Destin Florida Real Estate

Rent to Own Destin Real Estate

2008-09-05T17:24:00.003-05:00

These days we have to find different options to make deals happen. Some of these ideas below we have talked about and discussed with Renting to Own Destin Real Estate at www.InvestSmarter.com. It gives great options to buyers and sellers or developers. The market is difficult for many and as long as the parties agree, it's a wonderful way to get a deal done. Let us know your thoughts on Rent to Own Destin Real Estate and more informaiton below.

Rent-to-Own Gaining Favor Once Again Rent-to-own options are becoming popular again after falling out of favor during the last couple of decades when mortgages were easy to get.The advantages of rent-to-own to buyers include a way around poor credit, an opportunity to rebuild credit worthiness and a way to try out homeownership without making a costly commitment.For sellers, it offers cash flow from properties that might otherwise just be sitting there.In some parts of the country, like Florida, rent-to-own arrangements are fairly commonplace, but in other parts of the country developers are only beginning to experiment with this form of purchase.In the Boston area, Economic Development Financing Corp. (EDFC) and Trinity Financial are two affordable-home developers that have introduced experimental rent-to-own programs. Eric Gedstad, spokesman for MassHousing, a state agency that finances housing construction, says his agency is supportive."As the lender, we are gratified that the developer has cash coming in. It makes sense for potential homeowners. The more time that goes by the better the opportunity for someone to repair his credit."Source: Boston Globe, Robert Preer (08/31/2008)

For Destin Real Estate for sale visit us online at www.Destin-Florida-MLS.com and always feel free to view the corporate site at www.RandBCoastalRealEstate.com for more exciting information about Destin Florida Real Estate.

Where are we going? Recession or Depression?

2008-08-03T09:16:00.002-05:00

Well, we are all worried about it and the Smart Investor is really considering their options in today's market. Real Estate and Stocks are all over the place! So what are we to do? What really will come of the entire market? Who really knows. What we do know is that many intelligent people are making claims.

Greenspan Calls for 'Nationalization' of GSEs

Former Federal Reserve Chair Alan Greenspan told CNBC Thursday that falling U.S. home prices “are nowhere near the bottom” and the turmoil isn’t close to abating. He said the odds of recession are 50-50 and achieving stability will “take awhile.”Greenspan called Fannie Mae and Freddie Mac a "major accident waiting to happen" and said the solution is "nationalization" of the companies, a restructuring involving an infusion of taxpayer money and eventual sale back to the market as "five or 10 separate entities." Source: Bloomberg News, Steve Matthews (09/01/2008)

So maybe the bottom isn't here! We have been evaluating different markets and would love your imput also. In our area of Destin Florida, most people can afford between $1,000 - $1750 a month...that includes taxes, insurance, etc. Guess what...you can't buy anything for that these days..well you can, but you have to look deeper into the short sale market. We are helping people get involved in these types of properties....let us tell you more today!

Also visit the corporate website online at www.RandBCoastalRealEstate.com where we have more information available.

For available properties in Destin Florida please visit www.Destin-Florida-MLS.com for more great investment options in these markets.

Destin Florida Real Estate Weekly Trends-July 4th

2008-07-04T09:29:00.002-05:00

Yet another wonderful and exciting day in the Emerald Coast. Things are on the up trend and getting more and more exciting. Below are the trends for this last week and look great for the Destin Florida area. For more information on Destin Florida please visit www.Real-Estate-Destin-Florida.com and to search for homes www.Destin-Florida-MLS.com and for condos or condominiums www.Destin-Florida-Condominiums.info is always available.

FLORIDA

Crestview
2008 Resale Housing Trend Report
2007 Resale Housing Trend Report

Destin
2008 Resale Housing Trend Report
2007 Resale Housing Trend Report

Ft. Walton
2008 Resale Housing Trend Report
2007 Resale Housing Trend Report

Navarre
2008 Resale Housing Trend Report
2007 Resale Housing Trend Report

Niceville
2008 Resale Housing Trend Report
2007 Resale Housing Trend Report

Pensacola
2008 Resale Housing Trend Report
2007 Resale Housing Trend Report

This information brought to you from Narreia and www.RandBCoastalRealEstate.com affiliated and part of the www.InvestSmarter.com network of Qualified Real Estate Agents and Brokers.

Investors Swoop In

2008-06-23T20:21:00.002-05:00

So we know that the Destin Florida Real Estate market has been a little slow for the last few monthes, but summer is here and we at www.InvestSmarter.com have noticed a new group of investors swooping in. It started about a month ago with a few of the more marketed auctions and they haven't left. More and more people are buying property in the Destin Florida area. See the article below that's talking about why:

Daily Real Estate News June 23, 2008

Investors Swoop In as Land Prices Fall

Investor demand for undeveloped land is increasing as prices decline in many areas.The decline is fueled by developers and individuals who are unloading property they previously bought to build on.Real Capital Analytics, a research firm, says the exodus of some developers has pushed prices down substantially. Real Capital says the price per buildable square foot on land earmarked for retail development averaged $44 so far this year, compared with $79 in 2007, while the average price for land for condominiums was $87, versus $151.“I haven't seen this market in 20 years,'' says Jaime Raskulinecz, a real estate investor and property manager from Verona, N.J., who wants to buy land in the hard-hit market of Cape Coral, Fla. During a recent visit there, she found lots for sale on or near the water at about a third to half below their peak prices of two years ago.Investors in raw land need cash to spend because financing is hard to get. They also must be able to pay the property taxes, keep liability insurance on the property and provide upkeep. The possibility that there might be contaminants hiding there is also a risk.Source: The New York Times, Vivian Marino (06/22/2008)

Not only is it undeveloped land, but deals that make the numbers work. And yes they are out there! Banks are become a little more realistic with price points. Search the Destin Florida Real Estate market today online at www.destin-florida-mls.com to see what's available in your price range.

Buying Waterfront Property

2008-06-09T22:35:00.001-05:00

Who doesn't want to own a little piece of heaven? The emerald green waters just invite you right in or the luxury of being able to have your boat right behind your home and just jump in and head out. These are things we all dream about and some of us are able to make the dream a realitiy. If you do make the plunge here are a few things to think about:

-Be specific when zeroing in on a location. Do buyers want a getaway right on the beach, or just within walking distance of water? The price difference between the two is often quite notable. Some buyers are content being within easy driving distance and don’t want to pay a waterfront premium. One caveat: If they're buying a property as an investment and/or plan to rent the property out all season, then proximity to water is a must. It's the first thing seasonal renters look for.

-Think about bad weather and what it means to you. Does the area frequently flood? Is it often hit by hurricanes? If so, how is that affecting current owners’ insurance? Many large insurers are refusing to insure frequently weather-damaged areas and even some areas that haven’t had weather damage in a long time, but could.

-Consider the implications of every season. What happens to the homes in the high season? Are they used primarily by the owners? Rented out per week? Rented out all summer to packs of 20 somethings and their closest friends? Prom weekend hot spot? Buyers who have the time should visit throughout the season to see how the crowd changes

-Don't forget to insure, insure, insure your home

For more information on waterfront property please feel free to view more homes and condos online at
www.RandBCoastalRealEstate.com
www.Destin-Florida-MLS.com
www.Destin-Florida-Condominiums.info
www.InvestSmarter.com

Weekly Trend Data-June 5th 2008 Destin Florida Real Estate

2008-06-05T15:48:00.001-05:00

Destin Florida Real Estate Market Trends-5/30/08

2008-05-30T07:14:00.005-05:00

The Destin Florida Real Estate market like many others is starting to see a nice return to normal. With the condo market and the summer season getting people back into the mood and interest rates staying stable. Destin Florida Real Estate seems to be moving in the right direction. To see more of the trends in the Destin Florida Real Estate market, please visit any of the links below:

Destin FLORIDA Real Estate

Crestview Florida Real Estate
2008 Resale Housing Trend Report
2007 Resale Housing Trend Report

Destin Florida Real Estate
2008 Resale Housing Trend Report
2007 Resale Housing Trend Report

Ft. Walton Florida Real Estate
2008 Resale Housing Trend Report
2007 Resale Housing Trend Report

Navarre Florida Real Estate
2008 Resale Housing Trend Report
2007 Resale Housing Trend Report

Niceville Florida Real Estate
2008 Resale Housing Trend Report
2007 Resale Housing Trend Report

Pensacola Florida Real Estate
2008 Resale Housing Trend Report
2007 Resale Housing Trend Report

For the availability of real estate for sale in the Destin Florida Real Estate Market, please feel free to use any of the following websites:

http://www.destin-florida-mls.com/
http://www.destin-florida-condominiums.info/
http://www.randbcoastalrealestate.com/
http://www.investsmarter.com/

Destin Florida Real Estate: Destin Florida Real Estate-Better Terms Coming for Jumbo Loans

2008-05-24T09:39:00.000-05:00

Destin Florida Real Estate: Destin Florida Real Estate-Better Terms Coming for Jumbo Loans

Destin Florida Real Estate-Better Terms Coming for Jumbo Loans

2008-05-24T08:47:00.003-05:00

Daily Real Estate News May 23, 2008

Better Terms Coming for Jumbo Loans

Executives from Fannie Mae and Freddie Mac told Congress on Thursday that they are reducing interest rates on some jumbo mortgages.They said their more aggressive purchases in recent weeks of loans between $417,000 and $729,750 have brought rates down.Prices still remain relatively high compared to rates for lower amounts because investors believe borrowers will refinance as soon as rates decline. HSH Associates, a financial publisher in Pompton Plains, N.J., said its surveys showed the average rate last week for a 30-year fixed-rate mortgage of $417,000 or less eligible for sale to Fannie or Freddie was 6.17 percent. The average for such loans of between $417,000 and $729,750 was 6.61 percent, or 0.44 of a percentage point higher.

Source: The Wall Street Journal, James R. Hagerty (05/23/2007)

What Does this mean for the Destin Florida Real Estate Market?

With the majority of resort and upscale homes in Destin Florida's Real Estate market going for well in excess of $417,000 Jumbo limits play a major factor. When you are looking at Destin Florida Real Estate loans as high as $1M-$5M .25 percent can play a major role in your monthly payment. Even on the $600,000 and under homes and condominiums you can see a savings of around $1,000 a month on your payment! With the decline and thoughts of "where's the bottom?" many people are a little worried and with mortgage rates up and down like a yoyo...buyers are worried also about when is the right time to buy. The good thing is the Destin Florida Real Estate market is stabilizing and even though rates are going up and down, for the most part the swings are narrow. Ensure that when you are looking to purchase a Destin Home or a Destin Condo, you are working with a qualified agent. That not only includes your Destin Florida Real Estate agent, but also your Destin Florida mortgage broker. Please feel free to visit more about the Destin Florida Real Estate market online at InvestSmarter or R & B Coastal Real Estate where you can search the entire Destin Florida MLS.

www.InvestSmarter.com
www.RandBCoastalRealEstate.com

Destin Florida MLS update

2008-05-19T09:13:00.002-05:00

Well this weekend was as exciting as most...a lot going on in the market and new trends showing positive growth! We have taken things to another level with our web development and putting a little more information on the Destin Front. If there is a neighborhood of interest, please let us know. We started with the two new sections of our new www.destin-florida-mls.com website and put in the Destin and Destin Florida information. Please see below:

http://www.destin-florida-mls.com/destin-florida-real-estate/
http://www.destin-florida-mls.com/destin-real-estate/

The Destin Real Estate link will give external links also to the www.destin-florida-condominiums.info site with all of the available Destin Condominiums. Let us know if there are any of these also that you would like reviewed.

Have a great week!

www.InvestSmarter.com

Weekly Trend Data May 16th 2008

2008-05-16T14:53:00.001-05:00

Home Sales, Prices Seen Rising in Late '08

2008-05-16T14:47:00.003-05:00

Daily Real Estate News May 16, 2008

Home Sales, Prices Seen Rising in Late '08

First, the good news: home sales have stabilized over the last seven months and should increase slightly in the second half of 2008, NAR Chief Economist Lawrence Yun told a crowd of REALTORS® at NAR’s Midyear Legislative Meetings & Trade Expo Thursday. The other good news is that the subprime lending crisis is becoming a thing of the past. “I believe 2008 will be the year when we have to clean up and recover from the subprime mess,” said Yun. The bad news is that the numbers are in, and 2007’s annual sales volume of about 5.30 million homes was the lowest in 10 years. Luckily, the economy is stronger overall than it was a decade ago. “The difference is that we have 25 million more people and 13 million more jobs than we did 10 years ago,” he said. And while sales should begin to grow later this year, real improvement in the housing market won’t happen until 2009, when sales should climb to 5.71 million units, Yun said. Price Gains to Vary by MarketPrices also are expected to begin a turnaround later this year, although recovery will vary by market. Middle-America cities that performed evenly over the past few years – like Cincinnati, Milwaukee and the Kansas City, Mo., area – are likely to experience home price gains in the 20 to 30 percent range over the next five years, while markets like Miami, Las Vegas and Phoenix could see prices go up as much as 50 percent during that time period, Yun said.Healthier Mortgage Market Makes a DifferenceA brighter credit picture is a major contributor to this improvement, Yun said. If you look at where home prices fell the most, it’s the markets were subprime loans were prevalent,” Yun said. Cape Coral, Fla.; Detroit; Las Vegas; Miami; Orlando, Fla.; Phoenix and Riverside, Calif. were among the cities with a high percentage of subprime lending and where the markets suffered the biggest downturns, he explained.These markets should get a boost from a more stable mortgage market. FHA lending doubled to 6 percent of all loans 2007 and should grow to 10 percent in 2008. It should reach near-historic norms of 15 percent in 2009, said Yun. The increase will be slow because many lenders will have to be certified by the U.S. Department of Housing and Urban Development before they can issue FHA mortgages. Higher conforming loan limits at Fannie Mae and Freddie Mac have also helped lower interest rates and unlock the lending log jam for jumbo loans. Even current borrowers with adjustable mortgages are in better shape, thanks to Fed rate cuts. In fact, some adjustable loan borrowers may actually see their resets produce lower payments. “The Fed has done its job on resets; now it’s up to Congress to encourage the home buying that will help stabilize prices,” Yun said. Other Reasons to Be OptimisticThe home buyer tax credit currently being considered by Congress would also encourage uncertain buyers to act. Stabilized prices will not only encourage sales but could help reduce defaults, he added. The foreclosures aren’t all in the past, warned Yun, though he believes that many investors and speculators already have exited the market. He expects foreclosures to rise throughout 2008 and perhaps into 2009, primarily among subprime borrowers, where foreclosure rates were near 20 percent in the third quarter of 2007. Still, Yun notes, it’s important to remember that only 9 percent of home owners have subprime loans. Foreclosure rates for all loan types are much lower — currently, around 2 percent. — By Mariwyn Evans for REALTOR® magazine online

www.InvestSmarter.com
www.RandBCoastalRealEstate.com
www.Destin-Florida-MLS.com
www.Destin-Florida-Condominiums.info

Weekly Trends for Destin Florida, Fort Walton Beach Florida, Crestview Florida, Pensacola Florida, Niceville Florida Week of 5/11/08

2008-05-11T10:59:00.003-05:00

NAR Joins in Call to Stabilize Markets

2008-05-07T09:22:00.002-05:00

Daily Real Estate News May 6, 2008

NAR Joins in Call to Stabilize Markets

The NATIONAL ASSOCIATION OF REALTORS®, in a letter to members of the U.S. House of Representatives, urged Congress to make the FHA and conforming loan limit increases permanent as part of the 2008 Housing Stimulus bill, which is expected to be marked up this week.Yesterday, Reps. Jerry McNerney, D-Calif., and Gary Miller, R-Calif., introduced H.R. 5958, the Homeowner Opportunity Act, making permanent the increase to FHA and conforming loan limits for high-cost areas. The bill will be considered as an amendment to the larger housing stimulus bill. “By making the loan limit increases to FHA, Fannie Mae and Freddie Mac permanent the mortgage market will achieve an immediate increase in liquidity,” said NAR President Dick Gaylord, a broker with RE/MAX Real Estate Specialists in Long Beach, Calif. “This increased liquidity should help drive down mortgage costs and create stability in the mortgage market.“As the leading advocate for homeownership, NAR applauds the bipartisan efforts by Congressmen McNerney and Miller in sponsoring this amendment. That can also help veterans, teachers, nurses, police officers and other working families to achieve the dream of homeownership by offering a safe and affordable alternative to risky subprime loans,” Gaylord said.NAR urges members of Congress to support the McNerney-Miller amendment. Higher loan limits are critical to ensure that homeowners and those who aspire to own a home are given the same safe alternatives for mortgages regardless of where they live. “It is simply a matter of equity for American families who live in high-cost communities,” according to Gaylord.Source: NAR

www.InvestSmarter.com
www.Destin-Florida-MLS.com
www.Destin-Florida-Condominiums.info
www.RandBCoastalRealEstate.com

Berkshire Hathaway Steps Up

2008-05-05T15:32:00.002-05:00

Daily Real Estate News May 5, 2008

Buffett Does His Part to Keep Rates Stable

Berkshire Hathaway, the insurance and investment company chaired by Warren Buffett, the world’s wealthiest man, has bought portfolios of subprime mortgages and frozen their rates.Buffett, who spoke at Berkshire Hathaway’s annual meeting Sunday, said Clayton Homes, a unit of Berkshire that makes and provides financing on manufactured homes, purchased the subprime mortgages. Clayton sent letters to all the borrowers involved telling them the interest rates wouldn’t reset higher."We're not in the business of resetting mortgages higher," Buffett said.Source: Dow Jones Business News, Alistair Barr (05/04/2008)

www.InvestSmarter.com
www.RandBCoastalRealEstate.com
www.Destin-Florida-MLS.com
www.Destin-Florida-Condominiums.info

Destin Florida, Pensacola Florida, 30-A Florida Real Estate Weekly Trends

2008-05-02T09:09:00.001-05:00

And We Thought the Panhandle was Expensive!!!

2008-05-01T13:25:00.001-05:00

Daily Real Estate News May 1, 2008

The First $2-billion Home is Coming

The world’s largest and most expensive home will be completed in January.The 27-story skyscraper in downtown Mumbai, India, will be the residence of Mukesh Ambani and his wife Nita. Ambani, head of Mumbai-based petrochemical company Reliance Industries, is the fifth richest man in the world.The couple who have three children, are custom designing their $2 billion property with help from architecture firms Perkins + Will and Hirsch Bedner Assoc., based in Dallas and Los Angeles respectively.The home will have 400,000 square feet of interior space, nine elevators, a ballroom and a section for security guards and assistants to relax.There will also be an ice room where residents and guests can escape the Mumbai heat and be dusted by man-made snow flurries.Source: Forbes, Matt Woolsey (04/30/2008)

www.InvestSmarter.com
www.RandBCoastalRealEstate.com
www.Destin-Florida-MLS.com
www.Destin-Florida-Condominiums.info

Workouts on Prime Mortgages Increase Hope

2008-04-29T16:36:00.002-05:00

Daily Real Estate News April 29, 2008

Workouts on Prime Mortgages Increase Hope

Now’s banker members say despite getting off to a slow start, the coalition is making a difference.Hope Now, an alliance of mortgage servicing and counseling companies, reports 502,520 mortgage workouts -- changes to repayment schedules or contractual terms of loans to prime borrowers -- in the first quarter, up 6 percent from the 2007 fourth quarter and 26 percent from the third quarter. Mortgage companies negotiated new terms on 206,495 prime loans last quarter, a 19 percent gain from the fourth quarter's 173,499, according to Hope Now. The alliance reports that subprime workouts fell to 296,025 from 301,244. Members of Hope Now include Bank of America Corp., Citigroup Inc., Washington Mutual Inc., and Wells Fargo & Co.Robert Steel, Treasury undersecretary for domestic finance, defended Hope Now’s still relatively low mortgage rescue rate, saying falling house values do not necessarily change a borrower’s ability to afford a monthly mortgage payment."We strongly believe people should and will continue paying their mortgages regardless of short-term price fluctuations," Steel said in remarks to a business journalists conference.Source: Reuters News (04/28/08)

www.InvestSmarter.com
www.RandBCoastalRealEstate.com
www.Destin-Florida-MLS.com
www.Destin-Florida-Condominiums.info

30-Year Rates Jump to 6.03%

2008-04-26T10:17:00.002-05:00

Daily Real Estate News April 25, 2008

30-Year Rates Jump to 6.03%

Freddie Mac reports a jump in the 30-year fixed mortgage rate to 6.03 percent during the week ended April 24, from 5.88 percent the prior week, marking the first time in six weeks that mortgage rates rose above 6 percent. The 15-year fixed mortgage rate climbed during the same period, edging up to 5.62 percent from 5.40 percent. The five-year adjustable mortgage rate increased to 5.68 percent from 5.48 percent, while the one-year adjustable rate shot up to 5.28 percent from 5.10 percent. Freddie Mac chief economist Frank Nothaft attributes the gains to heightened inflationary concerns. Source: Baltimore Sun (04/25/08) © Copyright 2008 Information Inc.

www.InvestSmarter.com
www.RandBCoastalRealEstate.com
www.Destin-Florida-Condominiums.info
www.Destin-Florida-MLS.com

Lenders Stall Short Sales, Practitioners Say

2008-04-24T16:40:00.002-05:00

Daily Real Estate News April 24, 2008

Lenders Stall Short Sales, Practitioners Say

Real estate practitioners across the country believe mortgage lenders are worsening the housing downturn by taking months to make decisions on short sales and sticking to high internal target prices. As a result, home buyers are abandoning short sale properties, forcing them to be sold in foreclosure sales that typically result in lenders accepting lower prices than they could have achieved in a short sale. "The only question banks should ask is can they make more in a short sale than in foreclosure," according to Lighthouse Point, Fla.-based real estate practitioner Ron Rosen, who cites a "broken" system. "The answer is that in nine out of 10 cases they will lose more money in a foreclosure. But banks seem to be asking a different question." Some practitioners contend that lenders lack the appropriate systems and staff to handle short sale requests, while lenders insist the short sale process is complicated by the need for approvals from investors and mortgage insurers. Still, practitioners note that a more efficient short sale process would boost prices and reduce inventory.Source: Reuters, Nick Carey (04/22/08)

www.InvestSmarter.com
www.RandBCoastalRealEstate.com
www.Destin-Florida-MLS.com
www.Destin-Florida-Condominiums.com

Destin Florida Real Estate Market Trends-Week of 4/24/08

2008-04-24T12:40:00.002-05:00

New Blogs Created to Be More Specific to Property Type and Area

2008-04-23T09:39:00.004-05:00

We thank everyone for their support and hope that the blogs provided here have been helpful. We have gotten requests to begin breaking the blogs into categories as seen below. We always welcome feedback and growth potential. We are trying to transition also into a more feedback/Q&A oriented advice section also so please feel free to publish any questions or solutions here or on http://www.investsmarter.com/forum/. This is a new section to the Invest Smarter family. Thank all of you again and let's try to make 2008 and solid year for investing in Real Estate along the Emerald Coast!

For the 30A Florida Real Estate You will have:
http://30afloridarealestate.blogspot.com/ Dedicated to information that will be helpful for investing along 30A Florida including Rosemary, Santa Rosa Beach, Seaside, Seacrest, etc.

For Destin Florida Real Estate You will have:
http://destinfloridacondominiums.blogspot.com/ Dedicated to Destin Florida Condominiums
http://destinfloridacommercialrealestate.blogspot.com/ Dedicated to Destin Florida Commercial Real Estate and investment properties including rental income producing property.

For Panama City Beach Florida Real Estate You will have: http://panamacitybeachfloridacondominiums.blogspot.com/ Dedicated to Panama City and Panama City Beach Florida Condominiums http://panamacitybeachfloridacommercial.blogspot.com/ Dedicated to Panama City and Panama City Beach Florida Commercial Real Estate

The main blog of Panama City and Panama City Beach Florida Real Estate will continue to service the homes and general information about the area.

Of course all users can still search the MLS in each region below:

For the Destin Real Estate Market, Fort Walton Beach Real Estate Market, Niceville Real Estate Market, Crestview Real Estate Market and Pensacola Real Estate Market You will have:
www.Destin-Florida-MLS.com
www.Destin-Florida-Condominiums.info
www.Destin-Florida-Commercial-Real-Estate.com

For the 30A Florida Real Estate Market including :Alys Beach, Blue Mountain Beach, Carillon Beach, Crystal Beach, Grayton Beach, Laguna Beach, Rosemary Beach, Santa Rosa Beach, Seaside, Seacrest, Seacrest Beach, Seagrove You will have:
www.30A-Florida-MLS.com

For the Panama City and Panama City Beach Real Estate Markets:
www.Panama-City-Beach-Florida-MLS.com
www.Panama-City-Beach-Florida-Condominiums.com
www.Panama-City-Beach-Florida-Commercial-Real-Estate.com

And the Gold Standard of Real Estate! www.InvestSmarter.com and www.RandBCoastalRealEstate.com

Mortgage Rates Hit Low Point

2008-04-21T15:47:00.002-05:00

Daily Real Estate News April 21, 2008

Mortgage Rates Hit Low Point

The 30-year fixed rate mortgage currently sits at 5.88 percent, and analysts say they are unlikely to fall any further for the rest of the year. The rate on the fixed loans is only down a quarter of a point this year, as the credit markets have cut the link between it and yields on 10-year Treasuries; and while skittish investors have moved to Treasuries to trim the yields, mortgage lenders have not eased lending standards.Mortgage rates are likely to close 2008 at about 6 percent as investors in bonds focus on rising inflation, driving interest rates higher. Long-term rates will also increase due to the additional supply of Treasuries as Congress borrows to raise money for the growing federal budget deficit. Source: Kiplinger.com, Jerome Idaszak(04/21/08) © Copyright 2008 Information Inc.

www.Destin-Florida-MLS.com
www.Destin-Florida-Condominiums.info
www.InvestSmarter.com
www.RandBCoastalRealEstate.com

Flip That House and TV Viewers

2008-04-21T15:44:00.004-05:00

Daily Real Estate News April 21, 2008

Plenty Still Watching Real Estate TV

Despite a market that is tough in many areas, people continue to watch real estate television.Real-estate programming specialist HGTV's viewership rose 11 percent year-to-year in the first three months of 2008. Nine of its top-10-rated shows among the target 25- to 54-year-olds are real estate based. Property Virgins (Sundays, 10 ET/PT), which premiered last fall with a focus on first-time buyers, has hit peak viewership (about 1.5 million) in the past few weeks.This summer Bravo will revive Million Dollar Listing and Flipping Out, which did well in their first seasons. "Looking at big, beautiful houses is real-estate porn," says Andy Cohen, Bravo's production chief. "We're wary of the real estate market. But we have the most affluent audience on cable, and we program for them."TLC has dropped Property Ladder, and Date My House replaces one of the Saturday time slots of Flip That House, whose viewership has dropped significantly from its peak of 1.8 million in fall 2006. TLC plans a late-spring rollout of Your Place or Mine, a novel game show that offers home makeovers."People are looking at homes in different ways," says TLC's says chief programmer Brant Pinvidic. "A couple of years ago, selling a house was considered the quickest way to get rich. Now it's, 'How much could I sell it for?' It's more a question mark rather than an exclamation point. We want to be reflective of our audience and continue to adjust. But this is a genre we'll always be in."Source: USA Today, Gary Strauss (04/18/2008)

www.InvestSmarter.com
www.RandBCoastalRealEstate.com
www.Panama-City-Beach-Florida-MLS.com
www.Destin-Florida-MLS.com

Fannie, Freddie to Buy More Jumbos

2008-04-21T15:43:00.003-05:00

Daily Real Estate News April 21, 2008

Fannie, Freddie to Buy More Jumbos

Fannie Mae and Freddie Mac agreed last Friday to buy more jumbo loans from major lenders, making it easier for borrowers to get these kinds of mortgages.Freddie Mac said it expects to buy up to $15 billion of jumbo conforming loans from Wells Fargo & Co., Chase, Citi Bank, Washington Mutual, and other lenders.None of the banks were able to provide rates for the jumbo conforming loans. But Tom Kelly, a spokesman for Chase, said the Freddie Mac agreement "is going to make more money available in high-cost markets and the rates are obviously going to be less" than they have been since February when Congress first raised the size of mortgages Freddie and Fannie are able to buy.Since the increase, jumbo mortgages have been more than 2 percentage points higher than other conforming mortgages. Plus they have had stiffer requirements, including higher credit scores and bigger down payments."The idea is to provide more liquidity, to lower the rates, and provide more money from the investor side," said Jon Skarin, director of federal policy for the Massachusetts Bankers Association. For the program to work, he said, rates "are going to have to come down significantly, and we'll see."Source: The Boston Globe, Kimberly Blanton (04/19/2008)

www.RandBCoastalRealEstate.com
www.InvestSmarter.com
www.Destin-Florida-MLS.com
www.Destin-Florida-Condominiums.info

Lenders Balk at Short Sales

2008-04-19T08:14:00.001-05:00

Daily Real Estate News April 17, 2008

Why Lenders Balk at Short Sales

The NATIONAL ASSOCIATION OF REALTORS® says 18 percent of home transactions are now short sales, though experts point out that lenders are reluctant to approve such deals. Research from Clayton Holdings Inc. indicates that lenders lose only 19 percent of the loan amount on average with a short sale, compared to 40 percent on a traditional foreclosure sale. However, short sales require approvals from primary lenders, servicers, investors, and home-equity lenders--a process that can take several months to complete. Mortgage servicers blame delays on staff shortages resulting from the unexpected rise in problem loans, and Mortgage Bankers Association Senior Director Vicki Vidal points out that pricing also poses a challenge because buyers are making low-ball offers on distressed properties. While servicers prefer repayment plans and modifications to short sales, the process is getting easier for borrowers who are encountering financial difficulties but continue to make timely payments. Additionally, Fannie Mae and Freddie Mac both are taking steps to speed up the process, with Fannie Mae looking to make acceptable minimum prices known beforehand and Freddie Mac giving servicers more leeway in approving short sales. Source: Wall Street Journal, Ruth Simon and James Hagerty (04/17/08) © Copyright 2006 Information Inc.

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Buyers Market? Or Just a More Realistic Market?

2008-04-19T08:11:00.001-05:00

Daily Real Estate News April 17, 2008

Bargain Home Prices Boost Sales

In cities where housing prices have fallen dramatically, bargain hunters are swooping in and pushing sales upward.Boston, Cleveland, Detroit, Sacramento, and San Diego have all seen sales increases recently after a period of price declines, according to a March report by Radar Logic, a real estate data and analytics firm. In Detroit, sales of homes and condos rose 12.8 percent in February compared with a year ago, according to Realcomp.The most aggressive shoppers include investors, particularly nationally based ones who are cherry-picking single-family homes in good neighborhoods all over the country.International buyers also see U.S. home prices as a bargain. With the dollar down against the Euro, European buyers get particularly good deals, but buyers from Asia and Canada also are active, according to international real estate practitioners.First-time homebuyers are finding this a good time to dip toes in the water. In November 2007, 39 percent of purchasers were first-time homebuyers, according to the NATIONAL ASSOCIATION OF REALTORS®.Source: USA Today, Stephanie Armour (04/17/2008)

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Below is the weekly Real Estate Sales Data For Destin, Pensacola, Crestview, Niceville Areas: 4/16/08

2008-04-16T21:57:00.002-05:00

Mortgage Applications Rise

2008-04-16T11:59:00.002-05:00

Daily Real Estate News April 16, 2008

Mortgage Applications Rise

Mortgage applications rose last week for the second week in a row, up 2.5 percent to 743.4 on a seasonally adjusted basis from 725.6 a week earlier, according to the Mortgage Bankers Association’s weekly mortgage applications survey.On an unadjusted basis, the index increased 2.7 percent compared with the previous week and was up 16.4 percent compared to the same week a year ago.Most of the increase came from refinances, which increased 5.2 percent from the previous week. Purchases actually decreased 0.8 percent.The refinance share of mortgage activity was 53.5 percent of total applications, up from 52.2 percent the previous week.Interest rates decreased slightly.

30-year fixed-rate mortgages decreased to 5.74 percent from 5.78 percent.
15-year fixed-rate mortgages decreased to 5.27 percent from 5.39 percent.
1-year ARMs decreased to 7.02 percent from 7.06 percent.Source: Mortgage Bankers Association (04/16/2008)

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Foreclosures Up 57% Since March 2007

2008-04-16T11:23:00.003-05:00

Daily Real Estate News April 15, 2008

Foreclosures Up 57% Since March 2007

Foreclosure filings continue to increase, up 5 percent in March over February, and up 57 percent from March 2007. This includes default notices, auction sale notices, and bank repossessions. "What we're really looking at is ongoing fallout from people overextending themselves to buy homes they couldn't afford and using highly toxic loan products to get into the houses in the first place," Rick Sharga, vice president of marketing at RealtyTrac, an online publisher of foreclosure data.Sharga predicts a record number of foreclosures in the third or fourth quarter of this year, reflecting a round of rate increases on subprime mortgages in May and June.Nevada, California and Florida posted the highest rate of foreclosure filings in March, followed by Arizona, Colorado, Georgia, Ohio, Michigan, Massachusetts, and Maryland.California, Florida, and Ohio report the highest actual number of foreclosures. Other states in the top 10 for total properties with filings are Texas, Georgia, Michigan, Arizona, Illinois, Nevada and Colorado.Source: Reuters News, Lynn Adler, and RealtyTrac (04/15/2008)Browse all of today's news

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Smaller Floor Plans in Big Demand

2008-04-16T11:12:00.001-05:00

Daily Real Estate News April 15, 2008

Smaller Floor Plans in Big Demand

American’s appetite for big homes and over-sized furniture appears to be shrinking.New-home buyers began asking builder KB Home for smaller floor plans right after the collapse in subprime lending last year, says CEO Jeffrey Mezger.The demand for a huge, high-ceilinged great room is giving way to the desire for special-purpose rooms, including media rooms and home offices, says a spokesman for luxury specialist Pulte Homes.In three of its four new sofa collections, Younger Furniture is offering "apartment size" sofas, which are about 10 inches shorter than full-sized ones. Citing a trend toward smaller homes, Rowe Fine Furniture says it expects its Mini Mod line will account for a quarter of its collection this fall."They're finally getting it," says Jodi FitzGerald, owner of Door Store Furniture, an 11-store retail chain in metropolitan New York that specializes in small-scale furniture. She estimates the number of smaller offerings has grown by about a third over the past year.Source: The Wall Street Journal, Nancy Keates (03/21/2008)Browse all of today's news

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Who Has to Foot the Bill?

2008-04-16T11:10:00.000-05:00

Broward County may tax new businesses for affordable housing
By Scott Wyman South Florida Sun-Sentinel
10:52 PM EDT, April 15, 2008

New businesses could be taxed to help generate affordable housing needed for workers under a proposal that Broward County officials agreed to explore Tuesday.About $2.6 million could be raised to build homes or rental complexes or help families with home purchases if the county were to charge developers an extra $1 per square foot for their projects.Builders have expressed skepticism about the housing fees, but supporters argue it will provide needed financing to solve a long-standing problem. Independent studies have repeatedly shown the area has a shortfall of housing for low- and middle-income families because wages have not kept pace with real estate prices and rents."This is new to us, but other communities that have faced affordable housing crises do this," County Commissioner Kristin Jacobs said. "It is important if we are ever going to get ahead of the curve on housing. We have to take control of this problem."

Based on a flat $1-a-square-foot fee, a new pharmacy would be charged $15,000 while a new fast-food restaurant would owe $4,000. A new grocery store would pay about $50,000 in housing fees.The fees would apply to business development and are similar to those charged on new housing to cover the impact on roads and other government services.Commissioners agreed to study the idea further although some said the fee could drive away new business and questioned what would happen if cities begin charging their own fee as well. A detailed proposal would likely be brought back to the commission later this year.Such housing fees are common in California and other urban areas. In Florida, Coconut Creek, Winter Park and Marathon are among cities that charge developers such fees. Fees range to as high as $15 per square foot in San Francisco even though charges of between $3 and $4 a square foot are more common.Developers spend about $200 a square foot to build a warehouse and $345 a square foot to build an office building.County housing administrators said rentals for low-income households and homes for moderate-income families are Broward's most pressing housing needs.A study released this year by the private not-for-profit Broward Housing Partnership concluded the current $314,200 median sales price for a single-family home in Broward is still too high for the average worker. Affordability gaps — the average difference between the amount of house a buyer can afford and what is available — ranged from $153,558 in Pompano Beach to $277,499 in Fort Lauderdale, the study said.The Associated Builders and Contractors wrote the county in December, saying the cost will likely be passed on and thus raise costs for the person trying to afford a home. County attorneys said the fee is legal and can be pursued.County Mayor Lois Wexler said the county must find solutions to affordable housing soon. She is leading a task force that is to present other ideas to the commission this summer."I don't want to lose track of the American dream just because this country is in a crisis right now," she said.Scott Wyman can be reached at swyman@sun-sentinel.com or 954-356-4511.
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FHA Loans Can Ease Mortgage

2008-04-11T12:53:00.001-05:00

Daily Real Estate News April 11, 2008

FHA Loans Can Ease Mortgage

Dilemmas Potential home buyers may be hesitant as they start their hunt in today's market, but many quickly discover that their market is full of choices, sellers are becoming more willing to negotiate, and interest rates are still low.That's not to say there will be no setbacks. The hard part may come when they go shopping for a mortgage. Minnesota Mortgage Association President Tim Bendel said 100 percent financing has all but disappeared. He advises borrowers with good credit scores seeking a conventional loan to come to the table with at least a 5 percent down payment. Borrowers with credit scores below 700 may need a more significant 20 percent down payment.But there is help on that front. The answer for some buyers is a Federal Housing Administration (FHA) loan. Credit scores count less with FHA loans; the more important factor is whether the potential borrower has paid other bills on time, says Todd Johnson, CEO of Edina Realty Mortgage. FHA's government-backed loans require only 3 percent down and allow cosigners and gifts for down payments.Source: Star-Tribune, Kara McGuire (08/06/2008

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Prove You're Not Like the Rest

2008-04-11T12:50:00.003-05:00

Daily Real Estate News April 11, 2008

Prove You're Not Like the Rest

In a crowded real estate field, you must be a good marketer in order to generate business. To snag the customer, you've got to find a way to stand out, experts say. "Real estate is an emotional business and, because the market has changed so much, visibility is often more important than ability," says The Personal Marketing Company Chief Marketing Officer Rob Murry.Here are some of Murry's tips for making yourself known:
Appeal to emotions. To distinguish yourself from the competition, create a brand that makes an emotional connection with your target audience. Once prospects find a real estate practitioner whose personality they like or with whom they can connect, they are more likely to select that agent over a competitor.
Be consistent. An agent's brand, once established, should be applied consistently in all of his or her marketing media in order to attract business, entrench brand recognition, and keep the agent in the forefront of house-hunters' minds. "This is all about perception," according to Murry.
Market your specialty. "Consumers think that all real estate agents are the same. Because they don't see any differentiators, they don't see the perceived value, and are more likely to want to pay less if they think they can get the same thing somewhere else. But when you're a specialist, you have a unique value and are known for something specific. Position yourself as a specialist and market yourself as such to get the business." Source: RISMedia, Beth McGuire (04/10/08)

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Opportunities in the Mortgage Business Possible

2008-04-09T18:22:00.003-05:00

Daily Real Estate News April 9, 2008

Final Innings of Credit Crisis?

Morgan Stanley CEO John Mack says he believes the global credit crisis is probably “in the final innings.”"We're keeping powder dry," he says. "We feel the risks on the market, the run on Bear Stearns, and we think it is important to have very liquid positions and we're working toward that."Mack says Morgan Stanley is seeing opportunities in the same mortgage market that caused Wall Street's pain this year. He expects more bad news will come out as the world's banks recover from the subprime mortgage crisis, particularly from "overseas and some small retail banks in this country."But he adds that he's optimistic the mortgage market is turning, and that
could provide opportunity.Source: The Associated Press, Joe Bel Bruno (04/08/2008)

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Weekly Real Estate Sales Data For Destin, Pensacola, Crestview, Niceville Areas

2008-04-09T18:20:00.003-05:00

Can the local tourism industry lure Chinese here?

2008-04-08T11:02:00.003-05:00

Can the local tourism industry lure Chinese here?
By LINDA RAWLS
Palm Beach Post Staff Writer
Monday, April 07, 2008

With the U.S. economy in the doldrums, tourism leaders are pinning their hopes on a country that just a short time ago would have been unthinkable: China.

As recently as the 1980s, all but a select few Chinese were forbidden to travel overseas.

International travelers were almost akin to traitors. Now, thanks to loosened travel restrictions and a growing middle class that craves world travel, an astounding 100 million Chinese tourists a year are expected to travel overseas by 2020.

Every tourist destination in the world - including Palm Beach County - hungers for them.
Working against Palm Beach County: an indifference to sunny beaches. One other problem: "They know nothing at all about you," said Alexander Glos, chief executive of i2i Media of Orlando and Beijing and an international consultant on Chinese tourism. Speaking to Florida's tourism operators, Glos said wooing Chinese tourists away from the West Coast, their traditional point of entry, won't be easy, either. "Everything Florida has to offer they can get on the way - beaches, Disneyland. Why would they come all the way across the country to Florida? "

That doesn't stop local tourism operators from drooling over billions of dollars in potential tourist
spending by Chinese travelers.

"They watch American movies, and they would love to come to America," said Rose Liu, owner of the Lucky Star Chinese restaurant in West Palm Beach. Liu, who came to America from China as a child with her family to escape communism, confirms the World Tourism Organization's finding that modern Chinese travelers are light-years away from the gray tunics of Chairman Mao.

With an almost fanatical appetite for Louis Vuitton purses and Estee Lauder perfumes, Chinese travel parties spend an average of $6,000 per trip, excluding airfare, compared to the $4,000 that other international travelers spend, according to the World Tourism Organization.
"Chinese like anything name brand," Liu said. "In China they will work two jobs just to have a Louis Vuitton bag to show."

What about Florida's outlet malls? "They'd go crazy," she said. "They love designer stuff."
Yet Palm Beach County's premier attraction - its beaches and sunshine - are likely to leave them cold.

"Most Chinese see beach life as a waste of time," said Wolfgang Arlt, director of the China Outbound Tourism Research Institute at the West Coast University of Economics and Technology in Germany. "There are wonderful beaches in China."

Culture isn't that important to them, either.

"Everything with language is no-no," he said.

So what do they want?

"What they do want is to see how America measures up to the American Dream," Arlt said. "They're familiar with the stereotypes of the United States as the richest and most advanced nation in the world, its lifestyle as the holy grail of development.

"And they want to see it in all its brilliant modernity to understand how far China has to go to catch up - and whether the struggle will be worth it."

European priorities
Miami-Dade County has been trying to lure Chinese tourists for a decade. In the past two years alone, the greater Miami tourism bureau has made four sales missions to China.
South Carolina's Department of Commerce opened an office in Shanghai three years ago. California's Palm Desert Chamber of Commerce had an eight-day trade mission to four major Chinese cities last year. Another is planned this year.

If Utah can't lasso Chinese tourists, no state can. Gov. Jon Huntsman, on a weeklong trade mission to China in 2006, extolled his state's virtues - in Mandarin, a taxing language he learned as a Mormon missionary.

Even if Florida Gov. Charlie Crist spoke Mandarin, the Sunshine State and Palm Beach County are at a competitive disadvantage.

"We would certainly welcome the business," said Enid Atwater, vice president of communications for the Palm Beach County Convention and Visitors Bureau.
Like most county tourism officials, though, Atwater believes local efforts should be directed to more attainable markets in Europe, Latin America and Canada. The county doesn't have the budget to market to China without the financial help of Visit Florida, the state's tourism marketing arm. "It will take several years of concerted effort to begin to make a measurable effort," she said.

Added David Semadeni, secretary of the Palm Beach County Hotel and Lodging Association, "There are priorities closer to home just at this time."

Bud Nocera, chief executive of Visit Florida, takes issue with the idea that the state is not actively pitching its attractions to the Chinese travel industry.

"The travel trade in China certainly knows Florida," he said. "We did trade missions for Florida destinations, including Palm Beach County. We found them very receptive."

But he acknowledged Florida's efforts this year are more difficult because of budget cuts and competing demands for a shrinking pool of state marketing money.

"We need to be in the China market now to remain competitive, not only with other states, but with sovereign nations that all want a piece of the Chinese market," Nocera said.

The Burberry lure
Visit Britain plans to spend millions of dollars this year to lure Chinese tourists to the island, where Burberry raincoats are a big shopping draw. Japan - which used to regard Chinese tourists as "illegal immigrants in disguise," as The New York Times' once reported - sent 20 representatives to the Shanghai World Tourism Expo a few years ago. Even tiny Jamaica opened an embassy in Beijing to make it easier for Chinese travelers to get visas.

Korean Air calls its China routes "golden lines" because they're so profitable. Japanese airlines have been fighting over the lucrative China routes for years.

With Chinese air passengers predicted to hit 215 million a year in 2014, Atlanta-based Delta Air Lines last week announced the only nonstop flight from the southeastern United States to China.
The journey from West Palm Beach to Shanghai will be an 18-hour itinerary with a change of planes in Atlanta and a ticket price of $1,100 for economy class.

"We're already seeing more and more" Chinese tourists said Roger Amidon, general manager of the Palm Beach Gardens Marriott.

In December, the United States won approved-destination status from the Chinese government. That opens the door for Chinese tour groups to travel here and for this country to market tours to them.

They couldn't come at a better time. Even before soaring oil prices raised airline fares and kept vacation drivers off the road, the United States had started to fall behind in overseas tourism.
Between 2000 and 2007, the country lost nearly 50 million overseas travelers. The number of international travelers to Florida dipped slightly in 2006, as well.

Of course, Chinese tourists could not be expected to like all they find here.

"Everything in your grocery stores is frozen," said Liu, the West Palm restaurateur. "The Chinese are fanatical about fresh food."

She pauses. Her eyes light up.

"That would mean more business for me," she said.

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Foreclosure Owners Get Even....

2008-04-08T10:59:00.002-05:00

By Paul Owers South Florida Sun-Sentinel
10:45 PM EDT, April 7, 2008

Some South Floridians who lose their houses to foreclosure try to get even. They'll strip the plumbing, ruin the carpets and rip out doors.At a home on Southwest 91st Avenue in Cooper City, listing agent Craig Green found the top of the toilet tank missing, the door to the dryer ripped off, the garage filled with junk and a wall in the master bedroom with a large hole in it.Jim Banford, broker-owner of Real Estate Asset Disposition Corp., saw roofing tar in the toilet of a house on 55th Street in West Palm Beach. A 2-foot fish and cement were poured down the toilet at another of his listings nearby."I've seen everything, but that was pretty memorable," said Banford, whose West Palm Beach-based firm markets and resells foreclosed properties across Florida.
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Exasperated lenders are getting wise to the ruse and offering "cash for keys" deals, essentially paying homeowners as much as $2,000 not to take out their frustrations on their properties before leaving. Roughly half of all foreclosed properties are returned to the bank with substantial damage, according to a national survey of 1,500 real estate agents by Campbell Communications, a marketing and research firm in Washington, D.C."Until you see and smell these properties, you don't really understand the problem," said Tom Popik, a partner at Campbell Communications and a market researcher in the mortgage industry for 15 years.Ransacked homes are another symptom of the housing crisis that began in 2006 after five years of record price increases. In many cases, people stretched to buy homes but can't keep up with the payments now that their adjustable-rate mortgages are resetting much higher.Some homeowners are bitter at their lenders for taking back the properties and feel they've been mistreated along the way, agents say.The owner of a home on Inlet Road in North Palm Beach left with the swimming pool motor, lighting fixtures and every appliance, said Wes Yancsurak, an agent with Coldwell Banker in Jupiter. Some of his other listings have been damaged."Unfortunately, it's always the bank's fault," Yancsurak said. "In a lot of cases, we have to bring in big dumpsters to clean these properties out. It's just an absolute disaster."Prices of foreclosed properties with significant damage drop by about 25 percent, Popik said. And that ultimately reduces the values of other homes nearby.The North Palm Beach house sold recently for $225,000 in a neighborhood where homes are valued at $300,000 or more. The Cooper City house had been appraised at $349,000 but likely will go on the market for $225,000 because it's in such poor condition."This hurts adjoining property owners, and it's having a major impact on the overall economy," Popik said.Not all the damage is deliberate, and some of it is done by vandals after the homeowners move out. Still, while lenders and agents can't always prove it, they're convinced occupants trash properties to be vindictive.Lenders could try to press charges, but most don't have the time and would just rather move on, agents say.Although lenders will authorize basic repairs to make the houses presentable again, they typically don't do wholesale renovations, and the houses are marketed for resale "as is."In Davie, a homeowner who lost the property in Foreclosure left behind a caged dog."Your eyes would water when you went in there," said Jane Caro, an agent for Prudential Florida WCI Realty who toured the home. "The lender had to put new drywall in because the smell wouldn't come out."Some owners skip basic maintenance once it becomes clear that Foreclosure is inevitable, said Terri Gerlach, an agent with Pat Hance Realty in Plantation."People have fallen out of love with their homes, and they treat them badly," Gerlach said.Typically, lenders are willing to offer $500 to $2,000 for people to vacate quickly and leave the homes in decent shape. But some homeowners aren't interested.Green said he tried to make a "cash for keys" deal on the Cooper City house, but the owner never responded. In another case, a woman in Weston turned down his offer and stripped the home of faucets, sinks, closet doors and the central air-conditioningunit.But other owners are happy to accept the cash and put it toward finding a place to live.About three months ago, a Sunrise homeowner swept her property clean, then turned it over to Green, who handed her a $500 check from the lender, Select Portfolio Servicing of Salt Lake City, Utah.Coral Gables-based Bayview Financial recently paid the owner of a Loxahatchee home $2,000 to leave. The agent, Lisa Creese, even helped the owner find a new home for a horse."After a Foreclosure, there are two options," Banford said. "People can leave voluntarily or with a sheriff literally pounding on the door. I think cash-for-keys is definitely the best outcome for both parties."Paul Owers can be reached at powers@sun-sentinel.com or 561-243-6529.
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Whole New Level of Marketing....

2008-04-07T13:31:00.001-05:00

Daily Real Estate News April 7, 2008

Buy My Home, Be My Beneficiary

A Wisconsin home owner has an interesting gimmick that he hopes will persuade buyers to check out his Whitehall home, listed at $498,900.Whoever buys the home will become the beneficiary of his 10-year $500,000 life insurance policy. That means, if the 69-year-old seller Bob Fanning dies during the first 10-year period of ownership, the buyer of his home gets the payout."Life's a gamble, this is a gamble," Fanning says.Some wonder whether Fanning will fear for his life after selling his home. But Wayne Peters, the real estate practitioner who listed the property, says the there will be no payout if someone kills Fanning. “The attorneys have provided for that.”Peters agrees it is an unusual buyer incentive, but says it might work. "It's hard to get people's attention in this market. There are a lot more sellers than buyers."The two-story, 5,600-square-foot home has four bedrooms and four baths and is on a 30-acre property.Source: The Associated Press (04/04/2008)

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First Time Home Buyers Still Can't Get a Deal

2008-04-07T09:29:00.002-05:00

Despite falling prices, many first-time buyers left out of the market
For many, falling prices haven't opened door to market
By Paul Owers South Florida Sun-Sentinel
April 7, 2008

http://www.sun-sentinel.com/business/sfl-flzybcover0407sbapr07,0,6907976.story

First-time home buyers just can't win.

Many were left out of the market during the housing boom of 2000 to 2005 because homes were too expensive. But now, even with sellers desperate and prices plummeting across South Florida, first-time buyers still can't realize the American Dream with property taxes remaining too big a burden and lenders tightening credit standards."It's tough, regardless of when they pull the trigger," said Bob Tenace, head of Century 21 Tenace Realty in Coral Springs and Boynton Beach.Having moved six times in seven years, renter Stacy Bailen of Palm Beach Gardens would like to buy a little starter house and start building equity.
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But the 31-year-old administrative assistant worries about obtaining a mortgage and the still-hefty home ownership costs, particularly property taxes. In the end, Bailen decided to postpone buying."I'm not a risk-taker," she said. "When I hear that I should look to buy something, I say, 'With what?'"Real estate agent Douglas Rill said he has a three-bedroom listing in West Palm Beach that was just reduced to $149,900 from $179,000. It does need work, but the house has a new roof and would be ideal for a first-time buyer, he said."I don't have a lot of action on it," Rill said. "I thought people would be breaking the door down."Rill and other agents complain that Florida legislators didn't consider first-time home buyers when overhauling the state's property-tax system.Under the new plan approved by Florida voters in January, all buyers will benefit from an estimated $15,000 increase to the $25,000 homestead exemption. But first-time buyers won't be able to take advantage of the more-lucrative "portability" measure, which allows existing homeowners to transfer their accrued tax savings to another property within the state.First-time buyers would be stuck with the large tax bills that prompted the Florida Legislature to take action in the first place. They would have to hope homes they buy appreciate in value for them to realize a tax savings that could help cushion buying a more expensive property down the line."It's hard for me to comment because you can't print expletives," Rill said. "But the Legislature missed a huge opportunity."Despite the credit crunch and tax problems, first-time buyers are trying to find a way to get into the market, if only because they're tired of renting, said Beverly Rothstein, a real estate agent with Re/Max Professionals in Coral Springs.Rothstein said she meets with first-time buyers at length, shows how far prices have fallen and helps them decide whether buying makes sense."My job is almost like a teacher and a confidant," Rothstein said.Luis Pichardo, 27, was one who grew tired of renting, so he recently bought a condominium in Tamarac. It was a learning experience, he said.Pichardo put no money down, and the lender, Citimortgage, took several weeks to scrutinize his application."There was a time when I didn't think it was going to be possible," said Pichardo, a painter.Real estate agents and mortgage brokers insist that first-time buyers get preapproved for a loan even before they start looking at houses. Having a letter of commitment from a lender shows sellers that buyers are serious.First-time buyers also should strongly consider Federal Housing Administration financing.The popular government program fell out of favor during the boom years, in part because median home prices in Palm Beach and Broward counties escalated beyond the $362,790 FHA loan limit, said Jim Giacone of Element Funding in West Palm Beach.As a result, prospective buyers rented instead, while others forged ahead with so-called subprime loans. The onerous terms helped push many into Foreclosure.Now, however, the government has increased the loan limit to $423,750. FHA requires less than 3 percent down payments on homes and offers easier credit qualifying and lower mortgage insurance than conventional loans, brokers and agents say."Don't forget about FHA," said John Mike, chairman of the Realtors Association of the Palm Beaches. "You don't need this big down payment, and you don't have to sell your soul."Paul Owers can be reached at powers@sun-sentinel.com or 561-243-6529.

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Rates Creap Back Up....

2008-04-05T07:51:00.002-05:00

Daily Real Estate News April 4, 2008

30-Year Rates Climb for Week

Mortgage borrowing costs were up for the week, reports Freddie Mac. According to the company's figures, interest on 30-year fixed loans bumped up to 5.88 percent from 5.85 percent a week ago; while 15-year fixed loans climbed to 5.42 percent from 5.34 percent. On the other hand, adjustable-rate products moved in the opposite direction, with the one-year ARM dipping to 5.19 percent from 5.24 percent and the five-year ARM sliding to 5.59 percent from 5.67 percent. Source: San Diego Union-Tribune (04/04/08)© Copyright 2008 Information Inc.

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Jumbo FHA Loan Requirements Not Helping!

2008-04-05T07:50:00.004-05:00

Daily Real Estate News April 4, 2008

Banks Up Rates for FHA Jumbo Loans

Banks are adding fees and increasing interest rates on Federal Housing Administration loans that make the government-guaranteed mortgages less likely to assist their target customers.Congress recently approved an increase in the ceiling on loans the FHA can insure to as much as $729,750 in the highest-cost areas, up from $362,790.J.P. Morgan Chase & Co. is only one of the lenders saying it will charge at least a half-point premium and demand a minimum 580 credit score from borrowers seeking the FHA jumbos.

Kevin W. Lynch, a mortgage broker at A. Anderson Scott Mortgage Group in Rockville, Md., says he has been quoted rates of nearly 7 percent on jumbo FHA loans. The loans are so expensive they "aren't going to sell," Lynch says. "It's a waste of everybody's time."Source: The Wall Street Journal, James R. Hagerty (04/04/08

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Destin Florida Real Estate Market Trends

2008-04-03T17:01:00.002-05:00

Bankruptcy Up 27 Percent vs. Year Ago

2008-04-03T13:46:00.002-05:00

Daily Real Estate News April 3, 2008

Bankruptcy Up 27 Percent vs. Year Ago

U.S. consumer bankruptcy filings rose 27 percent from the same month a year ago, the American Bankruptcy Institute reported Wednesday.In March, consumer bankruptcy filings totaled 86,165. That marked a steady increase from 76,120 filings in February and 66,050 recorded in January, the non-partisan bankruptcy research group said.Currently, legislation in the U.S. Senate would help struggling homeowners refinance their mortgage, but it would not allow federal bankruptcy judges cut the interest rate and other terms for borrowers unable to pay their mortgages. Republicans and the banking industry oppose that provision, backed by Sen. Richard Durbin, an Illinois Democrat.Source: Reuters News (04/02/2008)

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Home Buyers Looking Again

2008-03-29T08:30:00.002-05:00

Daily Real Estate News March 26, 2008

More Consumers Ponder Home Purchase

The number of consumers who say they plan to buy a home in the next six months rose slightly this month to 3.3 percent from 2.9 percent, despite an overall drop in consumer confidence. According to a survey by the Conference Board, a private research group, consumer confidence fell 11.9 points to 64.5, marking a downturn in sentiment to levels usually seen only during recessions. Consumer expectations about the future plunged to their lowest point since 1973, when a recession was followed by painful inflation.Consumers expect inflation to reach 6.1 percent in the next year, the highest rate since the aftermath of Hurricane Katrina in 2005, when gasoline prices surged. "We've been seeing a gradual trend upward since the end of last year, and it's following in line with oil, gas and food prices," said Lynn Franco, who oversees the Conference Board survey. Source: The Wall Street Journal, Sudeep Reddy (03/26/2008)

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Market Trend Reports in Destin, Niceville, Pensacola Florida Areas

2008-03-29T08:25:00.003-05:00

Banks Paying Foreclosure Victims to Leave Early

2008-03-29T08:18:00.001-05:00

Daily Real Estate News March 28, 2008

Foreclosed Owners Paid to Leave

About half of foreclosed properties are trashed by homeowners on their way out, according to a recent survey of real estate professionals by Campbell Communications, a marketing and research firm.Banks rarely pursue charges against destructive home owners; it's not worth the cost and trouble. Instead, many are trying to prevent home rage by giving the real estate professionals who take on the sales listing authorization to offer somewhere between $300 and $1,000 to occupants to get them to leave the property intact and broom clean.A bribe? "Yeah, somewhat," says John Carver, an agent specializing in foreclosed homes for Prudential Americana Group in Las Vegas. But "you lose a house, and then you get some financial help – it's a good thing ... It's a win-win for both parties."Source: The Wall Street Journal, Michael M. Phillips (03/28/08)

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Now's the Time to Bail Builders Out!

2008-03-29T08:16:00.003-05:00

Daily Real Estate News March 28, 2008

Slow Sales Drive Some Builders to Brink

Small and mid-size builders in regions of the country where housing sales are slow are facing bankruptcy in increasing numbers. Delinquencies on loans to build single-family houses reached 7.5 percent of the value of all such loans in the fourth quarter, up from 2.1 percent a year earlier, according to Foresight Analytics, an economic and real-estate research firm."Even rock-solid, generational businesses are taking desperate measures," says Jerry Howard, the chief executive of the National Association of Home Builders. While the industry group does not track bankruptcy filings by its members nationwide, its Atlanta affiliate estimates that as many as 20 percent of local builders are behind on interest payments. Banks there are requiring some builders to pay off their loans in full or contribute additional equity that they don't have, according to the 2,000-member Greater Atlanta Home Builders Association.States with the highest delinquency rates for construction loans for single-family homes in the fourth quarter of 2007:

Michigan: 14 percent
Ohio: 13.7 percent
Arkansas: 11.1 percent
Arizona: 10.3 percent
Minnesota: 10.0 percent
Florida: 9.9 percent
Georgia: 9.6 percent
South Dakota: 9.2 percent

Source: The Wall Street Journal, Michael Corkery (03/21/08)

Even some of the national guys are giving homes away with great possibilities for financing and rebates and free upgrades.

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Last Minute Tax Advise

2008-03-29T08:14:00.001-05:00

Daily Real Estate News March 28, 2008

Last-Minute Home Owner Tax Primer

As April 15 approaches, here’s what home owners need to know about the deductibility of mortgage interest and property taxes.Taxpayers may deduct on Schedule A of Form 1040 mortgage interest on the purchase or home equity debt on two residences, their primary home and another dwelling, including a boat or a mobile home. These dwellings must have sleeping, cooking, and toilet facilities to qualify for a loan interest deduction. Interest paid on vacant land isn’t deductible.Real estate taxes are deductible on all properties owned by the taxpayer — not just the first two. The deduction must be taken in the year the taxes are paid. Taxes placed in escrow are deductible when they are paid to the taxing authority, not when the money is put in escrow. Penalties and interest on late tax payments aren’t deductible. Also, in order to deduct taxes and interest, the taxpayer must itemize instead of taking the standard deduction.Source: Houston Chronicle, Shannon Buggs (03/27/08)

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Multi Family Is Coming Back For Investors

2008-03-27T18:43:00.001-05:00

Daily Real Estate News March 27, 2008

Multifamily Housing Lures Investors

The shifting housing market is making multifamily housing more attractive for investors.During the property boom, the rental market soured and landlords had to offer expensive incentives to get and keep tenants. With rising mortgage rates and tighter credit, landlords are able to raise rents and attract tenants. But this change didn’t come quickly enough to save landlords who had to mortgage their properties during the bad times and are now facing foreclosure."There will be a lot of product hitting the street in the coming months and it should be pretty cheap," says Mike Bacza, a carpenter and potential investor. "This year I expect I'll buy at least two multifamily units in a decent neighborhood."Likewise, building contractor Chad Blankenbaker is planning his strategy. "I'm shocked at how low the prices are," he says. "There's so much inventory that no one has to fight to buy anything."Source: Reuters News (03/16/08)

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Don't Forget: PMI is Deductible

2008-03-27T18:40:00.002-05:00

Daily Real Estate News March 27, 2008

Don't Forget: PMI is Deductible

As April 15 tax day approaches, here is a reminder for home buyers with mortgage insurance.Home owners with adjusted gross incomes of $100,000 or less can deduct the full cost of their government or private mortgage insurance premiums on their 2007 federal returns.Families with incomes between $100,000 and $109,000 are eligible for a reduced deduction.This is a new tax break that Congress has approved through 2010. "On average, this year's tax break could be worth $350 per taxpayer — an annual deduction that qualified home owners can take each year through 2010," says Kevin Schneider, president of the Mortgage Insurance Companies of America (MICA).Source: MICA (03/26/08)

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Short Sales-Banks Changing Their Minds

2008-03-26T07:07:00.002-05:00

Daily Real Estate News March 25, 2008

More Banks Consider Short Sales

After about a year of dealing slowly and reluctantly with short sale offers, many banks are reconsidering, looking for solutions that will allow them to recoup debt in foreclosure situations.Observers say that if the trend continues, it will reduce or eliminate the need for taxpayer bailouts.The National Short Sale Center, which helps short buyers negotiate with banks, says three-quarters of its short offers are approved now, up from maybe half six months ago. "Before, people on the phone at banks didn't even have the authority to negotiate. Now they're calling us with numbers," says Pam B. Canada of nonprofit NeighborWorks in Sacramento, Calif.To be sure, many agents and counselors think banks still have their heads in the sand. "They're out to get the last dime, even when people don't have a dime," says real estate practitioner Heidi Mueller in San Francisco as she heads to an auction sale on the courthouse steps.Source: Forbes, Bernard Condon (04/07/08)

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Existing-Home Sales Rise in February

2008-03-24T20:58:00.002-05:00

Daily Real Estate News March 24, 2008

Existing-Home Sales Rise in February

Sales of existing homes increased in February and remain within a fairly stable range, according to the NATIONAL ASSOCIATION OF REALTORS®. Existing-home sales – including single-family, townhomes, condominiums and co-ops – rose 2.9 percent to a seasonally adjusted annual rate of 5.03 million units in February from a pace of 4.89 million in January, but remain 23.8 percent below the 6.60 million-unit level in February 2007. The sales pace has been in a fairly narrow range since last September.Lawrence Yun, NAR chief economist, said the gain is encouraging. “We’re not expecting a notable gain in existing-home sales until the second half of this year, but the improvement is another sign that the market is stabilizing,” he said. “Buyers taking advantage of higher loan limits for both FHA and conventional mortgages will unleash some pent-up demand. As inventories are drawn down, prices in many markets should go positive later this year.”The national median existing-home price for all housing types was $195,900 in February, down 8.2 percent from a year earlier when the median was $213,500. Because the slowdown in sales from a year ago is greater in high-cost areas, there is a downward pull to the national median with relatively fewer sales in higher priced markets.Source: NAR

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Weekly Housing Trends March 21st-Destin Florida Area

2008-03-21T15:28:00.004-05:00

Mortgage Rates Drop Below 6%

2008-03-21T12:50:00.004-05:00

Daily Real Estate News March 21, 2008

Mortgage Rates Drop Below 6%

According to Freddie Mac's data, mortgage rates have dropped back below 6 percent after spending more than a month above that threshold. Thanks to the Federal Reserve's aggressive moves to insulate the U.S. economy by slashing borrowing costs, 30-year fixed home loans averaged 5.87 in the latest numbers. That compares to 6.13 percent this time last week and represents the first time since mid-February that the benchmark interest rate has been less than 6 percent. "Slowing consumer spending and weak employment conditions are among the concerns behind the Fed's decision to lower the target federal funds rate," says Freddie Mac chief economist Frank Nothaft. Source: Tulsa World (Okla.) (03/21/08) © Copyright 2008 Information Inc.

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Keep Selling Until Deal is Done

2008-03-19T15:45:00.003-05:00

Daily Real Estate News March 19, 2008

Keep Selling Until Deal is Done

Even after a buyer is found and the papers are signed, there’s no guarantee that the deal will close, say real estate practitioners."The risks are with the property or the buyer's credit, income, or down payment," says Kent Cochrum, president of Kingsland Financial Services in Wheaton, Il.Even pre-approval is no guarantee this days. Something as small as missing a bill payment shortly before closing can derail a loan. Sellers shouldn’t stop marketing a home just because they accept a purchase contract, says Cindy Banks, an associate with Re/Max Cornerstone in West Chicago. She keeps records of buyers interested in a property and continues to show that property in many instances. "You've got to track the leads in case [the buyer's financing] crashes and burns," she says.Source: Chicago Tribune, Marilyn Kennedy Melia (03/16/08)

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Renting Better Than a Vacant Home

2008-03-17T11:29:00.003-05:00

Daily Real Estate News March 17, 2008

Renting Better Than a Vacant Home

If a house doesn’t sell, owners should consider renting – and hiring a real estate professional to manage the property, experts say.Renting out a house rather than leaving it vacant is almost always a better option, says Eileen Landau, an associate with Realty Executives in Naperville, Ill. She tells her clients to plan to rent the property for several years, get some income and “get on with your lives.”Some are afraid they’ll lose a tax-free sale. But sellers only have to live in a home for two of the last five years to claim the capital-gains exclusion, so even if that is an issue, sellers have three years to rent, Landau adds.Once a home is rented, any fix-up costs are tax deductible, points out Rob Massey of Rentals.com. An empty house is hard to insure and it’s a target for vandals. "A vacant house goes downhill fast," says Karen Rhodes, an associate with Happy Home Realty in Chattanooga, Tenn.Source: United Feature Syndicate, Lew Sichelman (03/16/08)

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Destin Florida Real Estate Trends-March 14th

2008-03-14T09:01:00.004-05:00

Falling home prices spell opportunity for buyers

2008-03-14T08:36:00.002-05:00

Daily Real Estate News March 13, 2008

Tap Today's Housing Opportunity

Falling home prices spell opportunity for buyers, even if they already own a home and don’t want to be a landlord.Here are three smart ways to invest in today’s housing market.Trade up. Now’s the time to buy a larger home in a better neighborhood at what will almost certainly be a good price. To be sure, buyers will have to sell their old home at a modest price. Still this could be an excellent time to improve quality of life at a bargain rate.Buy a vacation home. Buyers, especially those who are a few years away from retirement, could find this is the perfect time to buy a place that will be more than a vacation home down the road. Help offspring go from renters to owners. This is a great time to give the kids an advance on their eventual inheritance so they will have enough money for a down payment. Source: The Wall Street Journal, Jonathan Clements (03/12/2008)

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The Fed reports that more needs to be done about foreclosures

2008-03-12T11:18:00.001-05:00

Federal Reserve Chairman Bernanke Says More Needs to Be Done to Prevent Home Foreclosures

WASHINGTON (AP) -- Battling a dangerous wave of home foreclosures, Federal Reserve Chairman Ben Bernanke called Tuesday for additional relief and urged lenders to help distressed owners by lowering the amount of their loans.

"This situation calls for a vigorous response," Bernanke said in a speech to a banking group meeting in Orlando, Fla.

Even with some relief efforts under way by industry and government, foreclosures and late payments on home mortgages are likely to rise "for a while longer," Bernanke warned.
Rising foreclosures threaten to worsen the problems in the housing market and for the national economy, which many fear is on the verge of a recession or in one already.

"Reducing the rate of preventable foreclosures would promote economic stability for households, neighborhoods and the nation as a whole," Bernanke said. "Although lenders and servicers have scaled up their efforts and adopted a wider variety of loss-mitigation techniques, more can, and should, be done," the Fed chief said.

One of the suggestions Bernanke made was for mortgage and other financial companies to reduce the amount of the loan to provide relief to a struggling owner. "Principal reductions that restore some equity for the homeowner may be a relatively more effective means of avoiding delinquency and foreclosure," Bernanke said.

Bernanke acknowledged this idea might be a tough sell to lenders. Lenders, he said, are reluctant to write down principal. "They say that if they were to write down the principal and house prices were to fall further, they could feel pressured to write down principal again," Bernanke said.
Bill Stevens, chief executive officer of CapitalBank in Greenwood, S.C., said: "We've been talking about it as bankers. It's a tough business decision."

Tom Loonan, vice president of the State Bank of Easton in Minnesota, suggested that debt relief for some who got in over their heads may anger others, who took out mortgages that they could afford. "There's going to be some animosity," he said.

Still, Bernanke suggested such longer-term permanent solutions may work better than shorter-term and temporary ones, where the distressed homeowner could find himself in trouble again. "When the mortgage is `under water' a reduction in principal may increase the expected payoff by reducing the risk of default and foreclosure," he said.

On Wall Street, anxious investors pulled the Dow Jones industrials down 45.10 points.
To date, permanent home mortgage modifications that have occurred have typically involved a reduction in the interest rate, while reductions of the principal balance of the loan have been quite rare, he said.

"Measures that lead to a sustainable outcome are to be preferred to temporary palliatives, which may only put off foreclosure and perhaps increase its ultimate costs," Bernanke said.
Brookly McLaughlin, spokeswoman for the Treasury Department, which has been leading the Bush administration's relief efforts, noted that foreclosures are expensive for both lenders and homeowners, giving parties an incentive to renegotiate a mortgage contract. However, "we're not going to dictate how those renegotiations should be accomplished," she said. "If lenders find that in some cases a principal writedown is less costly than foreclosure, then that is an option they have the incentive to consider."

More than half of the projected 1.5 million home foreclosure proceedings started in 2007 were on subprime loans given to borrowers with blemished credit histories or low incomes.

The housing collapse dragged down home values, clobbering these subprime borrowers. Many were left with mortgages that exceeded the value of their homes. They were further socked by low introductory rates on their adjustable mortgages resetting to higher rates, making their monthly payments difficult or impossible, to afford. Problems in the credit markets have made refinancing a mortgage harder.

This year, about 1.5 million loans -- representing more than 40 percent of the outstanding stock of subprime adjustable-rate mortgages -- are scheduled to reset to higher rates, Bernanke said. The Fed estimates that the interest rate on a typical subprime ARM slated to reset in the current quarter will increase to about 9.25 percent from just above 8 percent. That would raise the monthly payment by more than 10 percent, to $1,500 on average, he said.

Declines in short-term interest rates and a Bush administration initiative involving rate freezes will "reduce the impact somewhat, but interest rate resets will nevertheless impose stress on many households," Bernanke said.

Sheila Bair, chairman of the Federal Deposit Insurance Corp., also said it's important to think long-term. "Repayment plans or brief deferrals of payments will not allow us to get past our current problems. They are analogous to `kicking the can down the road,'" she told lawmakers Tuesday.

On Capitol Hill, a number of measures have been offered to help stressed homeowners.
Rep. Barney Frank, D-Mass., chairman of the House Financial Services Committee, welcomed Bernanke's call for more action. "It is now clear that we will not be able to avert a more serious and prolonged economic slowdown if we don't address the problem of increasing mortgage foreclosures," Frank said. "Bernanke's willingness to work with us in a cooperative way, and his outline of the principles that we should be applying are very hopeful signs."

Associated Press Writer Travis Reed contributed to this report from Orlando, Fla.
Federal Reserve: http://www.federalreserve.gov/

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Real Estate Moves to Front of Auction Block

2008-03-12T11:11:00.003-05:00

From downtown Orlando condos to raw land and homes near the beaches, the "bid-calling" patter of auctioneers has been picking up speed in Central Florida and across the country. "We've never been busier," said Chris Fisher, a second-generation auctioneer in Volusia County.

According to the National Auctioneers Association, residential real-estate auctions surged 47% from 2003 to 2007 -- more than any other category -- and generated nearly $17 billion in sales nationwide last year. Commercial real-estate auctions accounted for another $15.7 billion last year, up 33%. These are not the "court-ordered auctions." [Source: Orlando Sentinel]

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Luxury Homes Still Moving Strong

2008-03-10T12:34:00.002-05:00

Investors with Money Still have Money and are still Investing.

Daily Real Estate News March 10, 2008

Luxury Market Keeps Moving StrongPeople with money who can afford to pay big prices for houses continue to do so even though the housing market may be slow for buyers with lesser resources.Ron Baron, founder of the Baron Funds investment company, last year paid a record $103 million for an ocean-front property in East Hampton, N.Y. He is currently building himself a mansion on the site.Wall Street financier Philip Falcone recently paid $39 million for a 27-room Manhattan townhouse that was once owned by Penthouse magazine publisher Bob Guccione. On the West Coast, the 29-bedroom, 40-bath former home of William Randolph Hearst and actress Marion Davies is on the market in Beverly Hills for $165 million, which might be the highest asking price for a home in U.S. history."For the ultraluxury market to take a hit, there would have to be serious financial woes that went a lot deeper than what we're seeing now," says Rick Goodwin, publisher of Unique Homes, a magazine and Web site about luxury properties. "If they've got the money, it's not going to be a hardship to fork over cash for a $10 million house."Source: BusinessWeek.com, Prashant Gopal (03/07/08)

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Vacation Home Ruling-1031

2008-03-10T12:24:00.001-05:00

Daily Real Estate News March 10, 2008

IRS Releases Vacation Home Ruling

The Internal Revenue Service recently issued a Revenue Procedure ruling that spells out how vacation properties can qualify for 1031 exchanges, which involve the exchange of investment properties. The guidance aims to clear up the debate about whether vacation homes are investment or personal use properties. The ruling states that the property must be held by the taxpayer for 24 months. The holding period is broken into 12-month blocks, and during each the property must be rented at the fair market rate for no less than 14 days. Additionally, the owner can use the property for 14 days or 10 percent of the days rented, whichever is greater, plus a "reasonable" number of days devoted to maintenance tasks. Because it is a safe harbor ruling, experts say failing to comply with all the rules does not mean the exchange will be denied or an audit will automatically occur. However, they underscore the importance of keeping good records of the property's rental history and the dates the property was occupied by the owner for maintenance. Source: Realty Times, Gary Gorman (03/06/08)

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FHA Limits Increase

2008-03-10T11:35:00.000-05:00

FHA increases loan limits
Change could help more people get financing and invigorate housing market
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FIND THE HIGHER LIMITS(click here to read more)
To look up the loan limit for a metropolitan area and also to check the limits for multiple-family residences, go to http://www.hud.gov/.
Near the top is a news section called "Sustaining and Promoting Home Ownership."
From there click on "Loan Limits." If you click on "More," and then scroll down to the bottom of the HUD news release, you can also read and print the "Mortgagee Letter," which is the FHA's official notification to lenders of the new program.
By Michael Pollick The government has raised loan limits on FHA loans for most U.S. metropolitan areas, including an increase of more than $100,000 to $442,500 for Sarasota and Manatee counties. In Charlotte County, the new limit is $296,250, a $72,000 increase.The loosening up of Federal Housing Administration loan limits comes at a critical time for housing markets. Because of the credit crunch that began last summer, lenders have made conventional loans tougher and tougher to get. That, in turn, has frozen inventory at already record-high levels in many regions, including Southwest Florida.The looser FHA limit "opens up the door for competitive financing at attractive rates for homes up to $442,500, which is going to be a big assistance in our marketplace for people who might not otherwise qualify," said Steve DuToit, a Realtor in the downtown Sarasota office of Keller Williams Realty.The mandate to raise FHA loan limits came through congressional legislation passed last month, as part of an overall economic stimulus package.Congress also charged HUD with the new responsibility of generating geographically-based loan limits for Fannie Mae loans. These are expected to be available by April 1. Mortgage officials have previously told the Herald-Tribune that they did not expect the limit on these conventional loans in this region to rise above the current $417,000 level.The federal agency's move has fairly broad implications for Southwest Florida.For example, more than half of the homes and condominiums for sale in the Sarasota Multiple Listing Service are priced at $400,000 or less and could thus be financed by a nearly-no-money-down FHA loan. Even homes prices a little higher would fit in the new limits.FHA single-family home loans are only for those who plan to occupy the home. For now, the higher loan limits are temporary, lasting for this year only.FHA programs also include higher limits for two-, three- and four-family homes.The old limit on FHA 30-year, fixed, single-family loans was $336,100 in the Sarasota-Bradenton-Venice area. In Charlotte County the old limit as $224,209."It is really going to open a lot of doors in the community," said Frank Fontanetta, president of Sarasota's Sentinel Mortgage Co. "I think it will be a big impact, to get the market going."In addition to being easier to get than a standard loan, with no credit scoring, FHA loans can be secured with a minimal down payment of as low as 2.25 percent.Fontanetta said he expects to have pricing on the new loans with the higher caps by Friday.Rates in general for 30-year, fixed-rate, FHA loans have been in the low 6 percent range.There are 75 areas in the United States, out of a total of 3,200, that will qualify for the highest loan limit of $729,750. One of these is Monroe County, home of Key West.Other places that will enjoy $729,750 FHA loans are New York, Los Angeles, San Francisco and Washington, D.C.Collier County, with Naples, landed a new single-family FHA loan limit of $531,250. Previously, FHA's loan limits in these very high-cost areas were capped at $362,790."This is important," said HUD Secretary Alphonso Jackson, speaking at a Greater Los Vegas Association of Realtors keynote speech. "Families in high-cost states have been priced out of FHA-backed loans. This has created a vacuum, filled by exotic subprime loans.""Even moderate cost areas like those in the South and Southwest, such as Dallas, Houston, Augusta and Tallahassee will be helped, with most loan limits there rising to $271,050," said Brian Montgomery, another FHA official.The regular FHA 30-year, fixed-rate loan program is called the 202B.Another program, the 203K Streamline Loan, makes it possible to include the cost of expected home improvements when buying a home."It is a renovation loan that allows a borrower to spend up to $35,000 on cosmetic improvements on buying the home and then finance the whole thing," Fontanetta said.Assuming that the basic loan needed to acquire the home was $250,000, under the Streamline program, the borrower could reserve another $35,000 for cosmetic improvements, bringing the loan total at closing to $285,000. That would avoid taking out a credit line or second mortgage for the improvements. The improvement money is held in escrow and drawn to the contractor doing the work.The Streamline loan, which has been in existence for a long time, "allows you to buy property that needs fixing up, like a bank foreclosure, a property that is in distress," DuToit said.Raising the limits on that program also could help the Southwest Florida market to unload some of its excess inventory, a hangover from the construction and real estate boom of 2003-05."This is back to basics," DuToit said.

www.InvestSmarter.com
www.RandBCoastalRealEstate.com

TIA Hangar Deal May Create 410 Jobs

2008-03-10T11:33:00.001-05:00

Could something similar this come in a few years for the Panama City Florida International Airport?

By TED JACKOVICS, The Tampa Tribune
Published: March 7, 2008
Updated: 03/06/2008 08:55 pm
TAMPA - Up to 410 new jobs could be created at Tampa International Airport in the next two years after approval Thursday of a maintenance hangar lease with a Dothan, Ala.-based company.
The 15-year lease with Pemco World Air Services Inc., which specializes in aircraft maintenance and converting airliners such as Boeing 737s into cargo carriers, should help offset a slowdown in airport revenue as the sluggish economy cuts into passenger traffic.
The new jobs outweigh annual lease revenue that could rise to as much as $630,185 by 2010, officials said. "I am more excited about the 400 new jobs than the rent," said airport director Louis Miller. The new jobs are especially welcome during the current tough economic times, said Tampa Mayor Pam Iorio, who sits on the Hillsborough County Aviation Authority board.
Pemco will begin moving into the former US Airways hangar on the east side of Tampa's airport on April 1. The hangar is the size of three football fields and has been unused since US Airways closed it in November 2002, idling 300 local employees.
A former Delta Air Lines maintenance hangar also on North West Shore Boulevard that employed about 350 people has been vacant since mid-2005.
Pemco executive Kevin Casey on Thursday hinted that the company could become interested in that facility some time in the future.
However, Pemco's lease with the aviation authority includes a termination provision if the Delta facility is leased to a competitor and Pemco is unable to conduct its business, which could occur if another company rented the Delta hangar and stripped Pemco of its employees.
For the time being, however, that appears to be more a matter of long-term legal protection for Pemco's interests rather than a pressing concern.
The vacant Delta and US Airways hangars resulted from the aviation industry's economic slump at the beginning of the decade. That led to both US Airways and Delta filing for bankruptcy court protection and allowed them to terminate lease agreements, among other restructuring moves.
Because much of U.S. airline heavy maintenance is outsourced to foreign countries in recent years, recruiting a new hangar tenant has been difficult. At one point, a group of former airline mechanics discussed forming their own company to work from one of the hangars, but those plans failed to materialize.
The US Airways and Delta hangar closings idled highly qualified mechanics and those with other skills, many of whom remained in the community and who might be interested in returning to work at the Pemco hangar, Miller said.
The aviation authority originally authorized negotiations with Pemco in July, but following an ownership and management change, Pemco deferred forging a lease.
The timing of the management changes and uncertainties about Pemco's client base caused new Pemco president Wakelee Smith to be uncomfortable in executing a large lease in his first month as president, airport officials said.
The aviation authority said it then discussed leases with other companies, but none of those contacts were successful and the discussions were terminated.
One of those was Miami-based Astar Air Cargo of Miami, which expressed disappointment at losing out to Pemco for the lease in July. A representative for Astar would not comment Thursday on whether Astar is interested in the Delta hangar.
The Pemco hangar lease provides an escalation in guaranteed land and facility rent from $105,719 for nine months in 2008 to $407,634 in 2010. A formula based on Pemco's revenue could increase the latter amount by an additional $222,000 by 2010.
In other business, the aviation authority approved in a federally required public hearing a proposal to issue $215 million in airport revenue bonds and a continuation of commercial paper not to exceed $200 million.
The bond money would be used to fund all or portions of various projects, including the economy parking garage expansion, the cargo road extension between Ohio and Hillsborough avenues, a new cargo building and some projects for the new North Terminal scheduled to open in October 2015.
Reporter Ted Jackovics can be reached at tjackovics@tampatrib.com or (813) 259-7817.

www.Panama-City-Beach-Florida-MLS.com

Rates may Stay Down For a While

2008-03-10T11:22:00.003-05:00

Daily Real Estate News March 7, 2008Fed: Rates May Remain Low for AwhileThe Federal Reserve may need to keep a lid on interest rates for a significant length of time if the financial markets continue to be under duress, New York Fed President Timothy Geithner told the Council on Foreign Relations."If turbulent financial conditions and the associated downside risks to growth persist, monetary policy may have to remain accommodative for some time," he said.Geithner also said that dealing with growth risks and rising inflation "requires a fine balance" but added "if the medium-term outlook for inflation deteriorates significantly, the Federal Open Market Committee will move with appropriate speed and force to address this risk."Source: Reuters News, Pedro Nicolaci da Costa and Steven C. Johnson (03/06/08)

www.Destin-Florida-Condominiums.info

Low Cost Updates

2008-03-10T11:22:00.001-05:00

Daily Real Estate News March 7, 2008Low-Cost Kitchen UpdatesSellers whose kitchens are old and outdated, but who don’t want to spend money gutting and remodeling, should consider these tips from interior designers for updating inexpensively.
Buy new lighting. Replace fixed ceiling lights with modern movable track fixtures.
Replace the hardware. Handles on today’s cabinets are large and sleek instead of small and ornate. Also, brass is out. Replacing the outmoded ones can make the whole room look more modern.
Buy a new faucet. A stylish faucet can make a big difference.
Update the backsplash. Colorful mosaic tiles are better than plain boring tile.
Buy new seating. If sellers can’t afford that, then they can certainly reupholster or replace the cushions.
Clean up the clutter. Get rid of the canister set, the breadbox, and all the appliances on the counters. Leave only one bowl of fruit and a plant on the countertops.Source: The New York Times, Stephen Milioti (03/06/08)

www.Destin-Florida-MLS.com

FHA Limits Changed!

2008-03-06T18:45:00.003-06:00

I know you've all been waiting for some relief to our current market conditions, and it arrived today: the new FHA and Fannie Mae- Freddie Mac conforming loan limits have been released by the U.S. Department of Housing and Urban Development. To find out the new limits in your area, simply click on this link: https://entp.hud.gov/idapp/html/hicostlook.cfm, which will take you to the "mortgage limits" page at the HUD web site. On that page, enter your state and county information, chose the type of loan from the "Limit Type" drop-down box (FHA Forward, Fannie/Freddie or HECM). [Note: FHA Forward is what HUD is calling the temporary FHA loan limit.] Then click the "send" button at the bottom of the page. On the results page, you'll see the new loan limit for the type of loan you selected for your area. You can also find a county-by-county listing of the new FHA and Fannie Mae-Freddie Mac loan limits at REALTOR.org by following this link: http://www.realtor.org/GAPublic.nsf/files/chart_hud_loan_limits_08.pdf/$FILE/chart_hud_loan_limits_08.pdf
The new loan limits for FHA and Fannie Mae and Freddie Mac are now calculated at 125 percent of the HUD published median prices, with a floor of $271,050 and $417,000, respectively, not to exceed $729,750.
We expect the impact of these loan limit increases on the housing market to be significant because of the infusion of capital into the mortgage market, which should result in lower interest rates across the board. In addition, there will be a direct impact on high-cost areas that previously required borrowers to take out costlier jumbo mortgages.
As NAR research points out, increasing FHA loan limits will help an additional 138,000 Americans achieve the dream of home ownership and will allow nearly 200,000 homeowners to refinance and potentially keep their home. In addition, NAR believes that increasing the loan limits for Fannie Mae and Freddie Mac will bolster the housing finance market, which continues to be severely stressed, by providing an immediate infusion of much needed liquidity to the nation’s mortgage market.
An economic impact study conducted by NAR in January 2008 estimated that increasing the GSEs’ conforming loan limits would result in as many as 500,000 refinanced loans and could help reduce foreclosures by as much as 210,000. In addition, over 300,000 additional home sales could be generated, housing inventory would be reduced and home prices would be strengthened by two to three percentage points.
HUD was mandated in the Economic Stimulus Act to publish new loan limits within 30 days of the bill's signing by President Bush on February 13. NAR strongly supported this economic stimulus package because of the relief we felt it would bring our members.

www.RandBCoastalRealEstate.com
www.InvestSmarter.com

Going Green, the New Thing...Does it Make Sense?

2008-03-04T09:19:00.001-06:00

Green Energy Costs Worry Businesses

The debate over going green has leaped miles beyond whether to pursue such options to the bedeviling question of how. As the Florida Legislature prepares to weigh various green energy proposals, powerful business interests are steering the discussion to the cost and the potential impact on Florida's competitiveness. Many of the legislative proposals in the works so far -- such as tax credits for renewable energy, funding for renewable-energy research, and energy-efficiency standards for new construction -- are palatable to most businesses. But others would set mandates, such as a proposal from Gov. Charlie Crist to set a renewable fuel standard of at least 5 percent of total consumption by 2012 and 10 percent by 2015. [Source: Miami Herald]

www.InvestSmarter.com
www.RandBCoastalRealEstate.com
www.Panama-City-Beach-Florida-Condominiums.com
www.Destin-Florida-Condominiums.info
www.30a-Florida-MLS.com

Market Turning Around?

2008-03-04T09:14:00.003-06:00

Daily Real Estate News March 3, 20085

Proposals to Turnaround the Market

The word bailout isn’t popular in Washington, D.C., these days, so the efforts by both political parties to clean up the housing mess are all skirting the issue."Anything that can be described as a bailout is going to be dead-on-arrival, so how these proposals are framed is critical to whether or not they even have a chance at enactment," says Jaret Seiberg, a financial services policy analyst with Stanford Group. "It has to be framed as a short-term rescue for the housing market and the economy and not as a way to help individual lenders or investors."Here are the five most prominent plans for propping up, rescuing, freezing, and throwing a lifeline to the housing market:

Rep. Barney Frank: Give the Federal Housing Administration $15 billion to buy up loans and refinance them at lower rates, and give state and local governments $10 billion in grants to buy up foreclosed properties.

Sen. Christopher Dodd: Create a new Federal Homeownership Preservation Corp., funded with up to $20 billion, to purchase distressed loans and help struggling home owners to refinance.
Treasury Secretary Henry Paulson: Encourage the banking industry to freeze interest rates for five years for some borrowers, and give some home owners a 30-day reprieve from foreclosures.
Senate Majority Leader Harry Reid and other democrats: Let bankruptcy judges reduce the obligations of borrowers unable to pay their mortgages, and spend $4 billion to buy and fix up foreclosed homes.

Office of Thrift Supervision: Allow about 8 million home owners who owe more than their homes are worth to refinance into government-backed loans, giving lenders the ability to share some of the gains if the home is eventually sold at a higher price.Source: The Associated Press, Alan Zibel (03/02/08)

www.InvestSmarter.com
www.RandBCoastalRealEstate.com
www.Panama-City-Beach-Florida-MLS.com
www.Destin-Florida-MLS.com

Outside Investors Seek Florida

2008-03-04T08:59:00.002-06:00

Housing Glut Attracts Canadians

Many Canadians will be looking for more than beaches, palm trees and sunshine as they head south for the March break. Some will be looking at for-sale signs on houses, townhouses and condominiums. And in Florida, there will be lots to see. There have never been more residential properties on the market in the Sunshine State than there are now. Many of these homes are wearing price stickers reduced 50 percent from this time last year. There are sad stories to go with the bargain prices. Many of the homes were owned and occupied by families that paid nothing down and were given low-interest mortgages for the first few years. But when it came time to renew those mortgages at higher interest rates, millions of owners throughout the U.S. discovered they couldn't afford the higher payments and their mortgages went into default. [Source: Toronto Star]

More information on these real estate markets can be seen at
www.InvestSmarter.com

And properties of interest can be found at:
http://www.panama-city-beach-florida-mls.com/Featured-Listings-Panama-City-Beach-Florida/
http://www.panama-city-beach-florida-condominiums.com/hot-panama-city-beach-florida-condo-deals/
http://www.destin-florida-mls.com/
http://www.destin-florida-condominiums.info/hot-destin-florida-condominium-deals/
http://www.randbcoastalrealestate.com/Subdivision-Reports/

Destin Floirda and Surrounding Areas Trends

2008-03-01T12:50:00.002-06:00

FLORIDA

Crestview
2008 Resale Housing Trend Report
2007 Resale Housing Trend Report

Destin
2008 Resale Housing Trend Report
2007 Resale Housing Trend Report

Ft. Walton
2008 Resale Housing Trend Report
2007 Resale Housing Trend Report

Navarre
2008 Resale Housing Trend Report
2007 Resale Housing Trend Report

Niceville
2008 Resale Housing Trend Report
2007 Resale Housing Trend Report

Pensacola
2008 Resale Housing Trend Report
2007 Resale Housing Trend Report

For more information on properties located throughout our Emerald Coast please use the following website to assist in your search:

www.RandBCoastalRealEstate.com
www.InvestSmarter.com

For a more specific look at Destin Florida, Fort Walton Beach Florida, Crestview Florida, Niceville Florida, Defuniak Springs Florida, Eglin Airforce Base, and the beautiful coast through 30A please use the following sites to narrow your search to Residential Homes, Condominiums, and Commercial Real Estate in Destin and Niceville Florida

www.30a-Florida-MLS.com

www.Destin-Florida-MLS.com

www.Destin-Florida-Condominiums.info

www.Destin-Florida-Commercial-Real-Estate.com

We have developed a few Panama City Beach Florida and Panama City Florida Related Real Estate Websites along with sites for Destin Florida and the Niceville area. We would appreciate any feedback on these sites. Thanks and have a great day!!!

Troubled Markets

2008-03-01T12:38:00.000-06:00

Wells Fargo Analysis: 200 Troubled Markets

Wells Fargo & Co., the country’s second-largest mortgage lender, says it has identified more than 200 housing markets nationwide where the mortgage crisis has spread.Wells Fargo tightened its lending standards in affected markets in 24 states and the District of Columbia.Wells Fargo said California has at least 33 housing markets "at risk," and that at least 20 counties, including Los Angeles and San Diego, face severe distress.

Florida has 33 at-risk markets, followed by Michigan and Virginia with 15 each, and Maryland and Ohio with 13 each, Wells Fargo said.Other at-risk markets are located in Arizona, Colorado, Connecticut, the District of Columbia, Illinois, Louisiana, Massachusetts, Minnesota, Missouri, Nevada, New Hampshire, New Jersey, New York, Oregon, Pennsylvania, Rhode Island, Washington, Wisconsin and West Virginia.Source: Reuters News, Jonathan Stempel (02/27/2008)

For more information on properties located throughout our Emerald Coast please use the following website to assist in your search:

www.RandBCoastalRealEstate.com
www.InvestSmarter.com

For a more specific look at Panama City Florida, Panama City Beach Florida, Lynn Haven Florida, Bay Point Florida, Callaway Florida, Springfield Florida, Tyndall Air Force and other properties located in Bay County please use the following sites to narrow your search to Residential Homes, Condominiums, and Commercial Real Estate in Panama City Florida and Panama City Beach Florida

www.Panama-City-Beach-Florida-MLS.com

www.Panama-City-Beach-Florida-Condominiums.com

www.Panama-City-Beach-Florida-Commercial-Real-Estate.com

For a more specific look at Destin Florida, Fort Walton Beach Florida, Crestview Florida, Niceville Florida, Defuniak Springs Florida, Eglin Airforce Base, and the beautiful coast through 30A please use the following sites to narrow your search to Residential Homes, Condominiums, and Commercial Real Estate in Destin and Niceville Florida

www.30a-Florida-MLS.com

www.Destin-Florida-MLS.com

www.Destin-Florida-Condominiums.info

www.Destin-Florida-Commercial-Real-Estate.com

We have developed a few Panama City Beach Florida and Panama City Florida Related Real Estate Websites along with sites for Destin Florida and the Niceville area. We would appreciate any feedback on these sites. Thanks and have a great day!!!

Rates to Be Cut Again?

2008-03-01T12:36:00.000-06:00

Daily Real Estate News February 28, 2008

Bernanke Prepared to Cut Key Rates Again

Federal reserve Chair Ben Bernanke told the House Financial Service Committee during an appearance on Wednesday that the Fed is prepared to lower key interest rates again to bolster economic growth. The Fed "will act in a timely manner as needed to support growth and to provide adequate insurance against downside risks," he said.Bernanke was asked when he thought the housing market might stabilize. It's possible, he said, that by "later this year it will stop being such a big drag directly" on the economy. But home prices probably will decline into next year, he added."It is very difficult to know, and we've been wrong before," Bernanke said.Source: The Associated Press, Jeannine Aversa (02/27/08)

For more information on properties located throughout our Emerald Coast please use the following website to assist in your search:

www.RandBCoastalRealEstate.com
www.InvestSmarter.com

For a more specific look at Panama City Florida, Panama City Beach Florida, Lynn Haven Florida, Bay Point Florida, Callaway Florida, Springfield Florida, Tyndall Air Force and other properties located in Bay County please use the following sites to narrow your search to Residential Homes, Condominiums, and Commercial Real Estate in Panama City Florida and Panama City Beach Florida

www.Panama-City-Beach-Florida-MLS.com

www.Panama-City-Beach-Florida-Condominiums.com

www.Panama-City-Beach-Florida-Commercial-Real-Estate.com

For a more specific look at Destin Florida, Fort Walton Beach Florida, Crestview Florida, Niceville Florida, Defuniak Springs Florida, Eglin Airforce Base, and the beautiful coast through 30A please use the following sites to narrow your search to Residential Homes, Condominiums, and Commercial Real Estate in Destin and Niceville Florida

www.30a-Florida-MLS.com

www.Destin-Florida-MLS.com

www.Destin-Florida-Condominiums.info

www.Destin-Florida-Commercial-Real-Estate.com

We have developed a few Panama City Beach Florida and Panama City Florida Related Real Estate Websites along with sites for Destin Florida and the Niceville area. We would appreciate any feedback on these sites. Thanks and have a great day!!!

Bill to allow judges to lower mortgage amount instead of foreclosure

2008-02-26T09:49:00.001-06:00

In an effort to reduce the number of foreclosures this year and next year by an estimated 600,000+ households, there are two bills before Congress that would grand “judges the authority to reduce mortgage debt.”

The two bills only apply to borrowers that live in their homes and have either subprime mortgages or other non-traditional mortgages, such as interest-only loans.
“It is one of many efforts by government and consumer groups to encourage lenders and mortgage servicers to restructure loans to more affordable terms for home owners in danger of default.”

Lenders, of course, are in an uproar with this claiming that this would increase mortgage costs for everyone because of the “bad bets” of a few. Proponents say these types of risky loans should have not been available in the first place.

What an interesting relationship. The borrowers don’t want to take responsibility for something they knowingly signed up for and claim that someone else shouldn’t have let them do it, and the lenders don’t want to take responsibility saying the consumer should not have bought that expensive house and need to suffer the repercussions or they will keep making bad decisions. Interesting indeed.

What do you think? Does the responsibility lie with the borrower to not take out a risky loan? Or does the responsibility lie with the lender to not offer the risky loan in the first place.

The entire article on cnnmoney.com

For more information on properties located throughout our Emerald Coast please use the following website to assist in your search:

www.RandBCoastalRealEstate.com
www.InvestSmarter.com

For a more specific look at Panama City Florida, Panama City Beach Florida, Lynn Haven Florida, Bay Point Florida, Callaway Florida, Springfield Florida, Tyndall Air Force and other properties located in Bay County please use the following sites to narrow your search to Residential Homes, Condominiums, and Commercial Real Estate in Panama City Florida and Panama City Beach Florida

www.Panama-City-Beach-Florida-MLS.com

www.Panama-City-Beach-Florida-Condominiums.com

www.Panama-City-Beach-Florida-Commercial-Real-Estate.com

For a more specific look at Destin Florida, Fort Walton Beach Florida, Crestview Florida, Niceville Florida, Defuniak Springs Florida, Eglin Airforce Base, and the beautiful coast through 30A please use the following sites to narrow your search to Residential Homes, Condominiums, and Commercial Real Estate in Destin and Niceville Florida

www.30a-Florida-MLS.com

www.Destin-Florida-MLS.com

www.Destin-Florida-Condominiums.info

www.Destin-Florida-Commercial-Real-Estate.com

We have developed a few Panama City Beach Florida and Panama City Florida Related Real Estate Websites along with sites for Destin Florida and the Niceville area. We would appreciate any feedback on these sites. Thanks and have a great day!!!

Resale Trends-Destin Florida, Niceville Florida, Crestview Florida, Fort Walton Beach Florida

2008-02-20T19:02:00.003-06:00

The following are the market trend reports for Destin, Niceville, 30a, Crestview, Fort Walton Beach, and Pensacola Florida

http://www.narreia.com/market/Reports2008/Crestview_Resale_Trends_2008.pdf

http://www.narreia.com/market/Reports2008/Destin_Resale_Trends_2008.pdf

http://www.narreia.com/market/Reports2008/Fort_Walton_Resale_Trends_2008.pdf

http://www.narreia.com/market/Reports2008/Navarre_Resale_Trends_2008.pdf

http://www.narreia.com/market/Reports2008/Niceville_Resale_Trends_2008.pdf

http://www.narreia.com/market/Reports2008/Pensacola_Resale_Trends_2008.pdf

For more information on listings in these areas please find more information below:

www.Destin-Florida-MLS.com
www.Destin-Florida-Condominiums.info
www.Destin-Florida-Commercial-Real-Estate.com
www.30A-Florida-MLS.com
www.RandBCoastalRealEstate.com
www.InvestSmarter.com

New FHA Limits to Loans

2008-02-20T18:55:00.002-06:00

Daily Real Estate News February 20, 2008

How New FHA, GSE Loan Limits Impact You

Last week, President Bush signed into law a $152 billion economic stimulus bill that includes temporary increases in loan limits for the government sponsored enterprises (GSEs) — Fannie Mae and Freddie Mac — and the Federal Housing Administration until Dec. 31. But what does this mean for you and your clients? The NATIONAL ASSOCIATION OF REALTORS® launched a new resource Web page, What Economic Stimulus Means for REALTORS®, devoted to educating you about the new loan limits, which loans are eligible, and the implementation of these temporary limit increases. NAR has developed estimates of the FHA and GSE single-family loan limits by state and county so that you can get a sense of how the loan limits will rise in your markets.

"The importance of immediately implementing the new limits cannot be overstated," said NAR President Richard Gaylord last week in a public statement. (Listen and watch Gaylord's video podcast on the topic at REALTOR.org). "Mortgage markets throughout the country need liquidity. Our research indicates that the increased FHA loan limits will help an additional 138,000 Americans achieve the dream of homeownership and will allow nearly 200,000 homeowners to refinance and potentially keep their homes.”

The FHA limit will increase to as much as $729,750 in high cost areas (to 125 percent of local median home prices). The GSE limit will jump to $729,750 for loans; currently Fannie Mae and Freddie Mac loans are capped at $417,000.

Eligible loans from FHA include mortgages that were issued for credit approval on or before Dec. 31, 2008. GSE loans that are eligible include loans that originated after July 1, 2007 to Dec. 31, 2008.

The U.S. Department of Housing and Urban Development is required to publish the new mortgage limits by March 14; the limits will be effective for FHA immediately upon publication.
Visit REALTOR.org for more on the FHA and GSE changes so that you can educate yourself and, in turn, your clients about their options. "This will be a major stimulus for the housing industry and for people who want to own a home,” Gaylord said.

— REALTOR® Magazine Online

For more information on property in the Destin or Panama City Beach Florida Areas please visit
www.InvestSmarter.com
www.Panama-City-Beach-Florida-MLS.com
www.Destin-Florida-MLS.com
www.RandBCoastalRealEstate.com

Market Trends for Destin Florida and Surrounding Areas

2008-02-15T09:30:00.002-06:00

The following links provide market trends for the Destin, Fort Walton Beach, Niceville, Crestview and 30a Areas.

Destin Florida Real Estate:
http://www.narreia.com/market/Reports2008/Destin_Resale_Trends_2008.pdf

Fort Walton Beach Florida Real Estate:
http://www.narreia.com/market/Reports2008/Fort_Walton_Resale_Trends_2008.pdf

Niceville Florida Real Estate:
http://www.narreia.com/market/Reports2008/Niceville_Resale_Trends_2008.pdf

Crestview Florida Real Estate:
http://www.narreia.com/market/Reports2008/Crestview_Resale_Trends_2008.pdf

Available properties in the Destin, Niceville, Crestview and Fort Walton Beach Florida Areas:
www.Destin-Florida-MLS.com
www.Destin-Florida-Condominiums.info
http://www.randbcoastalrealestate.com/destin-real-estate/
http://www.randbcoastalrealestate.com/ft-walton-beach/
http://www.randbcoastalrealestate.com/niceville/

For more information on investing in real estate please also visit www.InvestSmarter.com

Auctions and Real Estate-Interesting Opportunities for Savy Investors and Buyers

2008-02-15T09:17:00.002-06:00

Daily Real Estate News February 7, 2008

Real Estate Market Sold on Auctions

The real-estate auction market rose 5.3 percent in 2007, generating $58.4 billion in revenues – 39 percent more than it did in 2003, according to the National Auctioneers Association.Arkansas auctioneer Joe R. Wilson predicts that a sluggish real-real estate market will make 2008 even stronger. "Sellers like it because it's fast, efficient and effective," says Wilson of Wilson Auctioneers Inc. in Hot Springs. "Buyers like it because they believe they're getting a deal."In December, the National Auctioneers Association launched what is believed to be the first real-estate auction multiple-listing service. Prospective bidders can view coming auctions on AuctionMLS.com. The association also teamed up with the Auction Network to develop a multimedia cable television network devoted to the auction industry.Source: The Wall Street Journal, Jilian Mincer (02/06/2008)

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Some Buyers Owe Too Much

2008-02-14T10:59:00.002-06:00

Daily Real Estate News February 12, 2008Some Home Buyers Owe Too MuchMore than 30 percent of home owners who bought in the last two years owe more on their mortgage than their homes are currently worth, says Zillow.com in its quarterly home value report.Zillow calculated that 39 percent of home buyers in 2006 who put down 10 percent, now have negative home equity, compared to 30 percent of those who purchased in 2007.Overall, only 3 percent of those who purchased in 2003, and less than 1 percent of all homes in the United States, regardless of when they were purchased, have negative equity.Source: Reuters News (02/12/08)

For more information about investing in real estate or personal finance, please visit our new website at www.InvestSmarter.com.

Lenders Team Up to Curb Foreclosures

2008-02-14T10:58:00.003-06:00

Daily Real Estate News February 12, 2008

Lenders Team up to Curb Foreclosures

Six major lenders have agreed to allow seriously overdue home owners to suspend foreclosures for 30 days, giving them time to work out affordable loans.The plan called Project Lifeline is being announced today by the Department of Housing and Urban Development.Initially, the pilot program will involve Bank of America Corp., Citigroup Inc., Countrywide Financial Corp., JPMorgan Chase & Co., Washington Mutual Inc., and Wells Fargo & Co.All six lenders are currently involved in the Hope Now plan, the deal the Bush administration brokered last year to freeze rates on some high-cost subprime mortgages for five years to aid borrowers whose introductory rates had jumped.The new plan applies to seriously delinquent home owners whose mortgages are 90 or more days past due.Source: The Associated Press, Marcy Gordon (02/11/08)

For more information about investing in real estate or personal finance, please visit our new website at www.InvestSmarter.com.

For a more specific look at Panama City Florida, Panama City Beach Florida, Lynn Haven Florida, Bay Point Florida, Callaway Florida, Springfield Florida, Tyndall Air Force and other properties located in Bay County please use the following sites to narrow your search to Residential Homes, Condominiums, and Commercial Real Estate in Panama City Florida and Panama City Beach Florida
www.Panama-City-Beach-Florida-MLS.com
www.Panama-City-Beach-Florida-Condominiums.com
www.Panama-City-Beach-Florida-Commercial-Real-Estate.com

For a more specific look at Destin Florida, Fort Walton Beach Florida, Crestview Florida, Niceville Florida, Defuniak Springs Florida, Eglin Air force Base, and the beautiful coast through 30A please use the following sites to narrow your search to Residential Homes, Condominiums, and Commercial Real Estate in Destin and Niceville Florida
www.30a-Florida-MLS.com
www.Destin-Florida-MLS.com
www.Destin-Florida-Condominiums.info
www.Destin-Florida-Commercial-Real-Estate.com

Jumbo Limits to Possibly Increase

2008-02-08T20:01:00.000-06:00

Stimulus to Benefit Jumbo Borrowers

The biggest winners in the economic rescue plan that passed the U.S. Congress on Thursday and awaits President Bush’s signature are middle- to upper-income Americans who can refinance their jumbo home loans at cheaper rates.The stimulus package temporarily raises the maximum size of mortgages that Fannie Mae and Freddie Mac can purchase and market as securities from $417,000 to as high as $729,750 in expensive parts of the country like New York City and California.It makes a similar change for loans backed by the Federal Housing Administration, which insures loans to borrowers with weak credit.Right now, borrowers in expensive areas are "really stuck between a rock and a hard place," says Mark Vitner, senior economist with Wachovia Corp. Raising the caps, he says, will result in a refinancing boom for those properties."We're more likely to see an immediate improvement at the upper end than we are at the lower end" of the housing market, he says.Source: The Associated Press, Alan Zibel (02/08/2008)

For more information on properties located throughout our Emerald Coast please use the following website to assist in your search:

www.RandBCoastalRealEstate.com

For a more specific look at Panama City Florida, Panama City Beach Florida, Lynn Haven Florida, Bay Point Florida, Callaway Florida, Springfield Florida, Tyndall Air Force and other properties located in Bay County please use the following sites to narrow your search to Residential Homes, Condominiums, and Commercial Real Estate in Panama City Florida and Panama City Beach Florida

www.Panama-City-Beach-Florida-MLS.com

www.Panama-City-Beach-Florida-Condominiums.com

www.Panama-City-Beach-Florida-Commercial-Real-Estate.com

For a more specific look at Destin Florida, Fort Walton Beach Florida, Crestview Florida, Niceville Florida, Defuniak Springs Florida, Eglin Airforce Base, and the beautiful coast through 30A please use the following sites to narrow your search to Residential Homes, Condominiums, and Commercial Real Estate in Destin and Niceville Florida

www.30a-Florida-MLS.com

www.Destin-Florida-MLS.com

www.Destin-Florida-Condominiums.info

www.Destin-Florida-Commercial-Real-Estate.com

We have developed a few Panama City Beach Florida and Panama City Florida Related Real Estate Websites along with sites for Destin Florida and the Niceville area. We would appreciate any feedback on these sites. Thanks and have a great day!!!

Amendment 1 Approved!

2008-02-06T10:48:00.000-06:00

On Tuesday, Florida Constitutional Amendment 1 was approved by Florida voters with 64% yes and 36% no. Expected to cut taxes $9.3 billion total, Amendment 1 will double the current homestead tax exemption from $25,000 to $50,000, it will allow portability so that homeowners can transfer their Save Our Homes tax benefits, provide a 10% assessment cap on ALL properties (including rental homes, second homes, business properties, etc.), and it will include an exemption on the first $25,000 from taxes for tangible personal property for business owners.
Those opposing the Amendment claim that if passed, important public services such as fire protection and law enforcement would suffer. In addition, the public school system would be under funded.

For more information on properties located throughout our Emerald Coast please use the following website to assist in your search:

www.RandBCoastalRealEstate.com

For a more specific look at Panama City Florida, Panama City Beach Florida, Lynn Haven Florida, Bay Point Florida, Callaway Florida, Springfield Florida, Tyndall Air Force and other properties located in Bay County please use the following sites to narrow your search to Residential Homes, Condominiums, and Commercial Real Estate in Panama City Florida and Panama City Beach Florida

www.Panama-City-Beach-Florida-MLS.com

www.Panama-City-Beach-Florida-Condominiums.com

www.Panama-City-Beach-Florida-Commercial-Real-Estate.com

For a more specific look at Destin Florida, Fort Walton Beach Florida, Crestview Florida, Niceville Florida, Defuniak Springs Florida, Eglin Airforce Base, and the beautiful coast through 30A please use the following sites to narrow your search to Residential Homes, Condominiums, and Commercial Real Estate in Destin and Niceville Florida

www.30a-Florida-MLS.com

www.Destin-Florida-MLS.com

www.Destin-Florida-Condominiums.info

www.Destin-Florida-Commercial-Real-Estate.com

Property-tax cuts unlikely to lift housing market soon

2008-02-04T16:50:00.000-06:00

Karen Azari wasted no time after Florida voters overwhelmingly approved the property-tax amendment last week. Azari, who owns a Miami granite countertop business, promptly put her longtime home in Bay Harbor Islands up for sale with Coldwell Banker.
She figures that the portability provision, which allows homeowners to transfer tax savings to another home when they move, will help her out.
How much the amendment will help jump-start the sluggish real-estate market overall is another question. Most analysts say it will boost sales only modestly in the short term.
The amendment enables owners of homesteaded property to carry up to $500,000 in tax benefits to a new home if they have sold one property after Jan. 1, 2007, and purchase another within two years.
Homeowners who downsize to less expensive properties can carry a proportionate amount of savings. If they had shielded 40 percent of the market value of the old home from the tax collector, they can shield 40 percent of the market value of the new one.
For Azari, the numbers add up.
''I didn't want to sell before, because no matter what I bought instead, the taxes would be too high,'' said Azari, who bought the three-bedroom, two-bath home in 1995 and is shielding about $640,000 from taxable value under the earlier Save Our Homes cap. That is 69 percent of the $927,000 market value that is excluded from taxes under the cap, which limits increases in tax assessments to a maximum of 3 percent a year, no matter how much home values may rise.
''Now I can take the tax savings with me, and it kind of keeps it level,'' Azari said. ``My taxes won't jump from $5,000 to $10,000.''
Local property appraisers offices have been beset with calls from bewildered homeowners since the amendment was approved Tuesday. But several inquiries from The Miami Herald suggest that some county workers are not well briefed on the new law and that property owners would do better to keep up with the news media and check the property appraisers' websites.
A political action committee known as Yes on 1 -- Save Our Homes Now spent more than $3.7 million to promote the adoption of Amendment 1. That included more than $1 million from the Florida Association of Realtors and numerous contributions from other real-estate-related firms that hope the measure will stimulate sales in Florida's worst real-estate market in decades.
FREEDOM TO MOVE
''There's not going to be a running of the bulls,'' said Richard Barkett, chief executive officer of the Realtors Association of Greater Fort Lauderdale. ``But now, people are not chained to their homes, and now they have the freedom to trade up or trade down and take their tax savings with them.
``I'm sure there is pent-up demand of people who have been waiting to see if this amendment would pass. We definitely anticipate it will help some sales.''
While the portability of tax savings will help many homeowners switch homes over time, experts agree, the near-term impact may be muted.
For one thing, the measure already faces a court challenge in Leon County on grounds that portability discriminates against newcomers and violates state and federal constitutional rights to equal protection and the right to move across state lines without facing economic harm.
That cloud hanging over the amendment may prompt some homeowners to hold off on selling a longtime homestead property and buying another place for fear that the measure will be invalidated.
But a bigger roadblock is that many potential buyers are waiting for signs of a market bottom. Nobody wants to buy a house when prices are on the way down.
''It certainly will have some effect,'' said Ron Shuffield, president of Esslinger Wooten Maxwell, a real-estate brokerage firm in Coral Gables. ``But will it eat up all the excess inventory of homes on the market? No. We still have the market we're in. If someone wants to move, they still have to sell their home before they will buy another one.''
Indeed, Azari -- the eager seller in Bay Harbor Islands -- said that if her house sells, she'll scour the market until she finds a sure bargain, ``maybe a foreclosure.''
LITTLE FOR NEW BUYERS
Meanwhile, the measure does little for first-time buyers who don't have tax benefits to transfer to a new home. They still face the prospect of paying huge tax bills because newly purchased homes are assessed at full market value.
''First-time buyers didn't get anything,'' said Shuffield, who hopes that more tax reform is on the horizon. ``The governor has said he's working on it. He's not finished.''
Most real-estate agents agree that the tax cut is a good start -- but only that.
''This is just the first step,'' said Barkett, of the Realtors Association. ``More has to be done to get our economy going and to get property taxes in Florida back on an equal, stable level. We're looking for further relief from our Legislature and the Taxation and Budget Reform Commission. We're optimistic some additional measure will be on the November ballot.''
The Taxation and Budget Reform Commission, a blue-ribbon panel that is studying various options, can make recommendations to the Legislature or place proposals directly on the ballot for voter consideration.
While portability -- aimed at longtime property owners -- is the centerpiece, the amendment includes several other tax cuts:
• The homestead exemption will increase to $50,000 from $25,000, except for the school-tax portion of the bill. That is equivalent to about a $15,750 additional homestead exemption in Miami-Dade County and $16,000 in Broward County, or an average of $240 a year per home in tax savings statewide.
• For non-homesteaded residences and business properties, the amendment caps the annual increase in assessments at 10 percent. That would have helped snowbirds and others who are not eligible for homestead status back in the boom era when property values were bounding higher 25 percent or more a year. But the measure does little during the current sagging market.
A RENTAL ISSUE
The amendment ''helps some, but it's far from being the answer,'' said Martha Gomez, who owns several rental properties in Miami-Dade.
The $8,500 tax bill for one home on Southwest 63rd Place, which rents for $1,900 a month, ate up more than four months of income, she said. ``When you couple the taxes with the insurance and maintenance, we're losing money on these rentals.''
Under the amendment, businesses also received a new $25,000 exemption for tangible personal property, such as office furniture and equipment. That will save a few hundred dollars on average and the trouble of filing the paperwork.

For more information on available properties in and around Panama City, Panama City Beach, Destin Flordia, please see below.

www.panama-city-beach-florida-mls.com

www.panama-city-beach-florida-condominiums.com

www.panama-city-beach-florida-commercial-real-estate.com

www.RandBCoastalRealEstate.com

www.30a-florida-mls.com

www.destin-florida-mls.com

www.destin-florida-condominiums.info

www.destin-florida-commercial-real-estate.com

Florida Property Tax Portability

2008-01-27T12:53:00.001-06:00

This question continues to come up time and time again. We are moving closer to the actual vote on Portability. According the the Florida Association of Realtors you can see the explanation of what it means. From and investment stand point, there isn't much of an advantage, except when the property is sold on the back side someone can reduce their tax liability when purchasing your property from you if it has gone up in nature above the house they are currently selling.

The latest version of property tax reform: How it works

TALLAHASSEE, Fla. – Nov. 1, 2007 – The Florida Legislature, caught in a game of “chicken,” approved a measure that will appear before voters on the Jan. 29, 2008, ballot. With time working against them, lawmakers agreed on a measure that scaled back earlier initiatives, and even current reforms pushed by the House.

What the current amendment includes:

Homestead exemption

The homestead exemption increases. The current $25,000 homestead exemption remains; but a second $25,000 exemption is added for home values between $50,000 and $75,000. The second $25,000 exemption does not apply to school taxes, however, which translates into a lower-than-expected savings of about $240 per homesteaded owner. The portion of a home valued between $25,000 and $50,000 will still be taxed at all levels. FAR fought to include this taxable portion in order to maintain fairness for smaller cities and counties with lower median home values.

Portability – Moving up

Property tax savings portability (money saved over time on property taxes because of yearly increase limits through Florida’s Save Our Homes amendment) applies to homesteaders (homeowners with a homestead exemption) moving anywhere within Florida. Up to $500,000 of accumulated savings, applied to taxable value, may be transferred when one home is sold and another is purchased, with the transfer applying to all taxes, including the school portion. Homeowners have two years after they sell a home to buy a new one and transfer the savings.

If buying a more expensive home, a homesteader calculates savings by subtracting the assessed value (taxable value) from the just value (market value). The amount (savings over time) is then subtracted from the just value on the new home purchased. In most cases, the $50,000 homestead exemption will also be subtracted.

Example: Susie currently owns a home and has lived there for a long time. The house’s just value is $500,000, but because of Save Our Homes, the assessed value is only $200,000. Susie buys a new house for $700,000. The following year, she’ll pay taxes on only $400,000, however, because she’s “porting” $300,000 in value to her new home. After factoring in the new homestead exemption of $50,000, her total assessed value would be $350,000.

If buying a less-expensive home, the calculation changes and is based on the percentage of tax savings rather than a dollar amount. If the assessed value on the original home was 50 percent of the just value, for example, the homesteader would transfer that percentage to the new home, or have a new assessed value that is 50 percent of the new home’s just value. The percentage system was created to keep homesteaders from effectively eliminating their property taxes altogether by moving from a high-cost area of Florida to a low-cost area – a change that could severely hurt smaller rural economies.

Example: Susie currently owns a home and has lived there for a long time. The house’s just value is $500,000, but because of Save Our Homes, the assessed value is only $200,000. Susie buys a new town home for $300,000. She’ll pay taxes only on $120,000 because when buying down in value, she’ll keep the same ratio (40 percent) of assessed value to just value that she enjoyed in her old home. After factoring in the new homestead exemption of $50,000, her total assessed value would be $70,000.

Also, portability is retroactive to Jan. 1, 2007 – so everyone who bought this year and moved from an established homestead will be able to “port” their savings for next year. Since yearly tax values are based on ownership as of Jan. 1 each year, portability would not affect this year’s tax bills, which most homeowners have already received; but the savings will be applicable to next year’s tax bill.

Non-homesteaded property tax cap

A win for FAR and an important piece of the amendment is a 10 percent annual assessment cap on non-homestead property. Similar to Save Our Homes, this cap limits the assessed increases of commercial, rental and second home property taxes to a maximum amount of 10 percent per year starting in 2009, protecting against high spikes in taxes from year-to-year.

While property values will not rise 10 percent every year, FAR believes the cap offers some relief and protection to properties in high-value markets and waterfronts from unpredictable tax increases. The Constitution mandates a tax reassessment to just value upon transfer for non-homestead residential properties of nine units or less, but allows the Florida Legislature to determine how reassessment will occur for commercial and higher-unit residential properties. However, implementing legislation passed during the Special Session provides for reassessment of these properties upon a change in ownership or use.

Tangible personal property exemption

Under the amendment, the Tangible Personal Property (TPP) exemption for businesses is $25,000. The Legislature estimates that this tax – paid to local governments on items such as shelving, desks, computers, and other office equipment – will exempt about 1 million of Florida’s 1.2 million businesses that currently pay it. The amendment also drops the requirement to file for the TPP tax.

Work not done

While the proposed amendment will save property owners as much as $12 billion (depending on the portability amount used), FAR will work for greater relief measures. The association also has serious concerns about a challenge to the constitutionality of portability.

Earlier versions of property tax reform included provisions to help first-time homebuyers, a move missing in the current version. With that protection gone, FAR considers it possible that it will be challenged under the U.S. Constitution along with the entire Save Our Homes property tax system. If that happens, it could bring everyone back to the table yet again.

www.RandBCoastalRealEstate.com

www.Panama-City-Beach-Florida-MLS.com

www.Panama-City-Beach-Florida-Condominiums.com

www.Panama-City-Beach-Florida-Commercial-Real-Estate.com

www.Destin-Florida-MLS.com

www.Destin-Florida-Condominiums.info

www.Destin-Florida-Commercial-Real-Estate.com

www.30a-Florida-MLS.com

Hot Deals On Destin Florida Condominiums

2007-12-22T09:46:00.000-06:00

We hope everyone is having a wonderful weekend and getting ready for the Holiday Season! Based on feedback we have added a new section to www.destin-florida-condominiums.com showing Hot Hot Hot condominiums in Destin Florida. These deals are condominiums built after 2005 and less than $400 per sq ft. You can view these listings at http://www.destin-florida-condominiums.info/hot-destin-florida-condominium-deals/ With any unit you find interesting we will do a full market research packet to find out the true value to purchase this condominium for. Remember these are guidelines and we use this to establish a baseline for futher investigation into the condominiums true value.

Also we launched a similar site for our Panama City Beach Florida Clients. You can see more information on the Panama City Beach Florida Hot Deals for Condominiums at http://www.panama-city-beach-florida-condominiums.com/hot-panama-city-beach-florida-condo-deals/ of course you can always search by the Condominium Development on all the sites and the www.destin-florida-mls.com and www.panama-city-beach-florida-mls.com sites are constantly updating.

Thank you all again for your continued support and feedback and we hope to help everyone have a successful and happy new year!

www.RandBCoastalRealEstate.com

Launching of Destin Flordia Real Estate For Sale

2007-11-12T16:45:00.000-06:00

The time is here once again! Destin Florida Real Estate is Hot! But only if you are careful and know what you are buying..That's right! It is a buyer's market or is it a False Buyer's Market with limitations? Read more in future postings about what is going on in the Destin Florida Real Estate Market.

Thinking of buying or selling property in Destin, Florida? We have created the following websites to make your searching for comparable property or property availble easier to find. These sites allow you to search from the privacy of your home and see exactly what's happening and monitor trends in our market. Stay tuned for more!

www.Destin-Florida-MLS.com
www.Destin-Florida-Condominiums.info
www.Destin-Florida-Commercial-Real-Estate.com
www.30A-Florida-MLS.com

If Destin isn't what you are looking for and you want to move a little further east, visit the Panama City Real Estate Market and Blog. You can find out more information on Panama City and Panama City Beach Florida at the following sites:

www.Panama-City-Beach-Florida-MLS.com
www.Panama-City-Beach-Florida-Condominiums.com
www.Panama-City-Beach-Florida-Commercial-Real-Estate.com

Have a great day!