Archives

April 2006

Florida Real Estate News

By Leanne Paynter | 1:10 PM on Apr. 28, 2006 | Florida Real Estate Blog

• Hobe Sound, Florida (Martin County) : A developer will be allowed to build a limited number of homes on a 4-acre parcel of land on U.S. 1 near Heritage and Constitutional Boulevards. Residents from the nearby Heritage Ridge and Lexington subdivisions in Hobe Sound objected to his original plans.  Full Article...
• Seminole, Florida (Pinellas County): Land development regulations were passed into law that will change how Seminole deals with future development and zoning requests. Full Article...
• Orlando, Florida office space is getting scarce while rental rates continue to rise. Full Article...
• Moore Haven, Florida (Glades County): citizens discuss land development with an eye towards responsible growth. Full Article... 

Florida Economic Indicators - March 2006

By Leanne Paynter | 2:20 PM on Apr. 27, 2006 | Florida Real Estate Blog

FL existing home sales:    -22%

FL existing condo sales:    -23%

FL existing home median price:  $248,200

FL existing condo median price:  $214,200

FL consumer confidence:   109.6

30-year mortgage rate:     6.53%

English Spanish Real Estate Glossary

By Leanne Paynter | 8:48 AM on Apr. 26, 2006 | Florida Real Estate Blog

According to the 2005 Profile of International Home Buyers in Florida Survey sponsored by the Florida Associaton of Realtors®, one-third of the international buyers who purchased Florida real estate in 2005 were from South America, Central America and the Caribbean. 

For Spanish-speaking real estate buyers, real estate terminology can be challenging if not intimidating.  I just found a resource ideally suited for Spanish-speaking home buyers who are not yet completely fluent in English.  It is the Real Estate Center's English-Spanish Real Estate Glossary which defines, translates and explains 700 real estate terms in English and Spanish and it can be purchased either in book or CD-ROM format at a reasonable price. For more information, click here.

Florida's Home Sales Pace Slows in March; Median Price Continues Rise

By Leanne Paynter | 2:18 PM on Apr. 25, 2006 | Florida Real Estate Blog

Slowly rising mortgage rates and higher levels of for-sale inventory influenced Florida's housing sector in March as the state's market continued to adjust on the heels of a five-year record pace. Statewide, sales of single-family existing homes totaled 18,881 last month compared to March 2005's sales of 24,091 homes for a 22 percent decrease, according to the Florida Association of Realtors® (FAR).

While housing industry analysts predict that home prices eventually will cool, annual appreciation currently remains in the double-digits in many markets throughout Florida and the U.S. Realtors report that demand continues to impact housing prices across Florida, as the state's warm weather, scenic attractions and favorable business climate attract new residents.

Last month, the statewide median price rose 17 percent to $248,200; a year ago, it was $212,600. In March 2001, the statewide median sales price was $121,600, which is an increase of about 104 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 for less.

The national single-family existing home median price was $208,500 in February 2006, up 11.6 percent from a year earlier, according to the National Association of Realtors® (NAR). In California, the statewide median resales price was $535,470 in February; in Massachusetts, it was $339,450; in New York, it was $300,000; and in Maryland, it was $294,577.

Looking to Florida's existing condominium market, sales of existing condos also decreased in March, with a total of 6,481 condos sold statewide compared to 8,388 in March 2005 for a 23 percent decline, according to FAR. The statewide median sales price for condos rose 2 percent to $214,200 last month; a year ago, it was $210,300. The national median existing condo price was $214,300 in February 2006.

In March, the average interest rate for a 30-year fixed-rate mortgage was 6.32 percent -- still favorable for potential buyers, but higher than the rate of 5.93 percent a year ago. FAR’s sales figures reflect closings, which typically occur 30 to 90 days after sales contracts are written.

Among the state’s larger markets, the Miami Metropolitan Statistical Area (MSA) reported a 21 percent increase in home sales last month with a total of 942 homes sold; a year ago, a total of 777 homes sold. The median sales price rose 19 percent to $383,100; last year, it was $322,300.

Jacksonville, another large Florida MSA, also reported a higher level of resales activity last month, with 1,701 homes changing hands for a 9 percent increase over the March 2005 figure. The market's median sales price also rose 15 percent to $197,400.

Among the smaller markets in Florida, the Ocala MSA had higher sales in March, with 598 homes sold compared to 566 homes a year ago for a 6 percent gain. The median sales price rose 27 percent to $161,100; a year ago, it was $126,800.

Other smaller MSAs in the state reporting higher March sales compared to last year include: Tallahassee, where 499 homes changed hands for a 10 percent increase; and Gainesville, where 298 homes sold for a 4 percent gain. The median sales price also rose in those markets: in Gainesville, 28 percent to $218,600; and in Tallahassee, 12 percent to $173,500.

A chart showing statistics for Florida and its 20 MSAs is attached. The chart compares the volume of existing, single-family home sales and median sales prices in March 2006 to March 2005, based on Realtor transactions.

Condominium  pdf   html

© 2006 Florida Association of REALTORS®

Monopoly Game: Vote for New Landmarks

By Leanne Paynter | 5:42 PM on Apr. 24, 2006 | Florida Real Estate Blog

 »

Hasbro wants your help in deciding which U.S. landmarks will make the cut for their upcoming Monopoly Here and Now edition of the beloved game board which is due out this fall. You can click to vote for your favorite landmarks in 22 U.S. cities. Those with the most votes will earn a place on what will be the newest version of the Monopoly game board. In Florida, there are two cities that will highlight a local landmark. The Florida cities and respective landmark choices to pick from are...

Orlando: International Drive, Disney World, Church Street Station

Miami: Coconut Grove, South Beach, Little Havana

Other U.S. cities you can choose a favorite landmark for include Seattle, San Francisco, Los Angeles, Honolulu, Las Vegas, Phoenix, Denver, Minneapolis, Chicago, St. Louis, Cleveland, Nashville, Dallas, Houston, New Orleans, Atlanta, Washington DC, Philadelphia, New York and Boston.

Florida Gas Prices and Eco-Friendly Real Estate Agents

By Leanne Paynter | 11:35 AM on Apr. 23, 2006 | Florida Real Estate Blog

With all the talk of recent increases in the price of gas, I thought this would be a good time to do a bit of research and also discuss how I personally think this can positively affect the real estate industry. 

One interesting site that I found lists Florida gas prices throughout 12 of Florida's larger metropolitan regions and the site seems to be sponsored by AAA.  Per their list, on the day this article is being published, the West Palm Beach-Boca Raton area has the highest-priced gas at $3.017 per gallon (of regular gas), while the lowest-priced gas can be found in the Jacksonville area for $2.902.  For the sake of perspective, last year the same areas had recorded gas prices of $2.335 and $2.245 respectively.  This means gas is now costing Floridians approximately 67 cents (or about 30%) more per gallon than last year.  This can add up to a cost increase of several hundred dollars when you take into account the fact that the average driver puts about 12,000 miles on their car each year and likely doesn't get more than about 15-25 miles per gallon.  If you would like to see the gas prices for another state, click here.

Now... for how the real estate industry can make a difference:

If listing agents took the time to properly market their listings, buyers would be better able to narrow down the homes they'd want to see.  This saves everyone time (=money) and gas, and doesn't inconvenience the seller with home showings to buyers that would never buy their home.  Agents who work with buyers would be better equipped to decide which homes to preview before showing to their customers/clients.  Truthfully, I've seen used cars that are marketed better than most resale homes.  Notice that I wrote "resale" homes.  This is because new home builders already know how to properly market their inventory. New home builders include a wealth of information about each of their homes on full-color brochures with multiple photos, a floorplan, and their websites sometimes even offer a virtual tour. You could say that agents who market resale homes the same way new home builders do are "eco-friendly".  Think about that the next time you're deciding which Florida real estate broker you choose to market what is likely your biggest investment.

Florida Real Estate Market News

By Leanne Paynter | 10:12 AM on Apr. 20, 2006 | Florida Real Estate Blog

• Groveland, Florida (Lake County) - a new rule is in effect which is designed to help local residents find affordable housing.  Full Article...
• Delray Beach, Florida (Palm Beach County), A six-month moratorium on most demolitions and new construction within Delray Beach's five historic neighborhoods has been approved.  Full Article...
• Charlotte County is planning to hold the area's first real estate economic outlook conference later this year. DeSoto County and Northport will be included in the presentations.  Full Article...

Hurricane Supplies Sales Tax Holiday

By Leanne Paynter | 10:08 AM on Apr. 19, 2006 | Florida Real Estate Blog

For the 12 days just before the official start of hurricane season,  Florida residents will be able to save money when purchasing certain hurricane supplies in limited quantities.  The hurricane supplies sales tax holiday runs from May 21 - June 1.  Florida lawmakers expect to get the governor's signature on it by the end of this week.

This is expected to encourage residents to become self-sufficient for the first 3 days following a hurricane.  Governor Bush is pushing for a "culture of preparedness" so that Floridians can be better equipped to reduce hurricane damage and public dependency on the government's help in providing water, ice and other essentials. 

Although this is the second year that the hurricane supply sales tax holiday is taking place, it will now become a permanent Florida holiday that will coincide with National Hurricane Preparedness Week. 

Some notable improvements to the list of items that will be tax-free include the addition of carbon monoxide detectors (important to have when using a generator), storm shutters (up to a cost of $200 each, but does not include plywood), and an increase in the amount allowed for generators (double last year's tax break of $500 - now it's $1,000).  Other items exempt from sales tax during the hurricane preparedness tax holiday include many types of batteries (AAA batteries are not included), flashlights, radios, tie-down kits, ice chests or coolers (except electrical coolers).

Be sure to mark your calendars... May 21 - June 1, 2006.

Florida Industries... Did you know?

By Leanne Paynter | 1:22 PM on Apr. 17, 2006 | Florida Real Estate Blog

 

If Florida were an independent country, it would rank as the world's 15th largest economy.  The gross state product reached $594 billion last year and real estate activity accounted for 44% of that total — a stagering $263 billion.

 

Real property — building it, buying it — directly provides jobs for 769,000 Floridians.  That impact outpaces the contributions of other Florida industries, including tourism, which contributed an estimated $62 billion to the state's economy in 2005.

 

Source: ©Florida Association of Realtors®

Great American Realtor Days

By Leanne Paynter | 7:12 AM on Apr. 16, 2006 | Florida Real Estate Blog

"Great American Realtor Days" April 18-19, 2006 in Tallahassee.  The schedule includes a briefing session, receptions with legislators, and a luncheon on the Capitol courtyard.

The Florida Association of Realtors® is having their annual

The Florida Association of Realtors'® top five legislative goals for the 2006 session:

• Full funding of the housing trust funds.
• A robust insurance market is vital to the Florida housing market and to the state's continued economic growth.
• Save Our Homes portability: an idea whose time has come.
• Vote YES on SB 2238 / HB 1589, FAR's "Support Homeownership for All" license plate legislation.
• Protect Florida's Constitution. (Close the loopholes that groups use to hijack the state's budget).

For additional information, read:

Talking Points Brochure (PDF format)

What will be the official Florida state pie?

By Leanne Paynter | 3:25 AM on Apr. 15, 2006 | Florida Real Estate Blog

Florida lawmakers had been debating which should be declared Florida's official state pie: key lime pie, pecan pie or strawberry pie.  Key lime pie seemed to be the strongest contender when Florida residents were asked for their opinion, believing that key lime better represents the state due to the fact that Florida is so well known for its citrus.  The measure (SB 676) now goes to the House of Representatives.

Nellie & Joe's Key Lime Pie Recipe

Florida Association of Realtors® Environmental (ENVY) Award

By Leanne Paynter | 10:21 AM on Apr. 14, 2006 | Florida Real Estate Blog

Florida residential and commercial developments that help preserve Florida's environment may enter this competition so they may be recognized.

Last year's ENVY winner for residential development was Lakewood Ranch, a master-planned community which spans both Sarasota and Manatee counties. Lakewood Ranch won, in part, due to its generous greenways, a wetland preserve, a nature preserve and a multitude of man-made lakes.

Past ENVY Award winners include: Wild Heron, Harmony, World Golf Village, Solivita, Amelia Island Plantation, Rosemary Beach and Viera.

© 2006 Leanne Paynter

Per the Florida Association of REALTORS®:

The winner in each category will receive a hand-crafted Lucite trophy, recognition at FAR's annual Convention and Trade Show, Sept. 13-17, 2006, and statewide news coverage as Florida's top environmentally-conscious builder. The competition is judged by three distinguished environmental and planning professionals. The entry deadline is Friday, July 7, 2006.

ELIGIBILITY: All Florida commercial developments are eligible. Also, all planned residential developments with a minimum of 30 residential units in Florida qualify. Residential developments must be currently available for marketing and must include a model home.

JUDGING CRITERIA: Commercial: (1) Preservation of natural flora and fauna; (2) architectural compatibility; (3) design in scale and context with surrounding environment; (4) open space and access/usability of surrounding environment; (5) common area access and usefulness; (6) streets, pedestrian and bicycle access; (7) drainage as a design feature; and (8) marketability.

JUDGING CRITERIA: Residential: (1) Preservation of natural flora and fauna; (2) landscaping/compatibility with surrounding environment; (3) design in scale and context with surrounding environment; (4) open space and access/usability of open space; (5) family recreation and common areas (playgrounds, nature trails, etc.); (6) streets and safety features; (7) drainage; and (8) marketability.

SUBMISSION: There is no entry limit and no cost to enter. Simply organize a three-ring notebook with the following material in this order: (1) a written overview of the development (maximum of four pages, typed, double spaced, on 8.5" by 11" paper); (2) supporting material and photographs that address the judging criteria in order as listed above - no videotapes or slides; and (3) a complete set of land development plans and other supporting data. All entry materials will be returned after judging.

DEADLINE: All entries must be received at FAR's headquarters by Friday, July 7, 2006. Send submissions to ENVY Award, Florida Association of Realtors, 7025 Augusta National Drive, Orlando, FL  32822-5017.

For more information about the ENVY award, call 407-438-1400, ext. 2326.

© 2006 Florida Association of REALTORS®

Florida's "Support Homeownership for All" Specialty License Plate

By Leanne Paynter | 9:53 AM on Apr. 5, 2006 | Florida Real Estate Blog

Florida residents should soon have a new specialty license plate to pick from. This one is titled "Homeownership for All" and is sponsored by the Florida Association of Realtors (FAR).

FAR hopes that proceeds from sales of the license plate will provide much needed money for Florida affordable housing programs. Homeownership for All, Inc. is made up of Realtors and other housing advocates to assist in choosing the projects and beneficiaries of the license plate proceeds. Advertising and marketing of the specialty plate will be aimed at Florida Realtors as well as the general public.

8 Florida Towns in Top 100 Places to Live

By Leanne Paynter | 7:46 AM on Apr. 5, 2006 | Florida Real Estate Blog

 Relocate America's 2006 list of top 100 places to live included 8 communities in Florida. The eight cities/towns included six on Florida's gulf coast (Clearwater, St. Petersburg, Bradenton, Punta Gorda, Sarasota and Venice), one in central Florida (Mount Dora), and one in southeast Florida (Jupiter). What makes this list different from others is that the "winners" are determined, in part, by nominations made throughout the year which require the nominee to explain what they believe makes the city or town special.

Monthly Mortgage Payment Calculator

By Leanne Paynter | 3:12 PM on Apr. 4, 2006 | Florida Real Estate Blog

Whether you're a first-time buyer or a seasoned home buyer, take advantage of free online tools to assist you in your decisions. Before your start looking at homes in Florida, you need to know how much mortgage you can afford.  If you're not ready to visit with a mortgage broker to get pre-approved for a home loan, here are some free online calculators you may find useful: 

• Monthly Mortgage Payment Calculator
• Home Mortgage Affordability Calculator
• Mortgage Table - Range of Purchase Calculator