Metas
Florida Real Estate News - 03/27/07
FLORIDA PROPERTY TAXES
In the Florida Legislature, it’s a House divided. Democrats generally oppose a House proposal to swap less property tax for a higher sales tax, questioning the wisdom of asking Floridians to “swallow the largest sales tax hike in our state’s history.â€
Personally, I would rather see government spending cuts.
FLORIDA ROPERTY INSURANCE
Two new homeowners insurers, American Integrity and Privilege Underwriters Reciprocal Exchange (PURE), have entered the Florida marketplace, bucking a trend that has almost entirely involved insurers going the other direction. The companies plan to severely limit their exposure in any particular area.
At least Florida property owners are now getting some additional options to choose homeowners insurance.
If you desire more information about these news items, please call Glenn Ginsburg, your Naples FL real estate expert.
Florida Real Estate News - 03/26/07
FLORIDA PROPERTY INSURANCE
Another Florida property insurer has hit the skids. A judge has ordered Maitland-based Vanguard Fire & Casualty Company into liquidation, effective today. Two other insurers will offer the company’s 57,000 homeowner policyholders replacement coverage.
NEW HOME SALES
Sales of new homes in the United States fell sharply for a second consecutive month in February, dropping 3.9 percent to a seasonally adjusted annual rate of 848,000 a weaker-than-expected performance.
FLORIDA PROPERTY TAXES
Did local governments spend too much, or waste too much, during the recent boom when property taxes filled their coffers? There are no easy answers, but a look at 14 local governments in South Florida shows that it depends, in part, on your definition of necessary expenditures.
HOMEOWNERS
More than three in 10 homeowners (34 percent) do not know what type of mortgage they own, according to a new poll released by Bankrate.com. Furthermore, 28 percent of those surveyed worry about how they will afford their payments.
FLORIDA RANKS NO. 1 IN FORECLOSURES
Florida had the most homes in the foreclosure process nationwide in February, according to RealtyTrac, which reported a two-fold year-over-year gain in delinquencies more than 19,144 statewide. Foreclosure filings are also recording double-digit increases in California, Nevada and Arizona, mainly because large numbers of speculative investors cannot sell properties purchased during the recent housing boom. The lowest foreclosure rates were reported in Vermont, Maine, West Virginia and North Dakota.
If you would like more information about these news items or interested in buying or selling Naples real estate, please contact Glenn Ginsburg. Glenn can also serves the Bonita Springs real estate and Estero real estate markets.
Florida Real Estate News - 03/23/07
HOME SALES
Existing home sales in Florida continued to show a more sustainable pace of sales in February while still-low mortgage rates sparked buyer interest, according to FAR. Statewide sales of single-family existing homes totaled 10,779 last month for a 23 percent decrease compared to February 2006. The statewide existing home median sales price was $235,500.
MORTGAGE RATES
Rates on 30-year mortgages edged up slightly this week to average 6.16 percent, but still remained near the lowest level for the year, according to Freddie Mac’s weekly nationwide survey.
SUBPRIME MORTGAGES
Charges of blame were flying Thursday. Congress wants to do something about the rising number of foreclosures among homeowners unable to meet higher payments, a result of the meltdown in the subprime or high-risk mortgage market.
For additional information on these news items, please contact Glenn Ginsburg, Naples Real Estate Agent.
Las Vegas Condos
As the median age of Americans has risen, so has the popularity of condominium communities. Years ago, condos were of two distinct varieties. The bare minimum community, targeted towards first time home buyers who couldn’t afford to live in a home. The other was just the opposite, targeting the wealthy buyer by offering a wide range of amenities to entice a buyer to use as a vacation home or retreat.
Usually the luxury condo communities were restricted to vacation destination areas, like Las Vegas or Naples, Florida. To a certain extent they still are. Unlike the communities from a decade or two ago, most condominium communities that popped up have a wide range of amenities that would be considered “luxuries†just a few years ago, now are considered a standard.  The same can be said for communities in different parts of the country. For example, Las Vegas has seen significant growth in the condo market in the last several years.  Condos are now being marketed as a great first home alternative, rather than a second home or retreat (although many are still sold as such). People are still moving to Las Vegas in droves, so that has helped the market as has the great job market. Naples, Florida in comparison is a much smaller city but has a huge influx of residents every year due to its climate. Many of these residents call Naples home for six months of the year, while waiting out colder weather elsewhere.  Naples condo market has seen similar growth and the same trends—marketing towards first time home buyers.  While home prices haven’t spiked as much as Las Vegas, they have gone up which could also contribute to a spike in condo ownership.
Condominiums for second or vacation homes are ideal, because the owner does not have to needless hours with a property management company or other trades people ensuring that the property is being kept in shape - the carefree lifestyle. The condominium communities of today offer many more amenities than an owner of a single family home would have access to. It also offers the buyers a place for a quick weekend getaway, if there is a good weekend fare. Another feature of today’s condominium communities is the ability to rent the condo, thereby subsidizing a part of the annual carrying costs.
During the past few years, as single family homes became more expensive and less affordable for first time homebuyers, condominiums rose in popularity once again. The purchase of a condominium allows the first time homebuyers the opportunity to build equity and obtain income tax deductions for interest and real estate taxes, rather than paying rent.
Often a misconception about condominiums is the monthly fee versus the expenses of owning a single family home. The monthly maintenance fee is right in front of the prospective buyer and this can be discouraging. However, if one examines the monthly condominium fee, it is found that many of the expenses that are associated with a single family are covered - such as; hazard insurance, basic cable TV, water and sewer, trash removal, lawn and landscaping, fertilization, and reserves for painting and roof replacement, as well as the amenities of the community that might not be available without a significant investment in such things as a swimming pool, spa or golf course. One of the things that faces a homeowner is the painting and roof replacement at some point in time - this can be an unexpected major expense, but with a condominium every month a little sum is put towards these expenses, this is the reserves. For both first time buyers and second or vacation home buyers this can be an advantage for their personal budgetting and smooth the way without the sudden unhappy surprise of a major expenditure.
Another common denominator is investment. Both areas have been flooded by investors and speculators, which can make for an excellent purchase for a prospect buyer during the recent real estate downturn. As vacation destinations, Las Vegas condos or Naples condos make a good investment over the short and long haul.
Will the condo market share continue to grow in 2007? Probably because even though home prices have dropped, many people will prefer a condo lifestyle. In addition, many condominium communities are now pet friendly, offer luxury amenities and have low HOA dues making them a more attractive option to a wider home buyer base.
If you are thinking about buying a condo instead of a home, talk to a REALTOR familiar with the area first. They’ll be able to guide you in making the right choice for you.
- Charles Richey
About the author:
Charles Richey is the webmaster for www.lvrealty.net, a Las Vegas real estate website.Â
Marysville Washington Real Estate
Marysville Washington is known as a residential housing community and it is no surprise since there are many neighborhoods that surround the 14 schools. Growing up in Marysville and now working in the real estate industry, I can attest to this and what makes this area a great place to live.
So if Marysville is just a residential housing community there must be a lot of variation between the neighborhoods, right? Not exactly, there are many builders that have come in the area over the past 20 years but the continuity has remained consistent giving Marysville a comfortable and stable feel. The three major styles of homes are ramblers, two stories and split levels.
Ramblers were the most prominently built homes in the early growth of Marysville but still remain the favorite and most appealing of all the designs. They are laid out with a simple floor plan usually consisting of 3 bedrooms, 1 bath and a 1 or 2 car garage. Ramblers are still built in the newer neighborhoods, but have expanded to 3 bedrooms, 2 baths and a 2 car garage that keep a similar floor plan. An example of a rambler neighborhood is Cumberland Court located near Cedarcrest Middle School.
Two stories have really been popular these last 20 years because on the same size lot size as a small rambler more square footage of living area can be obtained. Usually a fourth bedroom is added along with a down stairs bathroom enabling a greater separation from playing kids and relaxing parents. The lot sizes are roughly 5,000 to 7,200 square feet giving the owners both a front and back yard for play or pets. An example of a two story neighborhood is Rock Creek on the Eastside of Marysville.
Split levels are very distinctive from the outside since the entrance stairs go right thru the middle of the home. Upon walking in residents can to choose whether to go upstairs, where the kitchen, master bedroom and bathroom are, or downstairs, where there is a recreation room and a additional bedroom and bathroom. Split levels are usually spaced throughout the neighborhoods to change up the plat layout and give some diversity to the neighborhood so there really isn’t a good example.
Marysville Washington is an ever growing residential housing community that still offers the down home feel, but isn’t too far from the major metropolitan areas like Everett, Lynnwood, Seattle and the Eastside (denoted by the Eastside of Lake Washington, Kirkland, Redmond and Bellevue). If you’re looking for a get away and a slower paced of life, especially on the weekend, then travel to the northwest and see what Marysville, Washington has to offer.
About the author:
Toby Barnett is the Business Development Manager position at Barnett Associates Real Estate in Marysville, WA. Mr. Barnett is a graduate from the University of Washington with a degree in Business Management and two double minors in Internal Business and Consulting.
Florida Real Estate News - 03/16/07
FLORIDA PROPERTY INSURANCE
Yesterday, State Farm, Florida’s biggest private insurer, reported that most policyholders would see a 7 percent decline in their property insurance rates much less than the 24 percent lawmakers predicted most insurers would offer following January’s special session of the Legislature.
FLORIDA PROPERTY TAXES
Florida House leaders are negotiating changes to their property tax proposal to protect hospitals and children’s programs from possibly losing billions of dollars since many receive special funding from property taxes authorized by voters.
FHA MORTGAGES
NAR testified before a Senate subcommittee this week, advocating for better FHA mortgage products that reflect consumers’ needs, eliminating the statutory 3 percent minimum cash downpayment and offering downpayment flexibility.
I have to disagree with the National Association of Realtors on this one. By eliminating the statutory 3 percent minimum cash downpayment, we are recreating the same situation that exists now with sub-prime lenders. The only difference is that the public sector rather the private sector gets to pay for borrower defaults.
MORTGAGE RATES
Rates on 30-year mortgages remained unchanged this week, averaging 6.14 percent the lowest level since mid-December as investors waited for more concrete information on the direction of the economy.
Green Remodeling
Many homeowners are starting to go Green - using environmentally friendly products.
Here is a list of the "Top 7" list for those property owners that are doing remodeling and thinking about using Green techniques:
- Install maximum insulation in the area to be remodeled.
- Install high-efficiency windows instead of those that just meet the energy code.
- Seal all exterior penetrations in the area being remodeled.
- Purchase only Energy Star® - rated appliances.
- Install only low-flow water fixtures.
- Upgrade to to Energy Star® - rated water heater, or better yet a tankless water heater.
- Purchase the highest efficiency heating, ventilation and air conditioning system you can afford.
Some research shows the following:
- The new green home owner is affluent and well educated, in his/her mid forties and married, and also more likely to be from the Southern or Western states. Women are also more likely to be green homeowners.
- 63 percent report lower operating and maintenance costs as the key movitation behind buying a green home. Additionally, nearly 50 percent said they are movitated by environmental concerns and their family’s health.
- More than 60 percent of those surveyed say that consumer awareness, additional costs and the limited availability of homes are obstacles to green homes gaining a bigger market share.
Florida Real Estate News - 03/15/07
MORTGAGES
HUD is preparing to punish some subprime mortgage lenders under investigation for discriminatory practices it announced yesterday. HUD also suggested that the largest mortgage companies, Fannie Mae and Freddie Mac, should consider giving strapped homeowners more time to make their payments.
NATIONAL REAL ESTATE FORECAST
The real estate market faces unique conditions right now, such as the subprime mortgage market problem and unusual weather. Consequently, the National Association of Realtors (NAR) predicts that things will likely get better this year but hesitates to say exactly when that turnaround will occur.
REMODELING
The market slowdown hasn’t curbed consumers’ desire for upscale kitchens and baths. Upper-end appliances are becoming more popular, even for homes that aren’t at the upper end of a price range, says American Institute of Architects Chief Economist Kermit Baker.
Florida Real Estate News - 03/14/07
FLORIDA PROPERTY TAXES
One hand may not know what the other hand is doing: The Florida House wants to get rid of property taxes; at the same time, however, it has told local school boards to increase property taxes if they need more money to operate.
Okay - time for the Florida legislature to start amongst themselves as to what the game plan is going to be reducing property taxes.
SUBPRIME MORTGAGES
Subprime mortgage market troubles already make it more difficult for some homebuyers to secure a mortgage, but fear of a broad collapse has caused Congress to consider tougher standards for the industry.
Just read that Fifth Third Bankcorp is announcing tighter lending guidelines for some of their loan programs after 8:30 AM today (March 15th). The Ides of March does blow an ill wind for some.
FLORIDA PROPERTY INSURANCE
Florida officials approved a new business plan for Citizens Property Insurance, allowing the state-run insurer to be more competitive and offer some savings to policyholders. Under the plan, Citizens will offer a complete policy that covers windstorm damage, as well as fire, theft and liability.
Are Florida officials aware that slightly more 7.5% of my homeowners insurance premium is for the September 2005 Citizens Recoupment? Glad to hear Florida officials are offering savings to policyholders of Citizens Property Insurance - hey what about me and the other people that are paying for the recoupment?
Florida Real Estate News - 03/13/07
STATE OF FLORIDA FINANCES
Florida’s shaky financial outlook took a turn for the worse Monday when state economists knocked nearly $1 billion out of their two-year revenue estimate. They blamed the slump in home sales for the drop.
You might be asking how home sales are to blame for the drop in the revenue estimate - documentary stamps on deeds, intangible tax and documentary stamps on the face value of a mortgage, sales tax collected on furniture and other home/condo furnishings - just to name a few.
SUBPRIME MORTGAGES
A Treasury Department official said yesterday that troubles in the subprime mortgage industry remain manageable, and that they won’t impact other economic sectors.
HOME TRENDS
By the end of the decade, 33 percent of Americans will be in the 50-and-up age segment; but a growing number of baby boomers already are considering accessibility when purchasing a new home, and looking for universal design features such as wider entryways, lower cabinets and raised toilets.
HOME IMPROVEMENTS
How long will a home improvement actually remain an improvement? How long do new wood floors last? New stoves? A new countertop? NAHB conducted a study that tries to determine the lifespan of home components.