Wall Street Gobbling up South Florida Condo’s in Bulk
The recently signed Distressed Condominium Relief Act of Florida has Wall Street and bulk investors diving into the Florida condo market.
Florida implented the act on July 1st and the result has been overwhelmingly successful, so far. The first thing the act did was give condo associations the right to demand deliquent renters pay rents directly to the association. Even more significant, the law eliminated developer liability. Prior law defined a developer as anyone who sold or leased more than 7 units in a condo in one year. Under the old law, “Developers” faced potential unlimited liabilities for such things as construction warranties..
By removing the unlimited liabilty for bulk investors, major Wall Street firms, which represent billions in assets and capital, descended on South Florida and began gobbling up condo units in bulk. “Since the law went into place, activity has been “off the charts”, said Peter Zaleswski, founder of Condo Vultures. “We’re moving away from a situation where it’s 10 oe 20 units in a bulk buy, to one where it’s 100 or 200 or even 300 units,” Zalewski said. “You have several Wall Street funds competing on the same projects. It’s all because of the change in the new law.”
Good news for Florida homeowners and builders…Zalewski said the change has been drastic. “I would challenge you to find one of the largest groups on Wall Street who’s not looking into South Florida right now.” Zalewski predicted…”I would anticipate you see some huge numbers put on the board by the end of the year.”
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Just Released Housing Snapshot for Major Cities
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How to Get Rid of an Ugly Swimming Pool
Paul Bianchina
Inman News
Q: I found a house I would love to buy, but the problem is it has a pool. I would love to get rid of the pool and just plant trees in the back, but friends tell me the value of the house would fall.
I don’t care; I had a pool once and it took too much effort to take care of — and nobody used it. My husband says it is so easy — he would just put dirt in the huge hole. Is it that easy? –Zein G.
A: You certainly can fill in the pool, but it’s a little more involved than just filling it with dirt. First, you need to disconnect all of the plumbing and electrical wiring associated with the pool and its support equipment. This is something that should be done by licensed professionals — especially the electrical wiring.
From there, you would want to break off the upper portion of the pool itself — the tile, concrete, etc. — down a couple of feet. That will get any of the hard surface around the top and upper edge of the pool out of the way so that it doesn’t eventually begin to show above ground again. Now you can proceed with filling in the pool itself.
To prevent dangerous settling, filling in the pool needs to be done in a succession of layers, known as “lifts.” Dirt and rock would be placed in a layer on the bottom of the pool, then compacted. Another lift of dirt and rock would be added and compacted, etc. The final lift would be all topsoil, allowing for the placement of new landscaping.
You will definitely want to talk with an experienced, licensed excavator about the exact steps required for your particular situation, and also get a bid for the cost of the work — preferably before you make your final purchase decision. You’ll also need to check with your local city building department to determine what permits might be required.
As to the purchase and the value of the house, you stand to take a hit in three different areas. You’ll be buying the house based on its value with a pool, a value that will then typically decrease when the pool is removed.
And, you have the expense of the removal and the new landscaping. I would discuss this with a real estate professional who’s experienced with your area, and make sure this makes financial sense.
Finally, be aware that the removal and filling of the pool is something that will need to be disclosed to a future buyer when you go to sell the home, and could have a potential impact on a future sale.
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BP Pays Florida Realtors $16 Million
ORLANDO, Fla., Aug. 23 /PRNewswire/ — Florida Realtors® and four other state Realtor organizations successfully negotiated with Kenneth Feinberg, administrator of the new Gulf Coast Claims Facility handling the British Petroleum (BP) Oil Spill Fund, for a special allocation for real estate professionals’ claims for loss of income or loss of sales due to the Gulf oil spill.
From the special allocation, $16 million is initially available to pay claims to real estate professionals in Florida. Along with other local businesses in the Gulf Coast states, real estate has experienced significant economic harm since the Deepwater Horizon oil spill.
“This is great news for Realtors and real estate professionals in Florida, as well as those in our neighboring Gulf Coast states, who are suffering from the loss of their livelihood because of the oil spill crisis,” said 2010 Florida Realtors President Wendell Davis, a broker with Watson Realty Corp. in Jacksonville. “Many real estate claims for loss of income due to the oil spill have been in limbo, leaving people with no way to pay their bills, take care of their families or keep their businesses going. Providing this special allocation is a positive, responsive action on Mr. Feinberg’s part — one that will help people move forward and reclaim their lives.”
Until now, some real estate claims related to lost sales and loss of income were not included in Feinberg’s protocol for payments from the $20 billion BP Gulf Coast Claims Fund. Representatives of Gulf Coast Realtor associations — Florida, Alabama, Mississippi, Louisiana and Texas — met several times with Feinberg to make the case that real estate brokers and agents have been financially harmed by the oil spill.
Each state Realtors organization will receive funds based on the estimated losses of individuals and brokerages resulting from cancelled sales contracts, loss of income and depressed market conditions following the BP oil spill. The allocation is available to all real estate licensees with active licenses at the time of the loss, not just Realtors.
Florida Realtors has contracted with Indiana-based NCA, an independent, national claims adjustment firm, to handle these claims and otherwise administer the funds; the other state Realtor groups in the Gulf Coast are also working with NCA. The state Realtor associations had to provide Feinberg with detailed documentation to request funds, including a timely, transparent and objective process for handling claims and for determining payments.
“Realtors in Florida build communities, and this allocation for real estate professionals will help them continue to do that,” said Davis. “This historic agreement between the real estate industry and the BP Fund is a model for public/private partnerships. It will help restore economic vitality to the Florida Panhandle, ensuring that a unique culture and way of life continues into the future.”
Florida Realtors®, formerly known as the Florida Association of Realtors®, serves as the voice for real estate in Florida. It provides programs, services, continuing education, research and legislative representation to its 115,000 members
Real Estate Back to Normal on the Gulf Coast
On Wednesday, analysts at Keefe Bruyette & Woods advised clients that real estate values along the Gulf of Mexico “will likely not get hit any harder” due to the BP oil spill.
The analysts came to their final conclusion after walking the beaches on the coast, talking to local residents and meeting with the large regional banks. “We barely found any oil at all on the shore or in the Gulf,” analysts said. “We walked away feeling that the hype surrounding the spill was overdone, but that significant economic issues still exist in the region.”
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Top 10 Pro Business States for 2010
 America must be an integral part of global business if it is to remain a superpower, but “thus far we have done a terrible job of integrating ourselves in the 21st century marketplace,” says geoeconomist and corporate relocation expert Dr. Ronald R. Pollina in the just-released Pollina Corporate Top 10 Pro-Business States for 2010: The Great American Job Purge.In the annual study of job retention and creation by the 50 states and the federal government, Dr. Pollina emphasizes “the effort to make America more business-friendly must come from all levels of government. Many states are doing such a poor job of creating a pro-business environment that they can’t even come close to competing with each other, much less compete globally.” There are, however, states that serve as a model for the rest of the country. Brent Pollina, Vice President of Park Ridge, Illinois-based Pollina Corporate Real Estate and author of this year’s study, names Virginia as “America’s most pro-business state” followed closely by Utah, Wyoming, South Carolina, and North Carolina,. For the seventh consecutive year, California ranked dead last. “In recent years, we have lost millions of the nation’s manufacturing, technology and high-wage service jobs, and this trend is escalating.” says Brent Pollina. “The federal budget deficit, trade deficits, low interest rates, family debt and inadequate educational systems are and will continue to have a negative impact on the U.S. economic, political and military strength in the 21st Century. “We are deluding ourselves if we believe that we have not been impacted already, both socially and economically, and that our government, along with American ingenuity and tenacity, will correct for any losses. This report details how many state governments have the resources, but not the will, to keep Americans employed in high paying 21st century jobs.” The study evaluates and ranks states based on 31 factors including taxes, human resources, right-to-work legislation, energy costs, infrastructure spending, workers compensation laws, economic incentive programs and state economic development efforts. |
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2010 Top 10 Pro Business Rankings
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Is the Worst Over for Real Estate?
Things are better in real estate—better because homes are selling, prices have stabilized and people are moving forward with their lives. At least that’s how things look today. Tomorrow is anybody’s guess.
And I really mean that it’s a guess. Everyone wants to know if the worst is over, if values will start rising again, if the pace of sales will pick up to 2005 levels.
We all see the papers, websites and TV news reports. And just like the weather, every day the forecasts change. Prices stabilizing, prices rising, prices falling, foreclosures will double, mortgage rates will rise, unemployment will worsen, the recession is over, great time to buy… Just like the stock market (or any other market), there are many pundits and forecasters but no one can really say what will happen.
Among all this uncertainty, here’s my best advice for people considering selling their house: Don’t try to time the market. Buy or sell when your life calls for it.
There are many life events that can make this “the right time,” like a new baby, retirement, marriage/divorce, empty-nest or job transfer, for starters.
Be realistic and make every effort to use the best real estate agent, the best staging, the best marketing strategies, the best market knowledge and best negotiating to get the best deal you possibly can. Although sellers are always hopeful for a higher price, you’ve got to understand that the market will never let you get more for your house than it is worth.
Hanging on to a property hoping for better market conditions usually works against you. I saw a situation last year with someone who said he wanted to sell his home of nearly 20 years (he had accumulated a lot of equity in this particular house). It was time for him to sell and move on (empty nest) to a new chapter in his life but he refused to put a reasonable price on his house, preferring to believe that it was worth more than others in a declining market. Needless to say, he was frustrated it didn’t sell, and it’s on the market again this year.
If he had been realistic about his home’s value, he would have sold it in 2009 and invested the proceeds in the stock market. Instead of frustration, this story would have ended much more happily, with a more than 50 percent return on his money!
Why this example? Because last year no one could know that the real estate market would continue its decline and that the stock market would recover so dramatically. Markets are uncertain by nature. For this seller, things could have worked out much better if he worked with the market instead of against it.
More often than not, when life says “it’s time to move,” that really does make it the best time for you to sell.
Rob Gutman is a real estate agent at Keller Williams Realty and also writes the blog Real Estate Chocolate. You can contact him directly at rgutman@gmail.com.
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Price Your Home to Sell
Without the Federal Tax Credit in play, today’s home buyer’s are finding little motivation to sign on the dotted line. Mortgage rates have remained low for a long time. Inventory is creeping back up, so buyer’s have little fear of price inflation. So, what can a seller do to increase a buyer’s urgency to buy?
The #1 way that seller’s can entice buyer’s and get their attention is an aggressive price reduction. As many as 24 percent of home sellers have slashed prices in the last month–that is a 9 percent increase from June levels. And, seller’s should forget about small, nickle and dime price drops. Instead, they should dramatically drop their price to reach a search level that will open them up to new buyers that are not aware of their listing. For example, if your list price is $220,000, a drop to $199,000 will attract a new audience that is searching up to the $200,000 price point.
Bottom Line: If you are sick of waiting and want to move now, price the house to attract multiple bidders and you might even get more than you’re asking for. And remember…if you are selling your home to buy a new one, you will likely break even because the person you are buying from is in the same gut wrenching position you are.
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Worlds Most Expensive Hotel Opens in Singapore with 55 Story Infinity Swimming Pool
MARINA BAY SANDS RESORT – Signapore
Acrophobics Beware…If you fancy a dip in this pool, you’ll need a head for heights – it’s 55 stories up. But swimming to the edge won’t be quite as risky as it looks. While the water in the infinity pool seems to end in a sheer drop, it actually spills into a catchment area where it is pumped back into the main pool.
At three times the length of an Olympic pool and 650 ft up, it is the largest outdoor pool in the world at that height. It is the main feature in this impressive, boat-shaped ‘Sky Park’, perched atop the three towers that make up the world’s most expensive hotel, the £4 billion Marina Bay Sands development in Singapore.
The infinity pool on the roof is in the ‘Sky Park‘ which spans the three towers of the hotel. The platform itself is longer than the Eiffel tower laid down and is one of the largest of its kind in the world.
Infinity pools give the effect that the water extends to the horizon. In reality, the water spills over the edge into a catchment below, and is then pumped back into the pool. The pools have two circulation systems. The first functions like that of a regular pool, filtering and heating the water in the main pool. The second filters the water in the catch basin and returns it to the upper pool.
The hotel, which has 2,560 rooms costing from £350 a night, was officially opened yesterday with a concert by Diana Ross. The Emirates Palace Hotel in Abu Dhabi, estimated to have cost £2 billion when it opened in 2004, was previously the world’s most expensive hotel. But with its indoor canal, opulent art, casino, outdoor plaza, convention centre, theatre, crystal pavilion and museum shaped like a lotus flower, the Marina Bay Sands has taken its crown.
The resort will employ 10,000 people directly and generate up to £48 million each year. Entrance to the casino alone is nearly £50 a day – but an average of 25,000 people have visited the casino daily since its initial phased opening two months ago.
Thomas Arasi, president and chief executive officer of the resort, said he expects to attract an astonishing 70,000 visitors a day once it is fully open. It was due to open in 2009, but was delayed thanks to labor and material shortages, and funding problems due to the global financial crisis.
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Gulf Oil Spill Pounds Coastal Real Estate
As we continue our coverage on the affects of the Gulf Oil Spill has on local real estate, we are sorry to report that we’ve seen no real improvement in the last week. If anything, problems are increasing as tropical storms approach, booms and equipment are reaching the end of their life expectancy. The only thing constant seems to be the continual flow of often ridiculous red tape, that prevents citizens from protecting themselves and their property.
Tales from the front include:
Kevin Chiu, a researcher for Housing Predictor, warns: “Housing analysts contend that the projected losses in housing value will top that of any oil disaster in the nation’s history and will send tens of thousands of additional homes into foreclosure as a result.”
Alabama real estate agent Linda Henderson reports…canceled sales and that the smell at times is so pungent that it drives people back inside their homes. “I can tell you that things have pretty much dropped to dead,” said Ms Henderson. “We were on track for our best year since Katrina. This is just devastating-you can say that the spill killed the real estate recovery.”
Jack McCabe of McCabe Researcn and Consulting in Deerfield Beach, FL sums it up this way…”What the housing recession and the Great Recession couldn’t do to property values along the Gulf, this could easily accomplish. It’s a knock out punch, plain and simple.”
There is an awful lot of real estate within 20 miles from the coastal beaches of Gulf states. All forms of real estate, farms, office buildings, schools, government buildings, military installations, utility systems and homes are in peril. How much oil could come onshore and what the aftermath will be is entirely speculative at this point. If the oil spilling into the waters of the Gulf can’t be stopped and cleaned up before a major storm event, the devastation of the entire Gulf Coast region within at least a 20 mile distance will likely render it uninhabitable by humans. Who would want to live there, let alone buy or invest in property?
This raises the final question about BP’s oil spill: Who will pay for the unintended loss of real estate value and the toll of human misery sure to come? If one faces the facts as we are learning them about BP, it becomes almost a certainty that there isn’t enough money in their vast holdings to pay for the damages and losses from such an event. The toll on human life and the economy might only be imagined as apocalyptic in scale. The effect on the national economy, if not the global economy, is likely to follow. The economic impact on the world, let alone the nation, is going to be staggering when, not if this event occurs.
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BP Pays Claims for Lost Rental Income, Commissions and Property Damage
This week we are covering the fallout from the BP oil spill, as it relates to real estate and the people who derive their livlihoods from it.
A report from BP shows that $157,942 was paid through June 11, 2010 for real estate related claims in the state of Florida. While we were looking for details which might outline a precedent for future payments to victims, the report was vague and had few details. Categories for claims included items such as swimming pools, plants, rental property, real estate sales, home structure and diminished value. When BP was ask to provide better definitions for the categories, they said they didn’t have one, but hoped to by Monday. We will keep you posted.
As far as Florida real estate is concerned, 1019 claims have been filed in Florida with regard to losses to rental property. To date, payments totaling $145,744 have been paid on 393 of the claims. In real estate sales, 199 claims have been made. Two were paid out for a total of $9698. Dimished value had 14 claims so far, with nothing being paid out. 3 claims were made for structural damage with one being paid for $2500.
Bart Harrison of Clay, Ala., filed his first claim on Wednesday morning for lost rental income on his coastal property and expected to have a check for $1,010 within a few hours. The only documentation required was tax returns and rental histories for his units, which were both easy to provide. “The guy I talked to was knowledgeable and respectful. It seemed like he really wanted to write a check and please me since it was my first time in,” Harrison said.
The one certainty is that the real estate claims will start piling up as more and more coastal area’s are affected by the spill. Bloomberg reported that the oil spill could drive down Gulf Coast property values by 10 percent for at least three years. CoStar Group has estimated real estate losses of $4.3 Billion along the 600 mile stretch from the Louisana bayous to Clearwater, FL
To Determine if you or someone you know may have a legimate claim against BP for losses related to real estate…..Click Here for a list of Eligible BP Claim Information and BP Required Filing Documentation
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Gulf Oil Spill Real Estate Impact – Part 1
This week InfoTube.net blog will focus on the impact that the gulf oil spill from a real estate perspective. Today, we focus on the events and conditions that have already occurred. We will conclude with expert predictions about what will follow in years to come.
We welcome feedback, comments and reports from the front line and encourage you to add InfoTube.net blog to your rss reader for future updates on conditions in the gulf.
CBS News Reports:
Louisiana, Mississippi and Alabama are already taking a hit due to reduced tourist bookings, but with its 770 miles of Gulf Coast line, Florida stands to lose the most which is why the state is running pro-tourism ads.
Officials say Alabama’s tourism is down 50 percent so far and imagery that shows a large plume of oil heading this way could wreck Florida’s season as well.
Just a 10 percent decline in tourism related business in Florida’s 23 Gulf Shore counties could cost the Sunshine state $2.2 billion in revenue.
Commentary: Anytime rental vacancies rise, property values drop. In addition to the immediate problems created by the lack of rental cash flow, property owners are faced with a rapid drop in the value of their property. Real estate experts in the hardest hit area’s report that property values have already dropped a whopping 20-30 percent during the last 63 days. And, whether any prospective buyers can obtain financing and insurance on the affected coastal area’s is unclear.
Whether BP will compensate property owners in the gulf for lost property value remains uncertain. To date, the matter has not been formally addressed. BP is self-insured, but pollution is usually excluded as a covered peril in property insurance policies. And, standard commercial and home insurance policies usually cover property damage only, not claims for lost value.
Thank you for visiting InfoTube.net. Our focus this week will continue with the real estate crisis that is washing up on the pristine beaches in gulf, along with the dead wildlife and waves of petroleum and a special blog on what you can do to fight back!!
Home Sellers, Fair Housing Laws are not Optional
If you are selling real estate in the United States, you need to familiarize yourself with The Federal Fair Housing Act. According to the Federal Fair Housing Act, you cannot discriminate against someone when selling a home.
The act defines seven different classes that are protected against discrimination, these include:
Race
Color
National origin
Sex
Religion
Handicap
Familial status
(You may notice that Age is not a protected class, in and of itself. Sellers of property that are zoned 55+, adult only, etc. can discriminate on the basis of age, if it violates deed restrictions, zoning or restrictive convenants.
Attention Home Sellers: You put yourself at serious risk of violating this act, if you refuse to sell or show your home to an interested buyer. Remember that ignorance of the law is not a viable excuse or defense. You will be held legally liable, even if you accidentally violate these laws without realizing it.
Review the following list of words that cannot be included in advertisements of your home, because they are in violation of the Fair Housing Laws.
Bachelor apartment
Children welcome
Couples
Gentlemans Farm
Golden Agers
Handicapped
Integrated
Married
Mature
Mother-in-Law quarters
Professional
Section 8
Seniors
Singles only
Sports-minded
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How Much Does It Cost to Sell a Home?
Whether or not you use a real estate agent, the process of selling a house will involve certain costs.
Please note that some of the figures used in our examples will vary depending on the state or county a house is sold in, as well as the settlement company used and any other unique provisions that may be contained in a contract of sale. Additionally, the real estate broker commission is typically 6 percent of the sales price, but it is not a set amount. It is a sales expense negotiated between individual sellers and brokers. For the purposes of our example, a $250,000 sales price was used.
Transfer taxes
As you might expect, most state and local governments make sure they profit when someone sells a house. In most states, one-time transfer taxes will be due when a sale takes place. It is customary for transfer taxes to be split 50/50 between the buyer and the seller, but there is no set requirement that they be divided in that manner.
Some states, like Alaska, Idaho, Indiana, Mississippi, Missouri, Montana, New Mexico, North Dakota, Oregon, Texas, Utah and Wyoming, have no transfer taxes at all. In other states, Colorado for instance, the transfer tax is nominal – the state charges only one tenth of 1 percent ($40 on a $400,000 house) in transfer taxes. The so called “Free State” of Maryland falls on the other end of the spectrum with some of the highest transfer taxes in the nation.
Commissions
As we stated earlier, real estate commissions are not a set amount. They are a point of negotiation between the seller and the broker. For illustration purposes here, we are using the industry standard of 6 percent, or $15,000 on a $250,000 sale.
Another seller expense you may run across in some area’s is a listing broker administrative brokerage commission. It’s usually adds another $250-$500 expense on top of the 6 percent commission fee. The seller will see it as a separate expense on their closing statement. So, what is this fee for? By law, brokers must keep records of all their real estate transactions for a period of years. And they must produce those records if asked for them. Although it’s a ridiculous added on fee, the listing broker administrative brokerage commission is an expense passed along by some brokers to help defray the cost of this requirement.
Settlement fees
The buyer is responsible for hiring the settlement or title company to perform closing, so the buyer will usually pay most of the fees associated with settlement. But, the seller does have some settlement expense. If the seller has an outstanding loan on the property, the settlement company will take care of paying that loan off out of the sales proceeds. They’ll charge something for the service, plus the cost of overnight fees to quickly get the loan payoff to the mortgage holder. In our example here, we’ll use $250. And, since interest in collected in arrears, the seller will be responsible for any interest charges that accrue after the last payment thru the day of closing.
The Bottom Line
If you sell your house for $250,000, you can probably expect to walk away with around $230,000 after taxes, real estate commissions and fees. If no real estate commissions have to be paid out, the seller could expect to walk away with approximately $245,000. The real number will depend on exactly what it says in the sales contract and where the property is located.
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