Jacksonville Real Estate

Advertise, Advertise, Advertise

2009-01-05T19:11:00.000-08:00

Real Estate today needs advertising. FSBO's need to go WAaaaaaay beyond classified ads. Classifieds don't get attention, they don't motivate and are simply too expensive for what you get...next to nothing.

Internet Video is the way to go. Go to 3 Minute Video Ads.com and find out how to advertise for free on Twitter, Google, Facebook, MySpace, Yahoo, CraigsList, and on and on and on.

Real Estate agents need to advertise their listings without going broke. Classified ads are dead. Internet video is the future. I can take still photos and turn them into an MPG-4 video that will produce the best quality possible on YouTube, GoogleVideos and AOLVideos. You don't even need a digital video camera. Just shoot a bunch of 640x480 still pics and they'll rock and roll on video!

Here's Some Great So. Florida Condo News!

2008-11-25T11:01:00.000-08:00

Everyone has been talking for a couple of years now about the 40,000 to 60,000 unsold condos in the Miami area. Many articles described the inventory as being huge. At the same time, some builders continue building luxury high-rise condos that continue to enjoy strong sales!

Check this article that was published on the Florida Association of Realtors website: Florida Association of Realtors reports:
[Its from Matthew Haggman of the Miami Hearld.]

Here's the article in it's entirety:

CLOSINGS AT DOWNTOWN MIAMI CONDOS HAVE GONE BETTER THAN MANY EXPECTED:

MIAMI – Nov. 24, 2008 – Miami’s latest building boom is creating 22,000 condominium units in the city’s urban center, more than double the number built in the past 40 years. [They're still building in Miami!!]

But the question everyone wants answered amid the real estate downturn is: How many have actually sold?

Seventy percent have found a buyer, according to a new study by condovultures.com, a real estate consultancy. But nearly a quarter of the condos – including some of the largest projects – built during the boom will be delivered over the next several months.

So far, 17,299 condos have been finished and 12,169 have closed at an average price of $405,966 per unit, adding up to total sales of nearly $5 billion in the greater downtown Miami area, which includes the Brickell, central business district and Midtown neighborhoods.

Those sales are better than many observers expected for a downtown area often viewed as ground zero for real estate speculation and excess, and it highlights Miami’s ongoing urban revitalization, fueled by people, builders and investors returning to the city center.

However, by year’s end, another 3,999 units are set to hit the market, and another 1,439 after that.

“South Florida developers have to be excited by the fact that more than two out of three downtown condo units have closed successfully,” said Peter Zalewski, principal at condovultures.com in Bal Harbour. “But some giant projects are coming, and they’re going to hit like a hurricane – the only question is what category storm?”

The massive projects include the three-tower, 1,800-unit ICON Brickell built between the bay and Brickell Avenue, which starts closings this month. The 342-unit EPIC rising alongside the Miami River also will start closings soon. Also coming are the 530-unit Mint at Riverfront, 459-unit Infinity at Brickell, and 346-unit Paramount Bay.

“We are bullish,” said Miroslav Mladenovic, vice president of Cabi Development, which started closings Thursday on its 848-unit Everglades on the Bay project along Biscayne Boulevard. “Comparable projects to ours have fared well; we don’t see why we can’t fare the same.”

A condo hotbed

Zalewski’s report, culled from a review of property records ending Sept. 30, covers the area between the Julia Tuttle and Rickenbacker causeways, and from I-95 to Biscayne Bay.

This swath of land has seen more development than any corner in Florida and is a closely watched sector in the broader housing market.

A month ago, the last of dozens of cranes erecting high-rise condos across downtown finally came down, signaling the end of the frenetic and historic boom. With few new residential projects planned, the next step is completing the structures and getting the units sold.

The new batch of condos is hitting the market as credit remains tight and existing home prices continue to fall due to a large inventory of unsold homes throughout South Florida.

Home sales, however, have picked up in recent months.

While many downtown builders pre-sold all of their units – buyers were typically required to plunk down 20 percent deposits, though some builders asked for 30 percent – the ongoing concern is how many buyers will ultimately come to the closing table and pay the remaining 70 to 80 percent.

A cottage industry of lawyers attempting to get buyers out of pre-construction contracts has emerged.

Despite ongoing buzz about vulture funds trolling the real estate market for bargains, the closings have largely occurred without such funds swooping in to buy up blocks of condos at a discount. The rare examples of such bulk deals have been developer-led. Related Group, for example, partnered with Philadelphia investor Lubert-Adler this year to spend $36 million on 146 units at 50 Biscayne, the 528-unit Biscayne Boulevard condo that’s now 100 percent closed, according to the condovulture.com report.

But that could change as the new round of closings for big condo projects begins at a time when developers face mounting pressures from lenders eager to see construction loans paid back. Indeed, the coming units could portend better deals for buyers and added pressure on downtown builders with outstanding loans and unsold units.

Hit and miss

So far the success of individual downtown buildings varies, according to the condovulture.com report.

For instance, the two-tower 528-unit One Miami at the mouth of the Miami River and 103-unit Loft I are 100 percent closed. The 348-unit Brickell on the River north tower is 98 percent closed. The 200-unit Ten Museum Park on Biscayne Boulevard and the 454-unit south tower at Quantum on the Bay next to Margaret Pace Park are 89 percent closed.

Turning to rentals

Yet, as of Sept. 30, the report found, the 635-unit Opera Tower, a few blocks north of the performing arts center, had closed only 35 percent of its units; the 498-unit Ivy along the Miami River had closed 32 percent; and the 91-unit Flagler First along Flagler Street just 28 percent.

Tibor Hollo, chairman of Florida East Coast Realty and builder of Opera Tower, said he has started renting units there.

“It’s a tough market, but we are getting closings,” said Inigo Ardid, vice president of Key International, who is building Ivy. He said closings at the condo tower have risen to 42 percent since Zalewski finished his report.

“It is a slow process. Instead of closing buildings in 40 or 45 days, it is taking six to eight months or longer,” Ardid said.

Copyright © 2008, The Miami Herald, Matthew Haggman. Distributed by McClatchy-Tribune Information Services.

Internet Video ads are CHEAP and they get major EXPOSURE.

Shhhhh....Good News In Jacksonville, Keep It A Secret!

2008-11-24T07:27:00.000-08:00

While the media revels in bad news ("bad news is good news")there is secretely a current of growth going on in Jacksonville...Florida!

Deutsche Bank, the largest financial services firm in Germany and one of the largest in the world, is considering establishing an operations hub in Jacksonville that would create operations and technology jobs that support Deutsche Bank’s corporate, investment banking and asset and wealth management businesses.

With the proposed new hub, Deutsche Bank plans to create 1,000 new, full-time jobs by Dec. 31, 2011. The high-skill jobs will pay an annual average wage estimated at $49,200 plus benefits, or more than 115 percent of the statewide average wage, for an estimated annual payroll of $49.2 million.

James Bailey, owner publisher of Bailey Publishing in Jacksonville, recently summarized many new projects underway in Jacksonville:
1. OSK Mitsui is planning to use JAXPORT, TRAPAC container terminal which could create up to 6,000 new jobs and raise the volume through TRAPAC to over 800,000 containers a year.
2. Hanjin Shipping is going to build a new container terminal that will handle another 800,000 containers. This opens new shipping lines between the Far East, the US and Europe which may stimulate even more growth.
3. Alenia North America is going to build a final assembly and delivery center for the C27j Spartan cargo plane at Cecil Commerce Center. This will add another 300 new jobs and capital investments approaching $100 million.

So, what can we say about Jacksonville, "Jacksonville Rocks" and is continuing to rock.

If one were to drive around JIA, one would see gigantic new cargo warehouses, shopping centers, ingress and egress highways, telecommunications and other structures and infrastructures underway.

"Stiff upper lip old chap", Jacksonville may just come out of this mess better than the rest.

Jacksonville Beachside Cottage

2008-09-22T20:12:00.000-07:00

Jacksonville Beach Cottage

Cute 3/3 just two blocks from the beach!

Smell the salt air, hear the ocean breakers,

the discerning executive has found her home!

Want to see some more great deals at the beach? Call Richard Newquist 904-422-5091

Video Ads

2008-09-17T14:07:00.000-07:00

Both the DNC and the RNC are making videos for YouTube for direct advertising as well as a sort of "encounter group" experience. They are saving millions of $$$$$ while getting the results they want.

We at Beach & Luxury Realty are offering the same service for a small fraction of the price that ANYONE pays...except for YOU, my customer!

Check out: Video Tours and 3 minute video ads.com for more information.

First Time Home Buyers & Previous Owners Get Break Under Housing Recovery Act

2008-08-12T08:40:00.000-07:00

Housing Bill Creates Great Environment for First-time Buyers, Says Richard Newquist, Real Estate Analyst in NE Florida.

The signing of the Housing and Economic Recovery Act of 2008 by President Bush has opened the door to first homebuyers and previous homeowners who haven't owned for the past three years.

New benefits such as a repayable first-time home-buyer tax credit. First-time buyers are important to the health of the housing economy because their home purchases help to stimulate sales up the price points. Through the home-buyer tax credit, buyers who are purchasing for the first time or who haven’t owned a property in the last three years can now qualify for a tax credit equal to 10% of their home purchase price, up to $7,500.

The timeframe to buy is between April 9, 2008 and July 1, 2009. The credit phases out if the buyer’s income exceeds $75,000 for an individual or $150,000 for a couple filing jointly and it must be paid back over a 15 year period in equal installments. The credit can be claimed on the buyer’s 2008 tax return even if the purchase is made in 2009 (it’s important to note that this is a tax credit and not a tax deduction).

Another component of the housing bill is an FHA overhaul which allows Fannie Mae and Freddie Mac to serve more home-buyers by raising loan limits in high cost areas above the standard conforming limit to 115 percent of the median house prices and up to 150 percent of the conforming loan limit.

"This Housing and Economic Recovery Act marks the beginning phase of the next ten-year housing cycle in which prices in the more affordable markets will only continue to appreciate", said Richard Newquist, long time real estate analyst now practicing in Jacksonville Florida.

Home loan proceedures have been reevaluated and some tightening has taken place especially in the area of down payment assistance by sellers which has now been ruled out as a source of funds.

Infusion Marketing

2008-05-08T08:10:00.000-07:00

Straight advertising? Naw! It doesn't work. Advertising has lost it's credibility and, what's worse, the ads are packed full of clichés that don't work. People are sick of the clichés: "Must See" (why?), "Hurry--this one won't last" (yes it will), "Price Reduced" (for a reason), "Too Many Amenities To List" (oh really?), "42 inch cabinets and granite countertops" (good grief!), "Price Reduced" (you just cost the seller big bucks!).

Three minute video ads with jumpin music, sharp editing, great captions and some voice dubbing is the future of real estate advertising. The old 'fisheye' lens makes me motion sick. Property tours don't show any more than a bunch of still pics.

Three minute video ads are the wave of the future and this isn't a fad. It is infusion marketing that reaches all the senses of the viewer including the sense of "INTEREST".

Three minute video ads that will sell your property.

Are you a buyer who lives out of state? Want to get a better look at interesting properties? You can actually get DVD's of whatever interests you.

Check out XCELMARKETING.NET also for other marketing ideas.

WOWEE Real Estate Website

2008-04-19T20:11:00.000-07:00

Active Rain is becoming one of the top real estate websites in America. It's packed full of information from every state. It has realtor blogs that allow the normal buyer/seller an insight into what goes on behind the scenes in real estate in YOUR area.

I'm from Jacksonville/Southside/Arlington/JacksonvilleBeach/Atlantic Beach and there are a lot of realtors that are from those areas that are on Active Rain. Try LOCALISM.com

If you need assistance locating, negotiating, financing or closing on a property let me know.

Richard Newquist

Beach & Luxury Realty

Jacksonville, Florida

904-422-5091

www.LiveAtTheBeach.net

Where have all the buyers gone?

2008-01-13T06:08:00.000-08:00

According to the Florida Association of realtors, RE business in Jacksonville is down some 30% from 2006.

But 2006 listings and sales were way off from 2005!

So...from 2005 to 2008, the business is actually off some 40%. I have seen hundreds of "For Sale By Owner" signs go up...stay on the market for a year...and disappear...waiting for better times.

I have seen properties listed with brokers change brokerages two and three times...and they STILL DON't SELL!

Buyers don't realize it but in 2005, they would have gladly given their right arm for a market like this. They thought they would never be able to get into the housing market or get that investment property...prices were rising fast and furiously!

Today, prices are dropping, the pressure is off, the psychological urgency is gone...buyers don't see the need to buy that special house....TODAY. Why not wait 'till next month, "maybe the seller will get desparate and lower the price even more".

It's all about marketing, my friends. There are good deals on the market right now that aren't being bought. They should be sold but there they sit. The good deals need to be handled with more skill and agility.

Repo's are really a pain in the *ss. The contracts are totally one sided and the casual buyer shouldn't get involved. The Repo market is for the experts. Call me at 904-422-5091 if you want to find out the details. The average guy working a 50 hour week at a job have no business speculating in repo's.

Buyers: Wake up and take advantage of the good deals. Sellers: Make sure your price reflects the lower market demand.

Check out Active Rain.com, your real estate business school online...

Bush Pushes ARM Foreclosure Assistance

2007-09-01T12:25:00.000-07:00

Richard Newquist, Realtor PN, Live At The Beach . net

HUD No. 07-123
Steve O'Halloran
(202) 708-0685
www.hud.gov/news/

For Release
Friday
August 31, 2007

BUSH ADMINISTRATION TO HELP NEARLY ONE-QUARTER OF A MILLION HOMEOWNERS REFINANCE, KEEP THEIR HOMES

FHA to implement new "FHASecure" refinancing product
WASHINGTON - President George W. Bush today announced that HUD's Federal Housing Administration (FHA) will help an estimated 240,000 families avoid foreclosure by enhancing its refinancing program effective immediately. Under the new FHASecure plan, FHA will allow families with strong credit histories who had been making timely mortgage payments before their loans reset-but are now in default-to qualify for refinancing.

In addition, FHA will implement risk-based premiums that match the borrower's credit profile with the insurance premium they pay-i.e., riskier borrowers pay more. This common-sense, risk-based pricing structure will begin on January 1, 2008.

"Many hard-working American families who were able to make their mortgage payments under the initial teaser terms of the exotic loan are now struggling to make ends meet because their rates have doubled or tripled," said HUD Secretary Alphonso Jackson. "FHASecure will bring stability to the housing market and give eligible families who were in good financial standing before their loans reset a chance to keep their homes."

The FHASecure initiative will operate under the same safe guidelines as the FHA's existing mortgage insurance program without affecting FHA's financial health. Eligible homeowners will be required to meet strict underwriting guidelines and pay a mortgage insurance premium, which offsets the risk to FHA's insurance fund at no cost to the taxpayer.

FHASecure, like all FHA products, will be underwritten to ensure the borrowers have the ability to repay the loan, will require escrow for taxes and insurance, and will continue to offer unprecedented foreclosure prevention assistance. The FHA has never permitted and will not include pre-payment penalties or teaser rates that are common in exotic mortgages and have caused much of the current market troubles.

To qualify for FHASecure, eligible homeowners must meet the following five criteria:

A history of on-time mortgage payments before the borrower's teaser rates expired and loans reset;
Interest rates must have or will reset between June 2005 and December 2009;
Three percent cash or equity in the home;
A sustained history of employment; and
Sufficient income to make the mortgage payment.
"FHASecure is designed for families who are good borrowers but were steered into high-cost loans with teaser rates," said Assistant Secretary for Housing-FHA Commissioner Brian Montgomery. "These homeowners, many of whom are minorities, need a safe, affordable mortgage product that will help build wealth. All FHA borrowers pay mortgage insurance premiums to offset claims to the FHA insurance fund and ultimately prevent risk to the taxpayer."

For more information about FHASecure and other FHA products, please call 1-800-CALL-FHA or visit www.fha.gov or www.hud.gov. For a list of your local homeownership center or a HUD-approved housing counseling center, go to www.hud.gov/offices/hsg/sfh/hcc/hcs.cfm

The Experts Jacksonville Beaches, Intercoastal, Arlington, Mayport

2007-08-25T12:14:00.000-07:00

The Experts at the Jacksonville, FL Beaches, Intercoastal, Arlington, Mayport

2007-08-20T21:17:00.000-07:00

Richard Newquist, Realtor PN, www.liveatthebeach.net
www.xcelmarketing.net

Experience Jacksonville Week: Your Florida Destination

CONTACT:
Lyndsay Rossman, Director of Corporate Communications
lrossman@jaxcvb.com

JACKSONVILLE, Fla. (July 9, 2007) – Northeast Florida businesses are partnering with the Jacksonville & the Beaches Convention and Visitors Bureau (CVB) to promote tourism to local residents from August 6-11, 2007 during Experience Jacksonville: Your Florida Destination Week. The week-long event will offer residents “Destination Deals” as a chance to save on area accommodations, attractions, restaurants, retail, nightlife hotspots, sports events and transportation services.

Richard Newquist, Coral Shores realtor, is offering tours of beachside properties from $3million to $140,000 homes and condos. Reach him at newquist@liveatthebeach.net.

“No longer can kids and adults say there is nothing to do at home…Experience Jacksonville Week gives local residents the opportunity to discover their own hometown and realize why millions of visitors enjoy our destination each year,” said John Reyes, president and CEO of the CVB. “Through the generous discounts offered by CVB tourism Partners, residents won’t have to travel very far to experience a wide range of activities. What better way to end the summer before school starts?”

Coupons for “Destination Deals” at over 50 local businesses are available at area visitors centers* and online at www.experiencejacksonville.org. Coupons must be presented to receive discounts and are only valid during Experience Jacksonville Week. Local news stations will also be promoting the celebration with giveaways throughout the week.

Experience Jacksonville: Your Florida Destination Week is a celebration of National Tourism Week observed nationally in May each year. Jacksonville delayed its annual concurrent celebration to avoid conflicting with THE PLAYERS Championship, held from May 10-13, 2007.

*For a listing of CVB Visitors Center locations, visit www.visitjacksonville.com.

Florida Is Business Friendly Says Forbes !

2007-07-19T19:34:00.000-07:00

Richard Newquist, Realtor, PN at: www.liveatthebeach.net in Jacksonville Florida says:

Study: Florida among top 10 business-friendly states...WOO HOO! Something good is being reported!

NEW YORK – July 19, 2007 – Florida is as one of the best places to do business, ranking seventh in the 2007 listing of business-friendly states by Forbes.com. For the second year in a row, Forbes.com has ranked the top states for business, taking into account living costs, job and income growth, and educational achievement, as well as projections of job, income, and gross state product growth.

Forbes also measured the amount of available venture capital and how much red tape state governments inject in the business environment.

Who came in as No. 1? Virginia was the top-ranked state for the second year, finishing in the top 10 in four of the six main categories. Its strongest attributes include environmental incentives and a low unemployment rate. Here are the top 10 states and their rankings from Forbes.com: Virginia (1); Utah (2); North Carolina (3); Texas (4); Washington (5); Idaho (6); Florida (7); Colorado (8); North Dakota (9); and Minnesota (10).

Source: Forbes.com, Kurt Badenhausen (07/11/07)

They Done Did It Again!

2007-07-13T14:55:00.000-07:00

My Safe Florida Home eliminates grants for most roof renovations!

Richard Newquist, Realtor Par Non (PN) Live At The Beach!

This is from www.floridarealtors.org which reprinted it from the Palm Beach Post.

This is the way it goes in Florida! The government giveth and the government taketh away. The biggest problem with hurricane protection is roof protection. The State legislature never got it together on roof repairs. They are willing to assist with window covers and garage door strengthening but not roofs! They can't agree on how to strengthen roofs against hurricanes!

Their consutant, Leslie Chapman-Henderson, president of the Federal Alliance for Safe Homes, a nonprofit that helped develop the My Safe Florida Home program has taken their consulting fees but, sorry to say, can't help out in THIS case.

TALLAHASSEE, Fla. – July 13, 2007 – Tens of thousands of homeowners seeking financial aid from a state program to reinforce their roofs against hurricanes may be blown away by what they find.

Over the past few months, the My Safe Florida Home program has eliminated most roof retrofits from its list of improvements for which homeowners can be reimbursed up to $5,000.

Lawmakers ordered the changes to the $250 million mitigation program during the spring legislative session even though studies show roof problems were the primary cause of further damage to homes during Florida’s busy 2004 and 2005 hurricane seasons.

Adding to the lawmakers’ reluctance are the disagreements among roofers and local building departments as to the best way to implement suggested roof renovations. Lawmakers have ordered the Florida Building Commission to come up with statewide guidelines by Oct. 1.

State Sen. Bill Posey, R-Rockledge, said eliminating most funding for roof retrofitting will prevent abuse by homeowners who try to bill the state for replacing old, leaking roofs.

“We shouldn’t be paying for routine maintenance,” said Posey, chairman of the Senate Banking and Insurance Committee.

My Safe Florida Home has been plagued by problems since it was first funded by the legislature in May 2006. For example, it has awarded less than $1.2 million in home-hardening grants so far.

The changes mean that more than 50,000 homeowners – including about 11,000 in Palm Beach, Martin and St. Lucie counties – whose residences were inspected after April 22 will have more limited options for the maximum $5,000 state grant.

About 14,000 homeowners whose homes were inspected in the initial phase of the program will not be bound by the new restrictions, state officials said. That would include more than 2,300 homeowners in Palm Beach, Martin and St. Lucie counties.

But going forward, the state will pay mostly for exterior wall and door protections, such as hurricane shutters and hurricane-related garage doors.

It will pay for limited roofing work in homes with gabled roofs. Those homes will be eligible for bracing gable ends because they provide additional support, Posey said.

In South Florida, however, most homes don’t have gabled roofs. Gone are grants for upgrading roof shingles, reinforcing roof-to-wall connections, creating a secondary roof covering or barrier to prevent water intrusion, and improving the strength of roof deck attachments.

Officials at the state Department of Financial Services, which runs the My Safe Florida Home program, had no choice but to follow the mandate of the legislature in restricting the program, spokeswoman Tara Klimek said.

But the changes were not publicly announced by Chief Financial Officer Alex Sink, who just last week made an appearance in Pensacola to award a grant to a homeowner.

On Tuesday, the state’s Web site, www.mysafefloridahome.com, had conflicting information about which home modifications are covered under the program. Both the new and old requirements are listed.

Klimek said homeowners on a waiting list to obtain the program’s free home inspections were notified of the changes by e-mail if the state had their addresses on file.

Lawmakers had cited the popular home modification program as the long-term solution to Florida’s high homeowners’ insurance rates. Hardened homes will cause fewer losses for insurers during hurricanes, allowing rates to stabilize, they said. Insurers also offer discounts for homeowners who make modifications.

Klimek said more funding for the program should be released quickly. She said more than 5,000 residents have been approved for grants and will receive the money once they show they have finished recommended renovations.

The latest challenge may be reaching an agreement on how to implement roof retrofits and what should be covered by the grants.

“Roofing is the last frontier of mitigation,” said Leslie Chapman-Henderson, president of the Federal Alliance for Safe Homes, a nonprofit that helped develop the My Safe Florida Home program.

That’s important because 90 percent of homes sustaining damage during Florida’s most recent hurricanes had roof damage, said Wanda Edwards, an engineer who serves as director of code development for the insurance industry-funded Institute for Business and Home Safety.

She said the amount of damage due to broken windows without hurricane shutters would be small by comparison.

Posey said legislators can expand the My Safe Florida Home program to include more roof work if the building commission can come up with cost-effective ways to perform roof rehabilitation.

Meanwhile, Klimek said homeowners are free to use their own money to do roof modifications. She said the free reports by state-certified inspectors will specify what roofing work needs to be done.

Copyright © 2007 The Palm Beach Post, Fla., Randy Diamond. Distributed by McClatchy-Tribune Information Services.

Palm Beach Post

2007-05-15T19:25:00.000-07:00

Richard Newquist Realtor
Live At The Beach.net

Here's an article that takes a slightly different approach to explaining Florida Real Estate:

By Linda Rawls
Palm Beach Post Staff Writer
Monday, May 14, 2007
Who's going to blink first?
The region's once-sizzling housing market - which for nearly five years lured investors with double-digit gains, easy credit and 40-year-low interest rates - has simmered to a showdown.
South Floridareal estate
Take a look at housing in our area, which has become one of the U.S.' most volatile markets.• Blogs, property listings, more A look at the effects of a volatile housing market on homeowners and builders. Post reporters' blog serves up latest updates and chat on South Florida real estate. Chat about the maddening twists of homeowners insurance on our blog.
More Business
Latest news, columnists, stocks, market tools• Mortgage rates

Indeed, some market watchers believe home prices are the object of a high-stakes tug of war between home buyers in Palm Beach County and the Treasure Coast armed with low interest rates, and home sellers who refuse to budge from boom-time home prices despite rising inventory, surging foreclosures and tightened credit standards.

"Even to this day we still have stubborn sellers who aren't being realistic," said Mike Larson, a real estate analyst with Weiss Research in Jupiter. "Some won't accept that the market has changed, and lower their prices." The result has been a painful slowdown with a ripple effect that has even local retailers crying foul as they see their sales dip. As the song says, "Something's gotta give," and experts are betting that sellers will blink first.

And when they do, they'll see a buyer's market.
Meanwhile, Palm Beach County teacher Stephen Luzinski wonders why prices have not already come down more.

"I am still waiting for prices to fall," said Luzinski, who's looking to buy his first home.
"I am out in this housing market almost every single day, but there does not seem to be a whole lot of budging by the owners," he said, eyes wide open. "It seems that most sellers are still looking to double, triple or quadruple what they paid for their house."

Flood of foreclosures
Such seller attitudes are unlikely to last, according to real estate forecasters. Primarily because there are just too many homes on the market. Nationwide, the number of vacant unsold units in the first quarter of this year set a record, the U.S. Commerce Department said recently, continuing a sharp upward trend that started last year.

David Seiders, chief economist for the National Association of Home Builders, puts the number at an "excess of about 1.4 million." Swelling inventory caused the National Association of Realtors to create a mini-stir last week when it revised its forecast to predict that existing-home prices would fall this year for the first time since the Great Depression. The 1 percent predicted drop - to $219,800 - is not as earth-shaking as it sounds, given that home prices in 38 of the 50 states declined in 2006, local real estate consultant Jack McCabe said.

Local home prices already have started their downward march, Realtors say, though they're not moving as fast as some would like.
The median price of an existing single-family home in Palm Beach County fell from $388,000 in January to $375,100 in March. In the Treasure Coast, however, prices have barely budged since the first of the year, remaining at a median of $239,700 in March. (April home sales figures come out next week.)

The number of unsold homes on the market from Boca Raton to Vero Beach has been steadily rising, surging to a record 24,028 homes for sale in March, according to Illustrated Properties Real Estate. That's a 27-month supply at the March sales pace. The same month a year ago, there were 18,178 unsold homes.

Unfortunately, this surge in inventory will be swelled soon by foreclosures, which are reaching record numbers across the nation and locally. "The biggest problem for single-family medium-priced homes is the beginning of this flood of foreclosures," Delray Beach developer Frank McKinney said. "If you're an optimist, it's a buying opportunity."
Not surprisingly, Realtors agree.

"What billionaire said, 'If you want to make money, do the opposite of what everyone else is doing'?" asked Realtor Bob Graeve of Illustrated Properties. "If everyone is selling," he added, "it's time to buy. If everyone is buying, that's the time to sell."

Florida Association of Realtors Article

2007-05-15T18:53:00.000-07:00

The FAR article quotes a NAR (National Assoc. of Realtors) article.

Richard Newquist - Live At The Beach.net
NAR: First quarter metro home prices, state sales show stabilizationFlorida’s housing market for 1Q 2007: Sales soft, median price down

ORLANDO, Fla. – May 15, 2007 – In first quarter 2007, Florida’s housing sector continued to mirror the national pattern, with higher inventory levels of homes for sale, median prices edging down and soft sales reflecting a buyer’s market in many areas.

Statewide, sales of single-family existing homes totaled 33,748 during the three-month period, a decrease of 26 percent compared to 45,844 homes sold during the same time a year earlier, according to the Florida Association of Realtors® (FAR).

The statewide existing-home median sales price was $237,000 in the first quarter; a year ago, it was $243,500 for a decrease of 3 percent. In 2002, the first-quarter statewide median sales price was $129,600, which reflects an increase of about 82.9 percent over the five-year period. The median is a typical market price where half the homes sold for more, half for less.

To gain insight into current trends in Florida’s real estate industry, the University of Florida’s Bergstrom Center for Real Estate Studies conducts a quarterly survey of industry executives, market research economists, real estate scholars and other experts. The first quarter 2007 survey, released in March, found that a growing number of respondents believe that home prices are staying even with inflation, said Wayne Archer, the center’s director.

“We see that as a benchmark,” he said. “When prices maintain the same level as inflation, then we’re probably in some kind of equilibrium. It indicates the market is stabilizing.”

It appears that residential development may have bottomed out, according to the study. Given the scale of the residential development market, Archer noted this would be good news for all real estate markets and for Florida in general.

Continuing low mortgage rates remain another positive influence on the housing sector. According to Freddie Mac, the national commitment rate for a 30-year conventional fixed-rate mortgage averaged 6.22 percent in first quarter 2007; one year earlier, it averaged 6.24 percent.

The latest industry outlook from the National Association of Realtors® (NAR) predicts that stricter lending standards and a decline in subprime mortgage originations will have an impact on existing home sales this year. “Home buyers today are purchasing for the long term, generally with a realistic expectation of modest gains over time,” says NAR Senior Economist Lawrence Yun. “We see this as a soft landing with home sales rising gradually in the second half of the year and prices recovering a bit later.”

Looking to Florida’s existing condominium market, sales of existing condos also decreased during the quarter, with a total of 10,537 condos sold statewide compared to 15,031 in first quarter 2006 for a 30 percent decline, according to FAR. The statewide median sales price for condos remained flat at $210,800 for the three-month period; a year ago, it was $209,900.

Among the state’s larger markets, the Jacksonville metropolitan statistical area (MSA) reported 3,373 existing homes sold for the quarter, a decrease of 14 percent compared to the 3,903 homes sold a year earlier. The market’s existing-home median sales price increased 1 percent to $199,500; a year earlier, it was $197,100. A total of 385 existing condos sold in the market over the three-month period, down 23 percent from first quarter 2006, while the existing-condo median price decreased 7 percent to $152,300.

The Gainesville MSA, one of the smaller markets in the state, reported that 562 homes changed hands in the first quarter, down 23 percent compared to 729 homes sold a year earlier. Over the same period, the market’s existing-home median home price rose 3 percent to $217,100; a year earlier, it was $211,100. A total of 143 existing condos sold in the Gainesville area during the first quarter, a decrease of 40 percent from the previous year, while the existing-condo median price rose 8 percent to $166,800.

© 2007 FLORIDA ASSOCIATION OF REALTORS

Related Topics: Home sales
Questions, comments or suggestions on this article? Have a news tip? Send a letter to the editor to: Newseditor@floridarealtors.org.

Press Releases Advertising Privacy Policy Copyright Notice Terms of Use FAR Headquarters - Orlando: (407) 438-1400
Office of Public Policy - Tallahassee: (850) 224-1400

© Copyright 2007 Florida Association of Realtors®

Florida Real Estate. . .Fact or Fiction

2007-05-12T07:49:00.000-07:00

Wadda you mean, "fact or fiction"?

Is it a real deal or not? Is it a good investment or is the insurance fiasco going to squash the whole market? Call Richard Newquist, Realtor, Coral Shores Realty, for more information. 904-422-5091.

Hurricanes, insurance problems, over speculation, bad drivers, Florida has it all...everything that quashes a real estate deal, that is! Beachfront properties go begging. "Just one block to the beach" properties go begging. Vacation rental investments go begging.

It's all good for investors (the real ones) who buy properties, ad value and dispose of the property through sale or lease. Lower prices are just what the doctor ordered.

If you are a FSBO in Florida and want to sell your own home, call me for advertising and marketing insight. Also, find out about our $99 websites specifically tailored to YOUR property!

Also, visit www.fsbowiz.blogspot.com

April to May Continues to Deteriorate

2007-05-11T18:38:00.000-07:00

Richard Newquist, Realtor
Jacksonville Beach, FL
http://www.liveatthebeach.net

Both the national and the Florida real estate markets continue to deterioriate, substantially, from April to May, 2007. These stats. come from the National Association of Realtors and are generally accepted as being representative of the actual market conditions.

Where the national existing home sales showed an increase in April of +3.9% over a year ago, our contacts in other states didn't seem to bear that out. The stats. for existing home sales for May show a huge negative turn around.... +3.9% for April to - 8.4% in May! That is a net change of 12.4% downhill.

Richard Newquist, Jacksonville's most sought after real estate agent thinks the stats have not really changed much over the course of the last year and no improvement in the market is being observed. Lereah, Chief Economist for NAR predicted the beginnings of a turn around in early 2007 but that doesn't seem to be materializing.

In Florida, the stats are still bad and aren't improving. The volume in Florida is WAaaaaaaay off but the prices have only declined a few percentage points, according to the stats. The problem is the "incentives" that are being offered by sellers that don't show up in the closing price.

A lot of people want to sell their own homes to save the commission. "YES YOU CAN" but do it intelligently and professionally. Go to www.fsbomover.com to get information on a website specific to YOUR property. A website will help move your property 3X's faster than not having one. Put the URL on your yard sign, put it on your flyers, put it in your classified ads and expand the value without increasing the cost.

Housing Market Indicators:

Florida existing home sales:
April -23% May -28%

Florida existing condo sales:
April -28% May -32%

National existing home sales:
April + 3.9% May -8.4%

Housing Stats as of May 11th

2007-05-11T18:35:00.000-07:00

Richard Newquist - Realtor
http://www.liveatthebeach.net

National Association of Realtors
Florida Association of Realtors
Housing Market Indicators:
Florida existing home sales:
-28%
Florida existing condo sales:
-32%
Florida existing home median price:
$236,000
Florida existing condo median price:
$208,800
Florida consumer confidence:
86
National existing home sales:
-8.4%
National existing home median price
$217,000
National (Freddie Mac) mortgage rate
6.16%

Jacksonville Statistics at April 17th

2007-04-17T19:27:00.000-07:00

Richard Newquist - Realtor
http://www.liveatthebeach.net

Here's the stats for real estate for Jacksonville & Florida for April:

Existing home sales are off in Florida by 23%. Last month, sales were down by 28% so THAT's an improvement. But nationally, existing home sales are UP by 3%.

Housing Market Indicators:
Florida existing home sales:
-23%
Florida existing condo sales:
-28%
Florida existing home median price:
$235,500
Florida existing condo median price:
$212,200
Florida consumer confidence:
86
National existing home sales:
+3.9%
National existing home median price
$212,800
National (Freddie Mac) mortgage rate
6.22%

Go to: http://www.liveatthebeach.net for REAL help for buying or selling. On either side of the fence, my negotiating skills will make you money.

Richard Newquist
904-422-5091

Jacksonville Statistics as of March '07

2007-03-06T19:33:00.000-08:00

Here's the statistics as of March 5, 2007

Housing Market Indicators:
Florida existing home sales: Improving
-27%
Florida existing condo sales: Improving
-30%
Florida existing home median price:
$239,300
Florida existing condo median price:
$209,000
Florida consumer confidence:
91
National existing home sales:
+3.0%
National existing home median price
$210,600
National (Freddie Mac) mortgage rate
6.18%

University of North Florida opens their Jacksonville statistical database to everyone.

The University of North Florida has been compiling data in the Jacksonville (Duval) county for the last 5 years. Paul Mason, chairman of UNF's economics and geography dept. said the information has been compiled by himself and eight UNF students.

Their information is available at leipjax.org and includes unemployment rates, stock prices, the consumer price index and leading economic indicators.

State lawmakers believe they found at least a temporary solution to Florida's tax woes, but executives with Chicago-based Fitch Ratings feel that it should be a competitive market - not the Legislature - that brings down rates.
"Fitch views Florida's proposed legislation as a mechanism to further suppress homeowner's insurance rates in a market where rates continue to be inadequate despite several large recent rate increases," the company said in a release. "Fitch believes the best long-term solution to the Florida homeowners market is for the state to allow competitive market forces to set rate levels and to continue to encourage risk mitigation efforts such as more stringent building code requirements."

Ratings of insurance companies should not be affected by the new legislation, Fitch said, as the bill will further subsidize the Florida Hurricane Catastrophe Fund as well as Citizens Property Insurance Corp. while expanding private insurers' access to below-market cost reinsurance from the catastrophe fund by increasing available coverage from $16 billion to $33 billion.
The legislation, if signed by Gov. Charlie Crist this week, could have a significant impact on reinsurers, however, as it will apply pressure on rates from reinsurance companies and "squeeze out" private market capacity.

Why Jacksonville?

2007-01-12T06:48:00.000-08:00

HERE'S JACKSONVILLE !
From seashore to forest, nurtured by the majestic St. Johns River, Jacksonville offers wonderful opportunities for visitor and resident alike.
Located in Northeast Florida at the crossroads of two interstate highways, Jacksonville is the largest city in the contiguous United States in land area, a major port, the insurance and financial center of the state, site of U.S. Navy bases and the home of the National Football League's Jacksonville Jaguars.
In February 2005, the city hosted the Philadelphia Eagles and the New England Patriots and their fans at Super Bowl XXXIX. Thousands of football fans and volunteers in Jacksonville, anxious to show the world why our city is so special, prepared a world-class welcome. Thanks again to all the folks who visited our city and enjoyed our hospitality.
We invite you to learn a little more about our city by clicking on the links at left. For a calendar of things going on in our vibrant city, click here. For more information about Jacksonville's vacation and business opportunities, check out the links below to the Jacksonville & the Beaches Convention and Visitor's Bureau and the Jacksonville Chamber of Commerce Web sites.
Quick "Jax Facts"
-The City of Jacksonville ranks as the 14th largest city in the United States in population with more than 800,000 residents.
-The Jacksonville metropolitan area, which includes three beach cities and Clay, Baker, Nassau and St. Johns counties, has a population of more than 1,000,000 residents.
-Jacksonville covers 841 square miles (217,559 hectares).
-Joint management agreements with national and state park services give Jacksonville the largest urban park system in the United States.

-Jacksonville International Airport (JIA) is 15 minutes from downtown by car. It is served by 15 major and regional airlines that offer 250 daily flights to and from most major cities in the country and is an international gateway.
-By air, Jacksonville is ... 60 minutes from Atlanta 45 minutes from Orlando Two hours and 15-minutes from New York Nine hours from London
-Four modern seaport facilities, including America's newest cruise port, make Jacksonville a full-service international seaport. In 2005, JAXPORT's three public marine terminals handled 8.4 million tons of cargo, a new JAXPORT tonnage record.
-There are three major Interstate Highways running through Jacksonville- I-95, I-295 and I-10. Additionally, I-75 is approximately 60 miles west of downtown Jacksonville.
-There are four major U.S. Highways- U.S.1, U.S.17, U.S.90 and U.S.301.
-By car, Jacksonville is ... 40 minutes from Fernandina Beach/Amelia Island 35 minutes from historic St. Augustine Two and a half hours from Orlando (Disney World) Six hours from Atlanta
For information about downtown Jacksonville:Downtown Vision, Inc.
For information about visiting Jacksonville:The Jacksonville & the Beaches Convention and Visitor's Bureau
For information about business in Jacksonville:Jacksonville
Ron Cika - BrokerFt. Lauderdale, FL
°Over 1,000 Florida agents!°Located in every major city in Florida.
Jacksonville Office:Richard Newquist904-422-5091Need Information?

Name
Phone
Email
We will be in touch with you within 24 hours. No information is ever sold, furnished or supplied to any third parties.

What the National Association of Realtors Predicts

2007-01-12T06:13:00.001-08:00

NAR: Gradual rise projected for home sales
WASHINGTON – Jan. 11, 2007 – After bottoming in the fourth quarter of 2006, existing-home sales should gradually rise through 2007 and into 2008, while new-home sales should turnaround by summer, according to the latest forecast by the National Association of Realtors® (NAR).
David Lereah, NAR’s chief economist, says annual totals for existing-home sales will be fairly comparable between 2006 and 2007. “We have to keep in mind that we were still in boom conditions during the first quarter of 2006 with a high sales volume and double-digit price appreciation,” he says. “We are starting 2007 from a relatively low point, so even with a gradual improvement in sales it’ll be pretty much of a wash in terms of annual totals. The good news is that the steady improvement in sales will support price appreciation moving forward.”
Existing-home sales for 2006 are expected to come in at 6.50 million, the third highest on record, with a total of 6.42 million seen in 2007. New-home sales in 2006 should tally 1.06 million, the fourth highest on record, with 957,000 projected this year.
Total housing starts for 2006 are likely to be 1.81 million units, with 1.51 million forecast in 2007, which would be the lowest level in a decade. Builders are pulling back on new construction to support prices of remaining inventory.
The 30-year fixed-rate mortgage will probably rise to 6.7 percent by the fourth quarter of 2007. Last week, Freddie Mac reported the 30-year fixed rate at 6.18 percent – far below earlier consensus forecasts. “The current interest rate environment and housing inventory levels present a window of opportunity for potential buyers,” Lereah says.
The national median existing-home price for all of 2006 is expected to rise 1.1 percent to $222,100, and then gain 1.5 percent this year to $225,300. The median new-home price, after rising only 0.3 percent to $241,600 in 2006, is projected to grow 3.0 percent in 2007 to $248,900.
“With all the wild projections by academics, Wall Street analysts and others in the media, it appears that much of the housing sector is experiencing a soft landing,” Lereah says. “Despite the doomsayers, household wealth will not evaporate and the economy will not go into a recession. If you’re in it for the long haul, housing is a sound investment.”
The unemployment rate is likely to average 4.8 percent this year, following a rate of 4.6 percent in 2006. Inflation, as measured by the Consumer Price Index, is expected to be 2.2 percent in 2007, down from 3.2 percent last year, while growth in the U.S. gross domestic product is seen at 2.5 percent in 2007, compared with 3.3 percent last year. Inflation-adjusted disposable personal income should grow 3.4 percent this year, following a rise of 2.7 percent in 2006.
© 2007 FLORIDA ASSOCIATION OF REALTORS®

Related Topics: Economy, Home Sales

Questions, comments or suggestions on this article? Have a news tip? Send a letter to the editor to: Newseditor@floridarealtors.org.

Living in Jacksonville

2007-01-01T21:36:00.000-08:00

Jacksonville, FL, is one of the most interesting towns to live in in Florida.

We actually have a cold season and a warm season. We have beaches, rivers and lakes. We have BIG participation by some of the largest corporations in the U.S. and a wealth of small business that provides the backbone of the employment base.

The beaches run from Atlantic Beach to Jacksonville Beach in Duval County and Ponte Vedra Beach in St. John's County. The St. John's river is big and wide. It flows south to north and empties into the Atlantic Ocean at Mayport, a fishing village founded in 1563.

For the most complete real estate services in the Jacksonville, contact Richard Newquist @ 904-422-5091 or email at: newquist@LiveAtTheBeach.net