Buy a House
Friday, July 2nd, 2010
From: Florida Realtors®, Orlando, Fla. – July 1, 2010 –
A massive condominium bill addressing everything from fire sprinkler retrofits to incentives for moving excess condo inventory is among the real estate-related legislation taking effect today.
“Legislators introduced more than 50 bills this session dealing with some aspect of condominiums and condominium associations,” says John Sebree, vice president of public policy for the Florida Realtors®. “At the end of the day, there was one – SB 1196 by Sen. Mike Fasano (R-New Port Richey). We worked hard to make sure this 103-page bill contained at least two of the many changes sought by Realtors®: incentives for buyers of multiple condo units and repealing the requirement that individual owners carry hazard insurance.”
The “bulk buyer” provision seeks to stimulate condo sales by enabling investors to purchase condo units in bulk (seven-plus units) without incurring the legal and financial liabilities of the original developer. The hazard insurance provision repeals a 2008 law requiring unit owners to provide proof of insurance every year. If a unit owner failed to provide a certificate of insurance, the association was allowed to purchase insurance on the owner’s behalf and assess the unit owner for the cost of the insurance.
SB 1196 also specifies that:
• Florida law no longer requires owners to purchase individual unit owner insurance coverage, though it could still be required by lenders or through the Declaration of Condominium;
• Associations of condos over 75 feet high aren’t required to retrofit sprinkler systems;
• Lenders must pay more of past-due assessments on foreclosed properties;
• Associations may deny owners or occupants the use of common areas and recreational amenities when the owner is more than 90 days delinquent in paying financial obligations due to the association; and
• Associations may divert tenant rents to pay for delinquent assessments owed by unit owners.
Other laws taking effect today that impact real estate transactions or real estate practitioners provide that:
• Documentary stamp taxes on short sales are based on the purchase price, not on the amount of the outstanding mortgage balance. HB 109 by Rep. Evan Jenne (D-Fort Lauderdale) codifies into law a similar ruling in 2008 by the Florida Department of Revenue.
• Real estate and appraiser instructors and real estate school permit holders may serve on the Florida Real Estate Commission and the Florida Real Estate Appraisal Board under HB 713 by Rep. Ritch Workman (R-Melbourne).
• Home inspectors, mold assessors and mold remediators must be licensed by the state effective July 1, 2010. All applicants are required to complete a 120-hour course. But the Department of Business and Professional Regulation (DBPR) lacked authority to approve the course until July 1. Consequently, the DBPR says it won’t enforce the licensing requirements until July 1, 2011. Visit the department website for details. On a related note, HB 663 by Rep. Gary Aubuchon (R-Coral Springs) allows these inspectors, as well as appraisers and real estate brokers and sales associates, to take distance learning courses to satisfy pre-license and post-license requirements. A grandfather clause allows some inspectors to get a license without taking the course, providing they’ve conducted at least 120 previous inspections over the past three years.
• More housing choices for individuals with disabilities. SB 1166 by Sen. Thad Altman (R-Melbourne) removes, among other things, a requirement that community residential homes for disabled persons be located 1,000 feet from each other within planned residential communities.
© 2010 Florida Realtors®
Tags: International Buyers, International Real Estate, Luxury homes and condominiums, Real Estate, Real Estate Agent, Real Estate Law, Southeast Florida Real Estate
Posted in Buy a House, Condos, Housing Market, International Buyers, Laws of Real Estate, Questions and Answers, Real Estate, Real Estate Agent | No Comments »
Thursday, July 1st, 2010
Florida Realtors® News reported this morning that in addition to Congress extending the homebuyer tax credit closing deadline from June 30, 2010 to Sept. 30, 2010, the U.S. Senate also passed another bill last evening previously passed by the House. Congress once again reauthorized a short-term extension for the National Flood Insurance Program to Sept. 30, 2010. The bill, HR 5569, makes the program retroactive to May 31, 2010, the date the program went on hiatus.
Both bills, however, still need President Obama’s signature to become law, but that’s expected to happen quickly.
John Bourassa, Realtor® servicing Fort Lauderdale Beaches, FL. Call my “Sell” phone (954) 529-5505
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Tags: Fort Lauderdale Real Estate Market, International Buyers, International Real Estate, Luxury homes and condominiums, Real Estate, Real Estate Agent, Southeast Florida Real Estate
Posted in Buy a House, Condos, Homes, Homes for Sale, Housing Market, International Buyers, Luxury Homes, Mansions, Neighborhood, Property, Questions and Answers, Real Estate, Real Estate Agent, This and that. | No Comments »
Monday, June 7th, 2010
Often times home buyers are excited about purchasing a house, yet, they are also insecure. When they like an area, they explore to study that neighborhood hopefully to see someone out in the front lawn or walking and ask those persons questions.
Ironically, the neighbors you know also know you and when those neighbors are probed by strangers, somehow, neighbors are compelled to tell everything they know about their neighbors.
Two weeks ago, I worked with a middle-aged couple down from Atlanta for a few days scouting to buy a house in Fort Lauderdale. After two days exploring different locales, one house finally flirted with their eyes. Instantly I could see that my buyers felt so happy in that house. I thought for sure we were going right back to my office to write an offer but, instead, the couple said “We’ll think on it overnight”.
As it turned out, the couple went back on their own to invstigate the neighborhood where that beautiful house stood. Three houses down across from the house they saw a younger man washing his car in his driveway with his two pre-teen children playfully helping him. The young man seemed trusting. My buyers stopped, rolled down their car window and began asking questions about the neighborhood but leading toward specific questions on the house they liked.
The young man answered the questions as if he were testifying before a grand jury. That young father apparently was not happy with the neighborhood plus he gave a low-down report on a couple of annoying neighbors. Finally, he disclosed a shcoking truth about the house my buyers were inquiring about – the house has a severe leaking roof problem.
Later that evening, my buyers called me, saddened. They decided against not only buying that house but also not to buy in that neighborhood.
They drove back to Atlanta the next day with a promise they will get back with me soon…
John Bourassa, Realtor® with RE/MAX Partners servicing Fort Lauderdale Beach, Coral Ridge, The Landings, Harbour Beach, The Seven Isles, Victoria Park, Poinsettia Heights, Downtown Fort Lauderdale and Las Olas area, Wilton Manors and vicinity. Call my “Sell” phone (954) 529-5505.
Tags: Fort Lauderdale Luxury Homes and Condos, fort lauderdale real estate, International Buyers, International Real Estate, Luxury homes and condominiums, Southeast Florida Real Estate
Posted in Buy a House, Community, First Time Home Buyers, Homes, Homes for Sale, Luxury Homes, Neighborhood, Property, Real Estate, This and that. | No Comments »
Friday, June 4th, 2010
Gov. Charlie Crist signed the Condo Reform Bill SB 1196 last Tuesday.
Among several benefits for Condominium Assocations are:
1) Lenders will have to pay condo associations 12 months of back maintenance dues or 1% of the original mortgage amount, whichever is lesser;
2) Condo Boards can opt out of the terribly expensive fire sprinkler/smoke detecter retrofit;
3) Protection for bulk buyers into a condo unit (many condominium associations do not allow an owner to own more than one unit because that gives a multiple owner more voting pwoer which can overturn a delicate voting issue unjustly – conversely, when there are condominiums who have 15 to 30 + units in distress, having someone who buys many units and will pick up the delinquent maintenance tabs should be welcome);
4) Owners who are delinquent for more that 90 days will lose their right to vote .
To some it may not be much of benefits but, heck, every little bit helps.
Tags: Broward County, Fort Lauderdale Foreclosure and Short-Sale, Fort Lauderdale Luxury Homes and Condos, Fort Lauderdale Real Estate Market, Southeast Florida Real Estate
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Wednesday, June 2nd, 2010
In Florida, property taxes are levied by each county and their calculation formulas vary from one county to another. But, what that really boils down to is no matter what formula each county uses, the end result is everybody pays about the same for an equal valued property: in one county a homeowner pays one dollar bill, in another county a property owner pays four quarters, the next county a proprietor pays ten dimes, and so forth (I am not going to explain exactly how the Broward County property taxes are levied today – That’s for another blog, soon).
However, in Broward County and in Fort Lauderdale, property values have dropped considerably in the past four years and along with it a downward correction of our property taxes. Homeowners who bought at the height of the real estate market were paying property taxes through thet noze back in 2006-2007 but have been enjoying a decrese each year since 2006, as I have.
How long will property taxes continue to decrease? I don’t know but it seems that we have reached a real estate price stabilization which equally stabilizes property taxes until something drastic happens to real estate either way. However, that is not to say that Florida Counties who are running into deficits will not impose tax increases by simply augmenting the milleaqge rate (milleage rate is an adjustable factor or index used to calculate property taxes).
For more information concerning Broward County Property Taxes, visit the Broward County Property Appraiser’s website www.bcpa.net or call me on my “Sell” phone (954) 529-5505.
Tags: Broward County, Broward County Property Tax Assessment, Buyers and Sellers, Fort Lauderdale Foreclosure and Short-Sale, Fort Lauderdale Luxury Homes and Condos, Fort Lauderdale Real Estate Market, International Buyers, International Real Estate, Luxury homes and condominiums, Real Estate
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Monday, May 31st, 2010
Florida is a Spanish term for “Flowery Easter”. It’s Southern Region lies in a marvelous subtropical climate - everything grows in abundance down here. Fort Lauderdale has a flora hosting a diversity of flowers and plants that were imported from all over the world since Ponce De Léon discovered Florida in April of 1513.
On my way back home from the gym this morning on a perfect bright and sunny Southeast Florida day with only a few white puffy clouds floating at a distant horizon, I took a different route through my Coral Ridge neighborhood. The outside temperature reading in my car was 78ºF and the realtive humidity was low for this time of the year. Most of the streets in Coral Ridge are covered over with tree tops that are nearly touching each other that makes always for a pleasant drive through those perky green canopies allowing rays of sunshine penetrating through here and there. This is the ideal Memorial Day holiday for families to go out pick-nicking in the parks or on the beach.
Then, I saw the that Red Soldier (see picture above).
I can’t quite explain why but as I passed that Royal Poinciana tree it connected with this day – this Memorial Day. I stopped in the middle of the street, put my car in reverse and slowly admired its magnificence while rolling back. Being a Realtor®, I always carry my digital camera in my car. I snapped a few shots. The flamboyant tree reminded me of an old soldier healed from many battle wounds still proudly standing on guard in front of that house specially donning his splendid fiery uniform in hommage of this remembrance day.
To all the valiants who have fought and are still fighting to preserve world piece and liberty and to all the braves who have died to preserve our freedom, my freedom, I SALUTE YOU!
PS: Yes, that house with the radiant sentinel tree is for sale. Call my “Sell” phone (954) 529-5505.
John Bourassa, Realtor®, RE/MAX Partners, Fort Lauderdale Florida facilitator of real estate transactions.
Tags: Broward County, Buyers and Sellers, Comparaple Market Analisys, Fort Lauderdale Luxury Homes and Condos, Fort Lauderdale Real Estate Market, International Real Estate, Southeast Florida Real Estate
Posted in Buy a House, Community, Homes, Homes for Sale, Housing Market, Luxury Homes, MLS, Mansions, Mortgages, Neighborhood, Property, Real Estate, Uncategorized | No Comments »
Sunday, May 30th, 2010
I could never understand why attorneys “practice” law. I always thought that singers, entertainers, ball players, etc. practice to perfect their skills before a performance. Do attorneys practice law so they will eventually get it right when in court?
However, performing real estate duties are becoming more and more law oriented – less selling and more worrying about keeping up with a plethora of new laws and regulations - maybe, soon, Realtors® will probably have to become para-legals first or maybe have a full law degree before they can sell or “practice real estate” (P/S: that is not true for now and, to my knowledge, it is not in legislation for study but I only guess that it would not surprise me if that were to happen in a near future).
The laws affecting real estate are constantly changing or morphing to more complicate and intricate stuctures. Almost every day something new is happening in real estate that somehow screws the public. Then, lawsuits fly all over the places and, before we know it, another paragraph is added to local or state real estate contracts.
I talk with my dad, who is 82, about two to three times a week about everything or nothing. My dad often reminds me when he and mom bought their first house back in 1947; a Sale and Purchase Contract was only 1.5 pages with no earnest money down, a man’s word, only one signature and a handshake. Also back then, when buying a car, the dealer would let people take a car home for the weekend and settle on the paperwork the next week. Or many local grocery and hardware stores operated on I.O.U. “Those days are long gone” dad sadly muttered. Now-a-day, contracts consist on an average of 25 pages or more with addendum, disclosures, release of harm, and etc. and each page must either be initialed, or signed, or witnessed or all of the above. And if any of the parties involved in a transaction makes a verbal promise to so something and don’t perform on his/her words, “who cares?” because it wasn’t in writing, signed, sealed and witnessed…
Since those days of honor, have people in our society evloved to become so untrustworthy, or have attorneys become smarter, or both?
Unfortunately, problemation is more often a deliberate endeavor created by only a small percentage of people who, by their deceitful agenda, make it bad and difficult for the majority of the good and honest consumers [who are the victims] when engaging not only in real estate but in all industries.
On the other hand, I am highly grateful that there are government agencies, associations and organizations (local, State and Federal) who protect consumers by imposing regulations, laws and continuous education for all persons who represent every industry servicing our Nation and other world countries. [Pertaining to real estate, it is regulated and overseen by state agencies like the Florida Real Estate Commission (FREC), the Department of Business and Professional Regulations (DBPR), and by each state Association of Realtors® under the umbrella of the National Associationof Realtors® (NAR) all of whom uphold mandatory continuous education with "core law" and "ethics", all for the benifit of protecting the public.]
My name is John Bourassa and I am proud to be a Realtor®. I don’t have one of those cliché goodie-two-shoes mission statements but for all my clients, I give them a just, dedicated and honest representation. Call my “Sell” phone (954) 529-5505
Tags: Fort Lauderdale Foreclosure and Short-Sale, Fort Lauderdale Luxury Homes and Condos, fort lauderdale real estate, International Buyers, International Real Estate, Luxury homes and condominiums, Real Estate, Real Estate Law, Southeast Florida Real Estate
Posted in Buy a House, Commercial Real Estate, Community, Condos, Estate, First Time Home Buyers, Foreclosures, Home Builders, Home Improvement, Homes, Homes for Sale, Housing Market, International Buyers, Laws of Real Estate, Luxury Homes, MLS, Mansions, Mortgages, Neighborhood, Property, Property Investment, Questions and Answers, Real Estate, Real Estate Agent, Relocation, Rent, Short-Sale, This and that. | No Comments »
Wednesday, May 26th, 2010
It all started about one month ago when my Dell Precision 390 acted up, big time. I have an extended warranty with Dell that ends in November 2011. The problem started the moment I installed My Dell at the end of 07 running Windows Vista Ultimate. My Double CD/DVD and DVR Writer Drive filters jump off settings and would not recognize tat there are discs in the trays. I called Dell and someone fixed it by remote access. I don’t use the CD/DVD much, anyway, but about 2 months later, the same thing happened. I called Dell’s Tech Support again but this time the tech tried a different pricedure and got me back in operation.
To make a long story short, that went on and on until one month ago when my computer started acting up with other problems. Along the way, a couple of Dell Tech Support Technicians suggested that I put the recovery disk in and voilà! that would solve the disc reading problem; however, that would also wipe out all my installed program software. Two months ago, the last Dell Technician also suggested that I use the recovery disk but this time it would solve all the old and the latest probelms I have. I was always reluctant to do that because, evenn though I have a 1T back up device, I would waste a full day or more to re-configure my computer and reload all my important programs.
Sick of all of it, I was ready to bite the bullet and go on with the dreaded recovery procedure. Before I jumped the gun, though, I conferred with my office IT Guru. He fiddled aroung with my compy and he finally gave up; he agreed that the Dell guys are probably right but he suggested that if I am to to recover, this would be a great opportunity to upgrade my operating system with MS Windows 7 Professional for it is much superior than Vista but he strongly suggested that I buy a new full version instead of an upgrade from Vista -the upgrade will probably not correct the existing problems. So I did and he was right - it solved my operating problems but it created another annoying problem.
After I loaded Windows 7, I uploaded my other costly software (Adobe Acrobat Pro 9, MS Office Pro 7, and Adobe Photoshop CS4, among others).
This is where the new problem began. The new probles lies in MS Outlook; I cannot open any links in my emails. My Hotmail email account is directed to Outlook but if I open the same email in Hotmail, the links work fine. With Photoshop, I got a message that the Serial number is not a supported number.
First, I called MS to find a solution to this new problem. They ask for the Serial Number. Immediately, the MS Tech Support said that this software was purchased at Office Depot and I need to call them for support. Astonished, I tell the tech “I thought that Office Depot would be official retailers for MS softwares”. She explained that large stores buy bulk Serial Number series and because of volume wholesale purchase for retail, they are responsible for any support those products will eventually need. I called Office Depot several times in the past three weeks and I am still waiting for someone in their Tech Support Department to call me back. In fact, some operators who are taking the calls haven’t got a clue that Office Depot has a Software Tech Support service.
As for Adobe Photoshop CS4, I bought it on E-bay about 9 months ago. I received the software in a plastic sealed box, never opened. It worked for 7 months on my Vista Operating System. I even registered with Adobe Online upon installing it. When I called Adobe Support three weeks ago, the girl checked the Serial Number and told me that it is not a recognized Serial Number. She asked me where I bought it. I said “E-Bay”. She replied that Adobe does not support anything that is sold on E-BAY or anywhere else online.
The clincher is that I paid full retail price for Windows Office Ultimate Suite (not the upgrade), about $499 at the time. MS charges the same retail price to buy directly from them. But, I paid only $110 for Photoshop CS4 on E-BAY. Adobe sells the full version for $699. So it makes sense to buy another one on E-bay for about $110. I can do that 3.5 more times. In summary, to get full support for a product, it is best to buy directly from the manufacturer’s sales department.
Moreover, I think large retailers who sell brand name products should fully disclose up front that the brandnames they sell are not supproted by the manufacturers.
Everyone wants to save money. Sometimes we do, sometimes we don’t
John Bourassa, Realtor® in Fort Lauderdale, Fort Lauderdale Beach, Pompano Beach, Broward County, Coral Ridge, The Landings, Galt Ocean Mile, Seven Isles, Harbour Beach, Downtown Fort Lauderdale, Poinsettia Heights, Victoria Park, Wilton Manors, Palm Aire, - Luxury Homes and Luxury Condominiums, Townhouses, Duplexes.
Tags: Broward County, Buyers and Sellers, FOrt Lauderdale, Fort Lauderdale Foreclosure and Short-Sale, Fort Lauderdale Luxury Homes and Condos, Fort Lauderdale Real Estate Market, Luxury homes and condominiums, Real Estate, Real Estate Agent, Southeast Florida Real Estate
Posted in Buy a House, Community, Condos, First Time Home Buyers, Homes, Housing Market, Luxury Homes, Neighborhood, Questions and Answers, Real Estate, This and that. | No Comments »
Friday, May 21st, 2010
Remember the 1993 movie Fallen Down with Michael Douglas when he totally lost it and went on a rampage? He goes to a fast food restaurant, looks up the pictured menu above the ordering counter, orders a burger, gets the burger and snaps. He calls the restaurant manager and tells him that he wants a burger that looks like the one on the picture (about 10″ tall, plump and juicy with all the dressing on it) but what he gets, instead, is a burger about 3/4 of an inch flat and the sandwich looks dry.
Those of you who are searching the Internet for properties and read the listing property descriptions, those descriptions are designed to embelish properties from what they really are. Here are some clues:
- Nice house or condo = shitty interior.
- Very clean and ready to move-in = original condition but well maintained over the years.
- Upgraded = perhaps new to newer appliances, or carpeting, or fresh paint, or new AC, or new roof or a combination of any.
- Great location = better neighborhood but the house could be sitting on the perimeter of Coral Ridge Country Club in Fort Lauderdale but the house could be one block east of Federal Highway (US1). Yes, one can say one lives in Coral Ridge all right.
- Convenient location = 10 to 15 minutes drive to those better locations
- Nice neighborhood = bordering the not-so-nice neighborhood.
- Spectacular, or awesome, or fantastic views (see my recent post: Location, Location, Location – Views, Views, Views), more so for condominiums where heights give you better and broader views = one must lean over balcony railings, look to the east and see the ocean between buildings. One agent once described a view in a condo unit as follows: You can see the ocean from the kitchen window (I guess that must have justified the additional $50K asking price.)
- Walking distance to beach or shopping centers = probably two to three miles to the beach.
- Need Tender Locing Care (TLC) = need a complete renovation.
Usually, the reason why some listings are without pictures is because properties are sometime embarrassing to display. However, lately, there are plenty of free image/picture enhancing software that can make a shack look like a gorgeous house and many agents are beginning to to use those programs. Moreover, properties that have been substantially upgraded, listing agents proudly put tons of pictures on the MLS with virtual tours and they write lenghty, itemized descriptions revealing intricate details of appointments of those properties like: Handsomely or newly upgraded kitchen with imported Italian Snaidero kitchen cabinets, Miele Stainless Steel appliances, 24″ Marble tile flooring throughout the main living areas and rich real cherry wood flooring in bedrooms. Bathrooms have been equally upgraded with Villeroy and Boch bathroom porcelain sinks. And more…
Only upon physically touring properties one can determine if a proeprty truly has the best location, the right stuff and one definitely know when views are awesome, awesomer and awesomest….
John Bourassa, Realtor® in Fort Lauderdale, Fort Lauderdale Beach, Pompano Beach, Broward County, Coral Ridge, The Landings, Galt Ocean Mile, Seven Isles, Harbour Beach, Downtown Fort Lauderdale, Poinsettia Heights, Victoria Park, Wilton Manors, Palm Aire, - Luxury Homes and Luxury Condominiums, Townhouses, Duplexes
Tags: Broward County, Fort Lauderdale Foreclosure and Short-Sale, Fort Lauderdale Luxury Homes and Condos, Fort Lauderdale Real Estate Market, International Buyers, International Real Estate, Luxury homes and condominiums, Real Estate, Southeast Florida Real Estate
Posted in Buy a House, Community, Condos, First Time Home Buyers, Homes, Homes for Sale, Housing Market, International Buyers, Luxury Homes, MLS, Mansions, Neighborhood, Property, Questions and Answers, Real Estate, Relocation, Short-Sale, This and that. | No Comments »
Thursday, May 20th, 2010
The Miami Herald reported recently that the volume of home and condo sales soared in South East Florida during the the first quarter of 2010 based on the Florida Association of Realtors® (FAR) data. Price of homes are burning hot – they have dropped down to what they were in 2002 and 2003 and for condos back in 2001 – 2002 depending on areas.
In Broward, sales of condos rose 45 percent to 2,739, as average prices fell 15 percent to $71,900. Sales of single-family homes inched up by 7 percent to 1,756, as average prices fell 6 percent to $196,700, the figures show while in Miami-Dade County sales of condos during the first quarter wheeled up 46 percent — compared to the same period of 2009 — to 1,920. Prices fell 9 percent to an average of $136,100.
This is good healthy news as a sign of recovery for our once severely wounded real estate market. We can all feel the new energy when working with both buyers and sellers; they are more eager to negotiate a transaction.
What is depleting rapidly and in great numbers are the lowest and most affordable properties on the market – mostly the distressed sales (short-sales and foreclosures) – but we are also showing a great amount of middle-income properties and equally a great amount of luxury properties htat are showing up “pending sale” everyday.
I don’t tink this is just a market hickup; this is the beginning of the recovery process.
John Bourassa, Realtor® with RE/MAX Partners, Fort Lauderdale, Florida specializing in luxury beachfront condominiums and homes. Call my “Sell” phone (954) 529-5505.
Tags: Broward County, Fort Lauderdale Foreclosure and Short-Sale, Fort Lauderdale Luxury Homes and Condos, fort lauderdale real estate, International Buyers, Luxury homes and condominiums, Southeast Florida Real Estate
Posted in Buy a House, Community, Condos, First Time Home Buyers, Foreclosures, Home Improvement, Homes, Homes for Sale, Housing Market, International Buyers, Luxury Homes, MLS, Property, Property Investment, Questions and Answers, Real Estate, Real Estate Agent, Relocation, Rent, Short-Sale, This and that. | No Comments »
