Keeping You Informed on NE Florida Real Estate

Reprint from Real Estate News & Advise

2012-02-21T07:45:00.000-08:00

REALTOR.com Real Estate Trends for January 2012 (DATA)

As the New Year begins, key indicators suggest most of the housing market continues to be in a stabilization and recovery mode. Compared to a year ago, the total for-sale inventory is down by -23.2 % on the national level, declining in 145 of the 146 markets tracked by Realtor.com. The national median age of the inventory is down -4.8% compared to January 2011. While U.S. median list prices declined for the second month in a row, this decline appears to be largely seasonal; on a year-over-year basis, the U.S. median list price was also up 3.69% in January. Although several major markets—including Chicago, Atlanta, Detroit and Las Vegas—continue to be on a downward trend, a growing number of metropolitan areas appear to be recovering, with Florida leading the way. Recent employment gains and record-low interest rates provide additional positive signs that improvements will continue into 2012. However, the large overhang of pending foreclosure actions in states such as Florida, New Jersey and New York could easily reverse recent gains, putting the nascent recovery at risk in many areas.

National – According to real estate data released today by Realtor.com, the national inventory of for-sale single family homes, condominiums, townhouses and co-ops (SFH/CTHCOPS) declined -6.59% from December to January, and is now down -23.20% compared to a year ago. The median age of the inventory also declined on both an annual and monthly basis, and is now -4.80% below the levels observed in January 2011. However, while the median list price is up by 3.69% on an annual basis, it fell for the second month in a row, declining -1.32% between December and January. Although these declines are most likely seasonal in nature, trends in the next few months could determine the strength of the 2012 home buying season.

Local Market Variations – In the past year, a steadily increasing number of markets registered year-over-year increases in median list prices while fewer markets have experienced year-over-year list price declines. Florida markets, which were among the hardest hit at the beginning of the housing decline, continue to show recovery with large year-over-year inventory contractions and large year-over-year increases in median listing prices. However, a recent uptick in the for-sale inventories in these areas may signal that these markets are entering a new phase and that further improvements will be more muted. At the same time, median list prices in other markets that were once the epicenter of the housing boom—including Las Vegas and many parts of California—continue to lag behind the country as a whole. In addition, markets that never experienced the dramatic run-up in housing values that preceded the housing crisis—for example, Chicago and Detroit—have registered some of the largest declines in their median list prices on a year-over-year basis as the impact of a weak economy continues to take its toll.

Conditions are coming around

2011-12-02T07:55:00.000-08:00

I just read an article in the WSJ about pricing is now cheaper than renting in 12 markets. This is an important factor showing that the rental market has really tightened up. On FLeming Island there were only 8 homes for rent 3-4 bedrooms in the $900 - $1100 price range and 4 of them were condo's. I have attached the article, let m eknow what you think?

online.wsj.com

What about Condos

2011-11-03T11:45:00.000-07:00

Condominiums are either the best piece of real estate in the world or the worst, it depends on the market. Well they are getting just about right now for investment. I have attached a list of some in Orange Park and Fleming Island. There are a few in Orange Park that are selling in the $20,000's and in that complex some rental rates are from $500 to $650. You have to remember I do not know the condition and the condo fee is $177 but this is an investment that will cash flow now and as the market turns there is a possibility of increased values.

http://pub.realtyweb.net/link.html?udysi9z4owt,14,1

ZILLOW and TRULIA

2011-11-02T08:29:00.000-07:00

I thought everyone knew about Zillow or Trulia and had the App! But I have found out that is not the case. You should know about these 2 websites and I-phone and I-pad apps even if you are not looking to buy real estate. Basically they collect housing market data from just about every market in the US. If you want to see what is selling in Hollywood California just type in the zip code 90210 and it will not only bring up what is on the market but will have prices, pictures and descriptions. You can look for second homes in the mountains, on the beach or the upper East side of Manhattan. When you have a little fun time, check out the 10,170 sf home at 1000 Elden Way in Beverly Hills for 12,950,000.

If you find yourself in a parking lot on Fleming Island or a mall in Ft Myers and have the App, you can search the homes and prices of the surrounding area. It is a great app and website and very easy to use. If you want to stretch even further you can download or go to Loopnet.com and do just about the same thing with commercial property.

Let me know some of the fun and unusual ones you find.

It's Halloween

2011-10-31T07:15:00.000-07:00

Sometimes there are just some fun sites out there and the following link is to the top ten haunted houses on the market in the US.
Happy Halloween: The Top 10 Haunted Homes for Sale

I am also including a link to one of the nicest and most unique riverfront lots now available. It is over 200 feet on the water and already landscaped. We just reduced the price $100,000, if you know someone who is looking you might pass the link on it is truly beautiful.

http://pub.realtyweb.net/link.html?ud9961jf6sj,14,1

Have a happy and safe Halloween!

Landscaping - Really?

2011-10-28T09:43:00.000-07:00

Great, Friday afternoon and you want to talk about landscaping? Tomorrow is Florida - Georgia or for my North of the border friends Georgia - Florida and I know you do not want to talk about yardwork but if you are thinking about selling your home now or even next year, you need to make sure that FIRST impression is a good one. As far as a return on the $$ invested this may be the highest. A few flowers well placed and the yard cut and edged will make all the difference in the world. If it gets out of hand you can expect low offers or buyers wont even stop. I've attached a link about this and a few other tips for selling this fall!

OK so get up early, get a little exercise in the yard and then enjoy the game!

3 Tips to Sell Your Home This Fall

Rent versus buy

2011-10-27T10:51:00.000-07:00

This has always been the debate and in the past we took into consideration appreciation. Well what happens if there is little appreciation. A current report (link) says that those that rent spend a higher proportion of their earnings on housing than those that own. This is because rent rates are going up and prices have fallen. The decision to rent or buy can be difficult and is certainly different in each case. We are handling both rentals and sales and the rental market is certainly the stronger. Most homes or condos on the rental market and properly priced are vacant for less than 30 days.

By the way, if you are in the office or home most of today, step out ...now. It is a beautiful day jsut take a 5 minute stroll.

Renters Outspend Owners on Housing

I won't post two in one day unless important

2011-10-24T04:08:00.000-07:00

For those of you that are looking for bank owned property or just curious about real estate auctions, follow this link. This site describes 26 properties owned by a local bank that are being auctioned off on November 17. Several of the properties are in Clay county and some are residential and some are commercial. Remember in the description that "absolute" means they will sell that day otherwise the bank will probably have a minimum. If you have questions or would like to be there or even over the internet and want to be represented by a real estate professional (I hope you will consider me) just let me know, it will not cost you anything and you do not save anything by not haveing a Realtor represent you. Happy Hunting!

http://www.rowellauctions.com/index.php?subp=1&sct=&pg=ap&pid=24042&ap_sub=cat

New home ...Really?

2011-10-24T03:50:00.000-07:00

Do not rule out a new house for fear that it will cost twice as much as a re-sale. There are a ton of lots on the market almost everywhere that are CHEAP. Builders have bought up a lot of lots at very low prices in order to be competitive with re-sales. The cost of construction is down over previous years and if you are looking at buying a home and living there 20 years, you may want to get it just like you want it in the beginning as opposed to making changes to the bargain house over the next several years. The attached article speaks to the rise in September of new home sales.

http://rismedia.com/2011-10-20/housing-starts-surge-in-september/

Rember, if you have thoughts you want to share with others reading the BLOG just write a comment. Have a great week!

It's Friday

2011-10-21T06:47:00.000-07:00

Friday is not the last day of the week but often times it seems like it. In real estate the weekend can be very busy but normally Friday's seem to wind things down. The same is for the year end real estate market. November and December are not our busiest months due to the holidays but there is still business to be done. Some buyers want to be in by Christmas and they will start to push, others will drop prices knowing it is a slow season. Call it only a hunch and I have tried to not do hunches the past few years but I think the early part of 2012 is going to be stronger than this past year in the real estate market and I think we will actually start to see a slight up tick in prices.

This is a goodarticle from the Wall Street Journal, the writer thinks that now might be the time to reconsider real estate.
Have a great weekend!

http://www.linkedin.com/e/7leben-gtzgzdja-61/nab/843046475/0ScP0UdzkMdjwIdjoNcPcVczgUb3kQczgMcjAQe2MRc30Pd3AUd3wIdjsQdzgMcPgU/true/weekly/eml-tod-b-ttle-44/?hs=false&tok=3O4X8xzVX9tAY1

There are some deals out there

2011-10-20T04:33:00.000-07:00

This link will hopefully take you to a list of homes in Clay County currntly owned by banks. Some of these will be soldsubstantially under even crrent market prices and some will be on the list 6 months from now but for the foreseeable future there will certainly be a list with homes being added almost every day and also being sold almost as often. The good thing is that once they are owned by the bank, the process is normally much shorter than the "short sale" process.

Take a look and share these with your friends, if you have any questions please call , e-mail or comment.

http://pub.realtyweb.net/link.html?ud5cfqhl26a,14,1

Foreclosures

2011-10-17T06:42:00.000-07:00

Foreclosures are a complicated subject with a lot of pieces. SUffice it to say right now that they are a mixed bag in the market place. Over the past three years they have been the hot topic. Everyone has to understand that foreclosures are dealt with differently by each of what seems to be 100's of banks. Overall, the trend for banks currently is to try to work out loans with home owners but this certainly does not work all of the time. According to the attached link, the number of foreclosures in many markets is down but there will be a steady stream for the foreseeable future.

As you have questions about foreclosure please let me know. Over this week I will send out a few specific homes in our area.

http://www.inman.com/news/2011/10/11/foreclosure-slowdown-stabilizes-real-estate-values

Mortgages

2011-10-14T05:25:00.000-07:00

No one wants to talk about borrowing now after the problems the last 4 years. But the rates are at an all-time low and even if you are not buying, you may want to consider re-financing. This is a link to some current numbers. Personally, I do not see real significant changes for the next 12 months but the combination of low housing prices and low rates make this a good market to consider.

http://www.housingwire.com/2011/10/12/mba-mortgage-applications-increase-1-3?utm_source=feedburner&utm_medium=twitter&utm_campaign=beta&utm_content=Real+Estate+News&utm_term=Charlotte+Real+Estate

I promised some more sales numbers:
Duval County (without beaches) 2010 1/1 - 9/30 =6,178 2011 = 5,797 or a drop of 6.2%
Jacksonville Beaches 2010 = 457 2011 = 464 +1.5%
Nassau County 2010 = 282 2011 = 305 +8.2%

"So much of what we call management consists in making it difficult for people to work"
Peter Drucker

Answer First, then some numbers

2011-10-13T06:03:00.000-07:00

John, that was a great question in the comments but not a "softball"! Right now the rental market for residential is tightening up and we are not only seeing a drop for instance in vacancies in CLay county in particular but we are starting to see a rise in rent rates as well. There are still many financially distressed pieces coming to the market which will make a very reasonable return for the investor that has cash to put in the market. However on the commercial side, I still see a soft market and those properties that have at least a reasonable rent roll are holding fast and the only real deals are properties that are vacant or under leased and finding tenants is still not easy, commercially.

Closer to home, here are some numbers to ponder:
According to NEFAR MLS residential homes (not Condos) sales (closings) in Clay County 1/1/2010 through 9/1/2010 = 1649
For 2011 for this time frame = 1744 or 5.8% increase

For St Johns County 2010 = 1743 and for 2011 = 1927 or 9.5% increase

Tomorrow I will give you the Duval and Nassau county figures.

"There but for the grace of God, go I" John Bradford 1555

We are going to have some fun

2011-10-12T08:15:00.000-07:00

I love Northeast Florida and I really like real estate, so I have decided to do my best to talk about and inform friends and clients as to changes in the market place her in our area and the state and nation. Today I am attaching an article that talks about some optimism in the real estate investment market, please note it is written by an economist for the National Association of Realtors. Let me know what you think about the article or any other question you have been thinking about

Ready to invest in homes again.