Thursday, June 30, 2011

NAR COMMENTS RE PENDING HOME SALES TRENDING UP

While inventories are falling, pendings have trended up in 7 of the last 11 months. 


Lawrence Yun, National Association of Realtors Chief Economist, said that the upward trending of home sale pendings bodes well for home prices. “Absorption of inventory is the key to price improvement, and this solid gain in contract signings implies that home values in many localities are or will soon be stabilizing as inventories get absorbed at a faster pace,” he said.  “Home sales still could be 15 to 20 percent higher,” Yun said.


“If banks would simply return to normal sound underwriting standards and begin lending to more creditworthy borrowers, we’d get a much faster recovery in the housing sector.”  Yun, as is the common thread, said that healthy job creation is necessary to ensure a solid recovery both in home sales and the overall economy.


A sale is listed as pending when the contract has been signed but the transaction has not closed, though the sale usually is finalized within one or two months of signing. 

Thursday, June 09, 2011

NAR reports that Foreign purchasers buy U.S. property for investment, vacation, and locational reasons.

  • National Association of Realltor’s 2011 Profile of International Home Buying Activity reports that foreigners view U.S. properties as a secure investment, one that provides rental and long-term appreciation possibilities.
  • Homes in this country are less expensive than comparable foreign properties.
  • International purchasers buy properties for both vacation and rental purposes

Wednesday, June 08, 2011

FLORIDA CFO WANTS YOUR FEEDBACK ON IMPROVING THE FLORIDA HOME INSURANCE MARKET

Dear Friend,

With the 2011 hurricane season now underway, I am hopeful that we will continue the good fortune we have experienced for the past five years.

The past two legislative sessions have shown the delicate balance needed to attract the private insurance industry back to Florida while ensuring fair and equitable rates for Floridians. These legislative reforms should signal to the insurance industry that Florida is open, competitive and ready for their business.

Attached are two recent articles regarding the need for further discussion and reforms surrounding the Florida Hurricane Catastrophe Fund and Citizens Property Insurance Company. I found them to be thought-provoking and worthy of discussion.

I look forward to your feedback on these articles and any other insurance-related topics. It is an honor to serve as your Chief Financial Officer.

Sincerely,
Jeff

Jeff Atwater
Florida's Chief Financial Officer
Jeff.Atwater@myfloridacfo.com 
 

Tuesday, June 07, 2011

ACTIVE LISTINGS DWINDLE WHILE PENDINGS ARE UP


    ACTIVE listings are properties 
   where no current sale contract 
   exists

   PENDING sales are properties in 
   which a contract for sale has 
   been executed but not yet closed.

Thursday, May 26, 2011

HOUSING AND OTHER NEWS


HOUSING AFFORDABILITY HITS NEW HIGH; 
BANK FORECLOSURE ABUSE SETTLEMENTS 
UNDER DISCUSSION; 
PUBLIC SCHOOL CUTS SOLUTIONS

With the national median family income at $64,400, the National Association of Home Builders and Wells Fargo announced that 74.6% of new and existing homes sold in 1Q-2011 were affordable to these families.  This is the highest level recorded in more than 20 years since the index has been measured.  In 2010 73.9% was the figure.  Interest rates are at historically low levels, but credit is very tight.  


Freddie Mac is offering up to 3.5% closing-cost assistance and a $1200 bonus to buyers agents on sales of HomeSteps properties.  Offers must be received by July 31 with escrow closing onor before September 30.


Five of the nation’s largest banks were told by state attorneys general that they face liability of at least $17BB in civil lawsuits unless they can reach a settlement regarding improper foreclosure practices.  There are additional potential claims of billions of dollars from federal agencies including HUD and DOJ. Banks have proposed a $5BB settlement to compensate any previously wronged borrowers and to provide transition assistance for borrowers ousted from their homes.  Federal and state officials say that is insufficient and want $20BB to resolve these problems which the state attorneys general from all 50 states and DC have been investigating since last fall.  


New home sales April gains as opposed to March gains were 7.1%.  However, this is down 23% from sales in April 2010.


Budget cuts are causing some public schools to shift costs to students for enrolling in some courses and activities.  Parents are being asked to pay for supplemental materials such as printer ink, biology lab safety goggles and algebra workbooks, some schools offering installment pay plans and others accepting credit cards for a small fee.  Some fees are waived for low-income families.  In California, the American Civil Liberties Union is suing the State for allowing districts to charge a wide array of fees.  Enrichment programs have been cut or eliminated such as advanced math and science, music, art, drama, foreign languages, sports, gifted student courses and help for struggling readers in order to meet budget.  Some teachers noted that many students have taken on part time jobs to pay for activities they want to take part in such as athletics and music.

Wednesday, May 04, 2011

By Asher Price AMERICAN-STATESMAN STAFF
Updated: 5:38 a.m. Wednesday, May 4, 2011
Published: 9:57 p.m. Tuesday, May 3, 2011
A demolition whiz, an expert parachutist and diver, a pilot of mini-submarines and, at one point, an aspiring journalist if Rambo were a Renaissance man, and a lot thinner and taller, he might look like Bill McRaven.

Long before he devised the strategy for how to capture or kill Osama bin Laden, McRaven began preparing for a career as a super-commando while he was an undergraduate at the University of Texas.

McRaven, 55 and now a vice admiral, had been something of a bin Laden hunter for at least a half-dozen years before successfully directing the attack Sunday as the leader of the Joint Special Operations Command.

McRaven, who hails from San Antonio, began preparing for his storied career with the Navy SEALs, the elite special operations forces, while still a member of the Reserve Officers' Training Corps at UT, from which he graduated in 1977 as a journalism major.

"He had drive," said James Gruetzner, who was in the same Navy ROTC battalion as McRaven. "He went on extraordinarily long runs to stay in shape. He was very dedicated."

McRaven grew up in a military family — his father, a former football player, had served as a pilot in World War II — and early outings as a 10-year-old to scuba dive at the YMCA put him on the Navy path, said his sister Nan McRaven, an Austin public affairs consultant who serves on the board of Austin Community College.
"He became very focused on SEAL training," said Curtis Raetz, who also was in the ROTC battalion. "He was able to lap us all no matter how hard we tried."

Students aiming to become SEALs were "fanatical" about physical training, said Greg Colchin, another member of the battalion.
"People think of it as a physical thing, but it's also a mental thing," said Nan McRaven, who said her brother has loved to read ever since their mother compelled him to recite poetry as a boy. "He's focused, and he has the humility for real leadership."

Eventually he would become a qualified diver, parachutist, demolition expert and submersible pilot. He also had smarts. He earned a master's degree in national security affairs, and in 1995, he wrote "Spec Ops: Case Studies in Special Operations Warfare Theory and Practice," in which he developed his own definition of a special operation as one "conducted by forces specially trained, equipped, and supported for a specific target whose destruction, elimination, or rescue (in the case of hostages), is a political or military imperative."

Nominating McRaven for a fourth star this year, Defense Secretary Robert Gates said the Joint Special Operations Command "ruthlessly and effectively (took) the fight to American's most dangerous and vicious enemies."

At its head was McRaven, who "is reputed to be the smartest SEAL that ever lived. He is physically tough, compassionate and can drive a knife through your ribs in a nanosecond," a former commander told Newsweek in 2004.
He also has shown a capacity for contrition. In April 2010, a couple of months after a special forces team mistakenly killed an Afghan police chief, a prosecutor and three unarmed women, McRaven pleaded for forgiveness from a local patriarch, bringing with him an offering of two sheep as part of a custom to make amends.
That followed McRaven's decision to tamp down commando raids in Afghanistan to avoid civilian deaths.

Whatever successes he achieved remained outstripped by the specter of bin Laden, whose elimination, to use McRaven's own word, remained an "imperative."

As long ago as 2004, having already commanded the team that helped capture Iraqi dictator Saddam Hussein — soldiers based at Fort Hood also were involved — he turned his attention to capturing Public Enemy No. 1.

But he was stymied until this spring, when intelligence officers determined that bin Laden was in hiding in Pakistan.

McRaven spent weeks working with the CIA on the commando operation, The New York Times has reported, coming up with three options: a helicopter assault using American commandos, a strike with B-2 bombers that would obliterate the compound or a joint raid with Pakistani intelligence operatives who would be told about the mission hours before the launch.

The decision, to swoop in with a crew of American commandos, was in keeping with McRaven's view of special operations.
In 2001 congressional testimony on military training, McRaven described the two primary missions of Navy SEALs: "Reconnaissance and what we call direct action: raids, ambushes, swimmer sneak attacks and optical clearance for amphibious landings," he said. "Most of these missions originate from the water and require us to work in small units, behind enemy lines at night, with little or no outside support."

Monday, April 25, 2011

AS PRICES RISE THIS SUMMER
 
 WHERE IS THE 

Sunday, April 24, 2011

FLORIDA CHAMBER FOUNDATION SEEKS TO GUIDE FLORIDA TO ITS NEXT ECONOMY



The Florida Chamber Foundation will use the Six Pillars Caucus System, a qualitative research program to engage the best and brightest minds in the state, as a method of starting the first-ever statewide strategic plan to help guide Florida toward its next economy.   Their plan will include an economy that offers high-wage jobs, global competitiveness and vibrant communities by 2030.

Now in its second year, construction of a plan has already begun and deliberations will be more focused in order to finalize the first draft.

The group is seeking volunteer caucus members to engage and collaborate with others with a commitment to Florida’s future.  Find information here or contact Sara Patterson spatterson@FLFoundation.org, (850) 521-1226

Thursday, April 07, 2011

INTERESTING THINGS
TO DO
IN BOCA RATON


Art & Design Walk: 6-9 p.m. April 7 at Royal Palm Place, 308 S. Federal Highway,  561-392-8920 ext. 361.


Lladro Sculptor Event: 4-7 p.m. April 12 at Best Wishes. 2000 NE Fifth Ave., RSVP 561-392-7688.

Historic Trolley Tour: 10 a.m. April 14. Leaving from Boca Raton Historical Society, Town Hall, 71 N. Federal Highway. $30. RSVP 561-395-6766.



Giant Flea Market: 8 a.m.-1 p.m. April 16 at Unitarian Universalist, 2601 St. Andrews Blvd., 561-482- 2001.


Boca Raton Historical Society Hotel Tour: 2 p.m. April 19 at Boca Raton Resort and Club, 501 E. Camino Real. Cost $15 with $10 valet fee. RSVP 561-395-6766

Sunday, April 03, 2011

IN CASE YOU ARE WONDERING… HERE IT IS ... TIGER’S NEW HOME IN JUPITER


 Tiger Woods’ new home in Jupiter has a 4-hole golf course and running track and overlooks the Atlantic Ocean on one side, and the Intracoastal Waterway on the other.  Price ticket? $60MM.
 Prior to his split with now ex-wife Ellen Nordegren, they spent many months planning every detail together.  The 10,000 sq ft house is on Jupiter Island.  Meant to be a family home, now it is a state-of-the-art bachelor pad.  The huge master bedroom has “his-and-hers” bathrooms and there are three more bedroom suites.  There is a glass-fronted elevator. Other features are a basement wine cellar, and perhaps a move theatre and game room for the Woods’ children, Sam and Charlie.
 Many tall trees and high boundary walls surround the plot, giving the privacy desired, but aerial photos, which appeared on Tiger’s blog, show the compound nicely.
 Four more buildings are adjoined to the main house, including a boathouse, golf training studio, stand-alone garage and huge guesthouse.  There is a tennis court, gym, diving pool, lap lane, 100’ running track and a 3.5 acre 4-hole golf course.  The short-game area has four greens, six sand traps with different depths and kinds of sand, a video center and putting studio.  
 A pair of boat docks on the Intracoastal side of the property will hold Woods’ 155 ft yacht, named Privacy.

Friday, April 01, 2011

IS THIS ANY WAY TO RUN A COMPANY? YOU BETCHA IT IS!

 I rarely put an item on my blogs with just a link, but this is a "must see", just one story about a work ethic that makes America great!  Watch the video!

http://www.blogsouthwest.com/video/luv-stories-unexpected-thank-you

Monday, March 21, 2011

CENSUS: FLORIDA HAD 7TH CONSECUTIVE DECADE OF DOUBLE-DIGIT POPULATION GROWTH



Florida remains one of the top places to move to in the United States.  The US population grew by 9.7%, and Sunshine State residents grew by 17.6 percent with a 2.8MM increase in residents between 2000 and 2010.
This growth swelled despite a high rate of unemployment and a housing slump.  While 1.7MM new residential units were built over the past decade, the number of vacant properties climbed nearly 63% during the same time frame, according to the New York Times.

Wednesday, March 09, 2011

NEW BILLS ARE UNDER CONSIDERATION NEXT WEEK IN TALLAHASSEE RELATING TO REAL ESTATE PROBLEMS

With Florida having hundreds of thousands of foreclosures, millions of underwater mortgages and four years of depreciating values, lawmakers meeting next week in Tallahassee are considering new real estate laws.  They generally affect help for condo associations, property tax reform or changes to the foreclosure process.
The Distressed Condo Relief Act passed last year gave condo associations the authority to collect rent directly from tenants of delinquent owners until delinquencies are paid up, and to bar non-paying condo owners from using common amenities like pools and clubhouses.  The bill also provides protections for condo associations that file foreclosure against delinquent unit owners, ensuring that they are not held liable for that owner’s past due assessments when they take title.
A bill being considered this year would give condo associations the power to restrict cable television service and internet access from owners of delinquent condos.  It was pointed out that the reason many homeowners are in default is lack of jobs; this could mean less access to job opportunities.
 Another Bill will change a portion of the Save Our Homes Law by eliminating the Recapture Rule.  If voters approve, a home’s property value assessment would not be increased during years when the home’s market value decreases.  More than 300,000 homes were affected by rising property taxes while property values fell 13% in 2010. However with governments struggling with budget cuts, less property revenue means MORE cuts.  
 A bill is being considered to potentially lower property taxes for new and 2nd homeowners, and the annual cap on increases for non-homesteaded properties would be reduced from 10% down to 3%.  An additional homestead exemption would be given to first-time homebuyers, worth 50% of the property value.
A bill is up for consideration to provide banks and mortgage lenders the option of conducting foreclosure on commercial properties outside the courtroom rather than going to court to repossess delinquent properties, allowing lenders to reclaim a property through a trustee foreclosure which is usually faster than a judicial foreclosure.  According to the Miami Herald, about 100,000 foreclosed residential homes are stymied within the processes right now.



There will be an attempt to direct funds for affordable housing away from new housing to instead renovate vacant abandoned properties and tenants will be given 90 days notice to move out of repossessed foreclosed homes.



Nevertheless it is apparent that current problems will not be solved quickly, and that there are pros and cons with every change.

Thursday, March 03, 2011

UPDATES ON THE HOME FRONT - PRICES DOWN, SALES UP


Realtytrac reports that 26% of all home sales are foreclosures, nationally and Bank repossessions level off, down slightly from 2009 but up from 2008.

Case-Schiller reports that during the 6 months ending December 31, home prices fell nearly 6%. 

National Association of Realtors reports that sales of existing homes rose for the third straight month.

In 2010, Nevada,  Arizona, California and Florida had the highest percentage of foreclosures, in that order.

Cash buyers are offering very low bids, especially for distressed homes being sold at deep discounts, pulling the median price down.

According to Zillow, nearly 30% of mortgage borrowers are underwater on loans and very vulnerable to foreclosure.

Thursday, February 24, 2011

THE GOOD NEWS



According to the National Association of Realtors:
·        Existing home sales increased 2.7% nationally
·        This is the first time in 7 months that sales activity was higher than a year earlier
·        Chief Economist Lawrence Yun says
o   Home sales uptrend is consistent with improvements in the economy and jobs
o   Consumer confidence is boosting
o   Affordability conditions are a big factor
o   Tight credit has resulted in high levels of all-cash purchases primarily for distressed homes sold at deep discounts – which pulls the median price downward but traditional homes in good condition have held their value
o   Investor activity is another factor re purchasing undervalued homes
·        In January, first time buyers bought 29% of homes sold
·        Investors bought 23% of purchases in January
·        Housing inventory is at a 7.6 month supply, lowest level since 12/2009
·        Existing-home sales increased 3.6% in the South
NAR is America’s largest real estate trade association, representing 1.1MM members involved in all aspects of the residential and commercial real estate industries.

Saturday, February 12, 2011

GOOD NEWS AND BAD NEWS ON THE HOME FRONT


Zillow reported that south Florida home values are down 15.4% year-over-year in 4Q2010.  Home Value Index fell to $139,100 from $160,000 at end of 2009.
 Housing bargain sales wins prevail with big losses for many sellers.  This IS THE BEST TIME EVER to buy in Florida.

Foreclosures in Florida fell 54% according to Realty Trac year-over-year in January 2011.  Foreclosure filings last month were 21,671 in Florida, one for every 409 housing units in the state which is 15.4% lower from December 2010.

 What to make of this?  An interesting 9-acre man-made island between Aventura and Sunny Isles Beach is on the market for $49.5MM reports  Condo Vultures.  In the 1950’s the DOT created the island as part of a massive dredging effort.  Assessed value?  $3MM or $7.90 per sq ft according to the Miami-Dade County Property Appraisers Office.   Sounds like an interesting deal… so let’s wait and see who (if anyone) buys this island!

 Mortgage interest rates are going up… rate topped 5% for the first time since last April.  Rates, however, are still historically low according to Florida Realtors organization, and there is actually a $100 a month jump on a $200,000 loan since the lowest rate in November.   Rates follow the 10-year Treasury note yields, heading up with inflation fears.   Many buyers are paying cash.

Thursday, February 03, 2011

WANT TO SEE THE NEWEST DECORATOR MODELS?




Model Tour: 1200 Hillsboro Mile, Before & After – 2/8/2011 at 2 pm
Join the Robb & Stucky Design Team of Rene Evans, ASID and Richard Ramus at 1200 Hillsboro Mile for a private tour of their beautiful model. This is an opportunity to see the “before” unfurnished unit and the “after” decorated model–and the transformation is amazing. This event is offsite. The model is located about 1 mile south of Hillsboro on the west side of A1A. Reservations are required so please call early to reserve your space and to receive directions. No cameras, please.

Model Tour: Villas By The Sea, Before & After – 2/16/2011 at 2 pm
Have you ever wondered how a designer finds inspiration and then transforms it into a design concept? Join Robb & Stucky Design Associate Ron Acosta on-site at Villas by the Sea. Ron will start the tour in an unfurnished unit, then continue to the completed model for comparison. He will share his design process, and the secret that inspired the special look of this incredible Oceanside model project. Meet first at the Sales office for Villas by the Sea, located off A1A just north of Commercial Blvd in Lauderdale by the Sea. Reservations are required so please call early to reserve your space and to receive directions. No cameras, please.

Please call (561) 862-5597 to reserve; reservations are limited!
==================================================================

Thursday, January 27, 2011

RECENT STUDY SHOWS WALKABILITY ADDS VALUE TO A PROPERTY



Ceo’S FOR Cities, a national consortium of civic and business leaders, did a 2009 study and found that homes where you can walk to the supermarket and other stores, schools and parks will be valued at $4,000 to $34,000 more than those with less walkability where you have to drive to get to amenities.  The bigger, more urban the city, such as Miami, the higher value walkability adds.  Nearby public transportation also boosts value.


The study covered 94,000 real estate sales of comparable homes in 15 major markets. 


You can use Walkscore to rate the walkability of your home or a home you are considering purchasing. 

Tuesday, January 25, 2011

HAVE A GREAT TIME IN DELRAY BEACH

A PEEK AT DELRAY BEACH




Delray Beach is the type of coastal town that has it all: unobstructed beaches, shops, the restaurants and definitely, the entertainment.  A little bit for everyone to enjoy.  Delray does a great job with its festivals and fairs.  They close a main street and fill it to capacity with vendors, musicians and artists in a blink of an eye.  When is all over done with, it comes down just as fast as it went up. 
Come on downtown on Thursday, January 27th for Art & Jazz On The Avenue.  Once a month, during the season, and on a Thursday from 6-10 pm, live musical entertainment is presented, On the Avenue.  Open house specials, and gallery exhibitions are will be browsed at the very least.  Even though it is On the Avenue, it will also extend to the SW 5th Avenue Plaza. 
Highlights will include:
  • Florida Panthers’ Partymobile --- interactive games and the launch of the team’s new video game --- at the Delray Beach Magazine booth in the 300 block of East Atlantic Avenue.
  • Palm Beach Makos and Cheerleaders in the 400 block of East Atlantic Avenue.
  • Exhilarating skateboard course designed and constructed by Stoner Skateboards in the 600 block of East Atlantic Avenue;
  • Sports clinics led by Atlantic High School sports leaders on the Great Lawn by Old School Square.
  • City of Delray Beach Parks & Recreation sponsored dance and fitness demonstrations and performances led by the Delray Divas, Diamonds and Pearls and Delray Rocks and Cheerleaders Dance, also on the Great Lawn by Old School Square.
  • Yankee great Roy White, the Roger Dean Stadium inflatable hitting bay and the Allianz golf hitting bay – all in Worthing Park.
  • Representatives of the International Tennis Championships and the US Tennis Association in the 200 and 400 blocks of East Atlantic Avenue.
  • Cycling on Your Mark in the 300 block of East Atlantic Avenue.
  • Miss Geico 50-foot racing boat with jet turbine engine will be on display in the 500 block of East Atlantic Avenue and sports car along NE 1st Avenue.
  • Roaming Drew Tucker Stomp Band
  • The Heavy Pets, a production of 102 Degrees, will be performing on the Old School Square Entertainment Pavilion with Stampede as the opening act. The concert will benefit Delray Beach’s Caring Kitchen through donations collected by volunteers. An after-party hosted by the new Pineapple Groove will start just after the concert.  
  • Jim Kolvacik Trio in the 100 block of East Atlantic Avenue
  • Groove Merchant and Atlantic High School Jazz Band on SE 4th Avenue.
  • Jazz Stream in the 400 block of East Atlantic Avenue.
  • Al Johnson in the 500 block of East Atlantic Avenue.
  • Visitors to the Vista BMW tent will be invited to register for a chance to win a new BMW 135i. Details will be available on site.
  • Representatives of the Boca Artists Guild in the 100 East Atlantic block.
  • Avalon Gallery at 425 E Atlantic Ave.
  • Blue Coast Art Exhibit at 110 E Atlantic Ave.
  • Blue Gallery at 600 E Atlantic Ave.
  • Cacace Fine Art Studio & Gallery at 135 E Atlantic Ave.
  • DeBilzan Gallery at 38 E Atlantic Ave.
  • Delray Art & Framing at 321 E Atlantic Ave.
  • Ford Fine Art at 235 NE 4th Ave. #101
  • Forms Gallery at 415 E Atlantic Ave.
  • Kevro’s Gallery, Media Studio & Art Bar at 166 SE 2nd Ave.
  • Ora Sorensen Gallery at 445 E Atlantic Ave.
 Art & Jazz will extend to the SW 5th Ave Plaza with entertainment from:
  • Beacon Center first- and second-grade classes, creative dance team and Village Academy praise dancers.
  • Creative dance team, Step Club and Drum Line of the Family Resource Center.
FREE ADMISSION!