Clearwater Beach Florida
Clearwater Florida News - FL Legislative Session bringing Good News to Real Estate Investors and Home Owners
May 1st, 2009 Categories: Clearwater Beach Florida, Clearwater Florida, Real Estate News, Tampa Bay
Clearwater Florida - As you know we wrote last year about the need to pass the proposed Florida property tax amendment that would in my opinion have protected people buying Clearwater Beach condos or vacation homes. Many 2nd home buyers now worry about feeling the squeeze of property taxes as the Clearwater real estate markets improve.
For those who want to buy a little piece of Florida paradise and enjoy it for many years to come - they don’t want to hear anyone say a few years from now, “Well the good news is, it’s worth more if you sell it.” They tell me they want to know they can afford to keep that special family beach house or retirement home and even dream of passing it down to their children.
In addition, I still think what happened to Florida business owners during the boom of 2004-2006, especially those Clearwater Beach Mom and Pop motels along our beaches (as well as all 26 miles of our beaches for that matter) by calculating their property taxes based on “highest and best use” was awful and amounted to basically a way to force them to sell and we are all worse off for it.
I don’t think that it was fair but after 24 years of my husband constantly reminding me that “fair is a place you take your pigs” I realize my passion for the individual, small business person is personal and some may say even a little naive. Well so be it, I do believe people who want to sell should be able to sell and those that don’t want to sell - shouldn’t be basically forced too. Their businesses could never generate the income needed to pay the proposed taxes and there was no solution but to sell. This is a problem and many people have been fighting hard to see things changed.
So in a time when our best mortgage borrowers are being hit with Jumbo rates which can be basically conventional rates plus 2% and luxury beach property values are down and not get stabalized, I believe we need to make it more attractive to those who are ready willing and able to purchase to do so.
Well when I just got this early recap from the Florida Association of Realtors® I was thrilled to say the least and just had to share…as we finish the first day of May at 10pm tonight the may be good news on the horizon. Here’s their End of Session recap - maybe the peoples voices are being heard - What do you think about these proposals? …
Those that Own Homes in Clearwater or Clearwater Beach Florida may soon be happier
“The House and Senate have completed their 60th day of the 2009 legislative session. This is the day the Legislature should be adjourning “Sine Die.” However, as you have likely heard, the 2009 regular session of the Florida Legislature has been extended for a full week to finalize the budget. While the session was extended to next week, today still has that “last-day-of-session feel,” since all non-budget legislation had to be considered for final passage today if it was going to have a chance of becoming law.
And, it has been an amazing day in Tallahassee for Clearwater Realtors® and all Florida Realtors® for that matter, as most of FAR’s 2009 legislative initiatives ended in victory.
Proposed Constitutional Amendment would help Vacation Home Owners as well as Real Estate Investors in Clearwater FL
One of the final bills considered tonight was SJR 532. This constitutional amendment will:
- Ask voters to limit increases in property tax assessments on all non-homestead properties to 5 percent annually. (Remember this was pulled from the ballot last year by a Leon County Circuit Judge so let’s hope this year goes better - read more..Pinellas County Real Estate Today Loses Chance to Cut Property Taxes by up to 32%)
- First-time homebuyers in Pinellas County and around Florida could benefit, too, with an additional homestead exemption up to $100,000 on their first home.
Related Articles:
Pinellas County Real Estate Today Loses Chance to Cut Property Taxes by up to 32%
More Good News Regarding Property Tax Assessment and Capping Home Insurance Rates?
- HB 521, is the bill that puts the burden of proving that a property tax assessment is correct on the appraiser, not the property owner, also passed both chambers and heads to the Governor. Who doesn’t think this is a good idea?
- In the area of property insurance, the Legislature capped rate increases at 10 percent per year for Citizens policyholders (HB 1495). The Legislature also repealed the requirement that, effective Jan. 1, 2010, sellers of property located in a wind-borne debris region, and which has an insured value on the structure of $500,000 or more, provide prospective buyers the structure’s windstorm mitigation rating.
- Related post:Clearwater Florida Real Estate gets Florida Hotline to Home Insurance Options
- The growth management bill (SB 360) we supported passed as a big package. It includes a provision to encourage urban infill by eliminating transportation concurrency, one that allows for expedited comprehensive plan reviews and another that eliminates the development of regional impact process (DRIs) in urban areas. The bill also extends previously obtained permits and approvals by two years, creates a transition process for moving towards a mobility fee system, and streamlines and reduces inefficiency in our approach to growth management.
- Also, it appears that when theFlorida legislative budget is finalized next week, we’ll have $30 million for downpayment assistance to help “front load” the federal first-time homebuyer tax credit.” - now if we can just get the banks to give a thumbs up or down to all the short sales on their desks we’d be golden!! We are seeing lots of willing buyers and sellers - but with 80% of home sellers owing more than their homes will appraise for today we’re all feeling the bottleneck of the banks.
Related Articles: Clearwater Real Estate | Property Tax Portability Passes - Calculate Your Benefit
Also Read : Buying Clearwater Real Estate bargains - Bank owned, REO, short sales, Foreclosures So, call us today to discuss any property tax estimates or info on how we can help you buy an investment property or beach house, condos or villas on our Tampa Bay beaches.
Want to See All the Clearwater Homes for Sale?
Here’s what some of our past clients have to say about how we helped them….or check out over 20 video message here
- “you treated us like family”
- “you dig for info on each property, researched and worked hard to make sure we knew everything about the home we bought”
- “being out of state we needed someone we could trust - and that was you!”
- “we didn’t want any pressure - we worked with you a long time and there was never any pressure”
- “you are the Painless REALTORS - I’ve bought and sold homes and you handled all the details for us - thanks”
Buyers continue to tell us that selecting the best Clearwater real estate agents, online or from a distance, can be a challenge. So some of our past clients agreed to share their experiences and tell you why they think you should work with us. Meet some of our clients and now friends…we’d love to be YOUR choice too!
Give us a call so we can to discuss your needs! (727)710-8035 or (727) 710-8036
P.S. So go ahead an search all the properties for sale in the Clearwater MLS now…
and just so you know, we require no email or sign in - like everything else we do - our goal is to continue to provide you with ALL the information available so you can make the best decisions!
Copyright © 2007-2009 Jack and Cyndee Haydon, REALTORS and Clearwater Real Estate Consultants and may not be copied, reproduced, distributed, transmitted, displayed or published. All rights reserved. Plagiarism will be detected and is punishable by law.
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Clearwater Beach Florida - History shows When Tampa Mortgage Rates Drop..Lock Don’t Loaf
April 14th, 2009 Categories: Clearwater Beach Florida, Clearwater Florida, Tampa Mortgages
Clearwater Beach Buyers Don’t Blink or Record Low Mortgage Rates Could Be Gone
Clearwater Beach Florida - For the fifth time in just 7 months, those shopping Tampa mortgage rates learned an important lesson this week: When mortgage rates plummet unexpectedly, they often recover just as fast. Don’t blink or those rates could be gone!
Recently the Federal Reserve’s newest $750 billion mortgage market pledge helped to push conventional Clearwater home loans and conforming mortgage rates near their lowest levels since WWII. Then we saw how 24 hours later, however, those rates were expired.
After considering the long-term implications of the Federal Reserve — literally — printing new money to service the recession, markets grew fearful that the Fed’s interventions will eventually lead to inflation. Inflation, of course, is the enemy of all mortgage rates.
Related Tampa Mortgage News:
- Clearwater FHA loans tighten and it’s a new day after April 1st
- How Clearwater Beach Jumbo Loans are hurting buyers and sellers right now
- Tampa Condo loans effected by new Fannie Mae Guidelines changed for Florida
What can the History of Tampa / Clearwater Mortgage Rates teach us?
So, if you’re looking for the explanation of why recent Tampa /Clearwater mortgage rates rose as suddenly one day as they fell the day prior, this is it. And, in hindsight, Tampa bay mortgage rate shoppers might have seen it coming, if only because we’ve seen the exact pattern 4 other times:
- After the Fed’s “surprise” rate cut in January 2008
- After the Fannie Mae and Freddie Mac takeovers in September 2008
- After the Fed announced its first $500 in support in November 2008
- After the Fed zeroed out the Fed Funds Rate in December 2008
Sharp drops in mortgage rate, it seems, are followed by immediate bounce-backs.
Unfortunately, not every would-be refinancing Clearwater home owner saw the increase coming. People that locked captured the lowest rates in 6 decades. Everyone else wishes they had.
From day-to-day, we don’t know if Tampa mortgage rates will rise or fall. Nobody knows that. But, we do know that Tampa mortgage rates tend to follow patterns and we’ve seen the above pattern 5 times now.
When mortgage rates plunge like they did, they are rarely low for long. When you find a mortgage rate you like, get in and get locked as soon as possible. By tomorrow, it’s likely to be gone.
Thinking of Buying or Selling Property in Clearwater Beach Florida - We can help
If you have been thinking about buying or selling a waterfront or beach condo in the Clearwater St Pete Tampa Bay area…
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..
Call Us Today at (727) 710-8036 to hear more about how we can help you!
Copyright © 2009 Jack and Cyndee Haydon, Clearwater Beach REALTORS and your Clearwater Beach Real Estate Consultants specializing in Clearwater Beach Florida and may not be copied, reproduced, distributed, transmitted, displayed or published.
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Clearwater Beach Florida Condos | Buyers and Sellers Hurt by Jumbo Loans
April 12th, 2009 Categories: Clearwater Beach Florida, Clearwater Florida, Condos for Sale, Sand Key Florida, Tampa Mortgages
Clearwater Beach Florida - As most of our readers know we work hard to get great deals for our Clearwater Beach condo buyers unfortunately there are some great buys on luxury condos in Clearwater however one of the major roadblocks interested buyers encounter is the fact that in the Clearwater Beach Florida / Sand Key Florida area the allowable Fannie Mae loan limit for conventional loans is only $417,000 with at least 20% down.
Now I would agree that in most areas of Clearwater real estate - this would be plenty, however, when you consider we’re home to some of the best beaches in the United States, it’s not nearly enough if you want to buy a typical beach condo and are looking for a reasonable loan.
Even if you were planning on buying a condo and putting 20% to 25% down it’s a problem because most Clearwater Beach Florida oceanfront 3 bedroom condominiums are still selling from $800,000 to well over $1 million dollars even in today’s real estate market.
Related article:
- Clearwater Beach Real Estate - What do 3 bedroom Beachfront Condos cost?
- Clearwater Beach New Construction - What’s Happening?
- Sandpearl Condos - One of the best places to live in Clearwater Beach Florida
Clearwater Beach FL Jumbo Borrowers Squeezed and so are Sellers
So what does this mean for the Sellers with Clearwater beach condos they are looking to sell?
In my experience…
1) Clearwater Beach low conventional loan limits are causing a lot of mortgage pressure to purchase properties for $520,000 (or less) give or take so a buyer can buy a condo with a loan of less than $417,000.
2) Clearwater Jumbo rates (and terms) further limits the number of ready and willing buyers in this “jumbo” price point - so with less willing and able buyers there is again more pressure on sellers to make a deal with the remaining buyers - and we’re seeing cash is king. Our last two beach condo buyers paid cash for their gulf beachfront condos.
What’s hard to believe is we are currently working with many buyers who are the best clients a mortgage lender could want (excellent credit, no debt, no issue with income qualifications) and yet they are not willing to buy a second home / vacation home under the recent terms one National bank / lender gave … For Jumbo loans on beach condo purchases needing a loan over $417K but under 1 million they didn’t even offer a fixed rate loan only a 5/1 ARM at 5.75% with a 1% point so basically when conventional home buyers are getting mortgage rates under 5% - some of the best possible borrowers are being asked to pay a premium of almost 7% and up.
When I asked “why?”, the banks told me that it’s because “Jumbo Loans” are currently the highest loans in default. Unfortunately, those I see in preforeclosure and foreclosure on the beaches now are very different than the potential buyers we are seeing. We all know lending had loose guidelines back a few years and many real estate buyers got in way over their heads - these are not the buyers we are working with today.
77% Pending Sales of Clearwater Beach Condos and Sand Key Condos are NOT Jumbos
There are currently 22 Clearwater condos under contract and pending sale in the Tampa Bay MLS - of that 17 of them has a listed purchase price of under $420,000, 4 are in the $600K’s and one is pending at $849,000 (all of which could be lower on closing - we don’t know the negotiated purchase price at this point). It’s not surprising that it was recently reported that 50% of all real estate sales in Florida this year have been cash transactions.
In our experience, today’s Tampa mortgage rates for Jumbo Loans have caused several of our clients to scale back their Clearwater beach condo purchases and others have postponed them while they free up additional funds to make up the difference in purchase price and “conforming loans”. We’ve seen several people who planned on buying beachfront condos for @$800,000 and now have scaled back $200-300K to qualify for the conforming loan rates and terms.
So if you are a seller on Clearwater Beach Florida today (or Sand Key, Island Estates and our Gulf beaches) the best thing that can happen for you right now is that Banks get bank into the Jumbo loan market and begin to offer more attractive Jumbo Loan rates and terms for these willing Clearwater Beach buyers. With rates where they are - if Jumbo’s loosen up many of our buyers tell us they would prefer a larger more expensive condo if there aren’t punitive lending terms for them.
Well there was some good news this week….
Clearwater Beach Real Estate gets some good Jumbo Loan news
Today I read an article that stated “that the hard-to-find jumbo loan may be making a comeback. Bank of America is among the major banks rolling out jumbo mortgage programs and holding the loans in their own portfolios.
It will offer loans from $730,000 to $1.5 million with 30-year fixed rates under 6 percent; but borrowers must make a 20-percent downpayment, have good credit, provide proof of income, and hold six months’ of principal, interest, property tax and insurance payments in reserve.”
I know we are constantly working with local bankers who offer in-house “portfolio loans” - we can only hope that other banks, both local and national, will follow Bank of America lead in the Jumbo loan market. If you have questions and need a good local banker, give us a call and we can introduce you to several good lenders and we will continue to keep you posted on what’s happening on our beaches.
Clearwater Beach Real Estate - Selling or Buying - Waterfront 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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