Florida Real Estate News

 If you weren’t aware, the federal government has been offering a first time home buyer credit of $8,000  when you buy your first place.  Unfortunately, if you aren’t already actively involved in looking and making offers, the time to get that credit is soon to run out.  “Act Now” as they say on TV.

More good news may be on the horizon though.  We’re hearing word and seeing more evidence that some legislators are considering extending the $8,000 first time home buyer credit and adding a provision for existing homeowners to get a $6,500 credit for moving up.  Though it’s clear that many others are now buying in Florida and elsewhere, an extension and the new provision would be a welcome helping hand to the upticking economy. Whether you are a first time home buyer or an existing homeowner, it would be hard to argue that the we aren’t already seeing rock bottom prices for real estate in Florida so take advantage of the tax credit, low mortgage rates and the great deals now because buying and investing in real estate in Florida doesn’t get much better than what we’re seeing right now.

Here’s a quote supporting the possibility:

“We would help first-time home buyers, and we would also help homeowners looking to move up to a new home, but we would exclude from the credit speculators who may have recently purchased a home intending to flip it for a fast profit,” said Senator Max Baucus…”

Read more about it here.

UPDATE:  The proposal passed in the Senate and the House may be voting on it today (Thursday).

 According to a new report from the Florida Association of Realtors (FAR), September sales of existing condos in Florida increased a whopping 77% over last year’s numbers.

Confidence in buying is back in a big way and not just for first time home buyers getting the $8,000  tax credit either. 

” (Anita) Williams, broker-owner of The Realty Firm Inc. in Destin, observed that buyers were a mix of traditional first-timers and move-ups, as well as seasoned investors and cash purchasers looking to invest in a rental or vacation home.

“There’s a lot more people coming in from out of state to buy condos here,” she noted. “Once they visit, they want to come back. And they want to buy a place of their own to come back to.” ”

There are a number of luxury and near luxury condos available throughout the state at bank minimum prices and buyers have already started to take advantage.  The clock is ticking on the tax credit and certainly many are rushing to get in but others, particularly those who have watched the market for some time, are buying now because they recognize the market will soon only be going up.

 Read this article for more.

“Starwood Sees Payoff in Patience” – Wall Street Journal 10/7/09

A Starwood Capital Group led consortium is buying the Florida condo assets of the broken up Corus Bank.  In this depressed market Starwood sees opportunity for  real investment return in Florida condos in the near future.

Starwood’s Barry Sternlicht makes their motivation clear:

“In years three, four and five, there won’t be any more new condos being built in these markets and you’ll be one of the few guys with new inventory.”

This is what recovery looks like.  A bubble bursts, consumer confidence understandably goes down, distressed properties accumulate and then, after a bit of time, people remember that unusually low prices, bank approved unusually low prices, are a good investment.  We’re now seeing some of the lowest prices in the Florida condo market than we’ve seen in almost a decade.  It’s especially good for first time home buyers considering the federal incentives now being offered for first time homebuyers in Florida.  Not to mention that that three, four year timeline also works particularly well for students in Jacksonville because of the variety of well built, affordable condos. Parents can invest in both their child’s future through tuition AND in a money maker by investing in Florida property their child can live in as student housing while it accumulates profit and provides real tax benefits.  In Jacksonville’s Riverside Historic District, The Chelsea Lofts has seen a spike in sales as prices were reduced to bank minimums and buyers “waiting for the bottom” found the award winning project attractive.

Read the whole article HERE

Buying a house but not sure what you’re going to use to finance the purchase given today’s climate in the mortgage market?

VA loans are great for military buyers. They allow for no money down loans up to the VA limit without PMI (Private Mortgage Insurance). The actual loan is originated through a traditional bank with the VA guaranteeing a portion of the loan. The VA loan guidelines also spell out what fees and closing costs can be charged.

In order for a condominium to qualify, the entire project must be approved through the VA process, which can be time consuming. The benefits to both the veteran and the developer can be large. The Chelsea Lofts in the Riverside historic district of Jacksonville Florida recently obtained VA project approval and have already received contracts from NAS Jax (Naval Air Station Jacksonville), making the process worthwhile. The project’s proximity to NAS Jax and contemporary loft interiors have been popular with the base squadrons.

You can view a list of approved VA condominium developments here: VA CONDO APPROVALS

Whenever you decide to get into the market looking for a loft, one of the best places you can look is in Jacksonville. In particular, the Chelsea Lofts that are for sale in the city are in the historic district and owning one of these properties is sure to add a touch of elegance and charm to any already solid purchase of Florida real estate.

Here’s where you will find a sophisticated lifestyle close to all the best restaurants and delis in Jacksonville. The buyer that is looking for something a little different in a Florida waterfront community property is sure to be interested in these fine lofts. Although the outside of the building is designed to keep its sync with the historic neighborhood around it, the inside of these lofts are everything that is contemporary.

A few of the features that will interest the discerning buyer are the 10-foot-high ceilings, which give the feeling of space and the concrete floors which give off an aura of permanence. These Chelsea Lofts are something new in the way of Florida real estate and they are a good investment for the person who’s either looking to have a cosmopolitan lifestyle, which is close to the waterfront, or someone who’s looking for a solid real estate investment that could be rented out for years to come.

The historic Chelsea Lofts are the ideal choice for the discerning buyer who’s looking to try something a little different.

When you’re looking at investing in or buying that holiday retreat as an investment or a place to spend your retirement, the number one place that you’ll want to look is still Florida. The properties that you can find here are as luxurious as they’ve always been, but the big difference is that in today’s economy prices have fallen to the point where the best in these Florida waterfront communities can be bought for a quarter of what was once the going price.

And there are the kinds of choices here that you won’t find anywhere else. Florida real estate is like no other and that means there are richly appointed and luxurious finds waiting for you from Jacksonville to Ponce Inlet. Of course, you’ll need to be assured that the developer that you find is the one that has done the best possible job with all of these properties and that means you need to have a good look at the professionals at Cranewoods Developments.

These are the folks that are responsible for everything from the well appointed condos in Jacksonville that are a stone’s throw to all the excitement of the downtown core to the majesty of lots that are drastically reduced in St Augustine.

Getting Florida real estate has just gotten easier and that means that now is the time where you can get the best deals for the best prices. With Cranewoods Developments, you can rest assured that you’ll be getting the best Florida waterfront communities at the best prices.

With all the talk about the economic downturn and what it will all mean for our combined financial future, there is a bright side to the equation and it comes in the form of all the possibilities that exist in Florida real estate. There has never been a better time if you’re considering the benefits of either buying into some luxury Florida waterfront communities to live there yourself or renting the property out. If you’re thinking about making the investment a money earner, you’ll want to make sure that the properties, whether they are in Ponce Inlet, Daytona Beach or any one of a series of other fine communities, are in pristine shape.

Remember that the economic downturn doesn’t mean that you can’t afford style whether you’re an investor or looking to buy for yourself. Now is the time to take a good look at Florida real estate and what you can get from a prestigious developer like the ones at Cranewoods Developments.

One of the great reasons to look into buying Florida real estate is that it’s going to give you a chance to really explore the different communities throughout the state. Even if you’re just looking into real estate in the Northeastern coastal areas of Florida – places like Jacksonville, St. Augustine, Ponce Inlet or Daytona Beach – you’ll find that there are some specifics that make buying Florida real estate worthwhile.

Of course, before you are able to benefit from the purchase of Florida real estate, you’re going to want to make sure that you understand that there are a number of great reasons to buy a home in the area.

Why buy Florida real estate?

1. Buying Florida real estate is going to leat you take advantage of fantastic prices. Many Florida real estate developers have lowered prices, and many others who have had a second home in the area have decided that they don’t want to pay two mortgages.
2. Florida real estate can give you access to a home that will be available year round, a vacation property or even a home that you’ll be able to retire to when the time comes.
3. Florida real estate is going to give you easy access to what matters to you – whether it’s the arts, the beach, fishing, golf or something else.

All of these are great reasons to look into buying Florida real estate. Whether it’s your motivation or you’re thinking about making the purchase for some other reason, you’ll find that there are plenty of great advantages; it’s just up to you to discover them.

One of the most important things for home buyers to look at when they start to think about buying property is fairly straightforward. Home buyers are going to want to make sure that they are choosing a place that they feel comfortable living. This is true, of course, for those who are planning to buy Florida real estate.

However, buying Florida real estate isn’t just about making sure that you will have a roof over your head and a place to go once your work day is done. When you are buying real estate in Florida, you’re going to want to make sure that you are looking at what’s important to you outside of the home, what makes you feel like you’re really alive.

In other words, living in Florida is really about making sure that you’re looking at your needs and your passions. Love the arts? Consider looking into Florida condos near galleries, Art Walks, museums and open studios. Want to be sure that you can get out and go fishing? Choose a Florida home that gives you easy access to the beach, a marina or a fishing pier so that you know you’ll be able to get out there when the fish are biting.

By taking the time to identify your interests and your passions, by exploring your needs and wants before you buy Florida real estate, you’re going to find yourself in a great position. Rather than just choosing a place to live, you’ll be choosing a home that makes you come alive.