The first vote on the homebuyer tax credit is soon anticipated by the Senate. Two things you can do right away:
Additionally, for updates on the progress of the legislation, follow "Fix Housing Firest on Twitter @FixHousingFirst, or check out fixhousingfirst.com.
By Guest Contributor Duff Rubin, Commercial Director – South Florida,Leasing Market
The vacancy rates in South Florida continue to rise across all segments of the market with the office market being the weakest, followed by the retail market. With double digit vacancy, landlords are getting more aggressive by the month thus making it a GREAT time to be a tenant.
For the first time in years, tenants are in the driver’s seat and are negotiating unbelievable rental deals. Landlords are learning to be more creative with new concessions to lure tenants; half rent for a year, 6 months of free rent, gross leases instead of net leases, furniture and equipment provided, less security deposits...
The great news about the leasing market is that every lease has an expiration date and thus activity will never slow completely. Companies are downsizing and constantly moving to capitalize on the deals in the market. Doctors, lawyers and other professionals are starting new partnerships. Retailers and office users are opening second and third locations. All this equates to leasing opportunities, even if the rents are being pressured down and landlords are increasing their concessions, transactions are taking place. The same can not be said about the sales market!
The other key element to the leasing market is the commissions that landlords are willing to pay agents for bringing the tenant. Tenant rep agents have never been more in demand. Landlords are offering bonuses and incentives to try and attract tenant rep agents to their sites. Broker events are on the rise as landlords attempt to increase activity. Typically, door prizes and gift certificates are offered to agents simply for attending. All in all, agents who represent tenants are having the most success in this challenging market.
Sales Market
Sales activity continues to slide. Investment and user opportunities are weakening by the quarter. The obvious problem is financing. The banks have almost unanimously decided not to lend for commercial real estate investment. User loans are easier to come by but are still being scrutinized more than ever. The entire climate of the sales market is gloomy.
Unfortunately, it appears that the only positive that is going to spark a turn around in sales activity, according to experts, is the REO market. Banks are sitting with trillions of dollars of commercial loans that are coming due over the next 5 years. Many banks have already started foreclosure procedures on commercial properties, many of which are vacant and are deteriorating.
The income generating properties, i.e., shopping centers, multi-family buildings are being sold by the banks by way of note sales. With some tenants in place, banks are fearful of foreclosing as to avoid creating more vacancy in these already non performing assets. In other words, the banks are selling non performing loans to buyers without actually going through the foreclosure process and thus are avoiding real estate transactions all together.
The good news is, cycles like this have come before and they eventually end. The secret is to capitalize and focus on the opportunities that are out there. South Florida will always be one of the best commercial real estate markets in the country!
Sometimes agents get a bad rap. There are all kinds of online material, books and even Web sites dedicated to making you question and shy away from real estate agents. There are numerous false myths out there - so put your mind at ease and take another look at working with a real estate agent.
The following are common myths as shared by Federal Fair Housing.
Agents Are Always Late for Appointments False - There is no excuse for habitual tardiness - regardless of profession. No one likes waiting for appointments, but sometimes things really do come up. Most agents are respectful of their clients time - so if you have one who isn't you may want to start looking elsewhere.
An Agent's Home Inspector Will Always Favor the Agent Not so, a good agent wants full disclosure - not only to provide the best level of service to their clients but also to prevent from being sued.
Agents Get Kickbacks from Lenders/Title/Inspection False - This is a BIG no-no. It's against the law and against RESPA (Real Estate Settlement Procedures Act). This has been in effect since 1974, so it's nothing new to agents. All-in-all, it's not worth the risk of losing their license.
Agents Should Tell You About Crime, Schools, & Ethnic makeup of Neighborhoods False - Federal Fair Housing laws prevent this. These laws are made to protect against the discrimination of classes and there fore can not be disclosed. An agent may, however, point you in the direction to find this information but may not provide it.
Agents Will Say Anything to Make the Sale False - Misrepresentations and false statements are against the law. Agents who break fiduciary relationships or fail to disclose material facts are subject to prosecution and loss of their real estate license.
What positive stories do you have to share about your experiences with real estate sales professionals?
This morning, the U.S. government announced that the nation’s gross domestic product (GDP) rose to 3.5%, above the forecasted rate of 3.2%. This represents the first rise since second quarter, 2008 and according to the Wall Street Journal, 'unofficially signals the end of the longest recession since the Great Depression'.
Experts attribute the gain to an increase in consumer spending, exports and investment in home construction. Housing also experienced its first increase since the last quarter, 2005. Residential fixed investment surged by 23.4%, the largest rise since 1986.
What hasn’t bounced back yet is unemployment, which economists anticipate to be around 10% in 2010 – although the U.S. Labor Department reported unemployment claims fell slightly last week.
November 3 -4 is an important timeframe to watch as the Feds set rate policy. Many analysts believe this will leave rates unchanged at record lows, yet some say it may hint at increases to come.
Read more on Wall Street Journal online.
What do you think about the unexpected increase in the GDP? Does this raise your confidence in the economy?
Contributed by MaryAnne Rozo, Branch Manager,Depending where you are in the US you might not think of the early 1920”s as historic, but here in Palm Beach County, those were our first homes. Many people are familiar with the work of John Volk, Maurice Fatio and Addison Mizner on the Island of Palm Beach. Most of these properties were built in the Mediterranean style and sat on ocean or lake front property. Those homes today sell for millions.
But perhaps you did not know that in the city of West Palm Beach, many of our neighborhoods boast smaller versions of these lovely homes. Here, you might be able to purchase a home for $250,000 and up with many of the same characteristics and in some cases even be designed and built by one of these famous architects.
Today these neighborhoods are protected by the Historic designations. The city protects the integrity of these old homes in the same fashion of your houses in the northeast built during our Revolutionary war period.
I’d love to hear about your area’s ‘historic homes”!
By Guest Contributor Carlos Lobato, Sales Associate, Coldwell Banker Miami Lakes office
The velocity of money is a term used by economists to describe the speed at which money makes its way through our economy. During boom times money moves quickly through the system as it's spurred on by consumer spending and investment, and in recessionary times its velocity is diminished.
Why should you care?
Well, if you've been thinking about buying a home, then the "velocity of money" should be of concern to you. The Federal Reserve uses interest rates to control the money supply flowing throughout the system; low rates = more money in the system, and higher rates = less money in the system. To encourage borrowing, one tool that the Fed has is to lower the discount rate (the rate at which banks borrow money from the Fed). The net result is more borrowing, subsequently contributing to an increase in the "velocity of money".
Historically speaking, this monetary strategy has been used to encourage the country out of a recessionary cycle. However, over playing this card can be have unintended negative consequences. In the 1970's the increased "velocity of money" netted a 13% increase in the money supply, and interest rates skyrocketed to as high as 20%! Fast forward to 2009… in the hopes of increasing the velocity of money the Federal Reserve has exponentially increased the supply of money compared to the net increase in the 70's; I've heard some estimates as high as a 100% increase in money supply over the past 14 months! Now I'm not an economist or financial guru; I'm simply taking a historical example, looking at what we're doing today, and extrapolating a possible end result.
In short, higher rates mean less buying power, higher mortgage payments, and more difficulty in securing financing. So as you ponder whether to take the plunge or not, remember that the “velocity of money" can put a real damper on you future plans.
By Guest Contributor, Charles Kohlhepp, Branch Manager,The Wellington Community is preparing for another great season of equestrian events and polo matches, all taking place between January and April. As the influx of riders, players and horses arrive, rentals in the western area are filling up and potential sales are in the works. Our rental market includes the leasing of barns as well as homes during this time.
The first major event will take place Thanksgiving weekend with a fun filled Steeplechase Event, which welcomes the entire family. Contact us for all of your real estate needs and community information.
By Guest Contributor Donald Smith-Browne, Manager, Coldwell Banker Residential Real Estate, North Palm Beach office
On Friday, October 23, Florida Association of Realtors released their numbers for September. It showed 13 straight months of increased activity in a year to year comparison.
In Palm Beach County, September sales rose 43 percent compared to September 2008, but the actual number of homes sold compared to August remained mostly stable going from 754 to 746. The median home price in Palm Beach County continued to drop, hitting $242,900 compared to August’s $245,700 and dropping 17 percent compared last year’s $292,200.
All of these numbers are encouraging. September marked the highest level in two years. One explanation for this increased activity is the $8000 tax credit.
Check out the Palm Beach Post blog for more
By Guest Contributor Joanna Sherman, Branch Manager,The Village of Palmetto Bay operates five parks: Coral Reef Park, Ludovici Park, Palmetto Bay Park, Perrine Wayside (Dog) Park and Thalatta Park.
Coral Reef Park, the Village’s signature park, is located in the center of Palmetto Bay. The park offers a wide range of activities and amenities such as a gazebo, a recreation room, outdoor picnic areas, a meditation garden, a covered playground, beach volleyball courts, basketball courts, tennis facilities, racquetball courts, a walking/bicycle path, a natural pineland preserve and the C-100 canal.
The Village of Palmetto Bay Branch Library & Community Center at Ludovici Park was recently completed and houses the 5,000 square-foot Palmetto Bay Branch Library and an environmentally oriented park. In addition, there is a 2,000 square foot, two-story community center with meeting spaces that overlooks a preserved mangrove area and beautiful Biscayne Bay. The first story of the community center houses an amphitheater for special performances.
Palmetto Bay Park is a 25-acre facility that features a skate pavilion, basketball courts, the largest boundless playgrounds in South Florida and a six field state of the art softball complex. The park also houses a two-story concession building and observation deck and a recreation room. Lastly, there is a shaded pathway for walkers and bicyclists that surround the entire 25 acre park.
Perrine Wayside (Dog) Park is a lushly landscaped 3-acre facility. The facility features separate areas for small and large dogs, a gazebo, new park furniture and a large lake.
Thalatta Park is approximately four acres in size and has direct access to and beautiful unobstructed views of Biscayne Bay. Due to its proximity to the water, the park is a wonderful habitat for plant and wildlife. The park houses a beautiful two-story vintage residence designed and built by the Connett family.
Village of Palmetto Bay Department of Parks and Recreations. Retrieved October 19, 2009, from http://www.palmettobay-fl.gov/parks.htm
By Guest Contributor Mary Prince, Manager,If you don’t have a tenant or a buyer for your home, small cosmetic “fix ups” might help. Inexpensive changes can make all the difference in appeal to a buyer. The least expensive upgrade is said to be a thorough cleaning and de-cluttering. First impressions are lasting and only made once. Simple painting, flower planting or pressure cleaning can keep your home looking its best. Hectic everyday life between the kids, the pets and the laundry may keep your house from staying the way in should for a potential buyer or renter. However, it’s imperative to keep your house looking as if you were going to have a showing. Remember, today could be the day that special person walks through your door to make it their new home.
Jason Champion, HGTV Design Star finalist teams up with Coldwell Banker Residential Real Estate to give tips for staging your home for the holidays – particularly if you have it on the market for sale. Check out the video for easy tips to add some depth and glam to a table setting, like adding fabrics and mirrors.
Do you have any unique tips for holiday decorating?
Contributed by MaryAnne Rozo, Branch Manager,Summer’s heat has given way to cool mornings and pleasant days. From beaches to our fabulous array of culture, the Palm Beaches is beckoning. The county has a huge assortment of cultural experiences to enjoy. There are more cultural organizations in Palm Beach County than anywhere on the coastal southeast. We have performing art venues, museums, and a distinctive history of nature-based experiences. We can’t keep count of our golf courses, but there is sure to be one near your new home here in Palm Beach County.
By Guest Contributor Teri Tarnopol, Sales Associate, Coldwell Banker Residential Real Estate, Coconut Grove Office
www.Floridamoves.com/Teri.Tarnopol
The condo market in Coconut Grove has played a pivotal role in attracting foreign buyers. Not in a very long time has there been such a wide range of choices available from the “super luxury” to “boutique” at price ranges not seen in over five years. Since Coconut Grove attracts foreign buyers from all over the globe, the typical Florida season is extended well beyond its usual boundaries.
Unlike many areas in South Florida, the lush beauty of Coconut Grove is very unique and appreciated by people from all over the world. For that reason, it’s important to keep in mind that we have an international cliental that may not always share the same economic circumstances as typical Americans. It’s my opinion that the participation of foreign buyers in the Coconut Grove market has had a significant role in minimizing the loss in home values in recent years.
The Coconut Grove lifestyle is very eclectic. It offers a large waterfront community on Biscayne Bay dotted with marinas, sailings clubs, parks and restaurants. ‘The Grove’ also has a unique dense canopy of trees not seen anywhere else in South Florida. Coconut Grove also has an open air mall “Cocowalk” which is surrounded by a theater, restaurants, art galleries and shops all within a few blocks, giving downtown Coconut Grove a quaint village feel. The Grove is very proud of its sense of community bringing residents together for free outdoor concerts, block parties, mini art strolls and our world famous Coconut Groves Art Festival.
Teri is currently marketing the following exceptional listings. Click on either of the photos below for further information.
AOR - Association of Realtors
ARES - American Real Estate Society
ASHI - American Society of Home Inspectors
CAM - Common Area Maintenance (charges related to commercial leases)
CGT - Capital Gains Tax
CO - Certificate of Occupancy
COE - Cost of Equity
CUV - Current Use Value
DIM - Deferred-Interest Mortgage
DRC - Depreciated Replacement Cost
FMV - Fair Market Value
FPM - Flexible-Payment Mortgage
FRM - Fixed-Rate Mortgage
HECM - Home Equity Conversion Mortgage
HEL - Home Equity Loan
HVAC - Heating, Ventilation, and Air Conditioning
MPC - Master Planned Community
NIM - Net Income Multiplier
NLA - Net Leasable Area
NNN - Triple Net (Lease)
PITI - Principal, Interest, Taxes, and Insurance
PMDT - Purchase Money Deed of Trust
PMI - Private Mortgage Insurance
RAM - Reverse Annuity Mortgage
REO - Real Estate Owned
ROM - Roll-Over Mortgage
SAM - Shared-Appreciation Mortgage
SEM - Shared-Equity Mortgage
TIP - Treasury Investment Program
TRA - Tax Reform Act
VAT - Value Added Tax
VPM - Variable-Payment Mortgage
VRE - Virtual Real Estate
VRM - Variable-Rate Mortgage
TIP: use Google to help you figure out the meaning of acronyms by typing in: "acronym here stands for".
A weak economy coupled with the housing market meltdown has favored Latin American homebuyers, who are favoring Miami for condo and home purchases, real estate professionals say. Many are getting never-before-seen deals since the buyer competition for properties, along with prices, has dramatically dropped.
And with a selection of recently-erected condominiums in Brickell and downtown Miami, most are gravitating towards condos rather than big homes.
Charlette Seidel, Managing Broker of the Coldwell Banker Coral Gables Sunset office, says her office is seeing an increase in property buyers from Latin America, adding that some of those countries are economically stronger now, allowing many to buy internationally.
Many of the buyers are from Brazil, Peru, Argentina and Venezuela, she noted. With home and condo prices dropping at a time when some Latin American countries are stronger, those with the cash see it as a great time to buy.
About 52% of international homebuyers within Miami-Dade and Broward counties are from Latin America, 26% come from Western Europe and 13% are Canadians, according to the Florida Association of Realtors’ 2009 statistics.
Ms. Seidel says most Latin Americans her office helps in buying property select the Brickell area, which tops the list, followed by Key Biscayne, Coral Gables and Miami Beach.
About 65% of Latin American buyers select properties in central cities while 26% buy in a suburban area. For 35% of these buyers, the home or condo’s intended use is a vacation home, 22% buy as an investment, and 23% buy for vacation, investment or rental, the association statistics show. And 65% of the buyers pay in cash.
Condo buyers, like many locals, are cautious when selecting a condominium because they don’t want to end up in a mostly-vacant building.
“There is still a fear of condos that have big inventory. They [buyers] are comfortable with buildings almost sold out or established buildings,” Ms. Seidel says.
Among reasons many buyers are looking to invest in Miami is the language, as Spanish is widely spoken, the weather and Miami International Airport, which has many direct flights from and to Latin America, Ms. Seidel says.
But one heralded Miami asset that continues to hook buyers is malls. “Shopping is key because of our variety and great selection. We have great retail in Miami that is a strong drawing card for them,” she says.
Another trend Ms. Seidel and her team is noticing is more Latin American parents buying condos in downtown Miami and Brickell for their children who are attending college at institutions such as University of Miami, Florida International University and Miami Dade College.
More and more, with some Latin American countries experiencing political or economic instability, Miami offers these homebuyers a stable home away from home and a way to invest their money abroad.
Ms. Seidel agrees the safe haven factor can’t be ignored. For example, she says more Mexicans are buying homes here because of the country’s severe security and safety problems. Because many Latin Americans are family-oriented, she says, some are also attracted to Miami because their family and friends live here.
South Florida’s medical facilities also draw Latin American buyers, she notes, especially those who are older. Some live in property part-time because they travel or have businesses in their home countries, but upon retirement they can enjoy the home permanently.
For the complete article, visit www.MiamiToday.com.
By Guest Contributor Donald Smith-Browne, Manager, Coldwell Banker Residential Real Estate, North Palm Beach office
Unlike the investors of the past market, we are seeing new investors come in and buy homes that need work, purchase them and flip them for a reasonable price. They are snapping up distressed homes for cash and flipping them quickly, or renting them for a short term – then selling them at a later date. These buyers are in direct compeitition with first-time buyers and often beat them our becasue they offer cash.
To purchase these homes though requires a lot of research on the buyer’s part. Sometimes these homes may have liens on them from construction to HOA or past tax bills. This will often scare away first-time buyers – but that is not all bad. These investors are willing to do what many banks are unwilling to do, such as replace roofs, air conditioners or appliances. When these homes come back on the market the investors are still making a profit but they are listing the homes for reasonable prices. Some of these properties are perfect for first-time homebuyers because of price, plus it is move in condition, where they won't have to put any money out to fix up.
Foreclosures in Palm Beach County grew substantially in August, with 4,150 receiving a foreclosure filing, a 110 percent increase from the same time the previous year.
St. Lucie County had 1,649 filings in August, up 57 percent from a year ago. Martin County, with 248 foreclosures, was up 8 percent from August 2008.
Curtis Lowe, president of the Realtors Association of St. Lucie, said he's also seen an increase in investment buys on the Treasure Coast. He had a client "more than happy" to pay the asking price on a flipped home because it was move-in ready.
Read more in the October 3 Palm Beach Post article.
What makes the beautiful community of Oakridge so special is its central location in the City of Hollywood, and it's convenience to Miami and Fort Lauderdale. In less than 15 minutes residents can be swimming in the ocean at Hollywood Beach, or in just 10 minutes they can be at Fort Lauderdale International airport. These are bonuses that accommodate the fun loving families that have made Oakridge their home as well as the hard working professionals who require easy access to the airport.
The amenities begin with a 24-hour guarded gate offering safety and security. The brand new tot lot sits aside the gazebo overlooking the big lake, tennis courts and the basketball court. The Vita course surrounds the community for those who enjoy exercise and fitness. Oakridge offers boat storage to its residents. All of the common areas are professionally landscaped and maintained by the association. The association fees are kept low and are presently $100 a month.
Construction began in 1999 and ended in 2001 leaving behind a beautiful new neighborhood with a variety of one and two story elevations surrounding three shimmering lakes. Spacious three to six bedroom homes with towering palms complement this lovely neighborhood. The prices have plummeted in light of the recent economic situation but Oakridge will rise. Location, location, location. The prime central location of this fine community offers stability and a sensational way of living a quiet and peaceful lifestyle without leaving the bustling city that exists beyond it's walls. At this time a beautiful Oakridge home may be purchased for just under $300,000 up to $550,000.
By Guest Contributor Georgette Bannan, Sales Associate,
Georgette Bannan is currently marketing the following properties:
With a unanimous vote from the House of Representatives on Monday, the first-time homebuyer tax credit was extended for active military personnel. HR 3590 bill will allow eligible military personnel, foreign service and intelligence officers to apply for the $8,000 tax credit for one year beyond the November 30, 2009 deadline.
Criteria for eligibility include serving overseas or having spent the last 90 days deployed outside of the U.S. during the current calendar year. This extension is expected to affect approximately 350,000 military personnel and an unknown number of federal employees.
Are you impacted by this new ruling? If so, will this help you with the purcahse of your next home?
By Guest Contributor Kari Battaglia Sales Associate,The newest beachfront condo on Venice Beach, Florida. The Beleza is the Venice's most prestigious Gulf front tower condominium located directly on the beach. With fabulous views of the Gulf of Mexico and City of Venice from almost all units, this condo boasts ground-level access controlled parking, professionally equipped fitness center, large club room and bar for entertaining, heated outdoor pool and spa, spacious deck, trellis garden and outdoor grill.
Walk to downtown Venice shopping, dining and entertainment, or stroll to Venice jetties and see the dolphins playing in the Gulf and the locals catching fish. This is also a golfers paradise with six golf courses. Most notable is the 27 hole championship golf course, Pelican Pointe.
If you are considering buying a condo in Venice and would like to tour the Beleza on Venice Beach please give me a call I am happy to help.
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By Guest Contributor Jeff Blohm Sales Associate, Coldwell Banker Residential Real Estate, Lakewood Ranch Office
Have you ever been at a party where chips and dip were being served? Have you ever seen that one guy who takes a chip, dips it in the sauce, then takes a second dip with the same chip? Disgusting, right? The rule is one dip per chip.
That same rule should apply when you are purchasing real estate. If you are not planning on owning two or more homes, do not write two or more contracts for purchase at any one time. Please remember, one contract per purchase.
I got a phone call from a customer who said she had fallen in love with a property and wanted to take one last look before she writes a contract for purchase. Apparently, she had seen the property before at an open model home. I took her to see it and immediately thereafter began writing the contract for purchase.
The seller presented a counter offer that was out of her price range. A couple of weeks later, she told me about another property that had become her new love and she was ready to make an offer on it. No problem, right? I just need to write another contract. Wrong! My customer began telling me how during our business relationship, she was waiting to see if her short sale contract was going to be accepted and how she was tired of waiting. Instead of just withdrawing her contract, she found another agent, yours truly, to write a second contract for purchase on a different property.
Before I began to tell her just how wrong that decision was, she told me that she was going back to the first agent to write a new contract on yet another property. In essence, she was saying “goodbye” to me.
I know this story is confusing, but allow me to tell you the moral of the story. Choose one agent with morals, integrity, honesty and a real understanding about short sales. Many homes you will encounter will be short sales. Do not write more than one contract at a time. Make sure you can withdraw the first one before thinking about writing the second. Most importantly, short sales can get ugly and drawn out over many, many months. Think like a marathon runner and not a sprinter when you are in a contract to buy a short sale. It may be long and painful, but in the end, it may end up being well worth the wait.
By Guest Contributor Richard Ferris, Sales Associate, Coldwell Banker Residential Real Estate, Cooper City office
Our lofty trees have thriving branches that almost seem to reach out and welcome you. Sidewalks trace a familiar path around serene lakes that serve as the backdrop of our comfortable neighborhood. We invite you to celebrate Cooper City's nickname as “Tree City USA” and drive through our flourishing landscape. Better yet, park the car and go for a relaxing walk. It won't be long before you decide that Cooper City is just the place for you to call home.
Located west of Hollywood, north of Pembroke Pines and south of Davie, our community is just minutes away from major interstate highways I-75 and I-595. Cooper City is quietly tucked away from the metropolitan hustle, yet lies within easy access to the key business districts of Miami and Fort Lauderdale. Hollywood beach is a short 20 minute ride. If you like shopping and fine dining you've come to the right place. Cooper City is just minutes from the Pembroke Lakes Mall to the south and the tremendous Sawgrass Mills Outlet Mall to the north. Pembroke Pines is abundant with terrific restaurants that are sure to delight any palate, not to mention trendy shops and a wide variety of entertainment for all ages.
Tops in Education!
The town motto, “Someplace Special,” is a lot more than simple rhetoric. A bedroom community of about 30,000 residents spanning an area of 7.5 square miles, Cooper City has become a mecca for families in search of very best education for their children. Cooper City is renowned for making education a top priority and has the highest rated schools in South Florida! When choosing a city to live in, many families concerned about their children's education wrestle with the question of placing their children in private school, costing many thousands of dollars a year, or moving to Cooper City and having their children attend public school. There are five public schools within the borders of Cooper City: Embassy Creek Elementary, Griffin Elementary, Cooper City Elementary, Pioneer Middle and Cooper City High School. Each one consistently produces high standardized test scores and maintains its ranking among the best in Broward County. Cooper City also has private and religious-affiliated schools. Minutes away in Davie is rapidly growing Nova Southeastern University. It offers both undergraduate and graduate studies including a complete medical school, dental school, law school and the only school of optometry in the state of Florida.
The Charm of Cooper City
Warm simplicity meets quiet elegance. The housing is composed of mostly upscale developments with very few rental communities and limited commercial property. Cooper City has one of the highest median household incomes in the county. A wonderful place to grow a family, there is an abundance of greenery, tranquil lakes, expansive parks, and recreation facilities along with the deliberate preservation of open spaces which distinguish our community from others throughout South Florida. Add this to a broad range of affordable housing, low crime rate, and Southeast Florida's sub-tropical weather, and it's no wonder why we offer one of the most attractive lifestyles in the country.
A Local Introduction
As real estate professional, I believe it is not only my duty, but a privilege to introduce people to the Cooper City area and help them make the most of living here. I know that finding your new home is just one of the tasks that face you when you're relocating. My goal is to coordinate everything efficiently, while you're wrapping up the final details of packing up and moving out of your current home.
Make Your Next Move Your Best Move
Of course there's no obligation. I believe in making real estate and the relocation process as easy as possible for everyone involved. To me, that means providing information to anyone who wants to find out more about the area I love so much and know so well.
By Guest Contributor Lisa Mayer, P.A., Sales Associate, Coldwell Banker Residential Real Estate, Lakewood Ranch office
Forbes magazine studied the percentage of residents, one year or older, who moved into the 100 most populous Metropolitan Statistical Areas in 2008. Four Florida cities made the list: Cape Coral, Lakeland, Palm Bay and Bradenton.
The two least desirable destination cities for relocation are Detroit and New York City. Los Angeles and Chicago also had low levels of newcomers. Cities that attracted the most new residents tended to be college towns.
“You have an educated population, and you have a large youthful population,” says Alexander von Hoffman, senior fellow at the Joint Center for Housing Studies at Harvard University. “These places retain people after they’ve graduated, and attract like-minded people.”
Some Florida retirement centers are high on the list of places with lots of newcomers; but Sean Snaith, director of the Institute for Economic Competitiveness at the University of Central Florida, says that doesn’t tell the whole story. He says Florida’s population growth has actually slowed considerably in the last few years, although it’s still attracting some newcomers. Cities with the most newcomers are: Colorado Springs, CO; Provo, UT; Bakersfield, CA; Austin, TX, Raleigh, N.C.; Columbia, S.C.; Cape Coral, FL; Lakeland, FL; Palm Bay, FL; Bradenton, FL.
Source: Forbes, Francesca Levy (10/01/2009)
Studies have shown that homes that are green hold a higher market value, and sell at the top of their price range. According to the US Green Building Council, the value of a green home is often higher than that of a comparable standard home and the market for green home is continuing to rise.
Currently there are almost 2,000 certified LEED homes in the categories of Gold, Platinum and Silver in the US and Canada.
Texas is ahead of Florida and Georgia with current LEED Certified homes, with a total of 78. Florida follows with 27 and Georgia at 11. Another popular certification program that currently qualifies a home green includes the popular label, ENERGY STAR.
With the numbers and demand continuing to rise for new homes and remodeled homes to be green, the question arises is their a market and demand for listed properties to be labeled Green and tagged with their green features?
Will it bring the seller a greater ROI and get it off the market faster?
The demand, craze and recognition is certainly there, as well as the government incentives, which include grants, tax credits, rebates and loans to go green.
Should the real estate market be adjusting to the green wave too, are we there yet?
By Guest Contributor Kari Battaglia Sales Associate,What are REOs (Real Estate Owned)? REOs are already foreclosed on properties and are Corporate Owned by a Bank or Asset Management Company. Foreclosures in Venice, Florida can afford buyers a bargain, but today’s home buyer needs to know how the game is played and understand that foreclosures are not like regular residential real estate transactions.
Tips for a successful foreclosure transaction
Most home buyers come to find out that buying a foreclosure in Venice can be a daunting process. It is essential you work with someone who knows how the process works to ensure a successful transaction. If you have any questions regarding foreclosures in Venice please contact me, I am happy to help.
Great news if you're in the market to buy a home! Freddie Mac just reported that the average 30-year fixed interest rate just fell again, now at 4.89%. Mortgage Bankers Association (MBA) also reports a 16% increase in applications this week over last.
The average 15-year fixed is down, at 4.33%. This is the lowest recorded in the MBA survey since 1972.
Check out more reported by the Dow Jones Newswire.
How do you feel about these drops? Are you more inclined to jump into the market and buy?
By Guest Contributor Kari Battaglia Sales Associate,This past weekend my son Michael, his friend Chris and I went down to the Grace United Methodist Church on the Island of Venice and helped with the unloading of the pumpkins for Venice Florida's favorite annual Pumpkin Patch event.
Many volunteers showed up to help unload the semi-truck full of pumpkins. Just how many pumpkins were there? About a million! I have never seen so many pumpkins before. With everyone working together it took about two hours to complete the task. Water, juice and donuts were provided to all. My son and his friend worked like maniacs inside the very hot semi truck most of the time and I am very proud of them and of all their efforts. For myself, I think I will be taking a lot of Tylenol for the next couple of days!
By Guest Contributor Donald Smith-Browne, Manager, Coldwell Banker Residential Real Estate, North Palm Beach office
The crunch to take advantage of the First-Time Homebuyer $8000 Tax Credit is on. Agents are working feverishly to find the perfect home for their first-time homebuyers. If these buyers want to close by November 30 and qualify for the credit, they need to have executed contracts by the end of next week. Most of these buyers are using a mortgage to purchase and they need that 45 days to close to address any issues that may arise.
The pool of homes to choose from has become even more narrow. Short sales are pretty much out of the question with wait times up to 60 days or more which will surpass the November 30 deadline. That leaves foreclosures that get snapped quickly by investors leaving.
The First-Time Homebuyer Tax Credit has been a success. According to the IRS more than 1.4 million people have taken advantage of this tax credit. Florida alone has had 105,608 individuals use it. Below are the top 10 states:
| California | 160,325 | Michigan | 55,066 | Ohio | 48,671 |
| Texas | 131,411 | Pennsylvania | 53,508 | North Carolina | 44,847 |
| Florida | 105,608 | Illinois | 51,600 | ||
| Georgia | 55,790 | New York | 50,380 |
There has been talk that the tax credit will be extended but that will be up to Congress. Everyone should be calling or emailing their representatives and let them know how important it is to keep this program going.
Were you able to take advantage of this program? What was your experience?
By Guest Contributor Kari Battaglia Sales Associate,How is my property value determined?
For taxation purposes, nearly all property has a value, including land, buildings and tangible personal property used in business. By law, the appraiser must accurately determine fair market (“just”) value. Standardized and accepted appraisal practices governed by Florida law and the Uniform Standards of Professional Appraisal Practices are used. While they use sophisticated computer modeling techniques, they also periodically inspect all property, considering:
What if I disagree with the Property Appraiser’s value?
Talk to the Sarasota County Property Appraiser who will conduct an informal review. This can be done any time during the year, but most are soon after the TRIM notice mailing. After this mailing, you have 25 days to file a formal protest petition with the Value Adjustment Board.
So the Property Appraiser and Value Adjustment Board are not the same?
They’re completely separate by law. The VAB (Value Adjustment Board) is the formal review board. An independent appraiser called a Special Master hears both sides and makes a written recommendation to going to court; the decision of the VAB is final.
What does the “Save our Homes” or Amendment 10 mean to me as a taxpayer
This is a 1992 amendment to the Florida Constitution that limits the annual increase in the assessed (not market) value of Homesteaded properties to 3% or the National Consumer Price Index, whichever is less.
So Amendment 10 is a tax cap?
Not exactly. It’s a limit on the assessed value of the parcel. It’s not a limit on the taxes charged to the property. Taxes are a product of the value times the millage rate. The millage rate actually sets the tax level. Tax levels can change more or less than 3%.
What property is affected by “Save our Homes?”
Only properties that have a Homestead Exemption.
What happens when I buy a new home?
The cap is removed anytime ownership changes. A new property owner should file for Homestead, establishing a new value cap on your new home during January 1 – March 1 of the tax year. You can file for a future year as soon as you buy a new home. If you already have Homestead and there is no change to ownership your exemption automatically carries from year-to-year. Other types of exemptions do require an annual filing.
Is the TRIM notice exactly what I can expect to be billed for November?
No, the TRIM notice is showing you taxes and exemptions, however, the full bill that you will receive in November will also include any special assessments, CDD’s, solid waste, etc. that are collected by the tax collector for your district.
If I am closing in September or October, why am I paying a full year’s taxes, plus escrows for next year?
Most lenders require that any taxes that become due and payable with 60 days of closing be collected and held by the title company until the bill is available in November. The title company will collect an estimated amount of taxes plus assessments from the buyer (prior to November) and prorate the taxes between the buyer and seller as normal. The escrow amount that you are paying is being sent to your lender in order to accrue for taxes next year.
How does my lender determine my tax escrow amount?
Most lenders use the prior year tax amount for the total amount to be escrowed. Lenders don’t normally estimate tax increases unless there is new construction. In November your lender will most likely pay your taxes regardless of the amount you have escrowed and then bill you for any shortages and readjust your escrow for the following year. Upon receipt of your copy of the tax bill or TRIM notice you may contact your lender to receive information on their policy regarding taxes.
Guest Real Estate Contributor, Barbara Corcoran, told Al Roker on The Today Show this morning Top 10 cities across the U.S. where prices have dropped the most, but in the last quarter, prices are shooting up. She informs consumers that NOW is the time to buy in these markets.
Topping the list is Sarasota, Florida. The state was hit early last year when prices went down 34%. Sarasota home prices have already increased 13% over last quarter. Buyers are busy looking for bargains - creating a declining inventory. What can you expect to pay for a home in this market? The current median home price is $175,800.
Sarasota offers pristine beaches and is also as Barabara puts it, "A beautiful, sophisticated, urban city." Check out Sarasota for your next relocation.
In the top 10 is St. Petersburg, Florida - at #6. This market attracts both older residents and a great number of younger people as well. This city is very popular for home buying opportunities and is also a strong second home market. With a median home price of $140,900, numerous buyers are coming in with cash deals, creating a "feeding frenzy" and driving prices up.
Do you live in Sarasota or St. Petersburg? What can you tell potential buyers about the area that make it an attractive place to call home?
By Guest Contributor Donald Smith-Browne, Manager, Coldwell Banker Residential Real Estate, North Palm Beach office
Activity in Palm Beach, Port St. Lucie and Martin counties has increased over last year. We currently have 7½ months less inventory since the beginning of the year. With this decline, demand seems to be increasing. We are starting to see multiple bids on REO and foreclosure properties — something we have not seen in a long time. For all three counties, there has been a 14% increase in sales this year compared to last years.
When we take a closer look at the numbers the story is two-fold. For single family homes, sales increased 14.6% year-to-date ending August 31, 2009, yet the median price is lower than it was a year ago.
| Median Sale Price | Aug 2008 | Aug 2009 | % Diff |
| Palm Beach | $303,000 | $242,000 | 20.1% |
| St Lucie | $140,000 | $104,000 | -25.7% |
| Martin | $320,000 | $227,000 | -29.1% |
The same story is true for condos/co-ops/townhouses where sales have increased 13.7% year-to-date ending August 31, 2009 and the median price is lower than last year at this time.
| Median Sale Price | Aug 2008 | Aug 2009 | % Diff |
| Palm Beach | $127,000 | $110,000 | -13.4% |
| St Lucie | $150,000 | $107,000 | -28.7% |
| Martin | $109,000 | $98,000 | -10.1% |
(Data source: RMLS Digital Magazine, October 2009)
By Guest Contributor Kari Battaglia Sales Associate,Property taxes are the backbone of our local government supporting services such as police and fire protection, streets and drainage systems, construction and maintenance, environmental regulation, libraries, streetlights, garbage pickup, and parks and recreation. The taxing authorities, not Sarasota County Property Appraiser, have control over the level of taxes through the millage rate.
Market Value is the appraisal of what a willing buyer would likely pay for your property (excluding costs of the sale). The property is assessed as of January 1st, so the value reported is a reflection of the previous year’s real estate transactions and comparable property values in your area.
Exemptions are deductions that apply to your property for Homestead or other special categories like those for disabled persons or seniors who meet certain income guidelines.
Assessed value is generally the market value limited by 1992’s Amendment 10 or “save Our Homes” tax cap. This limits increases in the value of homesteads (your primary residence) to 3% or less per year.
Taxable Value is the number the appraiser reports to the various taxing authorities and is the assessed value minus exemptions.
Millage Rate is an annual tax rate calculated by taxing authorities and is used to balance their budgets. They divide their total budget (spending) by the total taxable value reported to them. Millage is a rate expressed in dollars per thousand (one mill means you pay $1 of tax for each $1,000 of taxable value). Under Florida law, when a taxing authority sets a millage rate higher than the rate which would produce the exact same revenues as the previous year, they must properly advertise their action as a tax increase. This rate, which would result in no change in revenue, is called the rollback rate. As a practical matter taxing authorities are rarely able to adopt the rollback rate, since the cost of government services generally rises with the cost of everything else.
Important Dates
January 1 values are determined; this is also the date for residency and ownership requirements to qualify for Homestead Exemption.
January 1 – March 1 is the normal filing period for Homestead and other exemptions such as widow/widower, disability, charitable organization, etc.
August – Notice of Proposed Property Taxes, called TRIM (Trust in Millage) notices are mailed to all Sarasota County property owners’ mid-month. TRIM notices contain your taxing authorities budget hearings and the dealings for filing petitions with the Value Adjustment Board. The TRIM mailing starts the formal protest period, which is 25 days long. During the protest period, Sarasota County taxpayers can file formal notice to the county Value Adjustment Board to seek to have their assessment changed.
October – Value Adjustment Board (VAB) hearings are held.
November – Tax bills are mailed by the Barbara Ford-Coates Tax Collector to all Sarasota County property owners of record.
The countdown is on, with less than 60 days left until the first-time homebuyer tax credit is over… or maybe not? The favorable push to extend the tax credit has also opened up discussion for wider parameters, if renewed. The most recent chatter is that the credit could be extended and raised to $15,000 and opened up to all home buyers.
Extending the credit could benefit the market in two ways:
It’s a win-win for both the current home owners, who can finally afford to upgrade into a larger home and for a reasonable price and also for the first-time home buyer, who needs the additional support to seal the deal.
The IRS says 1.4 million first-time buyers have benefited from the credit so far; the National Association of Realtors thinks that figure will hit 1.8 million before the end of November.
What are your thoughts on what congress should do with the tax credit?
By Guest Contributors, Jim Boeglin, PA, Coldwell Banker Residential Real Estate,Remember the "old days" when people worked at a well-defined job until age 65, then dropped off the work charts? Those were the days when defined benefit pensions were the norm, investment income was steady, and expectations were that "old" people would quietly fade away into the sunset of life.
I practiced law in Fort Wayne, Indiana in those old days. One of my areas of practice was Elder Law. It was not unusual for me to meet with recently retired clients (age 65) who wanted to talk about assisted living or nursing home plans. It was a rare retiree who ever expected to return to the work force. There was a distinct paradigm shift from worker to retiree.
In recent years, technology is shifting the way we think of "work" and "retirement". Everyone I know has a home computer, fax machine/copier/scanner, and utilizes the Internet. Working from home has become the "new norm". Due to the economic upheavals and investment losses of recent years, for many of us age 65 has very little relevance except for Medicare eligibility.
In Florida, many new residents from the North bring pieces of their old careers with them. They want to live in the warm sunshine, but they also want to continue to work and to earn income. Not everyone trusts that their "nest egg" will provide the economic security they need in uncertain times. Fortunately, the possibilities are endless.
Some licensed professionals can continue to function from a distance. I know several attorneys, CPAs, and engineers who continue to be involved in their Midwest practices while living much or all of the year in Florida. (I did this for a few years.) Other professionals have chosen to form new and possibly related careers in Florida. (I have also done this, becoming licensed with Jan as Florida realtors in 2003.) Some of my Florida golf buddies and customers continue to be actively involved in the businesses they own up North, or as sales reps or stock brokers or board members. Technology and the Internet make it all possible.
Personally, I wouldn't go back to the "old days" for anything. I love an active lifestyle that offers opportunities to work with interesting people; provides an important service; gives my writing a creative outlet; allows me to work side-by-side with Jan and Grif; and leaves me with the flexibility to golf about three times per week and bike almost every day. I also like the income that is generated from the work.
At age 66, I am looking forward to many more years of work with the Boeglin Team. It isn't the "retirement" I had envisioned, but it works for me. If you would like to share your blurred line between employment and retirement, please e-mail me with your story. With your permission, it could be a topic of a future blog.
By Guest Contributor Kari Battaglia Sales Associate,
Property activity 7/1/1/09 to 9/25/09
Total single family homes listed: 42
New listings on market for September 2009: 4
Price adjustments for September 2009: 3
Properties under contract currently: 4
Properties sold in September 2009: 1
Failed to sell (expired) since 8/1/2009: 4
Summer is officially over and we are now heading into “season,” and soon we should expect to see snowbirds return to their winter homes in Florida. Currently the number of homes for sale in Venice/Englewood is up over 3.5% from a year ago and pending sales have jumped, up over 60% from a year ago. These are signs that the Venice/Englewood housing market is stabilizing but pressure from “distressed sales” continue to affect market values and our prices are reflective of 2000 – 2001 values.
Currently the number of Venice Florida homes for sale in Pelican Pointe Golf & Country Club has increased slightly to 42 homes for sale and the number of homes currently under contract has dropped from 8 properties under contract in May 2009 to 4 properties under contract for September 2009.
Knowing your local market is key in pricing your home right. Being your local real estate expert, I am familiar with what is taking place in your neighborhood and will work with you to get the right results. Let me know what I can do to help you
What can a few million dollars get you these days for a home in Florida or Texas? Luxury – of course!
A cool $27,500,000 buys you four separate floors of 36,630 square feet of living space in Hickory Creek, Texas! With six bedrooms and 14 baths, you’re sure to have plenty of room for guests. How about a 31 x 28 master suite?
Snuggle up to a different fireplace every night of the week – there are seven of them! Roam around on your 25 acres – including a private lake. It’s never too hot or too cold for a swim in both indoor and outdoor pools. Entertain guests in your very own private ballroom or invite 450 of your closest friends to join you for an evening on your verandah. Enjoy your own tennis court, bowling alley and theater room.
Too much space? For $4,250,000 you get an incredible 12,844 square feet of living space in Naples, Florida. No excuses for not staying fit in this mega space with a fully equipped gym and a private tennis court.
Unwind in front of your 10 foot screen your home theater room. Cool down in the Florida sunshine in your pool or heat up in your sauna. For some solitary time, check out a good book in your libray or meditate around your koi pond. There’s even more. A separate AV room just to manage all of your home entertainment electronic needs. What about bedrooms? There are six – each of them full suites with their own bathrooms.
What visions come to mind when you think “luxury home”? What amazing features have you seen in a unique luxury home?
The current 30-year fixed mortgage rate dipped this week, averaging 4.94% with 0.7 points. Freddie Mac Vice President and Chief Economist Frank Nothaft reports, “Low mortgage rates are helping to stabilize home sales.” He explains that August new home sales rose to the highest annualized pace since September of last year, and housing inventories dropped to a level last seen in 1983.
This is great news whether you're considering buying or selling. Why sell? With declining inventories, you have fewer properties to compete with. This is a great time to list your home. Consider for example a move-up oppportunity using the equity you currently have in your home to purchase a larger home or one that offers more features. Now is a golden opportunity to take advantage of the market conditions and move-up to the home of your dreams before prices start to increase.
Have you been sitting on the fence waiting to buy or sell? How does the drop in interest rates impact your decision? If you’ve been thinking about selling, have you considered how well positioned your property can be in the market with limited competition?
By Guest Contributor Ellen Mitchell, Manager,Miami Beach has always been the home to vacationers and paradise seekers.
The media shows mostly what Miami Beach is all about for the rich and famous.
The Beach's diverse real estate market offers new, condo-conversions, townhomes & a wide variety of property to fit anyone’s pocket book. Boaters can find their dream property just about anywhere along the eastern shore of Miami-Dade County.
With prices at an all-time low, now is the time to find your perfect home. Whether you are looking for a single family home with your own private dock or a cozy condo with ocean view. It is here for you at reasonable prices.
Investors and first-time homebuyers have driven sales up in Southeast Florida. In Miami-Dade County, with the hot spots such as South Beach, Bal Harbour Shops and the Design District, more international investors are looking for their home right here in Southeast Florida.
The following properties are currently being marketed by the Bay Harbor office:
By Guest Contributor Donald Smith-Browne, Manager, Coldwell Banker Residential Real Estate, North Palm Beach office
I heard some encouraging news yesterday morning on NPR during my drive to the office. Case–Shiller Home Price Index latest report showed home prices fell at a slower rate again for the month of July. Case–Shiller bases its report on 20 markets throughout the United States. After record breaking declines from October 2007 until January 2009, the past six months have shown steady improvements. For July alone only two of the 20 cities used for this index (Las Vegas and Seattle) showed price declines while the other cites showed price increases. Let’s hope these improvements continue and the recovery process begins.
What are your thoughts about the index results? Are you seeing signs of recovery in your community?
