November 2009 Sales Statistics

I just received the sales statistics for Broward County for the month of November and there is FANTASTIC news in the numbers(AGAIN)!  These number have been improving for over a year now.  There are fantastic buys to be had in every price range and my clients are getting incredible deals, unlike I’ve seen in years.  Market activity has picked up tremendously and I’m the busiest I’ve been in 4 years.  Call or email me for exemplary service in South Florida.

 

 

 

New Listings

Single Family-1,568, 13% lower than 08′
Condo/Townhome-2,026, 6% lower than 08′
Total all property types-5,878, 9% lower than 08′

Total Available Inventory

Single Family-6,066, 45% lower than 08′
Condo/Townhouse-9,558, 34% lower than 08′

Single Family Sold

785 closed sales, up 38% from 08′
Median sales price, $195,000, down 20% from last year

Condo/Townhome Sold

964 closed sales, 85% higher from 08′
Median sales price, $85,000, 23% down from 08′

Pending Inventory or homes under contract

Single family homes are up 40% over 2008
Condos are up 88% over 2008

Given our current inventory and sales levels, if there were to be nothing else listed, we have a 8 month supply of single family homes on the market(down 60% from the previous year) and a 10 month supply of condos on the market(down 64% from the previous year).

Jon

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

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

October e-News

Lots of good things happening in our market to share this month!

Congratulations to Mr. Rubino on the successful sale and closing of his condominium, and to Kyle & Liz who found an awesome condo to rent for the winter.  Here is what they had to say.

The numbers are out for September and WOW-sales are up 40% and 69% from last year.  Here are all the stats.

Make it a great month everyone!

   

• Don’t forget the deadline to qualify for the $8,000 tax credit is November 30, 2009.  In order to receive the benefits of this credit, you need to close on the property prior to November 30th.  This is a great opportunity for all my first time homebuyers as they now account for a large percentage of our sales.  Complete details are here.
• Free foreclosure search-I am now the featured agent on USHUD.com for Northeast Fort Lauderdale.  You can now search for foreclosures throughout the state of Florida from my website or blog.  Click here for the link.
• Although this is not new, you can also search the MLS in any one of 12 languages through my website.
• I’ve got 3 great opportunites to share-I have 2 one bedroom condos for $69,000 each in Wilton Manors, just down the street from the “Drive”.  I also have a one bedroom condo east of Federal for $67,000-low maintenance and it can be rented immediately.  Call me for details.
• I’ve begun to creat a list of “preferred providers“.  Whether you are looking for a handyman, mortgage broker, dentist etc. I’m compiling a comprehensive list as a resource for my clients.  These are folks either I personally use or that have been recommended to me.  I’ve found that word of mouth is the only way to go when looking for service providers.  If you or someone you know would like to be included on this page let me know, and I’ll add them.
• I’m also creating a page where you can find out what is available for sale in different condominiums in  Fort Lauderdale and Wilton Manors.  The links are live, so at any given time you’ll be able to see what is currently available.  If you would like to see your building on here, just send me a note.
• Don’t forget to “Fall Back” and change your clocks at the end of the month.

Jon

Rarely Available-Forever Ocean & Coast Views

WOW, this unit just became available moments ago and I wanted to be sure to share it with everyone I know! Park Tower is a wonderful building surrounded by Birch State Park and directly across from the beautiful beaches of Fort Lauderdale with it’s own underground tunnel for access to the beach. Units rarely become available in this building and this 15th floor unit is located in the “D” stack which is the most desirable location in the building offering views from every single room. Because of its location by the State Park your views will NEVER change. This is a 2 bedroom 2 bath unit with a split bedroom plan and features all impact glass. Building has undergone substantial renovations and improvements over the last five years. Each floor features only 4 residences. This is a once in a lifetime opportunity for one very lucky buyer! $375,000, let me know if you or someone you know might be interested!
View all 34 photos here

One AMAZING Deal

I had shared this previously, but we’ve just had a price reduction to $229,900.  This is a 2/2/.5 condo located at Americas on Park, 777 Bayshore Drive.  This wonderful building sits on the Intracoastal Waterway at the edge of Birch State Park in Fort Lauderdale and is only 3 blocks from the white sandy and sunny beaches of Fort Lauderdale.  Features include a split bedroom plan and over 2000 square feet of living space.  Building has had many recent improvements and is financially sound.  Beautiful pool area, dockage available and so much more!  This is a STEAL in today’s market, the last unit in the building sold for $360,000 less than a month ago in original condition.  Click here for more details, and please be sure to share with anyone you know that might be interested!  (Please note this must be a cash deal because it needs a kitchen)

Jon

March 2009 Sales Statistics

New Listings

• Single Family-1,433, 39% lower than 08′
• Condo/Townhome-1,816, 30% lower than 08′
• Total all property types-5,153, 31% lower than 08′

Total Available Inventory

• Single Family-9,192, 27% lower than 08′
• Condo/Townhouse-13,078, 19% lower than 08′
• Total all Property Types-31,053 18% lower than 08′

Single Family Sold

• 516 closed sales, up 19% from 08′
• Median sales price, $220,000, down 27% from last year

Condo/Townhome Sold

• 581 closed sales, 5% higher from 08′
• Median sales price, $139,116, 29% down from 08′

Pending Inventory or homes under contract

• Single family homes are up 86% over 2008
• Condos are up 61% over 2008

Given our current inventory and sales levels, if there were to be nothing else listed, we have a 23 month supply of single family homes on the market(down 38% from the previous year) and a 23 month supply of condos on the market(down 23% from the previous year)

Inventory is down, closed and pending sales are up-the market is changing and buyers are responding!  Great news-

Jon

American Recovery & Reinvestment Act 2009

As you may have heard, significant improvements in the temporary First-Time Homebuyer Tax Credit were signed into law on Feb. 17 as part of the American Recovery and Reinvestment Act of 2009 to provide a housing stimulus for first-time home purchases that occur between Jan. 1 and Dec. 1, 2009.  American Recovery and Reinvestment Act of 2009

Jon