Archive for February, 2009
HOMEBUYER TAX CREDIT FOR FIRST TIME BUYERS
February 27th, 2009 categories: Uncategorized
Effective January 1, 2009, first time homebuyers of a principal residence may benefit from the $8000 tax credit. The credit does not require repayment. The credit will be claimed on a tax return to reduce the purchaser’s income tax liability. If the credit amount remains unused, then the unused amount will be refunced as a check to the purchaser. These helpful links will give you more information about the program, such as income limits, and revisions to the 2008 program.
National Assoc. of Realtors Explains First Time Home Buying Credit
Distressed sales – foreclosures and short sales – accounted for 45 percent of transactions in the fourth quarter in Metro Areas, according to NAR, dragging down the national median existing single-family price to $180,100 or 12.4 percent below the fourth quarter of 2007. The median is where half sold for more and half sold for less.
South Florida is one of the three major metro areas where single family home prices have seen the steepest decline and where bargain hunters are being drawn. However, each neighborhood has it’s own adjustment and not all are giving big discounts. Local Realtors will help buyers determine how to effectively determine property values based on the number of distressed sales, discounts, and market conditions. Buyers can no longer assume that all things are equal without further investigation.
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Good House vs. Good Deal
February 25th, 2009 categories: Uncategorized
Often times buyers are afraid to make an offer on a home they really like because the list price is above market value. They think it’s not a “good deal”, even though they like everything about the house. They end up sabotaging themselves because they are worried about what the home will be valued at 6 months from now. Instead of making a reasonable offer backed up by statistical information (and maybe just a little bit of emotion) they reject the property as overpriced.
Buyers should know that almost all sellers are willing to come down in price to the property’s market value. Today’s ” market value” is usually considered the appraised value of the home. This does not include “zestimates” from Zillow or any of the other vaulation models on the internet. A certified appraiser must take into account all upgrades inside and outside the home, whereas the valuation models do not have this information and their estimates can be higher or lower than the actual appraised value of a property. They can be used to determine a price range but not the actual appraised value.
Don’t let a good house pass you by because you are paralyzed by fear and doubt. An appraisal will help you determine if the home is worth the purchase price, especially if you are planning on making this your residence for many years.
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WHY A SHORT SALE MAY NOT BE THE BEST DEAL
February 22nd, 2009 categories: Uncategorized
What is a short sale anyway? Simply put, a short sale occurs when the balance of the mortgages(s) is more than the purchase price of a home and the bank(s) holding the mortgages(s) agree to take less than the balance of the debt. Sometimes, back taxes, HOA payments, Condo Fees, and other liens are also part of the short sale. These liens are generally paid in full at the time of closing. Sometimes buyers of short sale homes come to the closing table with additional funds to pay for these liens, as they are not “forgiven” and the banks are not responsible for them.
Is a short sale a good deal? That depends. Buying a short sale is not for those who have great expectations or need to close on a home within a particular time frame. Multiple offers may be submitted to the bank and there is really no way of knowing where your offer stands unless the bank responds to your offer.
Once the bank accepts an offer it goes to the actual lender who must also accept it. If an inspection is part of the contract the bank has no requirement to make repairs or reduce the purchase price. The bank may also ask the seller to sign a note for the entire balance owed or a portion of it. If the seller declines the deal may be off. Sometimes this happens at the closing table.
If you are willing to take a chance and can patiently wait, up to a year in some cases , you are the right type of person to buy a short sale.
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FOREST RIDGE OPEN HOUSE SUNDAY, FEB. 22, 2009
February 21st, 2009 categories: Arborwood, Oak Park
Two smartly priced homes will be held open between the hours of 1 – 4 p.m. on Sunday, February 22, 2009.
Statistics show that the majority of homes selling in Broward County are average priced at $300,000. This is a great time to buy, with First Time Buyer Tax Incentives, low interest rates, and FHA financing available with only 3.5% downpayment. Sellers can also contribute to closing costs up to 6%.
Begin your home search at 2737 Pinewood Court, Davie, FL 33328. 
Priced at $254,900, this 3 bedroom, 2.5 bath home features a new roof, a 1st flr. master suite, an open kitchen and great room and french doors leading to a private, fenced yard. It is located in the Arborwood subdivision of Forest Ridge. Amenities include a community pool and tennis courts. The maintenance fee is $250.00 per quarter. Nearby public schools include Silver Ridge Elementary, Indian Ridge Middle School and Western High School. There are many parks within bike riding distance, including Bamford Sports Park, Pine Island Park and Tree Tops County Park where you can enjoy canoeing, horseback riding, pavilions and nature trails. Nova Southeastern University and Broward College are just a few miles away. This historical neighborhood offers a quiet repose with tree lined streets, sidewalks and community events. For a virtual tour of this home go to www.obeo.com/512917
Another delightful home in the same community can also be previewed on Sunday, Feb. 22, 2009. It is located in the Oak Park subdivision of Forest Ridge at 9228 Magnolia Court, Davie, FL 33328.
It is 3 bedroom home with an open loft (can be converted to 4th bedroom easily). It features 2.5 baths, a formal LR/DR, a family room, updated eat in kitchen, large screened patio and private, fenced yard. This home also has soaring ceilings and a beautiful wood staircase. The maintenance fee for this home includes all front lawn maintenance, tree trimming, fertilization and mulch, plus a community pool and tennis courts for only $155 per month. The asking price is $330,000. A Virtual Tour can be seen at www.obeo.com/475256.
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The Great Trans-Davie Unicycle Ride, Sat. Feb. 21, 2009
February 20th, 2009 categories: Southern Orchard
You can join in the fun on bicycle or unicycle. This is a great way to celebrate the great recreational trail system in the town. There will be no police, so travel at your own risk. The route: 10:00 a.m. Start from Potter Park, 4300 SW 57th Terrace, travel South on SW 57th Avenue to Orange Drive (Linear Park). Go Sest on Linear Park past Davie Road, University Drive andPine Island Rd. to SW 92nd Avenue. Go Northon SW 92 Avenue to Pine Island Park/Bamford Sports Park.
11:15 a.m. Arrive at the parking lot between the Multipurpose Center and Playground(total 4 miles from starting point). 11:30 a.m. Pine Island Park/Bamford Sports Park, go north through bike path to Southern Orchard Road South (in Forest Ridge). Go west to to bike path through the ridge trail system to Nob Hill Rd, cross Nob Hill Rd. and travel on the trail system via Long Lake Ranches to Hiatus Road. Go south on Hiatus Road to Robbins Park.
1:00 p.m. Arrive at parking lot outside Robbins Lodge, main building (total 8.5 miles). Bring your own picnic lunch and enjoy the scenery at Robbins Park. 1:30 p.m. Go west through Robbins Park trail across the bridge to Flamingo Gardens. Go west on SW 36th Ct., past Flamingo Rd. to the entrance of Long Key Nature Center and Natural Area. Go north on SW 130th Ave. to SW 26th St. Go west on SW 26th Ave. to 136th Ave. Go north on 136th Ave. past Davie’s Teen Challenge to SW 14th St. Go west on SW 14th St. to the south pedestrian gate of Shenandoah Park. 3:00 p.m. Arrive at Shenandoah Park, parking lot north of Basketball Courts, (13.5 miles).
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Calling All Forest Ridge Fidos
February 5th, 2009 categories: Old Orchard
Never eat alone again! The following Fort Lauderdale restaurant are doggie – friendly!
China Yung Restaurant, Fort Lauderdale; Einstein’s Bagel, Federal Hwy. Fort Lauderdale; Indigo Restaurant, Las Olas Blvd.; Japanese Steak House, Las Olas Blvd.; Kings Head Pub, Dania Beach; Samba Room, Las Olas Blvd.; Starbucks, W. Broward Blvd.; Strombili Pizza, S. University Drive, Plantation; Tarpon Bend, Downtown Fort Lauderdale; Zona Fresca, N. Federal Hwy, Fort Lauderdale; Beverly Hills Cafe, N. 46th Avenue, Hollywood; Harrison Street Sushi Jazz, Harrison St., Hollywood and Nakorn Japanese and Tahi Restaurant, Harrison St. , Hollywood.
Save the date: Saturday, March 7, 2009 Walk for the Animals. Sponsored by the Human Society of Broward County. You can walk with or without your dog. 1.25 mile walk to benefit the Humane Society of Broward County. Huizenga Plaza in Down Fort Lauderdale, 32 E. Las Olas Blvd., 2 blocks south of Broward Blvd. Registration begins at 8 a.m. , the walk begins at 10 a.m. Rain or Shine! For more information go to www.walk4theanimals.com.
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