Grand Ravine Townhome Style Condominiums. A Luxury Condomimium Community in St Augustine.
Nestled on 34 acres, surrounded by a conservation preserve, this
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Stroll along the brick paver ...sidewalks; enjoy a quick dip in the
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construction, energy efficient features all at unbeatable prices!!
Poured Concrete Construction, barrel tile roof system,
paver driveways, patios and walkways. Granite countertops, 42"
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like natural gas, tankless water heaters, high impact glass and so much
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They offer three bedroom, two and three bath condominiums with one and two
car attached garages with 1300 to 2000 square feet of living space all
at pricing starting @ $169,900!!
Contact Me At 904-687-0542 to set up a community tour. I will provide all of my Buyers a $500 VISA GiftCard At Closing!
St Augustine Real Estate Monthly Radio Interview
My April podcast interview is done!
Lend me your ear...........
.
St Augustine Real Estate Monthly Radio Interview
This month's edition covers St. Augustine real estate market activity and with this being the last month for the $8,000 tax credit extension, we'll discuss how buyers and sellers are taking advantage of this opportunity!
Features special guest Terri Murphy of US Learning and Sharon Stevens of NorthFloridaHomeSearch.com.
Looking to FHA for your next mortgage? Get a move on! Although you
have until Friday, April 2, 2010 to get your application in, Friday is
Good
Friday and most banks will be closed.
Your true FHA deadline is Thursday, April 1.
Guidelines Change In 3 Days
To shore up its balance sheet and dwindling capital
reserves,
the Federal Housing Authority is rolling out sweeping financial changes.
Starting next week, FHA borrowers must to look better on paper and to be
better
credit risks.
Mortgage insurance premiums are rising, too.
In its
official
announcement, the FHA said its trying to better position itself to
"manage its risk while continuing to support the nation’s housing
market".
The changes start with case numbers assigned on or after Monday,
April 5,
2010.
Reviewing The FHA Mortgage Changes
One widely speculated change wasn't made -- the increase of the FHA
minimum
down payment. Homebuyers in North Florida and elsewhere can still buy
with just 3.5 percent down. However, the group did roll out a number of
other changes, including:
- An increase in
Upfront MIP from
1.75 percent to 2.25 percent
- A plan to
reduce maximum seller
contributions from 6 to 3 percent by summer
- A Congressional
request to increase
monthly mortgage insurance premiums
Article Courtesy of Matt Daly of Dolphin Mortgage..
To keep informed
on up to the minute mortgage information subscribe to Matt Daly's
blog.
Take a look at:
http://dalymortgageadvisor.thewrittenblog.com
Florida’s existing home sales rose in January, marking 17 months that
sales activity has increased in the year-to-year comparison, according
to the latest housing data released by Florida Realtors®.
Existing home sales increased 24 percent last month with a total of
10,465 homes sold statewide compared to 8,444 homes sold in January
2009, according to Florida Realtors. January’s statewide sales of
existing condos rose 81 percent compared to the previous year’s sales
figure.
Sixteen of Florida’s metropolitan statistical areas (MSAs) reported
increased existing home sales in January; all MSAs had higher condo
sales. A majority of the state’s MSAs have reported increased sales for
19 consecutive months.
“Now is the time for anyone thinking of buying a home in Florida to
make that decision,” said 2010 Florida Realtors President Wendell
Davis, a broker and regional vice president with Watson Realty Corp. in
Jacksonville. “Markets across the state are seeing increased sales, yet
conditions remain very favorable with still-low mortgage rates, a range
of housing inventory and attractive prices. As an added incentive,
buyers need to accelerate their plans because a purchase contract must
be in place by the end of April to take advantage of the extended and
expanded federal tax credit. To find out more, consult a Realtor about
options, qualification criteria and opportunities in your local housing
market.”
Florida’s median sales price for existing homes last month was
$130,900; a year ago, it was $139,400 for a 6 percent decrease.
Analysts with the National Association of Realtors (NAR) note that
sales of foreclosures and other distressed properties continue to
downwardly distort the median price because they generally sell at a
discount relative to traditional homes. The median is the midpoint;
half the homes sold for more, half for less.
The national median sales price for existing single-family homes in
December 2009 was $177,500, up 1.4 percent from a year earlier,
according to NAR. In California, the statewide median resales price was
$306,820 in December; in Massachusetts, it was $305,000; in Maryland,
it was $244,820; and in New York, it was $222,000.
According to NAR’s latest outlook, homebuyers are taking advantage of
the federal tax credit. “With inventory levels trending down over the
past 18 months, we expect broadly balanced housing market conditions in
much of the country by late spring with more areas showing higher
prices,” said NAR Chief Economist Lawrence Yun.
In Florida’s year-to-year comparison for condos, 4,631 units sold
statewide last month compared to 2,554 units in January 2009 for an
increase of 81 percent. The statewide existing condo median sales price
last month was $97,300; in January 2009 it was $113,300 for a 14
percent decrease. The national median existing condo price was $183,700
in December 2009, according to NAR.
Interest rates for a 30-year fixed-rate mortgage averaged 5.03 percent
last month, slightly lower than the average rate of 5.05 percent in
January 2009, according to Freddie Mac. Florida Realtors’ sales figures
reflect closings, which typically occur 30 to 90 days after sales
contracts are written.
Among the state’s smaller markets, the Fort Walton Beach MSA reported a
total of 143 homes sold in January compared to 118 homes a year earlier
for a 21 percent increase. The market’s existing home median sales
price last month was $201,400; a year ago it was $188,300 for an
increase of 7 percent. A total of 70 condos sold in the MSA in January
compared to 25 units sold the same month a year earlier for an increase
of 180 percent. The existing condo median price last month was
$270,800; a year earlier, it was $268,800 for a gain of 1 percent.
|
|
|
| Lennar Model Home |
Angela Olmous Interview |
Format: ???
Duration: --:--
St.
Johns County has the state's top rated school system, and now it can
claim it is one of the two healthiest counties in the state.
"These health rankings are a result of ongoing community efforts,"
said Dr. Dawn Allicock, St. Johns County Health Department
director/health officer. "It is important to know that the measures
compiled in this report are impacted by all sectors here in St. Johns
County."
She listed politicians, health providers, Flagler Hospital, the
Council on Aging, local fire-rescue units, the school system and law
enforcement as all coming together to help the county score at the top
of this national survey.
"The saying 'It takes a village' is nowhere more true than in the health of a community," she said.
The national study of every county in America measured two things:
the overall health of each county's residents and the factors that
influence their health, such as lifestyles choices. The Robert Wood
Johnson Foundation and the University of Wisconsin Population Health
Institute did the study. The results were released Wednesday.
For St. Johns County, the news was great. In overall health, St.
Johns finished second in the state, behind only Collier County on the
southwest coast. In factors that influence good health, St. Johns was
tops in the state.
In the first category -- overall health -- residents relatively long
life spans and self-reported health measures propelled the county to
second in the state.
In the second category -- factors that influence health -- St. Johns
did well because of social factors, such as high educational levels,
strong families, low crime rate, high income and relatively low
unemployment rates. This category alone accounted for 40 percent of the
county's score.
Allicock said social factors help determine our future health --
things that make people sick or die too early -- are measured in health
studies such as this one.
"While wealthier communities have certain advantages over less
wealthy communities, income alone does not ensure good health," she
said.
Flagler Hospital Chief Executive Officer Joe Gordy was not surprised at St. Johns strong showing.
"Looking at St. Johns County, it's not hard to imagine," he said.
"We have one of the most educated populations in the state, mostly
because we have some of the best school systems."
In other factors that influence health, St. Johns ranked eighth in
health behaviors, including tobacco use, exercise, dieting, alcohol use
and risky sex behavior.
In access to quality health care, St. Johns ranked seventh in the state.
Clay, Flagler do well
Of the county's neighbors, Clay and Flagler counties weren't far
behind. Clay was seventh in overall health and 13th in factors that
influence health.
Flagler ranked 13th in overall health and 15th in the lifestyles and community category.
Duval and Putnam lagged well behind, however.
Duval had the 44th best overall health and 34th best lifestyle and
community contributions, and Putnam registered at 66th and 61st,
respectively. Duval's highest rating was in access to quality care,
where it ranked sixth in the state and first in Northeast Florida.
Putnam lagged in most categories, with its highest rating being 35 in
physical environment. Putnam scored next to last in two categories,
long life spans and overall health.
Good health in St. Johns doesn't apply just to the wealthy and
educated, said Jerry Cameron, assistant county administrator for
community services.
"The real secret to our success is a sort of total integration of
county resources, and that doesn't just mean county agencies, either,"
Cameron said.
As an example, he pointed out that Flagler Hospital has joined in
partnership with St. Johns County to provide urgent care for the
medically indigent.
The Wildflower Clinic in St. Augustine, another service for the
poor, includes volunteer medical personnel from throughout the area, he
added.
Even catching a free ride to a doctor's appointment on a Council on
Aging shuttle adds to the opportunities to receive proper health care.
"All of us work closely together," Gordy said. "We're not out there competing against each other."
Smoking, obesity are targets
The praise for the county's health also brings up a few areas of potential improvement.
The lifestyle choices shown in the study are causes for concern, and
should be addressed with additional educational efforts, Gordy said.
Particularly, confronting child obesity and the early onset of
diabetes, smoking and drinking present an immediate need, Gordy said.
"As a community, we'd like to work a little harder at smoking cessations and some of those types of things," Gordy said.
Allicock agreed.
"We will refocus our anti-tobacco program to align with (county and
city) anti-tobacco efforts utilizing broad-based coalitions .. to
address tobacco use prevention," she said.
She also said the county Health Department will be working on anti-obesity initiatives.
Allicock said one area the county has improved in dramatically in
recent years is infant mortality, which she said has experienced
several spikes over the past 10 years.
"In 2008/2009, St. Johns County had the best maternal and infant
health indicators for our region, 4.5 per 1,000 live births compared to
8.8 per 1,000 lives births for the Northeast Florida region and 7.2 per
1,000 lives births in the state," she said.
See original story HERE
Article from The St Augustine Record.
The proposal for a town center in Vilano Beach is back, a couple of
years after a bigger plan died, the victim of the sour economy.
The new plan calls for a grocery store and two small buildings for
retail space. The town center will be south of the east end of the
Usina Bridge, the same location of the original proposal.
"For our community it's the right time because the streetscape --
water, sewer, drainage, all the infrastructure -- was finished in
October 2008," said Vivian Browning, chair of the Vilano Beach Main
Street group and the long-time leader of revitalizing Vilano Beach. The
streetscape was a $12 million project funded by St. Johns County.
The developer of the project, Vilano Beach Town Center Partners LLC,
said through a spokesman that the new plan calls for a
29,160-square-foot grocery store and about 14,000 square feet of retail
space in two buildings.
"There's a definite need for this small commercial development,"
said company spokesman Bob Bentz. "And we have tremendous support from
the community. We think it will be a successful retail center."
Bentz said funding, which killed the earlier proposal, is no longer an issue.
"Funding isn't the problem, it's getting the tenants," he said.
"Funding is tied to the tenants. As long as we have the tenants," the
project will be funded, he said.
Bentz didn't foresee any problems filling the spaces, though.
"We've had a number of phone calls and a lot of interest," he said.
The developer is in talks with a grocery store chain, but won't say which one, Bentz said.
"We hope to know in the next six weeks whether the grocery store is going to come in or not, or who it will be," he said.
It's hard to say whether Publix, Winn Dixie or Food Lion are interested in a store smaller than most of what they have now.
Publix regional spokesman Dwaine Stevens said the chain was
interested in the Vilano Beach site a couple of years ago, before the
real estate bust sunk financing for the project.
"When the developer's financing doesn't go through, the deal doesn't go through," he said.
He declined to comment on whether the chain is revisiting plans to locate a Publix in Vilano Beach.
Christy Phillips-Brown, Food Lion external communications director,
also said she couldn't comment on possible future locations. A
spokesman for Winn Dixie could not be reached for comment.
As the developers negotiate to get a grocery chain contract, changes
nearby are improving the look of the neighborhood. On Thursday,
construction crews demolished a mobile home park, long an eyesore on
the streetscape. Browning said that change, along with the new
streetscape and the pavilion, is an indicator of more improvements to
come.
How it will look
Architecture in Vilano Beach differs from downtown St. Augustine
because the community sprang up centuries later. Buildings on this
peninsula, bordered by water to the east, south and west and Ponte
Vedra Beach to the north, do not generally reflect the Mediterranean
Revival or Spanish Colonial styles.
Instead, they are a variegated collection of Art Deco, mid-century modern and Florida vernacular styles.
The retail center would reflect those influences, said Bob Bentz, a
spokesman for Vilano Beach Town Center Partners, LLC, the developer of
the proposed town center.
"The community indicated they'd like to see a blending of the art deco style as well as the Florida vernacular," Bentz said.
To that end, the grocery store would have an art deco look, and the
smaller buildings housing six to nine more tenants would be fashioned
after the Florida vernacular style.
The smallest tenant space would span 1,000 square feet, and there
would likely be a 3,000- to 5,000-square-foot space to accommodate a
restaurant.
"There will also be outdoor patio and dining," Bentz said.
The abandoned buildings on the property would be demolished, he
said, as would the current buildings now housing a surf store and a dry
cleaner.
The majority, though, is just vacant land.
"Vilano Beach is a very unique location," Bentz said. "We're very excited about the project."
BREAKS The way it was
The Vilano Beach area, a peninsula surrounded on three sides by
water and bordered to the north by Ponte Vedra Beach, doesn't look the
way it did 10 or 15 years ago.
Then, a wooden bridge funneled traffic over from the mainland and
there wasn't a unified feeling. Since then, the streetscape has been
revitalized and accented with recycled glass for a more "art deco" feel.
The bridge where seagulls used to roost is now a pier jutting out over the water and features modern accents.
Want more info?
Visit www.vilanobeachfl.com.
Article By JIMMEL WALSH
More than 500 people bundled up in jackets Saturday morning to ward
off the brisk weather watched families and friends strip down to their
bathing suits and jump into the Lagoon Pool at Splash Water Park in
Nocatee.
"Before you ask, it was cold," said Kevin Wilson, purchasing manager
of David Weekley Homes, a home building company with a site in Nocatee.
The temperature in the pool was the same as the air temperature -- 59 degrees.
Wilson didn't play in the water as others did. He was in and out.
Wilson and his co-workers joined the Nocatee Polar Plunge to promote
team building and camaraderie.
After swimmers received the signal at 9 a.m. to jump in, 50 people,
some dropping their towels just as they went in, were in the pool, as
their friends watched and laughed.
The event was a sneak peek of the new water park, which includes the
Riptide Slide, a 53-foot tower with two water slides, a pool, Splash
Cove for children and the Lazy Tides River.
The park is scheduled to open officially March 27.
The new recreation facilities also will have a 5,000-square-foot
fitness center, concession building, and a clubhouse that will house
special events.
Vance LeClair, resident of Riverwood, one of Nocatee's communities,
has driven several times passed the park in anticipation. On Saturday,
he went down the water slide twice.
"I love it! It's great." LeClair said.
Joyce Seymour, 61, also a resident of Riverwood, is originally from
Michigan and is used to the cold climate. She laughed and called
herself "nuts" for wanting to jump into the pool.
"I'm trying to keep young," Seymour said.
*
About Nocatee
Nocatee is a new town located in Ponte Vedra on the borders of St
Johns and Duval Counties. The town consists of 450 families that occupy
five communities: Tidewater, Willowcove, Austin Park, Riverwood and
Coastal Oaks. The town is expanding with new communities, Kelly Pointe
and White Hall. The community will also have a Town Center with a
Publix Supermarket, which is scheduled to open Saturday. When Nocatee
is completed, it will have more than 15,000 homes.
ORLANDO, Fla. – Feb. 9, 2010 – Meet the neighbors
and find your Florida dream home at the same time by taking part in
Florida Open House Weekend, set for April 10-11, 2010. Realtors will
host open houses on behalf of home sellers in neighborhoods and
communities across the Sunshine State, giving buyers a rare opportunity
to visit many homes for sale in just one weekend. This first-ever
statewide open house weekend is sponsored by the 115,000-member Florida
Realtors®.
“It’s
a home shopper’s dream,” says 2010 Florida Realtors President Wendell
Davis, a broker and regional vice president with Watson Realty Corp. in
Jacksonville. “For the serious buyer, the opportunity to tour dozens of
homes in one weekend is a real time saver. Others who didn’t think they
could afford a home may be drawn into the market by affordable prices
and low interest rates. It’s a win-win!”
The
Florida Open House Weekend takes place just ahead of the deadline for
the federal homebuyer tax credit. Homes need to be under contract by
April 30, 2010, and the purchase closed by June 30, 2010, to take
advantage of up to $8,000 in the tax credit for eligible first-time
buyers and up to $6,500 for eligible repeat buyers.
“This
event offers people a convenient way to see as many homes as they wish
in one weekend and gives Realtors a chance to be part of this massive
effort to match buyers to their dream homes,” Davis says.
He
adds that the Florida Open House Weekend will be a fun way to capture
buyers’ attention and help them learn more about what is available in
the local housing market. Blue balloons featuring the Realtor “R” logo
in white – 50,000 of them – will be on display simultaneously at open
houses from the Panhandle to Key West as part of the Florida Open House
Weekend.
As
the date for the Florida Open House draws closer, consumers can get the
latest information about the event at Florida Realtors’ website: http://www.floridarealtors.org/AboutFar/OpenHouse/index.cfm
Florida Realtors®, formerly known as the Florida Association of Realtors®,
serves as the voice for real estate in Florida. It provides programs,
services, continuing education, research and legislative representation
to its 115,000 members in 67 boards/associations. Florida Realtors® Media Center website is available at http://media.floridarealtors.org.
Florida’s existing home sales rose in December, marking 16 months that
sales activity has increased in the year-to-year comparison, according
to the latest housing data released by Florida Realtors®.
Existing home sales rose 33 percent last month with a total of 14,630
homes sold statewide compared to 11,013 homes sold in December 2008,
according to Florida Realtors. Statewide existing home sales last month
increased 4.3 percent over statewide sales activity in November.
Florida Realtors also reported a 91 percent increase in statewide sales
of existing condos in December compared to the previous year’s sales
figure; statewide existing condo sales last month rose 22 percent over
the total units sold in November.
Seventeen of Florida’s metropolitan statistical areas (MSAs) reported
increased existing home sales and higher condo sales in December. A
majority of the state’s MSAs have reported increased sales for 18
consecutive months.
Florida’s median sales price for existing homes last month was
$140,400; a year ago, it was $155,300 for a 10 percent decrease.
Housing industry analysts with the National Association of Realtors®
(NAR) note that sales of foreclosures and other distressed properties
continue to downwardly distort the median price because they generally
sell at a discount relative to traditional homes. The median is the
midpoint; half the homes sold for more, half for less.
The national median sales price for existing single-family homes in
November 2009 was $171,900, down 4.4 percent from a year earlier,
according to NAR. In California, the statewide median resales price was
$304,520 in November; in Massachusetts, it was $285,000; in Maryland,
it was $245,569; and in New York, it was $210,000.
According to NAR’s latest outlook, home sales are seeing a boost from
the federal homebuyer tax credit. “There are many more potential buyers
who can enter the market in the months ahead,” said NAR Chief Economist
Lawrence Yun. “Activity should ramp up for another surge in the spring
when buyers take advantage of the expanded tax credit, which hopefully
will take us into a self-sustaining market in the second half of 2010.
In all, 4.4 million households are expected to claim the tax credit
before it expires, and balance should be restored to the housing sector
with inventories continuing to decline.”
In Florida’s year-to-year comparison for condos, 5,968 units sold
statewide last month compared to 3,132 units in December 2008 for an
increase of 91 percent. The statewide existing condo median sales price
last month was $107,000; in December 2008 it was $130,300 for an 18
percent decrease. The national median existing condo price was $178,000
in November 2009, according to NAR.
Interest rates for a 30-year fixed-rate mortgage averaged 4.93 percent
last month, significantly lower than the average rate of 5.29 percent
in December 2008, according to Freddie Mac. Florida Realtors’ sales
figures reflect closings, which typically occur 30 to 90 days after
sales contracts are written.
Among the state’s larger markets, the West Palm Beach-Boca Raton MSA
reported a total of 849 homes sold in December compared to 638 homes a
year earlier for a 33 percent increase. The market’s existing home
median sales price last month was $247,900; a year ago it was $246,000
for an increase of 1 percent. A total of 763 condos sold in the MSA in
December, up 45 percent over the 527 units sold in December 2008. The
existing condo median price last month was $111,400; a year earlier, it
was $112,900 for a decrease of 1 percent.
If your favorite restaurant dismissed its longtime chef, hired surly
waiters and raised its prices, you would probably stop eating there.
That’s the beauty of the free-market system: Dissatisfied customers can
vote with their feet.
But many consumers who have been treated badly by their credit card
companies feel they don’t have that option. That’s because closing a
credit card account, while emotionally satisfying, could hurt your
credit score. That, in turn, could raise the cost of getting a
mortgage, car loan or even a new credit card.
In the past, the most effective way around this problem was to pay off
the balance and stop using the card. As long as the account remained
open, your credit score would remain unscathed. But increasingly, that
strategy carries a cost.
In response to credit card reforms that take effect Feb. 22, credit
card companies are looking for new ways to raise revenue. Some are
adding annual fees. Others have started charging inactivity fees if
customers fail to use their card during a specified period. It sounds
like a scene from a Mafia movie: Pay the fee or your credit score gets
whacked.
But the impact of closing an account varies, depending on your credit
profile, says John Ulzheimer, president of consumer education for
Credit.com. Some consumers can close an account without hurting their
credit score at all, he says. Others could see their scores decline by
a few points, but not enough to make a difference.
Here are some things to consider before you tell your credit card issuer to take a hike:
• Your total available credit. Closing a credit card account could hurt
your score because of what’s known as the credit utilization ratio.
This ratio is based on the amount of debt you have outstanding as a
percentage of your available credit. Closing a credit card account
reduces your available credit, leading to a higher utilization rate.
Opening accounts to increase available credit is a bad idea, says Craig
Watts, spokesman for Fair Isaac, which developed the widely used FICO
score: “Any time you open a new account, your credit score is likely to
drop a few points, because statistically, you’re riskier.” However, if
you already have several credit cards with large credit lines and pay
off your balances every month, closing one account may not affect your
score, Ulzheimer says.
To determine how closing a card will affect your utilization ratio, get
out a calculator and copies of all your credit card statements. Add up
how much available credit you have and how much you’re using. Then
subtract the available credit from the account you’d like to close.
Ideally, you should have a credit utilization rate of 30 percent or
lower.
• Your credit score. Consumers with excellent credit scores can afford
to lose a few points, Ulzheimer says. FICO scores range from 300 to
850. If your score is 825, closing an account probably won’t affect
your ability to get a loan. You can purchase your FICO scores from
www.myfico.com.
The credit bureaus also sell scores, although they often bundle them
with credit-monitoring services, so make sure you understand what
you’re buying. Credit Karma (creditkarma.com), Credit.com and Quizzle
(quizzle.com) provide free credit profiles. These sites don’t provide a
FICO score, but they provide an idea of where you stand.
• Your borrowing plans. If you have a score in the mid-700s or higher,
and you’re not planning to apply for a loan any time soon, “You should
feel free to close accounts, open accounts, as you see fit,” Watts
says. But suppose you’re thinking of refinancing your mortgage within
the next few months or plan to buy a new car. The wisest course of
action is to avoid closing any credit card accounts until you’ve been
approved for your loan, Watts says.
In the wake of the credit crisis, lenders are paying more attention to
credit scores than ever. Ideally, you want a score in the high 700s, or
even low 800s, to get the best deals, he says. Many consumers fear that
closing a credit card account will hurt their credit history, which
accounts for 15 percent of the FICO score. But when you close an
account, it doesn’t disappear from your credit record. The credit
bureaus will keep a record of your history with that account for about
a decade after it’s closed.
“Then it will stop affecting your score, but who is thinking 10 years ahead?” Watts says. “That’s a moot issue.”
© Copyright 2010 USA TODAY, a division of Gannett Co. Inc., Sandra Block.
The Markets. Rates
continued to be stable in the past week. Freddie Mac announced that for the
week ending February 4, 30-year fixed rates averaged 5.01%, up from 4.98%
the week before. The average for 15-year fixed rose slightly to 4.40%.
Adjustables were mixed with the average for one-year adjustables falling to
4.22% and five-year adjustables rising slightly to 4.27%. A year ago
30-year fixed rates were at 5.25%. “Rates remained relatively stable for a
second week amid news of a strengthening housing market," said Frank
Nothaft, Freddie Mac vice president and chief economist. “Residential fixed
investment rose for two consecutive quarters over the last half of 2009
following a steady quarterly decline since the beginning of 2006. Pending
existing home sales rebounded by 1 percent in December from a record drop
in November that was due in part to the original expiration of the
homebuyer tax credit, according to the National Association of Realtors.
Even more encouraging news came from the Federal Reserve’s Senior Loan
Officer Opinion Survey, which reported that banks have generally stopped
tightening standards on most types of loans in the fourth quarter of 2009,
with commercial real estate as the exception.” Rates indicated do not include fees and points and
are provided for evidence of trends only. They should not be used for
comparison purposes.
Current Indices For Adjustable Rate
Mortgages
Updated February 5, 2010
| |
Daily Value
|
Monthly Value
|
| |
February 4
|
January
|
|
6-month Treasury Security
|
0.16%
|
0.15%
|
|
1-year Treasury Security
|
0.32%
|
0.35%
|
|
3-year Treasury Security
|
1.34%
|
1.49%
|
|
5-year Treasury Security
|
2.29%
|
2.48%
|
|
10-year Treasury Security
|
3.62%
|
3.73%
|
|
12-month LIBOR
|
|
0.906% (Jan)
|
|
12-month MTA
|
|
0.463% (Jan)
|
|
11th District Cost of Funds
|
|
1.828% (Dec)
|
|
Prime Rate
|
|
3.25% (12/08)
|
![REAL ESTATE NEWS]()
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The
FHA-backed 203(k) rehab loan is an increasingly popular option in today’s
market because so many available properties, especially foreclosures, are
in need of repair. A streamlined 203(k) provides money to pay for
improvements such as a new roof, appliances, furnace, energy-efficient
windows, and cosmetic improvements like carpet, paint, and remodeled
kitchens and baths. The maximum loan available is $35,000. The buyer must
put down 3.5 percent of the acquisition. At closing, the seller is paid and
the remaining money goes into an escrow account to pay for repairs. A
licensed contractor must complete the work within six months. Some lenders
allow the borrower to do minor cosmetic work like painting themselves. Source: Minneapolis-St. Paul
Star-Tribune
Green
market research firm SBI Energy forecasts that in the next five years, the
market for energy-efficient home renovation products will grow 15 percent,
50 percent faster than the renovations market as a whole. According to the
report, the energy-efficient market will reach $35 billion and claim 15
percent of all home renovation dollars spent. "The growth will come as
a result of the tax credits, new incentives, and the reality that more
agencies and utilities are promoting the fact that adding improved energy
efficiency is the most cost-effective way to decrease home utility bills,"
says Norman Deschamps, author and SBI Energy analyst. Source: SBI Reports
Falling
prices for real estate and the declining value of the dollar are luring
investors from all over the world to purchase properties for as little as
half what they might have paid four years ago. "This could be a
once-in-a-generation opportunity for real estate investment," says
Arthur Wong, whose Calgary, Alberta-based U.S. Real Estate Fund has
invested $5 million in properties in the U.S. Southwest and plans to buy
millions more. Buyers from countries like Brazil, Canada, France, and the
Netherlands, whose currencies are particularly strong against the dollar,
are spending millions on luxury condos in New York City, Las Vegas, and
Miami. Foreign buyers also find the warm climates of California, Texas, and
Arizona attractive. Peter Zalewski, a principal with Miami-based Condo
Vultures, says he has sold foreign condo buyers seven bulk deals in
downtown Miami alone, with investors coming from Argentina, Canada,
Colombia, Italy, Norway, and Venezuela. Source:
MSNB
This Week In Review was brought to you by:
Matthew J
Daly, CRMS CMPS
Dolphin Home Mortgage, Inc
2308 Sawgrass Village Drive
Ponte Vedra Beach, Fl 32082
matt@dolphin-mortgage.com
(904) 280 - 9600
(904) 343 - 4559
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Matt Daly has been helping his clients finance their
dreams for over 20 years. Refinance or purchase, let Matt put his
experience and knowledge to work for you.
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Rates on 30-year home loans dropped below 5
percent for the first time in four months, but still remained above
this year's record low, Freddie Mac said Thursday.
The average rate on a 30-year fixed
mortgage was 4.94 percent, down from 5.04 percent last week, Freddie
Mac said. The last time the 30-year home loan averaged less than 5
percent was the week ending May 28, when it was 4.91 percent.
Rates
hit a record low of 4.78 percent hit in the spring, and remain
appealing for people interested in buying a home or refinancing.
On Thursday, the National Association of
Realtors said the number of signed sales contracts rose for the seventh
straight month in August, as homebuyers rushed to take advantage of a
tax credit for first-time owners that expires in November.
"Low mortgage rates are helping to stabilize home sales," said Frank Nothaft, Freddie Mac's chief economist.
But
borrowers may want to consider the Federal Reserve's announcement last
week that it is slowing down a program intended to lower mortgage rates
and boost the housing market. Analysts say mortgage rates should remain
low for now but could eventually move higher, and homeowners who want
to refinance mortgages shouldn't delay.
Freddie
Mac collects mortgage rates on Monday through Wednesday of each week
from lenders around the country. Rates often fluctuate significantly,
even within a given day.
The
average rate on a 15-year fixed mortgage fell to 4.36 percent from 4.46
percent last week, according to Freddie Mac. This week's rate on 15-year mortgages was the lowest since Freddie Mac started tracking it in 1991.
Rates
on five-year, adjustable-rate mortgages averaged 4.42 percent, down
from 4.51 percent a week earlier. Rates on one-year, adjustable-rate
mortgages fell to 4.49 percent from 4.52 percent last week.
The rates do not include add-on fees known as points. The nationwide fee for loans in Freddie Mac's
survey averaged 0.7 point for 30-year mortgages, and 0.6 point for
15-year and five-year loans. The fee averaged 0.5 point for one-year
mortgages.
Here is a recent article from RISMEDIA.....
In the Sacramento Delta suburbs east of San Francisco - where home
prices soared and fell as viciously as anywhere in the country - a
housing market rebound is feverishly under way.
A 1,600-square foot rancher listed for $179,000 - after last selling
for $425,000 in 2004 - drew multiple offers last month with a high of
$210,000 in cash. The topper: The property was a “short sale” whose
owner needs lender approval to sell for less than the mortgage owed-and
which buyers wouldn’t touch just three months ago.
“My phone was ringing off the hook, my voice mail was on overload
and people were coming into the office receptionist saying they
couldn’t reach me,” said Christy Howard, a Coldwell Banker Coon and
McCreary agent who listed the Antioch house. “Everyone was waiting for
the bottom, and the problem is they waited to long, because the bottom
has already come and gone.”
Spurred by markdowns up to 80% from market highs, first-time buyers
and investors both American and foreign descended en masse in the last
three months on San Francisco’s hardest-hit hinterlands as Wall Street
and the economic climate improved. They’re picking clean the Delta
region’s banked-owned inventory as soon as properties hit the market
and are engaged in unprecedented bidding wars even on short sales.
The panicked buying - fueled by buyers’ fear they’ll miss out on
fire-sale prices - belies the doom-and-gloom evoked by recent reports
of rising mortgage delinquency rates and foreclosure activity. It is
one of several overlooked signs the U.S. housing-market turnaround has
started in the nation’s hardest-hit markets, which is critical to
driving an overall recovery:
- After spending most of the 1990s in
the $250,000 range, the median-priced home that was sold in the
seven-county San Francisco area rose to a staggering $850,000 by its
May 2007 peak. It since fell to a low of $399,000 in February - a 53%
drop in just 21 months - before posting its first monthly gain in
March, albeit a 1% uptick. The median is expected to continue rising at
a healthy clip in months ahead since it’s now at the level of nine
years ago, before the bubble began inflating.
- California’s statewide inventory of
unsold homes - based on the number on the market divided by the present
monthly sales rate - stood at a 15.2 months supply in February, 2008.
That figure was down to 5.8 months in March, near the historic average.
- At roughly 22,000 units, Las Vegas’
inventory is not far off its recent record high. Yet total sales closed
in March showed flourishing demand, the fourth best on record. That
monthly record - set during the height of the boom - is expected to be
broken this summer.
“Things have been looking up but it’s going unnoticed,” says Forrest
Barbee, a board member with the Greater Las Vegas Association of
Realtors and a broker for Prudential American Group Realtors. “It’s
just going to take the data a little longer to catch up with reality.”
Listen to one analyst’s thoughts about housing having hit bottom.
Adds Rick Sharga, senior vice president of RealtyTrac, which
compiles home sales and foreclosure data: “We’ve overshot the market in
places like Las Vegas and Arizona in terms of fair value and buyers are
bidding prices up again on many properties. The challenge is going to
be whether there is enough financing to eat up the inventory that’s yet
to come.”
The specter of rising foreclosures - born now of the recession
rather than just overleveraged subprime borrowers - is the wild card in
future health of the U.S. housing market and the economy by extension.
Read about the difficulty borrowers are having with mortgage
modifications.
The number of U.S. homeowners behind on payments or in foreclosure
shattered the record in the first quarter, the Mortgage Bankers
Association reported last week. Nearly one in eight mortgage holders
were either delinquent or in the foreclosure process - and prime
mortgages in trouble for the first time outnumbered subprime loans on a
percentage basis. Read more on the record jump in foreclosures in the
first quarter.
Yet the number of pending sales of existing U.S. homes took a
surprising upswing in April, rising 6.7% in the biggest monthly gain in
more than seven years, the National Association of Realtors reported
Tuesday. That increase lags the 9.2% jump in October 2001, but that
spike owed to buyers temporarily putting off home shopping following
9/11. See the latest data on pending home sales.
And in an overlooked report that belies the first-quarter
delinquency numbers, defaults on privately insured mortgages - where
borrowers are more than 60 days behind - fell 3% in April and were down
24% from a record 106,482 in February, the trade group Mortgage
Insurance Companies of America reported Friday.
Most important for gauging the strength of the nationwide market is
how conditions are improving in the most-depressed regional markets.
With those markets now stabilizing, banks are no longer anxious to
dump real-estate owned properties, as houses in their foreclosure
portfolios are called, fearing they’ll get appreciably less three
months from now for their foreclosed properties.
As a result, they’ll be more judicious about the pace at which they
release foreclosures onto the market. The new goal: To maximize the
value of supplies in hand rather than unload it helter-skelter and
torpedo the housing market like they did while they were shell-shocked
by the devastation they’d wrought.
With the banks themselves now somewhat more stable, they’ll also be
less likely to want to part with their “toxic assets” knowing the
most-scorched, still-serviceable mortgages will be the most valuable on
a credit-risk markup once the economy recovers. In fact, the price
stabilization in the most-depressed U.S. markets will allow a clearer
valuation of the toxic assets we now all hold by virtue of bank
bailouts - a modicum of certainty that will hasten the overall recovery.
Homeowners in most of America know by their own property’s value
that the spike in U.S. median home values was driven in considerable
measure by soaring prices and volume in major markets, especially in
California, Florida, Nevada and Arizona. By virtue of their climates
and economic-growth rates, those four states have been on the extremes
of the U.S. boom-and-bust housing cycle since the 1950s.
You can’t discount how critical an upturn in those states will be,
considering they account for 46% of foreclosures nationwide. If
foreclosures there are more quickly consumed as they’re starting to be
now - fueled in part by foreign buyers who recognize their value -
we’ll all reap a return on our bailout money a lot faster.
“The banks are getting smarter and realizing that if they don’t sell
it in a short sale, they lose more money going the foreclosure route,”
Barbee said.
Adds Sharga: “The banks will be very particular and thoughtful about
how they’ll release new foreclosures, because they know now how
flooding the market will have a disastrous effect.”
That, and if the chastened lenders would just swallow crow and pony
up for rights to an encouraging Beatles song to play on their
delinquent-payers’ hold line: “We can work it out.”
Just Released.. June 10, 2009. US News & World Report Magazine Names St Augustine Florida as one of the top ten places to live in the U.S
"As the nation's longest continually inhabited European-founded
city, St. Augustine, Fla., considers itself the oldest city in the
United States. Founded in 1565 by Spanish Adm. Pedro Menéndez de
Avilés, this community of 13,000 residents on Florida's northeastern
coast has managed to maintain its colonial charm. Take the Castillo de
San Marcos, for example. This remarkable stone-and-mortar fort is
located right in the heart of St. Augustine's cobblestoned historic
district. And even though 300 years of violent storms and enemy
firepower couldn't penetrate its walls, visitors can enter the
20.5-acre monument site today for just $6.
But St. Augustine's appeal extends beyond the history books. With a
highly educated workforce, world-class golfing nearby—the immaculate
TPC Sawgrass course is located just up the road—and that refreshing
Atlantic breeze, this "ancient city" offers enough activities to
satisfy even the most fanatical outdoor sports enthusiast. "Fishing,
kayaking, boating—we have just about everything," says Donald Edwards,
a clerk at the Avid Angler fishingshop. "I wouldn't live anywhere else."
To see full article.... go to U.S. News & World Report