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

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 living in a Jacksonville loft condo, you’ll find that you’ve got the space that you need for entertaining guests, for relaxing after a rough day at work, or simply calming down at the end of a long week. Most importantly, however, for those who really love to cook, one of the best features of a Jacksonville loft condo is a kitchen that is sure to get you cooking.

When you’ve got the space that you need to prep great meals, when you’ve got fantastic appliances that make preparing a meal as simple as possible and you’ve got local grocery stores that make it easy to get all of the ingredients that you need, you’ll find that you’re ahead of the game.

Whether you’re making a quick meal for yourself, a meal for your family or a meal for a group of friends, having access to a great kitchen can make all of the difference in the world. When you’re looking for a home that gets you feeling good, a home where you can nourish your family and you can entertain your friends, a loft condo in Jacksonville has everything that you’re looking for and more.

When you start thinking about wanting to live in Jacksonville, you’ll find that there are a wide variety of options that are available to you. One great option – particularly, if you’re looking for a great modern home – is to look into a loft condo.

Why call a Jacksonville loft condo home?

When you live in a Jacksonville loft condo, you’ll be able to have the space that you need – and the privacy that you’re looking for – without having to make sacrifices. When you’re entertaining, simply being in the kitchen doesn’t mean that you’ll have to be separated from your quests; an open floor plan makes it possible.

Similarly, when you live in a Jacksonville, Florida loft, you’ll find that you’re able to have access to everything that you’re looking for outside of the home as well. A quick walk will put you in a position where you’re able to take a quick walk to the park, to night clubs, to great restaurants and then some.

By choosing a Jacksonville loft home, you’ll be able to have everything that you’re looking for – and will find that it’s easy to focus on all of the great things that are available.

If you’ve been looking for just the right way to spend the upcoming weekend – a way to get outside, enjoy some music and spend some time away from your Jacksonville loft – why not take is the Jacksonville Jazz Festival?

(source)The Jacksonville Jazz Festival is easier to figure out this year. After the past few years of the festival going on at several places around downtown, it’s all back in one place again.

Tonight, it’s the Jacksonville Jazz Piano Competition at the Florida Theatre.

Saturday and Sunday, all performances will be on the main stage of Metropolitan Park.

The number of performances have been cut, but the festival got a thumbs-up from several people who know their way around jazz.

Just as your Jacksonville loft condo is stylish and modern, so will be some of the music that you hear. Just as you’ll be able to take advantage of luxury and walking to the beat of your own drummer in your loft, you’ll find that improvisations and other features of great jazz can be extremely moving.

When it comes to living in Jacksonville, there’s always something going on for the sports fans. And while you may have had some struggles coming to terms with the Patriots’ victory during last year’s NFL playoffs, those who can’t wait for redemption can breathe a sigh of relief:

(source)Jacksonville Jaguars coach Jack Del Rio has signed a contract extension, a reward for winning his first playoff game.

Del Rio’s length of contract and salary were not disclosed by the team Thursday, but the salary was expected to be a significant jump from the original five-year, US$6.5 million contract he signed in 2003.

The Jaguars were 11-5 last year, beat Pittsburgh in the first round of the playoffs

With ongoing team improvement, Jacksonville football fans have a lot to look forward to – even if the season is months away still.

When you’re passionate about life, cooking is something that you’re likely to gravitate to (as well as going out for a great meal at local restaurants; there’s something enticing about the experience of food). When you live in a Jacksonville loft condo, you’ll have access to everything that you need.

First, because Jacksonville lofts in the Riverside district give you easy access to great restaurants – among other experiences – you’ll find that you’re able to “fake it” on the nights that you don’t feel like cooking. Take out is, of course, a great option especially after a hectic day.

Similarly, though, Jacksonville lofts get you cooking because, well, it’s hard not to be inspired.A wide open floor plan, plenty of space, high end appliances: really, what more could you possibly need?

When you choose a Jacksonville loft to call home, you’ll find that all of the little things that you look for are there; it’s up to you to fill in the details.