Gov. Crist's goals for the spring lawmaking session include four separate tax proposals that would go before voters on the 2010 ballot, when he himself would be seeking voters' favor as a candidate for re-election.
His proposal to increase the homestead exemption for First Time Home Owners to 50 percent of the market value of the home is running into alot of opposition state-wide. And for good reason. Locally, the only market that is strong is the First Time Home Buyer market. This is because prices have dropped significantly and home ownership has become more affordable. Since the real estate decline, 90% of my business is coming from first timers.
Locally, we need a stimulus for those who are already homeowners and whose homes have lost value or who need to move but can't sell their home. An additional tax break for first timers will just create even more demand in the lower price ranges driving prices even lower (most first timers have a single income and are at an earlier point in their careers so their entry level price is usually below $200K). One of the main driving factors in price reductions I have seen in the past 2 years is an attempt by sellers to get their property into the range of first timers since that is such a strong market.
Crist should focus on the market that is suffering from the real estate decline and leave the market that is working alone.
Friday, February 27, 2009
Thursday, February 26, 2009
Getting Through the Home Inspection on a Historic Home
The home inspection either makes or breaks the buyer - either you are an old house person or you find out you aren't. I can generally get a feel while I am working with someone if they are or aren't and counsel them one one or the other. Sometimes, however, buyers love the romance of owning a historic home and they want to go in that direction no matter what I say.
If you are thinking you want to buy a historic property, keep in mind - it is an old house. Yes, it may have been updated or renovated - but it is STILL an older house. Most contracts negotiate a cap on repair money. This is all the seller has to do - they aren't contractually obligated to put more money into repairing the house than what is negotiated up front. That being said, they also aren't obligated to fix "cosmetic" items or bring the house up to code. All they are required to do is to make sure the systems (electric, plumbing, etc) are functioning.
The biggest mistake I see buyers of historic homes make is that they go into the home inspection thinking the house is going to "pass" or "fail." That isn't what the home inspection is intended to do and you will be sorely disappointed as all homes will most certaily "fail."
Purchasing a house isn't like purchasing a car - houses, even new ones, aren't perfect. There are always going to be items that the owner can upgrade or fix or make work better. The purpose of the home inspection is to let the buyer know what they are getting into. Many items can be fixed down the road. And, because houses are like living organisms, always changing, many more items will come up as the buyer lives in the house.
If you want to purchase a historic house, look to the home inspection to make sure the systems are properly functioning - everything else is just part of the expense and upkeep of homeownership.
If you are thinking you want to buy a historic property, keep in mind - it is an old house. Yes, it may have been updated or renovated - but it is STILL an older house. Most contracts negotiate a cap on repair money. This is all the seller has to do - they aren't contractually obligated to put more money into repairing the house than what is negotiated up front. That being said, they also aren't obligated to fix "cosmetic" items or bring the house up to code. All they are required to do is to make sure the systems (electric, plumbing, etc) are functioning.
The biggest mistake I see buyers of historic homes make is that they go into the home inspection thinking the house is going to "pass" or "fail." That isn't what the home inspection is intended to do and you will be sorely disappointed as all homes will most certaily "fail."
Purchasing a house isn't like purchasing a car - houses, even new ones, aren't perfect. There are always going to be items that the owner can upgrade or fix or make work better. The purpose of the home inspection is to let the buyer know what they are getting into. Many items can be fixed down the road. And, because houses are like living organisms, always changing, many more items will come up as the buyer lives in the house.
If you want to purchase a historic house, look to the home inspection to make sure the systems are properly functioning - everything else is just part of the expense and upkeep of homeownership.
Wednesday, February 25, 2009
Gap Between Pending Contracts and Sales
Due to declining confidence and volatile underwriting, many areas of Jacksonville are seeing a widening gap in the number of contracts that pend every month compared to the number that actually close. It is known as the 11th hour back out. In fact, nationally, this gap is widening. It is evidenced by comparing pending home sales and existing home sales throughout 2008. The Pending Home Sales Index is based on signed real estate contracts while existing home sales are based on closed transactions.
Jacksonville's Intown Neighborhoods aren't seeing this trend as much as some other areas. While there is a gap, it does not appear to be widening, indicating buyers are more qualified and feeling more confident. This could be because although value has declined, buyers still see the long term investment potential of buying closer intown. A narrowing of this gap would indicate a trend toward economic improvement.
Sorry the image is so small, if you click on it, it will enlarge it nicely.
Jacksonville's Intown Neighborhoods aren't seeing this trend as much as some other areas. While there is a gap, it does not appear to be widening, indicating buyers are more qualified and feeling more confident. This could be because although value has declined, buyers still see the long term investment potential of buying closer intown. A narrowing of this gap would indicate a trend toward economic improvement.
Sorry the image is so small, if you click on it, it will enlarge it nicely.
Tuesday, February 24, 2009
Churchwell Lofts
When I say "Churchwell Lofts," it seems people either have no idea what I am talking about or they wonder "what happened to that project?" The project has been moving forward, however the marketing has missed its mark. Of course, it didn't help that the exterior of the building was a construction zone for what seemed to be forever. If you visted the Partisan the Sea poster show, then you saw the commercial space below that is still being worked on Recently, prices have dropped making these one of the best buys intown, which is why I decided to make a post about it. No one knows about this COOL, AFFORDABLE building!
Located just off the river on Bay Street in downtown, this fabulous 21-unit historic building has everything any urbanite would love. Historic architrectural character and modern amenities include: 15' ceilings, original hardwood floors, exposed beams, tin ceilings, brick walls, and state-of-the-art kitchens and baths. There is also a rooftop terrace with a summer kitchen and grill.
There aren't many true loft spaces in Jacksonville - yet. And it seems that affordability is what is driving the lofts projects that are selling. With the price drops that Churchwell is now offering, I anticipate seeing these properties selling much quicker. Prices now range from $150,000-$498,000.
Located just off the river on Bay Street in downtown, this fabulous 21-unit historic building has everything any urbanite would love. Historic architrectural character and modern amenities include: 15' ceilings, original hardwood floors, exposed beams, tin ceilings, brick walls, and state-of-the-art kitchens and baths. There is also a rooftop terrace with a summer kitchen and grill.
There aren't many true loft spaces in Jacksonville - yet. And it seems that affordability is what is driving the lofts projects that are selling. With the price drops that Churchwell is now offering, I anticipate seeing these properties selling much quicker. Prices now range from $150,000-$498,000.
Monday, February 23, 2009
Springfield Chili Cookoff
If you haven't already heard, the Chili Cookoff is this weekend - lots o fun! It is this Saturday, Feb. 28 from 1-4, sponsored by the Springfield Wine Society. The winner will be announced toward the end. It is at the Women's Center, 210 W 7th Street.
If you haven't been before, check it out
If you haven't been before, check it out
Friday, February 20, 2009
Moratorium on Foreclosures
Several of the big banks announced a moratorium on foreclosures into March. J.P. Morgan Chase, Wells Fargo, Bank of America, SunTrust and Citigroup Inc. have agreed to halt home foreclosures while the federal government works out a plan to stabilize the nation’s banking industry.
This is great news and once again illustrates that banks do NOT want to own property. There has been alot of controversy over Obama's Homeowner Stability Initiative. I know that there are alot of homeowners who pay their mortgage on time and who are concerned that this plan means that they are bailing out their neighbors. However, the cost to those same homeowners will be even greater if they let their neighbors fall into foreclosure. If the number of foreclosures on the market does not go down, home values will continue to slide down - and that affects every homeowner.
In the past several months, I have met with alot of people who are struggling with their mortgages. People fall behind on mortgage payments for a variety of reasons. Illness, divorce, job situation, death of a loved one...all human tragedies that could affect anyone at any time. My heart goes out to these people and it becomes more and more difficult to counsel them and not be emotionally effected.
Around Christmas time, I found my neighbor passed away in his yard. His wife now struggles to carry that morgage by herself - she cannot sell the house in this market without short selling it. She may go into foreclosure. I don't know if they had life insurance or how much it may have been for, but I know she is struggling.
As nieve as it sounds, living by the golden rule can only beget good kharma to those who choose to live that way. Helping those around us who may be financially struggling can only help to stabliize our own property values. That is why it is refreshing to see big banks behave in such a manner. The moratorium's length of time is not very long, but it is a breath of fresh air to see corporate America attempting to divert further tragedy to us ALL.
This is great news and once again illustrates that banks do NOT want to own property. There has been alot of controversy over Obama's Homeowner Stability Initiative. I know that there are alot of homeowners who pay their mortgage on time and who are concerned that this plan means that they are bailing out their neighbors. However, the cost to those same homeowners will be even greater if they let their neighbors fall into foreclosure. If the number of foreclosures on the market does not go down, home values will continue to slide down - and that affects every homeowner.
In the past several months, I have met with alot of people who are struggling with their mortgages. People fall behind on mortgage payments for a variety of reasons. Illness, divorce, job situation, death of a loved one...all human tragedies that could affect anyone at any time. My heart goes out to these people and it becomes more and more difficult to counsel them and not be emotionally effected.
Around Christmas time, I found my neighbor passed away in his yard. His wife now struggles to carry that morgage by herself - she cannot sell the house in this market without short selling it. She may go into foreclosure. I don't know if they had life insurance or how much it may have been for, but I know she is struggling.
As nieve as it sounds, living by the golden rule can only beget good kharma to those who choose to live that way. Helping those around us who may be financially struggling can only help to stabliize our own property values. That is why it is refreshing to see big banks behave in such a manner. The moratorium's length of time is not very long, but it is a breath of fresh air to see corporate America attempting to divert further tragedy to us ALL.
Wednesday, February 18, 2009
Home Values 4th Quarter 2007 vs 2008
So this morning I got this report from zillow.com stating that Jacksonville has seen an 11% drop in home value from the 4th quarter of 2007 compared to the 4th quarter of 2008. I did some quick calculations and overall, the Intown Neighborhoods have seen the same drop when taken collectively as a whole.
Individually, Springfield is the bright spot with a 16.5% increase in value.
Zillow.com also reported the average value at $148,000. The Intown Neighborhoods are all much better than this:
Springfield is at $198,420
Riverside/Avondale is at $202,311
San Marco is at $345,525
Like other urban neighborhoods around the United States, Jacksonville's urban neighborhoods, while seeing a decrese in value due to general market conditions, are still overall retaining more value than other neighborhoods. This is due to a general trend back into urban centers that will continue into the next few decades as Americans become more conscious of the benefits of urban living such as: walking distance to restaurants and shops, front porch neighbors, conservation of energy, etc.
Individually, Springfield is the bright spot with a 16.5% increase in value.
Zillow.com also reported the average value at $148,000. The Intown Neighborhoods are all much better than this:
Springfield is at $198,420
Riverside/Avondale is at $202,311
San Marco is at $345,525
Like other urban neighborhoods around the United States, Jacksonville's urban neighborhoods, while seeing a decrese in value due to general market conditions, are still overall retaining more value than other neighborhoods. This is due to a general trend back into urban centers that will continue into the next few decades as Americans become more conscious of the benefits of urban living such as: walking distance to restaurants and shops, front porch neighbors, conservation of energy, etc.
Tuesday, February 17, 2009
Economic Stimulus Package as it Pertains to Housing
The following lengthy summary was sent to me by my broker. Again, its long, but it goes over everything in the package as it relates to housing. I'll use the next few posts to go over how this may impact our local Intown Markets.
There are several provisions in the overall stimulus package that will be beneficial and help stimulate demand for housing.
Chief among these is an $8,000 home buyer tax credit for new home buyers. While we are disappointed and would have preferred a more enhanced tax credit like the Senate version, the conferees did retain some key elements from the Senate and made other modifications that are beneficial to home buyers and home builders. For qualified home purchases in 2009, the legislation:
· Stipulates that the $8,000 tax credit does not have to be repaid, unlike the tax credit passed last summer;
· Keeps the tax credit refundable, or claimable regardless of tax liability;
· Extends the sunset date from July 1, 2009 until Dec. 1, 2009 so that consumers can utilize it during the critical summer and fall buying months;
· Allows tax credit home buyers to participate in the mortgage revenue bond program; and
· Permits state housing finance agencies to help buyers at closing by advancing the credit amount as a loan using tax-exempt bond proceeds.
While much of the industry's focus was on the home buyer tax credit, there are several other important components in the legislation that will help small businesses and bolster the housing market. H.R. 1, the American Recovery and Reinvestment Act of 2009, will:
· Help home borrowers in high-cost markets by extending the 2008 FHA, Fannie Mae and Freddie Mac loan limits of $729,750 through the end of this year;
· Temporarily allow exchange of Low-Income Housing Tax Credit allocating authority for tax-exempt grants and appropriates $2 billion in HOME funding for affordable housing projects;
· Provide up to a 10-year deferral of tax due to business debt restructuring;
· Expand the net operating loss carry back period from two years to five years for small businesses (businesses with average gross receipts of no more than $15 million over the prior 3 years) for losses arising in tax year 2008;
· Extend the 25C existing home remodeler credit through the end of 2010, increase the credit rate from 10 percent to 30 percent, raise the lifetime cap from $500 to $1,500, and expand the set of qualifying property;
· Provide an Alternative Minimum Tax patch for tax year 2009;
· Increase bonus depreciation and Section 179 small business expensing for business investment in 2009;
· Increase New Markets Tax Credit allocating authority for 2008 and 2009; and
· Delay for one year the start of the 3 percent government contractor withholding requirement (from 2011 to 2012).
Once the bill is signed into law, NAHB will be reaching out to Realtors to provide information and marketing tools to make home buyers aware of the tax credit and to help builders utilize other aspects of the legislation in order to maintain and/or grow their businesses.
Keep in mind this stimulus legislation is just a first step and we know it is far from perfect. Rest assured, NAHB will leave no stone unturned until the housing market gets back on track. In the days, weeks and months ahead, NAHB plans to work closely with the Congress and the Administration on a host of issues to achieve these aims. Our primary focus will be on efforts to:
· End the credit crunch, particularly as it relates to acquisition, land development and home construction lending;
· Mitigate foreclosures; and
· Further reduce mortgage interest rates to stimulate home buying.
Key Provisions of the American Recovery and Reinvestment Act
Tax Provisions
. $8,000 first-time home buyer, true tax credit (no repayment) for the purchase of a principle residence between January 1 and December 1, 2009. Recaptured if home is sold within three years. Removes the restriction on the use of tax credit proceeds with Housing Finance Agency-issued tax exempt mortgage revenue bonds.
. Short-term gap financing for Low Income Housing Tax Credit (LIHTC) projects:
1. Provision allowing states to turn in portion of 2009 LIHTC allocations for cash.
2. Special appropriation of $2 billion in HOME funds.
. Up to a ten-year deferral of tax from business debt cancelled as part of a repurchase or restructuring.
. 5-year carryback of 2008 net operating losses for businesses with gross receipts of less than $15 million (three year average).
. Extension of enhanced bonus depreciation.
. Extension of increased small business expensing.
. Enhancements to the section 25C program for energy efficiency remodeling improvements to existing homes.
. One-year patch of the Alternative Minimum Tax.
. Increase New Markets Tax Credit allocating authority for 2008 and 2009.
. Delays for one year the start of 3% government contractor withholding requirement.
Appropriations Provisions
. $2 billion for full year payments to owners of Section 8 project based rental assistance properties.
. $2.25 billion through HOME program and Low Income Housing Tax Credit program to fill financing gaps.
. $1 billion for CDBG.
. $2 billion for Neighborhood stabilization program.
. $1.5 billion for homelessness prevention activities (help with rents, etc).
. $250 million for energy retrofitting and green investments in HUD assisted projects.
. $1 billion for Section 502 direct loans under the Rural Housing Service.
. $10.4 billion for Section 502 guaranteed loans under the Rural Housing Service.
. $27.5 billion for highway spending.
Other Key Provision
. Increases in FHA, Fannie Mae and Freddie Mac loan limits to 2008 levels.
San Marco Real Estate Stats: January 2009
Total Units Sold: 9
Detached: 8
Condo/Lofts: 1
Days on Market: 70
Detached: 77
Condo/Loft: 11
Average Sales Price: $286,000
Detached: $269,250
Condo/Loft: $420,000
Median Sales Price: $225,000
Detached: $250,000
Condo Loft: 420,000
Average Sale Price/List Price: 93%
Detached: 91%
Condo/Loft: 100%
Sales increase 22% in January from December of 2008. None of the sales in January were REO, however 20% were short sales.
In January, there were 133 properties for sale. This represents an inventory of 18 months based on the current rate of sales over the last 6 months. These absorption rates continue to be encouraging when compared to many other parts of the country, some of which have over 2 years of inventory.
In January 18 new homes came on the market and 6 new condos. During this time, 6 homes went into pending (0 condos) compared to 7 going pending in December (only 5 have closed.)
This overview of the San Marco real estate market is based on information provided by the MLS for homes that went under contract in the last couple of months and closed in January. More details can be provided if needed with regard to current activity as well as within the specific neighborhood of San Marco.
Detached: 8
Condo/Lofts: 1
Days on Market: 70
Detached: 77
Condo/Loft: 11
Average Sales Price: $286,000
Detached: $269,250
Condo/Loft: $420,000
Median Sales Price: $225,000
Detached: $250,000
Condo Loft: 420,000
Average Sale Price/List Price: 93%
Detached: 91%
Condo/Loft: 100%
Sales increase 22% in January from December of 2008. None of the sales in January were REO, however 20% were short sales.
In January, there were 133 properties for sale. This represents an inventory of 18 months based on the current rate of sales over the last 6 months. These absorption rates continue to be encouraging when compared to many other parts of the country, some of which have over 2 years of inventory.
In January 18 new homes came on the market and 6 new condos. During this time, 6 homes went into pending (0 condos) compared to 7 going pending in December (only 5 have closed.)
This overview of the San Marco real estate market is based on information provided by the MLS for homes that went under contract in the last couple of months and closed in January. More details can be provided if needed with regard to current activity as well as within the specific neighborhood of San Marco.
Saturday, February 14, 2009
Springfield Community Garden
One of the great things about living intown is access to parks and open spaces. These things are bikable and walkable because everything is so close together. A lot borrowed from The Pearl has been converted into the Springfield Community Garden by my friend Jennifer. Jennifer has recently moved out to work on a local organic farm, but the garden is doing really well. I have my own plot and often grow my own vegetables from seed
Here are some recent pickings:
Not only does the garden serve to beautify a vacant lot, but it acts as a place for the community to come together,and it is also a great way to learn new gardening techniques from each other.
Community gardens are another great way to eat locally and try new heirloom varieties or specimens that you might not get in the store.
If you are interested in the Springfield Community Garden and want info on participation then email me here
Here are some recent pickings:
Not only does the garden serve to beautify a vacant lot, but it acts as a place for the community to come together,and it is also a great way to learn new gardening techniques from each other.
Community gardens are another great way to eat locally and try new heirloom varieties or specimens that you might not get in the store.
If you are interested in the Springfield Community Garden and want info on participation then email me here
Thursday, February 12, 2009
Avondale Real Estate Stats: January 2009
Total Units Sold: 6
Detached: 6
Condo/Lofts:n/a
Days on Market: 77
Detached: 77
Condo/Loft: n/a
Average Sales Price: $147,833
Detached: $147,833
Condo/Loft: n/a
Median Sales Price: $136,000
Detached: $136,000
Condo Loft: n/a
Average Sale Price/List Price: 90%
Detached: 90%
Condo/Loft: n/a
Sales decreased 53% in January from December of 2008. None of the sales in January were REO, however 16% were short sales.
In January, there were 129 homes for sale. This represents an inventory of 14 months for detached homes based on the current rate of sales over the last 6 months. These absorption rates continue to be encouraging when compared to many other parts of the country, some of which have over 2 years of inventory.
In January 39 new homes came on the market. During this time, 9 went into pending compared to 11 going pending in December. (Remember, just because a home goes pending does not mean it will close).
This overview of the Avondale real estate market is based on information provided by the MLS for homes that went under contract in the last couple of months and closed in January. More details can be provided if needed with regard to current activity as well as within the specific Historic District of Avondale.
Detached: 6
Condo/Lofts:n/a
Days on Market: 77
Detached: 77
Condo/Loft: n/a
Average Sales Price: $147,833
Detached: $147,833
Condo/Loft: n/a
Median Sales Price: $136,000
Detached: $136,000
Condo Loft: n/a
Average Sale Price/List Price: 90%
Detached: 90%
Condo/Loft: n/a
Sales decreased 53% in January from December of 2008. None of the sales in January were REO, however 16% were short sales.
In January, there were 129 homes for sale. This represents an inventory of 14 months for detached homes based on the current rate of sales over the last 6 months. These absorption rates continue to be encouraging when compared to many other parts of the country, some of which have over 2 years of inventory.
In January 39 new homes came on the market. During this time, 9 went into pending compared to 11 going pending in December. (Remember, just because a home goes pending does not mean it will close).
This overview of the Avondale real estate market is based on information provided by the MLS for homes that went under contract in the last couple of months and closed in January. More details can be provided if needed with regard to current activity as well as within the specific Historic District of Avondale.
Wednesday, February 11, 2009
Africa's Daughters Documentary
cool documentary showing at FCCJ DOWNTOWN tonight - FREE
http://www.experiencejax.com/event_dates/410806?month=2&year=2009
http://www.experiencejax.com/event_dates/410806?month=2&year=2009
Springfield Real Estate Stats: January 2009
Total Units Sold: 3
Detached: 3
Condo/Lofts:n/a
Days on Market: 110
Detached: 110
Condo/Loft: n/a
Average Sales Price: $149,667
Detached: $149,667
Condo/Loft: n/a
Median Sales Price: $36,000
Detached: $36,000
Condo Loft: n/a
Average Sale Price/List Price: 89%
Detached: 89%
Condo/Loft: n/a
Sales decreased 50% in January from December of 2008. 66% of the sales in January were REO.
In January, there were 81 homes for sale. This represents an inventory of 18 months for detached homes based on the current rate of sales over the last 6 months. These absorption rates continue to be encouraging when compared to many other parts of the country, some of which have over 2 years of inventory.
In January 16 new homes came on the market. During this time, 11 went into pending (one of which fell through and is active again), compared to 20 going pending in December. (Remember, just because a home goes pending does not mean it will close).
This overview of the Springfield real estate market is based on information provided by the MLS for homes that went under contract in the last couple of months and closed in January. More details can be provided if needed with regard to current activity as well as within the specific Historic District of Springfield.
Detached: 3
Condo/Lofts:n/a
Days on Market: 110
Detached: 110
Condo/Loft: n/a
Average Sales Price: $149,667
Detached: $149,667
Condo/Loft: n/a
Median Sales Price: $36,000
Detached: $36,000
Condo Loft: n/a
Average Sale Price/List Price: 89%
Detached: 89%
Condo/Loft: n/a
Sales decreased 50% in January from December of 2008. 66% of the sales in January were REO.
In January, there were 81 homes for sale. This represents an inventory of 18 months for detached homes based on the current rate of sales over the last 6 months. These absorption rates continue to be encouraging when compared to many other parts of the country, some of which have over 2 years of inventory.
In January 16 new homes came on the market. During this time, 11 went into pending (one of which fell through and is active again), compared to 20 going pending in December. (Remember, just because a home goes pending does not mean it will close).
This overview of the Springfield real estate market is based on information provided by the MLS for homes that went under contract in the last couple of months and closed in January. More details can be provided if needed with regard to current activity as well as within the specific Historic District of Springfield.
Tuesday, February 10, 2009
Intown Real Estate: January 2008 vs January 2009
Below are some stats comparing January 2008 and January 2009
Springfield:
Active Listings increased 7%
Days on Market decreased 43%
Average Sales Price increased 23%
List Price vs. Sold Price increased 30%
Riverside:
Active Listings decreased 3%
Days on Market decreased 38%
January 2009 saw no closings in Riverside, so Average Sales Price and List Price vs. Sold Price unavailable
Avondale:
Active Listings decreased 10%
Days on Market decreased 31%
Average Sales Price decreased 31%
List Price vs. Sales Price decreased 1%
San Marco:
Active Listings decreased 14%
Days on Market decreased 34%
Average Sales Price increased 71%
List Price vs. Sales Price decreased 2%
Springfield:
Active Listings increased 7%
Days on Market decreased 43%
Average Sales Price increased 23%
List Price vs. Sold Price increased 30%
Riverside:
Active Listings decreased 3%
Days on Market decreased 38%
January 2009 saw no closings in Riverside, so Average Sales Price and List Price vs. Sold Price unavailable
Avondale:
Active Listings decreased 10%
Days on Market decreased 31%
Average Sales Price decreased 31%
List Price vs. Sales Price decreased 1%
San Marco:
Active Listings decreased 14%
Days on Market decreased 34%
Average Sales Price increased 71%
List Price vs. Sales Price decreased 2%
Monday, February 9, 2009
Rebuilding America: Infrastructure
On February 4, 2009, the American Planning Association conducted a Regional Field Hearing in Tallahassee to identify major issues of regional concerns related to infrastructure policy and investment. 6-10 meetings will be held across the nation.
"APA's National Infrastructure Investment Task Force has been created to evaluate current conditions and challenges affecting the nation's vital infrastructure, develop a new vision for that infrastructure, and identify recommendations for changes in public policy and planning practice.
The task force steering committee will include the chairs of six sub-committees, focused on the topics of transportation, water, energy, technology and telecommunications, public facilities and green infrastructure."
Upon completion of the Regional Field Hearings, APA will issue a Town Hall Toolkit and Policy Recommendations to assist local chapters.
"APA's National Infrastructure Investment Task Force has been created to evaluate current conditions and challenges affecting the nation's vital infrastructure, develop a new vision for that infrastructure, and identify recommendations for changes in public policy and planning practice.
The task force steering committee will include the chairs of six sub-committees, focused on the topics of transportation, water, energy, technology and telecommunications, public facilities and green infrastructure."
Upon completion of the Regional Field Hearings, APA will issue a Town Hall Toolkit and Policy Recommendations to assist local chapters.
Hard Times and Preservation Go Hand in Hand
So this weekend I had to make a trip out to the Town Center (my I-Pod I had for 9 weeks quit working, so I had to go to Apple). I RARELY venture out there. I get mad everytime I do. I just don't understand why development incentives aren't given for downtown commercial development. Why direct development southward when you have ready-made infrastructure ready to go!? (and don't feed me lines about parking - plenty of cities across the US develop and encourage development of their urban cores with all their "limited" parking). But that is another post.
This article in the NY Times can easily be directed at some of the tear-down mentality that has been seen locally. As this country tries to shift into a more green economy, so must development. And it is going to happen whether developers want it to or not - it is what saavy buyers want. In the real estate industry, there is a huge trend back in-town for empty-nesters and the "creative class" - people who work in the economy of information and knowledge rather than manufacturing. This trend is continuing, even in this slow market. Buyers are continuing to buy in Jacksonville's urban core - they love the historic homes and the established communities - now if only the city would GET ON BOARD and encourage development and redeveopment in its urban core, you know, simple things, incentives to encourage business, public transportation, tighten the urban growth boundary (up instead of out), and preserve and re-use what is ALREADY here! And guess what? In the long term - smart growth saves MONEY too!
This article in the NY Times can easily be directed at some of the tear-down mentality that has been seen locally. As this country tries to shift into a more green economy, so must development. And it is going to happen whether developers want it to or not - it is what saavy buyers want. In the real estate industry, there is a huge trend back in-town for empty-nesters and the "creative class" - people who work in the economy of information and knowledge rather than manufacturing. This trend is continuing, even in this slow market. Buyers are continuing to buy in Jacksonville's urban core - they love the historic homes and the established communities - now if only the city would GET ON BOARD and encourage development and redeveopment in its urban core, you know, simple things, incentives to encourage business, public transportation, tighten the urban growth boundary (up instead of out), and preserve and re-use what is ALREADY here! And guess what? In the long term - smart growth saves MONEY too!
Friday, February 6, 2009
Housing Stimulus...
So if you have been watching the news this week, you may have noticed that the debate in Washington has finally turned toward real stimulus for the housing industry. If so, this could mean a real turn around in the real estate market.
Last night, the Lieberman/Isakson Amendment was included in the senate version of the Economic Stimulus Bill by a unanimous voice vote. This amendment would provide a Tax Credit to all home buyers at the rate of 10% of the sales price up to a limit of $15,000. The credit would be available for a one year period to all purchasers of primary residences.
In addition, today, the senate expects to debate Amendment 353, a proposal by Senator John Ensign (R-NV) that would provide 30 year fixed financing at a rate of about 4%, for anyone purchasing a primary residence.
If these two provisions survive in the final passage of a stimulus bill they could have a tremendous impact on the real estate market. If they are coupled together with provisions to ease the flow of credit and reduce foreclosures, we could see an immediate and dramatic turn-around in real estate.
These provisions will put money in the hands of millions of homeowners, increase sales, stabilize home values and add more revenues to local communities in the form of property taxes.
Please contact our US Senators, Bill Nelson, and Mell Martinez and our representatives, Corrine Brown, to let them know that you believe these provisions are essential components of any stimulus bill.
The outcome of this legislation will have a lasting impact on us all, even if you aren't currently a homeowner, but may be in the future.
Last night, the Lieberman/Isakson Amendment was included in the senate version of the Economic Stimulus Bill by a unanimous voice vote. This amendment would provide a Tax Credit to all home buyers at the rate of 10% of the sales price up to a limit of $15,000. The credit would be available for a one year period to all purchasers of primary residences.
In addition, today, the senate expects to debate Amendment 353, a proposal by Senator John Ensign (R-NV) that would provide 30 year fixed financing at a rate of about 4%, for anyone purchasing a primary residence.
If these two provisions survive in the final passage of a stimulus bill they could have a tremendous impact on the real estate market. If they are coupled together with provisions to ease the flow of credit and reduce foreclosures, we could see an immediate and dramatic turn-around in real estate.
These provisions will put money in the hands of millions of homeowners, increase sales, stabilize home values and add more revenues to local communities in the form of property taxes.
Please contact our US Senators, Bill Nelson, and Mell Martinez and our representatives, Corrine Brown, to let them know that you believe these provisions are essential components of any stimulus bill.
The outcome of this legislation will have a lasting impact on us all, even if you aren't currently a homeowner, but may be in the future.
Tuesday, February 3, 2009
5 Seller Myths I Have Lately Encountered
Myth 1: Now is the worst time to sell
This is where understanding your specific micro-market is so important. Even beyond Jacksonville's market - what is happening in your neighborhood? Also, if you’re a homeowner who wants to trade up, the loss you’ll take on your current home will be more than offset by the bargain you’ll get on the next one.
Myth 2: Don't respond to low-ball offers
Understand that buyers today feel obligated to start the converstation this way. It doesn't mean they won't negotiate. If you respond with a reasonable counteroffer, then the buyer will usually come back up to a reasonable dialogue.
Myth 3: There will be a better offer, I will wait.
More often than not, the first offer is the best you will see. Try to come to terms with that buyer.
Myth 4: I will reduce the price later, let's test the market with this higher price.
I see this one all the time. Alot of sellers want to price the home high in the first few weeks to see what happens. But buyers shop by price bracket and if you are priced in the wrong bracket, you will make everyone else's proeprty look like a good deal and everybody else's property will sell instead of yours. Reducing your home in small increments puts you in a position of chasing the market instead of jumping in front and selling for the highest amount in the quickest time period.
Myth 5: I don't need to do anything to sell my house but get it listed with a Realtor.
Oh yes you do. With so many homes on the market for sale, your house needs to present as good an image as possible. Put up the clutter, personal items, and most importantly CLEAN the house. Your house needs to look like a model home to sell for the most amount of money in this market.
This is where understanding your specific micro-market is so important. Even beyond Jacksonville's market - what is happening in your neighborhood? Also, if you’re a homeowner who wants to trade up, the loss you’ll take on your current home will be more than offset by the bargain you’ll get on the next one.
Myth 2: Don't respond to low-ball offers
Understand that buyers today feel obligated to start the converstation this way. It doesn't mean they won't negotiate. If you respond with a reasonable counteroffer, then the buyer will usually come back up to a reasonable dialogue.
Myth 3: There will be a better offer, I will wait.
More often than not, the first offer is the best you will see. Try to come to terms with that buyer.
Myth 4: I will reduce the price later, let's test the market with this higher price.
I see this one all the time. Alot of sellers want to price the home high in the first few weeks to see what happens. But buyers shop by price bracket and if you are priced in the wrong bracket, you will make everyone else's proeprty look like a good deal and everybody else's property will sell instead of yours. Reducing your home in small increments puts you in a position of chasing the market instead of jumping in front and selling for the highest amount in the quickest time period.
Myth 5: I don't need to do anything to sell my house but get it listed with a Realtor.
Oh yes you do. With so many homes on the market for sale, your house needs to present as good an image as possible. Put up the clutter, personal items, and most importantly CLEAN the house. Your house needs to look like a model home to sell for the most amount of money in this market.
Monday, February 2, 2009
5 Buyer Myths I Have Lately Encountered
With so much negative press out there about the national real estate market, I see alot of fear in my buyer's eyes lately. Here are 5 Real Estate Myths that I am noticing my buyers lately have:
Myth 1: The longer the house is on the market, the more the seller will negotiate. Most of the time, the seller is stubborly holding on to a price that the market isn't responding to. Ask your agent to look at the listings history, seller's mortgage information in the public records, and to ask the seller's agent why the seller is selling. Then try to determine how motivated the seller is.
Myth 2: Sellers today are desperate.
To find out how "desperate" a seller really is, it comes down to their motivation. A seller who has 3 months to move maybe more motivated than a seller who wants to move to a larger house. Again, have your agent do some digging.
Myth 3: You need 20% down to purchase a home.
If you are a first time homebuyer, there are many programs offered for down payment and closing cost assistance. You would be surpirsed at the income requirements. Also, FHA requires only 3.5% down and you can ask the seller to pay closing costs.
Myth 4: You need to have good credit to get a loan
Check on FHA loans. Also, if your credit is too bad for an FHA loan, start working with a lender to work on your credit and get it where it needs to be. They can be a great resource for guidance so that even if you can't buy now, maybe in 6 months you will be able to
Myth 5: You shouldn't buy before the bottom has hit.
No one can predict when the bottom has hit until it is gone and on the upswing. Only after it is in the rearview mirror can analysts see it and say "oh, there it was." If you are ready to buy now, then make the move. Prices and rates are at historic lows. If you keep waiting for the bottom, I guarantee you will miss out.
The last thing I can suggest if you are thinking about buying is to keep up with your local market. The Intown Neighborhoods in Jacksonville are their own markets and many are in the recovery phases. Don't let national news dictate your decision, get to know your local market.
Myth 1: The longer the house is on the market, the more the seller will negotiate. Most of the time, the seller is stubborly holding on to a price that the market isn't responding to. Ask your agent to look at the listings history, seller's mortgage information in the public records, and to ask the seller's agent why the seller is selling. Then try to determine how motivated the seller is.
Myth 2: Sellers today are desperate.
To find out how "desperate" a seller really is, it comes down to their motivation. A seller who has 3 months to move maybe more motivated than a seller who wants to move to a larger house. Again, have your agent do some digging.
Myth 3: You need 20% down to purchase a home.
If you are a first time homebuyer, there are many programs offered for down payment and closing cost assistance. You would be surpirsed at the income requirements. Also, FHA requires only 3.5% down and you can ask the seller to pay closing costs.
Myth 4: You need to have good credit to get a loan
Check on FHA loans. Also, if your credit is too bad for an FHA loan, start working with a lender to work on your credit and get it where it needs to be. They can be a great resource for guidance so that even if you can't buy now, maybe in 6 months you will be able to
Myth 5: You shouldn't buy before the bottom has hit.
No one can predict when the bottom has hit until it is gone and on the upswing. Only after it is in the rearview mirror can analysts see it and say "oh, there it was." If you are ready to buy now, then make the move. Prices and rates are at historic lows. If you keep waiting for the bottom, I guarantee you will miss out.
The last thing I can suggest if you are thinking about buying is to keep up with your local market. The Intown Neighborhoods in Jacksonville are their own markets and many are in the recovery phases. Don't let national news dictate your decision, get to know your local market.
Sunday, February 1, 2009
Home Buying Seminar
Thinking of buying? February 7, 2009 Home Buying Seminar 10am
Learn a simple 10 step home buying process
First Time Home Buyer? You may be able to get in for $500 down
Learn about closing cost and down payment assistance programs
Learn about THIS economic market and how to navigate it
Learn about the Intown Markets
Learn about the loan process
Send me an email to register
Learn a simple 10 step home buying process
First Time Home Buyer? You may be able to get in for $500 down
Learn about closing cost and down payment assistance programs
Learn about THIS economic market and how to navigate it
Learn about the Intown Markets
Learn about the loan process
Send me an email to register
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