Panama City Beach Florida Real Estate

Foreclosures Panama City Beach

2008-12-26T10:55:00.000-08:00

Well the search is on..litterally. Many people are looking for the hottest type of property. Even hotter than before the boom. Panama City Foreclosures! They are here and they are increasing in number as we speak. Many investors are grabbing them left and right so make sure you search online at www.RandBCoastalRealEstate.com for the properties available for sale.

We have taken some time at www.InvestSmarter.com to discuss the options and differences between short sales and foreclosures...there are many benefits both ways. Let us know your experience also today!

Where will everyone live and where will they vacation? Panama City Beach?

2008-09-05T15:30:00.000-07:00

As new data comes out on what is happening in the real estate market, we have to keep asking ourselves.....is there enough supply? That is a weird question right now...because there is plenty!! But what about down the road? What's going to happen then? What will be available? We know big names and institutions are buying up property left and right for this coming boom. We talk a bit more about this at www.InvestSmarter.com and determine how this will affect areas like Panama City Beach Florida.

With an increase in population the second home market and condo market is another great opportunity to consider. See more information below, but if you are looking for investing advice on Panama City Beach Florida visit us online today!

Population Boom Will Drive Real Estate Industries When the Census Bureau released population projections last month, more attention was paid to the country's changing racial composition than to the massive scope of the increase. What's clear is that the latest numbers will inevitably give the real estate business a boost. The Census Bureau is projecting an increase of 135 million people in the U.S, a 44 percent rise, by 2050. That’s equivalent to the entire populations of Mexico and Canada moving to the United States. The bureau estimates that this population boom, largely fueled by immigration, will require 52 million new housing units, along with more places for people to shop and work. Source: The Washington Post, Steven A Camarota (08/31/2008)

For more information on property for sale in Panama City and Panama City Beach Florida take a few minutes to search online and see if there is that perfect fit for you or your family. You might just be surprised at the Emerald Coast!

Vacancies Hit another Low

2008-08-03T07:22:00.000-07:00

We keep seeing it over and over again at www.InvestSmarter.com. People are being foreclosed on or just leaving and mailing the bank a set of keys. Builders are starting to really panic and people are asking..what do I do now? There are options and in the Panama City and Panama City Beach Florida areas we are giving owners a great option. Contact us today to find out more about how we can help. In the meantime here is an interesting article on what is happening in the national market:

Daily Real Estate News August 1, 2008

Home Vacancies Set Record in 2Q

The Census Bureau says the 18.6 million homes sitting unoccupied nationwide during the second quarter set a new record, attributable to the housing slump and rising foreclosure rate. Year-over-year, the number of vacant dwellings was up 6.9 percent, and 2.8 percent of these vacant homes were nonrentals. The report also shows 4 million rentals standing empty during the second quarter and a jump in vacant homes in the "other" category, including foreclosures and those empty while undergoing improvements, to 3.2 million from 3 million in 2007.Source: American Banker (07/25/08)

For more information on what is available in Panama City and Panama City Beach Florida visit our website at www.Panama-City-Beach-Florida-MLS.com for more available properties in many different categories and price ranges.

Panama City and Panama City Beach Florida Real Estate Trend Reports

2008-07-04T07:32:00.000-07:00

Every exciting and changing Real Estate in the Northern Florida area has brought another exciting time to the Emerald Coast. The Panama City Beach Florida Condo market is finally stable and many investors are reaping the rewards of summer rentals as we speak. The Residential Market in Panama City Beach has also take a very strong turn and the rental market stays strong. We discuss more information at www.InvestSmarter.com around property and smarter investing in real estate. Please see the most current trends below:

FLORIDA

Panama City
2008 Resale Housing Trend Report
2007 Resale Housing Trend Report

Panama City Beach
2008 Resale Housing Trend Report
2007 Resale Housing Trend Report

This information brought to you from Narreia and www.RandBCoastalRealEstate.com affiliated and part of the www.InvestSmarter.com network of Qualified Real Estate Agents and Brokers.

Something to think about when Selling Property

2008-06-24T10:39:00.000-07:00

Sometime we forget about the net gain of a deal when we sell property. Especially in times like these where it seems that prices are going down. But a few people are still making good money in real estate. At www.InvestSmarter.com we have tried to bring everyone together to help give solid facts to what we are working with on a daily basis. We know we are limited on primary residents to 250k or 500k in tax free money when selling our primary home, but if a condo is your primary home, don't forget about the assessments and the improvements made to the building. Below is an interesting article that was just published talking about this exact fact:

Daily Real Estate News June 24, 2008

A Commonly Missed Tax Break

Condominium or cooperative residents often miss the fact that upgrades to the common areas of communities can affect the amount of tax an owner pays when the home is sold.If the property is a principal residence and the owner has lived in it for two of the previous five years before the sale, a big chunk of the profit is already exempt from federal tax — $250,000 for a single person and $500,000 for a married couple. But the seller will owe taxes on any profit beyond that, and he will owe taxes on the whole amount if the property isn’t a primary residence.A proportional share of the amounts spent by the condo or cooperative association on improvements to the property — not simple maintenance — can be added to the amount paid for the property, or in tax lingo, “the basis.” The basis is subtracted from the sales price to determine any taxable profit.“It surprises me that many community association owners are not aware of this tax benefit. Particularly for older home owners who have watched real estate profit build up over many years and now have a profit of more than $500,000, every dollar of capital improvements they can document is valuable,” says Benny L. Kass, real estate attorney.Source: The Washington Post, Benny L. Kass (06/21/2008)

Feel free to search any of the sites below for more information on real estate in the Panama City and Panama City Beach Florida areas:
www.Panama-City-Beach-Florida-MLS.com
www.Panama-City-Beach-Florida-Condominiums.com
www.RandBCoastalRealEstate.com

100% Mortgages...do they still exist?

2008-06-09T20:38:00.000-07:00

They do exist..but there are limitations. As published in The Washington Post there are some people that do qualify:

Daily Real Estate News June 9, 2008

No-Downpayment Loans Still Out There

Despite banks’ reactions to the foreclosure crisis, it’s still possible for a potential homeowner to buy with no money down.Some options come from Fannie Mae and Freddie Mac and are aimed at making homeownership possible for buyers with limited credit and savings, including teachers, firefighters, and members of the military. Some of the loan programs, which are available through cooperating lenders, even allow 105 percent financing to cover closing costs.Freddie Mac says such loans have lower delinquency rates because borrowers are required to complete homeownership education.Earlier this year, Fannie Mae experimented with a policy that demanded a minimum of 10 percent down in markets where home prices were declining. In May, it modified the policy to allow buyers in declining markets to borrow up to 97 percent of the purchase price with a conventional mortgage and meet any other need with a second mortgage that that lenders are required to forgive after five years of successful payments.Source: Washington Post, David S. Hilzenrath (06/09/2008)

For more information on what is available in the Panama City Beach Market please visit
www.RandBCoastalRealEstate.com
www.InvestSmarter.com
www.Panama-City-Beach-Florida-MLS.com
www.Panama-City-Beach-Florida-Condominiums.com

Weekly Trends-June 5th 2008-Panama City Beach Florida

2008-06-05T13:46:00.000-07:00

Here is the weekly trend data for Panama City and Panama City Beach Florida:

FLORIDA

Panama City
2008 Resale Housing Trend Report
2007 Resale Housing Trend Report

Panama City Beach
2008 Resale Housing Trend Report
2007 Resale Housing Trend Report

http://www.investsmarter.com/
http://www.randbcoastalrealestate.com/
http://www.panama-city-beach-florida-mls.com/buying-panama-city-real-estate/
http://www.panama-city-beach-florida-condominiums.com/buying-panama-city-beach-condominiums/

Panama City Beach Real Estate-Picked #1 in the top 5 Places to own a Summer home!

2008-05-30T16:40:00.001-07:00

Here we go!!!

Panama City Beach Florida picked #1 for Places to own a summer home!

See the full article below:

http://money.aol.com/top5/realestate/bargain-places-summer-home-1

For more on property in Panama City and Panama City Beach Florida please visit the following:

www.Panama-City-Beach-Florida-MLS.com
www.Panama-City-Beach-Florida-Condominiums.com
www.RandBCoastalRealEstate.com
www.InvestSmarter.com

Panama City Real Estate and Panama City Beach Real Estate Market Report-5/30/08

2008-05-30T05:31:00.001-07:00

The market trends in Panama City and Panama City Beach are on a steady upward trend. This is due to more realistic prices on home and condominiums prices. The following links show MLS trends for the Panama City and Panama City Beach Real Estate Market:

Panama City and Panama City Beach FLORIDA Real Estate

Panama City Real Estate
2008 Resale Housing Trend Report
2007 Resale Housing Trend Report

Panama City Beach Real Estate
2008 Resale Housing Trend Report
2007 Resale Housing Trend Report

For homes and condos for sale in Panama City and Panama City Beach Florida please use any of the following sites:

www.Panama-City-Beach-Florida-MLS.com
www.Panama-City-Beach-Florida-Condominiums.com
www.RandBCoastalRealEstate.com
www.InvestSmarter.com

Panama City Real Estate-Morgage Rates Drop Again

2008-05-24T06:36:00.000-07:00

Daily Real Estate News May 23, 2008

30-Year Mortgage Rates Drop

After four weeks in an upward trajectory, Freddie Mac reports that long-term mortgage rates are falling again. The average interest on a 30-year fixed loan settled at 5.98 percent this week, down 0.03 percent from the prior week. Rates on 15-year fixed mortgages, meanwhile, slipped 0.5 percent for the week to an average of 5.55 percent. Borrowing costs drifted slightly higher, however, on adjustable-rate products. Five-year ARMs bumped up 0.04 percent to 5.61 percent, while one-year ARMs moved up 0.06 percent to 5.24 percent.

Source: Chicago Sun-Times (05/23/08) Copyright Info Inc.

So what doest this mean for the Real Estate Market when looking at Panama City Florida Real Estate and Panama City Beach Florida Real Estate?

We are slowly getting back to a more stable point in the market. A lot of buyers today are not worried about just "where's the bottom" of the Panama City Real Estate Market, but also "I don't want to buy too soon and risk a higher interest rate." So when you are searching for Panama City Real Estate, one must ask themselves when is the right time to make a move. No one has a crystal ball, but what we do know is that interest rates, for now, are remaining flat to dipping to increasing slightly. Ensure that when you are buying real estate, whether in Panama City or Panama City Beach you are working with a qualified Panama City Real Estate agent and a competent mortgage agent or bank. They both should be able to help you with market trends in their respective area. Please visit us online at http://www.investsmarter.com/ or http://www.randbcoastalrealestate.com/ to view more homes and condos for sale in the Panama City Real Estate and Panama City Beach Real Estate Markets.

Weekly Trend Data May 16th 2008

2008-05-16T12:54:00.000-07:00

Weekly Trend Data from R and B Coastal Real Estate

FLORIDA

Panama City
2008 Resale Housing Trend Report
2007 Resale Housing Trend Report

Panama City Beach
2008 Resale Housing Trend Report
2007 Resale Housing Trend Report

www.Panama-City-Beach-Florida-MLS.com
www.Panama-City-Beach-Florida-Condominiums.com
www.InvestSmarter.com

Bay Point Florida Real Estate and Bay Point Real Estate Links

2008-05-16T10:15:00.000-07:00

We're up and running...see more information about Bay Point Florida and Bay Point Real Estate below. These internal sites are dedicated to providing you more information about the homes and/or condos for sale in Bay Point Florida.

http://www.randbcoastalrealestate.com/Bay-Point-Real-Estate/
http://www.randbcoastalrealestate.com/Bay-Point-Florida/

Let us know if there is another subdivision you would like easier and quick access to!

More to come on the condominium front also so make sure you stay tuned there!!!

Market Trends for Panama City and Panama City Beach Florida Week of 5/11/08

2008-05-11T08:56:00.000-07:00

Market Trends for Panama City and Panama City Beach Florida Week of 5/11/08:

FLORIDA

Panama City Real Estate
2008 Resale Housing Trend Report
2007 Resale Housing Trend Report

Panama City Beach Real Estate
2008 Resale Housing Trend Report
2007 Resale Housing Trend Report

www.RandBCoastalRealEstate.com
www.Panama-City-Beach-Florida-MLS.com
www.Panama-City-Beach-Florida-Condominiums.com

Jumbo Loan Rates....Is there more help coming?

2008-05-07T07:24:00.000-07:00

Daily Real Estate News May 6, 2008

Frank Aims to 'Unstick' Jumbo Loans

Expressing dissatisfaction with the mortgage industry's response to congressional efforts to prop up the jumbo home loan market, Rep. Barney Frank (D-Mass.) said he will convene a meeting in late May with mortgage bankers, Fannie Mae, Freddie Mac, and Wall Street interests. As chairman of the House Financial Services Committee, he said he will try to determine why jumbo loans remain elusive and continue to bear steep borrowing costs despite temporary new rules put in place on April 1 that allow Fannie Mae and Freddie Mac to purchase or guarantee mortgages for more than $417,000. "We fought very hard to raise the loan limits for Fannie and Freddie, and there have been a lot of problems in implementation," Frank remarked. "There is a chain of people blaming each other, and we're going to call everybody in there into the hearing and find out why." Mortgage Bankers Association chief economist Jay Brinkmann responded that Wall Street investors have balked at investing in jumbo loans under the new higher ceiling until the market determines appropriate pricing on such securities and evaluates their risks. "You don't want to guess on the low side," he warned. "If you make a mistake in this environment, you can take a serious price hit." Source: Boston Globe (05/06/08)

www.InvestSmarter.com
www.Panama-City-Beach-Florida-MLS.com
www.Panama-City-Beach-Florida-Condominiums.com
www.RandBCoastalRealEstate.com

Developing Land.....Even with Low Risk there is Risk

2008-05-05T13:35:00.000-07:00

Daily Real Estate News May 5, 2008

Lots of Land, But Building Can Be Risky

There’s a lot of vacant land for sale at the moment, but does building a custom home make sense? Ask different real estate professionals, and you'll get different answers. Debbie Jensen, an associate with Fairfax Realty in Herndon, Va., says the answer is simple: Just don't build. At least not now. Buyers take on too much risk and are at the mercy of builders, she says. "I can't tell you the amount of tears and frustration I've seen.” She recommends instead that her clients buy an existing home, even if it's only 80 percent of what they want. It's much easier to redo an existing house than to start from scratch, she contends.Other see it differently. "Land is a good deal right now," says Mark Hastings, an associate with RE/MAX Gateway in Chantilly, Va., where prices in many nearby areas are down. Hastings says he's seeing a lot of nervousness from potential buyers who are worried that they will get in over their heads and then not be able to sell their custom home. But he believes that concern is overblown because top-quality homes hold their value. "The people who are building are in the more affluent range," he says.Source: The Washington Post, Diane Reynolds (05/03/2008)

www.Panama-City-Beach-Florida-Commercial-Real-Estate.com
www.Destin-Florida-Commercial-Real-Estate.com
www.InvestSmarter.com
www.RandBCoastalRealEstate.com

Condos...make sure you can rent and there are no restrictions before buying!

2008-05-05T13:34:00.001-07:00

Daily Real Estate News May 5, 2008

Condo Owners Face Rental Dilemma

Condo owners who can’t sell their units often consider leasing the space to tenants until the market improves. Yet, increasingly, such owners are discovering that their condo association has rules preventing them from doing so.Rental policies vary by condo association, but generally associations limit the percentage of units that can be occupied by tenants. Some communities require owners to submit the lease they plan to use to the condo board for approval. The rental restrictions are meant to guard against the condo being viewed as a risky investment by lenders who believe that buildings with a high concentration of rentals are harder to market to homebuyers. Fannie Mae will not guarantee a loan for a condo in which renters make up more than 49 percent of the occupants.The rules generally stem from a feeling that renters don’t take good care of a unit and can reduce the value of the unit.Source: The Washington Post, Renae Merle (05/03/2008)

www.RandBCoastalRealEstate.com
www.InvestSmarter.com
www.Panama-City-Beach-Florida-Condominiums.com
www.Destin-Florida-Condominiums.info

Condos...make sure you can rent and there are no restrictions before buying!

2008-05-05T13:34:00.000-07:00

Daily Real Estate News May 5, 2008

Condo Owners Face Rental Dilemma

Condo owners who can’t sell their units often consider leasing the space to tenants until the market improves. Yet, increasingly, such owners are discovering that their condo association has rules preventing them from doing so.Rental policies vary by condo association, but generally associations limit the percentage of units that can be occupied by tenants. Some communities require owners to submit the lease they plan to use to the condo board for approval. The rental restrictions are meant to guard against the condo being viewed as a risky investment by lenders who believe that buildings with a high concentration of rentals are harder to market to homebuyers. Fannie Mae will not guarantee a loan for a condo in which renters make up more than 49 percent of the occupants.The rules generally stem from a feeling that renters don’t take good care of a unit and can reduce the value of the unit.Source: The Washington Post, Renae Merle (05/03/2008)

http://www.randbcoastalrealestate.com/

http://www.investsmarter.com/

http://www.panama-city-beach-florida-condominiums.com/

http://www.destin-florida-condominiums.info/

Fitness is More than A Fad....and Doesn't Take too Much Room

2008-05-05T13:25:00.001-07:00

Daily Real Estate News May 5, 2008

Home Gyms: Remodeling Not Required

Equipping a home with an exercise area can increase its appeal to buyers. Despite the current economic slowdown, retail sales of home gym equipment continue to grow, topping $5 billion in 2006 and rising another 3 percent in 2007, according to the National Sporting Goods Association.Designating a spare room as an exercise area doesn’t necessarily require the purchase of expensive equipment, says exercise physiologist Bob Greene, certified personal trainer to Oprah Winfrey. He proposes simple, lower-cost alternatives to expensive exercise equipment.No remodeling is required, but the equipment will suggest the possibilities to potential buyers.

Yoga mat: A cushion for floor exercises and easily rolls up
Small free weights
Exercise ball
Jump rope

Source: Universal Press Syndicate, Mary G. Pepitone (05/03/2008)

www.InvestSmarter.com
www.RandBCoastalRealEstate.com
www.Panama-City-Beach-Florida-MLS.com
www.Panaam-City-Beach-Florida-Condominiums.com

Weekly Sales Trends Panama City and Panama City Beach Florida Real Estate

2008-05-02T07:06:00.000-07:00

Weekly trends for the 1st of May. The season is getting a little better. Things are up on the sales side. Many sellers are beginning to understand that the hay days are gone and it's time to be realistic. Prices are coming back to a normal and stable point. If you have any questions on these trends, please let us know.

Have a wonderful day!

www.InvestSmarter.com
www.RandBCoastalRealEstate.com

FLORIDA

Panama City
2008 Resale Housing Trend Report
2007 Resale Housing Trend Report

Panama City Beach
2008 Resale Housing Trend Report
2007 Resale Housing Trend Report

For more information on available property in and around the Panama City Beach area, please don't hestitate to call or go to either of the sites below.

www.Panama-City-Beach-Florida-MLS.com
www.Panama-City-Beach-Florida-Condominiums.com

Open Houses Seen as Key Today

2008-05-01T11:22:00.000-07:00

Daily Real Estate News May 1, 2008

Open Houses Seen as Key Today

Many real estate practitioners are holding open houses now that the market has slowed, viewing such events as a good way to maximize exposure. According to David Williams of Utah-based Williams Realty, "An open house can be a great way to get feedback on a house and validate the price. It also exposes the home to buyers who are not currently working with a practitioner and may not be aware of the home's availability." Other pratitioners like open houses because they show interested buyers that they have competition, and they attract the attention of impulse buyers. RE/MAX Northern Illinois says practitioners can ensure their open houses are a success if they stick around to answer questions, seek feedback and hand out information; make sure the home is clean and free of clutter; advertise online, in local newspapers and through post cards sent to neighbors and prospects; and hold events on Sunday afternoons, when most buyers are available to browse properties. Source: Realty Times, Broderick Perkins (04/30/08)© Copyright 2006 Information Inc.

Open houses are good these days because buyers are looking. They are being savy though.

www.InvestSmarter.com
www.RandBCoastalRealEstate.com
www.Panama-City-Beach-Florida-MLS.com
www.Panama-City-Beach-Florida-Condominiums.com

High Number of Vacant Homes for Sale

2008-04-29T14:32:00.000-07:00

Daily Real Estate News April 29, 2008

Record High of Vacant Homes for Sale

The number of vacant homes for sale in the United States set a new record in the first quarter of 2008, the U.S. Census Bureau reported Monday.The Census Bureau reported that 2.9 percent of U.S. homes or 2.28 million properties, not including rentals, were vacant and for sale. It was the highest quarterly number as far back to 1956 when records of such vacancies were first kept.The West had the biggest gain in vacancy rates among home owners, rising to 3.2 percent in the January-March period from 2.6 percent in the same quarter a year earlier. Vacancy rates inched up in the Northeast and remained steady in the Midwest and South.Source: The Associated Press, Alan Zibel (04/28/08)Browse all of today's news

www.InvestSmarter.com
www.RandBCoastalRealEstate.com
www.Panama-City-Beach-Florida-MLS.com
www.Panama-City-Beach-Florida-Condominiums.com

Fed to Slash Rates Again, Then What?Fed to Slash Rates Again, Then What?

2008-04-24T14:42:00.001-07:00

Daily Real Estate News April 24, 2008

Fed to Slash Rates Again, Then What?

The Federal Reserve has cut the federal-funds rate to 2.25 percent from 5.25 percent, amounting to seven reductions over a span of eight months, and experts anticipate another 0.25 percentage point cut at its April 29-30 meeting. However, experts think the central bank could take a breather after the next rate cut to give officials time to assess the impact of rate reductions, upcoming tax rebates, and other measures on the economy during the latter half of the year. Moreover, there are concerns that further reducing the federal funds rate could increase inflationary pressure and weaken the dollar even more. Despite rising food and oil prices, officials point to some improvements in the financial markets, with the 30-year mortgage rate on the decline; but they note that stricter lending standards could worsen the downturn. The statement issued by the Federal Reserve after its meeting likely will point to ongoing concerns about economic growth and inflation and state that additional rate cuts will be made as necessary. Source: The Wall Street Journal, Greg Ip and Kevin Kingsbury (04/24/08)

www.Panama-City-Beach-Florida-MLS.com
www.Panama-City-Beach-Florida-Condominiums.com
www.InvestSmarter.com
www.RandBCoastalRealEstate.com

Affordability Improves for New Buyers

2008-04-24T14:37:00.001-07:00

Daily Real Estate News April 24, 2008

Affordability Improves for New Buyers

Falling prices are good news for home buyers, making it increasingly likely that they will be able to find a property at a price that is significantly lower than it would have been two years ago and probably less than the house would have brought just a few months ago.Real-estate data company Zillow.com estimates that the median value for all homes in the 12 months ending March 31 fell 25 percent in the Las Vegas metro area, 19 percent in Miami and Orlando, and 16 percent in Phoenix. They declined lesser amounts in most other areas.In the metro areas of Raleigh and Charlotte, N.C., Dallas and Houston, prices are rising — but very modestly.There’s a “return to normalcy” in the relationship between home prices and incomes, says Richard DeKaser, chief economist at National City Corp. In an analysis of 330 metro areas in the fourth quarter of 2007, National City and Global Insight, an economic research firm, found that home prices were overvalued in relation to household income and other factors in 21 metro areas, down from a peak of 58 metro areas in the second quarter of 2006.Source: The Wall Street Journal, James R. Hagerty (04/24/08)

www.InvestSmarter.com
www.RandBCoastalRealEstate.com
www.Panama-City-Beach-Florida-MLS.com
www.Panama-City-Beach-Florida-Condominiums.com

Panama City Beach Florida Real Estate Market Trends-Week of 4/24/08

2008-04-24T10:43:00.000-07:00

New Panama City Beach Florida Real Estate Blogs By Property Type

2008-04-23T07:20:00.000-07:00

We thank everyone for their support and hope that the blogs provided here have been helpful. We have gotten requests to begin breaking the blogs into categories as seen below. We always welcome feedback and growth potential. We are trying to transition also into a more feedback/Q&A oriented advice section also so please feel free to publish any questions or solutions here or on http://www.investsmarter.com/forum/. This is a new section to the Invest Smarter family. Thank all of you again and let's try to make 2008 and solid year for investing in Real Estate along the Emerald Coast!

For Panama City Beach Florida Real Estate You will have:
http://panamacitybeachfloridacondominiums.blogspot.com/ Dedicated to Panama City and Panama City Beach Florida Condominiums
http://panamacitybeachfloridacommercial.blogspot.com/ Dedicated to Panama City and Panama City Beach Florida Commercial Real Estate
The main blog of Panama City and Panama City Beach Florida Real Estate will continue to service the homes and general information about the area.

For the 30A Florida Real Estate You will have:
http://30afloridarealestate.blogspot.com/ Dedicated to information that will be helpful for investing along 30A Florida including Rosemary, Santa Rosa Beach, Seaside, Seacrest, etc.

For Destin Florida Real Estate You will have:
http://destinfloridacondominiums.blogspot.com/ Dedicated to Destin Florida Condominiums
http://destinfloridacommercialrealestate.blogspot.com/ Dedicated to Destin Florida Commercial Real Estate and investment properties including rental income producing property.

Of course all users can still search the MLS in each region below:

For the Panama City and Panama City Beach Real Estate Markets:
www.Panama-City-Beach-Florida-MLS.com
www.Panama-City-Beach-Florida-Condominiums.com
www.Panama-City-Beach-Florida-Commercial-Real-Estate.com

For the Destin Real Estate Market, Fort Walton Beach Real Estate Market, Niceville Real Estate Market, Crestview Real Estate Market and Pensacola Real Estate Market You will have:
www.Destin-Florida-MLS.com
www.Destin-Florida-Condominiums.info
www.Destin-Florida-Commercial-Real-Estate.com

For the 30A Florida Real Estate Market including :
Alys Beach, Blue Mountain Beach, Carillon Beach, Crystal Beach, Grayton Beach, Laguna Beach, Rosemary Beach, Santa Rosa Beach, Seaside, Seacrest, Seacrest Beach, Seagrove You will have:
www.30A-Florida-MLS.com

And the Gold Standard of Real Estate! www.InvestSmarter.com and www.RandBCoastalRealEstate.com

Americans remain confident about homeownership

2008-04-22T14:54:00.000-07:00

Daily Real Estate News April 22, 2008

Americans Optimistic About Homes

Despite the slowdown in the housing marketing, Americans remain confident about homeownership.If forced to sell their home today, 50 percent of those surveyed in an AOL Real Estate-Zogby International poll would buy another home rather than rent. About 31 percent of participants feel their home is worth more than it was a year ago and 56 percent believe their home will be worth the same or more in five years.Despite their confidence, those surveyed were concerned about their economic situation. Thirty percent say they have no cushion and work paycheck-to-paycheck to pay their mortgages. More than 22 percent say they would lose their homes if they lost their jobs, and 30 percent know someone who is facing foreclosure.Source: AOL and Zogby International (04/22/2008)

www.InvestSmarter.com
www.RandBCoastalRealEstate.com
www.Panama-City-Beach-Florida-MLS.com
www.Panama-City-Beach-Florida-Condominiums.com

Condo Sales Up, Residential Homes Down

2008-04-22T14:52:00.001-07:00

Daily Real Estate News April 22, 2008

Existing-Home Sales Slip in March

Existing-home sales edged down in March, remaining within a narrow range of sales activity that has persisted since last September, NAR says. Existing-home sales, which include single-family, townhomes, condominiums, and co-ops, were down 2.0 percent to a seasonally adjusted annual rate of 4.93 million units in March from a level of 5.03 million in February, and remain 19.3 percent below the 6.11 million-unit pace in March 2007. A rise in condo sales in March was offset by a drop in single-family sales. Regionally, sales rose in the Northeast and West but fell in the Midwest and South.Lawrence Yun, NAR chief economist, said the market is performing unevenly. “Though mortgage rates are at historically low levels, some borrowers are facing restrictive lending practices in declining markets,” he said. “At the same time, many buyers continue to bide their time with a large number of homes to choose from, while other potential buyers remain on the sidelines.”The national median existing-home price for all housing types was $200,700 in March, down 7.7 percent from a year ago when the median was $217,400. Because the slowdown in sales from a year ago is greater in high-cost areas, there is a downward pull to the national median with relatively higher sales activity in low-cost markets.A mix of market conditions continues around the country, but areas showing healthy price gains include Des Moines, Iowa; Austin, Texas; and Durham, N.C. NAR President Richard F. Gaylord, a broker with RE/MAX Real Estate Specialists in Long Beach, Calif., said there are problems with the implementation of mortgage guidelines. “It appears there is some over-reaction on the part of some lenders now in requiring higher downpayment percentages than may be necessary,” he said. “On the other hand, buyers in many parts of the country are able to take advantage of more lenient policies for FHA loans. However, because lenders don’t have enough underwriting experience with FHA loans in high-cost areas, there are localized bottlenecks in loan processing. Consumers should consult with a REALTOR® in their area to learn about the kind of financing that may be available to meet their needs.”Yun offered a caution. “With elevated inflation, the Federal Reserve should be extra careful about further rate cuts,” he said. “Mortgage interest rates, which do not move directly with Fed funds rates, may rise measurably and hurt the housing recovery if inflation gets out of hand. Monetary stimulus is plentiful – what is needed more at this point is a home buyer tax credit to get buyers off the sidelines and prevent the market from overshooting on the downside.”Source: NARBrowse all of today's news

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Commercial Mortgages Still in Good Shape

2008-04-19T05:38:00.001-07:00

Daily Real Estate News April 18, 2008

Commercial Mortgages Still in Good Shape

Delinquencies in U.S. commercial mortgages have risen slightly this year, according to the Commercial Mortgage Securities Association (CMSA). But for the most part, the market is in good shape.The current delinquency rate is about 0.4 percent, up from 0.25 percent during the final quarter of 2007. The trade group says delinquencies could reach 1.5 percent to 2 percent before the end of the year.That’s still low compared with residential mortgages, and compared with commercial mortgages historically. The worst delinquency rate was in 1992, when it averaged 7.53 percent. Fitch ratings on Tuesday said that situation is unlikely to be repeated."The commercial real estate markets are not facing the same significant oversupply that plagued the markets in the late eighties and early nineties, plus tax treatment of commercial real estate projects has been relatively steady," Fitch Managing Director Bob Vrchota said in a statement.CMSA President Lee Cotton, complained that investors misunderstand the situation and consider securities connected to commercial lending tainted by the same problems facing residential mortgages. "We are saying, stop. We've got 40 basis points of delinquencies. We've got in-balance markets. We've got sophisticated borrowers. We are not the same business," he said.Source: Reuters News, Lisa Lambert and Avesha Rascoe (04/15/2008)

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Second-Home Buyers Go Condo

2008-04-19T05:35:00.000-07:00

Daily Real Estate News April 18, 2008

Second-Home Buyers Go Condo

Vacation-home sales plunged 31 percent to 740,000 last year from 2006, according to the NATIONAL ASSOCIATION OF REALTORS®. However, while sales of detached vacation homes fell 38 percent, sales of vacation condominiums dropped only 2.8 percent. Condos also accounted for 29 percent of the vacation-home market, rising from 21 percent the prior year, gaining popularity among second-home buyers because they provide pools and other amenities, do not require owners to undertake maintenance tasks, are priced lower than single-family properties, and are easier to sell than detached homes. Nevertheless, vacation condos experienced a 10-percent decrease in median price to $180,000 in 2007, mainly because investors are lowering prices to ensure a sale. Builders are erecting condos in new vacation spots, such as Lake Michigan, and also are offering "condo homes" for buyers who want detached properties without the maintenance hassles. Source: Wall Street Journal, June Fletcher (04/18/08)Copyright Info Inc.

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Why Are Short Sales So Troublesome?

2008-04-19T05:34:00.001-07:00

Daily Real Estate News April 18, 2008

Why Are Short Sales So Troublesome?

Short sales seem like a win-win for everyone involved, but as real estate professionals know, short sales can be hard to pull off. It can take months for the mortgage company to respond to an offer, and the lender or lenders often balk at the price.Why doesn’t the process go more smoothly when it seems like a much better deal for everyone than foreclosure?

Paperwork. Gathering all the information needed to evaluate a short-sale offer can take time, says Patrick Carey, an executive vice president with Wells Fargo. The loan servicer must first determine whether the homeowner really can't continue meeting the loan payments, then get an appraisal or broker's opinion of the home's value.

Many steps, approvals. Mortgage servicers also try to ensure that the proposed sale is an "arm's length" transaction between two parties rather than something like a sale to a relative on sweet terms. They must also determine whether the buyer has sufficient funds or the ability to get a loan. If all those hurdles are cleared, the servicer may still need to get approval from the investor that owns the loan and provide an analysis showing that the investor will be better off with a short sale than with another solution.

Complications often arise. There are additional complications if the borrower has a mortgage and a home-equity loan. In that case, both parties must approve the deal – which is a challenge when the sales price may not even be enough to cover the mortgage balance.

Minimize delays. Carey suggests that home owners contemplating a short sale immediately call the loan servicer to get the approval process started, rather than wait for an offer.

Source: The Wall Street Journal, Ruth Simon and James R. Hagerty (04/17/2008)

LINKS
REALTOR® Magazine: How to Succeed at Short Sales
REALTOR® Magazine: Short Sales: Taxing What Isn't There
NAR: Field Guide to Short Sales

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Panama City and Panama City Beach Florida Real Estate Market Trends: 4/16/08

2008-04-16T19:54:00.000-07:00

Panama City and Panama City Beach Florida Market Trends for the week of 4/16/08 are now available.

FLORIDA

Panama City
2008 Resale Housing Trend Report
2007 Resale Housing Trend Report

Panama City Beach
2008 Resale Housing Trend Report
2007 Resale Housing Trend Report

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States Launch Anti-Foreclosure Plans

2008-04-16T10:01:00.001-07:00

Daily Real Estate News April 16, 2008

States Launch Anti-Foreclosure Plans

Tired of waiting for the federal government to act, states are developing their own solutions to the foreclosure crisis, according to a survey released Tuesday by the Pew Charitable Trusts.Twenty states have created intervention programs, 13 have set up counseling hot lines, 14 have assembled task forces and nine have established funds for emergency loans or refinance loans, totaling $450 million.Colorado, Maine, Massachusetts, Minnesota, North Carolina, and Ohio have passed legislation requiring tighter underwriting standards for lenders.Ohio has announced a nonbinding agreement with nine large loan servicers to modify troubled loans. It also recruited 1,000 lawyers to represent troubled borrowers free of charge.Minnesota is working with loan servicers to arrange loan modifications and has set up a hot line to housing counselors who will help troubled homeowners negotiate with the servicers.Colorado raised $750,000 in private donations to hire a non-profit agency to run a hot line that refers callers for counseling in person.Source: The New York Times, John Leland (04/16/2008)

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Why Selling Now Makes Sense

2008-04-16T09:58:00.000-07:00

Daily Real Estate News April 16, 2008

Why Selling Now Makes Sense

Home owners who are reluctant to sell because prices have fallen, should do the math, and realize that the market downturn could work in their favor, say practitioners in hard-hit, but still pricey Boston.Their reasoning may work in many other parts of the country as well."People are finding houses at prices they thought they'd never see again," says David W. O'Neil of Century 21 Spindler & O'Neil Associates in suburban Boston.O’Neil points out to potential sellers that if the house a buyer covets used to be $500,000 but its price has fallen 20 percent to $400,000, it is a deal, even if the buyer’s own home also has lost 20 percent of its value.In general, the toughest sell is people who bought about four years ago at the height of the market, says Zur Attias of The Attias Group at Barrett & Co. in Concord, Mass. But even for these home owners, selling now may make sense as long as they can at least break even.He argues that almost everyone forgoes something, and probably several things, that he or she wanted when buying a house. For instance, the home may be in the right school district, but on a busy street. Or it may in a great neighborhood, but it's a Cape, not a Colonial. These are things Attias calls "unchangeables."He says it’s a good time to sell if a seller can get rid of the most negative unchangeables in his current home, and replace them with better unchangeables in a new home. Once the market really turns around, the growth will be bigger in the better house, he predicts.Source: The Boston Globe, Vanessa Parks and Jonathan Wiggs (04/13/2008)

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Commission rejects limiting Florida tax revenues

2008-04-16T09:26:00.000-07:00

Commission rejects limiting Florida tax revenues
Proposal paving way for Internet sales tax gets OK
By Bill Cotterell • FLORIDA CAPITAL BUREAU POLITICAL EDITOR • April 15, 2008

A powerful tax commission Monday rejected a proposal to limit state and local tax revenues.

But the Taxation and Budget Reform Commission did approve a proposal that might end up with Floridians paying a sales tax on things they buy over the Internet or from home-shopping channels.

The commission's failure to put the "taxpayers bill of rights" idea up for a statewide referendum doesn't mean the idea for putting a lid on growth rates for government revenue is dead. The House Policy and Budget Council is scheduled to consider a proposal today to do legislatively what the commission fell short of doing.

"Today we are not going to give our citizens a chance to restrain government -- not choke government, but restrain government," said Mike Hogan, the Duval County tax collector who sponsored the tax-limitation proposal. It would have imposed a formula based on population growth, inflation, plus 1 percent on revenue growth in state and local governments.

Before the vote, with rejection all but certain, the commission substituted language requiring a two-thirds vote on new taxes, rather than a hard cap. After adopting that amendment, the panel voted 14-9 on the proposal itself -- three votes shy of the super-majority needed for adoption.
House budget boss Ray Sansom, R-Destin, said the tax cap won't go away. His House Policy and Budget Council has a proposal (HB 7125) on its agenda today to accomplish the same thing.

"Ultimately, the Legislature makes these kinds of decisions," said Sansom said Monday.
Chief Financial Officer Alex Sink warned the tax commission that the tax cap might backfire by costing billions in higher interest rates on government bonds. In a brief morning appearance at the meeting, Sink said the state figures to borrow $12 billion in the next 10 years, while cities and counties might issue about $200 billion in bond issues, and that even more bonding would be necessary if a major hurricane hits a big population area.

Sink said bond markets get nervous when governments cap their revenue-growth potential. If Florida bonds are downgraded, she said, it could cost state and local governments billions of dollars in higher interest rates.

The tax commission will meet April 24-25 to finalize its already-adopted recommendations. It may schedule a meeting before then to act on some proposals that did not reach a vote Monday.
The "remote" sales tax idea has been pursued for many years by Florida businesses, who feel they are at a disadvantage because they have to collect the 6 percent statewide sales tax that out-of-state companies don't bother with. Commission member Randy Miller, a lobbyist for the Florida Retail Federation, sponsored the proposal for Florida to join 22 states in a multi-state pact to collect sales taxes on Internet, mail-order and sales by phone.

"This is a no-brainer," said Miller. "We're treating out-of-state companies better than our won residents. It is fundamentally unfair."

The commission voted 17-6 for his proposal, giving it just enough votesto make the ballot.
If approved by voters, the proposal would require the Legislature to join the interstate pact. It would still require action by Congress to make "remote vendors" remit the sales tax to states where they don't have a business operation, Miller said.

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Luxury Niche Not Hit So Bad by Downturn

2008-04-11T10:57:00.001-07:00

Daily Real Estate News April 11, 2008

Luxury Niche Not Hit So Bad by Downturn

The housing economy may be on the skids in many markets, but don’t shed any tears for wealthy home owners. They aren’t feeling the pain nearly as much as sellers of mid-price homes. Some recent examples illustrate that point:
This week, an agreement of sale was signed on the oceanfront Palm Beach, Fla., estate of billionaire founder and chairman of Jones Apparel Group (JNY), Sidney Kimmel. If the deal closes, the $81.5 million sale – 24 days after the home was put on the market – will be the highest price ever paid in Palm Beach.
In March, the 29-room, Upper Eastside of Manhattan townhouse, which used to belong to the late publisher of Penthouse, Bob Guccione, sold to the founder of Harbinger Capital Partners, Philip Falcone, for $49 million, up from $29.99 million, its last selling price in 2003. That’s 67 percent appreciation. Not bad for a declining market.In luxury markets, "Demand is remaining strong, and even if [prices] are going down they're not going down as much as the overall market," says Laurie Moore-Moore, founder of the Institute for Luxury Home Marketing in Dallas, which trains real estate professionals to sell in the international property market.Source: BusinessWeek.com, Prashant Gopal (04/11/2008)

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Mortgage Rates Hold Steady

2008-04-11T10:56:00.000-07:00

Daily Real Estate News April 11, 2008

Mortgage Rates Hold Steady

The average interest on the benchmark mortgage rate held below the 6-percent threshold for the fourth consecutive week as 30-year loans remained at 5.88 percent this week, according to Freddie Mac. ''Once again, mortgage rates held relatively steady this week amid release of subdued economic data,'' says Freddie Mac chief economist Frank Nothaft, who cited a government report on the number of jobs that were eliminated by businesses last month. There was little movement involving the other mortgage rates as 15-year, fixed loans held steady at 5.42 percent, five-year adjustable-rate mortgages fell 0.03 percent to 5.56 percent, and one-year ARMs declined 0.01 percent to 5.18 percent.Source: Chicago Sun-Times (04/11/08) © Copyright 2008 Information Inc.

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Fed Chief's Message: Think About Future Federal Reserve Chairman

2008-04-11T10:54:00.000-07:00

Daily Real Estate News April 11, 2008

Fed Chief's Message: Think About Future Federal Reserve Chairman

Ben Bernanke on Thursday urged policymakers to strengthen oversight of mortgage lenders in order to prevent future financial crises."We do not have the luxury of waiting for markets to stabilize before we think about the future," Bernanke said in a speech in Richmond, Va.Bernanke urged increased transparency, improved risk management and better coordination among regulators. Better consumer protections and disclosures also would help prevent a repeat of current mortgage and credit problems, Bernanke said.Many economists believe the Fed will again lower rates when it meets later this month.Source: The Associated Press, Jeannine Aversa (04/10/08)

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Mortgage Demand Up, Despite Rates

2008-04-09T16:24:00.000-07:00

Daily Real Estate News April 9, 2008

Mortgage Demand Up, Despite Rates

The number of mortgage applications increased 5.7 percent last week on a seasonally adjusted basis, according to the Mortgage Bankers Association weekly mortgage applications survey.On an unadjusted basis, the index rose 10.9 percent compared with the same week a year ago. The bulk of the increase came from purchase loans, which rose 8.1 percent, compared with the refinance index, which was up 3.4 percent. The refinance share of mortgage activity decreased slightly from 53.4 the previous week to 52.2 last week.Mortgage rates were up slightly:

30-year fixed-rate mortgages increased to 5.78 percent from 5.75 percent

15-year fixed-rate mortgages increased to 5.39 percent from 5.27 percent

1-year ARMs increased to 7.06 percent from 7 percent

Source: Mortgage Bankers Association (04/09/2008)

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Weekly Trend Data For Panama City Beach Florida Real Estate

2008-04-09T16:18:00.000-07:00

Below is the weekly trend information for Residential and Condominium sales for the Panama City, Panama City Beach, Bay Point, and Carillon Beach Florida Areas:

FLORIDA

Panama City
2008 Resale Housing Trend Report
2007 Resale Housing Trend Report

Panama City Beach
2008 Resale Housing Trend Report
2007 Resale Housing Trend Report

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Homebuyers Want New Home

2008-04-08T09:32:00.001-07:00

Daily Real Estate News April 8, 2008

Vegas Buyers Want New Homes

There’s a glut of glitzy and unsold houses in Las Vegas – about 50 percent of them empty.Nearly 1,000 houses are listed for sale in Las Vegas for $1 million or more. More than 600 of them have been built since 2004. But unless they’ve been constructed in the last year or two, they are hard to sell, practitioners and other observers say.Las Vegas isn't about stately trees, old lawns, and older money, says Gene Moehring, chairman of the University of Nevada, Las Vegas, history department and a specialist in urban history. "In Vegas, new is the most important thing.”Developer Christopher Homes recently opened a neighborhood of homes in the hills west of the Strip selling for $1.7 million to $3 million. Several houses have sold to residents of adjoining neighborhoods who lived in their houses for less than five years, including homes built by the same developer, says Erika Geiser, the company's vice president."They feel their [current] residence is obsolete," she says. "They're looking for something more innovative, more cutting-edge."Michael Lemoine, an architect who specializes in custom houses for the wealthy, says he has clients who build houses as often as some people buy cars."New neighborhoods pop up that become the place where these people want to live," he says. "They move from one to another because they want to be with their friends, then in five to seven years' time they go to another community."Source: The Los Angeles Times, Peter Y. Hong (04/08/08)

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Families Feel Crunch From Rising Rents

2008-04-08T09:31:00.000-07:00

Daily Real Estate News April 8, 2008

Families Feel Crunch From Rising Rents

Residential rents are up across the country, confirms the National Low Income Housing Coalition in the latest issue of its annual report "Out of Reach." The organization identifies Hawaii, California, and New York as the least unaffordable states and names Connecticut's Stamford-Norwalk market as the most costly metropolitan area in the nation. According to the study, one in seven U.S. households is contributing more than half of their income toward keeping a roof over their heads; and low-income, minority, and first-time home buyers are especially being impacted by escalating shelter costs. "The numbers in 'Out of Reach' are a stark reminder that in nearly every community in our nation, families are struggling to make ends meet," said U.S. Sen. Christopher J. Dodd (D-Conn.), in a preface to the NLIHC report. "While we have federal programs in place to assist people in affordable housing, they are relatively small compared to the great need. More must be done to ensure housing opportunities for all."Source: Worcester Telegram & Gazette (Mass.), Bronislaus B. Kush (04/08/08)© Copyright 2008 Information Inc.

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Policymakers to Propose Housing Tax Breaks

2008-04-08T09:29:00.000-07:00

Daily Real Estate News April 8, 2008

Policymakers to Propose Housing Tax Breaks U.S. House Democrats are drafting a plan for curing the housing crisis by offering tax breaks to home owners, first-time homebuyers, and developers of low-income housing.The plan, which will be unveiled this week, deliberately snubs the struggling home-building industry. "We need to provide relief to the buyers and families themselves, not just the banks and builders," House Ways and Means Committee Chairman Charles B. Rangel (D-N.Y.) said yesterday in a written statement. "The House bill will put families first."The House proposal would create a temporary tax credit of as much as $8,000 for first-time buyers and increase tax credits for investors in low-income housing. It would create a standard deduction for property taxes, aiding those who don’t itemize on their federal returns. And it would expand the authority of state and local housing finance agencies to use tax-exempt bonds to refinance troubled mortgages.This package, together with the previous package of housing bills created by the House, would be the most far-reaching attempt by Congress to address the mortgage crisis. House leaders plan to present it to the full chamber for a vote in the next few weeks, says Rahm Emanuel (D-Ill.), chairman of the House Democratic Caucus. "There's a determination to get this done," he says.Source: The Washington Post, Lori Montgomery (04/08/08)

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Rental Market Going Strong As Ever...Even higher most say

2008-04-07T11:30:00.000-07:00

Daily Real Estate News April 7, 2008

Rent Keeps Getting More ExpensiveAverage rents for U.S. apartments rose 1 percent in the first three months of 2008.This was the 24th consecutive quarter that rental property rates have risen, according to New York-based real estate research firm Reis Inc. The last time rents fell was the first quarter of 2002, when they declined by 0.2 percent, according to Reis.A soft housing market beset by stricter loan terms and falling home prices is the "dominant driver" pushing people to rent apartments, said Sam Chandan, chief economist at Reis.New York had the highest average rent at $2,790 a month, followed by San Francisco at $1,801, Fairfield County, Conn., at $1,759 and Boston at $1,620, Reis said.Source: Bloomberg News (04/05/2008)

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British Investors Find Opportunity in Florida

2008-04-07T07:25:00.001-07:00

Florida Realtors tout sun to Brits
By SHELLEY EMLING
Palm Beach Post-Cox News Service
Sunday, April 06, 2008

LONDON — Waves of hurricanes? Cocaine warlords on every corner? Debunking misconceptions about Florida is one key to unlocking the state's troubled property market to prospective buyers from Britain, says John Mike, chairman of the Realtors Association of the Palm Beaches.

"But once they come to Florida, they love it," he said.

Mike and 13 other Realtors from Florida are in Britain until April 13 as part of a trade mission his association sponsored.

In addition to Realtors from the Palm Beach County area, the group also draws from Vero Beach, Destin(www.Destin-Florida-MLS.com), Naples and Fort Myers.

The Realtors are doing a bit of sightseeing, including tours of Windsor and Warwick castles, but Mike said their main goals are to learn about the market in the United Kingdom and to establish effective referral relationships with agencies here.

"We want to meet real estate professionals in the U.K. so that they can connect their clients to us," he said.

Ed Marks of Marks & Spencer International Realty in Boca Raton said the idea is to build communication channels with British agents.

"So far, they've seemed eager to work with us," he said.

If a British agent refers a client to a Realtor in Florida, Mike said, "We will send a portion of the commission to the agent in the U.K."

The group also will meet with representatives of British media outlets to find out how to advertise Florida properties overseas.

On both sides of the pond, the goal of boosting communication is to ensure that potential British buyers get the advice they need to make a sound decision.

"Thousands of U.K. residents come over and buy without any direction from someone with international experience," Mike said. "We think it's really important they have some guidance, so they don't make a decision they might regret later."

A team of 15 British real estate agents visited Florida last year to learn more about how the industry works in the United States, he said.

One major difference? Property taxes.

"Property taxes are low in the U.K. because they get more of their money from income taxes," Mike said. "A lot of the British buyers are thrown off by the property tax when they buy in Florida."

In general, many of the Florida Realtors say now is the best time for British buyers to buy in the Sunshine State because the market may have bottomed out.
Florida's real estate market has improved just during the past two months, Mike said.

"We believe the free fall has stopped," he said. "We think a stabilization is occurring."

Florida is a popular vacation spot for Europeans, and the strength of the British pound against the dollar has spurred an increasing interest in Florida properties among Britons for both investment and vacation purposes.

"They love the hot weather," Mike said. "The sun is novel for them. They also love the roads and driving in Florida. They like the food and the portions. And they love the prices of property."
Britons' favorite spots tend to be the areas around Naples, Orlando and Sarasota, he said, and Palm Beach also is starting to emerge as a popular locale.

"But there are still a lot of people who have heard of it but don't know where it is," he said.
On top of the dollar's decline, the U.S. housing market has been hit hard by the credit crisis, which has made properties in places such as Florida even more attractive.

A 2007 survey by the National Association of Realtors found that nearly one-third of its members had worked with an international client in the past year.

One-third of such buyers were from Europe, with 12 percent of the total from Britain. Florida accounted for 26 percent of all international buyers, leading the nation.

Teri McCall, a Realtor from Okaloosa Island, agreed that there has been a major spike in interest from British buyers.

"A lot of them are looking at buying property as an investment," she said.

McCall was in Britain plugging properties in the Destin area.(www.Destin-Florida-Condominiums.info)

"There's an international airport opening in Panama City in a year and a half, and a lot of people here don't know about it," she said.
(www.Panama-City-Beach-Florida-MLS.com)

Besides drumming up business, another key part of the Realtors' mission this week is to help educate their British counterparts.

In Britain, real estate is a loosely regulated industry with no system of compulsory licensing for agents.

Unlike the United States, Britain also does not make use of a Multiple Listing Service, which includes all homes listed by real estate agents.

"It's been a wide open field here, but the industry is trying to become more professionalized," Mike said.

This informaiton can be found in full print at http://www.palmbeachpost.com/state/content/state/epaper/2008/04/06/m1a_flarealtors_0406.html

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CondoHotels....Buyer Beware!

2008-04-07T07:23:00.000-07:00

ORLANDO: Condo-Hotel Buyers See Investments Sour as Market Weakens

For many investors, the condo hotel may go down as the Pets.com of the real-estate bubble. Many buyers purchased the hotel rooms from developers hoping to get paid every time the room was rented. But condo hotels are coming back to haunt many of the people who bought the units, the developers that constructed the buildings, and the operators hired to run the hotels. Some projects also are being brought to the attention of regulators by investors. Some condo-hotel buyers are happy. But other buyers are suing developers to get out of their contracts, claiming they were misled. In Florida, a group of buyers is suing WCI Communities Inc., claiming the developer sold them condo hotels in the waterfront Resort at Singer Island as unregistered securities. [Source: Wall Street Journal]

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www.Destin-Florida-MLS.com

Foreclosures Don't Care about Metro....Hitting the Rural Areas Just as Hard

2008-04-05T05:52:00.000-07:00

Daily Real Estate News April 4, 2008

Rural Areas Hard Hit by ForeclosuresRural America hasn't been immune to the mortgage crisis. The Housing Assistance Council, a nonprofit that helps build housing in rural areas of the country, has found that foreclosures are prevalent in small towns and sometimes are overlooked in surveys as being a major problem.Mobile and prefab homes make up at least 15 percent of the nation's rural housing, and three-quarters of them were financed with installment or personal property loans rather than mortgage loans, according to the HAC. When the owners default, it leads to repossession rather than foreclosure, and these defaults are not included in the foreclosure data.In small towns, even one or two foreclosed properties can have a big impact on the community, says James Pedrozo, a Mercer County, Calif., supervisor. "It's not just that property values go down, but also people lose their neighbors and their community," he says.

Source: The Associated Press, Evelyn Nieves (04/03/08)

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Foreclosures and State Response...Come On Florida...What Are You Going to Do???

2008-04-05T05:47:00.000-07:00

Daily Real Estate News April 4, 2008

States Enact Roadblocks to Foreclosure

States are responding aggressively and ahead of the federal government in helping home owners avoid foreclosure.Here's what some states have been doing:

Ohio has contracted with more than 1,000 attorneys to work with borrowers free of charge to block foreclosures.

Illinois is considering a bill that would impose a 60-day moratorium on some foreclosures.

Maryland has enacted emergency legislation to give borrowers at least 150 days to cure defaults, effectively creating a short-term moratorium on foreclosures.

Minnesota is considering requiring lenders to honor a borrower’s request for a 12-month deferment.

Beginning May 1, borrowers in Massachusetts will have 90 days to cure any defaults before their mortgage company can foreclose.

The Mortgage Bankers Association opposes foreclosure moratoriums.Source: The Wall Street Journal, Ruth Simon and Amy Merrick (04/04/08)

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Panama City Beach Florida Real Estate Market Trends

2008-04-03T15:00:00.000-07:00

Panama City and Panama City Beach Florida Market Trends for the week of 4/4/08 are now available.

FLORIDA

Panama City
2008 Resale Housing Trend Report
2007 Resale Housing Trend Report

Panama City Beach
2008 Resale Housing Trend Report
2007 Resale Housing Trend Report

www.Panama-City-Beach-Florida-MLS.com
www.Panama-City-Beach-Florida-Condominiums.com
www.InvestSmarter.com
www.RandBCoastalRealEstate.com

Depreciation Hits High-Priced Homes

2008-04-03T14:48:00.000-07:00

Daily Real Estate News April 3, 2008

Depreciation Hits High-Priced Homes

Zillow Finds Higher-Priced Homes Losing More Value Than Lower-Priced OnesA new report from Zillow.com breaks down the housing markets in 125 Metropolitan Statistical Areas (MSAs) into five equal-size value bands – Bottom, Lower Middle, Middle, Upper Middle and Top –to examine how the challenging market has affected prices in each price category.Nationally, higher valued homes, representing the top 20 percent of the market, have seen values decline more significantly than lower valued homes. Homes in the top quintile declined 7.5 percent from 2006 while bottom quintile homes depreciated least, down 0.7 percent.In some markets, homes in the lowest value band even performed significantly better than those in the middle. Those areas included, Chicago, Detroit, Seattle, Baltimore, Portland, Ore., and Nashville, Tenn.But this trend didn’t hold true in all markets. Higher-priced homes in Boston, San Francisco, Washington, D.C., New York City and Los Angeles held their value better than lower-priced homes in the area.Source: Zillow.com (04/01/2008)

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Lending is taking a turn for the Better

2008-03-29T06:32:00.001-07:00

Daily Real Estate News March 26, 2008

Countrywide's Former CEO Takes New JobThe former president of Countrywide Financial Corp., the nation’s largest mortgage lender, is the new chairman and CEO of a company that plans to acquire and restructure distressed mortgages.Stanford Kurland will head Private National Mortgage Acceptance Co. LLC, also known as PennyMac. The company was established to help borrowers restructure loans in order to avoid foreclosure.“We’ll look to restructure mortgages and as soon as the loans are performing, we’ll look to resell,” Kurland said. “Other properties that may take longer, we’re prepared to hold for five to seven years.”Analysts recognized the irony. "He won't be the first or the last person trying to make money on both sides of a trade," said Frederick Cannon, an analyst at Keefe, Bruyette & Woods Inc., who covers Countrywide.

Source: The Associated Press, Ryan Nakashima (03/24/08)

Now this was a smart move! He knows the affect on one...so let's see what will happen!

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Refinancing Giving Breathing Room To Some

2008-03-29T06:31:00.001-07:00

Daily Real Estate News March 26, 2008

Refinancing Boosts Mortgage Applications

Borrowers hoping to refinance their home mortgages pushed mortgage applications up 50 percent last week, according to the Mortgage Bankers Association’s weekly survey.The index rose 48.1 percent to a seasonally adjusted 965.9 last week compared to the previous week. On an unadjusted basis, the index increased 46.1 percent and was up 41.1 percent compared with the same week a year ago.The refinance index rose 82.2 percent to 4255.2 from 2335.2 the previous week, while the purchase index increased only 10.6 percent. In all, the refinance share of mortgage activity increased to 62 percent of the total.“The Federal Reserve acted last week to bring some stability to the mortgage-backed securities market and we saw an immediate impact with a drop in mortgage rates. "With a drop in the 30-year fixed rate of at least a quarter of a point, we saw a sharp increase in refinance applications, but applications for home purchases also increased over where they have been the last few weeks, although still below where they were this time last year,” said Jay Brinkmann, MBA’s Vice President of Research and Economics.Mortgage rates were down:

30-year fixed-rate mortgages decreased to 5.74 percent from 5.98 percent;
15-year fixed-rate mortgages decreased to 5.23 percent from 5.24 percent;
1-year ARMs increased to 7.02 percent from 6.99 percent.

Source: Mortgage Bankers Association (03/26/2008)

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Market Trend Reports For Panama City and Panama City Beach Florida Area

2008-03-29T06:24:00.000-07:00

The Panama City and Panama City Beach Area real estate markets always seem to be changing, but a steady growth is beginning to be developed. Please feel free to review the sales trends below to find out more about the area and the trends for not only residential detached single family, but condomininums and attached single family property in Panama City and Panama City Beach Florida.

FLORIDA

Panama City
2008 Resale Housing Trend Report
2007 Resale Housing Trend Report

Panama City Beach
2008 Resale Housing Trend Report
2007 Resale Housing Trend Report

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www.RandBCoastalRealEstate.com
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www.Panama-City-Beach-Florida-Condominiums.com
www.Panama-City-Beach-Florida-Commercial-Real-Estate.com

Curb Appeal Sells Homes, Survey Says

2008-03-27T16:42:00.001-07:00

Daily Real Estate News March 27, 2008

Curb Appeal Sells Homes, Survey Says

A survey of almost 500 real estate agents commissioned by JELD-WEN Windows & Doors indicates the increasing importance of curb appeal in selling a home. According to the Real Estate Agent Community Trends survey, 82 percent of practitioners polled said buyers unimpressed with a home's exterior will not want to look inside. The results also found that 90 percent of respondents said a sale depends on first impressions of the front entry, while 91 percent said the home's exterior is just as important as what is inside. Additionally, 75 percent of those surveyed said natural light is important; while the appearance of windows and doors and the presence of energy-efficient products were mentioned by 71 percent and 63 percent, respectively. Universal design features are gaining in popularity as well, according to 65 percent of agents. Source: BuildingOnline (03/18/08)

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Million Dollar Homes at Bargain Prices

2008-03-26T05:09:00.000-07:00

Daily Real Estate News March 25, 2008

Million Dollar Homes at Bargain Prices

Now could be a great time to buy a million dollar home in a nice area at a bargain price.Forbes magazine has identified Rancho Santa Fe, Calif., Marco Island, Fla., Castle Rock, Colo., Annandale, Va., and Bergen County, N.J., as five high-end areas where million dollar foreclosures abound.Traditionally good borrowers with strong credit scores previously purchased a lot of these homes. In many cases, the foreclosure has come about because the homes are now worth significantly less than the inflated prices the owners originally paid. The homes have sunk into negative equity situations and the previous owners don’t want to make the payments, so they walk away, says Wendell Cox, founder of Demographia, a housing research company.But foreclosures are not all bad news for the high-end real estate market. Nelson Gonzalez, a practitioner with Esslinger-Wooten-Maxwell, specializing in Miami Beach, says that the rash of foreclosures in Florida, which has the second-highest foreclosure rate in the country, has driven interest from out-of-town and foreign buyers looking to snag a deal. "They think that every house in Florida is in foreclosure," he says. "The offers we're getting are fairly decent, but the sellers are not coming down yet."Source: Forbes, Matt Woolsey (03/13/08)

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Condos May Flood Overloaded Areas

2008-03-24T19:00:00.001-07:00

Daily Real Estate News March 24, 2008

Condos May Flood Overloaded Areas

Thousands of condos are expected to further flood the market this year as the units on which construction was begun during the housing boom hit the market.Reis Inc., a real estate research firm, says more than 4,000 new units are expected to be up for sale in Atlanta and Phoenix this year; developers in Miami and Fort Lauderdale, Fla., are about to release 10,000 more units; San Diego will add 2,500 units.The deluge is bad news for developers and the lenders that provided the money. Lenders of all sizes have $42 billion tied up in condominiums, according to Foresight Analytics. Between the third and fourth quarters of 2007, delinquency on that debt rose to 10 percent from 5.9 percent.Some buyers who have put down a deposit are expected to walk away as prices drop.Source: The Wall Street Journal, Jennifer S. Forsyth and Jonathan Karp (03/22/2008)

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Market Sales Trends-March 21st-Panama City and Panama City Beach Florida area

2008-03-21T13:34:00.000-07:00

Below are the market trends for the Panama City and Panama City Beach Florida area. The breakouts include single family, multi family and condominiums. Please visist the sites listed below for more information on what is available on the market.

FLORIDA

Panama City2008 Resale Housing Trend Report 2007 Resale Housing Trend Report

Panama City Beach2008 Resale Housing Trend Report 2007 Resale Housing Trend Report

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www.Panama-City-Beach-Florida-Condominiums.com
www.Panama-City-Beach-Florida-Commercial-Real-Estate.com

Tips for Buying at Auction

2008-03-19T14:09:00.000-07:00

Daily Real Estate News March 18, 2008

Tips for Buying at AuctionBen Anderson, a real estate auctioneer and member the National Auctioneers Association, predicts auctions may make up as much as 15 percent to 20 percent of all real estate sales given nationwide foreclosure rates. Traditionally, auctions represent just 8 percent to 10 percent of such sales.Here are his tips for buying at auction:

Conduct due diligence in advance of the auction. Inspect the property. Review any available documentation, such as previous inspections, appraisals, and seller disclosure statements.

Review the title search. The seller's representative usually requests this at the time of the listing.

Arrange for financing. Clarify with the lender the qualifications and the amount available for a loan.

Know the market. Check comparable properties and what they have sold for, and analyze nearby listings.

Review the terms and conditions of the auction. Before auction day get a copy of the purchase agreement and the auctioneer's terms and conditions. Read and understand them.Source:
Denver Post, Christian Toto (03/16/08

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www.30a-Florida-MLS.com
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IRA and Real Estate

2008-03-19T13:35:00.000-07:00

Daily Real Estate News March 19, 2008

Seek Property Bargains for Your IRA

Real estate practitioners who are spying good deals these days and who are confident real estate isn’t far from a turnaround might consider investing their Individual Retirement Account funds in property.“A lot of people prefer real estate. That's where they've been successful and that's what they're comfortable with,” says Bill Humphrey, principal of Entrust New Direction, based in suburban Denver. The office is a member of The Entrust Group, a national firm that serves as an administrator in nontraditional IRA investing.Compared to buying stocks or mutual funds, investing a retirement account in real estate is complex and riddled with IRS regulations. Working with a knowledgeable self-directed IRA administrator is important.Places to turn for more information include:

How to Invest in Real Estate With Your IRA and 401(k) & Pay Little or No Taxes, by Hubert Bromma. McGraw Hill, 2007.
IRS Publication 590: Individual Retirement Arrangements
The Entrust Group's real estate website: Enturst GroupSource: Denver Post, Tom LaRocque (03/09/08)

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Fed Slashes Rates Again

2008-03-17T09:26:00.000-07:00

Daily Real Estate News March 17, 2008

Fed Slashes Rates

In an effort to boost market liquidity, the Federal Reserve lowered the discount rate to 3.25 percent from 3.5 percent and launched a new lending program through which money will be moved from securities dealers to the securitization markets. The effort — the latest attempt to stabilize prices of bonds backed by residential loans as delinquencies continue to escalate and home prices tumble — will provide financing for JPMorgan Chase & Co.'s acquisition of Bear Stearns Cos. for approximately $270 million, or about $2 per share. Meanwhile, the central bank could reduce the interest rate affecting consumers and businesses to 2 percent at its March 18 meeting, marking a decline of a full percentage point. Source: Dallas Morning News (03/17/08)

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Panama City and Panama City Beach Florida Trends-March 14th

2008-03-14T07:22:00.000-07:00

FLORIDA

Panama City
2008 Resale Housing Trend Report 2007 Resale Housing Trend Report

Panama City Beach
2008 Resale Housing Trend Report 2007 Resale Housing Trend Report

For more information on available properties in these areas please feel free to visit the following:
www.InvestSmater.com

www.RandBCoastalRealEstate.com

For more information and available properties in Panama City and Panama City Beach Florida please visit the following:

www.Panama-City-Beach-Florida-MLS.com

www.Panama-City-Beach-Florida-Condominiums.com

www.Panama-City-Beach-Florida-Commercial-Real-Estate.com

Foreclosures Dip But Remain High

2008-03-14T06:34:00.000-07:00

Foreclosures Dip But Remain High

Foreclosures in February were down 4 percent from January, but the rate of foreclosures remain high year-over-year. The February rate was up 57 percent from February 2007. “The year-over-year increase this February was significantly higher than the 19 percent year-over-year increase in February 2007, indicating we have still not reached the peak of foreclosure activity in this cycle," says James J. Saccacio, CEO of RealtyTrac, which markets foreclosed properties.The 10 states with the highest foreclosure rates were, in order, Nevada, California, Florida, Arizona, Colorado, Michigan, Ohio, Georgia, Indiana, and Tennessee.The 10 states with the most foreclosures were, in order, California, Florida, Texas, Michigan, Ohio, Arizona, Illinois, Georgia, Colorado, and Nevada.Source: RealtyTrac (03/13/2008)

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Commercial Fundamentals are Steady

2008-03-12T12:17:00.000-07:00

Daily Real Estate News March 12, 2008

Commercial Fundamentals are SteadyCommercial real estate market fundamentals are fairly stable, although investment is waning following a record year in 2007, according to the latest Commercial Real Estate Outlook of the NATIONAL ASSOCIATION OF REALTORS® .NAR Chief Economist Lawrence Yun says the commercial real estate market is holding essentially even. “We’re seeing no significant changes in vacancy rates or rent growth, so the fundamentals in commercial real estate still seem to be respectable,” he says. “Under normal circumstances, near-full occupancy coupled with positive rent growth would be of strong interest to investors, but we’re not seeing that. The credit crunch has filtered into the commercial real estate market.” Patricia Nooney of St. Louis, chair of the REALTORS® Commercial Alliance Committee, said the investment cycle appears to be turning. “It looks like investors are taking a wait-and-see attitude,” she says. “Even with fairly stable fundamentals and capital available from institutional investors, it appears investor confidence has declined, and some private investors have had problems obtaining financing. Commercial real estate investment set a new record in 2007, but now that we’re in a period of economic uncertainty, transaction volume is likely to decline.” Investment in commercial real estate in 2007 was $427.2 billion, up 39.2 percent from the previous record of $306.8 billion in 2006; that total does not include transactions valued at less than $5 million or investments in the hospitality sector, based on analysis of data from Real Capital Analytics. NAR projects the investment dollar volume this year could drop by 30 to 40 percent, comparable to 2006 levels.The NAR forecast in four major commercial sectors analyzes quarterly data for various tracked metro areas. The sectors are the office, industrial, retail and multifamily markets. Historic metro data were provided by Torto Wheaton Research and Real Capital Analytics.Office MarketThere is a lag factor in the current office market to backfill space by tenants who moved into newly constructed space. At the same time, concerns about the overall economy are causing some tenants to put expansion or relocation plans on hold. These present a challenge to timely and cost-effectively lease space in older office buildings.Since the level of new supply will be greater this year, office vacancies are expected to rise to 13.3 percent in the fourth quarter from 12.5 percent in the last quarter of 2007. Annual rent growth in the office sector is forecast at 3.5 percent in 2008, following an 8.0 percent gain last year.Estimates for the first quarter show areas with the lowest office vacancies include New York City; Honolulu; Long Island, N.Y.; and San Francisco, all with vacancy rates of 9.4 percent or less.Net absorption of office space in 57 markets tracked, which includes the leasing of new space coming on the market as well as space in existing properties, should total 38.5 million square feet in 2008, down from 57.3 million last year.Office building transaction volume in 2007 totaled a record $211.0 billion, compared with $133.5 billion for 2006. Equity funds accounted for 40 percent of office investment last year. Foreign investors purchased a record $17.7 billion in office buildings last year.Industrial Market Industrial activity remains strong in port and distribution hubs, with relative weakness around many manufacturing centers. International trade continues to play a pivotal role in industrial real estate.Vacancy rates in the industrial sector will probably average 9.6 percent in the fourth quarter of 2008, up from 9.4 percent in the same period last year. Annual rent growth is projected at 3.3 percent by the fourth quarter, down from 3.6 percent at the end of 2007. The areas with the lowest industrial vacancies include Los Angeles; San Francisco; Tucson, Ariz.; Salt Lake City; Orange County, Calif.; and Portland, Ore., all with vacancy rates of 6.1 percent or less. Los Angeles is expected to remain a landlord’s market for the next four to five years.Net absorption of industrial space in 58 markets tracked is likely to total 134.7 million square feet in 2008, up from 120.2 million last year. Industrial transaction volume in 2007 was a record $46.0 billion, compared with $38.9 billion in 2006.Retail MarketThe supply of new retail space is finally being held in check, although secondary markets might be growing because new space often follows population growth. As secondary and tertiary market populations continue to grow, it will become necessary to track those markets in addition to monitoring older retail centers.Vacancy rates in the retail sector are expected to decline to 8.8 percent in the fourth quarter from 9.2 percent in the fourth quarter of 2007. Average retail rent is forecast to grow by 1.4 percent in 2008, compared with a 3.2 percent rise in 2006.Retail markets with the lowest vacancies include Orange County, Calif.; San Francisco; San Jose, Calif.; Washington, D.C.; Las Vegas; Honolulu; and Los Angeles, all with vacancy rates of 5.9 percent or less. Net absorption of retail space in 53 tracked markets is forecast at 24.8 million square feet this year, up from 11.1 million in 2007. Retail transaction volume in 2007 totaled a record $71.6 billion, up from $46.9 billion in 2006. REITs accounted for a quarter of retail transaction volume last year.Multifamily MarketThe apartment rental market—multifamily housing—is attracting risk-averse institutional investors. Of the record $98.6 billion spent in this sector last year, 40 percent of acquisitions were from institutional investors such as pension funds and life insurance companies. Private investors were equally active, accounting for another 40 percent of transactions.Many potential first-time home buyers continue to rent, placing downward pressure on vacancy rates and upward pressure on rents. The number of new multilfamily units remains relatively high, due in part to the conversion of condo projects into rental buildings, notably in the Washington, D.C., area and South Florida.Multifamily vacancy rates should average 4.8 percent in the fourth quarter, down from 5.1 percent in the fourth quarter of 2007.

Average rent is seen to rise 5.3 percent in 2008, up from a 3.1 percent increase in 2007.

Multifamily net absorption is estimated at 245,800 units in 59 tracked metro areas in 2008, up from 234,400 last year.The current national vacancy rate is 4.7 percent, below the 5.0 percent level which is considered landlord’s market. The areas with the lowest apartment vacancies include Northern New Jersey, San Jose, Miami, Salt Lake City and San Diego, all with vacancy rates of 2.9 percent or less.— REALTOR® magazine onlineRead additional news about NAR's commercial activities.For more economic news and research reports, visit NAR's Research division at REALTOR.org.

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Lending Standards Will Stay Tight

2008-03-12T12:14:00.000-07:00

Daily Real Estate News March 12, 2008

Lending Standards Will Stay TightThe loan a borrower qualifies for on Monday is likely to be out of reach on Tuesday because lenders are changing the rules hourly, industry observers say. For those who can meet the rapidly changing lending standards, the plan announced Tuesday by the Federal Reserve to loosen credit by providing $200 billion to the financial services sector should make plenty of money available at lower interest rates, says David Wyss, chief economist at Standard & Poor’s.Last year a borrower could get complete financing on a $300,000 home with a mortgage alone or in combination with a home equity loan or line of credit. Today, that same borrower likely needs $60,000 for a down payment, plus a credit score higher than 680."Credit is the gateway right now," says Dan Green, a certified mortgage planning specialist and author of TheMortgageReports.com. "Weak credit is cost prohibitive."Source: The Associated Press (03/11/2008)

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Buy Now, says Foreclosure Expert

2008-03-12T12:13:00.000-07:00

Daily Real Estate News March 12, 2008

Buy Now, says Foreclosure ExpertNow’s the time to pick up properties at fire sale prices, says Ralph R. Roberts, author of Foreclosure Investing for Dummies and Flipping Houses for Dummies."Properties could double in value over the next 10 years. But you have to be willing to go in, buy them, and hang on for the longer term," he advises.Roberts, owner of Ralph Roberts Realty in suburban Detroit, who says he has bought and sold more than 2,000 foreclosed properties in his career, believes profitable investing in foreclosures requires exhaustive records searches in advance.Roberts recommends that buyers of foreclosures create a file that contains a range of property information that will establish what the property is worth and help avoid bureaucratic snafus. Here is his list of must-have information:

A copy of the foreclosure notice, or notice of default;

Title commitment and a 24-month history in the chain of title or the last two recorded documents

Deed with the current homeowners' names.

Last recorded first mortgage, so you know how much the current homeowners owe.

Documentation of all liens against the property, including property tax liens.

Map showing the location of the property.

Exterior home inspection (with photos and videos), plus neighborhood photos.

City worksheet on the property showing all repairs, inspection reports and other information.

MLS data showing how much comparable homes are selling for in the area;
Tax bills.

SEV (standard equalized value) of the property, on which property taxes are based.
Any notes documenting conversations with neighbors.Source: ThinkGlink.com, Ilyce Glink (03/07/2008)

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Why It's Smart to Invest Now

2008-03-12T09:04:00.000-07:00

Now is a great time to buy a home, say the financial gurus at the Wall Street Journal.

The Journal calls it a buyers market and offers these suggestions for first-timers getting their feet wet. While their advice is solid, it’s not revolutionary, but some potential customers might find it reassuring.Remember this is a place to live not a stock market investment, they say. Lenders want buyers to spend no more than 28 percent of their gross monthly income on mortgage payments, real estate taxes, and home insurance. Buyers shouldn’t count on stretching further because lenders won’t approve their loans.

Cash is king. Having enough money in the bank to pay closing costs that are typically an additional 2 percent to 3 percent of the price of the home is necessary.

Location. Location, location. As any good real estate professional knows, homes in good school districts where the crime is low are much more likely to hold or increase their value.

Compare. Besides just looking at the comps, buyers should examine what it would cost to rent a similar house in the same area and they might consider what it would cost to buy land and build a comparable home.

Think long haul. It will probably take at least six or seven years of living in the house to be able to sell and come out ahead.Source: The Wall Street Journal, Shelly Banjo (03/11/08)

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Lease To Own

2008-03-10T10:19:00.001-07:00

Daily Real Estate News March 10, 2008

Lease-to-Own PrimerLease-to-own agreements can help sell a hard-to-sell property during a sluggish housing market.

Here’s how they work:
A seller agrees to rent a property to an interested buyer for a set period of time, usually one to three years. At the end of the lease, the buyer has the option to purchase the home at a preset price.

A portion of the monthly rent paid during the lease is usually counted toward the down payment. To cover that, the seller charges a rent increment or monthly premium of $200 to $300 compared to comparable rentals.

Many owners also charge an option fee for taking the property off the market, usually 1 percent to 2 percent of the sale price. This may be applied toward the purchase.
Sellers have no guarantee that renters will buy at the end of the term, but if they don’t, they keep the option fee and the amount of the rent that would have gone toward the down payment.Source: Orlando Sentinel (03/09/08)

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Even Second Homes Qualify

2008-03-10T09:21:00.001-07:00

Daily Real Estate News March 7, 2008Tax Benefits of Owning a HomeBefore a home owner curses the troubled housing market, he or she should take solace in the U.S. tax code, which makes buying a home a good deal for almost everyone.Here’s why:Mortgage interest deductions, including in some cases mortgage insurance premiums, reduce home owners’ tax liability by reducing income. The deduction includes interest paid on both a first and a second home. Interest on home equity loans is also deductible — whether the borrower uses the money to remodel the kitchen or to take a vacation to Disney World.Profits from selling a house are potentially a huge windfall. When a home owner sells a primary residence, any profit on the sale of the property is tax free up to $250,000 for single home owners and $500,000 for married home owners filing. Any profit above that is nearly always a long-term capital gain taxed at 15 percent — less if the seller’s tax rate is less than 20 percent.Home owners can itemize. That opens up opportunities to deduct a host of other items that wouldn’t be deductible if the taxpayer took the standard deduction.Source: The Boston Globe, Leonard Wiener (03/02/08

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Interest Rates Drop Again

2008-03-10T09:20:00.001-07:00

Daily Real Estate News March 7, 2008Mortgage Rates Drop This WeekFreddie Mac says the 30-year fixed mortgage rate fell to 6.03 percent during the week ended March 6, from 6.24 percent the prior week. Interest on 15-year, fixed-rate mortgages also declined, falling to 5.47 percent from 5.72 percent over the same period. The five-year adjustable mortgage rate dipped to 5.34 percent from 5.43 percent, while the one-year ARM dropped to 4.94 percent from 5.11 percent. Freddie Mac chief economist Frank Nothaft attributes the decrease in mortgage rates to reports of weakness in the job market, manufacturing sector, and consumer confidence. Source: San Diego Union-Tribune (03/07/08)

www.Panama-City-Beach-Florida-MLS.com

Landlords Facing Foreclosure

2008-03-10T08:42:00.000-07:00

HOUSING MARKET
Tenants: Be aware of landlords facing foreclosure
Landlords have always asked potential tenants about their financial situation. But in today's housing market, renters may need to ask if potential landlords are facing foreclosure

BY SCOTT ANDRON
sandron@MiamiHerald.com
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DAVID ADAME / FOR THE HERALD
One night last fall, a process server went to Dan Dixon's house and gave him papers informing him of the foreclosure. Dixon stands in front of the house he continues to rent even though the bank has foreclosed on the owner. He is moving soon.
Audio Attorney Samira Ghazal explains the challenges renters are facing when their landlords undergo foreclosure
What to do before you rent
Rent vs. buy: Decision is personal
Would-be home buyers become renters
While South Florida's falling housing prices may favor renting rather than buying right now, the recent real estate bubble is also creating new risks for tenants.
Plenty of homes and condos are available for lease because their owners can't sell them, giving renters a variety of options. The problem is that many of the owners may not be on steady financial footing.
If they end up in foreclosure, tenants can be kicked out -- despite having a lease.
''That's happening. A lot of people are losing their homes,'' said Samira Ghazal, a Miami consumer lawyer. ``They don't know if the landlord is paying the mortgage or not. Then they end up getting evicted.''
Even if they are not formally evicted, many tenants are forced to move prematurely, resulting in unplanned moving expenses and family disruptions.
Katina Scott is a case in point.
About 10 months ago, she and her five children moved into a new four-bedroom home in the Blue Waters subdivision, near Cutler Ridge in South Miami-Dade County. Scott said the landlady promised her the house would be available for two years.
Then, one night in October, shortly before 11 p.m., a process server came to the house with court papers indicating that the place was in foreclosure.
Scott plans to move soon, but it's a nuisance, especially if the children have to change schools. ''I can't just up and leave like that,'' she said.
A few blocks away, Dan Dixon is in the same situation with a different landlord. Dixon was planning to move soon anyway, but his landlord's foreclosure still has him a bit worried.
''My fear is coming home one day and finding a padlock on my door,'' he said.
Why is this happening?
RELUCTANT LANDLORDS
Many landlords never planned to be landlords. They bought condos and houses, planning to resell them quickly at a profit. Or they needed to move out of the area but can't afford to without making some money on the property. They became landlords reluctantly when condo and house prices started to fall.
Most of these people seem to be paying more in monthly mortgage payments, condo fees and taxes than they can possibly charge in rent. Some have mortgages with low first-year interest rates that rise dramatically later. And as prices fall, some will find themselves owing more than their property is worth.
This all can mean foreclosure for the landlord -- and an unplanned, mid-lease move for the tenant.
FINANCIAL TROUBLE
It's hard to say how many tenants are in this situation.
But what is clear is that tens of thousands of South Florida properties are in serious financial trouble.
In Miami-Dade and Broward counties, more than 70,000 residential property owners failed to pay their 2006 property-tax bills, according to a Miami Herald analysis in November.
Of those, roughly two-thirds were investors, second-home owners, and others with no homestead exemption, the analysis showed. Some of those dwellings are rental properties.
People looking to rent right now may want to ask some questions of their prospective landlord and check county records, available online, to see whether the property is in foreclosure. A little advance research could prevent headaches later.
If you're in a rental that's in foreclosure, bear in mind that your lease probably won't prevent you from being kicked out.
In most cases, foreclosure wipes out the lease, enabling the lender to evict tenants.
The good news: There is usually plenty of notice. At the beginning of the foreclosure, a process server comes to the house, as happened with Scott.
At that point, the tenant can write a legal ''answer'' and send it to the court. That would make you a party to the case, with the right to be kept up to date with developments and attend hearings.
Lawyers say the typical foreclosure can take three months to a year to resolve. The tenant can't stop the foreclosure but might be able to negotiate for more time.
EXTRA EXPENSES
Foreclosures can create expenses for tenants, such as moving costs. If the foreclosure forces you to move before your lease expires, you can demand that the landlord pay your moving expenses. If the landlord refuses, you can sue in small-claims court, said Janet Portman, managing editor of legal self-help publisher Nolo Press and author of several books on landlord-tenant law.
''The landlord promised you the place for a year,'' she said. Foreclosure ``doesn't excuse him for failing to deliver that property.''
It might be hard to get money out of someone who can't pay the mortgage, however, and suing can drain a lot of time and emotional energy. Tenants need to weigh that against the amount of money that might be recovered, said Ghazal, the consumer lawyer. Each case is different.
''Sometimes it's better to lick your wounds and move on,'' Ghazal said.
EYE ON FORECLOSURE
While the chances of recovering money from your landlord may be hard to size up, this much is clear: Tenants should not ignore news that their landlord is in foreclosure.
That could lead to disaster, Ghazal said: ``They end up with their stuff in the middle of the street.''

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Raise the GSE Limit! Please!!!

2008-03-06T17:00:00.000-08:00

Daily Real Estate News March 6, 2008

NAR Urges Increase in National Loan Limits The NATIONAL ASSOCIATION OF REALTORS® today called on the U.S. Senate to enact reform legislation for the nation’s government-sponsored enterprises (GSEs) that will protect the vibrancy, liquidity and stability of the U.S. housing finance system.In testimony before the Senate Committee on Banking, Housing and Urban Affairs, NAR urged the Senate to permanently raise the national GSE conforming loan limits to $625,000 with an additional increase of 125 percent of the local median home-sales price in high-cost areas. “We believe this move will boost the housing market and the economy by bolstering home buyer confidence and bringing families back into the marketplace,” says Vince Malta, chair of NAR’s Public Policy Coordinating Committee and a broker-owner from San Francisco. “That would increase home sales by nearly 350,000, lower inventories, and increase home prices by two to three percent. It would also result in as many as 210,000 fewer foreclosures, and more than 500,000 borrowers would be able to refinance into lower interest rate loans.”NAR reiterated its eagerness for the committee to pursue GSE reform legislation similar to the Federal Housing Finance Reform Act of 2007 passed last year in the House, which, in addition to raising loan limits, would create a strong regulator and sound governance principles, preserve and protect the GSEs vital housing mission, and allow flexibility for new program approval.“Fannie Mae and Freddie Mac provide liquidly and stability in the mortgage market and are vital to the housing sector,” says Malta. “Targeted reform should strengthen and expand their presence in the housing finance system, especially now when we need them the most. The recent problems in the credit markets show just how vital the GSEs’ housing mission is to America’s families and to our nation. We all must work together to sustain and improve the performance and safety of Fannie Mae and Freddie Mac.”

— REALTOR® magazine onlineThe economic stimulus package that President Bush signed into law in February includes increases in loan limits for Fannie Mae, Freddie Mac, and the FHA. To read more of what impact this will have on REALTORS® visit REALTOR.org.

www.InvestSmarter.com
www.Panama-City-Beach-Florida-Condominiums.com
www.Destin-Florida-Condominiums.com

Another Rate Cut?

2008-03-06T16:46:00.000-08:00

Daily Real Estate News March 6, 2008

Another Rate Cut Expected SoonThe Federal Reserve is expected to again cut key interest rates – now at 3 percent – at its next meeting on March 18. Futures market investors are betting the cut will be at least a half-percentage point. Some have predicted a three-quarter-percentage point cut, but most analysts believe the Fed doesn’t view the situation as dire enough for that and the Fed has said it fears fueling inflation.The Fed's quarterly Beige Book report, released this week, said housing markets in just about every area of the country were weak, and were characterized by low demand, high inventories, and falling prices. It also found consumers and businesses are growing more cautious.

www.Panama-City-Beach-Florida-MLS.com for your Panama City and Panama City Beach Needs

www.Destin-Florida-MLS.com for your Destin Florida and surrounding area needs

Home Sellers Seek Conversions

2008-03-06T06:49:00.000-08:00

Home sellers seeking conversions

More Sarasota property owners want to turn their houses into office space
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By Zac Anderson

Published Thursday, March 6, 2008 at 4:30 a.m.

The house next door could soon become your local doctor's office, as homeowners in high-traffic areas, stung by the housing boom and subsequent slump, look for alternative property uses.
Sarasota County is experiencing an upswing in applications to rezone residential property into office space, with 19 conversions planned in Englewood, Venice and Sarasota.

Three of the six rezoning petitions before the Sarasota County Planning Commission today seek to convert homes into offices.

In most cases, the primary factor driving conversions is the region's explosive growth over the past decade, which has eroded the residential character of some roads, said Crystal Allred, manager of current planning for the county.

The housing downturn may also be playing a role, as property owners unable to sell their homes as residences seek other options.

Some homeowners worry that the trend could add more traffic, bring vagrants and otherwise hurt the character of their neighborhoods. Proponents argue that offices increase property values in blighted residential areas and serve as a quiet, daytime property use.

Sarasota land planner Brian Lichterman negotiated an agreement recently in which the property owners arranged with neighbors to provide increased security around offices planned for two homes on Beneva Road.

"We're trying to make this work for everyone," Lichterman said.

The changing land use patterns and neighborhood tensions are nothing new, Allred said.
High-traffic areas such as along Bee Ridge Road and University Parkway switched to commercial from residential years ago. But more roads have been expanded to accommodate recent growth.
Lichterman said his clients have trouble renting out their homes on four-lane Beneva.

"Nobody wants to live on a busy arterial road," he said. "And we consider office space a step-down land use between commercial and residential."

Sarasota land planner Peter Dailey has a client with two homes on Laurel Road that are not selling. The homes, next to a 7-Eleven on the busy four-lane street, are ripe for office conversion, Dailey said.

"These people are trying to find a good use for their properties, and offices make sense in that area," Dailey said.

As these areas grow, changes in land use are inevitable, Lichterman argues. The decline in the housing market is just speeding the process along.

"With residential development waning, people are turning their attention to things like office space," he said.

Allred said her job is to balance the integrity of residential neighborhoods with changes that are occurring.

"It's a real tough call," she said. "In some areas residential stays workable, and in some areas it doesn't. We have to look at a lot of factors."

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www.RandBCoastalRealEstate.com

Florida Gulf Front Deals are Easier to Find

2008-03-05T18:33:00.000-08:00

Daily Real Estate News March 5, 2008

Beachfront Bargains are EmergingIf you’re looking for a beach house, now could be the time to buy, says Fortune magazine reporter Jon Birger.Three years ago, Birger went in search of affordable beachfront property and was largely unsuccessful. This year, he says, beachfront property selling for less than $500,000 is more readily available, especially in Florida.In places like Cape Code and Hamptons that are enclaves for the fabulously wealthy, prices haven’t declined much, real estate practitioners told him. "It's a totally different mentality," Diane Saatchi, senior vice president at the Corcoran Group, says of her East Hamptons clientele. "The value of their real estate is just so insignificant compared with their overall wealth."But Florida is a different story. Prices have fallen 25 percent to 30 percent on the state’s Panhandle with beachfront condominiums widely available for about $400,000, says Kerry McNulty, a practitioners in Destin.Source: Fortune, Jon Birger (03/17/2008)

Hot Deals on Destin Condominiums can be found at http://www.destin-florida-condominiums.info/hot-destin-florida-condominium-deals/

Hot Deals on Panama City Beach Condominiums can be found at http://www.panama-city-beach-florida-condominiums.com/hot-panama-city-beach-florida-condo-deals/

Shores of Panama Files Bankruptcy

2008-03-04T07:05:00.000-08:00

In an effort to continue operations after over 100 purchasers initiated the process to get out of their contracts, the Shores of Panama has filed for protection under Chapter 11 Bankruptcy.
The Shores of Panama consists of 709 condos in a 22 story building on Front Beach Road. When they were marketing and selling this project, huge emphasis was placed on the expansive resort-style amenity area. Situated right across from Laketown Wharf, the Shores of Panama is a beach-front U-shaped building.

Florida statue requires that condo developers stipulate in their purchase and sale contract that the building must be completed and ready to close within 24 months of the buyer signing the contract. If the buyer is unable to close within that time due to default on the part of the developer, the developer must offer reasonable compensation to the buyer and or allow the buyer to be released from the agreement. Much of the Shores of Panama resort was not ready to close within 24 months, therefore giving many buyers an out on their contract.

Charles Breland, the developer, is currently in arbitrary talks with the prime contractor, CJ Jordan Residential LLP of El Paso, TX for allegedly failing to perform in the agreed time-frame. Breland has accused CJ Jordan for the one year delay in construction.
As reported by the News Herald 550 condos closed with the developer reserving around 150 for future sales.

All information as reported by the News Herald.

For more information on Shores of Panama located in Panama City Beach Florida please see the following link:
http://www.panama-city-beach-florida-condominiums.com/shores-of-panama/

For other condominiums:
http://www.panama-city-beach-florida-condominiums.com/condominium-review/

For condominiums in Destin:
http://www.destin-florida-condominiums.info/destin-condo-review/

For condiminiums along 30A:
http://www.30a-florida-mls.com/

Market Trends for Panama City and Panama City Beach Florida

2008-03-01T10:48:00.000-08:00

FLORIDA

Panama City
2008 Resale Housing Trend Report
2007 Resale Housing Trend Report

Panama City Beach
2008 Resale Housing Trend Report
2007 Resale Housing Trend Report

For more information on properties located throughout our Emerald Coast please use the following website to assist in your search:

www.RandBCoastalRealEstate.com
www.InvestSmarter.com

For a more specific look at Panama City Florida, Panama City Beach Florida, Lynn Haven Florida, Bay Point Florida, Callaway Florida, Springfield Florida, Tyndall Air Force and other properties located in Bay County please use the following sites to narrow your search to Residential Homes, Condominiums, and Commercial Real Estate in Panama City Florida and Panama City Beach Florida

www.Panama-City-Beach-Florida-MLS.com

www.Panama-City-Beach-Florida-Condominiums.com

www.Panama-City-Beach-Florida-Commercial-Real-Estate.com

We have developed a few Panama City Beach Florida and Panama City Florida Related Real Estate Websites along with sites for Destin Florida and the Niceville area. We would appreciate any feedback on these sites. Thanks and have a great day!!!

Prices Are Down, But will time tell a different story?

2008-03-01T10:40:00.001-08:00

Daily Real Estate News February 28, 2008

Too Much Recession Talk, Big Builder Says“Ceaseless talk” about recession is driving the housing market into a hole, says Robert Toll, chairman and CEO of luxury home builder Toll Brothers Inc.“For home buyers, we believe this drumbeat, coupled with concerns over mortgages, the direction of home prices, and foreclosures, has kept pent-up demand on the sidelines," Toll complained in a statement.Toll noted "glimmers of hope" in a few markets, including Naples, Fla., and the Washington, D.C., suburbs. The company also reported a decline in cancellations so far this year. It had 257 cancellations so far during the current quarter, down from 436 a year ago and 417 in the fourth quarter of fiscal 2007. But signed contracts dropped 37 percent from a year earlier to 647.The average price of a home sold in the latest quarter amounted to $634,000, down from $646,000 in the fourth quarter and $730,000 in the year-ago period. Toll blamed the decline on a shift in the product mix and more incentives.Source: Dow Jones Business News, John Spence (02/27/2008)

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www.RandBCoastalRealEstate.com

Citizens, New Firms Ready to Pick Up State Farm Slack

2008-02-26T08:02:00.000-08:00

Florida insurance regulators take solace on two fronts: State Farm wasn't writing that much new homeowners business anyway, and since January 2006, the state has licensed 22 new insurance companies to write policies. The most recent data available shows that as of Oct. 1, 2007, the new companies represent 8% of the homeowners market, or about 325,000 policies. But four of the new companies are scheduled to remove about 250,000 policies from state-backed Citizens Property Insurance this year, bringing the total policies for the new companies to about a half-million by the end of the year.

For more information on properties located throughout our Emerald Coast please use the following website to assist in your search:

www.RandBCoastalRealEstate.com
www.InvestSmarter.com

For a more specific look at Panama City Florida, Panama City Beach Florida, Lynn Haven Florida, Bay Point Florida, Callaway Florida, Springfield Florida, Tyndall Air Force and other properties located in Bay County please use the following sites to narrow your search to Residential Homes, Condominiums, and Commercial Real Estate in Panama City Florida and Panama City Beach Florida

www.Panama-City-Beach-Florida-MLS.com

www.Panama-City-Beach-Florida-Condominiums.com

www.Panama-City-Beach-Florida-Commercial-Real-Estate.com

For a more specific look at Destin Florida, Fort Walton Beach Florida, Crestview Florida, Niceville Florida, Defuniak Springs Florida, Eglin Airforce Base, and the beautiful coast through 30A please use the following sites to narrow your search to Residential Homes, Condominiums, and Commercial Real Estate in Destin and Niceville Florida

www.30a-Florida-MLS.com

www.Destin-Florida-MLS.com

www.Destin-Florida-Condominiums.info

www.Destin-Florida-Commercial-Real-Estate.com

We have developed a few Panama City Beach Florida and Panama City Florida Related Real Estate Websites along with sites for Destin Florida and the Niceville area. We would appreciate any feedback on these sites. Thanks and have a great day!!!

Market Trend Reports-Lynn Haven, Panama City Beach and Panama City Florida

2008-02-20T16:59:00.001-08:00

The following are the market trend reports for Panama City, Panama City Beach, Callaway, Springfield, and Lynn Haven Florida. Including Bay Point, Wild Heron, and other high end neighborhoods.

http://www.narreia.com/market/Reports2008/Panama_City_Resale_Trends_2008.pdf

http://www.narreia.com/market/Reports2008/Panama_Beach_Resale_Trends_2008.pdf

For More information on Property listed for sale in these areas please see below:

www.InvestSmarter.com
www.Panama-City-Beach-Florida-MLS.com
www.Panama-City-Beach-Florida-Condominiums.com
www.Panama-City-Beach-Florida-Commercial-Real-Estate.com
www.RandBCoastalRealEstate.com

Panama City Remains in the Top of State Sales

2008-02-19T06:11:00.001-08:00

Panama City shows 3rd Best in Existing Home Sales, 4th Best in Existing Condo Sales Statewide
Florida Association of REALTORS® (FAR) releases 2007 4th Quarter home/condo resales data

Panama City, Florida, February 18, 2008
Panama City Real Estate Market continues to place well statewide

Florida Association of REALTORS® (FAR) has released sales data for Q4 2007 existing condos and homes, and Panama City continues to stay among those least-affected by the current real estate market conditions.

Statewide, sales of existing condos declined 27 percent (7,923 units closed for Q4 2007 compared to 10,820 for Q4 2006). In contrast Panama City showed a decrease of only 10 percent (81 existing condo units closed in Q4 2007 compared to 90 closings in Q4 2006) for the fourth best showing in the state, tied with Ft. Pierce-Port St. Lucie and surpassed only by Fort Walton, Sarasota and Marco Island.

In sales of existing single-family homes, Q4 2007 shows a statewide decline of 31 percent (26,130 units closed in Q4 2007 compared to 37,879 in Q4 2006) while Panama City shows a net decrease of only 15 percent (269 units closed in Q4 2007 versus 315 units closed in Q4 2006). This places Panama City in third best position statewide, only to Fort Walton Beach and Sarasota.

Existing single-family home and condominium prices in Panama City continue to see a market correction, with existing homes seeing a 4% reduction in Q4 2007 versus Q4 2006 and existing condos seeing a 17% reduction for the same period. Statewide sales figures continue to show that those areas embracing efforts to educate sellers about realistic expectations, while pointing toward a ‘buyers market’, remain least-affected by the current real estate market conditions.

For more information in investing in this area of Northwest Florida please visit www.InvestSmarter.com.

Market Trends Panama City Beach Florida and Surrouding Areas

2008-02-15T07:36:00.000-08:00

The following links provide the most current market trends in the Bay County-Panama City and Panama City Beach Florida Surrounding Areas:

Panama City Florida Real Estate Trends
http://www.narreia.com/market/Reports2008/Panama_City_Resale_Trends_2008.pdf

Panama City Beach Florida Real Estate Trends
http://www.narreia.com/market/Reports2008/Panama_Beach_Resale_Trends_2008.pdf

For Property search functions in these areas please see the following:
http://www.randbcoastalrealestate.com/panama-city/
http://www.randbcoastalrealestate.com/panama-city-beach/

Or for more specific searching
www.Panama-City-Beach-Florida-MLS.com
www.Panama-City-Beach-Florida-Condominiums.com

And for more information about general real estate investments visit www.InvestSmarter.com

1031 From Realty Times

2008-02-15T07:21:00.000-08:00

How I Handle My Vacation Home So That I Can Do A 1031 Exchange
by Gary Gorman

After a recent Tax Court ruling that disallowed one taxpayer's 1031 exchange of his vacation (or "second") home, I've seen articles on this topic that range from "this was a bad ruling, so ignore it," to "the sky is falling and you can no longer 1031 vacation homes under any circumstance."

So can you exchange a vacation home? For those of you who are not familiar with this controversy, let me summarize the issue: Section 1031 allows the deferral of the gain from one investment property into another. Properties held strictly for personal enjoyment do not qualify. The question is, "Are vacation homes held for investment, or for personal enjoyment?” The Tax Court ruling clarified that vacation homes held strictly for personal enjoyment do not qualify. The trick then is to differentiate your property from purely personal enjoyment, and cast it, or document it, as investment property.
Here is what I'm doing on a vacation home I own: Since my property is in a complex where property management is not available, I use an on-line leasing service which has proven to be an effective way for me to manage the leasing of this property from a distance because it showcases my property very well -- so my site gets lots of hits.
I keep a copy of the inquiries, and my responses, in a separate email folder as a part of my Outlook file. This proves that I've sincerely tried to rent the property. I also keep a calendar of the dates that I use the property, and whether I used the property for enjoyment or for maintenance. I have a cleaning service that I use to clean the unit between renters, but periodically we like to go in and do deep cleaning ourselves. Also, I have a number of great clients in that city, and occasionally I'm there for meetings or to give a speech or a class, and I stay in the unit on those occasions.
My calendar, therefore, reflects the dates that I used the property and whether I used it for enjoyment, maintenance or business. I try to keep the enjoyment days to less than 14 days a year, and I make sure the maintenance days are reasonable because the IRS will allow you 14 personal enjoyment days, as well as a reasonable number of maintenance days a year. In my case I typically use the property for 10 to 14 personal days, two to four maintenance days, and 7 to 14 business days a year. The rest of the time it's either rented, or available for rent.
At the end of the year I file Schedule E for this property with my tax return. Schedule E is the form that reports income and expenses (including interest & taxes) from rental property. Don't deduct the interest and taxes for your vacation property on Schedule A of your tax return. Schedule A is the form you file to report personal deductions associated with your personal residence. The IRS is very formal about these things, and they assume that if the property were truly an investment property you would have filed Schedule E.
Make sure too that you are depreciating your property. Depreciation is required for rental property, but not allowed for personal enjoyment property. It's another one of those things that impacts how the IRS views the property.
I recommend that you have a separate bank account for your rental property -- actually I would prefer a separate account for each rental property. You don't want to run the income and expenses for your rental property through your personal check book.
If you want to exchange your property when you sell it, assume that you'll get audited, so do things correctly from the beginning. The difference between being able to do an exchange and deferring the tax, or having to pay tax on the sale of your vacation home depends upon your willingness to follow the steps I've laid out above.

Published: February 4, 2008

Use of this article without permission is a violation of federal copyright laws.

www.InvestSmarter.com

New Buyers on The Fence?

2008-02-14T09:40:00.000-08:00

This article was published on: 02/01/2008

Good investments 5 Things to Tell Buyers on the Fence If you have indecisive buyers, give them these reasons why they should put their money in a home instead of the stock market. BY BLANCHE EVANSIt's high time we told buyers (and sellers, for that matter) the truth about whether a home is a good investment.Despite what Wall Street wants you to believe, owning a home isn't the same kind of investment as stocks or bonds. What you get is a USE asset that depreciates over time while it grows in market value. All you have to do is keep the home in good repair to maximize your investment.Here are five reasons why you get more for your money with a house than the stock market:1. Leverage. With stocks, you put in all your money for a little piece of a company. With a house, you put in a little money to get the entire house.2. Tax benefits. Uncle Sam knows that owning a home is a pain in the neck; that's why you get tax incentives. These are basically government bribes to get you to buy. Think about it, with what other investment can you put in 5 percent of the cost of the asset, reap all the appreciation, and pay no capital gains? That's right: live in your home for at least two years, and you don’t have to pay capital gains tax on up to $250,000 in appreciation if you’re single and a combined $500,000 if you’re a married couple.And that's not all — consider the benefits of fixed-rate mortgages, property tax write-offs, interest rate deductions, and depreciation. Is this a great country or what?3. Control. When you buy stocks, you're paying some CEO 500 times the average worker's salary for company performance that most other workers would lose their job over. With a home, you have control — what you buy, how much you pay, and where you live. You can improve the value with repairs and updates. Try comparing that to getting heard at the next shareholders' meeting!4. Lifestyle. Do you want to look at a concrete jungle or your children playing in your own back yard? With a home, you're purchasing a vantage point for yourself and your family. The neighborhood you want to be in, and the size and style of a home that fits your needs.5. Value. Unlike some stocks, your house will seldom become worthless. Barring a catastrophe, your home will retain a major portion of its value, even in the worst of times. So don't freak out about slight fluctuations in the value of your home in any given year. You'll make it up. Housing has lost value only one year out of the last 35. It's more normal to beat inflation by 1 percent to 2 percent.Take Stock in ThisSo let's add a little perspective here. You lost a greater percentage on the stock market this past year than if you owned a house. You lost more on your SUV. And you sure lost more on your iPhone.And keep this in mind: When it rains, which would you rather have over your head — a roof or a stock certificate?(c) Copyright 2008 Realty Times. Reprinted with permission.

www.InvestSmarter.com for more information on home buying tips in Panama City Beach, Panama City, and Destin Florida

Tightened Standards on Mortgages

2008-02-14T09:01:00.001-08:00

Mortgage Insurer Tightens Standards

Beginning next month, MGIC Investment Corp., the country’s largest mortgage insurer, will reduce its exposure in weak housing markets by requiring at least 5 percent down on homes in what it calls restricted markets.These markets include the entire states of Arizona, California, Florida, and Nevada, as well as the metropolitan areas of Washington, D.C., Detroit, Chicago, Boston, and Atlanta. Home owners hoping to insure condos will have to put down 10 percent.The company also will refuse to insure mortgages with little or no documentation, nor will it insure investment property loans in restricted areas. Home owners in the restricted markets who put down 10 percent will have to have FICO scores of at least 620 out of a possible 850. If they put down less, their scores will have to be at least 680.Home owners typically must get mortgage insurance when they put down less than 20 percent of their home’s value.MGIC expects the new requirements to result in the issuance of fewer new policies, according to its filing with the Securities and Exchange Commission.Competitor PMI Group Inc. also announced in a filing that it would stop covering home loans with loan-to-value ratios of more than 97 percent.Source: The Associated Press, Emily Fredrix (02/11/08)

For more updates on available solutions visit www.InvestSmarter.com today!

2008-02-08T18:03:00.001-08:00

Daily Real Estate News February 8, 2008

Housing Inventory Seen Stabilizing

Housing inventory in most major metropolitan markets rose only slightly in January, a month when post-holiday for-sale signs usually sprout.Total listings of homes in 29 major markets were up only 1.1 percent compared to December, according to figures compiled by ZipRealty Inc., a real estate firm based in California.There are still plenty of homes on the market. Inventory was up 20 percent from January 2007 in 18 metro areas for which Zip has comparable year-earlier data.Housing inventory usually rises about 5 percent compared with December, says housing economist Thomas Lawler. This year, people appear to be holding off because “conditions are so lousy,” Lawler says.Source: The Wall Street Journal, James R. Hagerty (02/08/2008)

For more information on properties located throughout our Emerald Coast please use the following website to assist in your search:

www.RandBCoastalRealEstate.com

For a more specific look at Panama City Florida, Panama City Beach Florida, Lynn Haven Florida, Bay Point Florida, Callaway Florida, Springfield Florida, Tyndall Air Force and other properties located in Bay County please use the following sites to narrow your search to Residential Homes, Condominiums, and Commercial Real Estate in Panama City Florida and Panama City Beach Florida

www.Panama-City-Beach-Florida-MLS.com

www.Panama-City-Beach-Florida-Condominiums.com

www.Panama-City-Beach-Florida-Commercial-Real-Estate.com

For a more specific look at Destin Florida, Fort Walton Beach Florida, Crestview Florida, Niceville Florida, Defuniak Springs Florida, Eglin Airforce Base, and the beautiful coast through 30A please use the following sites to narrow your search to Residential Homes, Condominiums, and Commercial Real Estate in Destin and Niceville Florida

www.30a-Florida-MLS.com

www.Destin-Florida-MLS.com

www.Destin-Florida-Condominiums.info

www.Destin-Florida-Commercial-Real-Estate.com

We have developed a few Panama City Beach Florida and Panama City Florida Related Real Estate Websites along with sites for Destin Florida and the Niceville area. We would appreciate any feedback on these sites. Thanks and have a great day!!!

Panama City Airport Update

2008-02-06T08:38:00.000-08:00

The Panama City - Bay County International Airport and Industrial District (Airport Authority) announced today that the United States Second Circuit Court of Appeals (Court) has vacated its stay that limited construction for the relocation of the Panama City - Bay County International Airport on property donated by The St. Joe Company (NYSE: JOE).

“We are grateful to the Court for its time, attention and judgment,” said Airport Authority Vice Chairman Bill Cramer, who attended the hearing in New York City. “We will now move forward with all due speed to complete this project and deliver its aviation, economic and evnironmental benefits to Bay County and Northwest Florida.”

The order from the Court noted that the four criteria are relevant in considering a stay: “. . .the likelihood of success on the merits, irreparable harm if a stay is denied, substantial injury to the party opposing the stay if one is issued and the public interest.”

The order concluded, “. . .having reviewed the briefing on appeal and the administrative record before the agency, and having heard oral arguments on the merits on January 23, 2008, we now conclude that these factors balance in favor of the respondents (The FAA and the Airport Authority).”

“We appreciate the fact that the Court expedited this final hearing,” Cramer said.
The New York City-based National Resources Defense Council (NRDC), Defenders of Wildlife and Friends of PFN (a small group of Bay County, Florida, recreational pilots) initiated the petition for review.

For more information on properties located throughout our Emerald Coast please use the following website to assist in your search:

www.RandBCoastalRealEstate.com

For a more specific look at Panama City Florida, Panama City Beach Florida, Lynn Haven Florida, Bay Point Florida, Callaway Florida, Springfield Florida, Tyndall Air Force and other properties located in Bay County please use the following sites to narrow your search to Residential Homes, Condominiums, and Commercial Real Estate in Panama City Florida and Panama City Beach Florida

www.Panama-City-Beach-Florida-MLS.com

www.Panama-City-Beach-Florida-Condominiums.com

www.Panama-City-Beach-Florida-Commercial-Real-Estate.com

For a more specific look at Destin Florida, Fort Walton Beach Florida, Crestview Florida, Niceville Florida, Defuniak Springs Florida, Eglin Airforce Base, and the beautiful coast through 30A please use the following sites to narrow your search to Residential Homes, Condominiums, and Commercial Real Estate in Destin and Niceville Florida

www.30a-Florida-MLS.com

www.Destin-Florida-MLS.com

www.Destin-Florida-Condominiums.info

www.Destin-Florida-Commercial-Real-Estate.com

Florida Trend Panama City Beach Florida Airport Update

2008-02-04T14:40:00.000-08:00

Airport Growing Pains
Northwest Florida's attempt to build a new airport is not out of the woods yet. A court ordered limited construction.

In November, proponents of the new Panama City-Bay County International Airport were flying high. After more than a decade of wrangling, officials broke ground on what will be a state-of-the-art airport 20 miles northwest of the city on land donated by St. Joe Co. Less than a month after the ceremony, a New York court ordered construction to stop then reversed itself, allowing limited construction.

The controversy is par for the course for the northwest Florida airport, which has been under discussion since the late 1980s and in the formal planning process since 2000. While opponents cry that the airport, on raw land near State Road 79 and County Road 388, will cause significant environmental damage, business leaders say it is critical to northwest Florida’s real estate, tourism and defense-related industries. “It’s the centerpiece of our economic development plan. It’s the centerpiece of our land-use plan,” says Ted Clem, executive director of the Bay County Economic Development Alliance.

Panama City’s current airport, only three miles from downtown, is hemmed in on three sides by residential development and by water on the fourth side. Joe Tannehill, chairman of the Panama City-Bay County Airport Authority, says that the main landing strip does not meet FAA guidelines for length. Environmentalists opposed extending the runway into Goose Bayou in the late 1980s, which led to the idea for a new airport.

The number of flights has dropped off dramatically at the current airport, says Tannehill, and the current facility, which handles about 350,000 passengers a year, is losing 15,000 passengers every month. The airport is one of the most expensive in the state to fly into and out of, serving only Atlanta, Memphis, Orlando and Cincinnati with direct flights. Clem says a priority for the new airport is a direct flight to Washington, D.C., a route that would help the area’s military-related businesses. Along with D.C., New York and Chicago are also high on the list.

The new airport will have an 8,400-foot runway (compared to 6,304 at the current airport), which is permitted for up to 12,000 feet, and a 5,000-foot crosswind runway. There’s also room for a second 8,400-foot runway if needed. Tannehill expects the cost to come in at $312 million to $313 million — less than the $331 million originally slated. The state will pay about $110 million and the FAA $90 million. Much of the rest will come from financing related to the sale of the current airport.

‘Joe’ knows

No one needs the new airport more — or has pushed for it harder — than Jacksonville-based St. Joe Co., Florida’s largest private landowner with 800,000 acres, primarily in northwest Florida. In the 1990s, the company embarked on developing more than a dozen residential and resort communities, including WaterColor and WaterSound in Walton County, SouthWood in Leon County and SummerCamp in Franklin County. To help spur development of a new airport, the company donated 4,000 acres of its 75,000-acre West Bay property and, with the support of the National Audubon Society, set aside 40,000 acres for a preservation area. St. Joe wants to develop the property around the new airport with commercial and residential development. Phase one is slated to include 4.4 million square feet of industrial, commercial and retail space, 5,842 residential units, 490 hotel rooms and two marinas.

“With a link to Panama City’s deepwater port, we believe this airport has significant unique competitive advantages and ‘Joe’ is positioned to work with dynamic third-party developers and end users to be operational when the new airport opens,” said St. Joe Chairman and CEO Peter S. Rummell in a statement announcing the airport groundbreaking.

A key for St. Joe is getting the “third-party developers and end users” interested in the property, which necessitates the upgraded airport. St. Joe’s fortunes have fallen dramatically since residential real estate sales began declining in late 2005. For the quarter ended Sept. 30, the company posted a loss of $6.8 million and in early October announced a massive restructuring that includes an increased focus on strategic business partners.

Economic development leaders are counting on St. Joe’s West Bay development to help more than St. Joe. “I think it’s important as far as the region being part of the global economy,” says Port Panama City Executive Director Wayne Stubbs. Bay County economic development authority’s Clem has a more immediate interest. “It’s the ability to create jobs,” he says, citing the 3,000-acre commercial and industrial center adjacent to the airport that is part of St. Joe’s first phase. He sees the airport and the surrounding area as a key economic driver. Says Clem, “It’s a once-in-a-generation opportunity for Bay County citizens.”

For more information on available properties in and around Panama City, Panama City Beach, Destin Flordia, please see below.

www.panama-city-beach-florida-mls.com

www.panama-city-beach-florida-condominiums.com

www.panama-city-beach-florida-commercial-real-estate.com

www.RandBCoastalRealEstate.com

www.30a-florida-mls.com

www.destin-florida-mls.com

www.destin-florida-condominiums.info

www.destin-florida-commercial-real-estate.com

Panama City Beach Florida Condominium Sales up 15%

2008-01-04T16:25:00.000-08:00

Panama City Up 15% in Existing Condo Sales Statewide

Florida Association of REALTORS® (FAR) releases November 2007 home/condo resales data
Panama City, Florida, January 3, 2008

Panama City Real Estate Market continues to show positive trend Florida Association of REALTORS® (FAR) this week released sales data for November 2007 existing condos and homes, and Panama City continues to stays ahead of the statewide curve.

Statewide, sales of existing condos declined 29 percent (2,375 units closed for November 2007 compared to 3,356 for November 2006). In contrast Panama City shows a net increase of 15 percent (31 existing condo units closed in November 2007 compared to 27 closings in November 2006) for the second best showing in the state, only to Fort Pierce-Port St. Lucie. Panama City is followed by Daytona Beach with a 6 percent increase, with all other areas of the state posting negative percentage numbers.

In sales of existing single-family homes, November 2007 shows a statewide decline of 30 percent (8,106 units closed in November 2007 compared to 11,609 in November 2006) while Panama City shows a net decrease of 21 percent (85 units closed in November 2007 versus 107 units closed in November 2006). This places Panama City in fifth best position statewide only to Fort Walton Beach, West Palm Beach, Sarasota, Melbourne and Daytona Beach.

Existing single-family home and condominium prices in Panama City continue to see a market correction, with existing homes seeing a 9% reduction in November 2007 versus November 2006 and existing condos seeing a 12% reduction for the same period. Efforts continue on the part of REALTORS® to educate sellers about realistic expectations while buyers continue to recognize the potential for long-term sustainable growth in Panama City and Northwest Florida.
See more of the available Homes online at www.panama-city-beach-florida-mls.com and the condos available at www.panama-city-beach-florida-condominiums.com and of course sign up for more information about what's happening in the Panama City and Panama City Beach Florida Real Estate markets at www.RandBCoastalRealEstate.com.

Hot Panama City Beach Condominiums Posted

2007-12-22T07:40:00.000-08:00

We hope everyone is having a wonderful weekend and getting ready for the Holiday Season! Based on feedback we have added a new section to www.panama-city-beach-florida-condominiums.com showing Hot Hot Hot condominiums in Panama City Beach Florida. This section can be found at http://www.panama-city-beach-florida-condominiums.com/hot-panama-city-beach-florida-condo-deals/ Now this section is dedicated to Gulf Front Condominiums located in Panama City Beach and more importantly are priced below $350 per sq ft. Now keep in mind we use this $350 as a baseline to get us inline with customers who bought at the appropriate time. With any unit you find interesting we will do a full market research packet to find out the true value to purchase this condominium for. These are also all condominiums built after 2005.

Also we launched a similar site for our Destin Clients. You can see more information on the Destin Hot Deals for Condominiums at http://www.destin-florida-condominiums.info/hot-destin-florida-condominium-deals/ of course you can always search by the Condominium Development on all the sites and the www.destin-florida-mls.com and www.panama-city-beach-florida-mls.com sites are constantly updating.

Thank you all again for your continued support and feedback and we hope to help everyone have a successful and happy new year!

www.RandBCoastalRealEstate.com

Panama City Beach Condominium Review Updated

2007-12-09T08:26:00.000-08:00

What a wonderful day at the Beach! Panama City Beach continues to be one of the top destinations in the Southeast and a wonderful investment opportunity. We have added the following new reviews with listings to our condominium review section. You can find these online at http://www.panama-city-beach-florida-condominiums.com/condominium-review/

This week we have added the following:
Boardwalk Beach Resort
Calypso Beach Resort
Edgewater Beach Resort
En Soleil

Please don't hesitate to call or email with questions. If you would like for us to find more information for you on condominiums located in Panama City Beach Florida, just let us know and we will put together a packet for you. Feel free as always to search what's available for sale in Panama City Beach Florida's Condominium market at www.panama-city-beach-florida-condominiums.com

Have a great weekend!

Panama City Number 1 in Florida Existing Condo Sales

2007-11-21T07:50:00.000-08:00

Panama City Number One in Existing Condo Sales Statewide
Florida Association of REALTORS® (FAR) releases quarterly home/condo resales data

Panama City, Florida, November 21, 2007
Panama City Real Estate Market continues to show positive trend

Florida Association of REALTORS® (FAR) today releases quarterly sales data for existing condos and homes, and Panama City stays upbeat.

Statewide, sales of existing condos declined 26 percent (9,622 units closed for Q3 2007 compared to 13,028 for the same quarter last year). In contrast Panama City shows a net increase of 38 percent (127 existing condo units closed in Q3 2007 compared to 92 closings in Q3 2006) for the best showing in the entire state. Panama City is followed by Fort Walton Beach with a 26 percent increase and Sarasota with a 15 percent increase.

In sales of existing single-family homes, Q3 2007 shows a statewide decline of 29 percent (31,910 units closed in Q3 2007 compared to 44,776 in Q3 2006) while Panama City once again shows a more positive trend with a net decrease of only 8 percent (369 units closed in Q3 2007 versus 401 units closed in Q3 2006). This places Panama City in third best position statewide only to Sarasota with a 5 percent decrease and Marco Island with a 7 percent decrease.

Existing single-family home and condominium process continue to see a market correction, with sellers becoming more realistic and buyers recognizing the potential for long-term sustainable growth in Panama City and Northwest Florida.

See more statewide sales figures at: http://www.gottabuypanamacity.com/index-news%20you%20can%20use.html

What does this mean to Panama City? National Association of REALTORS® Senior Economist Lawrence Yun says “Buyers in most areas who do their homework will recognize that housing remains a good long-term investment.”

Bay County Association of REALTORS® President Scott Bowman in Panama City points to public awareness and educational campaigns executed in Panama City, Sarasota and Marco Island as partially responsible for the positive sales data in these respective areas.

CNN and other news sources observe that Panama City will possibly see as much as a seventy two percent increase in home prices, as large as a twelve percent growth in population and as much as a thirty percent rise in per capita income over the next five years.

Mortgage Applications Climb

2007-11-20T05:51:00.000-08:00

Mortgage applications climb
Overall growth increases 5.5% despite a slight increase in interest rates, MBA's weekly survey reveals.

WASHINGTON (AP) -- Mortgage application volume increased 5.5 percent during the week ending Nov. 9, according to trade group Mortgage Bankers Association's weekly application survey.
The MBA's mortgage application index rose to 707.3, from 670.6 the previous week.
Refinance volume increased 6.4 percent during the week, while purchase volume jumped 4.8 percent. Refinance volume accounted for 50.2 percent of total applications.
The index peaked at 1,856.7 during the week ending May 30, 2003, at the height of the housing boom.
An index value of 100 is equal to the application volume on March 16, 1990, the first week the MBA tracked application volume. A reading of 707.3 means mortgage application activity is 7.073 times higher than it was when the MBA began tracking the data.
The survey provides a snapshot of mortgage lending activity among mortgage bankers, commercial banks and thrifts. It covers about 50 percent of all residential retail mortgage originations each week.
Application volume rose during the week ending Nov. 9, despite small increases in interest rates. The average rate for traditional, 30-year fixed-rate mortgages rose to 6.19 percent from 6.16 percent the previous week.
The average interest rate for one-year adjustable-rate mortgages increased to 5.98 percent from 5.94 percent the prior week.
Foreclosure filings: No slowdown yet Vacant homes send crime rocketing
-->Find mortgage rates in your area.

Launching of Panama City Beach and Panama City Florida Real Estate Websites

2007-11-12T14:35:00.001-08:00

Yet another beautiful day for the Real Estate Market with incredible trends in Panama City and Panama City Beach Florida. Our previous blogs can be read at http://www.panama-city-beach-florida-condominiums.com/Blog/. We are proud to announce a lauching of new websites dedicated to people looking to buy, invest, or live in Panama City and Panama City Beach, Florida.

The following sites give you links to property broken out by many different search functions that are prepopulated. What makes this site different from most is we don't require any information from you! That's right...search away and don't get harrassing phone calls or emails! If you find a piece of property you would like to see or know more about, email us! We'll get the information sent to you right away and assist you when YOU ARE READY!

Please take some time to visit the following sites to know more about what is going on in this area:
www.RandBCoastalRealEstate.com
www.Panama-City-Beach-Florida-MLS.com
www.Panama-City-Beach-Florida-Condominiums.com
www.Panama-City-Beach-Florida -Commercial-Real-Estate.com

If Destin or 30-A Florida is more your style or flavor please visit the following sites specific to those regions:
www.Destin-Florida-MLS.com
www.Destin-Florida-Condominiums.info
www.Destin-Florida-Commercial-Real-Estate.com
www.30a-Florida-MLS.com

We look forward to providing you with great up to date information about what is going on in Panama City, Panama City Beach, Destin, and 30A over our time together!

Have a great day and as always, if you have any recommendations to our sites please let us know. We are constantly updating the information to allow better access to all!