First Time Homebuyer Tax Credit Ends in November
June 26, 2009 by kenduncan
Filed under News / Comments
First time buyer should remember that the $8000 tax credit ends in November!
Click here for more information
I have been involved in the property and building industry for 30 years. My experience together with my personal knowledge of the market in Florida is an extremely valuable asset to have working for you in your search for a Florida vacation home or investment property.
Port St Lucie Realtor
Realtor Port St Lucie on Tue, 23rd Jun 2009
I would be happy to act as your local Realtor in Port St Lucie.
Let me help you find your dream home in South Florida!
Ken@yourfraction.net
305-320-6744 Office hours
772-224-6378 Evenings and weekends only
If you are looking for the right move abroad South Florida is the place to invest.
Florida’s existing home, condo sales up in May 2009
June 23, 2009 by kenduncan
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Florida’s existing home, condo sales up in May 2009
ORLANDO, Fla. – June 23, 2009 – Florida’s existing home sales rose in May – the ninth month in a row that sales activity increased in the year-to-year comparison, according to the latest housing data released by the Florida Association of Realtors® (FAR). Statewide sales showed gains over the previous month’s sales level in both the existing home and existing condominium markets. Also, for the first time in many months, the statewide median sales price in May for existing homes and for existing condos rose over the previous month’s figure.
Existing home sales rose 16 percent last month with a total of 13,921 homes sold statewide compared to 12,044 homes sold in May 2008, according to FAR. Statewide existing home sales in May increased 6.2 percent over April’s statewide activity. Florida Realtors also reported a 21 percent rise in statewide sales of existing condos in May; existing condo sales last month rose 3.8 percent over the total units sold in April.
“The improving sales of existing single family homes and condos is a trend we have been seeing for several months in Florida. What is new in this month’s data release is that we are seeing evidence of prices beginning to firm,” says Dr. Sean Snaith, director for the University of Central Florida’s Institute for Economic Competitiveness. “While one month of data does not a trend make, it is the first green shoot we have seen in some time as far as prices are concerned. Until prices stop declining, we cannot state with confidence that the housing market has stabilized. Sales have risen to levels we have not seen since 2006, though the economy still faces headwinds. As credit markets begin to thaw this will help speed along this process of recovery in the housing market.”
Thirteen of Florida’s metropolitan statistical areas (MSAs) reported increased existing-home sales in May and 13 MSAs also showed gains in condo sales. A majority of the state’s MSAs have reported increased sales for 11 consecutive months.
Florida’s median sales price for existing homes last month was $144,400; a year ago, it was $203,800 for a 29 percent decrease. However, the statewide existing home median price in May was higher than the statewide median price reported in each of the previous four months. According to housing industry analysts with the National Association of Realtors® (NAR), sales of foreclosures and other distressed properties continue to lower the median price because they generally sell at a discount relative to traditional homes. The median is the midpoint; half the homes sold for more, half for less.
The national median sales price for existing single-family homes in April 2009 was $169,800, down 14.9 percent from a year earlier, according to NAR. In California, the statewide median resales price was $256,700 in April; in Massachusetts, it was $275,000; in Maryland, it was $255,587; and in New York, it was $185,000.
According to NAR’s latest housing industry outlook, buyers are responding to favorable market conditions. “The $8,000 first-time buyer tax credit is beginning to impact the market,” said NAR Chief Economist Lawrence Yun. “Since first-time buyers must finalize their purchase by Nov. 30 to get the credit, we expect greater activity in the months ahead and that should spark more sales by repeat buyers.” Many homebuyers are taking advantage of the bargain prices offered on foreclosed listings in states like Florida, California and Nevada, Yun noted, which should “set the stage for healthy market conditions going forward.”
In Florida’s year-to-year comparison for condos, 4,839 units sold statewide compared to 3,998 units in May 2008 for a 21 percent increase. The statewide existing condo median sales price last month was $113,400; in May 2008 it was $181,700 for a 38 percent decrease. May’s statewide existing condo median price was the same as January’s statewide median, and was higher than the median reported in February, March or April. The national median existing condo price was $173,900 in April 2009, according to NAR.
Interest rates for a 30-year fixed-rate mortgage averaged 4.86 percent last month, down significantly from the average rate of 6.04 percent in May 2008, according to Freddie Mac. FAR’s sales figures reflect closings, which typically occur 30 to 90 days after sales contracts are written.
Among the state’s smaller markets, the Melbourne-Titusville-Palm Bay MSA reported a total of 584 homes sold in May compared to 491 homes a year ago for a 19 percent increase. The existing home median sales price was $123,700; a year ago, it was $163,100 for a 24 percent decrease. In the year-to-year comparison for the existing condo market, 123 units sold in the MSA last month, up 6 percent compared to 116 condos sold the previous May. The market’s existing condo median price last month was $134,400; a year earlier, it was $144,300 for a 7 percent decrease.
I would be happy to act as your Realtor for luxury homes in Palm City, Stuart , Sewalls Point and the Treasure Coast
Are you looking for an ocean front condo on Hutchison Island, a beautiful home in Jensen Beach an exclusive home in Sewalls Point, or a townhouse in downtown Stuart?
Let me help you find your dream home in South Florida!
If you are looking for the right move abroad South Florida is the place to invest.
Ken@yourfraction.net
305-320-6744 Office hours
772-224-6378 Evenings and weekends
305-320-6744 Office hours
772-224-6378 Evenings and weekends
Top economists say recovery has begun
June 21, 2009 by kenduncan
Filed under News / Comments
Market Recovery
Top economists say recovery has begun
NEW YORK - 2009 – Economic recovery is about making people feel more confident, says Mark Zandi, chief economist of Moody’s Economy.com, and Zandi pointed to increasing home sales and gains in the stock market as promising signs that the worst is over and that people will start spending again.
“We’re starting to see some pent-up demand for goods,” he says.
But Zandi warns that the situation is still fragile. “Confidence is a very fickle thing. It can go from abject pessimism that pervades now to a more balanced view of the world rather quickly.”
Robert Brusca of FAO Economics is predicting strong growth in the last half of the year and a quick recovery for the labor market. “You’ve lost 5 million jobs. It shouldn’t be hard to put 2.5 million jobs back on rather quickly after you hit bottom,” he said.
Joseph Carson, chief economist at AllianceBernstein, calls improving home sales, a rising stock market, and better-than-expected retail sales in April and May good signs of a turnaround. By the time President Obama’s stimulus package takes effect, the economy will be ready, he says.
“The stimulus has a much better chance of working if trends are already turning up than if it needs to halt a decline,” he said.
South Florida Realtors report a 5 Month increase in sales as high as 35% over last years sales records. These figures just released by The Commerce Department and the recent 5 month sales figures reported by The Realtors Association of Florida are proof that South Florida is a very popular place for investors to buy.
Labels: Buying Florida Properties, Florida properties, Fractional Ownership, investment properties florida, luxury florida homes, right move abroad
I would be happy to act as your Realtor for luxury homes in Palm City, Stuart , Sewalls Point and the Treasure Coast
Let me help you find your dream home in South Florida!
If you are looking for the right move abroad South Florida is the place to invest.
Ken@yourfraction.net
305-320-6744 Office hours
305-320-6744 Office hours
Home Owners think the Market is Turning
June 21, 2009 by kenduncan
Filed under News / Comments
Home Owners think the Market is Turning
Survey: Most homeowners think real estate market turning aroundSEATTLE, – May 14, 2009 – American homeowners have a solid understanding of what has happened to the values of their own homes over the past year. A majority (60 percent) believes their home lost value during the past 12 months, according to the Zillow Q1 Homeowner Confidence Survey. In reality, however, 80 percent of homes across the country lost value during the past 12 months, according to Zillow’s first quarter Real Estate Market Reports.Additionally, 18 percent of owners believe their home gained value in the past 12 months, and 22 percent believe its value remained the same. That resulted in a Zillow Home Value Misperception Index of five – the lowest it has been since Zillow introduced the index in the second quarter of 2008 – and down from 10 in the fourth quarter of 2008. A Misperception Index of zero would mean homeowners’ perceptions’ were in line with actual values.While consumers understanding of the real estate market’s slide became more accurate, that change also created hope for the future. Most homeowners – 74 percent – believe their home will not decline in value in the coming six months, effectively calling a bottom to their own home’s housing slide. Specifically, one in four homeowners (27 percent) think their home’s value will increase in the next six months, while nearly half (47 percent) believe their home’s value will remain the same. Homeowners were similarly optimistic when it came to predicting home values in their local markets. About two-thirds of homeowners believe home values in their local markets will increase (26 percent) or stay the same (37 percent) over the next six months. Thirty-seven percent believe home values will decrease.The survey results also suggest that many Americans would like to sell their home but are waiting for a market turnaround to do so. When asked about future plans to sell, 31 percent of homeowners said they would be at least “somewhat likely” to put their homes on the market in the next 12 months if they saw signs of a real estate market turnaround.“The perception of American homeowners is finally catching up to reality, which is that 80 percent of all homes in the country lost value during this past year,” says Dr. Stan Humphries, Zillow’s vice president of data and analytics. “While homeowners are now more realistic when looking backward, they are still pretty starry-eyed when looking forward, with three out of four homeowners believing that their own homes’ prices will increase or be flat over the next six months. Unfortunately, there are few markets we expect to perform this well.“Also interesting is the information we have for the first time this quarter on the levels of ‘shadow inventory’ – homes that people would like to sell but that aren’t currently on the market, and thus aren’t captured in the official number of homes on the market,” Humphries says. “With almost a third of homeowners poised to jump into the market at the first sign of stabilization, this could create a steady stream of new inventory, adding to already record-high inventory levels, thus keeping downward pressure on home prices.”
British Expats now is the time to take advantage of the depressed Florida market. Now is the time to make the right move abroad.
I would be happy to act as your Realtor for luxury homes in Palm City, Stuart , Sewalls Point and the Treasure Coast
Let me help you find your dream home in South Florida!
If you are looking for the right move abroad South Florida is the place to invest.
Ken@yourfraction.net
305-320-6744 Office hours
305-320-6744 Office hours
Estate Agents Needed To Sell Luxury Scottish Properties
June 4, 2009 by kenduncan
Filed under News / Comments
Looking for Estate Agents to Sell Luxury European Development Homes
We have partners in Europe with exclusive developments, including The Renaissance Club at Muirfield in Scotland, Aberlady next to Gullane and Craigielaw, Buriano Italy and coming soon an exclusive offer at the Home of Golf.
We can offer a very good commission to any USA or Canadian based Realtor who would be interested in acting locally for us.
Buriano Italy: 55 stunning apartments in the Tuscan Hills
Aberlady: 3 Luxury Scottish Golf Homes being fractioned off
The Renaissance Club: 8 Luxury Golf Course Homes within a wedge shot of the fairways of Muirfield
The Renaissance Club : 1 Luxury Golf Course Fractional Ownership Home
St Andrews: To be announced
I am in constant contact with my International partners.
http://kenduncanrealtor.com/international-partners/
For professional advice and guidance regarding properties in Europe you can contact me, Ken Duncan, by
email ken@yourfraction.net
or
telephone me on 305-320-6744
Golfing Homes from The PGA Village Port St Lucie to The Renaissance Club Scotland
