Existing-Home Sales Record Another Big Gain, Inventories Continue to Shrink

Yes, more positive news to share about the real estate market recovery!  Wishing everything a wonderful holiday tomorrow-I hope you get to enjoy it with your family, friends and loved ones.

Jon

Views, Views and more views…

What a wonderful unit!  This is one bedroom one bath corner Southeast unit on the top floor of River Shores in the Bristol Building.  Less than two miles to the white sandy beaches of Fort Lauderdale.  Sun drenched interior with wonderful views of the Middle River, Wilton Manors,  oceanfront highrises on the beach and downtown.  Equally stunning during the day and at night.  Gated complex features dockage, gym, saunas, clubhouse and fantastic waterfront pool.  Only minutes to the entertainment, shopping and dining available on Wilton Drive.  Low maintenance of only $247/month includes water, sewer, trash, and insurance, and cable.  Your only expenses are electricity, phone and cable.  Great as a getaway, and just as great as a place to call home!  This unit is not currently available to the public, but only to my clients.  Call me for details and let’s make this place your home!

Fantastic New Tool Available

I am so excited about this new tool I have available…

I’ve just begun to use “Announcemymove.com” and I want to share it with everyone that I know!  It’s a fantastic tool that will allow me to create custom web pages for not only my clients, but my friends to share with their network and friends.  You have the ability to customize the page, add photos and embed a video.  You can then send it to your friends and share it with your network on Facebook if you a user.   Click here to see!

FHA eases some new condo lending rules

Received GOOD news yesterday from Kimber White at Eastern Trust Lending…

We just got some great news concerning condos in Florida from FHA. We can still continue doing spot approvals until Feb. 1st 2010 with possible extension after that but that is at the discretion of each lender still and 90% of lenders won’t do spot approvals but we are a direct lender and still can do spot approvals. Also under the new guidelines there only can be up to 50 % of FHA loans in a project instead of the old guideline of 30%.  Another great change is the percentage of owner occupied has been changed.  The % of owner occupied units is now 40% but the great news is that we can exclude bank owned and short sale listings when calculating those ratios which will get over the hurdle of the foreclosure issue.   Another change is the budget which used to read that there had to be 12 months reserves at time of spot approval.  The new change states that the association must show the ability of reserves over the past 12 months and ability to support the association in the future.  Another great change pertains to new contruction and conversion projects it used to have to be 50% pre-sold to get an FHA loan now its 30% pre-sold.  Also we now have a direct line to get the new projects approved with FHA during preconstruction. 

In summary this is great news I have attached the guideline changes and the bullet points of those chages.   I have 20 years in the industry and am very versed in FHA and can still do spot approvals so please feel free to call me with any questions on this and lets move some condos.  Kimber White, Eastern Trust Lending, 954.696.1436

Click here to read the entire document.

Introducing Betty Scherer…

I am thrilled to introduce Betty Scherer.  We have recently joined forces as REALTOR-ASSOCIATES with Century 21 Hansen Realty in Fort Lauderdale, Florida.  Betty brings with her many years of business experience in many different capacities throughout the United States, Europe and South America.  In addition to being a licensed REALTOR, Betty holds the following professional designations:  CIPS, Certified International Property Specialist; CIIIS, Certified International Investment Immmigration Specialist; TRC, Transnational Referral Certification in addition to being a member of the National Association of Realtors and RAGFL, Realtor Association of Greater Fort Lauderdale.  Whether buying or selling in South Florida, call Betty and Jon for top notch 5 star services.  Our knowledge of the local market, combined with the worldwide name recognition of the Century 21 Real Estate Network and our extensive internet marketing programs assure you of a win-win situation, whether you are looking to purchase or sell property in the Greater Fort Lauderdale area.  Welcome Betty!

Jon

November e-News

 

 

 

 

 

Wow, November already?  Hope everyone had a great Halloween.  Lots of good things to share with you this month.  Activity in our market continues to pick up and gain momentum.  The statistics just came out for October in Broward County and there is fantastic news in the numbers again.  Sales for single family homes are up 36% and available inventory is down 46%.  Condo/Townhomes showed an increase in sales of 66% over 2008 and available inventory is down 35%.  For more details check out the post below this one for all the numbers.

• Homebuyer tax credit extension.  The senate has approved a 7 month extension of this tax credit with some added benefits for buyers who are not first time home buyers.  This will go a long way in helping to continue the upward trend in the real estate market.  It still has to pass the house and get to the president for his signature, but all signs are pointing to a positive outcome.  Click here to read the full article.
• Short sales continue to be a big part of our market and there has been one big change in how 1st lien holders are handling them.  In the past the first mortgage was looking to recover 75-80% of what is owed-which didn’t always work depending on the amount owed and the current market value.  Now, they are accepting current market value or close to what the last comparable property closed for.  If you want more information, click on the tab above “Short Sales”.  And if you’re looking for an experienced title company that is excellent in closing them, the only game in town is Roberto & Associates, 954.776.7498, Joe Roberto.
• I have 2 great opportunites listed-$69,000 one bedroom condo in Wilton Manors, down the street from the “Drive”.   And a one bedroom condo in Coral Ridge for $67,000 can be rented immmediately.  Lastly, looking for an inexpensive rental?  $975, two bedroom two bath also down the street from the “Drive”

Some great feedback  to share from satisifed clients-

• “Jon is the most intuitive real estate agent I know – as well as the most patient. After describing the kind of house I wanted to purchase he took me right to my ideal home. Of course I wanted to see more and Jon worked with me and took me to see other properties. It did not take long for me to know that the first house Jon showed me was the one and I bought it. He was extremely helpful post-sale in recommending the absolute best service personnel – carpenters, etc. I highly recommend Jon as a realtor.”  Steve Cantrell
• “As a first time home buyer I chose you as my REALTOR because my parents had used you when purchasing several properties.  We spent long hours and several months looking at homes.  It seemed like I was never going to find anything, but you kept me on track and finally found the perfect home for me.  You were so knowledgeable, helpful, and patient.  You were there for every little problem I encountered and referred me to a wonderful mortgage broker (Jim Monninger) who guided me through the involved loan process.  Thank you so much for your help and I will be recommending you to anyone I know who needs a REALTOR.”
  Andrew Toy

Jon

October 2009 Sales Statistics

I just received the sales statistics for Broward County for the month of October and there is FANTASTIC news in the numbers… these number have been improving for well over 12 months now.  While prices continue to be down, inventory is declining and the number of closed sales is increasing-both signs of a correcting market.

 

New Listings

Single Family-1,507, 20% lower than 08′
Condo/Townhome-1,923, 14% lower than 08′
Total all property types-5,749, 18% lower than 08′

Total Available Inventory

Single Family-6,092, 46% lower than 08′
Condo/Townhouse-9,614, 35% lower than 08′

Single Family Sold

843 closed sales, up 36% from 08′
Median sales price, $210,000, down 16% from last year

Condo/Townhome Sold

886 closed sales, 66% higher from 08′
Median sales price, $84,100, 28% down from 08′

Pending Inventory or homes under contract

Single family homes are up 59% over 2008
Condos are up 110% over 2008

Given our current inventory and sales levels, if there were to be nothing else listed, we have a 7 month supply of single family homes on the market(down 61% from the previous year) and a 11 month supply of condos on the market(down 61% from the previous year).

Jon

Century 21 at the top of Wall Street Journal Survey…

Through powerful advertising campaigns, broad online digital visibility, strong word-of-mouth marketing, and the delivery of outstanding customer experiences, CENTURY 21® Real Estate has earned top positioning in a recent Wall Street Journal survey of its readers. According to the Wall Street Journal’s 2009 Residential Real Estate Study, the CENTURY 21 Brand ranks first in the industry in Brand Awareness. No other real estate company has greater awareness with consumers. That’s right. We have 99% brand awareness among consumers, per the Wall Street Journal survey results. As for preference, the CENTURY 21 Brand ranks 2nd in “Consideration for Future Business” in that same survey. That positioning is higher than RE/MAX. The survey results indicate that over 84% of consumers will consider using a CENTURY 21 Office in the future.

Home sales rose 34% in Florida, 9.4% nationally, in September

Great article to share from the Sun Sentinel…

Affordable prices and an $8,000 tax credit are working to revive South Florida’s housing market.

Sales of existing homes in Broward County increased 31 percent in September from a year ago, the Florida Association of Realtors said Friday. Palm Beach County sales rose 43 percent.

“The tax credit certainly turbocharged sales, but it’s not just that,” said Mike Larson, an analyst with Weiss Research in Jupiter. “It’s amazing what cheap prices can do.”

Broward’s monthly sales have increased on an annual basis since July 2008.  Click here to view the full article.

Jon

Need a great photographer?

If you’re local and need a great photographer, I highly recommend Dennis Dean.  2440 Wilton Drive.  Or check out his website, http://www.dennisdean.com/

Jon