Archive for March, 2009
Clearwater Florida Home Owners – FHA isn’t Fooling April 1 Cash Out Refinancing toughens
March 27th, 2009 Categories: Clearwater Florida, Real Estate News, Tampa Mortgages
Clearwater Florida Home Owners – Act Fast on FHA Refinancing – No fooling
Clearwater Florida – If you own a home in Clearwater and want to do a cash out refinance using and FHA loan, think again, the most liberal cash-out program in town is about to make Tampa mortgage qualification more difficult.
Effective April 1, 2009, (yes I know it’s April Fools but this is no joke) the FHA is reducing the maximum loan-to-value on cash-out refinances by 10 percent, dropping the loan size limit from 95% of your Clearwater home‘s value to 85%.
In its official press release, the FHA says it’s making the change to “limit its exposure to undue risk”.
It also lists the following Clearwater home owner cash-out requirements:
- With less than 12 months since the purchase date, your home’s value cannot exceed its original purchase price — even if home improvements were made.
- A Clearwater home owner must be current on their mortgage payments to qualify
- A second, verifying appraisal may be necessary, depending on loan traits
- Co-signers may not be added to the FHA mortgage note in order to qualify
The last day to register a FHA 95% cash out refinance is Tuesday, March 31, 2009. The loan does not need to be “locked” — only registered.
So, if you know that a 95% cash out FHA refinance is in your future, talk to your Tampa home loan officer before Wednesday morning about registration. If you need to know the name of a good Tampa mortgage professional or two – just call or email me and I can help you out.
Buying a Home in Clearwater Florida – We can help
If you have been thinking about buying a home or condo now is a great time to buy in home in Clearwater
Contact us for a FREE quote and to find out your Tampa Mortgage options and you can search all Tampa St Petersburg and Clearwater homes for sale right now..
Call Us Today at (727) 710-8036 to hear more about how we can help you!
Copyright © 2009 Jack and Cyndee Haydon, Clearwater REALTORS and specializing in Clearwater Florida, Clearwater Beach Florida, and Pinellas County Waterfront homes and condos. This article may not be copied, reproduced, distributed, transmitted, displayed or published.
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Clearwater Beach Florida – Some Home Owners Are Eligible For Mortgage Relief
March 15th, 2009 Categories: Clearwater Beach Florida, Real Estate Market Reports, Tampa Mortgages
Clearwater Beach Florida Update on the Making Home Affordable Program
Clearwater Beach Florida – When the White House first introduced the Making Home Affordable program in February, it was positioned as a mortgage program with two goals to help homeowners everywhere including those on Clearwater Beach:
- To help financially-needy homeowners get home mortgage relief
- To help home owners who’ve lose equity qualify for today’s low rates
This past Wednesday, in a much-anticipated announcement, the U.S. Treasury introduced new details about their Making Home Affordable plan.
It also created an “Am I Eligible For Making Home Affordable” form on its website. (Check it out)
In the press release, the Treasury detailed the President’s original blueprint. Namely, it provided explicit loan modification instructions that will assist up to 4 million delinquent homeowners and their respective mortgage servicers.
The modification guidelines are a thorough 17 pages long and leave little question about the loan modification process, and how it must be carried out.
But for as much ink committed to helping delinquent Clearwater beach home owners, the Treasury gave surprisingly little guidance to the estimated 5 million homeowners for whom deteriorating home equity has rendered refinancing impossible.
For these Americans, the Treasury instead offers a basic Q&A and directs Clearwater home owners to call Fannie Mae and/or Freddie Mac to confirm their eligibility. The “refinance plan”, in summary, says that a homeowner who has paid his mortgage as agreed and whose home value is “about the same or less” as the amount owed on his first mortgage may be eligible.
That’s about as much as the Treasury could say.
So what are your other options?
New Guide to Getting a Loan Modification in 60 minutes
Being in the Clearwater beach real estate business we are helping families everyday caught in this property value crisis so I am excited to share a straight-forward practical resource with you developed by a friend of mine Rocky Rockwood and his Dad, Mike. Rocky’s own Dad found himself in the same situation as many home owners today. Their properties were no longer worth what they owed so refinancing wasn’t an option and they also had with less income coming in and were struggling to find a way to keep up their mortgages.
Rocky and his Dad took action to really understand the problem and better yet the solution! Then they wrote a step by step guide to help others in the same situation. Their loan modification guide now enables the average home owner successfully do their own loan modification quickly and easily rather than get taken advantage of by one of the latest scams I’m seeing daily. They wrote an use workbook on How to get a loan modification
I got to review the complete guide and highly recommend it – those of you who know me know that I am about empowering people with good information so you make informed choices and also get proven results. If you or someone you care about is in this situation you owe it to yourself to get good information.
If after browsing the Treasury the website, you still have questions about the Making Home Affordable program, call your mortgage lender with specific questions or better yet, order the 60 Second Loan Modification kit
Clearwater Beach Real Estate – Selling or Buying – Condos or Homes – We Can Help!
If you’ve been thinking about buying or selling a waterfront or oceanfront beach condo or house in the Clearwater St Peterburg Tampa Bay area…
Call Us Today at (727) 710-8036 to hear more about how we can help you!
Contact us for a FREE quote and to find out your Tampa Mortgage options and you can search all Tampa St Petersburg and Clearwater condos for sale right now..
Copyright © 2007-2009 Jack and Cyndee Haydon, Clearwater REALTORS and specializing in Clearwater Florida, Clearwater Beach Florida, and Pinellas County Waterfront homes and condos. Information is deemed reliable however it is not guaranteed and subject to change at any time.
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Clearwater Florida Sees More Signs Of Real Estate Recovery |Cost Of Owning Versus Renting Falls Back To Historical Norms
March 8th, 2009 Categories: Clearwater Florida, Homes for Sale, Real Estate Market Reports
Clearwater Florida Owning verus Renting
Clearwater Florida – One popular housing theory is that — before a bona fide housing recovery can begin — the cost of owning a Clearwater home versus renting one must return to historical levels. 
If that belief is a truth, a national return to rising home prices may be in store for 2009.
Falling home prices coupled with falling mortgage rates, too, have dropped the relative, after-tax cost of owning a home to 125% of the cost of renting a home.
This is the exact 18-year historical average and not since 2001 has the gap been this small.
As reported by the Wall Street Journal, though, the study has some flaws. For example, the data doesn’t account for ongoing home maintenance costs, nor does it consider real estate tax bills and insurance policies.
But, combining a relatively low cost home of ownership in the Tampa- St Petersburg – Clearwater real estate market right now. NAR reported that the median home price was $151,500 in the 4th Quarter of 2008 which represents a decrease of over 24.9% in 2008 along with the government’s newly announced $8,000 tax credit for first-time home buyers is likely to convert long-time Tampa Bay renters into never-before homeowners. We’ve been meeting with lots of buyers convinced now is the time to buy their first home.
Related Posts:
- IRS First time Home buyer credit form is here
- IRS gives First Time Home buyers 8000 reasons to buy now!
This, too, is thought to be a key element of the housing recovery.
In many real estate markets (but not all), home prices are expected to edge lower through 2009. Provided mortgage rates stay low, the cost gap between owning and renting will shrink even more.
Thinking of Buying your First Home in Clearwater Florida – We can help
If you have been thinking about buying your first home or condo and haven’t owned one in the last 3 years now is a great time to buy in home in Clearwater
Contact us for a FREE quote and to find out your Tampa Mortgage options and you can search all Tampa St Petersburg and Clearwater homes for sale right now..
Call Us Today at (727) 710-8036 to hear more about how we can help you!
Copyright © 2009 Jack and Cyndee Haydon, Clearwater REALTORS and specializing in Clearwater Florida, Clearwater Beach Florida, Sand Key Florida and Pinellas County Waterfront homes and condos. This article may not be copied, reproduced, distributed, transmitted, displayed or published.
(Image courtesy: Wall Street Journal)
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Clearwater Beach Florida Condos – What’s Happening with New Construction?
March 4th, 2009 Categories: Clearwater Beach Florida, Condos for Sale, Luxury Real Estate
Clearwater Beach Florida Waterfront Wednesday Report
Clearwater Beach Florida – This week I was asked what’s up with the new Clearwater beach condos that were to be built? Where do they stand now? So I thought I’d give a detailed update for many of our readers who may be wondering the same thing…
There were 4 main luxury condo projects on Clearwater Beach that come to mind and since it’s Waterfront Wednesday I thought it would be the perfect topic to update you on today.
- Sandpearl Residences ( a JMC luxury condominium development)
- Aqualea (a Hyatt condo-hotel development)
- Marquesas (a JMC luxury condominium development)
- Enchantment
Let’s start with the Sandpearl Residences – while you might be thinking wait a minute, the Sandpearl condos are completed. Yes they are but they are not sold out. The developer, JMC, still has some original inventory and recently dropped their prices to hopefully get these babies sold.
Clearwater Beach Florida New Construction - Sandpearl Condos for sale
In the Sandpearl Residence Tower, as of March 1st there were technically 11 “new” Sandpearl Residences for sale since these are not “resales”. The prices range from under $750,000 to $1,148,000 with only one 3 bedroom condo still available.
- (3) Sandpearl Condos “C Units” from Phase I which are 2 bedroom 2 1/2 baths with a tech center for sale ranging in price from $834,000 to $1,065,000 depending on their view and whether it’s furnished or not.
- (4) Sandpearl Condos “D” Units from Phase I still available which are 2 bedroom 2 1/2 baths with a den for sale with prices ranging from $986,000 to $1,148,000 – again depending on if it’s furnished and which waterfront views you are getting. Some of these condominiums will be having a price increase shortly based on some upgrades that are to be done.
- (1) Sandpearl Condos “G” Unit from Phase II is still for sale – it is a 3 bedroom 3 bath Sandpearl Condo for $985,000 (unfurnished) Sandpearl Condos
- (2) Sandpearl Condos “F” Units from Phase II are still available which 2 bedroom 2 and 1/2 baths both in the $900,000s
- (1) Sandpearl Condos “H” Unit from Phase II is still available – this is the 2 bedroom 2 bath townhome that faces east so there are no waterviews with this unit and it is available for under $750,000 at this time.
Related Articles:
- Sandpearl Condos – Insiders Guide to Sandpearl Residence Condominium Views
- Sandpearl Residences - One of the best places to live in Clearwater Beach Florida
Clearwater Beach FL New Construction – Aqualea Condos for Sale
Aqualea Resort Condominium Hotel on Clearwater Beach is mostly what we call a “condotel” because it combines the benefits of a condo with that of a hotel. It also means that the condotel suites you buy you are only able to use for a maximum of 60 days a year and the rest of the time it must be available for rent (with the Hyatt or your own property management company).
While the building is still under construction they are planning to have their “soft opening” in December 0f this year. Aqualea currently has condo-hotel units available from 522 sq ft studio units starting at $460,000 to two bedroom suites that are 1828 sq ft currently selling for $980,000. If you would like more info on these don’t hesitate to ask us – I will also be doing an in-depth article about this latest property on Clearwater Beach.
The will only be 18 “true” Aqualea condos for sale are actually called “The Residences of Aqualea” and will be directly facing the Gulf of Mexico, overlooking the newly completed Clearwater Beach BeachWalk. 1 unit has been sold however currently they are not being offered for sale – the beginning price will be $2 million and up I am told. One was rumored to have been sold for $3 million however with the changing market it seems they are holding on to their inventory at least for now.
The 18 condominiums will be made up of:
- Two 6 bedroom / 6 1/2 Bath Penthouse units,
- Eight 4 bedroom 3 1/2 bathroom Aqualea condos and
- Eight 3 bedroom and 2 1/2 bathroom condos in the Residences of Aqualea
Related Articles:
- Aqualea Condos -Insiders Guide to New Aqualea Condo and Hotel
This promises to be a magnificent addition to south Clearwater Beach (located just south of Pier 60) – If you want exact pricing and availability give us a call at (727) 710-8036
Clearwater Beach Florida New Construction - Marquesas Condos for sale
Marquesas Condos – So here are pictures I took this week of the “future site of the Marquesas condos” on south Clearwater Beach just before you go over the bridge to Sand Key. What a difference a year makes – see the “for rent” sign in their old “sales center”. The latest word I got from the developer’s sales staff is that they are not selling or discussing Marquesas condominiums until the developer sells out of their existing Sandpearl condos (see above).
We’ve also heard that they are conducting focus groups and re-evaluating the existing plan in light of the current economy and existing inventory of luxury condos on Clearwater Beach.
I heard they may be scaling back which I think would be a great idea since we have people everyday asking us for “new Clearwater beach condos” under $500,000 – which in light of the current FHA guidelines that makes $417,000 the loan limit before you get into Jumbo mortgages one’s gotta believe there’s a sweet spot in there – just look at what’s selling right now.
There’s no arguing that if anyone can make it work it will be JMC Developers – their team has brought 3 fabulous properties to North Clearwater Beach – Sandpearl, Mandalay Beach Club and Belle Harbor.
So as far as Clearwater Beach new construction goes – Marquesas condos are on hold.
Clearwater Beach Florida New Construction - Enchantment Condos for sale
Enchantment luxury condos promised to be an amazing waterfront property – I still have videos and pictures from the Best Western that showed the actual views.
Unfortunately like many Clearwater construction projects when the economy turned so did the quantity of luxury condo buyers – especially in light of all the “new construction” we saw on Clearwater Beach 2004-2008. We need time to absorb all this new inventory before I believe we’ll see any real “demand” or viability for more.
I’m sorry to see this project gone and the last reminder of the project are the signs in the parking lot that reserve spots for the “Future Enchantment Owners” which were still there as I drove by yesterday.
Clearwater Beach Real Estate – Buying or Selling – We Can Help!
We also have lots of great Tampa beach bargains on bank-owned foreclosures, short sales and just down right motivated sellers from Clearwater Beach Florida to Tierra Verde so if you’ve been thinking about buying or selling a waterfront or oceanfront beach condo in the Clearwater St Pete Tampa Bay area…
Call Us Today at (727) 710-8036 to hear more about how we can help you!
Contact us for a FREE quote and to find out your Tampa Mortgage options and you can search all Tampa St Petersburg and Clearwater condos for sale right now..
Copyright © 2009 Jack and Cyndee Haydon, Clearwater REALTORS and your Clearwater Beach Real Estate Consultants specializing in Clearwater Beach Florida and Sand Key Florida. Info may not be copied, reproduced, distributed, transmitted, displayed or published.
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Clearwater Florida First Time Home Buyer Credit Form From The IRS is Here
March 3rd, 2009 Categories: Clearwater Florida
Clearwater Florida First Time Homebuyers IRS Form Arrives
Clearwater, Florida – Anyone that’s been thinking of buying their first home now has 8,000 reasons to do it in 2009. As part of the American Recovery and Reinvestment Act of 2009, the IRS has officially released Form 5405 — better known as the First-Time Homebuyer Credit Form – now you just have to find your Clearwater home to buy (that’s where we can help :=).
True to tax code standards, the 10-field form is accompanied by 3 pages of instructions.
Form 5405 is a helpful, go-to resource for Clearwater Florida home buyers with questions about the first time homebuyer tax credit.
For example, the form distinguishes tax consequences for homes bought in 2008 versus 2009, and clearly defines the term “first-time home buyer”.
In addition, Form 5405 highlights the math behind the tax credit. In general, the First-Time Homebuyer Credit is equal to the lesser of:
- $8,000 for Clearwater homes bought in 2009
- 10 percent of your home’s purchase price
Married couples filing separately are entitled to half of the expected credit, and homes sold within 3 years are subject to a credit repayment in the year the home ceases to be the “main home”.
Form 5405 is a comprehensive reference. However, be sure to check with your accountant for specific questions about your personal returns and how the First-Time Homebuyer Credit may impact your finances. There is no substitute for professional, paid advice.
This past week we were excited to be able to help a widow buy her new Clearwater home after renting the last few years while her husband was in a nursing home. He recently passed away and now she’s being blessed with a new beginning. The good news is it appears that even she will meet the guidelines for this first time homebuyer tax credit and while she doesn’t normally file taxes – she’s contacted a CPA and will this year and is delighted to know that Uncle Sam will be sending her a check for $8,000 which she’s excited to use to remodel her kitchen.
Thinking of Buying your First Home in Clearwater Florida – We can help
If you have been thinking about buying your first home or condo and haven’t owned one in the last 3 years now is a great time to buy in home in Clearwater
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Contact us for a FREE quote and to find out your Tampa Mortgage options and you can search all Tampa St Petersburg and Clearwater FL homes for sale right now..
Call Us Today at (727) 710-8036 to hear more about how we can help you!
Copyright © 2009 Jack and Cyndee Haydon, Clearwater REALTORS and your Clearwater Real Estate Consultants specializing in Clearwater St Petersburg Tampa Real Estate and may not be copied, reproduced, distributed, transmitted, displayed or published.
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