Real Estate News
July 24th, 2007
 By Kirby Collins
Miami, FL - The Florida real estate market is currently going through some corrections and while many may disagree on the reason, many cite rising property taxes and insurance rates. Recently I stumbled across a blog that offers excellent information on Florida’s market and the effect that property taxes and insurance are having, it’s ran by Miami real estate professional Robert Brutus.
In a recent phone interview Robert told me he believes Florida’s market will continue to experience some difficulties but that as tax and insurance issues improve, so will the market. I also learned from Robert that the median home price in his area is 320K and one of the best things about living in Metro Miami is that your backyard is a playground.
Robert is an experienced real estate professional serving the Metro Dade real estate market including Kendall, Meadow Bay, Pinecrest, and Coral Gables areas. Many of his clients are professionals in their 40s. Robert speaks Espanol and does his best to understand the housing and financial needs and goals of his clients, not only through real estate investments but through other ways as well.
Visit South Florida Real Estate Today Blog
Visit MiamiRealEstateProfessionals.com
July 9th, 2007
By Kirby Collins
Sebastian, FL - Last week I had the pleasure of having lunch with David Jamar, the Owner/Broker of RE/MAX Riverside at 1603 U.S. Highway One in Sebastian, FL. I asked David about the Sebastian and North Indian River/South Brevard real estate market. Here is a summary of what he told me.
About half of his buyers come from South Florida and the other half from the Northeast US.
Sebastian’s small town atmosphere, Sebastian Inlet and great fishing, is a combination of Mayberry and an old style fishing village. This lifestyle continues to attract buyers.
Buyers will continue to buy as long as they can sell their current homes.
Continue Reading »
July 4th, 2007
 Fort Myers, FL - A historic riverfront home located next door to the Henry Ford estate in downtown Fort Myers is for sale. Over $2 million has been spent restoring and renovating the Mediterranean-style home since it was last sold in 2001. Ironically, the home’s owners in the 1960s once considered tearing it down to make way for a high-rise before neighbors banded together to save the property.
McMurray & Nette VIP Realty Group, Inc., recently listed the home for $5.1 million. “This home is a part of Fort Myers’ rich past and an opportunity to own such a piece of history does not come along very often,” said Mike McMurray, managing partner of McMurray & Nette.
Continue Reading »
July 1st, 2007
The housing crunch is causing difficult labor recruiting efforts at Treasure Coast boat builders.
Home sales have declined in Broward County by 33 percent for the month of May. The current inventories of homes and condominiums for sale have increased by 27 percent and at the current pace would take nearly 7 years to move.
Palm Coast and Deltona are among the top 500 zip codes for foreclosure filings in the US.
Governor Charlie Crist unveiled a new state run insurance comparison website to help Florida homeowners find the best price in homeowners insurance. Since they did such a good job on the property tax issue I’m sure this too will satisfy homeowners insurance woes.
June 26th, 2007
I’ve always heard that the best way to purchase a timeshare is to buy it on the secondary market and noticed this one bedroom for only $1300 in Daytona Beach at the Americano Beach Resort, and you don’t even have to sit through a 3-hour sales pitch, what a bargain.
And starting June 26th, timeshare owners have a new and free way to sell their unwanted week. Any timeshare owner may advertise their timeshare week for sale without charge. TimeshareWeek.com introduces a free classified listing service where timeshare owners can advertise their timeshare for sale, completely free.
June 21st, 2007
Florida home owners who were awaiting good news from Gov. Crist and the legislature may see some tax relief if voters approve a measure in January.
However a PMI Mortgage company predicts that prices on South Florida homes will continue to drop over the next two years.
Not all agree though; this real estate expert makes a compelling argument why now is the time to buy.
Here’s an article about foreclosure rates increasing foreclosure rates.
June 12th, 2007
By Kirby Collins
Home prices are declining or at best remaining flat throughout Florida and if you’re relocating to Florida you have to consider whether renting or buying is best for you.
There are signs of a rental buyers market appearing throughout many Florida real estate markets with some apartment occupancy rates hovering around 60-70%. This is apparently being caused by an unsold inventory of homes that are now available for rental. Therefore renting is extremely affordable right now when you consider the monthly cost and compare it to paying a mortgage, taxes and insurance. In the Florida Spacecoast area, a beachside rental of a home can typically cost around $1500 per month. That same home may also be for sale and with a mortgage, taxes and insurance, could cost you over $3000 per month, and that’s after a 20% down payment. Throw in maintenance and salty air from the ocean and you can see how renting can be a bargain.
Florida is also in the midst of an insurance crisis with high insurance rates from hurricanes that battered real property in recent years. The largest insurer in the state is Citizens, which is underwritten by the State of Florida as many insurers have cut back on exposure or even pulled out completely. Property taxes have also risen sharply in recent years as home prices hit unrealistic highs, however Governor Christ and the Legislature are currently working on a plan to lower property taxes.
So if you really want to paint the walls with murals of clowns at the circus and have non-earth tones colors for floor coverings and you’re looking to remain in one place for a long time, maybe buying is right for you. But if you’re looking for an investment, buying a home in Florida may not be a good investment in the near future. Until the monthly cost of owning a Florida home is reasonable to where the average wage earner can afford to pay the high mortgage, taxes and insurance, renting will remain the bargain for many Florida residents.
(Disclaimer; While I may be one of the best webmasters in Melbourne Florida, I don’t claim to know a whole lot about much else)
May 31st, 2007
Even with the real estate market taking a beating, one company tells us that now it the time to buy. The Keyes Company is saying now is a good time to buy in South Florida and pending contracts in May are at their highest levels since July of last year, when the real estate market was at its peak. While the Keyes Company is saying that South Florida’s real estate market is at the verge of another upswing, many others are more skeptical. Read more at RISMedia
May 25th, 2007
Brevard County’s April existing home sales and the median sales price take plunge. April’s median sales price was $194,100 versus $200,000 in March and $226,400 in April 2006 and sales dropped 6 percent over the year.
April 24th, 2007
From MSNBC.com - Sales of existing homes plunged in March by the largest amount in 18 years, reflecting in part rising troubles in the subprime mortgage market. Read More
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