Florida Real Estate News

Experts Agree That Upgrading Your Home Will Help It Sell More Quickly

admin — Thu, 15 May 2008 10:34:55 +0000

If you’re putting your south Florida home on the market anytime soon, you may want to rethink those ideas you might have on making a significant expenditure on remodeling. During the housing boom, ambitious projects could recoup as much as 90 cents on the dollar. Not today.

The resale value of Palm Beach condo improvements in general is sliding, according to experts. In a departure from recent trends, homeowners are getting the best payback from relatively mundane improvements, such as sprucing up the exterior of their house or putting in new windows.

The current Boca Raton real estate market has made remodeling much trickier. When house prices were climbing ever higher, buyers knew they could spend big bucks to expand their homes and still make a profit when it came time to sell. But today, a buyer who spends unwisely on remodeling may be simply digging a deeper hole when it comes time to move.

Visiting the Boca Raton FL community? Contact Realtor® Caesar Parisi for information on buying or selling a home or condo in Boca Raton Waterfront Real Estate.

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South Florida Homeowners Appeal To Legislature

admin — Tue, 13 May 2008 10:02:32 +0000

Listening to desperate South Florida homeowners, members of Congress are promoting legislation to try to stem the tide of home foreclosures and prevent further erosion of property values. The House is considering a bill week that would encourage lenders to refinance troubled home mortgages on easier terms. Backed by the Federal Housing Administration, the idea is to stabilize the Boca Raton real estate market and prevent housing prices from plummeting because of a flood of Florida foreclosures.

Congress has made housing relief a priority this year, though the House and the Senate so far disagree on how to provide it. The Senate recently passed a bill that would provide $25 billion of tax breaks over three years to home builders. It also calls for a $7,000 tax credit for those who buy a foreclosed property. And it would provide $4 billion to communities to buy and repair abandoned homes.

However, critics of the legislation argue that it favors businesses over borrowers and would not prevent Foreclosures. The House Financial Services Committee, which includes six Florida members, approved a very different bill last week to try to help homeowners fend off foreclosure.

Visiting the Boca Raton FL community? Contact Realtor® Caesar Parisi for information on buying or selling a home or condo in Boca Raton Waterfront Real Estate.

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Smart Florida Realtors Concentrating On Second Home Sales

admin — Thu, 08 May 2008 09:32:05 +0000

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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Miami-Dade County Condo Opportunites Abound

admin — Fri, 02 May 2008 11:34:15 +0000

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.

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Florida Voters Will Decide On Property Tax Cuts

admin — Mon, 28 Apr 2008 11:20:19 +0000

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.

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