Sharon Stevens St. Augustine Real Estate

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The Sharon Stevens Team — Tue, 30 Nov 2010 03:37:00 GMT

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Grand Ravine Townhome Style Condominiums- A Luxury Condominium Community In St Augustine

The Sharon Stevens Team — Sat, 17 Apr 2010 04:23:00 GMT

Grand Ravine Townhome Style Condominiums. A Luxury Condomimium Community in St Augustine.

Nestled on 34 acres, surrounded by a conservation preserve, this community is located just minutes away from restaurants, Anastasia Island, shopping and of course the historic St. Augustine district. Stroll along the brick paver ...sidewalks; enjoy a quick dip in the intimate pool or the privacy of your screened covered lanai. This community boasts exquisite interior finishes, exceptional quality construction, energy efficient features all at unbeatable prices!! Poured Concrete Construction, barrel tile roof system, paver driveways, patios and walkways. Granite countertops, 42" cabinets, crown molding, tray ceilings with energy efficient features like natural gas, tankless water heaters, high impact glass and so much more!!

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

The Sharon Stevens Team — Fri, 16 Apr 2010 19:50:00 GMT

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.

FHA Guidelines Change This Week!

The Sharon Stevens Team — Tue, 30 Mar 2010 02:15:00 GMT

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 existing home, condo sales rise in January 2010

The Sharon Stevens Team — Sun, 28 Feb 2010 02:49:00 GMT

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.

Johns Creek and Lennar

The Sharon Stevens Team — Wed, 24 Feb 2010 03:37:00 GMT


Lennar Model Home	Angela Olmous Interview

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St Augustine Gets High Health Ratings!

The Sharon Stevens Team — Tue, 23 Feb 2010 02:21:00 GMT

By JONATHAN MATTISE

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

Vilano Town Center is Back!

The Sharon Stevens Team — Fri, 19 Feb 2010 14:19:00 GMT

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.

Polar Bear Plunge at Nocatee!

The Sharon Stevens Team — Wed, 10 Feb 2010 21:15:00 GMT

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.

Statewide Open House April 10-11, 2010

The Sharon Stevens Team — Wed, 10 Feb 2010 21:12:00 GMT

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.

Overview of Florida Real Estate Market in 2009

The Sharon Stevens Team — Wed, 10 Feb 2010 21:03:00 GMT

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.

Before dumping a credit card, consider impact on your credit score

The Sharon Stevens Team — Wed, 10 Feb 2010 15:49:00 GMT

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.

Weekly Mortgage Review

The Sharon Stevens Team — Wed, 10 Feb 2010 15:37:00 GMT

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)

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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30-Year Mortgage Rates Drop Below 5%

The Sharon Stevens Team — Sun, 04 Oct 2009 13:12:00 GMT

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.

Overlooked signs that the housing market is turning...

The Sharon Stevens Team — Fri, 12 Jun 2009 15:26:00 GMT

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.”

St Augustine Name One Of TOP TEN Places To Live!

The Sharon Stevens Team — Thu, 11 Jun 2009 11:03:00 GMT

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

Do I Need An Inspection If The House Is Being Sold "As-Is"?

The Sharon Stevens Team — Wed, 29 Oct 2008 19:46:00 GMT

Since short sale properties are typically sold in "As-Is" condition
many buyers mistakenly believe they shouldn't seek out an inspector.
Before going it alone, it is important to know what type - or types - of
inspections you need and what they can - and can't -do for you.

For the purpose of this article, we will be discussing optional home
inspections. The scenario usually goes something like this; you find a
potential short sale property and have decided to make an offer --
contingent upon the inspection. After all, you want to make sure you have the
required funds to bring the property up to par with the local area
either for resale or rental.

Having a thorough inspection is also another excellent negotiations
tool for use with both the buyer and bank; banks dislike properties in
need of extensive repairs because they recognize the additional time and
cost required to make the property appealing to potential buyers. So,
being the savvy short sale investor, you decide to hire an inspector.

Time for a Reality Check

At this point you might assume the inspector will crawl through every
crook and cranny searching for every minor detail and defect. If you
have ever sold your own home it can certainly feel that way. The actual
quality of the inspection is highly dependent upon the individual hired
but in every case you can expect to pay an additional charge if you
desire things like water quality testing, testing of the septic or sewer
system for anything other than major defects, and general testing of
electric, AC/Heat etc...most basic inspections only test whether the unit
comes on not whether it works efficiently or not. This brings us to the
first important point to keep in mind...if you want more then make sure
you stipulate it and expect to pay more.

No Guarantee

Many people unwisely assume an inspection provides a 'guarantee' but
read the fine print -carefully. If a major problem is missed during the
inspection you will still be out the cost of repairs. The vast majority
of home inspectors will refund your service charge if they miss
anything - but specifically state they are not responsible for further damages
or costs. Don't assume they are flawless- instead, use inspections
like a negotiation tool.

In many cases the seller might be unaware or just grown accustomed to a
problem and the bank is more likely to consider a low offer on a
property in need of improvement or repairs. Having an inspection
performed...even on an "As-Is" sale, provides an objective measures and
negotiation strategy to make the buyer and bank aware of potential problems and
the likelihood that other buyers will encounter the same.

Rather than thinking of independent inspections as a "security" or some
type of "insurance," instead consider them a tool in your negotiation
strategy.

When you are ready to buy your next home in Northeast Florida, including St Augustine, Ponte Vedra, and South Jacksonville, visit http://www.NorthFloridaHomeSearch.com

Fed Cuts Rate By Half Point!

The Sharon Stevens Team — Wed, 29 Oct 2008 19:40:00 GMT

Concerned about a once in a decade economic crisis, the Federal Reserve
cut its federal funds rate by half a percent to 1%, its lowest level
since the period of June 2003 to June 2004, a time when the country was
battling the risk of deflation. With gas prices much lower than
before, the Fed is less concerned about inflation and more concerned about
the overall economic outlook for the country.

Lower rates free up cash to allow consumers to buy, and lower short
term rates may stimulate commercial loan activity which often is tied to
short term rates. "The pace of economic activity appears to have slowed
markedly, owing importantly to a decline in consumer expenditures,"
the Federal Open Market Committee said in its statement after voting
unanimously to approve the rate reduction. The prime rate, the rate that
banks charge its best customers, will now become 4%.

Applications for home loans are on the rise. The Mortgage Bankers
Association mortgage application index showed that mortgage applications
jumped from an eight year low last week. The index jumped 16.8% to 476.7
in the week ending October 24, which is up from the prior week's 16.6%
decline. The group's purchase index was up 8.5% to 303.1 while its
refinancing index was up 28.5% to 1,489.4.

If you are looking for a house, townhome or condo in the Northeast Florida area, including St Augustine, Ponte Vedra, and South Jacksonville, visit http://www.NorthFloridaHomeSearch.com

We Have Reached The Bottom -- Home Sales Increased In September!

The Sharon Stevens Team — Wed, 29 Oct 2008 11:50:00 GMT

Here is the latest news from the Florida Association of Realtors (FAR):

For the first time in almost three years, Florida’s existing home sales rose in September, noting a 24 percent increase in activity in the year-to-year comparison; last month’s sales of existing condos statewide increased 11 percent in the year-to-year comparison, according to the latest housing data released by the Florida Association of Realtors® (FAR).

A total of 10,817 existing homes sold statewide last month, up 24 percent over the 8,725 homes sold in September 2007, according to FAR. The last time Florida Realtors reported higher statewide existing single-family home sales was for year-end 2005, FAR records found. In July of this year, six more homes sold statewide than in July 2007, but that increase was statistically insignificant.

“The September sales report from the Florida Association of Realtors shows a 24 percent increase in the sales of existing homes in the state; this represents the sixth month in a row that the sales figure has exceeded its 12-month moving average (average of the previous 12 months),” says Dr. Sean Snaith, economist and director of the University of Central Florida Institute for Economic Competitiveness. “This is a clear sign that the significant price declines that have occurred across the state are leading to a more rapid absorption of the housing inventory.”

Nationally, sales of new homes also recorded an unexpected increase in September as median home prices dropped to the lowest level in four years.

The Commerce Department reported Monday that sales of new single-family homes rose by 2.7 percent last month to a seasonally adjusted annual rate of 464,000 homes. Economists had expected sales would drop from the August level.

Florida’s median sales price for existing homes last month was $175,100; a year ago, it was $224,700 for a 22 percent decrease. But, looking back to September 2003, the statewide median sales price for single-family homes was $158,800 – an increase of 10.3 percent over the five-year-period, according to FAR records. The median is the midpoint; half the homes sold for more, half for less.

The latest housing outlook from NAR points out the importance of available credit to the mortgage market. “Home sales will be constrained without a freer flow of credit into the mortgage market,” says NAR Chief Economist Lawrence Yun. “The faster that happens, the sooner we’ll see a broad stabilization in home prices that in turn will help the economy recover.”

In Florida’s year-to-year comparison for condos, 2,878 units sold statewide compared to 2,595 sold in September 2007 for an 11 percent increase. The statewide existing condo median sales price last month was $153,800; in September 2007 it was $197,000 for a 22 percent decrease. In the latest data available at press time, NAR reported the national median existing condo price was $212,600 in August 2008.

Last month, interest rates for a 30-year fixed-rate mortgage averaged 6.04 percent, down from the average rate of 6.38 percent in September 2007, according to Freddie Mac. FAR’s sales figures reflect closings, which typically occur 30 to 90 days after sales contracts are written.

For the full report visit http://www.floridarealtors.org

To find yourself a bargain in Northeast Florida, visit http://www.NorthFloridaHomeSearch.com

Prairie Creek Neighborhood in St Augustine, Florida

The Sharon Stevens Team — Sat, 09 Aug 2008 12:17:00 GMT

Prairie Creek in St Augustine is a beautiful and historic community located on a high bluff above Moultrie Creek. The priority of the developer was to protect the environment and the integrity of this beautiful area. Residents enjoy watching deer come right up to their backyard. The homes are executive style, mostly brick. Prairie Creek homes are priced from $299,900 to $1,000,000. Homeowner association fees are only around $74 per month.

Prairie Creek is located off Wildwood Drive, west of U.S. 1. As you enter the community of Prairie Creek, you are greeted by the guard gate which offers 24 hour guard service, seven days a week. This was St Augustine's first gated community.

Prairie Creek is close to shopping, medical facilities, restaurants, schools, beaches, I-95, and Treaty Park, This park has nature trails, tennis, racquetball, baseball, basketball, a skateboard park, and much more.

To search for homes for sale in Prairie Creek in St Augustine, Florida visit http://www.NorthFloridaHomeSearch.com

St. Augustine on "Good Morning America"

The Sharon Stevens Team — Fri, 01 Aug 2008 19:41:00 GMT

ABC News' Good Morning America listed St. Augustine as the program's number-one selection of places Americans could go "to feel as though they had jetted across the Atlantic without breaking the bank".

Titled "Exotic Vacations on the Cheap: No passport required," the nationally broadcast news segment was prepared in cooperation with Travel & Leisure magazine and was designed to show Americans that, evein in tough economic times, they can experience European atmosphere without leaving the borders of the USA or spending a fortune.

For a Spanish vacation without buying a plane ticket to Madrid, try St Augustine, Florida,"said ABC News. "It's the nation's oldest city and is filled with Spanish-colonial architecture. It feels like Old World Spain complete with cobblestone streets, courtyards, and an old colonial quarter."

To see the news clip, visit www.ABCNews.go.com

To find yourself a home or condo in St. Augustine, Florida, visit http://www.NorthFloridaHomeSearch.com

Dogs Can Now Eat Out In St Augustine!!

The Sharon Stevens Team — Fri, 01 Aug 2008 19:29:00 GMT

Dog lovers, please take note! On August 1st, a city ordinance began that permits dogs in designated outside sections of restaurants. City Attorney Ron Brown stated it is part of a 3-yr pilot program.

All breeds are allowed in designated outside sections of restaurants
Participating restaurants will need to obtain a city permit
Employees of the restaurant will not be permitted to pet the dogs.Sanitary soup will be placed on the tables where dogs are allowed.
Restaurants must provide doggy bags for bathroom accidents, and employeed must clean the area immediately with disinfectant.

So next time you are going out to eat...... bring Fido along!

To find your own home in pet-friendly St Augustine, visit http://www.NorthFloridaHomeSearch.com

Viva Palencia!

The Sharon Stevens Team — Wed, 16 Jul 2008 12:28:00 GMT

Perfectly located in a serene and historic setting on 2,325 acres along the beautiful Intracoastal Waterway, Palencia has quickly captured the imagination and hearts of some of the most discerning buyers as a place they want to call home.

This is the time to discover Palencia, and find out why this wonderful, growing community has gained the attention of astute buyers from across the nation. Spectacular million dollar homes, combined with the pristine estate home sites and resort-style amenities, make Palencia a much sought-after community.

Since its inception eight years ago, the master-planned community by Hines, the international real estate firm, has lived up to the anticipation and has surpassed expectations. Situated on historic U.S. 1 between Jacksonville and St. Augustine, Palencia is now fostering new excitement to parallel a stunning natural landscape and numerous world-class amenities.

The location is perfect in a high-growth corridor with an emerging commercial business district including financial institutions, retail, dining, medical facilities and office space, plus convenient to all the wonderful attributes of the First Coast.

Palencia has become known for high-end, luxury residences as a primary or secondary home. An impressive array of affordable pristine home sites speaks volumes to the community’s commitment to maintain an environmental ambiance.

“Everyday we hear buyers comment that they came to Palencia because of our extra effort to preserve the environment and surrounding splendor,” said sales and marketing director Naomi Lumley. “They also talk about the innovative and family-oriented atmosphere. Now we are being thought of as the community where the million dollar dream homes have become a reality.”

A number of immaculate, golf, water, marsh front and heavily wooded lots provide the perfect picturesque setting. Build now or in the future. No time limit on construction allows you to realize your dream home when you are ready.

“We are genuinely excited about Palencia’s group of builders,” Lumley said. “All with great credibility, experience and commitment to quality. Each has earned a reputation for offering customers consummate value and service throughout the building process.”

Palencia’s roster boasts of some of the area’s finest builders, setting a historic high mark for multi million dollar plus homes to rival the unmatched beauty of the surrounding land:

- The Vintage Group

- Gordon’s Castle

- Jeff Chefan - Promenade Builders

- John Kenny Construction

- Artisan Homes

- ICI Construction

- Woodside Homes

Hines, the developer of Palenia, recognized the distinctiveness of the unique wilderness early on. Families are drawn to live in harmony with nature at Palencia, which is preserving the land and its unique characteristics.

The architectural style is in keeping with Palencia’s Spanish legacy. Spanish Colonialism influences the rich architectural design, similar to styles found in nearby St. Augustine. Tile roofs, coquina, terra cotta, rich colors, tall towers and wrought iron are seen throughout the community’s common areas, from the main entrance to the community’s central marketplace and covered pavilion areas.

Palencia Village, the center of the community, is home to the Palencia golf club, a swim and fitness center, the village green, a multi-court tennis center, a golf practice facility and nearby athletic fields.

“We built the village center to create a hub of activity early on in the community’s life,” Lumley said. “This is where residents can enjoy a variety of activities throughout the day and in the evenings.”

The swimming facility provides residents of all ages with aquatic fun and exercise from the elegant leisure adult pool to the wading pool and tower slide. The fitness center, complete with dedicated aerobics and weight rooms, well-appointed men’s and women’s locker rooms, sauna and steam rooms, a massage room and a children’s play room, gives the community access to another full-service amenity.

American Sports Builders Association recognized the state-of-the-art tennis complex, with 10 Har-Tru courts, as Soft-Court Facility of the Year. A fully stocked tennis pro shop, managed by seasoned United States Professional Tennis Association staff, offers clinics, private lessons, onsite equipment repair and restringing.

The tennis complex is open seven days a week and continually hosts clinics and tournaments. Junior camps, family socials and couples events round out an array of activities to both advance and entertain.

In addition to the tennis, the community’s championship golf course was designed by Arthur Hills and residents can enjoy a clubhouse with abundant social activities and dining.

There is the opportunity to interact with nature and enjoy the wonderful views by accessing an extensive network of boardwalks that reach out to a handful of preserved natural islands along the Intracoastal. Other neighborhood recreational choices include green spaces and nature trails, athletic parks with ball fields, pocket parks and playgrounds woven throughout the community.

To see Palencia, a Best in American Living Award winner, take U.S. 1 south to Palencia Village Drive, east of International Golf Parkway in St. Johns County. The Palencia Information Center is located approximately 1 mile inside the entrance.

For more information, visit www.VivaPalencia.com.

If you would like to schedule a Community Tour please call your Realtor, Sharon Stevens, who will arrange all details. Her number is 904-687-5220.

Or search online for properties for sale in Palencia at http://www.NorthFloridaHomeSearch.com

Real Estate Prices Rise for Four Straight Months - Is Anyone Noticing?

The Sharon Stevens Team — Wed, 16 Jul 2008 12:25:00 GMT

This is an important article from RISMEDIA---- PLEASE READ!

RISMEDIA, July 14, 2008-Amidst the gloom on Wall Street about housing someone forgot to check the stats. The National Association of Realtors® has now reported four straight months of rising housing prices, but it seems no one is listening.

According to NAR statistics, the median home price has fallen from a high of $230,200 in July 2006 to a low in February 2008 at $195,600, a drop of 15%. Since February, however, it has risen steadily every month. By May the index (which will be revised on July 24) had risen to $208,600, up $13,000 and a full 6.6%. Another indicator, the mean home price (otherwise known as the average home price), has also shown strength and has risen from a low of $242,000 also in February of this year to $253,100, a rise of $11,100 or 4.5%. It, too, has risen every month since February of this year.

“I just don’t know where Wall Street’s brains are today,” said David Michonski, CEO of Coldwell Banker Hunt Kennedy in New York City. “Everyone on the Street is wringing their hands over housing when in fact the average American has been out this spring buying homes and pushing the median price higher. This has got to go down as one of Wall Street and Main Street’s biggest disconnects in history.”

In addition, on an annualized basis the volume of home sales has also risen somewhat from a low of 4,890,000 homes in January to 4,990,000 in May.

“Rising prices on expanding volume should not a crisis make on Wall Street,” says Michonski.

So why the crisis?

“They say that there are bulls and bears on Wall Street but there are also pigs. Pigs try not just to profit from a crisis but create one to profit from. Today there are just so many people who have positioned themselves to profit from a crisis that they refuse to admit the reality of what is happening on Main Street. It might hurt their positions.”

Is this the bottom?

“No one can know for sure, but the hard data is clear. The median price has risen four straight months. The average American is out there taking advantage of bargains in their local real estate market. They are not listening to Wall Street but following their own belief that the best time to buy is when no one else is, and they are out there buying. If this keeps up, February may prove to have been the low in prices.”

“It is possible that it will not be Hank Paulson or Ben Bernanke who will pull this country out of a housing recession, but the good common sense of the average American whose affordability to buy a home is at a five year high and is acting on it.”

For more information visit RISMEDIA at http://rismedia.com/

No Tax On Foreclosures or Short Sales?

The Sharon Stevens Team — Wed, 16 Jul 2008 12:21:00 GMT

Many homeowners are concerned and confused about everything within the mortgage industry these days. But at least there is a little relief concerning the tax liability on the forgiven debt in a short sale or foreclosure. There is tax relief available to struggling homeowners.

H.R. 3648, the “Mortgage Forgiveness Debt Relief Act of 2007” will ease some of that stress and worry about paying income tax on that amount of forgiven debt. But there are a few guidelines and qualifications within this “Act”.

APPLIES ONLY TO FEDERAL TAX OBLIGATION!!!
You may still owe your State Income Tax.
It must be your primary/principal residence. Primary/principal residence means: go back 5 years from the date of the sale/foreclosure and if you lived in the home for a total of 2 years, it qualifies as a primary residence.
Cannot be a rental property or business/investment property.
It applies to forgiven or cancelled debt used to buy, build or substantially improve your principal residence, or to refinance debt incurred for those purposes.
It applies to debt that was reduced by mortgage restructuring
Debt used to refinance your home can qualify, IF the principal balance of your old mortgage would have qualified to begin with, before you refinanced.
Applies only to debt forgiven in the year 2007 through the year 2009.
You have to report the amount of the forgiven debt on tax Form 982 and submit it with your tax return.
You cannot use this “relief” for debt forgiven on a second home, or on credit cards, or on car loans.
The amount of the canceled debt cannot exceed $2 million. Or $1 million if filing separately.

There is another important provision to pay attention to in the Mortgage Forgiveness Debt Relief Act. It is the “insolvency” exclusion. You may still be able to qualify for the tax exclusion with this.

You are “insolvent” when your total liabilities exceed your total assets.
Forgiven debt that was discharged in a Title 11 Bankruptcy may qualify for exclusion also.

There are more insolvency qualifications that are listed on the tax Form 982. Be sure to research all your options.

And be sure to remember:

NOT ALL STATES HAVE CONFORMED TO THIS “ACT” YET! Check whether or not your state has conformed.
Always get tax advice from a qualified tax advisor.