Newsletter: May 2008

Abacoa in Jupiter to get long-awaited hotel

This past month The Finvarb Group of Miami closed on a 1.5 acre parcel of property across from Roger Dean Stadium that has been designated for a hotel since the early planning days of Abacoa. The Finvarb Group plans to build a state-of-the-art 160 room Courtyard by Marriott hotel on the property, and the design of the building is now in the conceptual stage. The 4 story hotel will include guestrooms and some guest suites, a swimming pool, meeting rooms, fitness center and a courtyard bistro restaurant and bar. Construction is going forward and soon as they go through the local process.

One World Realty Expands Property Management Division

Whether you are a real estate investor, seasonal resident, or a permanent Florida resident, you may be interested in our Property Management Services. With our assistance, you can appreciate the benefits that real estate ownership provides and not deal with the day-to-day tasks involved with managing the property.

If you are a real estate investor, the OWR Property Management team can design a program to meet your specific needs. You decide which services you need. Some of our clients want full property management including locating tenants, writing and enforcing leases, collecting rents, paying property related bills, arranging for maintenance and repairs, and performing routine inspections. Other owners ask us to find tenants when their units are vacant but prefer to manage the property personally. Some folks come to us with a tenant in place and ask us to provide property management services. Whatever your needs, OWR Property Management is available to assist.

For our seasonal residents, OWR Property Management will look after your property when you return home. You can rest assured that our staff will make regular visits to inspect your home according to the schedule you designate. We will also inspect your home immediately after a major storm. If we find a problem, damage to the property, a leak in the plumbing, a malfunctioning air conditioning system, a broken window, or any other problem, we will take immediate action to protect your property and prevent further damage.

Local residents may find benefit in our services as well. Perhaps you are taking an extended trip and want to ensure that your home continues to look lived-in. Our property management staff will visit your home according to the schedule you designate to bring in papers and mail, turn on lights in different sections of the home each day, water your plants, or assist in any way possible.

The fee for our property management services begins at $75.00 per month. For more information or to arrange for service call the OWR Property Management Director, Dave Monsour, at 561-339-5980 or send an E-mail to dkm@oneworldrealty.com.

More property insurance reforms

The so-called Homeowners' Bill of Rights (SB 2860 by Sen. Jeff Atwater, R-N. Palm Beach) seeks to improve upon the property insurance reforms enacted in 2007 by:

• Extending the rate freeze for Citizens Property Insurance Corp., the state's insurer of last resort, to January 2010. The freeze was set to expire in January 2009;
• Allowing single-family residential properties and condos with a replacement value of up to $2 million into the Citizens insurance pool (up from $1 million, which was set to begin Jan. 1, 2009);
• Requiring Citizens' policyholders of property located in wind-borne regions and with an insured value of $500,000 or more to disclose the property's windstorm mitigation rating to prospective buyer. Language in an earlier version of the bill would have required all sellers to provide their property's windstorm rating);
• Increasing fines for violations of the insurance code and for unfair trade practices by private insurers;
• Extending by one year to January 2010 a provision from last year's insurance bill that requires insurers to get state approval before raising property insurance rates;
• Requiring insurers to notify state regulators 90 days before dropping more than 10,000 homeowners' policies in one year;
• Requiring insurers to use state-approved methods to predict the risk of hurricanes, a key factor in setting rates.
• This bill must still be approved by the Governor, and he is expected to sign it without a problem.

Another round of possible tax cuts on property taxes

We are happy to report that your messages to the Florida Tax and Budget Reform Commission (TBRC) were heard. In just over 30 hours Realtors from around the state sent over 50,000 messages to the Commission! Yesterday, the TBRC formally adopted CP 002, which if passed by the voters in November will eliminate the state's required local effort for schools portion of property taxes in 2010. The proposed constitutional amendment also places a 5% assessment cap on non-homestead property -- beginning next year. It allows the Legislature to make up the $9 billion to schools in a number of ways, including raising the sales tax by up to 1 cent.

This is a big victory for Realtors, property owners struggling under crushing tax bills, and businesses who will see their tax bills limited by a lower, permanent assessment cap. Most importantly, Commissioners heard your voice and agreed with it -- sending CP 002 and other important proposals to the November ballot is the right thing to do.

Amendment 1 FAQs

Q: When will the changes from Amendment 1 show up on tax bills?
A: For those who are eligible, benefits from portability, the additional homestead exemption and the $25,000 exemption for tangible personal property will show up on 2008 tax bills.

Q: How does a person apply for portability?
A: The homesteaded property owner should turn in a completed application to the office of the property appraiser in the county where the new homestead is located. The application from the Department of Revenue .

Q: Who's eligible for portability this year?
A: A person who establishes a new Florida homestead for 2008 and filed to give up the previous homestead sometime after Jan. 1, 2007. In other words, a person who relocated from a homestead last year and is claiming a new homestead for 2008 is eligible. The deadline for 2008 homestead and portability applications is March 1. The portability benefit would show up on the 2008 tax bill.

Q: Who's eligible for portability after that?
A: Any Florida homesteaded property owner who establishes a new homestead for 2009 or any subsequent year—as long as the person had another valid homestead within two years of establishing the new one.

Q: How much is the portability benefit worth?
A: A homesteaded property owner can transfer up to $500,000 of portability benefit to a new homestead. A person moving to a more expensive home transfers the dollar amount. A person moving to a less expensive home transfers the percentage value.

Q: I don’t plan to move. What happens to the 3 percent cap on property tax assessments I got every year under Save Our Homes?
A: You’re still protected. Save Our Homes doesn’t go away.

Q: Is there an application for the additional homestead exemption?
A: No. The additional exemption will be granted automatically to anyone qualifying for a base $25,000 homestead exemption. It applies only if a property's assessed value exceeds $50,000.

Q: How much is the additional exemption?
A: The exemption is $25,000, but it does not apply to property taxes assessed for local schools. In other words, no additional exemption will be applied to a property's assessed value for the purposes of levying school taxes.

Q: Do business owners and mobile-home owners with tangible personal property have to apply for the exemption?
A: To receive the exemption, they must file their 2008 returns. If the value of tangible personal property is under $25,000, they will not have to file again the following year.

Q: When does the 10 percent cap on annual assessment increases for most non-homesteaded properties go into effect?
A: It goes into effect in 2009. There will also be an application. Keep checking the Department of Revenue web site for details.

New Offerings

Rental - Available Now until Dec. 31, 2008 2 Bedroom 2 Bath in Mayan Towers South Condo. Palm Beach Shores -Awesome South 180 degree View of the Ocean and Intracoastal only $1,200 per month, fully furnished. Call Cathy Breese 561-714-0287 or cathy@oneworldrealty.com

Beachfront "Sleeper" on Singer Island
Direct ocean 2/2 with SE exposure, 2 private terraces and spectacular views of ocean and Intracoastal! Split BR plan, each with walk-in closet. Pool, covered parking. REDUCED! $314K.Call Pat Lyons: (561) 844-6299 or (561) 601-0363 or email patlyons@bellsouth.net

Oceanfront Penthouse! On Singer Island
Direct ocean south east corner 2/2 with magnificent ocean & lake views! Two private terraces, new A/C, pool, covered parking. Reduced! $329K furnished (turn key). Call Pat Lyons, (561) 844-6299 or (561) 601-0363 or email patlyons@bellsouth.net

Ocean Dunes Townhome Jupiter
This 3 bedroom townhome is just one block from the beautiful beaches of Jupiter. Fully furnished and available from Jan. to April 2009. $3100 Call Don Urschalitz P.A. (561-685-0976) or email don@oneworldrealty.com

West Palm Beach: 2 Bedroom Fully Furnished and Equipped Condo at Flagler
Pointe $1250/month. Call Dave Monsour, 561-339-5980 or e-mail dkm@oneworldrealty.com

Lake Park: 2 Bedroom Duplex with large unfenced yard, 1 Bathroom plus Bonus
Room $900/month. Ask about 1 Free Month. Call Dave Monsour, 561-339-5980 or e-mail dkm@oneworldrealty.com

North Palm Beach: 3 Bedroom Single Family Home, 2 Bathrooms, Fully Furnished
and Equipped, Near the Intracoastal. Call Dave Monsour, 561-339-5980 or e-mail dkm@oneworldrealty.com