Here you will find news and tips, usually about real estate, but sometimes about other things. Check in often for something new and interesting.
Foreclosures are great investment opportunities!
If you have been thinking about investing in real estate, this is a fantastic time to do it. the large number of foreclosures on the market offers an incredible investing opportunity for you. In mid-October, there were nearly 600 listings of foreclosure and short-sale homes on the Pensacola MLS. The listed prices generally are below market levels and the banks often are accept offers well below listed price.
For an investor, there is a wide selection of homes and a wide selectuion of prices through out Escambia and Santa Rosa Counties.
And, of course, these hundreds of foreclosures offer a great opportunity for someone looking for a good price on a home to live in.
Please feel free to contact me for more detailed information on the foreclosure market.
Pensacola in the top 25!
The Pensacola metro area is one of the best places for affordable homes in the country. Pensacola ranked 16th among the 25 best places for affordable homes, according to CNNMoney.com.
CNNMoney.com says the Pensacola area is one of the towns where people can retire near the water, but without paying premium prices for a home. The report says residents who buy real estate here see their incomes go the furthest.
CNNMoney.com identifies the town as Ferry Pass, which is actually a U.S. Census statistical designation. In reality, Ferry Pass is not a town, but rather is part of the urban area of Pensacola. Here’s what CNNMoney.com says about the area—
“Sun worshippers will feel right at home….Pensacola's chock full of restaurants, shops, art galleries--and of course white sand beaches, where residents and tourists frolic in the surf. Fishermen drop their lines in nearby Escambia Bay, a scenic enclave…flanked by red clay bluffs. For about $150,000, you'll find a mid-sized three-bedroom, two-bathroom home in Ferry Pass, just a stone's throw from the bay.”
They also point out that the famous Blue Angels flight team is headquartered in Pensacola and you can watch them practice at the National Museum of Naval Aviation.
CNNMoney.com says the median home price in the Pensacola area is a little over $129,000 compared to a national average of nearly $294,000. Property taxes in this area average $1,628, compared to more than $4,000 nationally. Those tax figures are based on 2006 data.
And for home buyers, there are plenty of homes to choose from, with more than 6,300 homes listed in the two-county market of Escambia and Santa Rosa.
A big tax reduction for 1st time home buyers!
One of the items buried in the new Housing Relief Law is a big tax credit for first time home buyers. Generally, first time home buyers are people who have not owned a home in at least three years.
Initial information about the law is that first time home buyers who purchase a home between this past April and July of 2009 will qualify for a tax credit of as much as $7,500 depending on income.
All of this information is tentative, but the understanding is that the credit will be 10% of the purchase price up to a max of $7,500.
A home purchased for $70,000 for example would generate a credit of $7,000.
Again, a lot of this information is still fresh and tentative, but the reporting is that the tax credit will come off the buyer’s federal income tax bottom line. So, if you owe $8,000 in federal taxes, the $7,500 would come off that and you would owe only $500.
But, as with all things that sound this good from the government, there is a catch.
This tax credit is actually an interest-free loan. The IRS will require you to pay it back at $500 a year for 15 years, or at the time the home is sold.
But for people on limited budgets, knocking $7,500 of your tax bill after buying a new home can be a big help.
Again, please understand, a lot of this information is still tentative and has not been set out in formal federal regulations just yet. You should talk with an accountant or financial advisor before buying a home with this big tax credit as a primary factor.
Stay tuned for more information.
Action finally on the Maritime Park
The board voted to negotiate with Land Capital Group for a contract to build the much-delayed park project.
Land Capital Group is based in
The Park Board of Trustees overruled its own consultant, Owen Beitsch who is being paid $50,000 for his professional advice on selecting a developer. Beitsch had recommended the Board go with Trinity Capital Advisors, mainly because of their experience and financial capabilities.
Land Capital says it can build the public phase of the park for $50 million, using $40 million in public money committed by the Pensacola City Council and $10 million from other sources.
That would cover the cost of environmental remediation of the property once home to petro-chemical facilities, building streets and infrastructure, a multiuse stadium, conference center, University of West Florida classrooms, parking lots and most of the park green space.
Not included are wharves, piers, gardens and a great lawn and a parking garage. The Land Capital developers say they will go after other financing for these items, including federal dollars.
Developers say private investment portions of the waterfront project such as retail, office and residential facilities will be determined by the market and whether the economy and housing market recover in a timely manner.
It has been nearly two years since voters approved the development of a waterfront park complex on Pensacola's bay front. It will be even longer before decisions are made to actually build the park.
The park has been bogged down in financial issues, complicated by a Florida Supreme Court ruling that disallows the type of financing that had been planned for the park.
Now, two potential developers of the park's master plan are refusing to make financial commitments to their part of the construction because of the slumping economy and the financing issues.
Original plans called for construction of a large open-air community park, a maritime museum, a multi-use baseball stadium, retail and commercial facilities and office space. Part of the work was to be financed by $40 million in public tax money.
It now appears that without a strong commitment of financing by public and private resources, there may be no construction any time soon.
Housing Rescue Law
Here are some of the features that will directly affect buyers and sellers:
• Homebuyer Tax Credit - a $7500 tax credit that would be would be available for any qualified purchase between April 8, 2008 and June 30, 2009. The credit is repayable over 15 years (making it, in effect, an interest free loan).
• FHA foreclosure rescue – development of a refinance program for homebuyers with problematic subprime loans. Lenders would write down qualified mortgages to 85% of the current appraised value and qualified borrowers would get a new FHA 30-year fixed mortgage at 90% of appraised value. Borrowers would have to share 50% of all future appreciation with FHA. The loan limit for this program is $550,440 nationwide. Program is effective on October 1, 2008.
• Seller-funded down payment assistance programs – codifies existing FHA proposal to prohibit the use of down payment assistance programs funded by those who have a financial interest in the sale; does not prohibit other assistance programs provided by nonprofits funded by other sources, churches, employers, or family members. This prohibition does not go into effect until October 1, 2008.
Are you living in your home while trying to sell it? Trying to stay sane while keeping it ready for showing? Bring in the tubs!
Equal Housing Opportunity. This material is based on information which we consider reliable, but because it has been supplied by third parties, we cannot represent that it is accurate or complete and should not be relied on as such. This offering is subject to errors, omissions, change of price or withdrawal without notice.
