Naples Real Estate News 05/29/08
HOMEOWNERS INSURANCE
Governor Charlie Crist yesterday signed property insurance reform into law. The final version of the bill included other bills that were added as amendments, and it’s the biggest insurance change to come out of the 2008 legislative session. It offers a number of protections and upgrades for Florida homeowners.
Hurricane season begins June 1, and it’s important for homeowners to shop around to find the best insurance, understand what is covered and what isn’t, and consider purchasing federal flood insurance. Be sure your Naples, Bonita Springs or Estero home has flood insurance, we are in a sub-tropical environment where heavy rains in short periods of time are possible, creating local flooding.
ISSUE FOR CONDO AND HOA FEES
Delinquent fees at condo and homeowner associations are an outgrowth of the mortgage crisis, leaving associations scraping to pay for landscaping, maintenance, pools, recreation centers and other amenities. In Florida, homeowner groups surveyed by the Community Association Leadership Lobby complained that even some banks fail to pay association fees after foreclosing on homes.
ECONOMY
The U.S. economy grew at a slightly better pace in the first quarter, clocking in at a 0.9 percent growth rate instead of the estimated 0.6 percent. However, it was still a weak showing that underscored caution on the part of consumers and businesses struggling with housing, credit and financial problems.
REAL ESTATE SCAMS
An old scam is back, but upgraded using today’s technology: An anonymous buyer in Pasco County is buying undesirable slivers of land at a tax sale, marking up the price, and then advertising it on Craigslist as a way to coerce nearby homeowners to buy it.
NEW LAW
Governor Crist yesterday signed SB 464 into law, which prohibits private transfer fees on real estate sales - a costly problem for future homebuyers. Here’s how the scheme works: In a property’s covenants, codes and restrictions, a property owner reserves the right to receive a percentage of all future sales - usually 1-2 percent. But buyers and sellers are often unaware of this fee until they’ve entered into a purchase contract. The practice artificially devalues property and impedes the sales process.
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