08 May 2008 05:32 am

Smart Florida Realtors Concentrating On Second Home Sales

It’s of no surprise to us all that the combined total of Florida vacation homes and Boca Raton investment home sales declined with the overall market in 2007. But, sales of these homes and condos still accounted for 33 percent of all existing and new home sales. This is close to historic norms, according to the National Association of Realtors®.

Palm Beach County vacation homes are discretionary purchases and there is a natural tendency to pull back from big-ticket items in periods of uncertainty. But, lifestyle factors and strong demographics remain positive for the vacation home market. Plus, investment considerations are secondary for Florida vacation home buyers, so there is almost always underlying demand.

Nationwide, the median price of a vacation home was $195,000 in 2007, down 2.5 percent from $200,000 in 2006. The typical investment property cost $150,000 last year, unchanged from 2006.

Fifty-nine percent of vacation homes purchased in 2007 were detached single-family homes, 29 percent condos, 7 percent townhouses or rowhouses, and 5 percent other. In 2006, single family homes accounted for 67 percent of vacation-home sales, while condos were 21 percent.

Real estate agent Caesar Parisi stands ready with effective advice on buying or selling a Boca Raton Country Club Real Estate.

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02 May 2008 07:34 am

Miami-Dade County Condo Opportunites Abound

Investors looking to pick up properties at 35 to 50 percent discounts off previous asking prices need to look no further than parcels within the Miami real estate market. Statistics show that Miami-Dade has the country’s largest inventory of unsold, unoccupied condo projects, with 25,000 sitting for sale. That’s a five year supply at current purchase rates. Plus there are another 19,000 units at some stage of approval or construction.

Unfortunately, many condo projects are tied up in litigation, which can complicate the ability of owners or developers to close deals. Plus financing is much harder to negotiate. Most banks have lists of local projects where they won’t lend under any circumstances. Private mortgage insurers have left the Miami-Dade mortgage market, citing the inability to build profitable portfolios..

Cash is king when buying a home or Palm Beach condo unit. High leverage loans are mostly unavailable. So, investors with cash can acquire units at half the previous price.

A perfect waterfront community, The Addison Condo offers 170 fabulous units amidst the two towering condominiums that are simply sensational. Caesar Parisi is available to help you be an informed home buyer or home seller in today’s changing Boca Raton real estate market. (more…)

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28 Apr 2008 07:20 am

Florida Voters Will Decide On Property Tax Cuts

Come this November, Florida and Palm Beach County voters will have the chance to express their opinion on a ballot measure that could cut property taxes across the board by an average of 25 percent, or $9.5 billion. As a result, state legislators would need to replace the revenue by raising sales and other taxes.

If 60 percent of voters agree, the Legislature will have to do away with the portion of Boca Raton school property taxes districts collected to draw state dollars, called “required local effort.” The resulting tax cut would apply not just to homeowners but to businesses, second homes and commercial buildings.

Legislators would then be required to replace the schools revenue by some combination of raising the sales tax a penny, closing sales-tax exemptions given to a wave of different industries, cutting spending or finding “other revenues.” The bill would also replace a 5 percent cap on assessment growth for non-homestead properties (businesses and second homes) similar to the 3 percent Save Our Homes cap enjoyed by homeowners.

Looking for a home or condo in Boca Raton FL? Contact your expert Boca Raton Real Estate Agentstoday. (more…)

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25 Apr 2008 07:02 am

Overseas Investors Buying Florida Commercial Real Estate

A recently released report claims that in terms of global property market transactions, the South Florida real estate ranks 15th worldwide in the level of commercial real estate deals.

The same report is among the first to track commercial real estate transactions in major metropolitan areas around the world. A total of $1.04 trillion in office, industrial, hotel, retail, land and apartment sales were transacted globally in 2007. A total of 114 metropolitan areas had more than $1 billion worth of commercial property market transactions.

South Florida commercial real estate is seen as one of the most desirable markets, wherein a large number of conglomerates have expressed the desire to invest in Palm Beach County real estate. South Florida’s rising popularity as an international travel, trade and investment haven creates familiarity among foreign real estate investors, the report adds.

Looking for a home or condo in Boca Raton FL? Contact your expert Boca Raton Real Estate Agentstoday.

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21 Apr 2008 07:11 am

South Florida Marina Construction Threatens Manatees

Hundreds of docks are being built for Palm Beach County real estate now that the federal government has lifted a marine-construction moratorium that had been imposed to protect manatees. While developers say these projects support a vital part of South Florida real estate, environmentalists worry that the onslaught of boats will harm the slow-moving marine mammals even with protection measures in place.

The ban on marina construction had been imposed to protect manatees, which were being killed by boats in record numbers. In 1989 then-Gov. Bob Martinez ordered Broward, Palm Beach and 11 other coastal counties to prepare manatee protection plans. Although both South Florida counties completed elements of plans, such as speed zones, they failed to produce an essential component: Mapping out where future waterfront construction could and could not take place.

As the number of boats and manatee deaths continued to climb, the U.S. Fish and Wildlife Service in 2001 starting holding up permits, eventually imposing a moratorium on commercial marine construction.

Shopping for that perfect home in a Boca Raton Real Estate Neighborhood? Realtor® Caesar Parisi is ready to help you buy your dream property. (more…)

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16 Apr 2008 06:16 am

Buying Facts For First Time Buyers

As a first time home buyer, you have a lot to learn. Working from a position of not truly understanding the buying process, you must study the housing market, determine what you can afford, secure a loan and select a Palm Beach county home that’s a good fit for your lifestyle. The transaction will likely become your largest asset ever so there’s little room for error.

Here are a few Do’s and Don’ts.

Do surf the net to home buying information. RealtyTimes Market Conditions gives you a snapshot of thousands of local markets. About.com’s Home Buying/Selling section is replete with usable insight that you’ll need to get going. Stick with the known, long-time real estate information Web sites and you’ll learn more than you need to know.

Do examine your credit standing. You need to know your credit standing. You may need to request corrections if there are errors. You may need to adjust your habits if your credit behavior is less than sterling. And you need to take those steps before seeking a loan. Your credit report is free from AnnualCreditReport.com.

Don’t buy more than you can afford. Lenders will often loan you as much as your financial condition warrants, but that may not be what you can comfortably afford. It’s better to live with a comfortable mortgage on a smaller home than to struggle every month paying a mortgage on a house with more room than you really need.

Ready to buy or sell a home in the Santa Barbara community? Consult with licensed agent Caesar Parisi. Caesar has assisted hundreds of buyers and sellers, giving sound advice on how to most effectively buy and sell property. (more…)

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