Archive for July, 2009
1076 NW 89th Avenue, Plantation, Florida 33324
July 26th, 2009 categories: Uncategorized
If your lifestyle calls for a change, but you’re not ready to live in a condo building, this home may be the perfect solution for you. Lauderdale West offers condominum style living in a single family home setting. Listed in the low $100,000’s, this Lakeview Model home features a split plan, which allows for two master bedrooms with walk in closets. A formal living room, dining room and den provide ample living space, however, you may also enlarge the existing patio or convert it to expand the interior. The tile roof was recently replaced and accordion shutters were installed, along with a new hurricane code garage door. 
The double width driveway allows off street parking for guests. The home has been secured with an alarm system, including the screens so you can confidently sleep with the windows open at night during the winter months. There are 5 fans located throughout, two on the porch, one in each bedroom and one in the family room. The kitchen cabinets have been updated and there is a transferable appliance contract good through December 2009.
All lawn service, pest control, exterior painting, roof repair and replacement, minor interior and exterior plumbing and electric repairs and basic cable are provided with the low monthly maintenance fee of $222.00 per month. Residents can enjoy a clubhouse, 2 pools, tennis courts, activities and a free shuttle to Publix and banks.
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Do Increased Sales Mean We’ve Hit the Bottom?
July 26th, 2009 categories: Uncategorized
The Florida Association of Realtors show that South Florida existing home sales continue to rise. The median single family home price in Broward County rose from $190,000 in May to $204,800 in June. At the same time, the number of foreclosure sales and short sales has dropped from 44 percent in May to 39 percent in June.
I have noticed that many homes that have been foreclosed are not listed for sale and homes undergoing a short sale are taking longer to get approved. If I had to guess the reason, I would speculate that banks are overwhelmed with the number of properties in trouble and do not have the manpower to handle them. My own experience in selling short-sale homes has been exhausting and disappointing.
Currently I have two listings with short sale contracts on on their single family homes. The offers are cash, no financing. The price that was negotiated by the sellers and buyers are at market value. However, it has been more than 3 months since the offers have been submitted without an approval from the banks. Each time we contact the banks, if we are willing to wait the 45 minutes it usually takes to get through, we are told a different story, anything from “We don’t have approval from the seller to discuss the sale with you”, (even though the approval has been faxed to the bank multiple times,) to the very odd statement that ”The person who was handling the file no longer works here.” When we finally do get someone to help us with the file it usually leaves their hands within 48 hours and is sent to another person for processing.
Banks do this in order to keep the transaction at arms length; there are no relationships developed and the process is very impersonal. In their defense, most of the banks are not even located in the state where the transaction is taking place. The staff is paid hourly and have no incentive to close a sale. Until something is done to require banks to make decisions on fair market offers within a specific time frame the real estate market will continue to struggle. In the meantime, I believe we will see changes in the market and qualified buyers are wise to purchase a home based on its availability if they want to close by the end of November to obtain their first time homebuyer tax credit.
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9280 OAK GROVE CIRCLE, DAVIE, FLORIDA
July 26th, 2009 categories: Oak Grove
There’s a new listing in Forest Ridge that is sure to please buyers. This lakefront home offers an outdoor living area, with an oversized patio, lush foilage and mature palm trees. It’s the perfect spot for watching the sunrise with a morning cup of coffe or dining al fresco under the moonlight. The interior of the home features a spacious great room with a 15 x 15 Living Room, a 10 x 11 Dining Room and a cozy 10 x 10 den, all located under a volume ceiling. An arched window provides daylight, without the direct impact of the sun.
The kitchen has a dining nook with room for a sizeable table and chairs, new granite counter tops, wood cabinets and a large pantry. This 2 bedroom/2 bath split plan provides privacy for all occupants. The master bedroom has an extra large walk in closet, large vanity with two sinks and a walk in shower. This home is offered at $289,000.
Living Room, Dining Room and Den
Oak Grove is a small neighborhood within Forest Ridge in Davie, Florida. Forest Ridge is best know for its gorgeous paved brick entry lined with 200 year old oak trees. The history of the land where Forest Ridge is built goes back to the Tequesta Indians. Forest Ridge is located on the highest point in South Florida, which is 29 feet above sea level. Amenities include various swimming pools, tennis courts (6 are lit for night time play) and walking trails to Tree Tops Park. Forest Ridge is surrounded by a nature preserve and is minutes from Nova Southeastern University and Broward College. Restaurants, shopping and all major highways are easily accessible. Bamford Sports Park is a bike ride away, as well as Silver Ridge Elementary, an “A” school.
Forest Ridge is located just south of I-595 on Pine Island Road on the west side of the road, across from Grand Oaks Golf Course. It is not a gated community; take a Sunday drive and enjoy one of the most unique developments in Broward County.
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NEW GOVERNMENT REGULATIONS CAN AFFECT YOUR CLOSING
July 11th, 2009 categories: Uncategorized
How much is your house worth?
As of July 30th, 2009 new regulations that are designed to protect homebuyers will go into affect. We have already seen changes in the way appraisals are performed, under the new Home Valuation Code of Conduct (HVCC). Appraisers are shielded from “undue influence”, meaning that Realtors, Sellers, Buyers, Lenders or anyone else associated with the sale can not provide any assistance to the appraiser.
In the past, I would always attend the appraisal of the home I had listed as a courtesy to the Seller and Buyer. I would come prepared with comparable sales in the market, a survey of the home, a copy of the contract, and any other information I had to support the sales price of the home. The appraiser and I would have a discussion about the upgrades to the subject property, time on the market and other issues that would be considered important to the appraisal.
Lenders would generally select the appraiser from a list of approved appraisers, especially those who are familiar with the area in which the appraisal was being performed. As of May, 2009, Lenders or Mortgage Companies cannot select the appraiser. There is a middle man, a company who selects the appraiser from an approved list, regardless if the appraisers company is in West Palm Beach, Fort Lauderdale or Miami. Very often I attend appraisals where the appraiser has never been in the neighborhood and knows nothing about the intrinsic value of the community. I am not allowed to give any information to the appraiser, unless asked, and therefore my position as the professional real estate agent is basically considered unimportant to the final result of the appraisal.
While I do believe that this Code of Conduct was designed to protect a buyer, I also feel that there are too many restrictions being placed upon appraisers today.
In my next blog I will talk about the July 30th Housing and Economic Recovery Act (HERA) and the Homeownership and Equity Protection Act (HOPEA) will affect the time it will take to close a loan.
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