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Archive for the 'Baby Boomers / Senior Citizens' Category
The single most common question I am asked is, “What is happening with my homes value”? This is not always an easy question to answer because there are so many variables from home to home. There is good news for you if you live in the Broward County, area.
Courtney Silverman Real Estate Group has developed a new internet system that will give you complete information on what is taking place with the market around your home. This program gives complete details on homes listed, sold and value trends. The program offers the numbers in easy to view graph form and it is very detailed and specific to your home and neighborhood. You will even see a Google Earth view of your home and surrounding neighborhood. The best part is that this analysis is sent to you by e-mail and the updated for your monthly. You can take advatage of this great new system by visiting our web site at http://www.courtneysilverman.com/PageManager/Default.aspx/PageID=1628494.
“There are diamonds in this current real estate market – you just have to dig for them” says Mike Pappas, President/CEO of The Keyes Company a large South Florida based full service real estate firm.
Sales Units are up:
“Palm Beach strengthened its unit sales earlier in this cycle and Dade and Broward are gaining momentum” observed Mike Pappas.
Dade County is up 32% in units closed January 2009 compared to January of 2008. The six months ending December 2008 saw a 24% increase over the same 2007 numbers for Dade.
Broward had the highest increase at 38% in January 2009 over January of 2008. The 2nd half of 2008 saw close to a 10% increase over 2007 in Broward.
Palm Beach County closed out January with an 11% increase. Palm Beach’s 3rd and 4th quarter of 2008 was 15% greater than the same period of 2007.
“The combination of incredibly low interest rates and aggressive price reductions are pushing the affordability factor to its highest level in decades. Our internet views on Keyes.com, Realtor.com and all our real estate portals along with property showings are up 50% for January”.
Inventory is down:
‘We are seeing motivated sellers stay in the market and those that don’t need to sell today taking their property off of the market”.
Palm Beach residential inventory has dropped from a high of 44 months in July 2007 and is now at a 17 month supply. Broward is down from December 2007 with a 42 months supply and now stands at 15 months. Dade peaked at a whopping 68 month supply in December 2007 and has dropped to a 24 month supply.
“100’s of our Keyes associates are now Distress Sale Certified and speaking the same language with the banks”.
Prices are at 2003 levels:
Palm Beach single family medium home prices dropped 33% to $225,000 in January 2009, down from $340,000 last year.
Broward single family medium prices closed out at $195,000 down from $316,000.
Dade County also broke the $200,000 mark at $185,000 dropping from $345,000.
The Condominium market had similar trends. Palm Beach condominium median sales were at $107,000 down from $165,000. Broward with its great quantity of suburban condos dropped to $81,000 from $150,000 and Dade County saw a $150,000 medium sales price for Condos from last years $275,000.
“All sellers, distressed and non-distressed are realizing to sell their property it has to be priced where the market will buy - basic economics being demonstrated on a daily basis.”
There have been some upgrades to the Broward County Property Appraiser’s website. Effective October 1st, the site will show:
- Building permits are online
- Click on millage to see your city rates
- Explanations on Homestead
- The ability to search on sub-division sales
Concerning sub-division sales, only arms length transactions are included here. That means foreclosures are disqualified for comparables. “D” means dis-qualified and “Q” means qualified. Another update is that a short sale is now considered a qualified (at arm’s length) transaction.
Also added were more functionality on aerial views. Click on View Map. To the right by Details, you’ll see Pictometry. Click on it and you’ll see 45 degree aerial views of the property from north, south, east and west.
RECAP:
The “Housing and Economic Recovery Act of 2008,” (HR 3221) includes the following provisions and more: Homebuyer Tax Credit - a $7500 tax credit that would be would be available for any qualified purchase between April 9, 2008 and June 30, 2009. The credit is repayable over 15 years (making it, in effect, an interest free loan).
FHA Foreclosure Rescue - development of a refinance program for homebuyers with problematic subprime loans. Lenders would write down qualified mortgages to 85% of the current appraised value and qualified borrowers would get a new FHA 30-year fixed mortgage at 90% of appraised value. Borrowers would have to share 50% of all future appreciation with FHA. The loan limit for this program is $550,440 nationwide. Program is effective on October 1, 2008.
FHA Reform - including permanent FHA loan limits at the greater of $271,050 or 115% of local area median home price, capped at $625,500; streamlined processing for FHA condos; reforms to the HECM program, and reforms to the FHA manufactured housing program. The down payment requirement on FHA loans will go up to 3.5% (from 3%). The effective date for reforms is immediate upon enactment, but the loan limits will not go into effect until the expiration of the Economic Stimulus limits (December 31, 2008).
GSE Reform - including a strong independent regulator, and permanent conforming loan limits up to the greater of $417,000 or 115% local area median home price, capped at $625,500. The effective date for reforms is immediate upon enactment, but the loan limits will not go into effect until the expiration of the Economic Stimulus limits (December 31, 2008).
Seller-funded down payment assistance programs - codifies existing FHA proposal to prohibit the use of down payment assistance programs funded by those who have a financial interest in the sale; does not prohibit other assistance programs provided by nonprofits funded by other sources, churches, employers, or family members. This prohibition does not go into effect until October 1, 2008.
Additional Property Tax Deduction - HERA provides a one-year benefit that will be available to all homeowners. Under current law, property taxes are deductible only if an individual itemizes his/her deductions on Schedule A of their tax return. The new provision will permit a deduction of up to $500 ($1000 on a joint return) for all individuals who utilize the standard deduction and do not itemize. Instructions will be provided on the 2008 tax return when it is distributed at year-end.
Loan Originator Requirements - Strengthens the existing state-run nationwide mortgage originator licensing and registration system (and requires a parallel HUD system for states that fail to participate). Federal bank regulators will establish a parallel registration system for FDIC-insured banks. The purpose is to prevent fraud and require minimum licensing and education requirements. The bill exempts those who only perform real estate brokerage activities and are licensed or registered by a state, unless they are compensated by a lender, mortgage broker, or other loan originator.
Modification of $250,000/$500,000 Capital Gains Exclusion - The sole real-estate related “pay-for” among the tax incentives modifies the $250,000/$500,000 exclusion of gain on the sale of a principal residence. Beginning in 2009, the exclusion, as it applies to a second home (or rental property) that is converted to a principal residence will be allocated. When the second home is sold, any gain attributable to use as a second home (or rental property) will be taxed at capital gains rates. Any gain attributable to use as a principal residence will remain excludable, up to the $250,000 and $500,000 limits. A formula is provided for computing the proper treatment of these gains.
Remember “shared appreciation” Homeowners forfeit profits if they sell within a year (probably not a concern) and the forfeiture decrease 10% per year until the 5th year where it reaches 50% of the gain. Here’s the kicker. It stays at 50%. So the government is partner. People are not going to like that and might prefer the Short sale. The homeowner can not take out a home equity line for five years from closing. There are fees involved on this loan per year for an annual insurance premium.
In early August property owners will receive a TRIM notice from Broward County. This notice will show what your property is worth (assessed value) according to the property appraiser. It also shows what your taxes will be for 2008.
Note the market value, the assessed value, just value and the Save Our Homes value. What do these mean? The 
market value is a meaningless number on homesteaded property. Just value is 85% of market value taken one year in arrears. The Save Our Homes Value will reflect the amount that your tax is based on if you have been in the homes for a few years and it is your homestead.
The assessed value is important to you. Ask yourself, “Could I sell the property for the assessed value?” If not, you will be paying too much tax!! What to do? File a petition with the Value Adjustment Board by September 19, 2008. This will give you the right to have a hearing. In the hearing you will have to prove your case. Show sales in your area that have closed prior to Jan 1, 2008. Sales should be similar in size, features and location to your home.The special master (appraiser hired by the County) will hear and consider your evidence. If you have had an appraisal done in 2007 for other purposes (estate, divorce, or mortgage) it can be used to support your case. Also, an agent, such as my business associate, Tom, can be hired to represent you at the hearing. Typically these agents work on a contingent fee basis (40 to 50% of the tax saving). This is a one time fee. If you need help or have questions please call: Thomas R. Wachtstetter ASA IFA, Certified General Appraiser RZ #451
Household Hazardous Waste & Electronics Recycling Free Drop Off
Paint, Solvents, Pesticides, Household Cleaners, Lawn & Pool Chemicals, Mercury Thermometers, Rechargeable Batteries, Fire Extinguishers, Televisions, Propane Tanks, Tires, Motor Oil, Auto Batteries, Keyboards, Printers, Monitors, Computers, and Cell Phones.
Permanent drop-off locations open every Friday & Saturday* from 8:00 am to 3:00 pm.
Pompano Beach - 2780 N. Powerline Road (North of Copans Rd.)
West Park - 5601 W. Hallendale Beach Blvd (East of US 441)
*Davie - 5490 Reese Rd (open Saturdays only)
For more information call 954-765-4999 or go to www.Broward.Org/Waste
Here are a few advantages of the FHA Program:
1. FHA goes up to a 97.75% Loan To Value (LTV) with no Credit Score requirement.
2. FHA carries no pre-payment penalty.
3. FHA allows a true non occupant co-Borrower.
4. Mortgage Insurance rates are better with FHA than conventional, Fannie or Freddie rates.
5. FHA has lower Mortgage Insurance Premiums (MIP) than a conventional loan. MIP is like PMI - Private Mortgage in a conventional loan.
6. All Borrowers funds may be from a gift.
7. FHA allows up to a 6% Seller Concession at the highest Loan To Value (LTV).
8. There is no reserve requirements (a normal reserve is at least 2 months of PITI (Principal, Interest, Tax, and Insurance).
9. Borrower does not have to have a credit history.
10. Debt Ratios up to 45% are allowed. Compensating factors may be considered for a higher debt ratio.
11. FHA will allow you to do a 95% Loan To Value (LTV) cash out refinance.
If you’d like more information on financing options, please call Courtney Silverman 954-292-0743 or click here to get started on speaking with our Mortgage Consultant, Ana Wilbanks.
The Feds made another drop in short terms rates yesterday. The Fed is desperately working to turn the nations economy around. The threat of recession continues to be driven by the poor national housing market.
Here in the Broward County markets of Fort Lauderdale, Weston, Davie and Plantation areas, we continue to have one of the best housing markets in the country. It is not the market that we enjoyed 2 years ago, but homes are still selling that are priced properly in the market. The average time on the market here is about 115 days. Courtney Silverman’s inventory are on the market less than 68 days before receiving a contract. There is around 18 months of total home inventory in the Fort Lauderdale, Weston, Davie and Plantation areas. Home price are sliding slowly.
Now is a great time to buy residential real estate.
If you would like to get an idea on what your homes value currently is, visit the web site www.CourtneySilverman.com. This site will allow you to enter in information on your home and then receive a market value analysis by e-mail. It’s always a good idea to get an estimate of your homes value, whether you are planning to sell or not.
Have An Awesome Week!
Courtney Silverman
The Rotary Club of Weston teams up with the City to put on this annual rock event. Last year I went with my family and we had a blast listening to the music with our friends after we enjoyed our picnic dinner.
This year the line-up includes current and former lead singers from 70s and 80s bands such as:
Felix Cavaliere- Rascals
Larry Hoppen –Orleans
Jimi Jamison – Survivor
Alex Ligertwood- Santana
Ronnie Hammond- Atlanta Rhythm Section
Rick Derringer
Plus Charlie Morgan on drums, Lane & Lance Hoppen, Jerry Riggs, & Barry Dunaway.
This year’s concert begins on Saturday at 7:00 p.m. at the Weston Regional Park - 20200 Saddle Cub Road, Weston.
If you like what you see, while you are visiting Weston, Florida, call Courtney Silverman 954-292-0743 or email her to request information about the great neighborhoods, homes and the Weston lifestyle the residents seek and found here.
Are you going to the Las Olas Art Fair this Saturday or 
Sunday, March 1st or 2nd from 10 a.m. to 5:00 p.m.?
Take I-95 exit east on Broward Blvd, go south on Andrews, east on Las Olas Blvd. You may want to park and use one of the free shuttles from the following garages:
Riverfront Garage - Andrews & Las Olas
City Garage - 150 SE 2nd Ave
Government Center Parking Garage - 151 SW 2nd Ave
The fair is located on historic Las Olas blvd in downtown Ft. Lauderdale from SE 6th Ave to SE 11th Ave.
If you are interested in the real estate home prices in the area or if a few properties catch your eye, call Courtney Silverman 954-292-0743 or email her and she will get you the information you need.
Have a great time!