Real Estate Updates

As I sit here typing, I am loking at a gorgeous mountain view from our vacatiopn villa in the Shenandoah Valley in Virginia. So different from Florida.
Anyway, some important new. Legislators may extend the firt time homebuyer tax credit until September 30 from the originial closing deadline of June 30. This is to allow for all the qualifying purchases that are short sales taking longer to close than expected. Great news for Buyers.
Another bit of news, mortgage rates fall to an all time low for the year and almost as low as we have seen for the past 10 years to 4.72% for a 30 year mortgage. If this news isn't the best motivation to buy then I don't know what is. Take a look at homes for sale here
Thee seems to be no let up in the number of foreclosures coming onto the market, deals are still exceptional but if you buy a foreclosure you need to take a deep breath, put on the big boy pants and play with seasoned investors who understand the bidding process. Remember, no deals can be purchased at half the list price, most foreclosures sell for more than list price.
For buyers interested in buying at foreclosure auctions, talk to me, I will review the process and the homework you will need to do.
As always, thinking of buyiong in Florida, call me:
561-866-9372
http://www.talisellsflorida.com/
info@floridianinternational.com

Buying Bulk REO's

Many people have asked me about buying bulk REO or foreclosed properties directly from the banks. This market is overwhelmed by intermediaries on the buyer's side, the seller's side and on the intermediaries side. But there are bulk REO (tapes) to be had and regardless of all the middlemen, the deals can be exceptionally good for investors who understand that they are buying properties at 40 - 50% of current market value. So, if you feel the need to investigate and inspect every property then this type of purchase is not for you.

The minimum purchase price of these foreclosed property tapes is generally $1,000,000 but there are occassionally smaller tapes available. Sellers want a letter in intent and proof of funds and will provide the tape details within 24 - 48 hours. Buyers usually have 7 - 10 days to review the tapes and make the decision to purchase. Most tapes have properties located in Florida, California and Nevada and buyers can specify preferred locations.

Anyone interested? contact me, let's work together to find some great investments.
Tali Wolder
tali@floridianinternational.com
http://www.talisellsflorida.com/
561-866-9372

Two new bills recently signed by Govenor Crist are very beneficial to anyone considering a purchase of real estate in Florida. First, the Distressed Condominium Relief Act (SB 1196) does away with a requirement that individual condo unit owners carry hazard insurance. Also, investors purchasing block of condos are no longer assumed to be developers and so do not have developer's responsibilities and liabilities. It also lets a condo association decide whether or not to retrofit a building with sprinkler systems and removes mandatory retrofits of sprinkler systems in condos over 75 feet. This is a huge relief to struggling associations, many of whom could not afford the costs asociated with a retrofit.

Living in a house tainted with Chinese Drywall. Well, with bill HB 965, property appraisers must  adjust the assessed value of single-family residential properties affected by tainted drywall. If the home cannot be used for its intended purpose without remediation or repair, the value of the property must be assessed at $0. To qualify, a home must have imported drywall that causes a significant impact on the just value of the property. Also, the buyer must not have been aware of the presence of the tainted drywall at the time of purchase. This tax break will hopefully allow owners to remediate the problems and either live in their homes safely or sell.

So much affects the value of Florida real estate - call me if you need information or if you're thinking of investing in a florida property.
561-866-9372

tali@floridianinternational.com
http://www.talisellsflorida.com/

Investing in Real Estate - For Real This Time

Getting an acceptable return on investments these days is quite a challenge, the days of a high rate on your CD or other trandional type of investment are over for the moment. If you're looking for an alternative, real estate makes a lot of sense thse days. I would not be the only person to see the potential, bank owned properties are usually snapped up within days sometimes after a heated bidding battle. In addition, foreigners from South America, Europe, Canada and even Africa are seeing the We believe that about 60% of condos in the Miami area are being purchased by foreign buyers.
There are many condo units that come onto the market every week starting at $40,000. Rates of return can equal anything from 4 - 8% annually.
An example would be a community in Margate Florida, located near Fort Lauderdale. 1/1 Units are selling at around $40,000. Most need at least $5,000 in repairs but once complete can be rented out for around $650 per month. After association fees and taxes, the investor nets about $250 per month. A return of 6.6% and the good news is that in time these units will appreciate, my estimate would be that in 48 - 60 months, these units will sell for around $60,000.
Looking to invest, don't wait too long, Call me!
Tali Wolder
561-866-9372
tali@floridianinternational.com
http://www.talisellsflorida.com/

Short Sales, Dare You Risk It?

No story or discussion about real estate today is complete without the mention of short sales. So, are they worth the effort, should you consider a short sale? Basically, a short sale is the sale of a property where the Sellers owes more than current value and the lender is prepared to forgive the difference between what can be realised in a sale and what is owed on the mortgage/s.

Short sales can be had at excellent prices but there are important factors to consider. If I am assisting a client purchase a short sale property, I always take certain steps first to ensure the deal is viable:

• First, I find out which lenders are involved. There are certain lenders who are notoriously bad at getting the short sale done effeciently. In addition, if more than one lender is involved, the deal will take longer and negotiations with each will have to take place.
• Next, it's important to know how much is owed and what the current market value is. The condition of the home will also afect the lender's willingness to get a deal done.
• Besides the mortgage, are there any other costs that the Seller may be delinquent in paying, the Homeowners Association, the property taxes, insurance, etc. All these factors will affect the purchase price and the lenders willingness to deal.
• Who is going to be negotiating the short sale. If the Seller has hired someone who understands the process and has experience in closing short sales than the transaction may be worth pursuing. But there are too many so called "experts" around who can really mes up a short sale - stay away from those deals.
• Lastly and most important, how patient is my Buyer. Short sales are usually great deals but they could take anywhere from 4 to 12 months. Don't expect to close a short sale in 45 days, there is seldom any chance of that happening.

If you take a look at the city of Boca Raton for example and search single family homes for sale, there are presently 869 short sales available. These are in all types of communities, from country clubs such as Boca Grove and St. Andrews to great family comunities like Mission Bay and Boca Falls.

From January 1, 2010 to May 25, 2010, there have been 109 sales of single family home short sales. I can comfortable say that the sales price of the short sales were, on average, at least 15% lower than current market value.

In conclusion, if you are looking to buy in South Florida, don't shy away from short sales, just make sure you are dealing with a professional who understands the process and has your best interests as her primary concern.
Call me to find your South Florida home:
Tali Wolder
561-866-9372
tali@floridianinternational.com

Boca Raton is renowed as a city of very exclusive country clubs and gated communities. In fact, this perception is so strong that many people wanting to buy into a country club lifestyle just bypass Boca Raton completely, looking in more affordable areas. This is a mistake as the country club lifestyle is more than possible at very affordable prices in exceptional Boca Raton communities. Some of the best deals at the moment can be found in Boca Woods Country Club . This is a beautiful country club located close to great shopping and amenities. Golf memberships are limited to just 530 preventing overcrowding on the 2  exceptional 18-hole golf courses. There are only 645 single family homes in Boca Woods Country Club all have either a golf or lake view. Residents can also enjoy the 8 Har-Tru tennis courts and world-class fitness center.

The clubhouse is great with dining and banqueting facilities available for a quick lunch or a dinner with family and friends.

You can find 2,000 sq ft homes in Boca Woods Country Club in Boca Raton for under $150,000. If you are considering a winter home in Florida, take a look at Boca Woods, you will be pleasantly surprized by the value and quality of the homes for sale.

If you'd like to see properties in Boca Woods Country Club, call me:
Tali Wolder
Tali@FloridianInternational.com
561-866-9372

A Bargain in Boca

I have just heard of a great incentive to buy in Broken Sound Country Club in Boca Raton. A beautiful, large condo unit with sweeping views of the golf course and lakes is on the market at a price of $399,000. That is fair market value for the unit but the Seller is offering a little extra bonus to Buyers at this price. The Seller will pay 50% of the social or sports equity membership at closing. That's a saving of over $25,000. The home is in the lovely enclave of Nassau Bay, a great lock up and go lifestyle with warm, friendly neighbors. If you want to be situated right in the heart of Boca Raton with access to one of the best country clubs in the country then this home is worth looking at.

I'll continue to let you know about interesting deals that are available.
If you'd like to see properties in South Florida, call me:
Tali Wolder
Tali@FloridianInternational.com
561-866-9372