Florida... a great place to live! The Florida Real Estate Blog is designed to be a resource center. You will find a wealth of information on topics including home selling and buying, Florida home values, property taxes, Florida housing market updates, mortgages / home loans, home inspections, title insurance, homeownership, relocating, Florida real estate investing, 1031 Exchanges, home maintenance, trends, and Florida real estate news and views. Find real estate information for all of Florida including Jacksonville, Gainesville, Ocala, Orlando, Central Florida, Tampa, Clearwater, Sarasota, Fort Myers, Naples, South Florida, West Palm Beach, Fort Lauderdale, Miami, and the Florida Keys.
Whether you're purchasing an older home or new construction, I always highly recommend to buyers I work with that they invest in a professional home inspection.
If you're buying a home in Florida and are in need of locating a Florida home inspector, here are a couple of resources that may help in your decision making process:
Though some home inspectors or home inspection companies do not belong to either of these companies, some buyers find the information on these sites helpful. If you've received a referral of a home inspector or company that is not listed in either of these sites it does not necessarily mean that they are not professional or qualified. Membership to either of the associations listed above is voluntary.
Verandah, a master-planned community located on almost 1,500 acres along the Orange River in Fort Myers, has won the 20th Residential Environmental Award from the Florida Association of Realtors (FAR). The award, popularly known as the ENVY, was presented recently at FAR’s 90th annual Convention and Trade Expo in Hollywood, Florida.
“Celebrating its 20th anniversary this year, the Florida Association of Realtors’ Environmental Award has become THE one to win for builders of high-quality, environmentally responsible communities in Florida,” said 2006 FAR President Mike Dooley, in presenting the award. “Today, the ENVY Award recognizes the one residential development -- Verandah -- that best preserves our state’s natural quality of life.
The Bonita Bay Group serves as developers for Verandah, which opened for sales in February 2003.
Judges praised this development for the efforts taken to preserve the area's natural elements, such as setting aside nearly 70 percent of its land for open spaces, including nature preserves, parks, lakes and a conservation buffer for the riverfront. Developers also designed Verandah to reduce its wildfire threat, and thus became one of the first developments nationally to receive a Firewise Communities USA designation.
"Verandah was created with a deep respect for the environment, and receiving the ENVY Award confirms what we do as a company -- build communities in harmony with nature," said Kitty Green, vice president of The Bonita Bay Group. "At Verandah, we created a strict plan for protecting the community’s delicate ecosystems -- from historic riverfront to upland and wetland preserves."
As part of the ENVY award criteria, a judging panel of planning professionals reviewed the development’s preservation of the land’s native flora and fauna, the blending of the community with its surrounding environment, common areas such as nature trails and playgrounds, family recreation and safety, streets, drainage, sanitation and marketability.
Judges noted that Verandah was the state's "pioneer" in demonstrating how a community can be planned and developed following environmentally sustainable and green building practices. It received Florida's first green development designation from the Florida Green Building Coalition, which recognizes the community's commitment to responsible site development, natural resource and wildlife conservation, and green building practices.
Realtors throughout Florida commend Verandah for demonstrating that high-quality, environmentally conscious development makes good business sense.
In July 2001, the statewide median sales price was $132,000, representing an increase of about 90 percent over the five-year period, according to FAR records. The median is a typical market price where half the homes sold for more, half sold for less.
Nationally, the median sales price for existing single-family homes was $231,500 in June, up 1.1 percent from a year earlier, according to the National Association of Realtors® (NAR). In California, the statewide median resales price was $575,800 in June; in Massachusetts, it was $370,000; in Maryland, it was $320,750; and in New York, it was $279,000.
Over the past few months, home sales in the U.S. have held to a narrow range -- a sign that the U.S. housing market is stabilizing, according to NAR housing industry analysts. Sales overall remain historically strong, NAR notes, with 2006 projected to be the third strongest sales year on record.
Looking to Florida's existing condominium market, sales of existing condos also decreased in July, with a total of 4,260 condos sold statewide compared to 6,739 in July 2005 for a 37 percent decrease, according to FAR. The statewide median sales price for condos last month was $210,200; a year ago, it was $211,900 for a 1 percent decrease. The national median existing condo price in June 2006 was $226,900.
According to Freddie Mac, the average rate for a 30-year fixed-rate mortgage was 6.76 percent last month, up from 5.70 percent in July 2005. FAR’s sales figures reflect closings, which typically occur 30 to 90 days after sales contracts are written.
Of the state’s smaller markets, the Ocala MSA reported a total of 525 existing homes sold in July compared to 528 homes sold a year earlier for a 1 percent decline. The area’s median existing home sales price rose 20 percent to $177,200; a year ago, it was $147,400.
Charts showing statistics for Florida and its 20 MSAs are attached. One chart compares the volume of existing, single-family home sales and median sales prices in July 2006 to July 2005, based on Realtor transactions within the MSAs. The other chart compares the volume of existing condo sales and median sales prices in July 2006 to July 2005, based on Realtor transactions within the MSAs.
The Florida Association of Realtors (FAR), the voice for real estate in Florida, provides programs, services, continuing education, research and legislative representation to its nearly 155,000 members in 68 boards/associations.
In recent years there has been a surge in the number of people purchasing a second home to be used as a vacation home. The majority of vacation homes are located near lakes, ski resorts, or along coastal areas. Some people have purchased second homes to be near other family members (especially children or grandchildren). According to the reports I've read, this is in large part thanks to the baby-boomer generation and low interest rates.
Buying a second home for many people sometimes means taking on a second mortgage and some opt to treat the vacation property as an investment by renting it out part of the year. Dozens of websites dedicated to assist you in finding renters for your second home have popped up on the Internet. Owning a vacation home does not come without additional responsibilities. Below are links to some articles that go into further detail on the different aspects of buying or owning a second home:
Sarasota, Florida: The 26-unit Devonshire Park development in downtown Sarasota stresses 'smart growth' and will offer a live/work/play lifestyle. Read Full Article...
Broward County, FL: Affordable apartment stock to increase; decaying projects in Hollywood and Deerfield Beach to be torn down, to be replaced with new, additional units. Read Full Article...
Hernando County, FL: Developer proposes a change to allow more density on environmentally valuable land if only half of the property is used. Read Full Article...
In second quarter 2006, Florida's housing sector followed the national trend, showing signs of a market adjusting to a better balance between buyers and sellers. Statewide sales of single-family existing homes totaled 53,161 during the three-month period, a decrease of 27 percent compared to 72,870 homes sold during the same time a year ago, according to the Florida Association of Realtors® (FAR).
"Sales of existing single-family homes in Florida behaved like much of the U.S. in the 2006 second quarter, with the declining strength of the domestic economy continuing to act like a stiff wind in the face of the existing real estate market," says Dr. David Scott, executive director of the Dr. Phillips Institute for the Study of American Business Activity and professor of finance at the University of Central Florida (UCF).
The statewide existing-home median sales price rose 9 percent to reach $254,800 in the second quarter; a year ago, it was $234,500. In 2001, the second-quarter statewide median sales price was $127,400, which is an increase of about 100 percent over the five-year period. The median is a typical market price where half the homes sold for more, half for less.
This environment is likely to endure across the remaining months of 2006 owing to several factors, Scott says, including the declining rate of growth in the real gross domestic product (GPD); a tepid increase in the number of jobs being created over the past three months; rising conventional mortgage rates; and a rising inventory of homes for sale. He notes that the rising costs of gasoline and energy are starting to strain many household budgets while wages are just barely keeping up with the recent price inflation of about 3.6 percent a year.
Looking to Florida's existing condominium market, sales of existing condos also decreased during the quarter, with a total of 16,522 condos sold statewide compared to 24,599 in second quarter 2005 for a 33 percent decline, according to FAR. The statewide median sales price for condos rose 1 percent to $219,100 for the three-month period; a year ago, it was $217,900.
The latest economy outlook from the National Association of Realtors® (NAR) notes that the housing market is in the process of stabilizing with little change in overall sales volume expected over the balance of the year. Analysts report that the level of activity remains high historically -- 2006 is expected to be the third best year for existing home sales. According to Freddie Mac, the national commitment rate for a 30-year conventional fixed-rate mortgage averaged 6.60 percent in first quarter 2006; last year, it was 6.24 percent.
Among the state’s larger markets, the Orlando metropolitan statistical area (MSA) reported 8,189 existing homes sold for the quarter, a decrease of 23 percent compared to the 10,585 homes sold a year ago. The market’s existing-home median sales price increased 18 percent to $265,500; a year ago, it was $224,500. A total of 1,456 existing condos sold in the market over the three-month period, up 24 percent from a year ago, while the existing-condo median price rose 1 percent to $163,500.
The Gainesville MSA, one of the smaller markets in the state, reported that 992 homes changed hands in the second quarter, down 24 percent compared to 1,297 homes sold a year ago. Over the same period, the market’s existing-home median home price rose 21 percent to $214,300; a year ago, it was $176,400. A total of 426 existing condos sold in the market during the second quarter, up 37 percent from a year ago, while the existing-condo median price rose 16 percent to $146,600.
Two charts showing statistics for Florida and its MSAs are attached. One chart compares the volume of existing, single-family home sales and median sales prices in the second quarter of 2006 to the second quarter of 2005, based on Realtor-closed transactions from local Realtor boards/associations within the MSAs. The second chart compares the volume of existing condo sales and median sales prices in second quarter 2006 to second quarter 2005, based on Realtor-closed transactions from local Realtor boards/associations within the MSAs.
There's no doubt about it... Florida can be very hot and humid during the summer months. I've also been hearing in the news that this summer has also been especially hard in other parts of the country as well. Whether it's due to global warming or just coincidental, it's always a good idea to take energy conservation seriously.
Taking steps now to conserve home energy costs can save you money over time. These steps range from the free or low-cost to the more expensive which are worthwhile but will take longer to see a return on investment (ROI). Examples of both include keeping your blinds closed (except during showings if your home is for sale), installing a programmable thermostat, regularly replacing your A/C filter, vacuuming any build-up of dust on refrigerator and freezer coils, lowering your hot water heaters' temperature setting, installing window tinting, or replacing your air-conditioning system with a new, more efficient one. Whole house air-conditioning units typically need replacement every 10-12 years in Florida.
Also, many utility companies offer homeowners a free energy audit that includes a report on things you can do to lower your energy bills. Below are some links to articles that offer home energy conservation tips:
Brooksville, Florida (Hernando County): A 25-acre community of 75 homes is slated for Emerson Road. Adjacent to this community, the developers of Emerson Oaks are undergoing approvals for a 245-unit townhouse community on 24 acres. Read Full Article...
Southwest Florida: Region's cooling housing market is starting to pinch people whose livelihoods are tied to housing. Smaller construction-heavy communities such as North Port, Nokomis, Osprey and East Manatee will likely be hit first and hardest. Read Full Article...
Charlotte County, Florida: Affordable housing problem more desperate. Gulf Breeze Village and Trabue Woods among the few affordable housing developments proposed or pending completion. Read Full Article...
Manatee County, Florida: Planners approve plans for Newport Isles, a 734-acre mixed-use project that will have a 103-acre recreational lake as its central feature. Read Full Article...
Collier County, FL: Rents made less affordable by county fee; this after Collier County lost about half of its rental apartments to condo conversions during the recent hot real estate market. Read Full Article...
If you've been keeping up with the news this year, you've probably read some articles that state that foreclosures are on the rise or at least expected to rise by the end of the year. If you have any reason to be concerned that you may face foreclosure, now is the time to take some action if you are to have a chance to keep your property, the equity you've built up, and avoid foreclosure. It's also important to keep in mind that there is more than one way to lose your home. These other ways include not paying your taxes, filing for bankruptcy, failure to pay homeowners dues, and illegaly activity. Below are links to some articles that can provide you with your options and the best ways to deal with the potential loss of your home.
In recent times, real estate agents have taken to blogging. Real estate bloggers can be found in many large (and a few smaller) metropolitan areas and each seems to have a style all their own. As time permits, I read the writings of some of my favorite real estate bloggers. Below are a few recent notable reads that may interest you:
For those of you who enjoy home renovation or just watching old episodes of "This Old House", Bonnie Erickson in Minnesota writes some posts that come straight from the heart and her love of fixer-upper homes.
Susan Pruden in Maryland offers up some examples of interesting experiences she and her buyers have had while viewing homes on the market... and why, no matter why we may think otherwise, it's not a good idea to leave pets at homes for sale during showing appointments.
One of my personal pet peeves as a Realtor® is the way I hear some people mispronounce the word Realtor® (real-ah-tor instead of real-tor). Maureen McCabe in Ohio knows just how I feel. I couldn't have said it better myself, Maureen! Apparently... almost 3,000 people last month searched the Internet using the misspelled word "realator".
Hopefully, your neighborhood is not experiencing blight (the presence of run-down houses - houses that are in disrepair or look abandoned), but if it is, this post by Caron Mosey in Michigan can provide you with useful information on steps you can take to appropriately deal with it. These eyesores can definitely affect property values so it is especially important that you do what you can long before you plan to sell your home so that it won't affect your time on market or your bottom line.
As an experienced Realtor, one of the things I strongly recommend any buyer do within days of a seller accepting their offer is to hire a reputable home inspection company to inspect the property. Even new homes can have construction defects so do not let the fact that it's a new house give you any assurance that nothing could be wrong with it. Any number of items could need repair or replacement. Typically, the home inspection period is 3-14 days (depending on the market) from the date the sales contract is fully executed. Try to schedule the home inspection so that you or your representative can be present at the time. Don't be afraid to ask questions of the home inspector, either during or after the inspection. If you are unsure of which company to choose to perform the home inspection, you can check out the links on my sidebar to the two home inspection organizations that many inspection companies are listed with. Below are links to a few articles on various aspects of home inspections that may assist you in some way when the time comes for you to schedule your home inspection:
RSS Blog Feed
Whether you're purchasing an older home or new construction, I always highly recommend to buyers I work with that they invest in a professional home inspection.
Verandah, a master-planned community located on almost 1,500 acres along the Orange River in Fort Myers, has won the 20th Residential Environmental Award from the Florida Association of Realtors (FAR). The award, popularly known as the ENVY, was presented recently at FAR’s 90th annual Convention and Trade Expo in Hollywood, Florida.
In July 2001, the statewide median sales price was $132,000, representing an increase of about 90 percent over the five-year period, according to FAR records. The median is a typical market price where half the homes sold for more, half sold for less.
In recent years there has been a surge in the number of people purchasing a second home to be used as a vacation home. The majority of vacation homes are located near lakes, ski resorts, or along coastal areas. Some people have purchased second homes to be near other family members (especially children or grandchildren). According to the reports I've read, this is in large part thanks to the baby-boomer generation and low interest rates. 
There's no doubt about it... Florida can be very hot and humid during the summer months. I've also been hearing in the news that this summer has also been especially hard in other parts of the country as well. Whether it's due to global warming or just coincidental, it's always a good idea to take energy conservation seriously. 
If you've been keeping up with the news this year, you've probably read some articles that state that foreclosures are on the rise or at least expected to rise by the end of the year. If you have any reason to be concerned that you may face foreclosure, now is the time to take some action if you are to have a chance to keep your property, the equity you've built up, and avoid foreclosure. It's also important to keep in mind that there is more than one way to lose your home. These other ways include not paying your taxes, filing for bankruptcy, failure to pay homeowners dues, and illegaly activity. Below are links to some articles that can provide you with your options and the best ways to deal with the potential loss of your home.
As an experienced Realtor, one of the things I strongly recommend any buyer do within days of a seller accepting their offer is to hire a reputable home inspection company to inspect the property. Even new homes can have