New U.S. Homes Sales Rise

October was a busy month for new home purchases in the U.S. The Commerce Department reported a 6.2% increase, citing this as the highest gain since September of last year.

New home builders are pleased, as they’ve finally felt some market pressure relief around foreclosures. Sales exceeded the 404,000 projection, to 405,000. The median new home price decreased to $212,000 from last year – a $1,000 drop. Inventories are at their lowest level since December 2006, to 6.7 months.

How much of an impact do you feel the Homebuyer Tax Credit deadline played in these results?

Read more in today's Bloomberg article.

THINK GREEN, LIVE GREEN

By Guest Contributor Cathy Casella, Field Marketing Representative, Coldwell Banker Residential Real Estate, Palm Beach

Along with homeownership comes a responsibility to the community. Recycling is one way to make a difference. See the excerpt below from “The Green Guide to Daily Living – The Carbon-Neutral, Planet Friendly Guide to Living in Harmony” by Megan E. Roth.

Good Reasons to Recycle

• First & foremost, recycling reduces waste. With some figures suggesting that an average American tosses more than 7 pounds of garbage each day, you can imagine how quickly we’re filling landfills and clogging the earth with waste.
• Recycling uses less energy and fewer natural resources than garbage that decomposes in landfills. In fact, those who manufacture products from recycled aluminum cans use 95% less energy than those who use virgin materials.
• Recycling is fantastic for the economy. Besides using far less energy, manufacturing from recycled products costs much less than production using virgin materials. Creating new products using fewer resources increases profit margins and becomes a win-win deal for consumers and suppliers.
• Recycling leads to cleaner water. Producing goods with recycled materials causes far less water pollution than production using virgin materials. So, our drinking water is cleaner, and the amount of energy used to purify it is reduced.
• Recycling supports natural habitats. Using recycled materials protects forests, wetlands, and other natural ecosystems, thus preserving wildlife.
• Recycling will ensure the longevity of your neighborhood. Recycling cuts down on the need for landfills, allowing us to use existing waste-management space rather than creating new landfills. This reduces the likelihood that someday you’ll have to live right next to a giant mound of waste.

Visit www.earth911.org to find recyclers in your area. If there isn’t a curbside service available in your community, consider starting your own neighborhood recycling program.

Evolution of the Buyer

By Guest Contributor Carlos Lobato, Sales Associate, Coldwell Banker Miami Lakes office

www.FloridaMoves.com/Carlos.Lobato

Buyers are evolving, and for the better. Up until the beginning of 2009 an abundance of inventory, coupled with a 'sky is falling’ mentality lead many to believe that the real estate market was theirs for the taking. They were now in the driver's seat! And as a result they were submitting such ridiculously lowball offers that most often didn't stand a chance of being considered. They made these obscene offers very often because "a friend of a friend of a friend" got such a phenomenal deal on a home that it must be possible to do. And they tried it again, and again...and again — only to ultimately be disgusted, disillusioned, and fed up with the idea of buying altogether.

Fast forward to today. Buyers are stepping up to the plate! They're actually making very competitive offers. That mentality of "stealing a property" is all but gone. In short, there's a noticeable evolutionary improvement over the buyer of just 12-18 months ago. Now if we could only get the sellers to come to grips with what today’s market values really are. This will take a little more time, yet the sellers too will go through this necessary evolution, and we'll have a happier healthier and more balanced market as a result.

Are Realtors becoming “Foreclosure Facilitators”?

By Guest Contributor Bibi Zanella, Sales Associate, Coldwell Banker Residential Real Estate,
Palm Harbor Office

Short sales have presented many challenges to Realtors such as limited experience, absence of a uniform process and application and multiple lenders. Finally on May 14, 2009, the Obama Administration announced its upcoming Foreclosure Alternatives Program which among other things establishes financial incentives for servicers, sellers, and second lien holders to encourage the completion of short-sale transactions.

http://www.treas.gov/press/releases/docs/05142009FactSheet-MakingHomesAffordable.pdf

Under Article 11 of the Code of Ethics and Standards of Practice of NAR it states that REALTORS® shall not undertake to provide specialized professional services concerning a type of property or service that is outside their field of competence unless they engage the assistance of one who is competent on such types of property or service, or unless the facts are fully disclosed to the client.

So I pose this question: Why then do Realtors continue taking short sale listings if they have not been trained to successfully close these transactions? We have a fiduciary duty to our clients and I think that perhaps it’s time that the successful SS Realtors start giving their fellow Realtors free classes and show them how it’s done. We propose to start doing this.

Be Obama's Neighbor!

Want to live near someone famous? Now's your chance to be right next door to the President and the first family! A 6,000 square foot Chicago home - just 15 feet away from Barack Obama's - is now on the market and listed with Coldwell Banker. Looking for a dependable neigborhood watch program? Will Secret Service and Chicago Police detail do?

Purchased in 1973 for a mere $35,000, this home and a piece of fame and history can be yours for $1,849,000.

Check out more at CNN.com where the current owner talks about his home and what it's like to live next to the President.

Are you in the market for a unique home? What do you think life would be like living next to our nation's leader?

10 Luxury Trends

By Guest Contributor Rick Goodwin, Publisher, Unique Homes Magazine

1. Control will continue to move in the direction of the consumer.
2. The inexperienced sales agents will continue to fall by the wayside because they don’t have what it takes — the skills and the guts — to survive the tough times.
3. Capturing and utilizing customer demographics will become even more important going forward.
4. Exceptional service is a given; it is about delivering value that will separate the pros from the wanna-be’s.
5. Print media will innovate to stay relevant.
6. The Internet will continue to rule, and social media will play a big part in that.
7. For agents, international connections are a must.
8. For consumers, expertise will continue to rank as the #1 attribute of a luxury agent.
9. Rankings from trusted and authenticated sources will become more important than those from friends and family.
10. For agents, strategic partnerships will be even more important in helping to expand their business.

10 Affluent Lifestyle Characteristics

By Guest Contributor Chris Ramey, Chairman, The Luxury Marketing Council Florida

Lifestyle is the pattern of choices made by a person (or household) regarding the disposition of discretionary income and time. Each lifestyle pattern is formed by a specific set of motives (we call them “personal drivers”) related to the social implications of consumption.

The 10 patterns of use of these seven shopping alternatives reflect significant differences (relative importance) in the following clusters of motives for consumption.

• Importance of function and value
• Importance of being seen as unique
• Importance of pride and self-confidence
• Importance of feeling good
• Importance of social conformity

Consumers will purchase only those products and services they perceive to be consistent with their lifestyle.

It is essential to differentiate between lifestyle (a pattern of choices) and level of affluence (the amount of money available to spend on those choices). The former is about values; the latter is about money. Here is a chart of 10 lifestyles that characterize the affluent and the overall percentage of the population they include. The top three lifestyles are Aspirers, Trendy and Precise. These show the affluent consumers know what they want, how to get it and they work hart to get it.

Lifestyle & Overall Percent of Population

1. Trendy 12.3%
2. Traditional 8.7%
3. Unique 8.5%
4. Practical 5.0%
5. Aspirers 16.3%
6. Popular 8.0%
7. Precise 11.3%
8. Understated 9.0%
9. Economical 11.1%
10. Me 9.5%

Good time to SELL? "You’ve Got to be Kidding"

By Guest Contributor Mike Belgeri, Sales Associate, Coldwell Banker Residential Real Estate, Weston Town Center office

That would be my first response as a homeowner. Only a sales person could say that with a straight face; because this is a buyer's market, the likes of which have never been seen. Banks are trying to dump their foreclosures. Short sales abound. And foreign buyers are coming into South Florida with cash driving prices down even more. Why would I want to sell now?

While all of the negatives are there to be seen, if we look carefully, there is a significant financial windfall available to a very large group of homeowners with equity in their favor.

DataQuick statistics report of average sold properties between 1999 and 2009 indicates that the general Weston area (33326) accumulated 48% in equity value for 1999 buyers who still own the same home. The “real-ity” of real estate is that most people do not understand how to use equity in their property when the market turns down because it last turned down like this more than 53 years ago.

The difference between that downturn and this is twofold. First, foreign nationals make up a significant number of south Florida buyers today because of a weak dollar. That wasn't the case 53 years ago. Second, we have an aging population of baby boomers today and they were the babies about to be born in that market 53 years ago.

Equity profit in a down market is all about shifting equity for value. That is, not buying a “bigger" house, but buying a better lifestyle for the same amount of money created by one's current equity. If you are in the normal mode of life event house issues (growing family, better school choices, a loss, divorce or marriage), then, as a seller, you are at a market disadvantage in a down market. But, if you are a home owner with a decade or more of equity and little or no 2nd mortgage hits on your equity, then selling now is an opportunity. Buying now with the intent of growing your equity over the next 10 years can be even more profitably than it was in the last 10 years in the house you are in. Here is why.

Suppose the home you purchased 10 years ago was a 3BD/2.5 bath property and that you paid $170,000 then. Today, in your zip code of 33326, your 3/2.5 is now selling at $192,000 (avg median sold). So, you have an equity value of $22,000, even after the 30% drop caused by the market fall in your area. If you want to profit from a sale then you simply begin looking for a property to buy with your equity value in those areas where the down market has reduced value greater than your 30% loss. Sales profit and your government stimulus ($6,500 - $8,000) in an area that has taken more a drop and meets your new needs for social, work and health amenities becomes a new value for you in a down market. If you have made certain value added improvements in your current home, (kitchen, bath, HVAC, Roof), that improve your equity your purchasing power will be further enhanced when you sell.

In today's market the equity in a home is significant. So too, are lifestyle changes. Lifestyle changes – turning homeowners from family-raising parents to baby boomers with children who are on their own. Equity and the freedom of aging may be the perfect opportunity to take advantage of the current market to sell the large family roost and make a quality of life smaller home purchase for its amenities and security. Before making any investment strategy decision be sure to consult with a qualified professional accountant and/or attorney.

Broward’s Northeast & Beach Neighborhoods

By Guest Contributor Andy Weiser, Assistant Manager, Ft. Lauderdale NE and
Ft. Lauderdale Beach offices.
www.Floridamoves.com/Andy.Weiser

The snowbirds are arriving at a steady clip (is that a flock of snowbirds?) and we're gearing up to give thanks for the end of yet another hurricane season without even a tropical storm!

You've got to feel bad (not) for the weather forecasters......they didn't have anything to get everyone all worked up about this year........

We're seeing some interesting things here at the Beach and the East Side of town.

The most interesting thing (from a real estate standpoint), is what we're now seeing on appraisals: "foreclosures and bank owned properties are not a factor in this market".

Those are some pretty important words when it comes to getting financing. This means that the banks, appraisers and others who track the real estate market have finally come to understand what savvy buyers and smart (i.e. Coldwell Banker) Realtors have been saying all along- THE MARKET HAS TURNED A CORNER FOLKS!!!!!

On the Beach, there never were many foreclosures or distressed properties. And the neighborhoods on the east side of town fared much better in the past months even as the rest of the county has been going through financial convulsions.

Why is this? Simple. They're not digging any more oceans or making any more ocean front property. Neither are they digging any more canals.

The eastern portion of Broward County has the nick name "The Gold Coast" for a very good reason. No, it's not the luscious sunrises we get on a daily basis! It's the simple fact that the east side of the county has been less speculative. More stable. More neighborhood oriented. Yes, it's home to some of the most highly priced and most desired (some might say coveted) property in South Florida. But, in addition we are lucky enough to have strong, cohesive neighbors and neighborhoods!

We are what Florida living is all about. Call one of our agents when you are ready to become one of us!

Miami Mortgage Fraud Task Force Update

By Guest Contributor Nancy Hogan, Branch Manager, Coldwell Banker Residential Real Estate Coral Gables Office

As a chairman for the Education Committee for the Mayor's Mortgage Fraud Task Force, it is rewarding to see that the continued arrests and convictions will assist property owners with ending this epidemic of fraud on our tax base and property values. Not to mention the ripple affect of this financial fraud. There is no right way to do the wrong thing.

There is a reporting form posted on www.miamidade.gov under Mayor Carlos Alvarez' page - please report if you come across fraud in your neighborhood. The following is the latest Press Release on Mortgage Fraud from the Mayors Office.

Review the “Miami-Dade County Mortgage Fraud Task Force Makes More Arrests” article posted on AmericanTowns.com.
(http://www.americantowns.com/fl/miami/news/miami-dade-county-mortgage-fraud-task-force-makes-more-arrests-231909)

So You Want to Buy a Foreclosure

By Guest Contributor Gail Satz, Sales Associate, Coldwell Banker Residential Real Estate,
Coral Gables Sunset Office

Buyers are excited about the prospect of making a great deal on foreclosure properties. Here are a few things to think you need to know.

Prepare - Buyers are self-educating by looking at web based services, both to find listings and learn about the marketplace. But, if you want to BUY a foreclosure make sure you interview and then select an agent to work with. If you do not have an agent who knows the foreclosures ups and downs you can always call and ask for the office managers suggestions. Every office has at least one or two agents who specialize in foreclosure. Not only will their guidance be of great benefit but foreclosures sell VERY QYICKLY. In order to be successful, you must find out about the listings within hours of their being listed. All of the web-based consumer sites are days behind the actual multiple listing service. By the time you find something that looks intriguing they will most likely be sold.

Once you have selected an agent tell them you want to be on a watch list to have the new listings auto delivered to you. You won’t have to waste time finding the foreclosure inventory – it will come to you.

Make sure you are preapproved not prequalified for a mortgage. Most banks will NOT entertain an offer without a preapproval. Some foreclosure sellers will also demand that you be pre-approved by their preferred lender. When this is demanded it is NOT negotiable.

The Offer - Each REO (Real Estate Owned, aka foreclosure) listing has an asset manager. Each asset manager may be responsible for several hundred listings around the country. As a result:

1. It is always best to assume that your offer may not be the only offer being submitted. Ideally you will be notified if it is multiple offers but occasionally this does not happen. It is always best to do your homework and submit your best offer first.
2. Your offer is generated and presented to the listing broker on one of the standard area wide contracts.
3. From that contract an “offer sheet” is generated and sent to the asset manager. With hundreds of properties in their inventory they only want to physically handle accepted offers. Offers are most often responded to within a 2-4 business day period.
4. If the asset manager accepts your offer he/she will send the sellers’ addendum (just like a contract too) to add in with the local contract. THESE ADDENDUMS ARE NEVER ALLOWED TO BE MODIFIED. The reason: with listings all over the country, asset managers don’t have enough time to read, absorb and understand all of these unique and different contracts. Therefore, they insist on using their standardized national contracts in combination with the local ones. Like all addendums, the addendum will prevail if there is a conflict in terms between the two. Your Real Estate, professional is there to help you with all of this.
5. Once the addendum is returned, the buyer then signs these documents too, and then all paperwork is complete and forwarded to the seller to sign. Once done the entire package is sent to the buyer.
6. In REO sales: A) The seller selects the title company and PAYS FOR the title policy. This will save you some money, as it is customary in many areas for the buyer to pay for the title policy. B) Often the seller demands their closing agent to hold escrow deposits. C) Often, the sellers’ timeline for the buyer to perform contractual items, like inspection or increases in deposit starts “upon acceptance” of the offer, NOT the return of the contract to the buyer. This is different than regular sales where the timeline starts when the last person actually signs the paperwork.

Closing - Normally, a buyer wires all of their funds to the sellers title company a day or two before closing once they have reviewed the closing statement. The title company will usually send a “courtesy closer” to the buyer at a location of their choosing. This is the “buyer side closing” It is literally half of the closing. The seller is most likely in another state doing the same thing. So it is VERY IMPORTANT to understand that buyers almost NEVER get the keys the day of their closing. It is not considered a “funded transaction” until ALL of the paperwork gets back to the title company and is reviewed. Receipt of the lenders or buyers funds is not enough to receive the keys. The paperwork has to be returned and checked for errors. Typically, the keys are released one to two business days later.

The great news is though the process can be cumbersome the results can be fabulous. You will never have a more perfect seller so try not to let the process make you nervous. While it may seem to be a little lopsided in favor of the seller it is only because once in a contract they want it CLOSED. In REO sales your seller is unemotional, unattached, and most important HIGHLY MOTIVATED to get the asset off the books. No one wants to see this transaction close as much as the asset manager.

Did this clear up the process for you?

Palm Beach County Update

By Guest Contributor Donald Smith-Browne, Manager, Coldwell Banker Residential Real Estate, North Palm Beach office

Single-family homes continued selling at a steady clip in the third quarter of 2009, increasing 33% statewide over the same time last year, and jumping 31% in Palm Beach County.

This is two months where we have seen significant increases. A lot of this can be attributed to buyers who were trying to qualify for the First-Time Home Buyers Credit before the November 30 deadline. That is a mute point now that Obama has signed an extension to the First-Time Home Buyers Credit and another program that allows buyers who have been in their current home for five consecutive years or more are also now eligible for up to a $6,500 credit.

"We'll probably still see a dip in home sales for December, but it will pick up again," said Walter Molony, a spokesman for the national association. "The extended tax credit will help continue to absorb, not just the foreclosures that we expect to see in the pipeline, but a balance of homes."

With all this activity, there is hope that it will bring more stabilization to the home market. As we continue to move the inventory off the market, it will bring a little more balance to the homes on market vs. the homes that are selling.

Check out more from the Palm Beach Post.
http://www.palmbeachpost.com/money/real-estate/home-sales-up-31-in-county-50492.html

2010 Mae/Mac Loan Limits

Last week, the Federal Housing Finance Agency (FHFA) announced that the maximum conforming loan limits for 2010 will remain unchanged from 2009 levels. The reason is due to declines in FHFA's monthly and quarterly house price indexes over the past two years. The national loan limit remains at $417,000 for 2010. Visit FHFA to review max limits for specific U.S. counties.

How are Freddie Mac or Fannie Mae loan programs helping you? Questions about loan limits? Write to FHFAinfo@FHFA.gov.

Fort Lauderdale International Boat Show

By Guest Contributor Michael Mangold, Branch Manager, Coldwell Banker Residential Real Estate, Ft. Lauderdale SE/Las Olas Offices

The 2009 Fort Lauderdale International Boat Show is now history, but what a show it was! From the mega-yachts lined up along F dock, to the fabulous vendors and great display of marine related businesses (not to mention the food and drinks!), another “season” was kicked off in the area.

Congratulations to Gayle Borden, regular displayer and boat show extraordinaire, and Estie Kadosh, both of whom had fully staffed display booths in great locations again this year. Both had great results and we commend them on going the extra mile to build their business every year.

There were a large number of international visitors, all of whom expressed a real interest in U.S. real estate (and why not!). Many are making initial inquiries into the beach front living in a temperate climate that has always drawn them.

Coming up after the holidays, the Super Bowl and the Pro-Bowl! With the media stationed in Fort Lauderdale, the area should rock!

Is this a great place to live or what?

Pinecrest/Palmetto Bay Area Public Golf Courses

By Guest Contributor Joanna Sherman, Branch Manager,
Coldwell Banker Residential Real Estate, Pinecrest office

There are many public golf courses within a few minutes drive of Pinecrest and Palmetto Bay; among these are Crandon Golf Key Biscayne, Palmetto Golf Course and Briar Bay Golf Course, all of which are operated by Miami Dade County.

Crandon Golf Key Biscayne is a championship 18-hole golf course and is the only public course located on Biscayne Bay. For the past 18 years, the course hosted the Senior PGA Tour and attracted golf’s greats such as Lee Trevino, Chi Chi Rodriguez, Ray Floyd and Gary Player. The course features a fully stocked pro shop, electric carts with GPS, Titleist club rentals, restaurant and bar, lighted driving range and practice chipping and putting greens.

Palmetto Golf Course is a championship 18-hole course located parallel to US 1 south of SW 152 Street. The course has a canal system that flows around and through the course, making it a challenging and attractive course. The facility offers a fully stocked pro shop, equipment rentals, spacious club house, restaurant and bar, lighted putting green, lighted driving range and a mini-golf course.

Briar Bay Golf Course is a nine-hole executive course located eight blocks west of US 1, north of SW 136 Street. The course features a putting green and a small pro shop. The course attracts beginners and seasoned players.

Have you visited any of these golf courses? Any comments or reviews about them would be appreciated.

Miami Dade County Department of Parks and Recreation. Retrieved November 10, 2009, from http://www.miamidade.gov/parks/sports/golf.asp.

The Coldwell Banker Pinecrest office is currently marketing the following exceptional properties. For any additional information, please click on any of the photos below.

Welcome to Plantation Midtown

By Guest Contributor Dori Longhini, Branch Manager, Coldwell Banker Residential Real Estate, Plantation Lakeside Office

Welcome to Plantation Midtown. With over 280 acres, it is the largest commercial district in the City of Plantation. This district is slated for a renaissance as a live, work and play town center for Plantation and central Broward. Two new redevelopment projects will provide luxury apartment and condominium units within walking distance of office space, retail shopping, dining and entertainment. The Residences of the Fountains includes a linear park, retail shops, two mid-rise residential towers and a transit stop. Veranda recently completed, was the first mixed-use development in the Midtown District, which includes condominiums and retail shops. Redevelopment plans call for a vibrant, mixed use “Main Street” destination at I-595 and University Drive.

Doesn’t this sound like a fantastic place to live, work or play?

Congress Thanks Realogy CEO for Contributions

On November 4, Realogy’s CEO, Richard Smith was recognized by Senator Johnny Isakson for his role in providing Congress with the information needed to understand current housing/real estate issues and implications of passing the legislation. Associates at Coldwell Banker – a Realogy brand – are credited for actively lobbying their local representatives to vote in favor of the much needed tax credit program extension and expansion.

This is a powerful demonstration of the strength of Realogy and Coldwell Banker and their ability to positively impact the quality of life for many – helping people realize their dreams of homeownership and move up possibilities.

Watch CSPAN2’s coverage of Senator Isakson’s remarks on the Senate floor.

Did you know that Realogy and Coldwell Banker played such an integral role in helping to get the legislation passed?

The long and the short of it…

By Guest Contributor Elizabeth Vasti, Sales Associate, Coldwell Banker Residential Real Estate,
St Pete Beach office

A short sale is not an easy way out of a depreciated real estate investment. Lenders are not quick to release their borrowers from their deficiency, which is the difference between the outstanding note and the net proceeds from the sale. Education “up front” is vital, as the short sale process is typically not short. A tax advisor or real estate attorney should be consulted before the property is listed as a short sale.

Depending on current laws, sellers may receive “temporary relief,” (i.e. release from the deficiency), if the property is their principle residence. On the other hand, lenders may want sellers to sign a deficiency letter, allowing the sale, but not releasing the borrower from the deficiency, or shortfall. Any forgiveness of debt may also be taxable by the federal government as taxable income.

I suggest you speak to your lender about loan modification before you venture down the long “short sale” road. Still considering a short sale? Check out this link to help to understand what might be in store for you: http://www.usatoday.com/money/economy/housing/2009-08-04-short-sales-mortgages_N.htm

I’d love to hear from people who have gone through the short sale process, successfully or unsuccessfully. Readers, what have your short sale experiences been?

RMLS Residential Statistics

By Guest Contributor Donald Smith-Browne,
Manager, Coldwell Banker Residential Real Estate,
North Palm Beach office

September 2009	Palm Beach County Single Family Det. Condo/ Coop/Townh		St. Lucie County Single Family Det. Condo/ Coop/Townh		Martin County Single Family Det. Condo/ Coop/Townh
# of Units Sold Sept. 2009	794	697	421	66	99	74
Median Sold Price Sept. 09	$240,000	$103,000	$100,000	$94,000	$180,000	$95,000
Median SP to LP	60.3%	64.8%	71.4%	47.2%	36.7%	63.8%
Median Sold DOM	129	137	82	87	130	148
Total # of Units PND & CTG	3,369	3,177	1,761	257	338	235
Total # Active Units	9,605	11,853	2,408	1,123	1,336	1,039
Median Active List Price	$398,000	$159,000	$140,000	$199,000	$490,000	$149,000
Median Active DOM	153	163	122	182	166	196
12 mo. Absorption Rate	758	671.9	403.1	57.1	125.3	65.1
# Months of Supply	12.7	17.6	6.0	19.7	10.7	16.0

RMLS Stats Report
More Properties are selling: So far this year-to-date (as of Sept 30th),there have been 14.3% more residential properties sold in the MLS for Palm Beach, St. Lucie, and Martin Counties collectively than was sold last year-to-date. Meanwhile, our average supply on hand in the MLS has declined by approximately 9 months since the beginning of the year!
SINGLE FAMILY DETACHED: From 1,378 single family homes sold in September, a total of 21.8% were marked as Short Sale, 15.2% were marked as Bank Owned or Foreclosure, and approximately 56.1% of them involved a mortgage on the property (as marked in the RMLS).

Median Price	Sept 2008	Sept 2009	% Diff
Palm Beach	$270,000	$240,000	-11.1%
St Lucie	$126,000	$100,000	-20.6%
Martin	$250,000	$180,000	-28.0%

CONDOMINIUMS/COOPERATIVES/TOWNHOUSES: From 837 condos/coops/townhouses sold in September, a total of 17.3% were marked as Short Sale, 9.4% were marked as Bank Owned or Foreclosure, and approximately 33.8% involved a mortgage on the property (as marked in the RMLS).

Median Price	Sept 2008	Sept 2009	% Diff
Palm Beach	$137,000	$103.000	-24.8%
St Lucie	$165,000	$ 94,000	-43.0%
Martin	$250,000	$180,000	- 7.8%

Ocean Palms Luxury Condominiums on Hollywood Beach

By Guest Contributor Cindy Spoerr, Sales Associate, Coldwell Banker Residential Real Estate, Hollywood office

Amenities, Views, Location!

Ocean Palms is located on A1A between Hollywood Blvd. and Hallandale Beach Blvd. on the ocean side. This beautiful majestic tower with modern, artistic design has more than 240 feet of beachfront and lush tropical landscaping. Building amenities include:

• A beautifully designed, luxurious pool facility with surrounding sundeck and outdoor whirlpool spa all overlooking the Atlantic Ocean Poolside towel service
• Magnificent two story spa facility with state of the art fitness machines, sauna and massage room
• Tennis court
• Half court basketball
• Media Room
• Billiard Room
• Elegant meeting & entertainment room with kitchen facility and outside terrace for private or association activities
• 24 hour security with closed circuit television system and proximity controlled security access
• 24 hour valet parking, no charge for guests
• Air conditioned resident storage

There are only seven units per floor and all elevators are private. Unit sizes start at 1733 sf “under air”, and go up to 3466 sf. Each model has a different floor plan and its own unique oversized balcony with fabulous views of the Atlantic Ocean and intra coastal waterway. The individual units have anywhere from two bedrooms and 2.5 baths to four bedrooms and 4.5 baths. Each unit has floor to ceiling windows to enjoy the views.

Each residence features:

• Grand entry foyer
• Private elevator and vestibule
• Quality built Snaidero Italian cabinetry
• Thermador cook top and oven
• Sub-Zero stainless steel refrigerator
• Granite countertops
• Elegantly appointed master bath w/designer fixtures
• Luxury Jacuzzi w/marble surround
• Oversized walk-in closets
• Floor to ceiling impact glass

The building was completed in 2006. Ocean Palms is one of the five new luxury buildings on a one mile stretch of the beach. The others include Trump Towers, The Diplomat Residences, The Beach Club, Ocean Marine Yacht Club. All are state of the art luxury buildings with every imaginable amenity.

The area is minutes from Downtown Hollywood with its shops, cafes, cultural center and night life. Just 10 minutes away is the Fort Lauderdale airport. Nearby Hard Rock Casino, Gulfstream Racing and Casino, The Diplomat Golf and Country Club, Miami Beach, many shopping malls and sports arenas make this a great place to live or vacation.

Original prices for these units were $700,000 to $1,700,000 depending on location and view. At this time, there are units selling for $600,000 to over one million. Ocean Palms Condominiums have kept their value and the building is financially strong. This “Boutique” condominium is not to be missed!

Cindy Spoerr is currently marketing the following unit in this building:

Tax Credit Good for Buyers

Take advantage of the tax credit extension and expansion just signed by Obama. As a current homeowner, you're now eligible for tax credits up to $6,500. This program also extends the $8,000 first-time buyer tax credit. This new extension provides some relief, giving you more time to shop - but don't wait too long because you must sign a purchase agreement by 4/30/10 and close by 6/30/10. (Find more on REALTOR.com)®.

If you have accumulated equity, you might want to consider selling, moving up to your dream home with the help of today's great buys. You're eligible for a $6,500 tax credit on a primary residence purchase under the $800,000 price point - provided you lived in your principal residence for five consecutive years.

If you're a first-time homebuyer and missed the 11/30/09 deadline, you now have more time to qualify for your tax credit. You might be eligible for an $8,000 tax credit on the purchase of your primary residence under $800,000. You're considered a "first-time buyer" if you've not owned a home within the past three years.

How do you think this new change to the program might help move the economy?

Senate Cleared Way to Pass Tax Credit Extension

The Senate ended debate yesterday on the first-time homebuyer tax credit package, sending the legislation to Obama for approval.

What’s different about this legislation is that both first-time buyers as well as move-up buyers will be eligible. The proposal allows for continued $8,000 credit availability for first-time buyers, now extending it to couples with income up to $225,000. Eligible move-up buyers (who have lived in their current home for five of the eight prior years), would have up to a $6,500 maximum credit.

If approved, it would allow many more homeowners to take advantage of this economic stimulus program. RISMedia reports that the tax credit programs have helped fuel the housing market moving existing home sales to the highest level in more than two years. The National Association of Realtors reported sales at 5.57 million units in September, more than the 5.10 million units just a year ago.

How will you be impacted by this new legislation?

GOLF OPTIONS IN SW FLORIDA

By Guest Contributors, The Boeglin Team, Sales Associates,
Coldwell Banker Residential Real Estate, Bonita Springs Office

There are many reasons to live in Southwest Florida, either seasonally or full time. The climate and amenities cater to beach combers, walkers, bikers, tennis players, and golfers. Year-round golf continues to be a primary draw for many of the folks moving from the Midwest or Northeast to sunny, warm Florida.

Golfers arrive in all shapes, sizes and ages with varying degrees of athletic ability and desire. For some, it is a weekly social event — for others it is a life-long passion. Some like the thrill of competition; other golfers value the friendships, exercise, and sunshine.

When golfers move to our area, there are a variety of golfing options waiting for them.

• There are a number of public courses which charge greens fees. Our area is blessed with some excellent courses open to the public. Some of them also offer annual or seasonal memberships at reasonable rates.
• Golf "coupon books" can be purchased which allow a golfer to play a variety of private courses for a limited number of times, at reasonable greens fees.
• Bundled golf communities have fared well in a difficult economic period, because they commonly have 800 required family memberships per 18 holes. The dues are attractive and many of the courses are outstanding. Tee times for members may be limited and restricted due to the large number of members vying for tee times. It can be difficult to form "buddy" groups of golfers who want to play together.
• Private clubs have been weathering the economic storms with varying degrees of success. The most exclusive (expensive) member-owned clubs appear to be doing fine. Many of the less expensive member-owned clubs have struggled financially, offering special deals to attract and/or retain members.
• Many private clubs that are developer-owned appear to be in serious trouble due to the economic downturn and lack of new-home sales.

For a serious golfer who wants to play nearly every day, the advantages of the private clubs include:

• Beautiful, un-crowded golf courses that are available for play when the golfer wants to play.
• The ability to belong to "buddy" groups of golfers of similar abilities. This can lead to friendships and regular competitions.
• Club-sponsored tournaments, such as invitationals, club championships, etc.

As long-time Florida residents and golfers, the Boeglin Team is familiar with most of the public, bundled, and private clubs in the area. If it is a golf course, chances are good that we have played it. We will be happy to be of assistance in your determination of the best option for you.

Florida Real Estate is not Spooky!

By Guest Contributor Jeff Blohm Sales Associate, Coldwell Banker Residential Real Estate, Lakewood Ranch Office

On the heels of Halloween season while millions were looking out for ghosts and goblins with bags full of candy treats, you should be on the lookout too. For what you say? Hot real estate deals. It was recently announced that Florida and Nevada are facing an additional 23% decrease in property values until 2011. Thousands of properties are poised to hit the market from now to 2011, which spells out a “spook-tacular” amount of great deals ready to be had. With the right real estate agent, your dream home could be well within reach and very affordable. So, don’t let those economic doom and gloomers scare you out of the home of your dreams. Go for it!

Realtors roll up sleeves to move property

Donald Smith-Browne By Guest Contributor Donald Smith-Browne, Manager, Coldwell Banker Residential Real Estate, North Palm Beach office

Realtors Roll-up Sleeves to Move Property

In this recovering market, agents have purchased and installed stoves — a required appliance for a Federal Housing Administration loan, paid for new carpet and helped landscape properties when a deal was on the fence. When an appraisal is at stake, Realtor-fronted fixes to roofs, electrical systems and air conditioners are no longer taboo. There is not much agents will not do to help ensure that the transaction closes. With much of today’s market being dominated by foreclosures and short sales, it is even more difficult to secure loans from lenders.

"We used to have a market where people were just writing offers and buying homes and you didn't have to do anything because it all just happened," said Brian Paul, CEO of the Realtors Association of Palm Beach County. "Now, in this market, people are having to really work."

Read more on the Palm Beach Post online.
http://www.palmbeachpost.com/business/content/business/epaper/2009/11/01/a1b_realtors_1102.html

What have you and/or your realtor done to get a sale closed?

Buy It For The Love

By Guest Contributor Nancy Klock Corey, Branch Manager, Coldwell Banker Residential Real Estate, Kendall Town & Country office and District Manager, Southeast Florida Region.

www.Floridamoves.com/Nancy.Corey

Interest rates…foreclosures…short sales…prices going up…prices going down…the information about real estate is abundant. In fact, it is so abundant that you can generally find just about any information you need to support whatever position you might personally have about buying and selling real estate.

For example, if you are a first time homebuyer, there’s the $8,000 tax credit, the great interest rates and good buys. But then, there’s the nagging fear that you might overpay for a property. As a seller, you can find information that it’s a bad time to sell because of the prices or a good time to sell because there are so many buyers out there and the home you buy will most likely be a good value.

I met a young couple with two small children a few months back. He was very well educated on the market. He had a large folder under his arm as he was gently putting a pacifier back into his baby daughter’s mouth as she cooed in a stroller right next to him. His eight-year-old daughter was engaged in a significant debate with her mother over the possibility of a stop at McDonald’s after a long day of house hunting. He patiently explained to me that he had carefully researched the market and he was determined that he would not pay a penny more than he had to for any home he would buy.

As I looked over at his beautiful family and observed the obvious caring and responsibility he had for their lives, I quietly asked a few questions. “What’s important to you in your next home?” “If you found a home that was a great value, but the school was not acceptable for your daughter, would you still buy it?” “What homes have you seen that you liked?” “Why did you like them?”

It turns out that there are very important features needed for this family in their next home. They have a beloved dog that needs a big yard to run in, both parents love to cook and the older daughter was promised her very own room in their next home. They all loved trees and wanted to be near a park with a playground and a community center to play tennis nearby was a big plus.

A slow realization came over this young father’s face. He was learning something those of us in the business for a long time have known all along. Residential real estate is an emotional buy. A home is a place to live, to laugh, to play, to cry and to experience life in a most wonderfully human way. It becomes a part of the family’s history sometimes as strongly as any other factor in our lives. It is more of an investment in the quality of our lives than even a financial investment.

Do you need to pay attention to value? Of course you do and you need the guidance of a trusted real estate professional for a hundred reasons from location, condition and future salability to financing, affordability and local factors such as schools, shopping and proximity to health care. But once you’ve picked the professional to give you that guidance, you will be able to focus on what really matters in a home — the lives that are going to live there. And once all the information is in and the search is in process…relax, and buy it for the love.

April Tax Credit Extension?

The Senate has tentatively agreed to extend the First-Time Homebuyer $8,000 Tax Credit program through the end of April, 2010. They've not yet agreed, however, on how the proposed deal would come up for vote. While many House leaders are interested in extending the credit, there is still debate about what will be included in the bill, and therefore, not yet endorsed by the House.

Why the delay? There are several amendments under consideration to include in the bill - among them, unemployment benefits. A current proposal is being reviewed to extend those benefits by 14 weeks and provide additional coverage for the jobless in states that exceed 8.5% unemployment rate.

Also proposed is an additional $6,500 credit for select current homeowners who purchase a new home by April 2010. (To qualify, current homeowners must have lived in their primary residence for five continuous years).

The extended tax credit program, coupled with continued affordable home prices and great mortgage interest rates have helped spur on homebuying. US News reports that Chief Economist Mark Zandi at Moody's Economy.com expects the program to bring in 400,000 new sales by the current November 31 deadline.

Don't forget about the other side of the equation. Now is also good time to consider placing your home on the market, taking advantage of move-up opportunities.

What do you think about the proposals? Are you watching Congress to see if they extend the tax credit program? If they do, are you planning to jump into the next wave of incentives and engage in the buying or selling process? Have you reviewed your credit ratings to make sure all in order to qualify for a mortgage?