantee for your Loan, you can get 85% - for good stocks even 90% - of the value of your portfolio today, when you need it, which should be more than enough to cover the needed additional down payment funds and still get the project moving. Best of all, you remain beneficial owner of the shares while they remain in lender custody. On a three year term, you can quickly close a NON-RECOURSE stock loan with no interest payments due until maturity, at which time the stocks will have a good chance of recovering their initial value, if not more. You can then exit your loan at maturity by asking the lender to sell enough shares to pay off the loan, and recoup the remaining profit in shares or cash. In such case you win around the board; your project gets funded, and you walk away "in the money" with stocks or cash. And if the stocks fall in value? Again, you're covered. It's a non-recourse loan, so you can walk away, and your project gets funded. Since you've suffered a loss on your stocks, you may even have a favorable tax result as well (consult only with a licensed tax professional for a precise determination of tax status).
2) Get Your IRA Off the Couch - Turbo-boost with an IRA Stock Loan
"As they say one man's misfortune is another man's opportunity. Looking at the massive drops in the stock market I have to think there are bargains galore for the stocks of otherwise soundly managed companies. I'd love to get into that but I want to stay protected. My IRA is worth about $500,000. What can I do with this?"
The Stock Solution: We'll place you into our IRA Stock Loan program and handle the stock loan side of the process while our partner firm (made up of licensed financial planners and insurance experts) will guide you to a temporary dissolution of your IRA, purchase of stocks, placement of stocks in to a Stock Loan, and re-purchase of annuities to re-stock your IRA within the statutory limit. Our firm provides the loan only; all other facets are handled 100% by licensed professionals in compliance with regulations.
The result? You'll have a healthy IRA producing annuity income (or building value) while remaining "in the market" as beneficial owner of your carefully selected 'bargain' stocks. By the time the loan term is up in 3-5 years, if you picked with care, your portfolio will be worth much more in a healthy economy and you can use that to have the lender sell enough shares to pay off the loan, while you recoup the upside profit as shares or stock, whatever you prefer. You've thus profited from the market, while retaining your IRA.
Quick funding – If your stocks are in "electronic form" already at your brokerage, and you can move them quickly, we can have your cash in hand in as few as 72 hours.
For more information, please visit our website: http://www.HedgeLender.com
Thank you for the opportunity to earn your business.
All the best,
--Branon A. Edwards
Friday, September 26, 2008
Home Sales Up, Prices Down in South Florida
Realtors: August home sales up, prices down in South Florida
Reprinted from The Miami Herald
BY Matthew Haggmann
South Florida home sales jumped in August amid signs that lower prices are drawing buyers back into the region's long-struggling housing market.
Sales of existing single-family homes in Miami-Dade County increased 22 percent and Broward County sales increased 12 percent compared to the same period a year ago, according to numbers released Wednesday by the Florida Association of Realtors.
Condominium sales were up 13 percent in Miami-Dade, while condo activity in Broward for the month was even compared to August 2007.
A big reason for increased sales appears to be healthy price drops. Prices were at least 20 percent lower in August than a year ago for single-family homes and condos in both Miami-Dade and Broward counties.
The median price for a Miami-Dade single-family home was $276,000 in August, amounting to a 30 percent drop from last year. For Broward single-family homes, the median price was $269,800, down 27 percent.
The median condo price in Miami-Dade was $210,400; it was $133,300 in Broward.
The outsized inventory of residences for sale also declined in August. Market watchers say the number of homes on the market must shrink significantly -- creating a better balance between buyers and sellers -- before prices start rising again.
The South Florida results were in contrast to the rest of the country.
Nationally, sales of existing U.S. homes fell by 2.2 percent in August, though the number of unsold homes on the market also dropped sharply from the previous month's record high.
The National Association of Realtors said sales fell to a seasonally adjusted annual rate of 4.91 million units, from an upwardly revised pace of 5.02 million in July. Sales had been expected to fall by 1.6 percent, according to economists surveyed by Thomson/IFR.
The median price of an existing home dropped to $203,100 from $224,400 a year ago. For single-family houses, the median price dropped 9.7 percent, the biggest decline since records began in 1968.
Resales account for about 90 percent of the market, while purchases of new homes make up the rest. Sales of existing homes are compiled from contract closings and may reflect contracts signed one or two months earlier.
There were 4.2 million unsold homes on the market, a 7 percent drop from the record set in July. It was the steepest drop in inventory since December 2006.
Reprinted from the Miami Herald: http://www.miamiherald.com/business/real-estate/story/699288.html
Reprinted from The Miami Herald
BY Matthew Haggmann
South Florida home sales jumped in August amid signs that lower prices are drawing buyers back into the region's long-struggling housing market.
Sales of existing single-family homes in Miami-Dade County increased 22 percent and Broward County sales increased 12 percent compared to the same period a year ago, according to numbers released Wednesday by the Florida Association of Realtors.
Condominium sales were up 13 percent in Miami-Dade, while condo activity in Broward for the month was even compared to August 2007.
A big reason for increased sales appears to be healthy price drops. Prices were at least 20 percent lower in August than a year ago for single-family homes and condos in both Miami-Dade and Broward counties.
The median price for a Miami-Dade single-family home was $276,000 in August, amounting to a 30 percent drop from last year. For Broward single-family homes, the median price was $269,800, down 27 percent.
The median condo price in Miami-Dade was $210,400; it was $133,300 in Broward.
The outsized inventory of residences for sale also declined in August. Market watchers say the number of homes on the market must shrink significantly -- creating a better balance between buyers and sellers -- before prices start rising again.
The South Florida results were in contrast to the rest of the country.
Nationally, sales of existing U.S. homes fell by 2.2 percent in August, though the number of unsold homes on the market also dropped sharply from the previous month's record high.
The National Association of Realtors said sales fell to a seasonally adjusted annual rate of 4.91 million units, from an upwardly revised pace of 5.02 million in July. Sales had been expected to fall by 1.6 percent, according to economists surveyed by Thomson/IFR.
The median price of an existing home dropped to $203,100 from $224,400 a year ago. For single-family houses, the median price dropped 9.7 percent, the biggest decline since records began in 1968.
Resales account for about 90 percent of the market, while purchases of new homes make up the rest. Sales of existing homes are compiled from contract closings and may reflect contracts signed one or two months earlier.
There were 4.2 million unsold homes on the market, a 7 percent drop from the record set in July. It was the steepest drop in inventory since December 2006.
Reprinted from the Miami Herald: http://www.miamiherald.com/business/real-estate/story/699288.html
Tuesday, September 9, 2008
What the Government Takeover of Fannie Mae & Freddie Mac Means to the Housing Industry
What the Government Takeover of Fannie Mae and Freddie Mac Means to Housing Industry
Reprinted from the National Association of Realtors
In short-term, home sales should improve as mortgage rates fall
Washington, D.C. (September 8, 2008)-The federal government's takeover of secondary mortgage giants Fannie Mae and Freddie Mac should cause a drop in mortgage rates in the short term that benefits home buyers, but the long-term outlook is too early to call. NAR fully supports the action of the U.S. Treasury and the Federal Housing Finance Agency.
The federal government had no choice. The capital situation of the two companies was not enough to handle the fallout from rising mortgage defaults in the near future. In addition, investors who purchase Fannie Mae and Freddie Mac debt have lost confidence in the two.
In a statement, NAR commended the Treasury's action, announced yesterday, to bring stability and continued liquidity to the mortgage market.
"The plan will help restore confidence in the secondary mortgage market," said NAR President Richard F. Gaylord.
"We appreciate the steps taken to calm the market, make mortgages more widely available and protect taxpayers. We look forward to working with the administration and Congress to ensure the continued vibrancy of the secondary mortgage market.
Summary of what the Treasury actually did and what it means
Talking Points
Reprinted from the National Association of Realtors
In short-term, home sales should improve as mortgage rates fall
Washington, D.C. (September 8, 2008)-The federal government's takeover of secondary mortgage giants Fannie Mae and Freddie Mac should cause a drop in mortgage rates in the short term that benefits home buyers, but the long-term outlook is too early to call. NAR fully supports the action of the U.S. Treasury and the Federal Housing Finance Agency.
The federal government had no choice. The capital situation of the two companies was not enough to handle the fallout from rising mortgage defaults in the near future. In addition, investors who purchase Fannie Mae and Freddie Mac debt have lost confidence in the two.
In a statement, NAR commended the Treasury's action, announced yesterday, to bring stability and continued liquidity to the mortgage market.
"The plan will help restore confidence in the secondary mortgage market," said NAR President Richard F. Gaylord.
"We appreciate the steps taken to calm the market, make mortgages more widely available and protect taxpayers. We look forward to working with the administration and Congress to ensure the continued vibrancy of the secondary mortgage market.
Summary of what the Treasury actually did and what it means
- In the takeover, Treasury placed the GSEs into a conservatorship-similar to a Chapter 11 bankruptcy- which fully protects taxpayers from conflicts of interest between taxpayers and shareholders or current management.
- The federal government is authorized to take up to an 80 percent stake in the companies, will review their financial condition quarterly, and inject money into the operations as needed. That means the market for GSE securities will be treated more like Treasury obligations, which should push mortgage interest rates down. That in turn, is expected to speed up home sales and help stabilize home prices.
- The GSEs will be allowed to increase their mortgage funding over the next year and a half to help stabilize markets. Starting in 2010, the plan calls for them to reduce their portfolios.
- The heads of Fannie Mae and Freddie Mac have been relieved of their duties. Treasury selected Herbert Allison, former Merrill Lynch vice chairman, to lead Fannie Mae, and David Moffett, former U.S. Bancorp CFO, to guide Freddie Mac.
Talking Points
- NAR, as the leading advocate for homeownership and housing issues, has closely monitored the market turmoil affecting the stock and debts of the two government-sponsored enterprises (GSEs) - Fannie Mae and Freddie Mac. Their mission is crucial to the economy to make fair and affordable mortgages available to home owners and home buyers. That mission must not be interrupted.
- Fannie Mae and Freddie Mac play a vital role in the U.S. economy by making fair and affordable mortgage loans available for home buyers and owners. That must not be interrupted. Treasury Secretary Henry M. Paulson Jr. and James B.Lockhart III, director of the Federal Housing Finance Agency that regulates Fannie Mae and Freddie Mac, have issued strong statements assuring the public that credit will continue to flow over the next 12 to 18 months.
- Short term, the takeover will result in government money driving down interest rates, which is expected to spur an increase in home sales.
- Long term, the action will lead to a major reorganization of the two GSEs as privately owned models. The brunt of that work will fall to the new administration and new Congress. NAR will help shape that process and the association is already working on a plan to do that.
- The action taking by Treasury and the FHFA, which regulates GSEs, makes clear the government will not let the deteriorating conditions of the GSEs disrupt the flow of capital to the housing sector, or harm the national and international financial system.
- The GSEs guarantee more than 40 percent of the nation's mortgages and own or guarantee more than $5 trillion in mortgages. Since the credit crunch began in August 2007, the private sector mortgage securitization market has virtually disappeared and the market share of the GSEs has jumped to about 70 percent.
- NAR will continue to follow events closely and develop recommendations on the future of the GSEs' mission to ensure there will be a robust secondary mortgage market in all markets.
Thursday, September 4, 2008
Florida Condo Prices Hit Bottom?
Real Estate Vultures Think Florida Condo Prices Have Hit Bottom
Reprinted from Florida Association of Realtors
MIAMI – Sept. 4, 2008 – Trying to time the real estate market and planning to buy once it hits bottom? Get your checkbook.
Condo Vultures LLC owner Peter Zalewski believes the recent purchase of 120 condominiums in Miami’s 50 Biscayne Blvd. tower, by the Philadelphia-based private equity firm Lubert-Adler Partners LP and Related Group of Florida, will usher in a wave of investors looking to snap up distressed properties in the region.
Jack McCabe of McCabe Research & Consulting LLC believes these vulture buyers are an indication that the housing market has bottomed out, and he believes ongoing foreclosure sales could extend the bottom for a few years. He says that vulture investors plan to spend $30 billion or more on distressed housing in the Sunshine State.
However, Lewis Goodkin of Goodkin Consulting Group says prices need to be reduced to about 50 cents on the dollar to attract investors.
Downtown Miami will see the opening of 11,551 condos this year, which is a five-year supply, according to MetroStudy regional director Brad Hunter.
Source: Bloomberg (09/04/08) Ivry, Bob
© Copyright 2008 INFORMATION, INC. Bethesda, MD (301) 215-4688
Ready to Buy? Click Here
Reprinted from Florida Association of Realtors
MIAMI – Sept. 4, 2008 – Trying to time the real estate market and planning to buy once it hits bottom? Get your checkbook.
Condo Vultures LLC owner Peter Zalewski believes the recent purchase of 120 condominiums in Miami’s 50 Biscayne Blvd. tower, by the Philadelphia-based private equity firm Lubert-Adler Partners LP and Related Group of Florida, will usher in a wave of investors looking to snap up distressed properties in the region. Jack McCabe of McCabe Research & Consulting LLC believes these vulture buyers are an indication that the housing market has bottomed out, and he believes ongoing foreclosure sales could extend the bottom for a few years. He says that vulture investors plan to spend $30 billion or more on distressed housing in the Sunshine State.
However, Lewis Goodkin of Goodkin Consulting Group says prices need to be reduced to about 50 cents on the dollar to attract investors.
Downtown Miami will see the opening of 11,551 condos this year, which is a five-year supply, according to MetroStudy regional director Brad Hunter.
Source: Bloomberg (09/04/08) Ivry, Bob
© Copyright 2008 INFORMATION, INC. Bethesda, MD (301) 215-4688
Ready to Buy? Click Here
Friday, March 21, 2008
Building Lots on Pine Island from the $40s
Located in the quaint historic fishing port of St. James City, on the southern tip of Pine Island, it is one of the most unique in Southwest Florida. Pine Island is part of the Intracoastal Waterway which connects the entire coast of Florida through the Pine Island Sound, Charlotte Harbor, and Boca Grande Pass. These northern barrier islands, form the gateway to what is commonly called the “Ten Thousand Islands,” they also produce some of the best tarpon fishing in the world. These islands form a waterway that runs along Florida’s west coast, south to the Florida Keys. St. James City is located a short drive to Cape Coral and Ft. Myers, which are some of the fastest growing areas in the country. They offer world class dining, an abundance of shopping, a variety of entertainment and many cultural events.
"Little Palm Village" has everything an active family could wish: small in-town home sites located within walking distance of all St. James City has to offer. The development is enhanced by the surrounding ambiance of this historic waterfront town and hundreds of beautiful estuaries and waterways that surround the islands. In addition, the development offers property owners close proximity to boat storage and docking facilities located within blocks of their property. The local channels offer deep water and easy Gulf access. Residents can further enjoy the full service marinas, charter fishing boats and multiple waterfront restaurants within walking distance from their home. Little "Little Palm Village" is designed to give you some of the best local “Old Florida” flavor and the famous “Key West” lifestyle that Pine Island offers its residents everyday of the year.
Sunday, March 9, 2008
Cape Coral Gulf Access Home - Reduced $190,000!
Priced Well Below Market Value for Quick Sale!
2540 SW 36th Lane
Cape Coral, FL
3-Bedrooms / 2-Baths / 2-Car Garage
U-shaped Captain's Dock with 7,000-lb Lift
Originally $650,000
Priced for Immediate Sale at $459,900!
Webpage:
http://www.InvestFloridaRealty.com/listings/gulf-access.htm
Virtual Tour:
http://www.realtourvision.com/tour.display.new.php?utl=RE-1066-BL41R1-01
Absolutely gorgeous waterfront home in Cape Coral on saltwater canal with access to the Gulf of Mexico. This lovely home has been exquisitely maintained and decorator furnished. The decorator furnishings are available, but are not included in the asking price. The split floor plan provides privacy with a separate master suite with pool access and beautiful water views. The master closet also includes a secure 'owner's closet' as well. The home features stylish neutral ceramic tile throughout and cathedral ceilings with custom light fixtures. The living room offers a built-in entertainment center with lighting and overlooks the pool with floor-to-ceiling sliding glass doors that literally open the entire expanse of the living room to the pool deck. The pool area has a covered entertaining area and a full screened pool cage. With a Southern exposure, the heated pool also enjoys direct sun throughout the day. The 6-person jacuzzi also overlooks the boat dock and water views.
The modern gourmet kitchen includes a full pantry, custom silestone counter tops, raised panel cabinetry, double stainless steel sink, a large breakfast bar, and all the appliances. The spacious dining room also overlooks the pool and water views. There is a separate laundry room complete with large basin laundry tub and the washer and dryer are included in the sale.Energy efficient windows throughout the home offer custom draperies and plantation style shutters. The two-car garage offers additional storage cabinetry and a pull-down attic access for additional storage. The home also features an upgraded metal roof with additional strengthening added during the construction process.
Lush tropical landscaping adds to the beauty of this amazing home and a custom built Captain's dock provides not only a 7,000 boat lift to keep your yacht high and dry, but also walkway access on both sides of your boat. A custom tiki hut has also been added to the dock along with a direct walkway from the pool area to the dock. You will have Gulf Access under one fixed bridge (approximately 9-feet) and through the Cape Harbour boat lock, with exceptionally convenient attended operating hours. Take your boat to dinner at Rum Runner's at the marina, to any of the many restaurants on the Caloosahatchee River, or maybe escape for a day of fishing in the Gulf of Mexico. At leisure speeds, you are just 35 minutes to the lock and a total of 45 minutes to the River. Sanibel Pass Bridge that welcomes you into the open Gulf is just an hour away.
Of course, the home is conveniently located just minutes away from downtown, but is also just minutes to Burnt Store Marina and on to Punta Gorda. The location puts you in the heart of it all without the hustle and bustle of city life.
Even your pickiest buyers will be impressed by the loving care that this home continues to receive from its current owners. If you're looking to move right in without a care in the world, this home will be perfect for you and your family. Easy to show - just give us a call!
As always, thank you for the opportunity to earn your business.
All the best,
--Branon A. Edwards
Licensed Real Estate Broker
Aqualand Realty, Inc
786-417-4910
2540 SW 36th Lane
Cape Coral, FL
3-Bedrooms / 2-Baths / 2-Car Garage
U-shaped Captain's Dock with 7,000-lb Lift
Originally $650,000
Priced for Immediate Sale at $459,900!
Webpage:
http://www.InvestFloridaRealty.com/listings/gulf-access.htm
Virtual Tour:
http://www.realtourvision.com/tour.display.new.php?utl=RE-1066-BL41R1-01
Absolutely gorgeous waterfront home in Cape Coral on saltwater canal with access to the Gulf of Mexico. This lovely home has been exquisitely maintained and decorator furnished. The decorator furnishings are available, but are not included in the asking price. The split floor plan provides privacy with a separate master suite with pool access and beautiful water views. The master closet also includes a secure 'owner's closet' as well. The home features stylish neutral ceramic tile throughout and cathedral ceilings with custom light fixtures. The living room offers a built-in entertainment center with lighting and overlooks the pool with floor-to-ceiling sliding glass doors that literally open the entire expanse of the living room to the pool deck. The pool area has a covered entertaining area and a full screened pool cage. With a Southern exposure, the heated pool also enjoys direct sun throughout the day. The 6-person jacuzzi also overlooks the boat dock and water views.
The modern gourmet kitchen includes a full pantry, custom silestone counter tops, raised panel cabinetry, double stainless steel sink, a large breakfast bar, and all the appliances. The spacious dining room also overlooks the pool and water views. There is a separate laundry room complete with large basin laundry tub and the washer and dryer are included in the sale.Energy efficient windows throughout the home offer custom draperies and plantation style shutters. The two-car garage offers additional storage cabinetry and a pull-down attic access for additional storage. The home also features an upgraded metal roof with additional strengthening added during the construction process.Lush tropical landscaping adds to the beauty of this amazing home and a custom built Captain's dock provides not only a 7,000 boat lift to keep your yacht high and dry, but also walkway access on both sides of your boat. A custom tiki hut has also been added to the dock along with a direct walkway from the pool area to the dock. You will have Gulf Access under one fixed bridge (approximately 9-feet) and through the Cape Harbour boat lock, with exceptionally convenient attended operating hours. Take your boat to dinner at Rum Runner's at the marina, to any of the many restaurants on the Caloosahatchee River, or maybe escape for a day of fishing in the Gulf of Mexico. At leisure speeds, you are just 35 minutes to the lock and a total of 45 minutes to the River. Sanibel Pass Bridge that welcomes you into the open Gulf is just an hour away.
Of course, the home is conveniently located just minutes away from downtown, but is also just minutes to Burnt Store Marina and on to Punta Gorda. The location puts you in the heart of it all without the hustle and bustle of city life.Even your pickiest buyers will be impressed by the loving care that this home continues to receive from its current owners. If you're looking to move right in without a care in the world, this home will be perfect for you and your family. Easy to show - just give us a call!
As always, thank you for the opportunity to earn your business.
All the best,
--Branon A. Edwards
Licensed Real Estate Broker
Aqualand Realty, Inc
786-417-4910
Wednesday, February 27, 2008
What's REALLY Happening in Florida - Winter 2008 Newsletter
**Greetings from Branon Edwards and Jelena Panfilova
from Aqualand Realty in sunny South Florida!
Welcome to another edition of InvestFloridaRealty.com's Florida real estate newsletter. There have been a lot of changes to the real estate landscape including the increase of foreclosures and sale inventory, new homestead exemption and portability for property tax reductions, as well as phenomenal opportunities for buyers and investors. We hope to dispel some of the misinformation being touted by the media while also giving you some solid information you can use.
In this issue:
-Homestead Portability Thanks to Amendment 1 (Action Required)
-Time to Refinance?
-Featured Property: Porpoise Point Fishing Resort
-Our Real Estate Listings (Homes, Condos, Land, Vacation Rentals)
-What's REALLY Happening in Florida's Real Estate Market?
-Buyers' Market Highlights including Currency Exchange
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Homestead Portability Thanks to Amendment 1 (Action Required)
What you should do to receive benefits of Amendment 1
To receive some of the benefits of the changes enacted January 29th, certain citizens must take action by March 1, 2008. The Constitutional amendment created four new opportunities for taxpayers to obtain tax relief:
1. Increased homestead exemption
2. Portability of "Save our Homes" benefit
3. $25,000 exemption for tangible personal property
4. 10% annual assessment limitation for non-homestead property
What taxpayers must do to receive these new benefits:
1. Increased homestead exemption - Homeowners that are currently receiving the homestead exemption will automatically receive the increased homestead exemption. No action is necessary.
2. Portability of "Save our Homes" benefits - If you received the homestead exemption in 2007 on a home that you sold or otherwise abandoned during 2007 and have purchased a new home by January 1, 2008, you are eligible to take some or all of the benefit of "Save our Homes" to your new home. In order to receive this benefit, you must apply by March 1, 2008 to your property appraiser for your new homestead exemption and for the transfer of the "Save Our Homes" benefit to your new homestead for 2008.
3. $25,000 exemption for tangible personal property - Tangible personal property taxes apply only to certain taxpayers in Florida - typically businesses and certain owners of mobile homes. The tax does not apply to homesteaded property. In order to receive the $25,000 exemption for tangible personal property, taxpayers subject to the tax must file a tangible personal property return with their property appraiser by April 1, 2008.
4. 10% limit on annual assessment increases for non-homestead property - The 10% limitation does not apply until next year. No application is necessary for 2008.
If you have any questions about what action you must take to receive these new benefits, please contact your local property appraiser. For information on how to contact Florida's property appraisers, go to http://dor.myflorida.com/dor/property/appraisers.html
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TIME TO REFINANCE?
If you're like most Americans who purchased a property between 2004-2006, chances are that you have an adjustable rate mortgage (ARM). It's also very likely that this mortgage is about to convert from the original 'teaser' low interest rate to a much higher interest rate that will push up your monthly mortgage payment substantially.
If your current interest rate is higher than 8%, then you will likely benefit enough from refinancing your mortgage to make it worthwhile. Even if you interest rate is 7%, you could benefit from a refinance if you plan to keep the property longer than 5 years.
With recent cuts in the interest rate by the Federal Reserve (and more on the way), interest rates are very attractive presently. However, your actual interest rate will vary based on your credit score, the type of property (primary residence, second home, investment, etc), how you plan to prove your financial situation (full documentation, bank statements, stated, etc), and the purpose of the loan (cash-out or just rate change).
If you would like a complimentary mortgage consultation, please call Branon at 786-417-4910 or send an email to Branon@InvestFloridaRealty.com
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FEATURED PROPERTY: Porpoise Point Fishing Resort
Aqualand Realty is happy to present to our customers a new bay front townhome development on the island community of Matlacha. Matlacha (Mat-Luh-Shay) is a quaint fishing village located between Cape Coral and Pine Island on the West Coast of Florida. On a broader geographic scale, it is located between the larger cities of Fort Myers and Sarasota. It is within a 30-minute drive of Southwest Florida International Airport in Fort Myers (Airport Code RSW).
The best way to describe Matlacha is that it looks like the Florida Keys 25 years ago. There are no high-rises and the historical society and local building regulations will keep it that way. In fact, there is a height restriction in place that limits buildings to no more than 3 stories.
Porpoise Point Fishing Resort is a new 20-unit townhome community that is located right on a wide expanse of Bay on the South side of the island. We can tell you from personal experience that the name is justly earned. We have yet to spend any time at the community without seeing the local pod of dolphins swimming by during the day. There are also families of Osprey and a Bald Eagle, not to mention a plethora of tropical birds and wildlife. Matlacha and Pine Island are perhaps one of the few unspoiled islands left in Florida that you can actually reach without a boat. Of course, the fishing in the area is phenomenal and it’s home to the World’s Richest Tarpon Tournament – the entry fee for the tourney is a mere $100,000!
This exclusive community will offer owners a 2,000-square foot private residence with 3 balconies, 3-bedrooms, and 3-and-a-half baths. In addition, the third bedroom can be converted to a guest suite with nightly renting potential. The community's zoning permits the main part of the residence to be rented with a 5-night minimum. There will also be deeded boat docks available including approximately six shoal-draft slips that should accommodate up to 26-foot boats, and deep water slips that should accommodate larger vessels with approximately a 5-foot draft at mean low tide. These slips should be large enough for a +40-foot sailboat with direct access (no bridges) to the Gulf of Mexico.
Click Here for More Information About or to Schedule a Private Tour of Porpoise Point:
http://www.InvestFloridaRealty.com/listings/porpoise-point.htm
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OUR REAL ESTATE LISTINGS (Homes, Condos, Land)
1,129 Acres
Evans Road, Labelle, FL
90-1,129 Acres of Mostly Cleared Land
Currently Zoned AG and Operated as Farm and Pasture
Could be Single Family Homesites, Dirt Mine, or Farm for BioDiesel/Ethanol
Priced from $20,000 Per Acre
http://www.InvestFloridaRealty.com/listings/792-labelle.htm
Galt Island Estate
4981 Galt Island Ave
Saint James City, FL
3-Bedrooms / 3-Baths / Boat Dock with Lift
3-Story on Private Island
Originally $2.5 Million
Reduced to Just $2.2 Million
http://www.InvestFloridaRealty.com/listings/galt-island-home.htm
Waterfront Castle with Gulf Access!
3651 Turtledove Blvd
Punta Gorda, FL 33950
Brand New Construction
3-Bedrooms/3.5-Baths/Boat Dock with Lift
Gulf Access for Sailboats
Originally $2 Million
Blow Out Priced at $1,499,900!
http://www.InvestFloridaRealty.com/listings/pgi.htm
Porpoise Point Fishing Resort
Matlacha, FL (Pine Island)
3-Bedroom/3.5-Bath/3-Balcony/3-Story Bayfront Townhomes
Preconstruction Prices from $875,500
Private Boat Docks Available
CHECK OUT THE VIRTUAL TOUR ONLINE
http://www.InvestFloridaRealty.com/listings/porpoise-point.htm
Trump Towers One
Brand New Beachfront Construction
2-Bedrooms/3-Baths + Den
Direct Ocean Views
3 Units to Choose From
Purchase Preconstruction Contract for 50% of Deposit!
Prices from the $800,000s to High $900,000s
Ocean Four
17201 Collins Ave, Unit 1506
Sunny Isles Beach, FL
2-Bedrooms / 2-Baths / 2-Balconies
Beachfront Building. Unit has direct West views
of Intracoastal, City, and Fabulous Sunsets.
Over $750,000 Invested
Blow Out Priced at Just $635,000!!
Rented Short-Term @ $2200/month until May 2008
http://www.InvestFloridaRealty.com/listings/ocean-4.htm
Marina Walk on Pine Island
Saint James City, FL 33956
Gated Waterfront Community with Boat Docks
Homes from the high $400,000s
http://www.InvestFloridaRealty.com/listings/marina-walk.htm
Cape Coral Gulf Access Home – Reduced $190,000!
2540 SW 36th Lane
Cape Coral, FL
3-Bedrooms / 2-Baths / 2-Car Garage
U-shaped Captain's Dock with 7,000-lb Lift
Originally $650,000
Priced for Immediate Sale at $459,900!
http://www.InvestFloridaRealty.com/listings/gulf-access.htm
Saint James City Gulf Access Building Lot
2395 Sycamore Street
Saint James City, FL
New Sea Wall plus Dock Permit
Originally $500,000
Reduced to $475,000
Reduced Again to $460,000
Blow Out Priced at $375,000!
http://www.InvestFloridaRealty.com/listings/sycamore.htm
Axis at Brickell Village
Brand New Construction in Downtown Miami
Close to EVERYTHING, Great Amenities!
Contract Now, Close with Developer in February
Unit #3404-S - 2/2 Bay View @ $459,900
http://www.InvestFloridaRealty.com/listings/axis.html
Unit #1412-S - 2/2 City View @ $400,000
http://www.InvestFloridaRealty.com/listings/axis.htm
Hollywood Hills
3701 Washington Street
Hollywood, FL 33021
3-Bedroom / 2-Bath / 2-Car/Fenced Yard
Fenced Yard, lots of upgrades
Tenant at $2,100/month until July 2008
Originally $384,000 (below Appraisal)
Priced to Sell at Just $373,900
http://www.InvestFloridaRealty.com/listings/3701-washington.htm
Saint James City Acreage
4094 Sunshine Blvd
Saint James City, FL 33956
5 Acres Building Lot on Paved Road
Road frontage on 3 sides
Could Possibly be Subdivided
Should be $400,000
Asking Just $316,000 ($63,500 per acre!)
http://www.InvestFloridaRealty.com/listings/sunshine-blvd.htm
Latitude on the River
185 SW 7th St, #1708
Brand New Construction in Downtown Miami
1-bedroom/1-bath with Bay Views
Was $269,900
Blow-Out Priced at $259,900! - UNDER CONTRACT
http://www.InvestFloridaRealty.com/listings/latitude.htm
BUSINESS FOR SALE
Cash Cow High-End Flower Shop in Downtown Fort Lauderdale
High Profits, Low Overhead, Over $100,000 in Inventory Included
Unbelievable Price of $249,900
http://www.InvestFloridaRealty.com/listings/flower-shop.htm
401 Blu
401 69th Street, #311
Miami Beach, FL 33141
1-Bedroom / 1-Bath
Newly renovated building
Tenant at $1300/month until June 2008
Originally $275,000
Priced for Quick Sale at $239,900
http://www.InvestFloridaRealty.com/listings/401-blu.htm
Meadowbrook Towers
610 NE 12th St
Hallandale Beach, FL 33009
1-Bedroom/1-Bath Condo in 55+ Community
Overlooking Pool and Clubhouse, Recent Upgrades
Was $138,900
Now Just $129,900!
http://www.InvestFloridaRealty.com/listings/meadowbrook-towers.htm
Little Palm Village
Saint James City, FL 33956
Single Family Home Building Lots
Buy Now, Build Later
Priced from the high $40,000s
Various Olde Florida Home Plans Available
http://www.InvestFloridaRealty.com/listings/little-palm-village.htm
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VACATION RENTALS – TurnKey Furnished with Ocean Views:
2080 Ocean Drive, Hallandale Beach
2-Bed/2-Bath Penthouse-09 from $3250/month
http://www.InvestFloridaRealty.com/rental/hallandale-beach.htm
2-Bed/2.5-Bath Corner Penthouse-01 from $3750/month
http://www.InvestFloridaRealty.com/rental/2080-ocean-dr.htm
2-Bed/2-Bath Lower Penthouse-10 from $3250/month
http://www.InvestFloridaRealty.com/rental/2080-ocean-drive.htm
Hollywood Beach Resort - #438
Large Oceanfront Studio with 2 Queen Beds from $1600/month ($999/week)
http://www.InvestFloridaRealty.com/rental/hollywood-beach.htm
Alexander Towers - #806
2-Bed/2-Bath Oceanfront, 3 Queen Beds + 1 Twin Bed
http://www.InvestFloridaRealty.com/rental/alexander-towers.htm
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What's REALLY Happening in Florida's Real Estate Market?
We know the media has basically been saying that the sky is falling for over a year now. In fact, if you listen to everything on the news or believe everything you read in the papers, you're likely standing on the edge of a tall building at the moment. However, you'll probably be surprised to know that things really aren't as horrible as they would like you to think. Step away from the ledge now please.
According to the media, housing values have dropped by 50% in some places - this is, of course, an exaggeration, but what's new? As an example, the Miami market hadn't depreciated at all until just this last quarter. And even then, it was an annualized depreciation of just 3.1%. That's a far cry from thinking your house had been devalued by 50%. In fact, over the last 12 months, homes in Miami-Dade County have actually APPRECIATED by 3.4% overall.
We subscribe to a very high-end real estate software system that tracks almost 400 large municipal markets throughout the USA. This system tracks the ACTUAL property appreciation for single family homes in these areas by sales, not by median home price. Median Home Price is the most commonly used gauge of how markets are performing, but if you know what the 'median' really means, you know it's not a good gauge at all. The system we use tracks individual homes in a given market over a 30-year period. By doing so, it can calculate what each home has sold for over time and thereby calculate the true appreciation rate.
By the way, if you would like more information on subscribing to this service, click here:
http://www.InvestFloridaRealty.com/RealEstateToolKit
Here's the actual overview of several markets here in Florida:
Miami & Miami-Dade County
Last Quarter Annualized -3.1%
2 Quarters Ago Annualized +1.8%
Last 12 Months +3.4%
3 Years Ago +21.9%
5 Years Ago +14.9%
10 Years Ago +2.0%
Fort Lauderdale & Broward County
Last Quarter Annualized -13.7%
2 Quarters Ago Annualized -4.2%
Last 12 Months -4.7%
3 Years Ago +24.1%
5 Years Ago +14.1%
10 Years Ago +1.7%
West Palm Beach & Palm Beach County
Last Quarter Annualized -11.1%
2 Quarters Ago Annualized -9.8%
Last 12 Months -6.9%
3 Years Ago +26.1%
5 Years Ago +13.7%
10 Years Ago +2.3%
Fort Myers, Cape Coral & Lee County
Last Quarter Annualized -16.6%
2 Quarters Ago Annualized -9.2%
Last 12 Months -9.7%
3 Years Ago +19.6%
5 Years Ago +13.5%
10 Years Ago +1.6%
Please keep in mind that these are the appreciation rates for single family homes - not for condominiums. Given the overbuilding of condos in recent years in Southeast Florida, the condo market is substantially different than the market for houses. Condos tend to be even more localized markets with individual buildings acting as neighborhoods and fluctuating based on the individual investor mix in that particular building. Our condo market is wide open presently with units that originally sold in preconstruction for $600 per square foot being offered for $400 per square foot, etc. If you don't plan to sell in the next year or two, condos can be an excellent addition to your portfolio right now - particularly in buildings that allow seasonal rentals.
If you would like more information on subscribing to the market tracking service, click here: http://www.InvestFloridaRealty.com/RealEstateToolKit
---------------------------------------------------
BUYERS’ MARKET HIGHLIGHTS including Currency Exchange
What is a Buyers' Market? Simply put it is a real estate market when the market conditions favor the buyer more so than the seller. Typically it means that there are more properties listed for sale than there are buyers to purchase them. In this specific market, it also means that in addition to the large amount of available inventory, sellers are also experiencing increased motivation to sell.
Florida experienced a huge increase in property values during the heat of the market in 2003-2005. This wave of appreciation attracted vast numbers of inexperienced investors into the market. Many of these investors are now sitting on properties that are vacant with mortgages that are inching upward as their rates adjust. Lots of these folks are now offering their properties at a substantial loss from what they paid for them just a few years ago. Foreclosures are looming across the United States, which again adds to the seller motivation.
From an investor's perspective, a Buyer's Market is exactly that - a great time to BUY. It's not a great time to sell, especially if you're artificially motivated, but the opportunities in the Florida market are exceptional. However, in any market, people are always buying and selling because of changes in their housing needs.
If we factor in the weak US Dollar, Florida real estate is an unbelievable bargain for foreigners or those buying with non-US currencies like the Canadian Dollar, the Euro, and the British Pound. These buyers have the benefit of additional incentives because of the attractive currency exchange rates.
At this writing, the exchange rates for these currencies are:
1 Euro = $1.48
1 British Pound = $1.97
1 Canadian Dollar = $1.01
Historically, the Canadian Dollar traded in recent years for about 60-cents in US Dollars. With this in mind, it means that Canadian buyers are now buying US real estate at about a 40% Discount! Many of these buyers are paying cash now with the anticipation of the market eventually normalizing. Once the exchange rate 'goes back to normal', these buyers will refinance their properties and take cash out. They can then convert the resulting US Dollars to Canadian Dollars and reap a nice profit once again from the exchange rate - leaving them with very little actually invested in the property.
In short, if you're considering investing in Florida, now is a great time to do so. Even if we haven't technically reached a 'bottom' of the market, many sellers are sufficiently motivated that negotiating the few points between the present market and 'the bottom' that you can often get an even better deal. Granted, highly sought after properties are still selling well and prices are holding steadily in established areas without high investor concentrations. As always, location is still the dominating factor in determining value in the real estate market.
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We hope you found this information useful. Of course, if you have any questions about the market in general or your specific situation, please feel free to give us a call at any time.
As always, thank you for the opportunity to earn your business. We also appreciate your trust and welcome the opportunity to assist your family and friends with their Florida real estate needs as well.
All the best,
--Branon A. Edwards, Licensed Florida Real Estate and Mortgage Broker
--Jelena Panfilova, Licensed Florida Real Estate Broker-Associate
Branon Direct: 786-417-4910
mailto:Branon@InvestFloridaRealty.com
Jelena Direct: 786-417-4911
mailto:Jelena@InvestFloridaRealty.com
Our Private Fax: 786-524-5747
VISIT OUR WEBSITE:
http://www.InvestFloridaRealty.com
VISIT OUR BLOG:
http://www.InvestFloridaRealty.BlogSpot.com
---- Office Information ----
Real Estate Office:
Aqualand Realty, Inc
8359 Stringfellow Road
Saint James City, FL 33956
Mortgage Office:
Mainland Mortgage Corp
2803 E Commercial Blvd, Suite 210
Fort Lauderdale, FL 33308
Apply Online: http://www.mainlandmortgage.com/apply-fora-loan.shtml
Thank you for the opportunity to
EARN your business.
To Subscribe from our newsletter, please click here:
mailto:branon@investfloridarealty.com?subject=SUBSCRIBE-INVESTFLORIDAREALTY
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mailto:branon@investfloridarealty.com?subject=UNSUBSCRIBE-INVESTFLORIDAREALTY
from Aqualand Realty in sunny South Florida!
Welcome to another edition of InvestFloridaRealty.com's Florida real estate newsletter. There have been a lot of changes to the real estate landscape including the increase of foreclosures and sale inventory, new homestead exemption and portability for property tax reductions, as well as phenomenal opportunities for buyers and investors. We hope to dispel some of the misinformation being touted by the media while also giving you some solid information you can use.
In this issue:
-Homestead Portability Thanks to Amendment 1 (Action Required)
-Time to Refinance?
-Featured Property: Porpoise Point Fishing Resort
-Our Real Estate Listings (Homes, Condos, Land, Vacation Rentals)
-What's REALLY Happening in Florida's Real Estate Market?
-Buyers' Market Highlights including Currency Exchange
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Homestead Portability Thanks to Amendment 1 (Action Required)
What you should do to receive benefits of Amendment 1
To receive some of the benefits of the changes enacted January 29th, certain citizens must take action by March 1, 2008. The Constitutional amendment created four new opportunities for taxpayers to obtain tax relief:
1. Increased homestead exemption
2. Portability of "Save our Homes" benefit
3. $25,000 exemption for tangible personal property
4. 10% annual assessment limitation for non-homestead property
What taxpayers must do to receive these new benefits:
1. Increased homestead exemption - Homeowners that are currently receiving the homestead exemption will automatically receive the increased homestead exemption. No action is necessary.
2. Portability of "Save our Homes" benefits - If you received the homestead exemption in 2007 on a home that you sold or otherwise abandoned during 2007 and have purchased a new home by January 1, 2008, you are eligible to take some or all of the benefit of "Save our Homes" to your new home. In order to receive this benefit, you must apply by March 1, 2008 to your property appraiser for your new homestead exemption and for the transfer of the "Save Our Homes" benefit to your new homestead for 2008.
3. $25,000 exemption for tangible personal property - Tangible personal property taxes apply only to certain taxpayers in Florida - typically businesses and certain owners of mobile homes. The tax does not apply to homesteaded property. In order to receive the $25,000 exemption for tangible personal property, taxpayers subject to the tax must file a tangible personal property return with their property appraiser by April 1, 2008.
4. 10% limit on annual assessment increases for non-homestead property - The 10% limitation does not apply until next year. No application is necessary for 2008.
If you have any questions about what action you must take to receive these new benefits, please contact your local property appraiser. For information on how to contact Florida's property appraisers, go to http://dor.myflorida.com/dor/property/appraisers.html
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TIME TO REFINANCE?
If you're like most Americans who purchased a property between 2004-2006, chances are that you have an adjustable rate mortgage (ARM). It's also very likely that this mortgage is about to convert from the original 'teaser' low interest rate to a much higher interest rate that will push up your monthly mortgage payment substantially.
If your current interest rate is higher than 8%, then you will likely benefit enough from refinancing your mortgage to make it worthwhile. Even if you interest rate is 7%, you could benefit from a refinance if you plan to keep the property longer than 5 years.
With recent cuts in the interest rate by the Federal Reserve (and more on the way), interest rates are very attractive presently. However, your actual interest rate will vary based on your credit score, the type of property (primary residence, second home, investment, etc), how you plan to prove your financial situation (full documentation, bank statements, stated, etc), and the purpose of the loan (cash-out or just rate change).
If you would like a complimentary mortgage consultation, please call Branon at 786-417-4910 or send an email to Branon@InvestFloridaRealty.com
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FEATURED PROPERTY: Porpoise Point Fishing Resort
Aqualand Realty is happy to present to our customers a new bay front townhome development on the island community of Matlacha. Matlacha (Mat-Luh-Shay) is a quaint fishing village located between Cape Coral and Pine Island on the West Coast of Florida. On a broader geographic scale, it is located between the larger cities of Fort Myers and Sarasota. It is within a 30-minute drive of Southwest Florida International Airport in Fort Myers (Airport Code RSW).
The best way to describe Matlacha is that it looks like the Florida Keys 25 years ago. There are no high-rises and the historical society and local building regulations will keep it that way. In fact, there is a height restriction in place that limits buildings to no more than 3 stories.
Porpoise Point Fishing Resort is a new 20-unit townhome community that is located right on a wide expanse of Bay on the South side of the island. We can tell you from personal experience that the name is justly earned. We have yet to spend any time at the community without seeing the local pod of dolphins swimming by during the day. There are also families of Osprey and a Bald Eagle, not to mention a plethora of tropical birds and wildlife. Matlacha and Pine Island are perhaps one of the few unspoiled islands left in Florida that you can actually reach without a boat. Of course, the fishing in the area is phenomenal and it’s home to the World’s Richest Tarpon Tournament – the entry fee for the tourney is a mere $100,000!
This exclusive community will offer owners a 2,000-square foot private residence with 3 balconies, 3-bedrooms, and 3-and-a-half baths. In addition, the third bedroom can be converted to a guest suite with nightly renting potential. The community's zoning permits the main part of the residence to be rented with a 5-night minimum. There will also be deeded boat docks available including approximately six shoal-draft slips that should accommodate up to 26-foot boats, and deep water slips that should accommodate larger vessels with approximately a 5-foot draft at mean low tide. These slips should be large enough for a +40-foot sailboat with direct access (no bridges) to the Gulf of Mexico.
Click Here for More Information About or to Schedule a Private Tour of Porpoise Point:
http://www.InvestFloridaRealty.com/listings/porpoise-point.htm
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OUR REAL ESTATE LISTINGS (Homes, Condos, Land)
1,129 Acres
Evans Road, Labelle, FL
90-1,129 Acres of Mostly Cleared Land
Currently Zoned AG and Operated as Farm and Pasture
Could be Single Family Homesites, Dirt Mine, or Farm for BioDiesel/Ethanol
Priced from $20,000 Per Acre
http://www.InvestFloridaRealty.com/listings/792-labelle.htm
Galt Island Estate
4981 Galt Island Ave
Saint James City, FL
3-Bedrooms / 3-Baths / Boat Dock with Lift
3-Story on Private Island
Originally $2.5 Million
Reduced to Just $2.2 Million
http://www.InvestFloridaRealty.com/listings/galt-island-home.htm
Waterfront Castle with Gulf Access!
3651 Turtledove Blvd
Punta Gorda, FL 33950
Brand New Construction
3-Bedrooms/3.5-Baths/Boat Dock with Lift
Gulf Access for Sailboats
Originally $2 Million
Blow Out Priced at $1,499,900!
http://www.InvestFloridaRealty.com/listings/pgi.htm
Porpoise Point Fishing Resort
Matlacha, FL (Pine Island)
3-Bedroom/3.5-Bath/3-Balcony/3-Story Bayfront Townhomes
Preconstruction Prices from $875,500
Private Boat Docks Available
CHECK OUT THE VIRTUAL TOUR ONLINE
http://www.InvestFloridaRealty.com/listings/porpoise-point.htm
Trump Towers One
Brand New Beachfront Construction
2-Bedrooms/3-Baths + Den
Direct Ocean Views
3 Units to Choose From
Purchase Preconstruction Contract for 50% of Deposit!
Prices from the $800,000s to High $900,000s
Ocean Four
17201 Collins Ave, Unit 1506
Sunny Isles Beach, FL
2-Bedrooms / 2-Baths / 2-Balconies
Beachfront Building. Unit has direct West views
of Intracoastal, City, and Fabulous Sunsets.
Over $750,000 Invested
Blow Out Priced at Just $635,000!!
Rented Short-Term @ $2200/month until May 2008
http://www.InvestFloridaRealty.com/listings/ocean-4.htm
Marina Walk on Pine Island
Saint James City, FL 33956
Gated Waterfront Community with Boat Docks
Homes from the high $400,000s
http://www.InvestFloridaRealty.com/listings/marina-walk.htm
Cape Coral Gulf Access Home – Reduced $190,000!
2540 SW 36th Lane
Cape Coral, FL
3-Bedrooms / 2-Baths / 2-Car Garage
U-shaped Captain's Dock with 7,000-lb Lift
Originally $650,000
Priced for Immediate Sale at $459,900!
http://www.InvestFloridaRealty.com/listings/gulf-access.htm
Saint James City Gulf Access Building Lot
2395 Sycamore Street
Saint James City, FL
New Sea Wall plus Dock Permit
Originally $500,000
Reduced to $475,000
Reduced Again to $460,000
Blow Out Priced at $375,000!
http://www.InvestFloridaRealty.com/listings/sycamore.htm
Axis at Brickell Village
Brand New Construction in Downtown Miami
Close to EVERYTHING, Great Amenities!
Contract Now, Close with Developer in February
Unit #3404-S - 2/2 Bay View @ $459,900
http://www.InvestFloridaRealty.com/listings/axis.html
Unit #1412-S - 2/2 City View @ $400,000
http://www.InvestFloridaRealty.com/listings/axis.htm
Hollywood Hills
3701 Washington Street
Hollywood, FL 33021
3-Bedroom / 2-Bath / 2-Car/Fenced Yard
Fenced Yard, lots of upgrades
Tenant at $2,100/month until July 2008
Originally $384,000 (below Appraisal)
Priced to Sell at Just $373,900
http://www.InvestFloridaRealty.com/listings/3701-washington.htm
Saint James City Acreage
4094 Sunshine Blvd
Saint James City, FL 33956
5 Acres Building Lot on Paved Road
Road frontage on 3 sides
Could Possibly be Subdivided
Should be $400,000
Asking Just $316,000 ($63,500 per acre!)
http://www.InvestFloridaRealty.com/listings/sunshine-blvd.htm
Latitude on the River
185 SW 7th St, #1708
Brand New Construction in Downtown Miami
1-bedroom/1-bath with Bay Views
Was $269,900
Blow-Out Priced at $259,900! - UNDER CONTRACT
http://www.InvestFloridaRealty.com/listings/latitude.htm
BUSINESS FOR SALE
Cash Cow High-End Flower Shop in Downtown Fort Lauderdale
High Profits, Low Overhead, Over $100,000 in Inventory Included
Unbelievable Price of $249,900
http://www.InvestFloridaRealty.com/listings/flower-shop.htm
401 Blu
401 69th Street, #311
Miami Beach, FL 33141
1-Bedroom / 1-Bath
Newly renovated building
Tenant at $1300/month until June 2008
Originally $275,000
Priced for Quick Sale at $239,900
http://www.InvestFloridaRealty.com/listings/401-blu.htm
Meadowbrook Towers
610 NE 12th St
Hallandale Beach, FL 33009
1-Bedroom/1-Bath Condo in 55+ Community
Overlooking Pool and Clubhouse, Recent Upgrades
Was $138,900
Now Just $129,900!
http://www.InvestFloridaRealty.com/listings/meadowbrook-towers.htm
Little Palm Village
Saint James City, FL 33956
Single Family Home Building Lots
Buy Now, Build Later
Priced from the high $40,000s
Various Olde Florida Home Plans Available
http://www.InvestFloridaRealty.com/listings/little-palm-village.htm
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VACATION RENTALS – TurnKey Furnished with Ocean Views:
2080 Ocean Drive, Hallandale Beach
2-Bed/2-Bath Penthouse-09 from $3250/month
http://www.InvestFloridaRealty.com/rental/hallandale-beach.htm
2-Bed/2.5-Bath Corner Penthouse-01 from $3750/month
http://www.InvestFloridaRealty.com/rental/2080-ocean-dr.htm
2-Bed/2-Bath Lower Penthouse-10 from $3250/month
http://www.InvestFloridaRealty.com/rental/2080-ocean-drive.htm
Hollywood Beach Resort - #438
Large Oceanfront Studio with 2 Queen Beds from $1600/month ($999/week)
http://www.InvestFloridaRealty.com/rental/hollywood-beach.htm
Alexander Towers - #806
2-Bed/2-Bath Oceanfront, 3 Queen Beds + 1 Twin Bed
http://www.InvestFloridaRealty.com/rental/alexander-towers.htm
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What's REALLY Happening in Florida's Real Estate Market?
We know the media has basically been saying that the sky is falling for over a year now. In fact, if you listen to everything on the news or believe everything you read in the papers, you're likely standing on the edge of a tall building at the moment. However, you'll probably be surprised to know that things really aren't as horrible as they would like you to think. Step away from the ledge now please.
According to the media, housing values have dropped by 50% in some places - this is, of course, an exaggeration, but what's new? As an example, the Miami market hadn't depreciated at all until just this last quarter. And even then, it was an annualized depreciation of just 3.1%. That's a far cry from thinking your house had been devalued by 50%. In fact, over the last 12 months, homes in Miami-Dade County have actually APPRECIATED by 3.4% overall.
We subscribe to a very high-end real estate software system that tracks almost 400 large municipal markets throughout the USA. This system tracks the ACTUAL property appreciation for single family homes in these areas by sales, not by median home price. Median Home Price is the most commonly used gauge of how markets are performing, but if you know what the 'median' really means, you know it's not a good gauge at all. The system we use tracks individual homes in a given market over a 30-year period. By doing so, it can calculate what each home has sold for over time and thereby calculate the true appreciation rate.
By the way, if you would like more information on subscribing to this service, click here:
http://www.InvestFloridaRealty.com/RealEstateToolKit
Here's the actual overview of several markets here in Florida:
Miami & Miami-Dade County
Last Quarter Annualized -3.1%
2 Quarters Ago Annualized +1.8%
Last 12 Months +3.4%
3 Years Ago +21.9%
5 Years Ago +14.9%
10 Years Ago +2.0%
Fort Lauderdale & Broward County
Last Quarter Annualized -13.7%
2 Quarters Ago Annualized -4.2%
Last 12 Months -4.7%
3 Years Ago +24.1%
5 Years Ago +14.1%
10 Years Ago +1.7%
West Palm Beach & Palm Beach County
Last Quarter Annualized -11.1%
2 Quarters Ago Annualized -9.8%
Last 12 Months -6.9%
3 Years Ago +26.1%
5 Years Ago +13.7%
10 Years Ago +2.3%
Fort Myers, Cape Coral & Lee County
Last Quarter Annualized -16.6%
2 Quarters Ago Annualized -9.2%
Last 12 Months -9.7%
3 Years Ago +19.6%
5 Years Ago +13.5%
10 Years Ago +1.6%
Please keep in mind that these are the appreciation rates for single family homes - not for condominiums. Given the overbuilding of condos in recent years in Southeast Florida, the condo market is substantially different than the market for houses. Condos tend to be even more localized markets with individual buildings acting as neighborhoods and fluctuating based on the individual investor mix in that particular building. Our condo market is wide open presently with units that originally sold in preconstruction for $600 per square foot being offered for $400 per square foot, etc. If you don't plan to sell in the next year or two, condos can be an excellent addition to your portfolio right now - particularly in buildings that allow seasonal rentals.
If you would like more information on subscribing to the market tracking service, click here: http://www.InvestFloridaRealty.com/RealEstateToolKit
---------------------------------------------------
BUYERS’ MARKET HIGHLIGHTS including Currency Exchange
What is a Buyers' Market? Simply put it is a real estate market when the market conditions favor the buyer more so than the seller. Typically it means that there are more properties listed for sale than there are buyers to purchase them. In this specific market, it also means that in addition to the large amount of available inventory, sellers are also experiencing increased motivation to sell.
Florida experienced a huge increase in property values during the heat of the market in 2003-2005. This wave of appreciation attracted vast numbers of inexperienced investors into the market. Many of these investors are now sitting on properties that are vacant with mortgages that are inching upward as their rates adjust. Lots of these folks are now offering their properties at a substantial loss from what they paid for them just a few years ago. Foreclosures are looming across the United States, which again adds to the seller motivation.
From an investor's perspective, a Buyer's Market is exactly that - a great time to BUY. It's not a great time to sell, especially if you're artificially motivated, but the opportunities in the Florida market are exceptional. However, in any market, people are always buying and selling because of changes in their housing needs.
If we factor in the weak US Dollar, Florida real estate is an unbelievable bargain for foreigners or those buying with non-US currencies like the Canadian Dollar, the Euro, and the British Pound. These buyers have the benefit of additional incentives because of the attractive currency exchange rates.
At this writing, the exchange rates for these currencies are:
1 Euro = $1.48
1 British Pound = $1.97
1 Canadian Dollar = $1.01
Historically, the Canadian Dollar traded in recent years for about 60-cents in US Dollars. With this in mind, it means that Canadian buyers are now buying US real estate at about a 40% Discount! Many of these buyers are paying cash now with the anticipation of the market eventually normalizing. Once the exchange rate 'goes back to normal', these buyers will refinance their properties and take cash out. They can then convert the resulting US Dollars to Canadian Dollars and reap a nice profit once again from the exchange rate - leaving them with very little actually invested in the property.
In short, if you're considering investing in Florida, now is a great time to do so. Even if we haven't technically reached a 'bottom' of the market, many sellers are sufficiently motivated that negotiating the few points between the present market and 'the bottom' that you can often get an even better deal. Granted, highly sought after properties are still selling well and prices are holding steadily in established areas without high investor concentrations. As always, location is still the dominating factor in determining value in the real estate market.
---------------------------------------------------
We hope you found this information useful. Of course, if you have any questions about the market in general or your specific situation, please feel free to give us a call at any time.
As always, thank you for the opportunity to earn your business. We also appreciate your trust and welcome the opportunity to assist your family and friends with their Florida real estate needs as well.
All the best,
--Branon A. Edwards, Licensed Florida Real Estate and Mortgage Broker
--Jelena Panfilova, Licensed Florida Real Estate Broker-Associate
Branon Direct: 786-417-4910
mailto:Branon@InvestFloridaRealty.com
Jelena Direct: 786-417-4911
mailto:Jelena@InvestFloridaRealty.com
Our Private Fax: 786-524-5747
VISIT OUR WEBSITE:
http://www.InvestFloridaRealty.com
VISIT OUR BLOG:
http://www.InvestFloridaRealty.BlogSpot.com
---- Office Information ----
Real Estate Office:
Aqualand Realty, Inc
8359 Stringfellow Road
Saint James City, FL 33956
Mortgage Office:
Mainland Mortgage Corp
2803 E Commercial Blvd, Suite 210
Fort Lauderdale, FL 33308
Apply Online: http://www.mainlandmortgage.com/apply-fora-loan.shtml
Thank you for the opportunity to
EARN your business.
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Sunday, January 6, 2008
Waterfront Castle in Punta Gorda Isles
For Sale:
3651 Turtledove Blvd
Punta Gorda, FL 33950 USA
Original Price: $2 Million
Reduced to Just: $1.5 Million
International Currencies:
1,356,104 Euro / 969,173 GBP / 1,996,227 CAD / 71,980,593 RUB
Property Website:
http://www.InvestFloridaRealty.com/listings/pgi.htm
3-Bedrooms/3.5-Baths
3-Car Garage with 40-Ft RV Garage
Pool
Boat Dock with Boat Lift
Sailboat Gulf Access (no bridges)
Unbelievable luxury! Imagine living in your own American castle in exclusive Punta Gorda Isles. No detail has been overlooked in this amazing luxury waterfront home built on nearly a half-acre point lot with Direct Sailboat Access to the Gulf of Mexico! Park your boat at your own concrete dock with boat lift, walk up the cobblestone stepping stones to your screen-enclosed pool. Your paver pool deck welcomes you to your heated swimming pool with built-in seating area with cocktail table plus a built-in jacuzzi to relax you after a nice day on the boat. Your outdoor kitchen features stainless steel gas grille and storage cabinet.
Your master bedroom, gym, family room, and living room all overlook the pool and have magnificent water views of the boat basin and fabulous Florida sunsets through floor-to-ceiling sliding glass doors. Both your family room and living room have built-in entertainment centers and every room in the house has a luxurious ceiling fan to keep those breezes flowing throughout the home. Your gourmet kitchen features a wraparound cabinet design complete with island, stainless steel appliances, range hood, exceptional cabinetry and fixtures, and of course, granite counter tops.
In addition to having 3-bedrooms and three-and-a-half bathrooms, this luxurious home features a gym facing the pool and an office/den as well. These two additional rooms could be converted to bedrooms in the future making the home a grande 5-bedroom residence. Each room in the house is prewired for sound as well as high-speed internet service.
Your new master suite offers tray ceiling with accent lighting, his and hers closets with custom cabinetry, plus your very own Tower Shower. This exclusive home features a castle turret on the front of the home that contains a dual-station two-story shower enclosure with marble tile and benches. A large mural is planned for the second story of the tower. It's almost like taking a shower in a cathedral waterfall. Granite counter tops are featured on all of the bathroom counters and each vanity offers a framed mirror and convenient electrical outlet.
The guest suite has its own oversized bathroom, which lends itself to a mother-in-law's quarters or simply a private split bedroom plan. Porcelain tile adorns the floors throughout the residence with neutral tones to accentuate your decor. There is a separate laundry room with front-loading high-boy washer and dryer as well as a basin sink and plenty of spacious cabinetry.
You'll enjoy a full 2-car garage plus a 40-foot RV garage complete with 50-amp electrical service. The outside of the home is also prewired for an external power generator and comes complete with an energy efficient 2-zone air conditioning system that is integrated with the hot water system. All of the water pipes are individually controlled by way of a Mantiloc water system. Your circular driveway with turn-around area as well as your pool deck are cobblestone pavers for an elegant multi-tonal feel.
Needless to say, this exquisite home would make an exceptional winter retreat or would serve as a year-round boating enthusiast's residence. Live everyday like you're on vacation.
--Branon A. Edwards
Licensed Real Estate Broker and Mortgage Broker
786-417-4910 Direct Phone
786-524-5747 Direct Fax
Branon@InvestFloridaRealty.com
http://www.InvestFloridaRealty.com
3651 Turtledove Blvd
Punta Gorda, FL 33950 USA
Original Price: $2 Million
Reduced to Just: $1.5 Million
International Currencies:
1,356,104 Euro / 969,173 GBP / 1,996,227 CAD / 71,980,593 RUB
Property Website:
http://www.InvestFloridaRealty.com/listings/pgi.htm
3-Bedrooms/3.5-Baths
3-Car Garage with 40-Ft RV Garage
Pool
Boat Dock with Boat Lift
Sailboat Gulf Access (no bridges)
Unbelievable luxury! Imagine living in your own American castle in exclusive Punta Gorda Isles. No detail has been overlooked in this amazing luxury waterfront home built on nearly a half-acre point lot with Direct Sailboat Access to the Gulf of Mexico! Park your boat at your own concrete dock with boat lift, walk up the cobblestone stepping stones to your screen-enclosed pool. Your paver pool deck welcomes you to your heated swimming pool with built-in seating area with cocktail table plus a built-in jacuzzi to relax you after a nice day on the boat. Your outdoor kitchen features stainless steel gas grille and storage cabinet.
Your master bedroom, gym, family room, and living room all overlook the pool and have magnificent water views of the boat basin and fabulous Florida sunsets through floor-to-ceiling sliding glass doors. Both your family room and living room have built-in entertainment centers and every room in the house has a luxurious ceiling fan to keep those breezes flowing throughout the home. Your gourmet kitchen features a wraparound cabinet design complete with island, stainless steel appliances, range hood, exceptional cabinetry and fixtures, and of course, granite counter tops.In addition to having 3-bedrooms and three-and-a-half bathrooms, this luxurious home features a gym facing the pool and an office/den as well. These two additional rooms could be converted to bedrooms in the future making the home a grande 5-bedroom residence. Each room in the house is prewired for sound as well as high-speed internet service.
Your new master suite offers tray ceiling with accent lighting, his and hers closets with custom cabinetry, plus your very own Tower Shower. This exclusive home features a castle turret on the front of the home that contains a dual-station two-story shower enclosure with marble tile and benches. A large mural is planned for the second story of the tower. It's almost like taking a shower in a cathedral waterfall. Granite counter tops are featured on all of the bathroom counters and each vanity offers a framed mirror and convenient electrical outlet.The guest suite has its own oversized bathroom, which lends itself to a mother-in-law's quarters or simply a private split bedroom plan. Porcelain tile adorns the floors throughout the residence with neutral tones to accentuate your decor. There is a separate laundry room with front-loading high-boy washer and dryer as well as a basin sink and plenty of spacious cabinetry.
You'll enjoy a full 2-car garage plus a 40-foot RV garage complete with 50-amp electrical service. The outside of the home is also prewired for an external power generator and comes complete with an energy efficient 2-zone air conditioning system that is integrated with the hot water system. All of the water pipes are individually controlled by way of a Mantiloc water system. Your circular driveway with turn-around area as well as your pool deck are cobblestone pavers for an elegant multi-tonal feel.Needless to say, this exquisite home would make an exceptional winter retreat or would serve as a year-round boating enthusiast's residence. Live everyday like you're on vacation.
--Branon A. EdwardsLicensed Real Estate Broker and Mortgage Broker
786-417-4910 Direct Phone
786-524-5747 Direct Fax
Branon@InvestFloridaRealty.com
http://www.InvestFloridaRealty.com
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