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Real Estate News
Compare insurance rates by the
state of Florida Tropical weather
update
Map of nonprime mortgages in
the u.s.
Flood Insurance Maps
First Time homebuyers tax credit
FLIPPING IS BACK, MOSTLY IN THE
WESTERN COMMUNITIES. INVESTORS ARE BUYING UP THE LOW HANGING FRUIT
2 years under contract

single family homes sold from
Northlake to Tequesta:

For the Florida real estate industry, the budget includes
several gems. Perhaps the shiniest: $30.1 million for downpayment assistance
programs. Beginning July 1, those who qualify for the federal first-time
homebuyers tax credit will be able to apply for downpayment assistance in
advance of closing, and then repay the amount borrowed when they get their tax
refund.
"What an incredible opportunity for thousands of families," says Cynthia
Shelton, 2009 FAR president. "The beauty of this program is that the state will
be paid back and, conceivably, more potential homebuyers could take advantage
prior to the Dec. 1 expiration of the $8,000 federal first time homebuyer tax
credit."
The program will operate through local county housing administrators, though
details are still being worked out. Keep reading FAR's EarlyBird e-news and
checking the home page of floridarealtors.org for updates.
HOMEBUYER
TAX CREDIT
If first-time homebuyers wait until November to sign a sales contract, it's
probably too late to get the $8,000 tax credit. To qualify, buyers must close
before Dec. 1 - a signed contract is not enough. New construction should be
started by mid-summer to qualify.
Find out
about the drywall problem
http://www.doh.state.fl.us/Environment/community/indoor-air/drywall.htmll
Here's a link to find out if you
qualify for a mortgage reduction. www.hopenow.com
HOME BUILDERS
Pulte Homes Inc. agreed to acquire Centex Corp. Wednesday in a
stock-for-stock deal valued at $1.3 billion that will create the nation's
largest homebuilding company. The companies called the deal a merger, but
Pulte stockholders will own about 68 percent of the combined business and
keep the Pulte name.
| Wednesday,
February 25, 2009 |
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HOME SALES
Florida's existing home sales rose 24 percent in January,
making it the fifth month in a row that sales activity
increased year-to-year, according to the latest housing data
from FAR. Florida Realtors also reported a 13 percent gain
in statewide sales of existing condos last month. NAR
reported that nationwide sales of existing homes - all
housing types - fell 5.3 percent last month; at the same
time, inventories fell to a two-year low.
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HOME SALES
Sales of existing single-family homes in Florida rose 13 percent in fourth
quarter 2008 compared to the same period a year earlier, with a total of 30,163
homes sold, according to FAR's latest housing statistics. It marks the second
consecutive quarter for increased existing home sales; sales activity rose 5
percent in 3Q 2008 compared to the same period the previous year. Existing condo
sales increased 3 percent in the fourth quarter compared to 4Q 2007.
Market: Sales up Prices down
Most owners are still trying to hold on to
previous market prices. But foreclosures and desperate sellers are moving
the market down. Homes in the Oaks were 480 at the peak, most are asking
340, and a desperate seller sold for 220.
FORECLOSURES
Mortgage law experts say the incentive to walk away from a home loan is highest
in states such as Florida that have anti-deficiency statutes, which prohibit
lenders from suing borrowers for additional funds after a foreclosure.(FAR)
PROPERTY INSURANCE
New Boca Raton-based People's Trust Homeowners Insurance offers discounted
homeowner insurance by eliminating sales agents and their fees, helping
potential policyholders make their homes more damage-resistant to reduce the
cost of their policies and offering to cut coverage that is redundant or
excessive.
1. Buyers have until July 2009 to make a
purchase that qualifies.
The tax credit was passed in July of this year as part of the Housing and
Economic Recovery Act (H.R. 3221). It’s worth up to $7,500 and can be taken in a
single tax year. Authorization for the credit ends July 1, 2009, so if your wait
to buy in the first half of 2009 you can take the credit on your 2009 tax
return. Taxpayers can take the credit on their 2008 tax return if they bought
their house this year after April 9.
SUBPRIME
MORTGAGES
A new program rolled out by HUD yesterday could help more
homeowners avoid foreclosure. Under the program, the lender
of an existing subprime mortgage forgives part of the debt
as if it's a short sale, and the balance is rolled into a
fixed-rate FHA mortgage. (FAR) |
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Sales Statistics
for PALM BEACH County FL |
|
Realist's most recent recording date for this county is
09/17/2008 |
| Single Family Residence |
| Aug 2008 |
949 |
$283,300 |
| Aug 2007 |
1,365 |
$314,627 |
| Jul 2008 |
1,135 |
$280,000 |
| Jul 2007 |
1,541 |
$329,900 |
| 2008 YTD |
7,937 |
$276,000 |
| 2007 |
15,694 |
$320,000 |
| Condominium |
| Aug 2008 |
377 |
$152,680 |
| Aug 2007 |
737 |
$208,000 |
| Jul 2008 |
491 |
$145,000 |
| Jul 2007 |
874 |
$200,000 |
| 2008 YTD |
4,137 |
$165,000 |
| 2007 |
9,888 |
$221,399 |
First-time homebuyer tax credit
repaid slowly if at all
WASHINGTON – Sept. 25, 2008 – If a first-time homebuyer purchases a home before
the end of 2008, he or she gets a $7,500 tax credit in 2009 when they file their
federal income taxes, but it must be paid back over time.
Here’s how it works: The first-time homebuyer credit is similar to a 15-year
interest-free loan to be repaid in 15 equal annual installments beginning with
the second tax year after the credit is claimed as an additional tax on the
taxpayer’s income tax return for that year. For example, if a buyer claims a
$7,500 first-time homebuyer credit on his 2008 return, he’ll start paying it
back on his 2010 tax return with $500 due each year from 2010 to 2024. FAR
FORECLOSURES
The number of failing mortgages in Florida continued to rise in the second
quarter, according to the latest Mortgage Bankers Association survey. In
Florida, the percentage of home loans in foreclosure was higher than in any
other state and almost double the national average. A small consolation:
Subprime foreclosures may have hit their peak in Florida, the report says.
WALKABILITY
Type in an address and Walk Score will rate its "walkability" on a scale
from 1 to 100. Experts say more people are moving to urban areas as a way to
spend less money on gas, though convenience and exercise also play a role. On
the Web site -
http://www.walkscore.com - visitors can key in an address to get that home's
individual walkability score, though the Web site also rates cities, identifying
San Francisco, for example, as the most walkable city in the United States,
mainly due to the close proximity of amenities. The Center for Neighborhood
Technology - which insists a shift in transportation spending is necessary to
make mass transit more efficient - says individuals reduce their annual gas
expenses by as much as $2,100 when they live in urban areas versus outer-ring
suburbs.
WCI COMMUNITIES
WCI Communities filed for Chapter 11 bankruptcy protection after the home
builder failed to get additional financing in the face of massive losses. The
company's Watermark real estate brokerage - which does business as Prudential
Florida WCI Realty, its WCI Mortgage business and certain other joint ventures -
is not affected.
FIRST-TIME HOMEBUYERS
Tell first-time homebuyers it's time to commit: A provision of the
recently-passed federal housing recovery bill gives first-time buyers an
interest-free loan of up to $7,500 in the form of an income tax credit. The
benefit ends June 30, 2009.
FHA LOANS
Are you a buyer considering a foreclosed property that needs some work? You
may be interested in finding out more about an FHA loan known as a 203k rehab
loan. Industry experts think these loans could help buyers who need to rehab
foreclosed properties that were vandalized or stripped by previous owners.
CONDO CONVERSIONS
Condo conversions were like a game of musical chairs - the last projects to
convert lost out when the real estate market stalled. Now many of those
condo-conversion owners find that the developer has retained controlling
interest in the property, and they have almost no say in the operation.
SHORT SALES
Short sales sound like a dream: The seller escapes foreclosure. The buyer gets a
bargain price. The bank holding the home loan eats the difference. But the deals
can be incredibly cumbersome to negotiate, and in an NAR survey, 94 percent of
Realtors who have worked with a short sale say they have had problems. RAPB
Bulletin - June 24, 2008
News On Misappropriation of Funds
from Scott, Harris, Bryan, Barra & Jorgensen, P.A.
Misappropriation of closing funds is the glaring headline right now. The demise
of Flagler Title Company may have you wondering what happens to people who have
been injured by such actions. Law firms and licensed title agents are authorized
to issue title commitments and title policies by title insurers, such as First
American Title, Attorneys’ Title, Fidelity Title, etc.. These title insurers
typically are liable for the actions of their agents in connection with the
issuance of a title commitment or title policy. If no title commitment or policy
has been issued, Florida Statutes still provide recourse against the title
insurers. Buyers and lenders receive a closing protection letter that states
that the title insurer agrees to reimburse them for actual loss arising out of
fraud or dishonesty on the part of the title agent. Florida law requires a title
agent to maintain an errors and omissions policy in the amount not less that two
hundred fifty thousand dollars. Florida law also requires a title agent to
maintain a fidelity bond or employee dishonesty coverage in the amount not less
that fifty thousand dollars. However, when an act of misappropriation typically
occurs, all funds in the escrow account are at risk and the amount of the policy
and fidelity bond is typically insufficient to cover the claims. Fortunately for
the public, the title insurers agree to reimburse for actual losses arising out
of the fraud or dishonesty of the title agent handling your escrow funds.
More information about defalcation is available on the web site of Scott,
Harris, Bryan, Barra & Jorgensen, P.A. at: www.scott-harris.com.
EQUITY CREDIT LIMITS
Banks and other lenders, wary after the subprime collapse, have been suspending
many home equity lines of credit because homeowners' debts have exceeded their
homes' property values.(far 6-10-08)
MORTGAGE RATES
Rates on 30-year mortgages edged up this week to an average of 6.09 percent, the
highest level since March, as investors worried about inflation threats,
according to
Freddie Mac's weekly nationwide survey.(6-5-2008)
ASSOCIATION FORECLOSURES
Property foreclosures by homeowners associations, while still rare, are becoming
more common in Florida. They generally involve only a small amount of money
owed, but the associations sometimes move quickly because they generally don't
collect any money if the mortgage lender initiates the foreclosure process.(far)
HOME SALES
Florida Realtors reported positive signs in their local housing markets during
first quarter 2008, noting a slower rate of expansion for inventory levels and
an increase in pending home sales in some areas. Another positive note: A total
of 8,581 existing condos sold statewide during the quarter, up 8.3 percent over
fourth quarter 2007. "If we look at what is happening month-over-month for 2008,
it appears that the bottom may be here," says 2008 FAR President Chuck Bonfiglio.
"We are now seeing more activity, more sales and even prices starting to rise in
some markets."
"Prohibition of private transfer
fees. SB 464 by
Sen. Dave Aronberg (D-Greenacres) and
HB 391 by
Rep. Charles McBurney (R-Jacksonville)
outlaw the practice of private transfer fees, a costly problem for future
homebuyers. Here's how the scheme works: In a property's covenants, codes and
restrictions, a property owner reserves the right to receive a percentage of all
future sales -- usually 1-2 percent. But buyers and sellers are often unaware of
this fee until they've entered into a purchase contract. The practice
artificially devalues property and impedes the sales process.s"(this is proposed
and needs to be signed by the gov. )
PROPERTY TAX AMENDMENT
Florida's Taxation and Budget Reform Commission voted yesterday in favor of a
constitutional amendment to decrease property taxes in exchange for higher sales
taxes, providing it's approved by 60 percent of voters in November.
HOME SALES
Florida Realtors statewide reported slight gains in existing home and
condominium sales from February to March 2008, according to FAR's latest housing
statistics. A total of 9,142 existing single-family homes changed hands in
March, a 10 percent increase over the previous month. Statewide existing condo
sales totaled 3,145 in March, up 13.7 percent compared to February's sales.
SHORT SALES
The short sale process can be so frustrating that some real estate agents and
homebuyers have decided it isn't worth the effort. Deals fall apart because the
mortgage company rejects the price, and it can take a long time to get an
answer, even when it's "no." (far 4/08)
FORECLOSURES
In
Florida, the number of homes in some stage of foreclosure dropped 7
percent from February to March, even as the national numbers rose 5 percent,
according to the latest research report from
RealtyTrac Inc. In the Sunshine State, 30,254 homes reported at least one
filing last month.
HOUSING RELIEF
A bipartisan Senate bill to ease the slumping housing market contains $4 billion
in grants to local governments to buy and refurbish foreclosed homes, new
authority for states to issue bonds to be used to refinance subprime mortgages,
a temporary $7,000 tax credit for people buying new homes or properties in
foreclosure, and significant tax benefits for builders.
SECOND HOMES
Vacation- and investment-home sales accounted for 33 percent of all home sales
in 2007, a figure close to historic norms, according to NAR's annual Investment
and Vacation Home Buyers Survey. Lifestyle factors and strong demographics
remain positive for the vacation home market, says NAR Chief Economist Lawrence
Yun, who notes that "a peak of population is moving through the prime years for
buying recreational property."
Pulling up sales today the 21 of
march:
From dec1 07 to jan 1 08: 162,
from jan 1 to feb 1 08: 151, from feb1 to mar 1 08:147. Note that
this is for the area from northlake to tequesta drive. Also these are
listed as sales but the contracts are signed about a month before in most cases.
PROPERTY TAXES
Florida's Taxation and Budget Reform Commission, which has the ability to put
constitutional amendments directly on the November ballot, will discuss and vote
on three property tax plans today in Tallahassee. Each of the plans would reduce
property taxes by at least a third for all property owners, and could save
taxpayers statewide between $7 billion to $8 billion a year. 2007 FAR President
Nancy Riley serves on the tax panel. (3/16/2008) Note that they are planning
to make up the shortfall with a sales tax. (john)
SHORT SALES SHORTCHANGE OTHER SELLERS?
Some experts attribute a decline in MLS home listing values to real estate
professionals who do not fully understand the short sale process, in which banks
accept less than the mortgage balance as an alternative to foreclosing on the
home. "The prices they come in with are so artificially low," says Johnson &
Associates Inc. broker/associate Kendall Fudge. "If I'm selling my house and I
see other homes in the neighborhood that are priced lower because they are short
sales, that is going to affect the way a buyer looks at what I'm trying to
sell." Some realty firms are specializing in short sales, hoping that the market
will stabilize once the inventory of homes is reduced. At the same time, some
property agents steer clear of short sales because of the red tape involved; but
experts say response times will speed up once lenders' loss mitigation offices
begin working at full capacity. Florida Association of Mortgage Brokers
President Ritch Workman says real estate professionals can eliminate many of the
hassles associated with short sales by knowing how the process works,
understanding that they need to get the bank's permission before proceeding with
a short sale and ensuring that the paperwork is in order.(far 3/12/08)
INFO AT YOUR FINGERTIPS
What percentage of people in your area are professionals? What percentage have a
household income greater than $100,000 per year? The information is out there
but not always easy to access. Not easy until now. A Web site -
zipskinny.com-
makes research easy to find, and it's free to use. Search by zip code or, after
clicking on "Florida,"
select by city for education, marital status, occupation and more.
LUXURY HOMES
Is now the time to buy a $1 million home? A
BusinessWeek.com survey of million-dollar homes in 20 markets across
the country shows that buyers have plenty to choose from, and that their money
will get them a lot of space and high-end amenities.
NEW COMMUNITY
Portosol in Royal Palm Beach with 4 bedroom homes starting at just 300k.
These homes have high ceilings and the community features a club house with
pools, walkways and lakes. Please contact me for more information.
MORTGAGES
If a bank can buy a mortgage loan at a substantial discount through a bankruptcy
auction, why can’t the homeowner who carries that mortgage be able to do the
same thing? A judge says there’s no legal reason that can’t happen, but banks
say the costs would be too high.
Market news
This past month new mortgage applications have gone up. Looking at the
number of listings to the number of contracts signed (which was at 10:1) we see
a 6 to 1 ratio. This is good news for sellers as it may mean the market is
picking up and stablizing. (john 02/06/2008)
PROPERTY INSURANCE
After two days of Florida Senate panel hearings, it appears some of the state’s
biggest insurers used loopholes to skirt a requirement that they pass on savings
from a state-backed financial safety net to homeowners.
ENDING
It’s no illusion: loans are harder to get. A survey by the
Federal Reserve found that a credit crunch started last summer, and 55
percent of respondents have tightened standards for prime mortgages, while 80
percent set higher standards for commercial real estate development loans
FORECLOSURES
The number of U.S. homes in some stage of foreclosure in 2007 was 79 percent
higher than in the previous year, according to RealtyTrac Inc., with more than 1
percent of all U.S. households in some phase of the foreclosure process. Florida
had more than 2 percent of its properties in some stage of foreclosure last
year, according to the company.
TROUBLED OWNERS?
Call the national help line 888 995 4673 to see what their course of action
should be-refi, negotiate with lender etc.
Favorite
charity:
Caridad Center
Palm Beach Theater Guild is trying
to save the Royal Poinciana Playhouse, a 900 seat
theater.
Donate
Surfing in Palm
Beach
People surf at the Juno pier
at the end of Marchinski rd. and also at Palm
Beaches reef rd. www.surfline.com
Palm Beach Sailing
Club
On an acre on the
intracoastal, the Palm Beach Sailing Club has
stunning views, a boat house, a dock and a club
house. This not for profit is funded by
members fees (about 650 a year) and offers every
thing for both the small boat and large boat sailor
(no deep water docks though). They have
one of the best learn to sail schools for both small
sailors and also classes for seniors.
With an club house suitable for weddings or meetings
and weekly races there is always something to do.
Sailing Club
Fishing Palm Beach
County
Whether its fishing
in a small boat on the intracoastal, chartering a
boat for near shore or going to Walker's Key in the
Bahamas, Palm Beach County is a fisherman's dream.
With the warm waters of the Gulf Stream just a few
miles off shore fish are plentiful including Dolphin
(fish), Swordfish, Wahoo and Grouper.
Fishing reports
West Palm Beach Fishing Club
Fishing License
In Florida, both a fresh and salt water fishing
license is mandatory. To protect our natural
resources, there are some legal minimum lengths and
limits on the number of fish you may catch. There is
also closed season on some shellfish and snook. To
obtain a resident license for fishing and hunting,
you must be a resident of Florida for six months. A
license is not required for a child under 16 years
of age. Residents 65 years of age or older may
receive an optional complimentary hunting & fishing
license, or they may choose to carry a driver’s
license showing proof of age. Visitors can obtain
three day, seven day or annual licenses. Licenses
and the latest edition of freshwater sports fishing
regulations may be obtained at the Tax Collector’s
Office or at most local bait and tackle shops and
sporting goods stores. Call (561) 355-2622 for the
location of the Tax Collector’s branch office
nearest you. Lifetime and five year fishing licenses
are available from the Tax Collector’s Office for
residents only.
Kayaking
Kayak at MacArthur state park daily at high tide.
624-6952
Myrtle
Beach, South Carolina
is the crown jewel of the Grand Strand. It sits at
the center of a 60 mile crescent of beautiful
beaches. For years, the area’s tranquil qualities
have drawn tourists from all over the world and have
made Myrtle Beach one of the top retirement
destinations in the US. Residents and visitors
enjoy mild climates, beautiful beaches, and friendly
people. Check out this
Myrtle Beach Real Estate website
for more information.
For those who
want to Draw an addition:
I recommend a google program-sketchup
Palm Trees
More than 2600
types, they are so important that they are mentioned
in the bible 30 times and 24 times in the Quran.
Both tropical and some northern types exist. Palm beach
county is on the growing line for the tropical ones
which means we can have nurseries.
Loggerhead
Marine Life Center
A sea turtle
hospital, the marine center takes care of the turtle
population in Jupiter. With caring for
hatchlings , volunteers are always needed.
Visit a turtle today!
The Florida Parrot
The Carolina
Parakeet was the only native parrot in Florida and
went extinct in the beginning of the 1900's.
They were shot for sport and used in millinery.
Florida is now home to about 50 species with at
least 20 breeding. These were imported from
other countries. Many of them are more urban
that the natives.
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