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Sunday, December 23, 2007
Rampant Speculation In South Florida Real Estate
Rampant speculation was the primary reason for the meteoric rise in South Florida real estate prices. The frenzy started when economic growth increased housing prices and property owners profited big when they sold. More people bought houses or condos, by the dozen, figuring that they’d earn a bunch of quick bucks instead of just one.
Real estate developers, sensing a potential for quick profit, got in on the act by building thousands more homes. Eventually, speculators were merely selling to one another at ever more inflated prices. And when the last to buy or build can no longer flip those houses, prices plummet. That’s what happened in Miami and other South Florida towns where investors ran out of buyers who could afford to pay.
At the height of the Miami real estate bubble, prices Miami were rising by 3% to 4% a month. Now only about 10% of homes in Miami are affordable for residents earning the area’s median income, according to the Housing Opportunity index, published by the National Association of Home Builders and Wells Fargo.
source: sundaymorningtalk.com
Real estate developers, sensing a potential for quick profit, got in on the act by building thousands more homes. Eventually, speculators were merely selling to one another at ever more inflated prices. And when the last to buy or build can no longer flip those houses, prices plummet. That’s what happened in Miami and other South Florida towns where investors ran out of buyers who could afford to pay.
At the height of the Miami real estate bubble, prices Miami were rising by 3% to 4% a month. Now only about 10% of homes in Miami are affordable for residents earning the area’s median income, according to the Housing Opportunity index, published by the National Association of Home Builders and Wells Fargo.
source: sundaymorningtalk.com
Townhome Building Booming In Central Florida
Central Florida has a record inventory of pre-owned homes for sale but that’s not stopping builders from unleashing a flurry of town-home lots and Florida townhouse construction. Local builders have about 2,000 town-home units under way in a three-county Orlando area and are “sitting on a supply of more than 10,500 developed town-home lots in over 100 active communities,” according to a new report by Charles Wayne Consulting Inc. in Orlando.
New single-family homes in the region have been averaging about $388,000, and town homes sell for less, generally starting at $160,000 and topping out at about $500,000. Town homes are “attached” units, generally four to eight for each structure. The buildings most often are two to three stories in the Orlando market, and count as multi-unit housing.
Park Square Homes reports an increase in European buyers at two of its Osceola County communities: BellaVida Resort, south of U.S. Highway 192 in Kissimmee, and Encantada, on Secret Lake Drive just west of the new State Road 429 tollway interchange in Kissimmee. Both have tons of amenities. Locally based Park Square is selling units to Europeans for Florida vacation homes
and full-time homes for those who open small businesses here to obtain visas.
source: sundaymorningtalk.com
New single-family homes in the region have been averaging about $388,000, and town homes sell for less, generally starting at $160,000 and topping out at about $500,000. Town homes are “attached” units, generally four to eight for each structure. The buildings most often are two to three stories in the Orlando market, and count as multi-unit housing.
Park Square Homes reports an increase in European buyers at two of its Osceola County communities: BellaVida Resort, south of U.S. Highway 192 in Kissimmee, and Encantada, on Secret Lake Drive just west of the new State Road 429 tollway interchange in Kissimmee. Both have tons of amenities. Locally based Park Square is selling units to Europeans for Florida vacation homes
and full-time homes for those who open small businesses here to obtain visas.
source: sundaymorningtalk.com
Newly Built Communities Appeal To Baby Boomers
As the country ages and the first wave of Baby Boomers turns 61 this year, developers are marketing active adult communities to the post-WW2 generation. Gone from the sales literature are the words “senior” and “retirement,” since to some retirees these terms impart images of getting old. Instead, marketing phrases “country club living,” “active” and “lifestyles are the norm.”
Much of the impetus is fueled by Baby Boomers; born between 1946 and 1964, they number nearly 80 million. And they’ve started trickling into the active adult communities. Most won’t move into an age-segregated community. In fact, fewer than 11 percent will move at all, according to AARP, the seniors group. Some demographers say the figure will be even lower.
Builders are outfitting developments for seniors with amenities often associated with country clubs. At Leisure World of Virginia, which has about 1,500 residents and plans for as many as 2,700 someday, the two-story clubhouse has an indoor pool, a library with computers, a bank branch and a restaurant. There are pool tables, a workout room and tennis courts. There are studios for ceramics, woodworking and art.
source: sundaymorningtalk.com
Much of the impetus is fueled by Baby Boomers; born between 1946 and 1964, they number nearly 80 million. And they’ve started trickling into the active adult communities. Most won’t move into an age-segregated community. In fact, fewer than 11 percent will move at all, according to AARP, the seniors group. Some demographers say the figure will be even lower.
Builders are outfitting developments for seniors with amenities often associated with country clubs. At Leisure World of Virginia, which has about 1,500 residents and plans for as many as 2,700 someday, the two-story clubhouse has an indoor pool, a library with computers, a bank branch and a restaurant. There are pool tables, a workout room and tennis courts. There are studios for ceramics, woodworking and art.
source: sundaymorningtalk.com
Bad Listings Plague New Agents
Agents and brokers most often agree that the time spent servicing grossly overpriced listings is extremely unproductive and exceedingly frustrating for everyone, including the sellers. New agents who become successful in the real estate business develop their expertise to the point where they actually know with confidence what an overpriced listing really is.
Crucial to accepting a listing with the proper asking price is the competitive market analysis (CMA) that you will certainly prepare for each potential listing. Getting as much help as you can from the old pros in your office will help. Having one of them check the first few you do will go a long way to insure success. If you can, get one of them to visit the property with you.
Almost always, if the property owners are highly motivated to sell then chances are excellent that they will select a price in the low end of the range and will be cooperative and reasonable during the selling process. If they are not motivated, the likelihood is that they will list high and be fairly inflexible in their negotiations.
source: sundaymorningtalk.com
Crucial to accepting a listing with the proper asking price is the competitive market analysis (CMA) that you will certainly prepare for each potential listing. Getting as much help as you can from the old pros in your office will help. Having one of them check the first few you do will go a long way to insure success. If you can, get one of them to visit the property with you.
Almost always, if the property owners are highly motivated to sell then chances are excellent that they will select a price in the low end of the range and will be cooperative and reasonable during the selling process. If they are not motivated, the likelihood is that they will list high and be fairly inflexible in their negotiations.
source: sundaymorningtalk.com
Florida Property Tax Amendment To Be Ballot Question
Donald Trump is helping Gov. Charlie Crist raise money Thursday for a ballot question that could cap all property taxes. The same amendment would also provide cuts for most homeowners. Trump is on-board the amendment bandwagon as he pays $1 million a year on his Palm Beach County mansion.
During the campaign trail last year, Crist promised to reduce property taxes and has made the issue one of his highest priorities since taking office in January. The governor will be making a significant push to get support for the Jan. 29 ballot question that would double the homestead exemption and place a 10 percent assessment cap on all properties.
The amendment would also double exemptions on primary homes to $50,000. And, it would cap assessments on other properties. Businesses, rentals and second homes like Trump’s Palm Beach mansion, which is appraised at $58 million would have their taxes lowered. In 2005, the assessed value of Trump’s mansion was $41.4 million. It jumped to $56 million the next year, or a 35 percent increase. Had the cap been in place, his tax would have been based on a $45.5 million assessment in 2006.
click here for article
In the market for Delray Beach real estate? Consult with licensed agent Caesar Parisi. Caesar has assisted hundreds of buyers and sellers, giving sound advice on how to most effectively buy and sell property.
source: sundaymorningtalk.com
During the campaign trail last year, Crist promised to reduce property taxes and has made the issue one of his highest priorities since taking office in January. The governor will be making a significant push to get support for the Jan. 29 ballot question that would double the homestead exemption and place a 10 percent assessment cap on all properties.
The amendment would also double exemptions on primary homes to $50,000. And, it would cap assessments on other properties. Businesses, rentals and second homes like Trump’s Palm Beach mansion, which is appraised at $58 million would have their taxes lowered. In 2005, the assessed value of Trump’s mansion was $41.4 million. It jumped to $56 million the next year, or a 35 percent increase. Had the cap been in place, his tax would have been based on a $45.5 million assessment in 2006.
click here for article
In the market for Delray Beach real estate? Consult with licensed agent Caesar Parisi. Caesar has assisted hundreds of buyers and sellers, giving sound advice on how to most effectively buy and sell property.
source: sundaymorningtalk.com
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