Royal Newlyweds, Kate and William Need a Home

$1.995 Million in Dallas/Fort Worth

$100 Million in Orlando, FL

Coldwell Banker Residential Brokerage’s Multi Million-Dollar Listings — Fit for a King and Queen

Everyone is buzzing about the royal wedding – it’s hard not to miss all the news and rumors circulating around Kate Middleton and Prince William’s nuptials today. According to a recent report, the royal couple will also be residing at Clarence House, where Harry lives, after returning from their honeymoon, because they haven’t yet decided where they want to settle. As a real estate company, the first thing that springs to our mind is, let’s find this couple a home! Even if they don’t choose to live in the U.S., Coldwell Banker Residential Brokerage has plenty of listings fit for royalty — perhaps a perfect vacation home for the newlyweds with guest quarters for Harry, so the couple can pay back the favor.

Currently there are 37 homes on the market in Dallas that are listed between $5 million and $10 million and nine residences that are listed at $10 million and up. In Mclendon Chisholm, the glamorous couple looking for a get-a-way from the chaos could buy a great vacation home at this young and contemporary, Texas castle-style home. Listed with Coldwell Banker Residential Brokerage’s, Vicky Chesna, for $1.995 million, 5-bedroom, 7,925-square-foot Energy Star certified residence is designed and decorated with the most exquisite finishes throughout. It is very private, with oversized iron entry doors, a library, media room with concession area, 6-car garage and enviable master suite with large custom walk-in closets (perfect for all Kate’s clothes). The estimated monthly payment is suited for a royal budget at $10,194 per month with $199,500 down.

If 7,925-square-feet of luxury in Texas won’t do, the exquisite $100 million, Coldwell Banker Residential Real Estate listing in Windermere, FL, listed by The Lorraine Barrett Team, could be another option for the future king and queen. This estate named Versailles has been described as “the largest modern day palace under construction in America.” Designed to mimic the royal residence of Louis XIV of the 17th century, the 90,000-square-foot palace, located on 10+ acres, features a large boat house, formal gardens, a gatehouse, two tennis courts, 10 satellite kitchens (perfect for Kate who enjoys cooking), a 2-story wine cellar and a fitness center with spa facilities. In addition, the residence has plenty of sporting activities to keep William busy, a two lane bowling alley, an indoor roller rink, a video arcade and a baseball field. The estate also has a children’s wing, a movie theatre, an activity and game room and a 12-foot, two-sided aquarium — talk about a home fit for a king and queen!

Middleton, a British “commoner,” could be living it up. According to Coldwell Banker Residential Real Estate’s home listing website, FloridaMoves.com, if the couple put down 20% on the $100 million dollar home, with a 30-year mortgage and an interest rate of 6.5% the monthly payment would be $511,106 per month. Not too shabby for a commoner.

Kate and William won’t have a problem making friends from their native land if they move to the U.S., according to the National Association of Realtors of Florida’s foreign homebuyers, 15% are from the United Kingdom.

For all romantics who still haven’t found their prince or palace, don’t worry, there are still four single princes on the market: Prince Andrea of Monaco, Prince Harry of Wales, Prince Carl Philip of Sweden and Price Wenzeslaus of Liechtenstein. There are also plenty of estates of royal caliber on the market too. So, even if you don’t marry a prince your dreams of owning a palace fit for a King or Queen can still come true.

Royal Newlyweds, Kate and William Need a Home

Coldwell Banker Residential Real Estate’s $100 Million Listing — Fit for a King and Queen

Everyone is buzzing about the royal wedding – it’s hard not to miss all the news and rumors circulating around Kate Middleton and Prince William’s nuptials today. According to a recent report, the royal couple will also be residing at Clarence House, where Harry lives after returning from their honeymoon, because they haven’t yet decided where they want to settle. As a real estate company, the first thing that springs to our mind is, let’s find this couple a home! Even if they don’t choose to live in the U.S., Coldwell Banker Residential Real Estate has plenty of listings fit for royalty — perhaps a perfect vacation home for the newlyweds with guest quarters for Harry, so the couple can pay back the favor.

Currently there are 272 homes on the market in Florida that are listed at $10 million and beyond and five residences that are listed at $50 million and up. The exquisite $100 million, Coldwell Banker Residential Real Estate listing in Windermere, FL , listed by listed by The Lorraine Barrett Team, happens to be one of them and is perfect for the future king and queen.This estate named Versailles has been described as “the largest modern day palace under construction in America.” Designed to mimic the royal residence of Louis XIV of the 17th century, the 90,000-square-foot palace located on 10 + acres features a large boat house, formal gardens, a gatehouse, two tennis courts, 10 satellite kitchens (perfect for Kate who enjoys cooking), a 2-story wine cellar and a fitness center with spa facilities. In addition, the residence has plenty of sporting activities to keep William busy, a two lane bowling alley, an indoor roller rink, a video arcade and a baseball field. The estate also has a children’s wing, a movie theatre, an activity and game room and a 12-foot, two-sided aquarium — talk about a home fit for a king and queen!

Middleton, a British “commoner,” could be living it up. According to Coldwell Banker Residential Real Estate’s home listing website, FloridaMoves.com, if the couple put down 20% on the $100 million dollar home, with a 30-year mortgage and an interest rate of 6.5% the monthly payment would be $511,106 per month. Not too shabby for a commoner.

Kate and William won’t have a problem making friends from their native land if they move to the U.S., according to the National Association of Realtors of Florida’s foreign homebuyers, 15% are from the United Kingdom.

For all romantics who still haven’t found their prince or palace, don’t worry, there are still four single princes on the market: Prince Andrea of Monaco, Prince Harry of Wales, Prince Carl Philip of Sweden and Price Wenzeslaus of Liechtenstein. There are also plenty of estates of royal caliber on the market too. So, even if you don’t marry a prince your dreams of owning a palace fit for a King or Queen can still come true.

Florida Legislature Considers Property Tax Cuts

A break for first-time homebuyers. Another to help homeowners when their property values drop. Far-reaching changes that would lower taxes on offices and apartment buildings.

The Republican-led Florida Legislature is looking at all of these potential property tax changes this year, contending the measures could help the state's battered real estate market.

According to Gary Fineout of TheLedger.com, Tallahassee Bureau, all three ideas are contained in a proposed constitutional amendment that legislators are debating putting on the 2012 ballot.

"There are 80 million baby boomers who will be retiring," said Sen. Mike Fasano, R-New Port Richey, one of the sponsors of the property tax measure. "Florida is the best place for many of them to retire. We would like them to come here. But we have to make Florida a more affordable place."

The measures have already been approved by several House and Senate committees and could receive approval before lawmakers end their 2011 session next month.

A similar proposal for new homebuyers was supposed to go before voters last year but the Florida Supreme Court removed it after deciding the wording was misleading.

But critics contend the changes will only further distort the state's complicated property tax system. And there are even predictions that if voters adopt the proposals, then Florida's tax burden will shift from vacation homes, office building and stores to homeowners, as cities and counties would be forced to raise tax rates to make up for lost revenue.

Why is a Buyers Market Is a Great Time to Invest in Real Estate?

In a recent StockMarketsReview.com article, they discuss the reasons for investing in Real Estate during a buyer’s market.

Why is a buyer’s market a great time to invest in real estate? Well, in a recent StockMarketsReview.com article, they explain the reasons for investing in Real Estate during a buyer’s market.

It is because the oversupply of homes almost never lasts for a long period. Eventually demand catches up to supply, and often surpasses it, leading to rapidly rising home prices and great returns to investors who were willing to buy at the bottom. If you’re willing to buy when the market is at the top, you certainly should be willing to buy when it is at the bottom.

Unlike other investments, real estate is a tangible asset that you can control. It isn’t like a stock or a bond that can literally go to a value of $0 overnight. Companies disappear and go bankrupt all the time – and take the value of their stocks and bonds with them. Perhaps you were one of the people in the recent financial crisis that owned stock in one of the dozens of companies that declined in value by 95% or more.

Literally dozens of companies experienced that in 2008 and 2009 – Lehman Brothers, Bear Sterns, General Motors, Fannie Mae, Freddie Mac, AIG – and countless other high profile companies. Real estate is a tangible investment that is far less likely to just disintegrate in value over the course of a few short days or weeks or even a couple of months.

New Condo Sales Prices Rise 14% In Greater Downtown Miami In Q1

According to CondoVultures.com, buyers paid an average of 14 percent more for new units in Greater Downtown Miami - the epicenter of Florida's condo crash - in the first 90 days of 2011 on a year-over-year basis compared to the same three-month span in 2010, according to a new report from CondoVultures.com.

As the prices for new developer units increased to $348 per square foot in 2011, the average number of sales dropped by 54 percent to 111 transactions per month in the first quarter, according to the report based on the Condo Vultures® Official Condo Buyers Guide To Miami™.

A year earlier in the first quarter of 2010, buyers purchased an average of 239 new condos per month when prices averaged $306 per square foot, according to the report based on an analysis of Miami-Dade County records.

Federal Reserve cracks down on mortgage practices

South Florida Business Journal reports that the Federal Reserve Board announced formal enforcement actions requiring 10 banking organizations to revamp their residential mortgage loan servicing and foreclosure practices.

The deficiencies, which the Fed described as “a pattern of misconduct and negligence,” represent “significant and pervasive compliance failures and unsafe and unsound practices,” a statement said.

The changes include improving foreclosure proceedings and giving borrowers a single point of contact. The mortgage servicers must keep better track of payments and fees and they can no longer seek to foreclose on a loan while it's in mitigation with the borrower.

The Fed cited SunTrust Banks (NYSE: STI), Bank of America Corp. (NYSE: BAC), Citigroup (NYSE: C), Ally Financial, HSBC North America Holdings, JPMorgan Chase & Co. (NYSE: JPM), MetLife (NYSE: MET), PNC Financial Services Group (NYSE: PNC), U.S. Bancorp (NYSE: USB) and Wells Fargo & Co. (NYSE: WFC).

Collectively, the banks represent 65 percent of the servicing industry, or nearly $6.8 trillion in mortgage balances.

home sales volume continues to rise

According to South Florida Business Journal, sales of existing single-family homes and condos throughout Florida continued their upswing for a third consecutive month. The volume of homes sold rose 13 percent, year-over-year, in February, while condo sales jumped 29 percent, according to data from Florida Realtors.

Pricing, however, fell for both homes and condos – down 2 percent and 14 percent, respectively.

All three South Florida counties saw increased sales volume, but Broward County was the only county to see an uptick in prices. The price for a condo rose 4 percent, year-over-year, to a median of $67,100, data showed. Sales volume rose 19 percent, year-over-year, with 1,357 condos trading hands.

Single-family home prices jumped 22 percent, to a median of $167,000, while sales rose 16 percent, to 909, in February.

Condo prices in Miami-Dade County took the biggest plunge in the region, falling 25 percent in February, to $94,000 from $126,100 the previous year. Volume rose 58 percent, with 859 condos trading hands.

In February, 540 single-family homes sold in Miami-Dade, up 21 percent, year-over-year. The median price fell 23 percent, to $147,900.

Just Closed – Record $12.5M Sale on Longboat Key

Louis Wery, sales associate from Coldwell Banker Residential Real Estate’s Longboat Key office, represented the buyer in the highest priced residential real estate transaction on Longboat Key, and the third largest in Sarasota County, coming in at a whopping $12.5 million.

The 12,000 square foot estate at 825 Longboat Club Road had been on the market for less than six months before it went under contract.

Located in the desirable Regents Court neighborhood behind the gates of the prestigious Longboat Key Club, the residence sits on 1.3 acres with 150 feet of beachfront. The 5-bedroom, 6-bath mansion with unobstructed views of the sparkling Gulf of Mexico includes three kitchens (main, catering and guest) all custom designed by Euro Tech.

Sue Wolverton, Regional Senior Vice President, Southwest Florida, Coldwell Banker Residential Real Estate, says that the company has seen an uptick in ultra-luxury sales over the past year.

She states, “In 2010 in Southwest Florida we saw a 300 percent increase in homes sold that were priced over $5 million, and the number of homes sold over $1 million was up 42 percent for the same time period.”

According to FloridaMoves.com, there are 272 homes on the market in the state of Florida listed by various brokerages for $10 million and up. Four of those homes are in Sarasota County, with the highest being a $19 million property on Casey Key. In the past 10 years there have only been four sales over $10 million — two in 2003 and two in 2006.

Earth Day: Green is the new Blue at Coldwell Banker

Has your home gone GREEN yet?

Buyers, sellers and homeowners alike are interested in the eco-friendly cost savings associated with green products and energy-efficient systems. Watch for energy-efficient features in your home search, or make a few changes to your current residence, gaining the advantages over standard properties. You’ll help increase efficiency while lowering your energy consumption bills and increasing its value.

Promote the benefits of your energy-saving upgrades by having a home energy audit done before selling your home, and look for Energy Star features when buying your next home. Give potential buyers a list of all the energy-efficient features in your home.

Ways to go green in your home!

• Solar: A thermal water heating system can pay for itself in three years, reducing your monthly bill by 50-100%. Solar electricity costs about $12 a watt installed with a robust system costing about $20,000. Ask your utility company for incentives. Calculate your savings at solar-estimate.org.
• Energy-Efficient Windows. Claim a tax credit for upgrading to energy efficient windows, doors and skylights, in addition to saving hundreds of dollars in heating and cooling costs each year. Save $126–$465 a year when replacing single-pane windows with Energy Star qualified windows. Visit EnergyStar.gov for details.
• Low-VOC Products. Look for non-toxic low or no-VOC (volatile organic compound) paints and finishes. Indoor air is more polluted than outdoor air, with paints and finishes among the leading hazards to human health.
• Compact Florescent Light (CFL) Bulbs. They produce the same amount of light, use 1/3 of the electricity and last up to 10 times as long. Replace your five most used light bulbs and upgrade others as the old ones burn out.
• Low-Flow. Change your showerheads and faucets to low-flow aerators that use less than 2.5 gallons of water per minute. A family of four can save about 20,000 gallons of water per year.

How are you going green?

Florida unemployment rate falls in March

According to South Florida Business Journal, Florida’s seasonally adjusted unemployment rate fell to 11.1 percent in March, its lowest point since November 2009. The number represents 1.03 million jobless out of a labor force of 9.25 million.

The March 2011 rate is down from 11.3 percent in March 2010 and 11.5 percent in February 2011. It marks the first year-over-year decline since November 2006. Year-over-year, the number of jobs in the state rose 0.7 percent, or 51,500 jobs, to 7.2 million in March. Month-over-month, Florida’s total nonagricultural employment increased 0.3 percent, or 22,600 jobs. It is the sixth consecutive month of positive annual job growth since the state started losing jobs in July 2007.

“The continued decline in the unemployment rate, paired with very positive job growth, provides a strong signal that Florida’s economy has turned the corner,” said Cynthia R. Lorenzo, director of the Florida Agency for Workforce Innovation.

According to University of Central Florida economist Sean Snaith, the slight drop in unemployment is consistent with the state’s “slow and steady” economic recovery.

“It’s nothing that would knock your socks off, but it’s an indication that we’re moving in this right direction,” he said.

Florida's Existing Home, Condo Sales Up in March 2011

Florida’s existing home and existing condo sales rose in March, according to the latest housing data released by Florida Realtors®. Existing home sales increased 12 percent last month with a total of 18,522 homes sold statewide compared to 16,540 homes sold in March 2010, according to Florida Realtors. Statewide sales of existing condos last month rose 24 percent compared to the year-ago sales figure.

Seventeen of Florida’s metropolitan statistical areas (MSAs) reported higher existing home and existing condo sales in March; 17 MSAs also had higher condo sales. It’s the fourth consecutive month that Florida Realtors has reported higher year-over-year existing home and existing condo sales statewide.

“A variety of housing opportunities is available at attractive prices across the state, while mortgage interest rates remain historically low,” said 2011 Florida Realtors® President Patricia Fitzgerald, manager/broker-associate with Illustrated Properties in Hobe Sound and Mariner Sands Country Club in Stuart. “Favorable conditions like these spark the interest of buyers – who should consult a local Realtor to find out more about their local markets.”

Florida’s median sales price for existing homes last month was $126,300; a year ago, it was $136,000 for an 7 percent decrease. Analysts with the National Association of Realtors® (NAR) note that sales of foreclosures and other distressed properties continue to downwardly distort the median price because they generally sell at a discount relative to traditional homes. The median is the midpoint; half the homes sold for more, half for less.

The national median sales price for existing single-family homes in February 2011 was $157,000, down 4.2 percent from a year ago, according to NAR. In California, the statewide median resales price was $271,320 in February; in Massachusetts, it was $270,000; in New York, it was $245,000; and in Maryland, it was $208,258.

According to NAR’s latest industry outlook, a strengthening economy will continue to bolster the housing market’s slow recovery. “Housing affordability conditions have been at record levels and the economy has been improving, but home sales are being constrained by unnecessarily tight credit,” said NAR Chief Economist Lawrence Yun.

In Florida’s year-to-year comparison for condos, 9,703 units sold statewide last month compared to 7,830 units in March 2010 for an increase of 24 percent. The statewide existing condo median sales price last month was $84,300; in March 2010 it was $94,800 for an 11 percent decrease. The national median existing condo sales price was $150,400 in February 2011, according to NAR.

The interest rate for a 30-year fixed-rate mortgage averaged 4.84 percent in March, down slightly from the 4.97 percent average during the same month a year earlier, according to Freddie Mac. Florida Realtors’ sales figures reflect closings, which typically occur 30 to 90 days after sales contracts are written.

NAR: Sales of $1M-plus homes rise 4% in February

The sale of a 25,500-square-foot limestone mansion in Los Altos Hills, Calif. to a Russian venture capitalist for a record $100 million is a dramatic illustration that high-end luxury homes inhabit a market of their own, according to Matt Carter, Inman News.

According to the National Association of Realtors,sales of homes priced at or above $1 million were up 3.9 percent in February from a year ago, while sales of homes priced between $100,000 and $250,000 were down 7 percent.

Million dollar-plus homes accounted for just 2 percent of sales, while homes in the $100,000 to $250,000 range accounted for 42 percent of sales.

Although $100 million is an impressive number -- besting the previous record of $95 million for the 2008 sale of a Palm Beach, Fla. estate owned by Donald Trump -- half of the Los Altos Hills mansion sale was seller financed, the Wall Street Journal reported.

Buyer Yuri Milner, 49, is the leader of Digital Sky Technologies,a Moscow-based fund that's invested in Facebook, Groupon and Zynga.

Sellers Fred and Annie Chan made their fortune in Fremont-based ESS Technology Inc.,which designs video and audio semiconductors for digital media players and audio systems.

The couple also own a 5.4-acre oceanfront property in Hawaii that was on the market for $80 million but is no longer listed, the Journal reported.

What has your neighborhood, development, or local Realtor actually done for you?

By guest contributor Shane Howell, Sales Associate, Coldwell Banker Residential Real Estate

Most people think they need a Realtor who lives right in their development or someone extremely “local.” The people who make you think that are “those” Realtors.

I am going to explain to you exactly why that is absolutely false.

Your listing agent’s job:

1. The job of your listing agent is to drive traffic to your home and then negotiate the best possible deal for you. Both of those responsibilities are handled via phone, email, and the internet. There is no need for someone “local” to handle that. You want the very best marketer and negotiator you can find. Chances are that person is not your neighbor.
2. Pricing - A Realtor does not need to live in the development or town to price it correctly. Anyone can find comps, past selling prices and set pricing. The appraisers who do the bank’s pricing do not live in each town they appraise. Especially here in Florida where we have cookie cutter developments etc.
3. By definition, it is extremely rare for the listing agent to also have the buyer. There are over 8,000 agents working for you once you chose your listing agent. Your neighborhood agent will 100% be showing your home and be working for you once the house is listed. Realtors often claim a huge pool of buyers in one specific area. The numbers are against that. So again, in this instance you want the best marketer and negotiator because you will be getting your “local” Realtors’ buyers anyway.

How we market: Marketing a home these days is an office job, for the most part. The tools available to Realtors to get your home sold are all about getting it “out there.” We get it out via the internet, advertising, direct mailings, etc. In this market International marketing is a huge part of the puzzle today. If many of today’s buyers are not local you must reach them. We do not stand on your corner with a sign. Another reason you do not need your neighbor but a stellar marketer.

How we price: Pricing is unbelievably important. In this market you need to be prepared to sell at the market. The market is very easy to analyze with all of the information available these days. Pricing can and should be quickly adjusted if there is no activity. There is no Realtor out there who can get you yesterday’s prices. However, there is no doubt though that you need a great Realtor to get you today’s prices.

Who will sell your home: 99 times out of 100, it will be in conjunction with one of the other 8,000 Realtors in Palm Beach and Broward. Just do the math. Actually do more than that. Think back to whom showed your home over the past 6 months. Who had more showings at your house, your Realtor or the field?

Please allow me the opportunity to visit you to discuss. I am a member of both the Broward and Palm Beach Real Estate Boards. Although I am not from your town, you will find me incredibly available.

Fun Facts About Going Green, Earth Week 2011

In celebration of Earth Week 2011, we want to share some fun and maybe a little outrageous news stories and facts about "going green." You live in your home and take care of it, right? So why shouldn't we all also take care of the planet we live on too? It's not hard to be eco-friendly and it can save you money also, so why not go green?

• Adding solar panels to your home can actually get you money back on your electric bill. Check out this artice in the Huffington Post -400 Solar Power Users Are Paid For Electricity In Tennessee. Pretty cool!
• This article on Cincinnati.com talks about a home that was converted into being green and it was only on the market less than two weeks! Green sells!
• Extreme Green Homes, Check out this list of the Top 10 Extreme Eco-Friendly Homes. From portable homes to the "ZeroHouse", they are all a must see!

What are you doing this week to be more green?

Commercial real estate's improving health

A recent USA Today article reports, "The once dismal commercial real estate market is turning around far more quickly than analysts expected, with troubled loans falling, occupancy rising and office building sales surging in the largest markets."

The recovery has finally stabilized building occupancy, letting landlords pay down loans. Vacancy rates in the first quarter dipped slightly for retail and industrial properties, to 7.2% and 10%, respectively, and were unchanged at 13.4% for offices, according to CoStar Group. Occupancy has edged up steadily since early last year.

What commercial activity are you seeing in your market? Is there a new business that opened up that you are enjoying?

Hear the Eco: What is Earth Day?

By Guest Contributor Melanie Dawn Wood, Sales Associate, Coldwell Banker Residential Real Estate, Pinecrest office

On April 22, 1970, the United States celebrated its first Earth Day. U.S. Senator Gaylord Nelson created Earth Day with the first event being a series of environmental “teach-ins” at universities around the country. Senator Nelson later wrote, “…the idea for Earth Day evolved over a period of seven years starting in 1962. For several years, it had been troubling me that the state of our environment was simply a non-issue in the politics of the country.” Earth Day is now celebrated in more than 175 countries every year. Locally, Pinecrest hosts an annual Earth Day celebration at Pinecrest Gardens. The free event includes wildlife presentations, plant exhibitions, green vendor booths, green and eco-friendly workshops and, of course, great food. Village of Palmetto Bay celebrates Earth Day by releasing one ladybug for every village. In addition to be considered good luck, ladybugs are good for the environment.For a schedule of releases, visit palmettobay-fl.gov.

Cutler Bay will be celebrating Earth Day 2011 with a series of art events at Deering Estates, while ZooMiami will be hosting “Party for the Planet” on April 16 and 17. Donate your old cell phone to help save gorillas and your admission to the event is free. As Senator Nelson also said, “Earth Day worked because of the spontaneous response at the grassroots level. We had neither the time nor resources to organize 20 million demonstrators and the thousands of schools and local communities that participated. That was the remarkable thing about Earth Day. It organized itself.” And on the 42nd anniversary of that first Earth Day, schools and local communities are still organizing and the momentum for a greener future.

Featured Listings

2011 Dallas-Fort Worth Market Report

Get all the facts you need about Dallas/Fort Worth in the new 2011 Texas MSA Market Report. Texas A&M University’s Real Estate Center's updated Market Reports for Texas’ 25 top metro areas can be downloaded for free. You’ll also find reports for the last eight years.

If you're thinking of making a move to Dallas/Fort Worth, or who want to compare various Texas MSAs, take a look at the wide range of data, including business climate, census data, demographics, education, economics, employment, major industries, housing and development details.

Do these statistics match the changes you’re seeing in your local community? How will these factors affect local economic recovery?

Tips for Taxpayer Procrastinators

The recent Portfolio.com article reminds us that this year, taxpayers have until April 18 to file, but take note, procrastinators: that is today. For all of those who have waited until the last minute, the experts suggest filing electronically. There are many reasons for that. One reason is that, in case you haven't noticed, the paper tax booklets and forms probably didn't arrive at your doorstep this year, unless a family member ordered them on your behalf. The Internal Revenue Service no longer mails out tax forms unless taxpayers directly request them, and the government encourages filers to download forms from the Internet instead.

Second reason is that if your adjusted gross income is $58,000 or less, you might be entitled to some free tax software.

Another advantage to filing electronically is that the IRS can immediately spot common errors such as incorrect social security numbers or invalid zip codes, before accepting your return. If the IRS computers reject your return upon your submission on deadline, the agency will bounce it back and give you a few days to resubmit it. If you are planning to file past the deadline, consider asking the IRS for an extension now. The IRS will grant an automatic six-month extension so long as you make the request by the due date of the return.

In the meantime, all of you procrastinators, know that you are not alone, especially if you live in the Lone Star State. TurboTax, which estimated that 27 percent of taxpayers wait until the last two weeks of tax season to file their taxes, recently released its annual list of U.S. cities where the most tax-filing procrastinators reside, revealing that three of the top 10 cities on the list are in the state of Texas.

You can also check out this list of last-minute tips from AOL's WalletPop.

Coldwell Banker Residential Real Estate Announces Executive Appointments

Mike Murray

Charles Richardson

Coldwell Banker Residential Real Estate has two executive appointments in Florida. Mike Murray will serve as Regional Senior Vice President of Southeast Florida, and Charles Richardson, Regional Senior Vice President, will lead the company’s Tampa Bay market.

Murray joins the company’s Southeast Florida market from New York, where he held the position of senior vice president for Coldwell Banker Residential Brokerage’s Westchester and Fairfield county markets. While in this role, he elevated the Westchester county office to the company’s number two office in the U.S., contributing to a number four national ranking for the company’s Connecticut region. Murray holds broker’s licenses in California, Connecticut, Florida and New York. Prior to entering the real estate business in 1971, he played professional baseball for the Detroit Tigers. Murray looks forward to leading Miami-Dade and Broward counties’ 17 offices and 1,500 sales associates.

Richardson has served in a senior leadership capacity with Coldwell Banker since 1998, most recently as Southeast Florida’s regional senior vice president. In 2010 he was presented with the prestigious Pinnacle Award by the Miami Association of Realtors® for his outstanding leadership in the industry and his participation in facilitating the merger of the Realtor® Association of Greater Miami and the Beaches and the Realtor® Association of Miami-Dade County — the largest merger in the history of the National Association of Realtors®. In his new role, Richardson will oversee 17 offices and nearly 750 sales associates in Hillsborough, Pasco and Pinellas counties.

Pending is Trending!

By Guest Contributor Jill Penman, Sales Associate, Coldwell Banker Residential Real Estate, Coral Gables office

Much like my own experience this year with pending a number of homes for sale in 2011, it appears to be a South Florida trend. According to the Miami Herald..."Buyers’ continued appetite for distressed properties helped push South Florida’s pending home sales upward in February, even as the national housing picture sagged."

Do you agree with this article, what are your thoughts?

good guidelines for buying a home

ABC News recently did a story on "Why You Should Buy a Home." They started off by saying...

"People often ask if, given the real estate meltdown, I stand by my advice to "Buy a House ASAP." I do, said expert Elisabeth Leamy. Buying a house is still the only investment you can make with money you have to spend anyway – your monthly housing payment. You can't buy stocks with your rent money, but you can buy a home!"

This statment obviously holds true and is very valid. Owning a home means you're not throwing money away on rent, all the money you put into your house, eventually comes back to you. Here are certain conditions Leamy goes onto say, when buying a home is a good choice:

1. You should plan to live in the house at least five years. Ten is better.
2. You should buy within your means, not stretch for a fancier house. I suggest buying a house for which the monthly mortgage payment will be the same as your monthly rent payment. That way you KNOW you can afford it.
3. You should save up an old-fashioned 20 percent down payment. More, if you can. That chunky down payment is what makes a low, rent-like monthly mortgage payment possible.

What do you think should be good guidelines for buying home?

Florida's Hot "Green" Residences

What better time to highlight one of Florida's great eco-friendly and simply beautiful, luxurious beach-front residences, besides during Earth month. Harold Bubil of the Sarasota Herald recently featured the top-of-the-line, side by side residences that have all the green features inside and out to qualify for LEED-Platinum recognition by the United States Green Building Council, yes the highest rating.

And that is despite the fact that the homes' large size — more than 7,168 square feet each of total area — resulted in a 26.5-point penalty on the LEED scale. The home's numerous eco-features make up for its size:

• It is estimated that Palazzi al Mare will consume 60 percent less electricity than an identical building constructed in compliance with current building codes.
• High performance windows and doors reduce the solar heat gain by approximately 90 percent or more on average.
• Over a 20-year period, projected electricity cost savings for each residence could be as high as $65,000 (assuming seven percent inflation). The estimated average monthly electric bill for one of the 5,300-square-feet air-conditioned spaces is $120, with a projected $40 monthly water expense.
• Building materials — all from local Southwest Florida suppliers — include: recycled wood, hurricane windows with the highest UV rating and crushed granite stucco feature walls.
• Conveniently located control panels operate the home’s efficiency and allows you to turn off and on lights throughout the home — no matter where you are.
• The centerpiece of the home — a glass elevator that runs off solar panels — offers a view of every room.

The listing is called Palazzi al Mare (Palaces by the Sea) and is represented by Coldwell Banker sales associates Dyrk Dahl and Ben Bates. These are said to be the first luxury, Gulf front, eco-friendly residences being considered for LEED Platinum Certification in the Greater Sarasota Bay area.

The Sarasota estates at 361 & 363 Ben Franklin Drive, are located on Lido Beach and priced furnished at $4.95 million or $4.75 unfurnished. Each residence has 4-bedrooms, 4-full and 2-half baths and a 3-car garage. This estate also received SRQ Magazine’s “Home of the Year”.

“Green homes have an extreme advantage over comparable homes on the market,” says Dahl. “Most luxury buyers are extremely educated and aware when it comes to their home investments and they recognize the benefits of purchasing an eco-friendly home over a standard one. The financial return can be far greater in the long run.”

IRS OFFERS FREE TAX SOFTWARE

In the recent Portfolio.com article, Teresa Novellino explains how the IRS is offering free tax software to lower and middle income taxpayers.

The Free File Alliance, a coalition of industry-leading tax-software companies partnered with the IRS to offer IRS Free File. There is a catch, though: this service is only available to taxpayers whose 2010 adjusted gross income totals $58,000 or less.

The service, which is available via IRS.gov/efile will take users through the tax-filing process step-by-step.Once you have selected the “Free File” option, you will find a list of Free File Alliance member companies and may either choose the one that fits their needs or utilize a “help me find a company” tool to narrow it down. After selecting a company, you will be transferred to the company's website to prepare, complete, and electronically file your federal income tax returns. Three of the 19 participating software companies also offer services in Spanish.

All “commonly filed” tax forms will be available through the software, a press release from the alliance says.

Fannie Mae Delinquency Rate Is Improving

According to Jeff Clabaugh, in a Washington Business Journal article, fewer homeowners are falling behind on their mortgage payments, but the backlog of foreclosures remains a serious concern for the housing market’s recovery.

The number of mortgages backed or owned by Fannie Mae which are at least 90 days delinquent fell to 4.45 percent in January. The rate has been falling for six straight months. Among the riskier mortgages, or those Fannie Mae qualifies as “credit enhanced,” including those with primary mortgage insurance, the delinquency rate is still 10.55 percent, although that is down from 11.27 percent six months ago.

Among its best borrowers, the 90-day-or-more delinquency rate fell to 3.38 percent, down from 3.62 percent last July. Although delinquencies continue to decline, an enormous backlog of foreclosures still exists with overhang at every level, according to a report this week from Lender Processing Services Inc.

McDonalds to fill 50K jobs

The fast-food chain, McDonalds Corporation has announced a hiring event on April 19 during which it plans to fill 50,000 crew and management positions.

McDonalds reports that the one-day event will seek to bring in and hire a combination of both full and part-time positions in close to 14,000 U.S. restaurants. McDonalds said that both it and its franchisees will spend more than $518 million more in wages and salaries in the coming year. The additional of 50,000 potential hires translates into $54 million more in payroll taxes contributed to the broader economy.

The 50,000 new workers will generate almost $1.4 billion in annual spending, the chain said.

What effect do you think the job market had on the economy and real estate market?

Mr. Buyer, should you place a backup offer on a property?

By Guest Contributor Judy Campo, Manager, Coconut Grove office of Coldwell Banker Residential Real Estate

In real estate, contracts are usually contingent on a multiple of conditions – the buyer often has to secure financing, consider inspection results, and obtain homeowners insurance and title insurance.

In a normal transaction (non-short sales), it is rare that a backup offer gets put in first place. The backup offer is often used by the seller as a strategy to put pressure on the buyer who is in first place. This happens frequently, and legitimately to coerce the primary buyer to perform. The seller can close the deal by making the buyer agree to no repairs after the inspections or appraisal comes in. This means the buyer may have to bring additional money to the table.

When another qualified buyer wants to be in the back-up position and is dying to get into first position, it works to make the property more desirable for the first buyer. When someone else wants the property, buyer’s remorse disappears and both buying parties will agree to anything from a higher price to taking the property without inspections.

If you decide to make a back-up offer, do so without any expectation that you’ll eventually get the contract. Just cross your fingers because there’s nothing you can do to lean on the seller except to offer a great price he can’t refuse if the first offer goes “South”. This may work to your advantage when the seller has the knowledge that a better offer is waiting for the first deal to fall through. If the first buyer starts making demands to the seller for credit after inspections, the seller can refuse and the first deal may fall through which puts the back-up into first position.

On the bright side, when the property is not a short-sale, you can expect to have an answer on your back-up offer soon after the first offer’s contingency period expires, roughly within 10 – 20 days.

Should you choose to make an offer on a short sale, it could take weeks or months to receive an answer, and there’s nothing you can do to speed up the process because the seller is at the mercy of the lender to give their approval or counter offer.

Check out this featured property if you are interested in Coconut Grove:

3050 Orange Street, Coconut Grove Marketed by Cary Erickson

U.S. Home Improvement Costs

We found this great infographic at Fixr.com that shows what home improvement projects and rooms that homeowners are undertaking in the U.S. cost today.

Check it out and let us know what you think and if it agrees and compares to what you're seeing in your area. What part of your home do you most want to make over?

Tax Time: Need an extension?

Stephen Fishman of Inman News™ offers some great advice for the upcoming tax deadline and extension thereof in his Real Estate Tax Talk column.

This year, because of weekends and holidays, your federal tax return is due on April 18 instead of the usual April 15 deadline. April 18 is also the deadline for several other important tax-related actions. For example, your first estimated tax payment for 2011 is due April 18.

If, like many people, you don't want to have to file your completed return by April 18, you can obtain an automatic six-month extension of time to file. This is very easy to do. You simply fill out Internal Revenue Service Form 4868: Application for Automatic Extension of Time to File U.S. Individual Income Tax Return.

It's important to understand that obtaining an extension of time to file your return does not relieve you of the duty to pay your taxes in time for the initial deadline (by April 18).

But that's not all. There are several other important steps you should consider taking before the deadline.

• File an extension
• Fund your retirement accounts
• Contribute to a Health Savings Account (HSA)

Topping Home Buying Charts - Single Women

Almost twice as many single women (20%) are buying homes than single men (12%), according to the National Association of Realtors. Why? Because they can.

This is the first time females represent more than 50% of the workforce and they want to build wealth and security through homeownership. Proximity and convenience to their job was most important in terms of location, according to 51% of the women surveyed. And 35% said they would cut spending on luxury and nonessential items to save toward buying a home.

Are you a single working woman and buying? Tell us why you decided to buy!

March Pending Homes Sales Up in Miami-Dade, Broward

As reported in the South Florida Business Journal, The Miami Association of Realtors has announced that the number of home sales now pending is up in Miami-Dade and Broward counties, according to the Miami Association of Realtors.

Miami-Dade is experiencing the biggest boost, with total pending sales – including single-family homes and condominiums – rising 18 percent, year-over-year in March, to 11,544 from 9,751. Pending sales are up 3.24 percent, month-over-month, the 23,000-member association said.

In Broward County, total pending sales in March have risen 6 percent year-over-year, to 8,665 from 8,173. Pending sales activity is up 3.27 percent compared to February.

An increase in pending sales is an indication of future market conditions. A sale is listed as pending when a contract is signed, but the transaction has not closed.

Coldwell Banker Home Linked to Elizabeth Taylor

Captivating hearts throughout the world, Elizabeth Taylor spent some secretive time at a Miami Beach home now on the market. Gleaming with the sophistication and glamour that can only be expected for the beauty screen legend, Elizabeth Taylor is linked to 2555 Lake Avenue in Miami Beach, a home once owned by William Pawley whose son was engaged to Elizabeth. The couple spent a lot of time at the home, posing alongside its pool deck in 1949.

The completely renovated waterfront home features seven bedrooms, nine and one-half baths (including the guest house). Asking price is $13,900,000. View additional photos of this residence on TheJills.com.

Read the featured story within the Sun Sentinel.

Millennial Buyers are Coming!

The Millennials — born between 1979 and 1991 — represent an incredible group of 51.5 million potential first-time homebuyers, according to Wells Fargo. This generation is diverse, technology driven and more inclined to trust large institutions than baby boomers and members of Gen X and Y, according to Pew Research Center.

In fact, more than 70% of those in the Pew survey said they still want to own a home. Millennials also responded favorably to rigorous credit requirements, describing them as beneficial to their goal of remaining in the home once they make the purchase.

Have you noticed more Millennial buyers searching for homes in your community yet? How will this influx of younger buyers affect your local housing market and economy?

market diagnosis and pain mitigation

Contributed by Carlos D. Lobato, Sales Associate, Coldwell Banker Residential Real Estate Miami Lakes office

It’s never been harder to buy or sell a property.” This is a sentiment that’s shared by many of my colleagues that have been in the real estate business for many years and through many market cycles. Fact is, they’re right. And historically speaking, here’s one reason why: From 1900 to 2000 home prices appreciated roughly 3-5% year-over-year. Yet from 2000 to 2006 the cumulative appreciation was 89%! We reached such ridiculous heights, that the fall had to be painful. And that pain continues to manifest itself in the way of foreclosures, bankruptcies, and the havoc that those wreak on everyday Americans. Make no mistake about it, we’re right in the thick of a social and financial reality check in our country; a painful one at that.

However, even pain can be mitigated. And in the case of real estate, that mitigation comes in the form of information. As a home seller, it’s not nearly enough to know what homes sold for last month, last week, or even yesterday. Where the market was this morning is of no consequence to you. Where it will be tomorrow and how you position yourself within the context of that future will ultimately determine your success or failure. And if a real estate professional can't demonstrate that he or she has their finger on the pulse of that future, than I suggest that you find yourself another doctor.

“But what if I’m buying”, you may ask? Truth is that the methodology is not much different. Learning about recent sales is an indicator of past market activity, where the market was, and subsequently of limited value. Yet to determine whether a property is a good buy, or whether to buy at all, you need to know where the market will be in the foreseeable future. And once again, if your real estate professional lacks the resources to do that, then you certainly need a second opinion…or maybe a specialist! LOL!

What is the difference between short sales and foreclosures?

By Guest Contributor Judy Campo, manager, Coldwell Banker Residential Real Estate Coconut Grove office

Financially speaking, foreclosure is the worst possible option when a person cannot keep up mortgage payments. Simply put, foreclosure means that a mortgage lender has taken possession of a home due to the inability of the homeowner to make timely mortgage payments. The lender owns the property and the borrower must leave it. Additionally, the borrower’s credit score is severely damaged and future borrowing for any purpose will be difficult if not impossible.

The best thing for a homeowner to do is to tell the lender immediately upon a change in circumstances that will make keeping up the mortgage impossible. At that time the borrower may ask the bank if they would consider a short sale. A short sale occurs when the borrower sells the property for less than the value of the mortgage. The longer a borrower waits and the higher his arrears, the more unlikely it is for the lender to agree to a short sale. Short sales also damage your credit score; it can lose up to 200 points due to a short sale. But, restoring your credit score for a short sale takes less time than it does for foreclosure, and if you managed to hang on to a credit card or two and keep them up, the process of credit score restoration is a bit quicker.

A homeowner whose lender agrees to a short sale should use a real estate agent that knows this market niche. At Coldwell Banker Residential Real Estate, we offer a program through our affiliated company, Sunbelt Title Agency which simplifies short sales by guiding you through the short sale maze and will assist you with your short sale communications. For more information about short sales or foreclosure, please give me a call.

Featured Property:

1900 N. Bayshore Dr. Unit # 4601, Miami, FL 33133 Listing Agent: Hans Klemm Cell: 305 491-0492 Click on the photo for a virtual tour