Economic Bailout

An effort by NAR to spur home sales through a mortgage-interest rate buydown appears to be gaining traction, according to reports in major news media like the Washington Post and The Wall Street Journal. "Treasury officials told the Realtors that the [buydown] plan could be a more effective way to help homeowners than focusing solely on borrowers struggling to meet their monthly payments," the Washington Post story says, referring to a November meeting between NAR and Treasury officials.
The interest rates have dropped to where it is very lucrative to purchase a home here in Palm Coast, FL. The prices in Palm Coast and Flagler County are stilll at an affordable rate.

Zillow.com suvey

America is in one of the worst housing crisis in history, yet 49% of U.S. homeowners believe their home's value has increased or stayed the same over the past year, according to Zillow's Q3 Homeowner Confidence Survey.
In reality, 74% percent of homes have lost value in the past 12 months, according to preliminary findings in Zillow's Q3 Real Estate Market Reports, which will be released Nov. 12.

Other findings from the survey:
Supporters of Republican presidential nominee John McCain have more confidence about their homes' values than supporters of Democratic nominee Barack Obama.

Fewer people expect to buy or sell a home in the near future:

Three percent plan to sell their home in the next six months, down from 5 percent last quarter.

Three percent plan to buy a home, down from 4 percent in the second quarter.

Is this the end of the tunnel for Palm Coast?

According to http://eppraisal.com/ Palm Coast is ranked 31st out of 188 Metropolitan Areas throughout the country with an 8% increase in the median price for the average home in the city.

Median price for homes in Palm Coast is $175,000.

Freddy & Fannie

What does the federal government bailout of Fannie Mae and Freddie Mac mean to home buyers and sellers? Generally, it's a good thing, and brings stability to the mortgage market. Most experts even expect mortgage rates to drop some over the short term, though qualifying for a mortgage will remain a challenge unless the feds tinker with fees or rules.

Meanwhile sales in real estate of existing homes in Palm Coast and Flagler County had a slight gain for August as compared to last year. Have we begun to see a the light at the end of the tunnel?

June figures

According to E-PPRAISALS.com the median sale price for Palm Coast in June was $ 165,000 no change from May whith most sales (about 39%) occuring in the $142K to $205 K range.
Palm Coast ranks 14th out of the 20 metro areas of Florida and that was based on a 2.7% decline in home values. On a national level, Palm Coast ranks 151 out of 195. For more information go to http://eppraisal.com and sign up for their monthly newsletter.

How to get a house sold quicker

More real estate professionals are suggesting to their home sellers that they consider home staging - a process where a house for sale is de-cluttered, de-personalized and redecorated so it appeals to a wide variety of potential buyers. Staging a home so the house, not the seller's life and tastes, is on display can offen make a difference in selling the home more quickly, the experts say.

Florida Home Sales

Many Florida Realtors reported positive movement in their local housing markets in June, with the statewide median price for both existing home sales and condo sales up 1 percent over the May 2008 figures, according to FAR's latest housing statistics. The statewide existing-home median price last month was $205,500; the statewide median condo price was $183,700.

Homestead Fraud Alert

As county budgets shrink, officials are becoming more aggressive seeking out owners who lie about their living status in order to get a homestead exemption. If caught, a tax lien is typically placed on an owner's property. The owner also faces a fine: 50 percent of the unpaid taxes for each year and interest at 15 percent per year.

Facing Real Estate problems in Palm Coast?

In todays economical troubles, if you are facing mortgage foreclosure, here are some tips to help you through it.

Don't fall for promises like "We'll save your credit"; "We'll buy your house 'as is'"; or "We'll get you a new mortgage with low monthly payments."

Don't sign away ownership of your property (sometimes called a "quit claim deed") to anyone without the advice you trust.

Beware of any home sale contract where you aren't formally released from liability for your mortgage. Also, make sure you know what rights you're giving up and that you agree to giving them up.

Do call your mortgage company or lender if you're in trouble. Ask for the loss mitigation department. Contrary to popular perception, lenders don't want to steal your house.

Don't call for assistance from one of those ubiquitous signs on telephone poles that advertise help. Chances are, that's not where help lies.

On the same note, here is some advice that may affect someone facing foreclosure....

"Proceed with caution, if a company or person:

Describes itself as a "mortgage consultant," "foreclosure service," or "agent" who can help with your current situation;

Collects a fee before giving any services;

Advertises to people whose homes are listed for foreclosure, including anyone who sends fliers or solicits door-to-door offering to assist with avoiding foreclosure."

And there is more.... Advice is cheap. Good advice usually costs money, so pay heed to the following:

Don't sign anything that has any blank spaces. Information could be added later that you didn't agree to. (Yes, it happens.)

Never sign a contract under pressure. Always know exactly what you're signing. Take your time to review the paperwork thoroughly -- ideally with a lawyer or licensed real estate professional who only represents your interests.

Never make a verbal agreement. Get all promises in writing and get full copies of everything.
Deals that sound too good to be true, usually are...

Just remember the free lunch rule:

There isn't one.

Are you pricing your Palm Coast home to sell it?

Too many sellers in Florida aren't setting the right price for their home. They are asking far too much money and ignoring the list prices of nearby homes, not to mention their real estate agents' advice.
The worst thing to be in this market is one of those homes that's been listed for six, eight, ten months with no consummated deals.

Legend company building facilities in Florida

Wichita developer Legend Senior Living, which announced in The Eagle last month that it plans to build a $17 million, 115-unit active senior living facility on North Webb Road, also has several Florida facilities under construction this month, the company said today.
The Windsor of Cape Coral and The Windsor of Ocala will open in the summer of 2009.
Construction is scheduled to begin later this year on Venice and Palm Coast residences. The Windsor properties are owned by Windsor Senior Living, an affiliated entity of and operated by Legend Senior Living.
The Windsor Assisted Living and Memory Care Residences in Florida will house 70 private studio and one bedroom apartments for assisted Living and 14 private suites dedicated for memory care.

BY ANDI ATWATER
The Wichita Eagle

Help your community

Now that hurricane season is upon us, help your community: Volunteer by joining a local Community Emergency Response Team (CERTs). CERT members respond immediately to help their community following a disaster. Volunteers receive training and work under the general direction of the U.S. Department of Homeland Security. For more information call me and I'll get you the details.

April Figures

Statewide, existing home sales rose 20% in April from the March figures. Condos rose 21.6% statewide for the same period. There is a light at the end of the tunnel!

Imagine Schools have ground breaking ceremony

PALM COAST, Fla., May 09, 2008 (BUSINESS WIRE) ----Imagine Schools, one of the largest and fastest growing charter school organizations in the nation, will break ground on its new 44 classroom, 43,220 square foot K-8 School in Flagler County on May 14 at 9:00 a.m. At a time when funding cuts in education are limiting public educational resources, the non-profit organization is building this new $8-10 million facility at no cost to the taxpayer. The groundbreaking ceremony will take place in the new Town Center development just west of I-95 on the north side of Highway S. R. 100 at 775 Town Center Blvd., Palm Coast, FL 32164.
Flagler Schools Superintendent Bill Delbrugge will welcome Imagine Schools and Principal Jason LaFrance. Imagine's unique educational environment provides a private school quality education for any student that wishes to attend and gives the parents of Flagler County another choice. The Flagler School Board was instrumental in bringing this option to families, and the Board continues to work in partnership with Imagine Schools every step of the way.

(Source: Business Wire)

Palm Coast is growing

Palm Coast: 2 groups seek to annex land that would expand city. Read more on this link
http://www.news-journalonline.com/NewsJournalOnline/News/Headlines/frtHEAD06043008.htm

Palm Coast & Flagler County in the Real Estate news

An article published on Tuesday April 22nd is very encourageable for the real estate market here in Palm Coast. Click on the link below and read the whole article. It basically sells Palm Coast all by itself! http://www.send2press.com/newswire/2008-04-0422-006.shtml

Home ownership

The American Dream lives. According to a survey from AOL Real Estate and Zogby International, 31 percent of respondents believe their home is worth more than it was a year ago, and 56 percent do not think their home will be worth less in five years; 69 percent consider real estate to be a viable investment.

The story on short sales

The short sale process can be so frustrating that some real estate agents and homebuyers have decided it isn't worth the effort. Deals fall apart because the mortgage company rejects the price, and it can take a long time to get an answer, even when it's "no."

Is that a light at the end of the tunnel?

In Florida, the number of homes in some stage of foreclosure dropped 7 percent from February to March, even as the national numbers rose 5 percent, according to the latest research report from RealtyTrac Inc. In the Sunshine State, 30,254 homes reported at least one filing last month.

New construction in Pine Grove

Construction should start Monday, March 31 on the extension to connect Royal Palm Parkway to Old Kings Road via Town Center. It shoud be complete by December. A blessing for some who want a short cut to avoid traffic but a curse for the people that weren't told about the reserve in the back of their property.
When it comes to buying a home with nothing but woods behind you, you should know the difference between a reserve and a preserve. A reserve means just that. It is reserve for future use, it could be a road, a shopping center, a gas station a condo comples, etc... A preserve is protected property that will probably not be built out..

We have to try harder

Flagler County, for years the fastest-growing county in the nation (not counting places with populations under 10,000), has dropped to No. 2.
Dropping from the top spot is the most promising quality-of-life news I've heard out of Flagler in awhile. Still, the place grew a breathtaking 77 percent since 2000. And between July 2006 and July 2007, the county gained more people than currently live in Flagler Beach.
Sorce: News-Journal

We're Still growing!

Florida counties continue to grow but at a slower pace than some counties elsewhere in the nation. Flagler County continued to lead the state in the percentage of growth at 7.2 percent, though it dropped to sixth place nationwide.

Linens N Things are out

A little late in reporting this, but in case no one has heard about it, here it is. Linens N Things have opted not to build in the Palm Coast Landings at Town Center as previously advertised. Their reasoning is that they are no longer building new stores as of now. In it's place there will be a Books-A-Million store.

Figures for February

February figures for sales show a little promise compared to January

Palm Coast:
Homes - 93
Duplex - 1
Condos - 4
Lots - 9

All of Flagler to include Palm Coast
Homes - 104
Duplex - 1
Condos - 9
Land 13

Flagler County tops the list again

In the past years, we in Flagler County have enjoyed being the fastest growing county in Florida and then the country. But now we have topped the list again! Flagler County has now the highest unemployment in the state. For further information on the subject, see http://www.news-journalonline.com/NewsJournalOnline/News/Headlines

News you can use from Lowes

Ready to beat the winter doldrums? Maybe it's time to breathe new life into your home's decor, especially if you're trying to sell right now. A fresh coat of paint, new carpet or kitchen countertops can cure those winter blahs and help you enjoy being indoors.
9 Hot Home Decorating Tips

Portability is helping

With Amendment 1 passing, property appraisers offices are getting quite a few calls. It seems that quite a few have applied for the portability of their homestead. Read the New Journal's article attached. Homes sales, prices drop as portability interest climbs
Phones at Real Estate offices are now starting to ring as well. Could this be the bottom?

Flood Insurance

As federal officials rework flood maps in Florida, thousands of people who thought they were high and dry are finding out they aren’t, according to FEMA – and many of their mortgage lenders now require a flood insurance policy.

Property tax portability

As expected, property tax portability is being challenged in the courts. However, there’s a positive side: The case puts pressure on the 2008 Florida Legislature to consider additional property tax cuts for first-time homebuyers, non-homestead owners and businesses.

Cost of Homestead Exemption

Palm Coast Finance Director Ray Britt said the changes to the homestead exemption will cost the city $1.5 million to $2 million, but tax revenue generated by new construction could make up most of that loss.
The big question mark, Britt said, is the portability issue.
The ability of homeowners to take their Save Our Homes savings with them when they move to another homestead property will have an impact on property tax revenue.
The real impact of the portability issue may be a slowing effect on growth, and that means it will have more of a long-term effect on revenue, Britt said.
"Normal growth in property values runs anywhere from 5 percent to 8 percent," he said. "I think what we will see now is the growth being more in the 1 (percent) to 3 percent range."
The Flagler County school district stands to lose $12.5 million in the next five years, said Tom Tant, the district's finance director.
The district should do well, however, thanks to strong commercial development in the county and continued increases in student enrollment, Tant said.

News Journal excerpt from Feb. 10th
sara.kiesler@news-jrnl.com

Palm Coast January figures

Palm Coast real estate is still selling despite the media reports.


In Palm Coast in the month of January there was: 104 homes and 5 condos that were pending, 31 homes and condos contingent. In the sold column, there were 50 homes and 2 condos sold.

Flagler County Home Show

Well, it's that time of the year. Saturday and Sunday Feb. 2nd & 3rd is the annual Home Show. If you are a new resident or just looking for some ideas this is the place to be this weekend. The show attract more than 20,000 guests and it's free. Stop by the Flagler County Association booths and answer a few short questions and get a yard stick.

New park in Palm Coast

Nature Bridges, a top builder of pedestrian bridges and pedestrian guardrails, announces the completion of their work at Palm Coast Linear Park.
Monticello, FL (PRWEB) January 27, 2008 -- Nature Bridges (naturebridges.com), specialists in pedestrian bridges and pedestrian guardrails, is proud to announce their completion of pedestrian bridges and pedestrian guardrails at Palm Coast Linear Park in Palm Coast, Florida.

Nature Bridges started the project in October 2007 for Westwind Contracting, Inc., and was given a target date of completion for this month. With the determination to meet their client's schedule, Nature Bridges employed two crews to work during the majority of construction and eventually added an extra crew to meet their deadline.
The beautiful new structure includes 3,875 lineal feet of 8' wide top-down constructed timber pedestrian bridges with 7,468 lineal feet of 54" high pedestrian guardrails. The pedestrian bridges and pedestrian guardrails were built using the innovative top-down construction method.
With top-down construction, all large equipment stays on top of the new structure during the entire building process. This method provides a long-lasting structure and helps to preserve the surrounding plant and animal habitats during and after construction.
Nature Bridges completed this project in just three short months. April James, Vice President of Nature Bridges said, "We are proud to have completed the pedestrian bridges in this project for Westwind Contracting. Being able to have a positive impact on a difficult construction schedule is very gratifying for us. Westwind Contracting is an excellent general contractor, and we would be pleased to work with them in the future."
Palm Coast Linear Park is now open to the public. The park includes several covered picnic areas and a playground area. The park is surrounded by a beautiful mix of tall trees and includes the newly completed pedestrian bridges and pedestrian guardrails.

Saving our Energy

Are you receiving a lot of unwanted catalogues in the mail? Watching the news this morning on the Today Show, they had a pretty good idea. If you go to http://catalogchoice.org/, you can cancel the catalogs via email that you no longer want to receive. This can save trees and our water supply. Normally, I am not one who posts such things but it really is a good idea.
Think of all the catalogs you receive daily you put right into the recyle bin without ever opening. Just thought I would pass this along in case anyone is interested.

2007 Home Sales Figures

Florida’s housing market followed the national trend in 2007, as mortgage industry issues and a sluggish economy impacted sales and prices. By year’s end, a total of 130,241 existing single-family homes sold statewide for a 29 percent decrease compared to the 2006 sales figure, according to FAR. The statewide median sales price was $233,600.
Says 2008 FAR President Chuck Bonfiglio: “The outlook for 2008 is that the housing market should start to normalize, that we should see some gains by the end of the year. Continued efforts to resolve Florida’s property insurance and property tax issues will also help revitalize our state’s housing market.”

What's happening in Florida

Census figures show that Florida continues to grow rather than shrink, but the number of incoming residents from other states dropped by about 86 percent in just two years thanks to higher home prices, property taxes and insurance costs.

Homeownership

As an investment, a home requires more than a good cleaning now and then. New homeowners should follow a regular maintenance schedule to keep repair costs down and to maximize their profit when it’s time to sell.
Read the full story published by the Times-Union:

JACKSONVILLE, Fla. – Jan. 22, 2008 – Buy milk. Go to dry cleaner. Pay bills. Such reminder notes cover refrigerators, but tasks such as “vacuum refrigerator coils” don’t usually appear on to-do lists. But benign neglect today equals costly repairs tomorrow.
Preventive maintenance stabilizes a home’s value, something buyers and sellers always want to do. Concerns are especially acute while the real-estate market remains turbulent. We asked Lou Manfredini, Ace Hardware’s expert, and Bob Markovich, home and yard editor for Consumer Reports, to suggest simple steps you can take to keep things running smoothly.
Roof
Every six months inspect this area of the house through binoculars. Check for damage or missing shingles.
Refrigerator
Because it runs 24/7, this appliance is one of the hardest working in the house. Remove the screws that hold the kick plate in place. The plate is on the bottom of the front of the refrigerator. Vacuum coils under the refrigerator every two to four weeks. Coils could also be on the back of the refrigerator.
Stove
Industry experts say sales of smooth-top stoves continue to climb. Do not use a damp cloth to clean smooth-top stoves. Chlorine and other chemicals in tap water can damage the porous surface. Instead, use a specialized cleaner. Apply it to a cloth, and then wipe the stove. If you have a gas stove, be careful not to touch the igniter when you are cleaning spills on burners. Dishwasher
Every time you load the silverware caddy, make sure none of the utensils sticks up so far that it blocks the spray arm located at the bottom of the dishwasher. This could damage the spray arm and obstruct the flow of water, greatly reducing the efficiency of the washer. Clean the spray arm and inspect the strainer each month. The strainer should be free of food, broken glass and other debris.
Dryer
Clean the lint trap every time you use the dryer. To keep the appliance running efficiently and to reduce the risk of fire, clean the exhaust duct annually. You might have to move the dryer away from a wall. Disconnect the dryer duct from the machine. Use a duct cleaning brush kit to unclog the duct. Though many folks consider dryer maintenance a DIY task, you can hire a professional service company to do it. Fees range from $75 to $175.
Washer
At least once a year, remove grit from hose washer screens. The screens can be found where hoses attach to the pipes that supply the water. Water heater To conserve energy, set the thermostat at 120 degrees. Drain the water heater at least once a year to prevent sediment from building up inside the unit.
Air filters
Replace them at least once a month. A dirty, ripped or clogged filter could reduce the efficiency of your heating and cooling system by as much as 30 percent, Manfredini said. Replacing filters will help improve the air quality inside your home. Air- conditioning and heating unit Have a professional inspect the system annually. Condenser coils must remain free of debris. Ducts leading from the unit into the home must be sealed properly. Plant shrubs at least 12 to 14 inches away from the outdoor unit to prevent leaves, branches and twigs from clogging the system.
Gutters
Keep gutters unclogged to prevent water from backing up inside them. Water could pool on the roof and cause structural damage. Check downspouts at least twice a month. If water is not flowing out while it’s raining, then you know you have a problem. Place a leaf blower at the mouth of the gutter to dislodge anything that might be stuck inside. If you are comfortable climbing a ladder, go to the roof and sweep away the debris. Or climb the ladder so that you can reach the place where the gutter connects to the roof. Spray water through a hose to clear the downspout.
Decks
Use a pressure washer with a wide-spray nozzle to clean decks. Make your own gallon of cleaning solution that is 1/4 bleach and 3/4 water. Markovich suggests adding 3 ounces of TSP phosphate cleaner. Begin with the nozzle about 2 feet away from the deck, and move closer as needed. To avoid damaging the decking, keep the nozzle at least 6 inches away from the deck’s surface. About every three years, depending on weather conditions, re-apply a deck treatment product designed to resist damage from UV rays, weather and normal wear and tear. For wood decking, Markovich recommends using Cabot Decking Stain 1480, an opaque, oil-based substance, or Cabot Solid Color 1880, a latex substance.
(c)2008 The Florida Times-Union, Brandy Hilboldt Allport; via ProQuest Information and Learning Company; All Rights Reserved

Florida Tax Portability Explained

The information below is an example of part of the Amendment 1 which we will be voting on Jan. 29th, 2008.
Remember, it must pass by 60% of the vote to become effective.

Portability of Save our Homes (SOH)

To calculate your Save Our Homes (SOH) Benefit for portability purposes, use the following formula:

Market Value – Assessed Value = SOH benefit $ amount

Example:
FIGURES FROM PROPERTY APPRAISERS STATEMENT:
Purchased home in 1990 - $52,000
Filed for Homestead exemption when available - $25,000
2007 Assessed Value - $74,274 (depressed value due to 3% cap benefit)
2007 Taxable Value - $49,274 ($74,274 – $25,000 exemption)
2007 Market Value - $243,605

SOH Benefit: $243,605 - $74,274 =$169,331

UPSIZING: move to a $400,000 home in Florida
If you were to sell this home and move to a more expensive (more than $243,605) home, you would take the dollar amount of $169,331 to be taken from the assessed value of your new home to decide your new tax base.
$400,000 – $169,331 = $230,669(new assessed value for your tax base)
Homestead or other exemptions would be subtracted from the assessed value to compute your new taxable value.


DOWNSIZING: move to a $200,000 home in Florida
If you were to sell this home and move to a less expensive (less than $243,605) home, you would take the same percentage of benefit you received.
$169,331/243,605=69.5%
69.5% * $200,000 = $139,000 benefit
$200,000 - $139,999 = $61,000 (new assessed value for your tax base)
Homestead or other exemptions would be subtracted from the assessed value to compute your new taxable value.

(refer to your property appraisers statement for your figures)

Property Insurance

Florida insurance regulators abruptly ended a planned two-day hearing with Allstate executives Tuesday, angered that the company and its attorneys failed to fully comply with a subpoena demanding information on property coverage rates. While Allstate’s four Florida companies had asked for double-digit rate increases, the insurer told state regulators it planned to drop that request.

Homeowner trends for 2008

Lowes, who is a Realtor Sponsor has supplied the trends to watch for in 2008. You can just click on this link and it'll take you to the web page. Call me if you have questions. https://www.lowesrealtorbenefits.com/newsletter/pdf/122007.pdf

The Florida Economy

Florida’s economy would be hit hard if the country slides into a recession, state economic forecasters are warning lawmakers. Real estate markets could take longer to recover, jobs losses may be more severe, and the state budget could face even bigger cuts.

New home trends

Why have only one master bedroom when you can have two? That's the question Bellevue, Washington-based homebuilder Bennett Homes asks.
Bennett Homes sales and marketing director Gayl Van Natter says, "We did some exhaustive demographic studies to see how the market place is changing. And we decided that the floor plan designs we offer should reflect the types of family and non-family groups that have entered the marketplace."
"Two masters answer the needs of more than one type of buyer," she explains. "Baby Boomers are opting to have parents live in with them, sometimes two siblings decide to invest together to save money, adult friends buy a home together, or buyers just want a second master for guests, a nanny or a caregiver."

Target at Town Center to delay opening

As reported in our local newspaper, Target officials have decided to postpone their Grand Opening from March '08 to July/August '08 so the rest of the retailers in the complex can all celebrate at the same time. Rumors of permitting delays have been dismissed by both Target officials and Palm Coast city officials.

Florida's Economy

Florida’s housing market slowed in 2007, flattened out and will begin to recover in 2008, according to a new forecast report from the Attorneys’ Title Insurance Fund. “Florida has a very large and powerful economy that has gone through a cyclical downshift, but it is still outperforming compared to the rest of the nation,” says Orlando economist Dr. Hank Fishkind, who created the report.

Florida Real Estate Stats

One in three Florida homebuyers is single, with 21 percent of home purchases made by single women and 12 percent by single men – just one finding from the newly-released Florida version of National Association of Realtors’ “2007 Profile of Florida Homebuyers and Sellers.”

Another highlight: Over two-thirds of Florida buyers (64 percent) had no children younger than 18.