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?

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.

When you start to look into buying Florida real estate, one of the most important things that you’re going to want to explore is the options that are available to you. In other words, it’s important to keep in mind that there’s no one real estate agent who is going to be there for everyone. However, just as that’s the case, you’ll find that there’s no one Florida community that’s ideal for everyone.

Because of this you’re going to want to be sure that you are exploring all of your options when you start to look into Florida real estate. You’re going to want to consider single family homes alongside condos and townhouses. You’re going to want to think about coastal properties as well as those in cities like Jacksonville where the atmosphere is a little bit less about relaxing and fun in the sun and more about community parks, art galleries and business development.

In other words, the more that you explore all of your options when you’re looking into buying Florida real estate, the more that you’ll find that different communities match your needs. The key to finding the home that’s ideal for you is knowing more about yourself and about what you’re looking for in a property.

By making sure that you know what you’re interested in when you start looking at Florida real estate, you’ll find that it’s a lot easier to see what different communities and home styles have to offer – and to find the one that’s ideal for you.

One of the things that you’re going to want to think about when you’re looking into Florida real estate is simple: you’re going to want to make sure that you’re thinking about what matters to you and about what you can do to make sure that you’re finding a home that will be everything that you’re looking for.

By taking the time to look into your options, by thinking about your interests and by exploring different Florida communities and the homes in them, you’re going to find that it’s a lot easier to choose a home that suits you and your family. More importantly, however, the more that you look into different homes that are available, the easier that it’s going to be for you to make sure that you’re choosing a home that you’ll love.

Whether you want to live within view of the ocean or you want to live near a great park where you’ll be able to spend time with your family or friends, you’ll find that there are Florida communities that offer exactly what you’re looking for. Whether you’re passionate about the outdoors or you love entertaining, there are homes in Florida communities that are going to give you the best of what’s out there.

Living in Florida, after all, is about making sure that you’re meeting your needs. Florida living is about kicking back, about enjoying life, and about celebrating time with your family and friends. Making sure that you choose a great community and a home that you’ll love just adds to the benefits that you’ll find!

One of the great things about living in Florida is that it’s going to give you the chance to take advantage of the beaches, of fishing, of beautiful homes that offer everything that you’re looking for and you’ll be able to stay active.

For some, the concept of staying active while you’re living in Florida is going to involve taking a morning run at the beach rather than jumping on the treadmill when you get home or at the gym. For others, it’s going to be all about taking a closer look at the golf course and playing an extra round each week.

But that doesn’t mean that there aren’t more activities that you can take advantage of as well. The First Coast has a softball league – which can also prove to be a great way of connecting with your neighbors and making new friends (which is fantastic if you’ve recently moved to the area) – that’s open to everyone in the area. There are sailing schools, the chance to go surfing and, in general, a little bit of everything that will appeal to someone who’s living in the area.

In other words, when you’ve made the choice to live in Florida and you’re calling the First Coast cities like Jacksonville, Ponce Inlet, St. Augustine or Daytona Beach home, you’ll find that it’s easy to stay active. No matter what types of activities you enjoy, you’re going to have the chance to connect with your neighbors and get out there and have a great time.

One of the greatest things about living in Northeastern Florida is the fact that there is simply so much to do. Whether you’re looking for the opportunity to people watch, to check out art, to spend time on the beach, to see live music, to take the kids to the zoo or to check out sporting events, when you call Florida home, there is always going to be something to do.

Of course, there are some challenges. You might find yourself getting ready to go out for an evening with friends only to have trouble deciding whether to go hang out and have a beer, to go see live music or to go to a function at the Cummer Museum and Gardens. The kids may want to go to the zoo, but heading out to build sand castles is a great alternative. In other words, some people thing that there are too many choices to be made – which is also true when it comes to those who are trying to choose which Florida community they would like to live in.

Jacksonville itself has a lot to offer to those who love the idea of living in the city; Ponce Inlet is ideal for those families who are looking for something more laid back, less developed and that retains more of its natural beauty. Because of this, if you are just starting to think about living in Florida, you’re going to want to make sure you weigh all of your options.