Florida’s existing home, condo sales rise in May

A total of 16,745 single-family existing homes sold statewide last month compared to 14,172 homes sold in May 2009, according to Florida Realtors. The statewide existing-home median price of $140,400 in May was slightly higher – by $300 – than April's statewide existing-home median price of $140,100. It marks the third month in a row that the statewide existing-home median price has increased over the previous month's median.ORLANDO, Fla., June 22, 2010 – Sales of existing homes in Florida rose 18 percent in May, marking 21 months that sales activity has increased in the year-to-year comparison, according to the latest housing data released by Florida Realtors®.

Across the state, a variety of housing opportunities continues to be available at attractive prices while mortgage interest rates remain historically low, said 2010 Florida Realtors President Wendell Davis, a broker with Watson Realty Corp. in Jacksonville.

"Favorable conditions like this spark buyers' interest," Davis said.

Senate Approves Extension of Tax Credit Closing Deadline

06/16/2010

The U.S. Senate has passed an amendment that would extend the closing deadline of the homebuyer tax credit by three months.

Right now, qualifying homebuyers who were under contract by April 30 have until June 30 to close the deal. But because of the large volume of applications for lenders to process, concerns have begun to surface that some buyers may miss out on the tax break simply because of the backlogged pipeline.

The National Association of Realtors (NAR) says it has received reports that as many as a third of the buyers eligible for the credit have already been notified by their lender that they won’t make the June 30 closing deadline.

The Senate’s amendment, approved Wednesday by a vote of 60 to 37, would give homebuyers and their lenders until September 30 to complete their transactions.

The extension was proposed by Senate Majority Leader Harry Reid, whose home state of Nevada still holds the title of one of the most distressed housing markets in the country.

Reid says not only did the tax credit make it easier for thousands of Nevadans to purchase their first home, it helped reduce the state’s overblown inventory of residential properties.

But a statement on his Web site warns, “There is growing concern that because of the time it takes for banks to complete transactions such as short sales, many of these home purchases would not be complete before the deadline through no fault of the homebuyer.”

The measure granting an extension is part of a larger $140 billion jobs and tax bill currently under consideration by the Senate. A Senate vote on the full legislation is expected to come later this week or next week, and then it will be sent to the House for review.

“If Congress fails to act promptly, then prospective homebuyers might not get the benefit of the homebuyer tax credit, even though they have completed contracts,” NAR stressed in a recent letter to lawmakers.

Buy fast vs wait for foreclosure process!

Builders see returning Fla. market

ORLANDO, Fla. – June 17, 2010 – Florida, viewed by economists as a hot spot of the country's housing and mortgage meltdown, is having a pickup in builder interest and activity.

Sensing a pending recovery in some of the state's markets – including Orlando, Jacksonville, and Tampa – builders are amassing land at bargain prices and passing the savings on to buyers by developing subdivisions of smaller and less expensive houses. The trend sets home builders up to compete with banks that are trying to unload foreclosed properties.

While analysts previously believed that Florida would generate little new demand for housing for years, and that buyers would instead buy foreclosures at deep discounts, property agents note that purchasing real-estate-owned units from a bank has proven to be complicated, time-consuming, and more expensive than anticipated.

Source: Wall Street Journal (06/15/10) P. B6; Whelan, Robbie

© Copyright 2010 INFORMATION, INC. Bethesda, MD (301) 215-4688

Cherry picking

Cherry picking has lots of meaning, from cherry picking the best home available for the price you are willing to pay, to cherry picking for a pie or cobbler. We went to a 200 acre orchid yesterday and picked cherries in a surreal setting, while the people near us were discussing which cherries were right for them. What was funny was they had different criteria for what makes the best cherries than what I had. I mentioned this at dinner last night, and it was really true. I thought that the best cherry was large, dark, and sweet, while another woman said she preferred small, tart cherries for her cobblers. This relates to choosing your dream home as well, as we all place different values on different features of a home. I don't want to get too deep, but I had a great time picking cherries, and will have a great time helping you choose the perfect home!

Escape the South Florida heat

Wow, is it hot and humid enough for you? It was for me, so we jumped in the car with our 2 dogs and cat, and drove 10.5 hours north to Blue Ridge, Georgia where we own a beautiful cabin on a 5 acre lot. When we come to Blue Ridge, we feel as though we have stepped back in time where people are friendly, the stores are not commercial big box types, (although Walmart and Starbucks are 15 minutes away) and there is so much to do and see. Flowers are in bloom everywhere, and the temperature is warm, but not humid during the day, and it is cool and comfortable at night. We have introduced several of our friends to this magical retreat and they have also purchased second homes here. The funny thing is that we are always running into Floridians up here! We were having breakfast outside a cute restaurant and people from Jupiter sat down at the table next to us and began talking. I am writing this from my back deck, while sipping an iced coffee and watching the birds in the trees. More later...

Clear Capital Posts Largest Home Price Increase in Nearly Four Years

06/03/2010 By: Carrie Bay

National home prices in May came in 6.8 percent higher than a year earlier, according to a Clear Capital study released Thursday. It’s the largest annual increase recorded by the California-based real estate valuation firm since July 2006.
May’s gains followed the back-to-back 5.1 percent yearly gains achieved in March and April. Clear Capital also noted that the rolling quarter-over-quarter home price change of -1.8 percent in May is a “substantial improvement” over last month’s reported -5.0 percent quarterly variance.

“We continue to see sustained price growth throughout much of the country with yearly price gains reflecting the housing recovery off of last year’s lows,” said Dr. Alex Villacorta, senior statistician for Clear Capital.

Villacorta says it is interesting to note, however, that this current momentum is a far cry from where we were a year ago.

“In June of last year, we reported a national yearly decline of 19.3 percent, whereas the present report shows a 6.8 percent gain,” Villacorta explained. “This dramatic shift in price trends reflects the unprecedented volatility over the last couple of years and the delicate state of local real estate markets around the country.”

Villacorta also noted that the expiration of the federal homebuyer tax credit at the end of April has been a strong contributor to price growth. He expects markets across the country to continue to see strengthening of prices as more sales close before the June 30 closing deadline for the tax break. Like the divergent price trends from a year ago, Clear Capital also notes that the present REO saturation rate of 27.8 percent is a significant improvement from last year’s 41.7 percent.

BallenIsles New Sport Complex

I was invited to experience BallenIsle's new 62,000 sq ft sports complex last night, and I was amazed at how well thought out state of the art this facility is! I have never seen a country club with 22 tennis courts, 5,000 sq ft of exercise space with lots of the newest exercise equipment, a dedicated Pilates studio, aerobics and spinning studio, and a tropical pool with retractable lap lanes.

There is also a beautiful large full-service spa, hair and nail salon with relaxation lounges, private massage rooms, saunas, steam rooms, and pro shop, and Bistro 105, a casually elegant restaurant with indoor and outdoor dining.

The new sports complex has sparked interest from lots of buyers of all ages, and is making BallenIsles a hotspot for people looking to move into a Palm Beach Gardens country club. It is an amazing facility and really compliments the existing 3 golf courses, including the East Course which was just renovated by Keith Foster.

If you are looking for a home in a Country Club, please call me and I will take your for a tour of the facilities.

County Foreclosures Fall in May

I am continuing to see signs of recovery everywhere I look. Industry trends show that despite the doom-and-gloom predictions, the Palm Beach County foreclosure filings in May decreased for the third straight month in a row. Even more surprising, it is a 40% drop compared with May of 2009! Stan Humpries, chief economist for Zillow.com spoke at the National Association of Real Estate Editors conference, said that some areas in California are seeing a rebound of house prices as foreclosures are being depleated from inventory. If you are considering putting your home on the market, this is a great time to list your home, as the same is beginning to happen here.

Home Sales in Florida rose 24%

I honestly believe that we are past the bottom of the real estate market crash. Sine I also own a retail store, I have always tracked how the local economy is doing by going to the local mall and watching how many people are carrying shopping bags! This may be a simplistic way of gaging the economy, but what better, immediate sign of recovery can you ask for? If you don't want to follow just my study, the Florida Realtors just released the following report:

ORLANDO, Fla. – May 11, 2010 — Salesof existing single-family homes in Florida rose 24 percent in first quarter 2010 compared to the same period a year earlier, according to the latest housing statistics from Florida Realtors®. A total of 38,846 existing homes sold statewide in 1Q 2010; during the same period the year before, a total of 31,410 existing homes sold. It marks the seventh consecutive quarter that Florida has seen higher existing year-to-year home sales, according to the state association.

Statewide sales of existing condominiums in the first quarter rose 67 percent compared to the same time the previous year. This marks the sixth consecutive quarter for increased statewide sales in both the existing home and condo markets compared to year-ago levels.

"The first quarter data release from the Florida Realtors paints a picture of a housing market continuing down the long road to recovery," said Dr. Sean Snaith, director for the University of Central Florida's Institute for Economic Competitiveness. "Transactions in the single family market have extended quarterly year-over-year gains for nearly two years, and condo sales have also risen sharply. Median prices in most areas of the state continue to fall; however, the rate at which they are falling has diminished significantly and this is indicative of a bottom approaching.

"How long prices stay at the bottom and when price appreciation will reappear will depend in a large part on the improving fundamentals in the economy and credit markets."

The University of Florida's Bergstrom Center for Real Estate Studies' latest quarterly survey of real estate trends also notes positive signs of recovery in the state's real estate industry. The survey polls market research economists, industry executives, real estate scholars and other experts.

"Results indicate that the real estate market in Florida has hit bottom and is in the process of stabilizing across most property types," said Timothy Becker, the center's director. Private capital – both foreign and domestic – continues to enter the state in search of quality investment deals, he added.© 2010 Florida Realtors®