News: Current Articles
November 2008 Palm Beach County Events
Palm Beach County has events going on all year long. There is always a concert series and festivals, guided tours and nature exhibits, or greenmarket to visit.
Home Sales
For the first time in almost three years, Florida's existing home sales rose in September, up 24 percent from September 2007; and statewide sales of existing condos increased 11 percent in the year-to-year comparison, according to FAR's latest housing data. Sales are up nationally, too: NAR reports sales of all types of existing housing rose 5.5 percent last month compared to August's sales, and are 1.4 percent higher than September 2007 sales.
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October 2008 Palm Beach County Events
Palm Beach County has events going on all year long. There is always a concert series and festivals, guided tours and nature exhibits, or greenmarket to visit.
Time is running out for seller provided down payment FHA program
Seller provided down-payment assistance and a FHA Loan for home buyers financing 100% of the purchase price should be moving soon. Current Federal Housing Administration rules let home sellers channel money through a charity to help home buyers cover the down payment. However, how some buyers obtain that money is about to change. This financing option that is used by almost 20% of new home buyers will end October 1st, 2008. This change is part of the Housing and Recovery Act of 2008, which President Bush signed into law July 30. The act states that a borrower's down payment for any loan backed by the FHA can't be provided before, during or after the sale by the seller or any third party or entity that is reimbursed, directly or indirectly by the seller or any other person or entity that financially benefits from the transaction. Additionally, on October 1, the minimum down payment required for an FHA guaranteed loan will increase from 3% to 3.5%, and a new risk-based pricing structure will be enacted. On the bright side there is a reward for new punchers with a tax credit. The tax credit allows upwards of 10% of the purchase price of the home with a cap of $7,500. It's similar to a no-interest loan that is paid back in increments of $500.00 per year.
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Join in for the International Coastal Cleanup.
On Saturday September 20th beginning at 8 a.m. Keep Palm Beach County Beautiful Inc. has invited the Northern Palm Beach County Improvement District to participate in the annual International Coastal Cleanup, America's largest litter reduction for marine and preserve areas. This international event has been sponsored by the Ocean Conservancy for over 23 years and includes over 500 affiliates of Keep America Beautiful. This yea Sam Payson will be this year's coordinator and will be start at 8 a.m. and will take place at Jupiter's Abacoa on the Greenway. If you're interested in participating, please call Sam at Sam@npbcid.org or call at 561-624-7830.
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How the Fannie and Freddie takeover affects you
The feds want mortgages to remain available at good rates to creditworthy borrowers. That's good news. But don't expect easier jumbo mortgages or home equity loans.
By Bankrate.com
The government takeover of Fannie Mae and Freddie Mac is designed to put downward pressure on mortgage rates and to ensure that home loans remain available.
Those goals are made crystal clear in the statements made by public officials.
The primary mission of the two mortgage giants "now will be to proactively work to increase the availability of mortgage finance," says James Lockhart, who will temporarily govern Fannie and Freddie.
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Florida Supreme Court: Amendment 5 off November ballot
Amendment 5, the sweeping property tax amendment, will not appear on the ballot in November. The Florida Supreme Court heard arguments today and issued a ruling removing it and denying any motion for a rehearing.
"We're disappointed that Florida voters will not be able to vote themselves a property tax cut this November," says Florida Association of Realtors® (FAR) Vice President of Public Policy John Sebree. "We've already been in touch with legislative leaders, and are urging them to bring relief to property owners in the next legislative session.
"Florida homeowners recently received their property tax notices, and we realize that Amendment 1 (property tax relief passed last January) was only a start," Sebree adds. "We now need to take the next step for reform."
September 2008 Palm Beach County Events
Palm Beach County has events going on all year long. There is always a concert series and festivals, guided tours and nature exhibits, or greenmarket to visit.
Bush expands disaster assistance for four Florida counties
On Aug. 29, 2008 The Federal Emergency Management Agency announced that President Bush had expanded a disaster declaration for St. Lucie, Okeechobee, Hendry and Volusia counties, clearing the way for grants and loans to flow to homeowners, renters and businesses. This will allow those people who received destruction from Tropical Storm Fay to begin the recovery process. FEMA teams will open a disaster recovery center this morning at the St. Lucie County Logistics Center in Fort Pierce. Storm victims can apply for help in person at the center, online at www.fema.gov or by calling (800) 621-FEMA.
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Good news for Florida homeowners concerning Allstate Insurance
The battle between Allstate Insurance Company and the Office of Insurance Regulation appears over. Earlier this year, the Office of Insurance Regulation enforced a ban prohibiting the company from writing new policies for failure to provide documents during a state investigation. The agency was investigating why the company's rates had not dropped following the insurance reforms passed in early 2007. Allstate has signed an affidavit certifying it had fully complied with the state's request for documents. In response, the state lifted the ban with the understanding that a future failure to produce documents would bring another ban. After a detailed investigation into the company's pricing practices, Allstate will reduce rates by 5.6 percent in 30 days, pay a $5 million fine, forgive a $175 million loan to Florida subsidiaries and add 100,000 policies in three years according to the agreement.
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NAR survey shows buyers responding to lower metro prices
Sales of both existing single-family homes and existing condominiums improved in second quarter 2008 from the first quarter of the year, according to the latest housing statistics from the Florida Association of Realtors (FAR). A total of 35,178 existing homes sold statewide in
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Tiara Residents to Return Soon
The Tiara on Singer Island the condominium devastated by hurricanes four years ago is close to final inspections. If all goes as planned, final building inspections will begin next week. That means residents should be able to begin moving back into their long-abandoned homes on August 8, building officials said. The Tiara has had a $140 million makeover since the 2004 storms. The 42-story building got new hurricane resistant sliding doors and windows, balcony railings and a sprinkler system just to name a few.
Restored to it's original glory homeowners are happy to be at home again. For additional information contact us at One World Realty Inc. for additional information.
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Crist announces support for Amendment 5 property tax reform
"If this Amendment 5 were to pass in November, which I hope it does, people will look at that as a lot more than a tweak," Crist says. "I think it could be a significant stimulant for Florida's economy."
Crist's position puts him firmly on the side of Florida's Realtors but at odds with a number of other groups, including schoolteachers, business groups and some fellow Republicans. But even opponents admit that Crist carries significant weight in Florida, and say that his support will go a long way to pass the Amendment 5 at the polls in November.
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August 2008 Palm Beach County Events
Palm Beach County has events going on all year long. There is always a concert series and festivals, guided tours and nature exhibits, or greenmarket to visit.
Max Planck Society gets grant from Palm Beach County
The Palm Beach County Commission approved the contract July 22nd. Max Planck will get $39.4 million from the county this year, $15.6 million in 2011, $13.1 million in 2013, $13.4 million in 2015 and $5.3 million in 2017. All of the grant money is being financed through revenue bonds. The state of Florida came to an agreement in March with Max Planck for $94 million, and has disbursed $10 million from Florida's Innovation Incentive Fund. The addition of Max Planck will create 135 high-wage jobs at the bio-imaging center. The commission approved one charge to the proposal. Max Planck would have committed 3 percent of the royalties it receives every year from the medicines it develops to educational programs in Palm Beach County from 2018 to 2038.
Max Planck President Peter Gruss said he doubted there would be any significant royalties from its Florida operation while it's just getting started, building a permanent laboratory and hiring its first scientists. Max Planck has only two people in Florida and doesn't expect to begin meeting with architectural firms until after it completes another agreement with the county and Florida Atlantic University to sublease 6 acres of land south of Scripps Florida. Max Planck won't start hiring scientists until the end of the year or early next year, when it moves into temporary quarters being vacated by Scripps at the Florida Atlantic University campus.
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July 2008 Palm Beach County Events
Palm Beach County has events going on all year long. There is always a concert series and festivals, guided tours and nature exhibits, or greenmarket to visit.
Florida Number 2 for New Residents
About 40 million Americans move each year, and Florida is the No. 2 spot for relocation, second only to California, according to a survey conducted byRelocation.com. The survey finds that 19 percent of those relocating went from owning their own homes to renting, with only 15 percent shifting the other way. Only 14 percent of the 1,237 respondents owned their previous residence and moved to a newly purchased home, and the majority (52 percent) went from one rental situation to another. The survey shows that most people relocate for a new job, a transfer within their current job or to seek a new lifestyle, including retirement. About half the moves were from one state to another. Two-thirds moved more than 100 miles and 54 percent moved more than 500 miles away. California is the number one destination state with 6 percent of the total sample moving there from another state, while 5 percent of all relocations move to Florida, followed by Texas (4 percent), New York (3 percent) and Georgia (2 percent).
Source: Relocation.com (06/17/2008)
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June 2008 Palm Beach County Events
Palm Beach County has events going on all year long. There is always a concert series and festivals, guided tours and nature exhibits, or greenmarket to visit.
More Property Tax Reforms
More property tax reforms. Commercial property owners will be pleased to learn that legislation passed requiring property appraisers to consider zoning and permits before applying the "highest and best use" valuation standard. Florida Association of Realtors has long maintained that businesses should be assessed for current use, not for best "possible" use, and HB 909 by Rep. Peter Nehr (R-Tarpon Springs) will go a long way to help local businesses who are feeling the impact of extraordinary property tax increases. HB 909 also changes the makeup of the value adjustment board in each county to include property owners in addition to local government officials. This will give citizens more say in challenges to property assessments.
The tax benefits set forth in HB 909 complement three constitutional amendments approved last week by members of the Tax and Budget Reform Commission, a powerful group that meets every 20 years and whose members included attorneys, executives, tax collectors and real estate professionals (including 2007 FAR President Nancy Riley). One amendment would cut property taxes by at least 25 percent and cap annual assessments on non-homestead property at 5 percent; a second amendment would give marinas, commercial fishing facilities and other "working waterfront" businesses a possible tax break by setting tax assessments according to current use rather than "highest and best use;" and the third amendment would exempt land held in perpetuity for conservation from property taxes. Other conservation lands would be taxed based on their current use rather than "highest and best" use.
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May 2008 Palm Beach County Events
Palm Beach County has events going on all year long. There is always a concert series and festivals, guided tours and nature exhibits, or greenmarket to visit.
