Florida Real Estate, Business News and More

Florida High Speed Line Proposed

2010-01-08T11:43:00.000-05:00

This is huge for Florida, and with Stimulus Money sitting idle, there is a good chance this one will fly (or rail). Governor Crist submitted Florida's proposal for a high speed line to the federal government on October 2nd. The proposed rail line would run between Tampa, Orlando and Miami. The first leg of the line is the Tampa to Orlando route at at cost of $2.5 billion. The Miami extension is estimated to cost at least $8 billion. If the federal government approves the first leg, it could be operational by 2014. The propsed start date for the Miami line would be 2017.

These are the kinds of projects Florida needs to ensure growth and the ability to attract new businesses. For the Treasure Coast it means high speed travel to Miami, Orlando and the Gulf Coast of Tampa. I can't wait.

Looking for a home in Florida? - I'd welcome the opportunity to assist you with a purchase of a house or condo. For additional information please call Julie at 772-370-7999 or visit our email Julie - Julie@FloridaHomes.PRO

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More Good Employment News for Martin County

2009-12-22T09:15:00.000-05:00

The good news for Stuart and Martin County seems like it is a daily event. TurboCombustor Technology just broke ground for a new parking lot and is considering placing a building on the site. The Martin County Commissioners approved a $60,000 grant to the company to support the expansion plans at TurboCombustor.

With 375 employees, and a 15% employee growth, while the country is facing ever increasing unemployment, this is just another reason why real estate has performed better in Martin County than surrounding counties.

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Looking for a home in Florida? - I'd welcome the opportunity to assist you with a purchase of a house or condo. For additional information please call me 772-370-7999 or visit our website FloridaHomes.PRO

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Biotech Village Plans Move Forward

2009-12-21T10:24:00.004-05:00

Another addition to the Florida biotech boom just received the initial OK in Palm Beach Gardens. The project will be across from Florida Atlantic University, and calls for a 20 year plan to build more than 500,000 sf of commercial and retail, as well as 300+ hotel rooms and 1.2 MILLION sf of office space. There is also a segment that will add 2,700 residential units.

Looking for a home in Florida? - I'd welcome the opportunity to assist you with a purchase of a house or condo. For additional information please call me 772-260-5448 or visit our website FloridaHomes.PRO

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Biotech in Port St. Lucie to Benefit Martin County

2009-11-06T12:34:00.000-05:00

More great news for Florida's future and Martin County. Bert Sakmann, a Nobel Laureate, has been named the Scientific Director of the Max Planck Florida Institute based in Jupiter. Even though the bio-tech park is in Palm Beach county, Martin County will benefit tremendously from firms servicing the industry, as well as scientists working at the bio-tech park that want to take advantage of Martin County's A-Rated schools.

Research at the Max Planck Institute will focus on bio-imaging, working closely with their neighbor, Scripps Florida. The Max Planck institute will be creating 1,824 jobs and $2.4 billion in labor compensation over 20 years in return for almost $200 million in incentives from the State, Local Government and partners.

The permanent facility of the institute is a 100,000 sqaure foot state of the art biomedical complex expected to open in 2011.

Looking for a home in Florida? - I'd welcome the opportunity to assist you with a purchase of a house or condo. For additional information please call me 772-260-5448 or visit our website FloridaHomes.PRO

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Great Time to Buy? - Yes, No, Maybe. I suggest you read this piece I wrote about how to find a Great Buy and what traps to avoid - Click Here

Treasure Coast Toy Drive Starts

2009-10-31T14:37:00.001-04:00

Children's Home Society of Florida's Treasure Coast has launched their 2009 Toy Drive to ensure every child in its foster care and adoption program receives at least one new toy this holiday season. The Society provides toys to more than 600 abused, neglected and abandoned children in Martin, St. Lucie, Indian River and Okeechobee counties.

New unwrapped toys are being accepted, as well as sponsorships. For additional information contact:

Dee Benjamin at (772) 489-5601 x261 or email Dee.Benjamin@chsfl.org or

Sharon Lear (772) 489-5601 x245 or email Sharon.Lear@chsfl.org

Looking for a home in Florida? - I'd welcome the opportunity to assist you with a purchase of a house or condo. For additional information please call me 772-260-5448 or visit our website FloridaHomes.PRO

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Great Time to Buy? - Yes, No, Maybe. I suggest you read this piece I wrote about how to find a Great Buy and what traps to avoid - Click Here

Massive Project Proposed for Martin County

2009-10-22T14:45:00.001-04:00

Turner Groves Limited Partnership, a Fort Myers company, has proposed to build a massive agricultural and industrial project in Martin County with a new road and bridge to Port St. Lucie. The project would cover 1,782 acres and include a 5-million-square-foot industrial park, 1 million square feet of office space, 200,000 square feet of retail space and 500 hotel rooms.

As large as this plan is, it is still dwarfed by the proposed Southern Groves plan in Port St. Lucie with 2 million square feet of office space, 2 million square feet of industrial space, 2 million square feet of retail space and 7,388 houses.

These are just two more of the many examples we are starting to see of Light at the End of the Tunnel for the Treasure Coast.

Looking for a home in Florida? - I'd welcome the opportunity to assist you with a purchase of a house or condo. For additional information please call me 772-260-5448 or visit our website FloridaHomes.PRO

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Great Time to Buy? - Yes, No, Maybe. I suggest you read this piece I wrote about how to find a Great Buy and what traps to avoid - Click Here
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500 More Jobs for Port St. Lucie, Florida

2009-10-20T06:49:00.000-04:00

Aegis Communications Group just leased 33,000 sqaure feet in St. Lucie West. Aegis is a call center handling calls for Avis, Carnival Cruise Lines and Travelocity. This new location for Aegis is across the street from Tradition field and just down the street from QVC. With more than 30 facilities in the United States, it is great to see Aegis set up shop an even larger shop in Port St. Lucie.

Looking for a home in Florida? - I'd welcome the opportunity to assist you with a purchase of a house or condo. For additional information please call me 772-260-5448 or visit our website FloridaHomes.PRO

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Great Time to Buy? - Yes, No, Maybe. I suggest you read this piece I wrote about how to find a Great Buy and what traps to avoid - Click Here
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Florida Struggles with Foreclosures

2009-10-17T02:28:00.000-04:00

Miami-Dade Circuit Judge Jennifer Bailey was recently quoted as saying the biggest challenge the system faces is "to keep morale up." In 2006 Miami-Dade saw 3,474 foreclosure cases. For the first six months of this year, they have handled 34,417. That's not a misprint.

The scary part is the first three months of this year, bankers were under a wink-wink order from Captain Obama to hold off on foreclosures . . . as if that would somehow help matters. It has not. In fact, Miami-Dade could see more than 50,000 foreclosures during the last six months of 2009, bringing the total close to 100,000 or almost 30 times what it was in 2006.

OPPORTUNITY - Banks are so screwed up at this point, that most of them are either over pricing properties, hoping for a miracle, or they are under-pricing properties . . . leaving HUGE opportunities for investors and flippers. If you're interested in foreclosure opportunities, call me - Mike Morgan at 888-227-5217 or email me Mike@FloridaHomes.pro I'll help steer you around the traps and into profitable investment opportunities.

Hollywood Studio to Join Partnership at Tradition

2009-10-15T10:36:00.000-04:00

Digital Domain, the award-winning Hollywood production studio will be a partner with Wyndcrest Holdings and Florida State University in their development of a digital design facility in Port St. Lucie at Tradition where the Torrey Pines Bio-Tech facility has big plans for the area. A recent study shows that the digital design project will create more than 6,100 jobs statewide and have a $480 million impact on the Florida economy.

Once again, these are the kinds of signs we have been looking for to eat up the inventory of homes in Florida and revitalize the economy.

Looking for a home in Florida? - I'd welcome the opportunity to assist you with a purchase of a house or condo. For additional information please call me 772-260-5448 or visit our website FloridaHomes.PRO

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Great Time to Buy? - Yes, No, Maybe. I suggest you read this piece I wrote about how to find a Great Buy and what traps to avoid - Click Here
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FPL Turns On Mega Solar Energy Center

2009-10-15T10:12:00.001-04:00

The nation's largest solar photovoltaic plant will power up on October 20th. I've written often about Florida Power & Light (FPL) and still have it as a Strong Buy for its overall involvement in alternative energy, including wind and solar. FPL also pays a handsome dividend.

The new solar center, the DeSoto Next Generation Solar Energy Center, is in Acadia, Florida. And this is just one of three that FPL is building! Another one is being built in Martin County, and one at NASA's Kennedy Space Center. The Martin County facility will be the first hybrid solar thermal plant in the world, scheduled for completion in about a year.

Looking for a home in Florida? - I'd welcome the opportunity to assist you with a purchase of a house or condo. For additional information please call me 772-260-5448 or visit our website FloridaHomes.PRO

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Great Time to Buy? - Yes, No, Maybe. I suggest you read this piece I wrote about how to find a Great Buy and what traps to avoid - Click Here
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Martin Memorial Medical Center Wins Another National Award

2009-10-15T09:59:00.000-04:00

The National Research Corporation has recognized Martin Memorial Medical Center as a Consumer Choice Award winner. The award goes to hospitals with the highest quality and image in markets throughout the United States.

Looking for a home in Florida? - I'd welcome the opportunity to assist you with a purchase of a house or condo. For additional information please call me 772-260-5448 or visit our website FloridaHomes.PRO

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Great Time to Buy? - Yes, No, Maybe. I suggest you read this piece I wrote about how to find a Great Buy and what traps to avoid - Click Here
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Martin County Businesses Win Governor's Award . . . Again!

2009-10-15T09:44:00.001-04:00

This is the third year in a row Martin County businesses have been recognized by the Governor's office. In fact, this is the second year in a row that Martin County won more awards than any other county in the state.

The winners are :

Waterblasting Technologies, Inc
System One LLC
Seatourgue Control Systems LLC
CSA International

This is great stuff for Martin County and just further demonstrates what a great place Martin County is for work and play.

Looking for a home in Florida? - I'd welcome the opportunity to assist you with a purchase of a house or condo. For additional information please call me 772-260-5448 or visit our website FloridaHomes.PRO

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Great Time to Buy? - Yes, No, Maybe. I suggest you read this piece I wrote about how to find a Great Buy and what traps to avoid - Click Here
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Florida Bio-Tech Update - Max Planck Institute

2009-10-06T01:06:00.001-04:00

More great news for Florida's future. Bert Sakmann, a Nobel Laureate, has been named the Scientific Director of the Max Planck Florida Institute based in Jupiter.

Research at the Max Planck Institute will focus on bio-imaging, working closely with their neighbor, Scripps Florida. The Max Planck institute will be creating 1,824 jobs and $2.4 billion in labor compensation over 20 years in return for almost $200 million in incentives from the State, Local Government and partners.

The permanent facility of the institute is a 100,000 sqaure foot state of the art biomedical complex expected to open in 2011.

Looking for a home in Florida? - I'd welcome the opportunity to assist you with a purchase of a house or condo. For additional information please call me 772-260-5448 or visit our website FloridaHomes.PRO

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Great Time to Buy? - Yes, No, Maybe. I suggest you read this piece I wrote about how to find a Great Buy and what traps to avoid - Click Here

Cynergi Condos Sold for $9M

2009-10-05T12:42:00.004-04:00

A couple of weeks ago I wrote a piece about the auction of 97 condos in the Cynergi project. I thought the high bid would be $12 million on this project with banks stuck for more than $30 million. I was wrong. The 97 units sold for an unbelievable $9 million, leaving the Banksters stuck for $21 million. Actually, the bank's not stuck with anything, because the lender will stick it to shareholders and the FDIC. The developers and the Banksters basically skimmed off $21 million for their own pockets.

But this goes to show that there are deals to be made. At $9 million, this project makes sense as a rental building.

If you are interested in foreclosures like this, please call me. Mike Morgan - 888-227-5217 or email me Mike@Morgan7.com
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Port St. Lucie Homes - TownPark at Tradition

2009-10-04T12:49:00.001-04:00

TownPark offers 17 models in their community at Tradition in Port St. Lucie, Florida. New homes start as low as $179,900. Residents at TownPark can walk to the community's private clubhouse featuring a professionally equipped fitness center, a billiards parlor, a multi-purpose room, a teen room and a tot room with toys and games. Outside they will find a pool, tennis courts, basketball court and a water wonderland for youngsters.

When you purchase a new TownPark home using Morgan Florida Real Estate as your broker, you will receive $2,000 towards closing, upgrades or cash-back after closing. But you must register with Morgan Florida Real Estate before registering with at TownPark's sales center. This offer only applies to new homes from the developer.

Call us for additional information and to register for your $2,000 bonus. Mike Morgan at (772) 260-5448 - Morgan Florida Real Estate or email me Mike@FloridaHomes.PRO

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Florida Pushes for High Speed Rail

2009-10-04T12:31:00.003-04:00

Governor Crist submitted Florida's proposal for a high speed line to the federal government on October 2nd. The proposed rail line would run between Tampa, Orlando and Miami. The first leg of the line is the Tampa to Orlando route at at cost of $2.5 billion. The Miami extension is estimated to cost at least $8 billion. If the federal government approves the first leg, it could be operational by 2014. The propsed start date for the Miami line would be 2017.

These are the kinds of projects Florida needs to ensure growth and the ability to attract new businesses.

Looking for a home in Florida? - I'd welcome the opportunity to assist you with a purchase of a house or condo. For additional information please call me 772-260-5448 or visit our website FloridaHomes.PRO

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Great Time to Buy? - Yes, No, Maybe. I suggest you read this piece I wrote about how to find a Great Buy and what traps to avoid - Click Here
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Palm City Homes - Murano

2009-09-24T14:10:00.000-04:00

Murano Homes in Palm City, Florida offers three and four bedroom homes ranging in size from 1,614 to more than 2,500 square feet. There are six home styles to choose from, all with two car garages. Homes start in the low $200,000's . . . and if you use Morgan Florida Real Estate as your broker, you will receive $2,000 towards closing, upgrades or cash-back after closing. But you must register with Morgan Florida Real Estate before registering with Murano, and this offer only applies to new homes from the developer.

There will be a total of 118 homes at Murano, featuring a resort style pool, cabana and sun deck, as well as walking paths and a park like setting. For families with children, Murano is located in a district with some of the finest A-rated schools in the State of Florida - Bessy Creek Elementary, Hidden Oaks Middle School and Martin County High School.

Murano is located just off Martin Downs Boulevard with easy access to 95 and the Turnpike, and just minutes to some of the finest beaches in the world.

Call us for additional information and to register for your $2,000 bonus. Mike Morgan at (772) 260-5448 - Morgan Florida Real Estate or email me Mike@FloridaHomes.PRO

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Homeowners Worse Off After Modifications

2009-09-23T18:01:00.001-04:00

There was a recent article in USA Today about the Obama Administration's $75 billion loan modification initiatives. What's happening?

Lenders are slamming on excessive late fees, penalties and expenses. And then there are back taxes and other costs that have piled up to the point the payments become impossible. This is why so many modifications fail within a few months.

It's nothing more than another way for the Banksters to skim off as much of that government $75 billion as they can stuff in their pockets . . . without having any meaningful effect on mortgage modification. Once again, another Obama giveaway to Wall Street Banksters.

The best advice for many homeowners is to simply walk away from these homes. Yes, that may mean bankruptcy, but if you owe $300,000 on a home now only worth $100,000 . . . in most cases you are better off with bankruptcy and a fresh start.

Looking for a home in Florida? - I'd welcome the opportunity to assist you with a purchase of a house or condo. For additional information please call me 772-260-5448 or visit our website FloridaHomes.PRO

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Great Time to Buy? - Yes, No, Maybe. I suggest you read this piece I wrote about how to find a Great Buy and what traps to avoid - Click Here

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Finally - An End to Corus Banks

2009-09-22T14:11:00.001-04:00

I still can't believe it took so long for the FDIC to shut down Corus. This bank was still making condo loans when condo projects were starting to go belly up, but with no regulators questioning Corus' activities and non-performing assets, the Glickman family continued to make sweet heart deals with friends, family and associates . . . and to reward themselves with bloated paychecks and special dividends.

For this disaster alone, Sheila Bair and her entire executive staff should be fired and prosecuted for gross negligence or worse.

Now the FDIC is stuck with billions of dollars of condos that no one wants at prices that even approach 20 cents on the dollar for some. Moreover, before the FDIC made their move, Corus made a few last minute sweetheart deals.

The FDIC thinks they will take a $1.7 billion dollar hit on Corus. Obviously the FDIC is still refusing to face the facts about Corus and what they did in the condo world throughout the United States. The FDIC will be lucky to walk away with a $3 billion hit from Corus, and it could be much higher if this drags on and on and on. And it will.

Their will be huge winners in this game. In fact, the biggest winners will be some of the same condo developers that reaped huge rewards for putting up these towers at the expense of the American taxpayer. C'est la vie.

Condo Buyers Beware - For most Florida condo projects it is still too early to start buying, whether for personal use or investment. There are some tremendous deals, but there are still more traps than deals. And I can tell you . . . the traps are being sold real hard with all the bells and whistles you can dream of. If you're interested in condos, call me. I'll steer you around the traps and show you where the deals are.

Mike Morgan, J.D., CRS, GRI
Morgan Florida Real Estate Team
(772) 260-5448

Mike@FloridaHomes.PRO

Chinese Drywall Nightmares - Long Term

2009-09-21T03:51:00.000-04:00

The nightmare continues as the court system works its way to a settlement. The big issues will be who is going to pay and then . . . who is going to do the work.

Years ago the polybutelene pipe class action resulted in a huge class action fund that homeowners could apply to for replacement of their polybutelene pipes. There were a lot of hoops to jump through, and then there was the problem of who to do the work.

This work involved cutting holes in the walls, then cutting out the poly pipe and replacing with copper or other composite pipes. After the pipes were replaced, the walls had to be repaired. I was an executive of a large company that did the best work in the country. We were often called in to fix other contractors' mistakes.

Chinese drywall can be even worse. Now we're talking about ripping out ALL of the drywall in a home. That means all of the kitchen cabinets must come down and all of the molding, frames, etc. Basically, to do it right, you must de-contstruct the interior of a home and then put it back together. There is also the unknown danger of the remediation and disposal process. And no one knows what long term effect Chinese drywall has already placed on these homes.

Most of the big contractors are not interested in this work. There are too many risks in doing the work, and too many long term unknowns. The big question will be . . . who is going to do the work, and will insurance companies insure these homes once they are "repaired."

There is another answer. Bulldoze these homes and build new ones or just leave the lots empty until the inventory glut is eaten away. Bulldozing toxic homes is not that bad of an idea if the insurance industry, the home builders and the manufacturers are going to fund it. It would kill two birds with one stone.

The downside would be entire developments stripped to the ground. And maybe that is not such a downside in this market. I still believe the home builders have far more liability than they are accepting. They knew there were problems with these homes, but they refused to properly investigate. They were too busy building homes for flippers that are now standing empty or being foreclosed by the millions.

My advice to clients thinking about buying a home with Chinese Drywall or a home where the Chinese Drywall has been replaced . . . is to run the other way. Don't even think about it because you have no idea what the long term effects will be, and there is now a standard disclosure form for Chinese Drywall so when you go to sell the house, you may also have a problem.

My advice to clients that have homes with Chinese Drywall is to find new attorneys. You need to go back and look at what the builders new and when. Not only that, but what the builders should have known when they were seeing the corrosion that the drywall created.

I can tell you one thing. The sharks are going to clean house on this one. I look at some of the attorneys involved in these cases and just have to laugh. They're main concern is their cut and how fast they can cut themselves loose from this case. OR . . . how long they can stay on the payroll of this case as the fund disburses remediation monies. Either way, it is ugly for the consumer and rosy for the sharks and the builders that made hundreds of millions on these homes.

Looking for a home in Florida? - I'd welcome the opportunity to assist you with a purchase of a home or condo. For additional information please call me 772-260-5448 or visit our website FloridaHomes.PRO

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Great Time to Buy? - Yes, No, Maybe. I suggest you read this piece I wrote about how to find a Great Buy and what traps to avoid - Click Here

Miami Condo Auction - 97 Units at Cynergi

2009-09-20T00:45:00.000-04:00

As the Florida Condo Con unravels, I will be posting some of the more interesting foreclosures, auctions and cons. Cyngergi is a 100 unit building at 2700 N. Miami Avenue where the developer is on the hook for $30.57 million. Actually, the developers are probably off sipping cocktails on a beach in the Islands. The Banksters are on the hook for the $30.57 million of their clients' money they foolishly handed out like candy.

Just four of the 100 units have been sold, leaving 97 units set for auction on September 30th. Here's the rub. I expect the high bidder to walk away with the 97 units for somewhere around $12 million, leaving the Banksters on the hook for another Florida Condo Con to the tune of $18.57 million.

These are ugly numbers that are just beginning to ooze to the surface. It will get a lot more stinky as thousands and thousands of units are forced into the market.

If you're interested in bidding - I'd welcome the opportunity to assist you and make sure you understand the pros and cons of this property. For additional information please call me 772-260-5448 or visit our website FloridaHomes.PRO

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Great Time to Buy? - Yes, No, Maybe. I suggest you read this piece I wrote about how to find a Great Buy and what traps to avoid - Click Here

Florida Condo Lending Gone Wild - The Florida Condo Con

2009-09-19T11:18:00.000-04:00

BankUnited recently filed a $34.9 million foreclosure suit against the developers of the Latitude Delray, a 47 unit condo/townhome project. Only nine of the units were ever sold for prices ranging from $450,000 to about $600,000. Think about that for a moment. Even if they sold all of the units at the high end that would have only come up to $28 million, about $7 million short of the money BankUnited gave the developers!

And here's the real rub. Where did the $35 million go? It didn't cost anywhere near that to develop this project, but with developers able to pay themselves and their friends and relatives whatever they wanted in fees and bonuses, it's obvious just how profitable the Condo Con was for developers from Miami to Seattle.

This is not a lone example. Corus Banks loaned out billions of dollars on condos that would be lucky to sell for 50% of what the developers pocketed. I have said for several years, that the loans did not make sense. If you've been on any of my conference calls, I put it like this:

1 - Developers were razzle-dazzling bankers with fancy projects that looked great on paper.

2 - The banks were courting developers to take their money.

3 - The developers took the cash and hired as many friends and family as they could find. The skim from these deals made the early days of Las Vegas look like child's play.

4 - The Banksters were happy because they were earning bonsues based on making deals, even if they were bad deals. The Glickman family at Corus Banks are perfect examples of how the game was played at the top.

5 - Once the units were built, the developers didn't care if the projects failed, because they had already skimmed their money, and the Banksters didn't care because it wasn't there money that they were loaning out. The losers are you, me and taxpayers that will be paying for this circle of fraud for the next 10, 20 maybe 30 years.

By the way, BankUnited went belly up and was seized on May 21, 2009 by the FDIC. The developers got fat and happy. The execs at BankUnited got fat and happy. And we get stuck with project worth 10-30% of what was loaned out on them. Even if the Latitude Delray project could sell out the remaining units today, the best they could hope for would be a total of $18 million on a project that gobbled up $35 million. This is just one small of example of what is yet to come as the Florida Condo Con unravels.

Looking for a home in Florida? - I'd welcome the opportunity to assist you with a purchase of a home or condo. For additional information please call me 772-260-5448 or visit our website FloridaHomes.PRO

Sign Up for Mike's Florida Real Estate Blog - Click Here

Great Time to Buy? - Yes, No, Maybe. I suggest you read this piece I wrote about how to find a Great Buy and what traps to avoid - Click Here

Florida Foreclosure Deal in Gated Golf Community

2009-09-19T08:57:00.004-04:00

Foreclosure Bargain at $159,900
3 Bedrooms, 2 Bathroom, Pool
On a Lake - In a Private Golf Community

You know I am very careful when I recommend buying a home, but I am recommending you jump on this one if you are looking for a home in a gated, golf community in Florida as a primary home, second home or even as an investment home. This one is in the PGA Country Club Estates in Port St. Lucie West. We just listed it for the bank today, so I expect to start receiving offers this afternoon. For more details visit our Featured Home page - http://www.floridahomes.pro/OurFeaturedHomes

If you're interested in this home or others like it, please call me Mike Morgan at (772) 260-5448. Or email me Mike@FloridaHomes.PRO. If you buy this home using Morgan Florida Real Estate as your Selling Broker, you will receive a one year home warranty through American Home Shield.

GREAT Time to Buy? - Yes, No, Maybe. I suggest you read this piece I wrote about how to find a Great Buy and what traps to avoid - Click Here

Sign Up for Mike's Florida Real Estate Blog - Click Here

Foreclosure Bargain at $159,900
3 Bedrooms, 2 Bathroom,
Pool On a Lake - In a Private Golf Community

Publix Taking Advantage of Commercial Real Estate Disaster

2009-09-18T03:41:00.000-04:00

Until recently most all Publix shopping centers were owned by real estate investment trusts or private investor groups. With the glut of commercial real estate going belly up, Publix has two very attractive options.

First, they can purchase shopping centers from their landlords that are strapped for cash. And they can purchase at distressed prices.

Second, they can build their own shopping center and manage complimenting tenants accordingly.

Either way it is another Win-Win for Publix. In fact, Publix can issue bonds at 4-5% and build their own shopping centers, while most landlord REITs need 2-3 times that rate of return, and these REITs depend on Publix for the lion's share of that return.

Let's hope Publix continues to be a great corporate citizen with superb stores, excellent customer service and community involvement. Personally, I hope the community involvement gets cranked up a notch.

Looking for a home or investment property in Florida? - I'd welcome the opportunity to assist you. For additional information please call me 772-260-5448 or visit our website FloridaHomes.PRO

Sign Up for Mike's Florida Real Estate Blog - Click Here

Great Time to Buy? - Yes, No, Maybe. I suggest you read this piece I wrote about how to find a Great Buy and what traps to avoid - Click Here

Susan Craft, CRS - Alexandria, Virginia Real Estate Agent

2009-09-16T15:11:00.006-04:00

When I am asked for out of area referrals, I think hard and rarely make a referral. Recently, I was asked for a referral in Alexandria, Virginia. That was easy, and I'd like to share that referral with my blog followers here, just in case you or a friend also need real estate assistance in Northern Virginia. And if you need a referral in another area, please feel free to email me. I will do my best to find the perfect agent for you, and I will post the results here as well.

Alexandria, Virginia - If you are looking for a real estate agent in Alexandria, I highly recommend Susan Craft. She is well prepared, organized, diligent, attentive and responsive. Susan will listen to what you say, and put together a buying or selling plan to fit your needs.

You can reach Susan at:
McEnearney Associates
109 S Pitt Street
Alexandria, VA 22314

703-216-4501
Email: Susan@SusanCraft.com
Website: http://www.susancraft.com/

And here is some information from Susan's Welcome Page on her website:

Welcome!

I enjoy calling Old Town Alexandria home. Max, my Cavalier King Charles Spaniel, enjoys walking around town with me visiting the many shops that offer Max water and treats!

For the past 20+ years, I have lived and worked in the Washington area. My childhood was spent in Maple Glen, PA, just outside Philadelphia, and I graduated Gettysburg College in 1981 with a BA in Business Administration. While in Washington, I have worked for Delta Air Lines, Hertz Corporation and The Washington Post in sales and marketing. During my 18-year career in advertising sales for The Post, I worked with many local businesses: Ryan Homes, NV Homes, Safeway, CVS, Carpet One of Alexandria and Maid Brigade.

My clients appreciate my professionalism and the strategy and organized process that I bring to every transaction. Follow-through has been the key to my success. It's the only way to build trust, confidence and a referral based business! How fortunate I am to be associated with McEnearney Associates, Inc. Founded in 1980 by John McEnearney, this firm has a solid foundation of professionalism, integrity and market knowledge.

McEnearney Associates continues to out perform all other offices for listings and sales in Old Town and the City of Alexandria.

Whether you are investing, nesting or downsizing an empty nest, you can count on my dedicated, excellent service.

Professional Designations & Awards:
NVAR $10 Million Plus Club
NVAR Top Producer
NVAR Multi-Million Dollar Sales Club
Member VAR, NVAR
Licensed REALTOR ® since 2003

Specialties Relocation Specialist, Buyers Agent, Sellers Agent. Serving Northern Virginia

Susan Craft, CRS

McEnearney Associates

109 S Pitt Street

Alexandria, VA 22314

703-216-4501

Email: Susan@SusanCraft.com
Website: http://www.susancraft.com/

Florida Homeowners' Insurance to Increase

2009-09-16T09:02:00.005-04:00

Even though Florida has been hurricane free for a couple of years, 102 of the 190 insurance companies in Florida had losses. The state's largest insurer, State Farm Florida, is still planning to pull out from the state. State Farm has about 700,000 policies. The State of Florida is now the largest insurer of homes through its Citizens Insurance, but this is a risky business for Florida to be involved in.

The good news is the 16% drop in rates during the past 36 months, so when you see the headlines about rate increases, they must be measured against the past three years.

One of the first questions we get from potential home buyers moving to Florida is about homeowners' insurance. Some people read headlines and think there is no insurance available. There are still 190 companies writing policies, even though State Farm and others have pulled out. Moreover, the State of Florida will write the policy through Citizens Insurance if no one else will.

Another issue for newcomers is hurricanes. Most of the damage done is to older homes in low lying areas or areas on the beach. Needless to say, insurance is more expensive in these areas and for older homes. And it is not like we get hit by hurricanes every year in every city. For example, here in Martin County, we went almost 40 years without a major hurricane.

We educate all of our clients about the risks of hurricanes and what can be done to prepare properly.

Subscribe to Mike's Florida Real Estate Blog - Click Here

Great Time to Buy Real Estate? - Yes, No, Maybe. I suggest you read this piece I wrote about how to find a Great Buy and what traps to avoid - Click Here

Casinos in Florida - Gambling in the Sunshine State

2009-09-15T08:33:00.002-04:00

Our dear Governor quietly signed another gambling agreement with his friends at the Seminole Tribe. The last time he signed a deal, it was a big media event, and the deal was eventually invalidated by the Florida Supreme Court. But that doesn't stop our well tanned Governor from trying again with a deal that will keep slots and blackjack at Seminole casinos, while turning over $150 million a year to the State.

A few of the concerns that Governor Charlie failed to press negotiations on include the ability of the tribe to operate card games at all seven casinos, instead of the three the Legislature had agreed upon. Oh? You didn't even know we have seven casinos in Florida? We do.

Another glitch is what department will be the oversight. Such a silly matter as oversight shouldn't hold things up. Just take your lead from what the Feds do with the Bansters.

There is also the issue of what happens if the State decided to allow horse and dog tracks to cross the tribal line of slot machines. That's a biggie.

Here's another glitch. The tribe wants a monopoly on Florida gambling. The Legislature suggested a monopoly within a 100 mile radius of the seven casinos . . . which covers most of the state. But the tribe said no to this. They want it all.

This is truly a convoluted situation where the Seminole leaders obviously have the edge in negotiating skills, money, power and support from an army of top notch attorneys and former political big shots.

Who wins? The Seminoles?

Who loses? The suckers that throw their money away in the casinos.

It would be nice if he State of Florida could get their act together when it comes to gambling. Just think about a row of high style casinos in Miami or on the Gulf Coast or in some of the areas that the home builders have devastated with homes that no one wants to live in. In any event, the Seminoles are up the creek with all the paddles.

Great Time to Buy Real Estate? - Yes, No, Maybe. I suggest you read this piece I wrote about how to find a Great Buy and what traps to avoid - Click Here

Floridians Support Offshore Drilling - So Let's Drill

2009-09-14T05:16:00.000-04:00

A recent poll commissioned by those in favor of drilling showed that 75% of Floridians are in favor of offshore drilling when asked the open ended question, as to whether drilling should be allowed.

But . . . when asked if drilling should be allowed anywhere, those in favor dropped to 15%.

Why even bother with drilling polls. We have three options:

1 - We continue to let oil rich countries suck our bank accounts dry.

2 - We drill here and also let oil rich countries suck us dry, because we just don't have enough oil.
3 - We get serious about wind, wave, solar, burning garbage and other yet to be dreamed up alternative fuel sources.

Do you really think we have much of a choice? Unfortunately, we keep putting off the inevitable, so by the time we are forced to develop alternative fuel sources, we will not have the financial resources to do so . . . but the oil rich countries will!

So instead of giving a trillion dollars to King Henry and his Bankster Buddies, whey didn't we take half of that and develop fuel sources and half of that to rebuild America's infrastructure. The job creation alone would have heated up everything from our economy to our pissed off oil rich partners.

Let me close with a thumbs up to Florida Power & Light (FPL) our countries all around leader in alternative sources of energy from water to wind to solar.

Stock Alert - Yes, we own FPL for our clients. It's one of my favorite stocks and we've been buying it for more than 20 years. It also pays a very nice 3.5% dividend.

Great Time to Buy Real Estate? - Yes, No, Maybe. I suggest you read this piece I wrote about how to find a Great Buy and what traps to avoid - Click Here

Palm City Foreclosure - From $600,000 to $225,000

2009-09-13T12:07:00.004-04:00

We generally don't post our listings on this Blog, but I thought this one was worth posting. This is a foreclosure that was listed for $600,000 just two years ago. The bank that owns it had us list it at $339,000, even though we believe a more realistic price is $225,000. Why the difference? Most banks use inexperienced, part-time agents to do Broker Price Opinions. The banks pay $50-75 for the work that takes 6-8 hours to do, as well as the expense of gas, auto and data services. Banks are relying on agents earning $5 an hour for price opinions. As a note of reference, we have come in within 10% of the final selling price on all of our Broker Price Opinions, but we never do them for $50-75. We charge $375 for a BPO when we do not get the listing. If we get the listing, the BPO is included.

This house still needs quite a bit of work, but eventually, the bank will lower the price until the phone starts ringing with showings. We have not received a single call since listing it yesterday. That's not good. For a well priced listing, we will receive 10-20 calls within hours of the listing hitting the MLS. But banks have their hands tied, and this one will not drop the price for 30 days. To show you how that can snowball, but the time they decide to drop the price, the price I set of $225,000 will most likely be even less. Then it becomes a game of catch-up, and the banks always lose. Eventually, this house will sell for $225,000 or less, but it might take the bank months to realize . . . other brokers are not showing the house becuase it is overpriced for the market. Sadly, by the time the bank finishes all the work needed on this house, and then pays all the maintenance and selling costs, their loss will exceed 80% of the mortgage. So for those of you thinking we've seen the bottom of the Financial Crisis, think again.

Trade Tip - Watch Fifth Third Bank, Wells Fargo, Bank of America, Suntrust and Regions as banks that still have a lot of trouble to admit. I'd like to include JP Morgan in that group, but Jamie Dimon is one of Obama's puppeteers.

In any event, this is a great home in an absolutely magnificent area. So here goes . . .

Step into Old Florida Charm. Beautiful and serene Rustic Hills area with old growth oak and banyan trees. This 2 Story, CBS pool home, with a Key West metal roof has 5 bedrooms, 3 bathrooms and a wonderful open-air front porch. The kitchen is an open plan into the family room. Wood floor in main area. Master bedroom includes a sitting area and office/study. Master closet is HUGE! Master closet is HUGE! Master bedroom terrace offers a scenic view. Great private pool with wooden deck. Palm City A-Rated schools. Buyers MUST have solid pre-approval letter with only contingency for appraisal and inspection. All other verification must be completed. Easy access to 95 and Turnpike. Minutes to Martin County's magnificent beaches.

Buy this home from Morgan Florida Real Estate and you receive a two year Home Warranty from American Home Shield and 10% Lowe's Coupon on appliances and upgrades.

Priced at $339,000

Call today for showing - Mike (772) 260-5448
Mike Morgan, J.D., CRS, GRI, SRES
Morgan Florida Real Estate Team

Visit our website www.FloridaHomes.PRO

Call Today - 772-260-5448

Email - Mike@FloridaHomes.PRO

Florida Outlet Mall Facing Foreclosure

2009-09-13T05:01:00.000-04:00

When investor Irwin Tauber and his wife first announced they were buying the Vero Fashion Outlets in 2007 for $38.2 million, I thought it was either a scam in the works or Tauber was dumber than a box of rusty nails. It looks like the latter is true, because the note holder on the property just filed a foreclosure lawsuit in Indian River Circuit Court. I could not understand then, and I cannot understand now why so many "formerly" astute businesspeople are chasing deals . . . simply because there are other fools lined up with dumb money chasing similarly dumb deals. Unfortunately, for the very big deals, that dumb money is institutional pension fund money chasing big condo projects and big office projects that have busted out.

I was always told that Outlet Malls would survive. Why? What makes them any different? The same held true when we shorted the publicly traded outlet malls.

In closing, rest assured that the fall out in commercial real estate has not even begun to heat up. The government has done a tremendous job in pumping out money that has been flowing into the commercial vaults, only to be twitted away in losses and huge bonuses. Who's the loser? You, your pension funds and taxpayers that will never see the return on the money pumped into these losing commercial real estate deals . . . from outlet malls to high rise ritzy office towers.

Great Time to Buy Real Estate? - Yes, No, Maybe. I suggest you read this piece I wrote about how to find a Great Buy and what traps to avoid. The piece was written about residential property, but it applicable to the knuckleheads making big condo deals just because they have pension fund money thrown at them - Click Here

Low Paying Jobs are the new Reality in Florida

2009-09-12T13:48:00.000-04:00

The Sun-Sentinel recently wrote a front page piece about Florida residents becoming under-employed. Of course, that's just a Florida problem, right? NOT

You'd never even know it's a problem from what we hear from the Administration or the GE (bailout recipient) talking heads on CNBC and MSNBC (GE owned) or even from what main stream media is writing and talking about. After all, most newspapers are in dire straits, so the last thing they want to do, is write anything that would upset Obama.

Under-Employed - It's not just that unemployment is knocking on the door of 10%, it's also the fact that people are making less when they can find a job. The example in the Sun-Sentinel article was about a man earning a six figure income, who now is grateful to be earning less than $25,000 a year as a receptionist at an insurance company.

Survival - With a bleak picture growing bleaker by the day, jobs are now a matter of survival. But what happens when there are no survival jobs or when $500 a week is not enough to pay health insurance, rent and feed a family? That's when survival becomes a matter for the State and the Federal Government . . . and that means those of us with jobs pay more to help those without jobs . . . which in turn jeopardizes the survival of those on the edge.

11% or 16% or 20%+ - The official unemployment rate in Florida is at 11%, but if you calculate those that have give up looking for a job, the rate jumps to 16% . . . and if you calculate those that have fallen off the unemployment rolls, the number spikes to 20%. Those are Depression level numbers and they are getting worse.

Population Declining - For the first time since records were kept, Florida's population has declined. So my first question is . . . what are we going to do with hundreds of thousands of homes and condos that are still empty? For the past six years, Florida's economy relied on construction, housing and the mortgage game. That's over now, and worse yet, our agricultural industry is taking it on the chin with cheaper product from South of the Border.

Banks Dumping Property - For years I told clients not to buy. I told them to rent. Now I am telling them to buy, when the property is being dumped by a bank that wants out. AND when the bank is selling at below market. AND when it makes sense on cash flow or the buyer is going to live in it. However, in some markets, like Miami condos, I would not be buying until the fourth wave of flippers has been burned . . . and they decide to dump properties at 10 cents on the dollar.

Market by Market - If you are considering buying a home, condo or investment property in Florida, think about why you want it now and what your 3-5 year plans are . . . and beyond. But also pay careful attention to each market, as well as the neighboring market. And above all, look at the competition. You have some big shots in the institutional game that are throwing around OPM (other people's money) simply to make deals and pocket huge commissions. By the way, that is your money . . . pension funds money, state money and remember . . . TARP and TALF have back stopped all these gamblers . . . with your future.

Banks Will Drop Like Coconuts - When banks finally are forced to sell non-performing assets - homes, condos, commercial strips, etc., we will see hundreds of banks fail. Sheil Bair will leave the FDIC in shame and be replaced by another ObamaRamaLama Czar. And you, the taxpayer will have another $5 trillion tacked on to your $12 trillion.

Now What? - If you want a better feel for what we see in different Florida markets, and markets within markets, feel free to call me. Better yet, if you are a serious investor, institutional investor or hedgie, I suggest you get off you butt and fly down for a 2-3 day tour.

Mike's Florida Real Estate Blog - Click Here

Mike's Financial Blog and Hot Links - Click Here

Mike's Reading and Music List

Great Time to Buy Real Estate? - Yes, No, Maybe. I suggest you read this piece I wrote about how to find a Great Buy and what traps to avoid - Click Here

Stop Florida Real Estate Speculation

2009-09-11T11:54:00.001-04:00

.The Palm Beach Post came out with an editorial about the recent comments Governor Crist and his beach buddies made, regarding how it was time to invest in Florida real estate. Remember . . . they just lost $250 million in a New York real estate deal, so these guys are not the best to decide on investing in Florida real estate.

And this is the same group that lost $682 million in the mortgage fiasco with Lehman. All told, Governor Crist and his beach buddies lost more than a BILLION dollars. The Palm Beach Post points out that too many of these "deals" are made with friends of friends, and made by chumps like Crist who will not be around when things fall apart.

In closing the editorial, The Palm Beach Post notes that it would be wrong for Crist and his beach buddies to artificially pump up Florida's real estate market.

I will take the flip side for a moment. I think there are deals to be made, but I don't think the State of Florida or their Bankster advisors have any clue or any interest in making good deals. They simply want to make deals that will benefit other Banksters in the club . . . as is evidenced by the BILLION they lost on just two deals.

And no one goes to jail!

Mike's Florida Real Estate Blog - Click Here

Mike's Financial Blog and Hot Links - Click Here

Mike's Reading and Music List

Great Time to Buy? - Yes, No, Maybe. I suggest you read this piece I wrote about how to find a Great Buy and what traps to avoid - Click Here

Mortgage Scammer Gets 20 Years

2009-09-09T10:52:00.006-04:00

Mortgage scammer in Martin County, Florida gets 20 years, while his wife gets 10. Rodney McGill duped straw buyers into signing falsified documents. It seems like there is enough blame to go around to everyone, and unfortunately, this guy is small potatoes compared to what some of the big boys got away with.

If the State of Florida or the Federal Government really wanted to go after mortgage fraud, they could start at the top with executives of Countrywide, Wachovia, Bank of America, as well as the home builders that owned mortgage companies. Sadly, the big boys get to enjoy their mansions and yachts, while little punks like Rodney make headlines.

If we put a handful of executives away for 20 years, I'd think the rest of them would line up to make a plea deal. Let's start with Hank Paulson.

Looking for a home in Florida? - I'd welcome the opportunity to assist you with a purchase of a home or condo. For additional information please call me 772-260-5448 or visit our website FloridaHomes.PRO

Mike's Florida Real Estate Blog - Click Here

Mike's Financial Blog and Hot Links - Click Here

Mike's Reading and Music List

St. Lucie County Commissions Growth Study

2009-09-09T08:49:00.002-04:00

Even though St. Lucie County is well known as one of the most overbuilt counties in the United States, the commissioners have learned from the Housing Bubble disaster. County Commissioners retained the University of Florida to provide a comprehensive report on what to do with more than 200,000 acres of land in the Western section of St. Lucie County.

This will have a huge impact on land owners and taxpayers as property rights are balanced with what is best for the public. We'll follow this important study, as we expect to see a wonderful master plan developed that will include a community of the future.

Mike's Florida Real Estate Blog - Click Here

Mike's Financial Blog and Hot Links - Click Here

Mike's Reading and Music List

Great Time to Buy Real Estate? - Yes, No, Maybe. I suggest you read this piece I wrote about how to find a Great Buy and what traps to avoid - Click Here

State of Florida to Invest in Florida Real Estate

2009-09-08T10:49:00.003-04:00

After losing $250 million in a Manhattan real estate investment, the State of Florida has decided to invest at home . . . in Florida real estate. Governor Crist wants to invest more of Florida's pension fund money in Florida real estate, even though the Governor has never owned a home. Personally, I think Governor Crist spends too much time working on his tan and worrying about his run for the empty Senate seat.

On the flip side, investing in Florida real estate can be a very rewarding investment if done properly. But when you consider the $250 million loss the State just suffered, I hope they have some responsible folks doing the investment research. By the way, the $250 million loss was a 100% wipe out on that investment.

As I have written before, there are great deals in Florida real estate, but there are more traps than deals . . . so be careful.

Mike's Florida Real Estate Blog - Click Here

Mike's Financial Blog and Hot Links - Click Here

Mike's Reading and Music List

Great Time to Buy Real Estate? - Yes, No, Maybe. I suggest you read this piece I wrote about how to find a Great Buy and what traps to avoid - Click Here
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Jensen Beach High School to Add Chinese Course

2009-09-07T04:41:00.001-04:00

I happen to live within walking distance to the Jensen Beach High School, and I can tell you that it is one of the most magnificent high schools in the country. So before we allow Washington to give billions to Banksters to pay themselves huge bonuses for raping America, let's build more high schools like this one.

If all goes well, students at Jensen Beach High will be the first in Florida to start taking an advanced level Chinese language course. The school already offers Chinese 1 through 4. This is a huge star for Jensen Beach High School. Congratulations!

Looking for a home in Florida? - I'd welcome the opportunity to assist you with a purchase of a home or condo. For additional information please call me 772-260-5448 or visit our website FloridaHomes.PRO

Mike's Florida Real Estate Blog - Click Here

Mike's Financial Blog and Hot Links - Click Here

Mike's Reading and Music List

The Lyric Theatre's 2009-2010 Season - Stuart, Florida

2009-09-06T11:42:00.000-04:00

Here is the 2009-2010 season line-up for the Lyric Theatre in Stuart, Florida. This is one dynamite line-up for a sleeply little town tucked away in Martin County.

October 9 - Nestor Torres
October 16 - The Neville Brothers
October 18 - FOGHAT
October 24 - Cadillac Bratz Reunion

October 28 - November 1 - 3 Redneck Tenors "Broadway Bound"
November 4 - November 8 - 3 Redneck Tenors "Broadway Bound"

November 9 - American Big Band
November 16 - iO Theater -Whirled News Tonight
Nobemver 17-18 - Dave Mason
November 19 - Vienna Chamber Orchestra
November 21 - Elivis as performed by Darrell Dunhill
November 22 - The Bacon Brothers
November 28 - Chuck Leavell

December 14 - Chad Hoopes
December 15 & 15 - It's a Wonderful Life: A Live Radio Play
December 17 - That's Amore - Dean Martin & Friends
December 21 - The Kingston Trio Christmas
December 26-30 - BARRAGE
December 27 - An Evening of Standup Comedy with Steve Solomon

January 2 - Ann Hampton Callaway
January 4 - Capitol Steps
January 7 - The Bronx Wanderers Show
January 10 - Aspects of Webber
January 11-12 - Lilly Tomlin
January 13 - Terry Myers Orchestra
January 14 - Richie Havens
January 15 - Shalom
January 16 - Dogs Gone Wild Tour
January 19 - Mel Tillis
January 21 - Paula Poundstone
January 23 - Leo Kottke

February 2 & 3 - Dixie's Tupperware Party
February 6 - Julie Budd - "I'm In The Mood For Love"
February 7 - 13th Van Cliburn Competition Gold Medalist
February 8 - Marilyn McCoo & Billy Davis Jr.
February 9 & 10 - Jack Hanna
February 13 - The Irish Rovers
February 14 - Doc Grober and the Mudcats

March 1 - Chamber Orchestra Kremlin
March 3 - A Night of Samba and Salsa
March 5 - Roy Clark
March 6 - Over the Rhine
March 9 & 11 - Mark Russell
March 13 - The Legends of Doo Wop
March 15 & 16 - Arlo Guthrie Family Reunion Tour
March 19 - Sasha Cooke
March 20 - American Bluegrass Masters Tour
March 21 - Janis Ian
March 23 - Peter Lemongello
March 25 - Stepcrew
March 27-29 - Til Death Do Us Part: Late Nite Catechism 3
March 31 - Xiayin Wang

April 15 & 16 - Chita Rivera - My Broadway
April 17 - Thunder From Down Under

May 9 - Constantinos Jaferis

Tickets only available at the Lyric Box Office of by calling 772-286-7827

The Lyric Theatre
59 SW Flagler Avenue
Historic Downtown Stuart

Need to Book a Flight or Hotel? . . .

Looking for a home in Florida? - I'd welcome the opportunity to assist you with a purchase of a home or condo. For additional information please call me 772-260-5448 or visit our website FloridaHomes.PRO

Subscribe to Mike's Florida Real Estate Blog - Click Here

Subscribe to Mike's Financial Blog and Hot Links - Click Here

5,000 Jobs Coming to Boca Raton

2009-09-05T04:11:00.003-04:00

Database guru, Hank Asher is at it again. His non-compete with Reed Elsevier just ended. Hank sold them his Seisint company for $775 million in 2004. Now he's ready to rock n' roll.

Hank has created TLO, a data company based in 143,000 sqaure feet at the Boca Corporate Center, where he is expected to hire 5,000 employees. If he pulls it off, that will certainly be a boost to the local housing market. And if he plays his cards right, he'll be able to offer his new hires some terrific deals on housing.

My advice . . . get out there and buy up or contract for a few hundred homes, before the market starts to spike up. And then use that as an enticement for new hires. There are a number of banks and developers that would love to have his bulk business. Speaking of which, we'd love to serve as his Broker to negotiate and manage the deals. :)

Looking for a home in Florida? - I'd welcome the opportunity to assist you with a purchase of a home or condo. For additional information please call me 772-260-5448 or visit our website FloridaHomes.PRO

Click Here to Subscribe to Mike's Florida Real Estate Blog.

Tax Break for Chinese Drywall

2009-09-03T07:27:00.002-04:00

We've heard rumors that the Fed is going to step in and provide homeowners with some kind of tax break, bailout, handout or gimee for Chinese Drywall, but nothing yet. However, local taxing authorities are taking Chinese Drywall into consideration when they value your property. To qualify for an adjustment to your taxable value, you must contact your local Property Appraiser for the city or county you live in. Some are participating in this, and some are ignoring it.

I guess the next question becomes, how do you manage this once the repairs are made? So once again we are rushing into another quick-fix or bad-band aid for something that should be resting on the shoulders of the builders and manufacturers of the Chinese Drywall, as well as the insurance companies that insure these homes. Unfortunately, the class action attorneys will walk away with more than half of whatever the builders, manufacturers and insurers cough up . . . and that could take years.

For now, I suggest you check with your local taxing authority to see if you are entitled to a lower value for tax purposes. You don't have much time for the coming tax year, as most municipalities wrap things up late September or early October.

Looking for a home in Florida? - I'd welcome the opportunity to assist you with a purchase of a home or condo. For additional information please call me 772-260-5448 or visit our website FloridaHomes.PRO

Click Here to Subscribe to Mike's Florida Real Estate Blog
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Some Homeowners Cancel Insurance

2009-09-03T04:03:00.000-04:00

With the economy cutting deeper and deeper into savings and incomes, some families simply cannot afford insurance. This includes health insurance AND homeowners insurance. For homeowners without a mortgage that is an option, but if you have a mortgage, your lender will require you to maintain homeowners insurance.

For those homeowners without insurance, they are just one hurricane or one fire away from being totally wiped out. A smarter choice would be to take small mortgage out on their property so they could pay for homeowners insurance. And if that is not an option, they are better off selling their home and renting until things change.

But owning a home without homeowners' insurance is only something for the very wealthy that can effectively self insure themselves.

Unfortunately, we are seeing more and more families dropping health and homeowners insurance. When tragedy strikes the burden of the uninsured is placed on the shoulders of the taxpayer through social services. So my final advice to those that are going without homeowners insurance is to consider a small mortgage or selling the home. You could lose your entire life's savings in one storm or fire.

Looking for a home in Florida? - I'd welcome the opportunity to assist you with a purchase of a home or condo. For additional information please call me 772-260-5448 or visit our website FloridaHomes.PRO

Click Here to Subscribe to Mike's Florida Real Estate Blog

Florida Building Permits Slow to a Crawl - GREAT News

2009-09-02T15:36:00.005-04:00

For some, this might be bad news. But for homeowners and the economy, this is actually great news. The last thing we need in Florida are more homes. Personally, I think we should stop all home builders from putting up another home until our inventory is reduced to acceptable levels. What's an acceptable level? That's the million dollar question.

But right now in many communities, relatively new homes are selling for less than what a builder can put them up for. Despite this, the builders are still building because the banks and pension funds are still lending them money. So the builders can take huge salaries and obscene bonuses at the expense of our banks and pension funds. That's criminal.

On the flip side, if you are looking for a home, you can now by a home for less than it cost to build it.

However, on the dark side of that are the millions of homeowners who already own a home. For you, the value of your home has shrunk by 20-50% depending upon which area you are in. For millions of Americans with a mortgage, they owe more on their homes than their homes are worth . . . and it gets worse everyday another builder puts up another home.

BUYERS' MARKET - Never in the history of home buying has their been a better time to buy a home . . . if you can afford it. For an explanation of why this is such a great time to buy a home, read one of my posts about Great Time To Buy and Why - Click Here

Looking for a home in Florida? - I'd welcome the opportunity to assist you with a purchase of a home or condo. For additional information please call me 772-260-5448 or visit our website FloridaHomes.PRO

Click Here to Subscribe to Mike's Florida Real Estate Blog
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Catfish Cleaning Pools and Cat Burglars Stealing Appliances

2009-09-01T03:47:00.002-04:00

A record number of mortgage defaults and foreclosures has lead to thousands of homes that owners and lenders are not maintaining. Sometimes this means the house fills with mold that can be highly toxic. Unfortunately, some idiots simply paint over the mold and sell the home As Is. That's illegal, but it happens here in Florida. One lender actually replaced the carpet in a home, but refused to turn the electricity on. Without air conditioning, it only took a month for black mold to grow on all of the walls . . . but the carpet looked great. Bottom line . . . they save a couple hundred buck on the electric bill, and it cost them $2o,000 in mold remediation!

Catfish - On the sometimes funny side of the default and foreclosure problem are swimming pools, where local communities are placing catfish in the pools to control the algae. Actually, it's not very funny because these swimming pools become mega-sized breeding pools for mosquitos. What is not funny is . . . the catfish will clean up the algae in the pool, but that does nothing for the mosquitoes breeding in these pools. At least the pools look good, and one shot of chlorine will take care of the mosquitoes. The catfish they are using are commonly known as "plecos" or "plecostomaus" but they don't eat mosquito larvae. To control the mosquitoes local officials might want to think about the mosquito fish in Florida, a guppy type fish. In any event, what I am trying to point out is . . . the problem with abandoned homes is out of control and there is no serious effort to manage these homes properly.

Cat Burglars - Stealing appliances from foreclosed homes is now almost a hobby for some. A team of 2-3 guys can have a refrigerator, range, washer and dryer out within 20 minutes. One problem are homes that are simply not secured properly. Another problem are the banks refusal to use electronic lock boxes. We still don't know why, but banks insist we use cheap $25 combo boxes. The only problem is once the code is out, anyone can get in. Now to show you how dumb these banks are. They often use the same combination on all of their properties. So once you know a half a dozen combo codes, you can get into a fair share of the foreclosed properties. Even if you don't know the code, you can usually call the listing agent and get the code with nothing more than telling them you are a real estate agent showing the property to your client.

Cat-ostrophic - This is the cat we will be talking about when the banks finally realize they are toast because they are seeing 70-90% losses on their mortgages. Ouch.

Looking for a home in Florida? - I'd welcome the opportunity to assist you with a purchase of a home or condo. For additional information please call me 772-260-5448 or visit our website http://www.floridahomes.pro/

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Florida Sexual Offenders and Predators Website

2009-08-31T07:28:00.002-04:00

I attended a seminar the other day and the presenter made reference to a website that tracks sex offenders and predators in Florida. I spent less than 30 seconds on the website and found out there are 75 registered sex offenders and predators within five miles of my home.

This website is a very valuable tool for parents and anyone else that wants to know how close to your home registered sex offenders live. But I don't want this to sound like a witch hunt. I think it is important for parents to know who their neighbors are if these neighbors are registered sex offenders.

You can search by entering your address or any other address. Then you select the radius by miles from 1/4 of a mile to 5 miles from your home. Seconds later, the list of offenders is displayed with quite a bit of information about each of them.

But that's not all. You can actually subscribe to an email database notice whenever a sex offender moves into your neighborhood. And you can also set updates for when a sex offenders changes addresses.

And there's more. You can also search for sex offenders by email addresses or Instant Message addresses they have used.

This is a valuable tool for anyone concerned about who is living nearby when it comes to the safety of your family and friends. Here is a link to the website - http://offender.fdle.state.fl.us/offender/Search.jsp

Looking for a home in Florida? - I'd welcome the opportunity to assist you with a purchase of a home or condo. For additional information please call me 772-260-5448 or visit our website FloridaHomes.PRO

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Jensen Beach High School Wins National Contest

2009-08-30T13:08:00.003-04:00

Jensen Beach High School students were recently recognized in a national contest - Idea Book for Educators. The students have been involved in making 150 quilts during Black History month. As one of the eight national winners, they will receive $1,000.

Looking for a home in Florida? - I'd welcome the opportunity to assist you with a purchase of a home or condo. For additional information please call me 772-260-5448 or visit our website http://www.floridahomes.pro/

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Mortgage Lenders Try to Clip Flippers

2009-08-28T03:33:00.000-04:00

We're hearing more horror stories about banks doing dumb short sale deals, only to learn the entire deal was set up by the real estate agent, and the buyer flipped the property a week or two after closing. One problem banks face is the sheer volume of problem properties. Banksters simply don't have the manpower or the experience to handle these properties. So the turn to asset managers who then turn to real estate brokers that are less than professional.

Instead of training, procedures, process and check points, banks simply want to exclude investors from the market. And rightly so. When unscrupulos real estate brokers hook up with unqualified asset managers, it is not only a recipe for disaster for the lender, but it hurts property values in the markets these players are active in.

We see foreclosure properties that are never listed in the MLS as they are required to be, that are flipped a week or two after closing. These properties are sold at deep discounts, which in turn hurts local appraisals of remaining inventory. But the entire problem rests with the banks. If they hired competent asset managers AND the asset managers qualified the real estate agents they hired, maybe . . . just maybe things would get better. Unfortunately, even when the asset managers think they have hired decent real estate agents, the asset managers have NO system to check up on these idiots . . . and once the agents realize that, they let the properties fall into disrepair, until the price gets lower and lower and lower. At that point, they bring in a friend and buy the property for a quick flip.

Looking for a home in Florida? - I'd welcome the opportunity to assist you with a purchase of a home or condo. For additional information please call me 772-260-5448 or visit our website http://www.floridahomes.pro/

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Obama to Banks - Hurry Up and Be More Stupid

2009-08-27T03:10:00.001-04:00

The ObamaRamaLama Administration of clowns, crooks and cronies are complaining about Banksters failure to modify mortgages. WAKE UP AMERICA.

Michael Barr, Treasury's assistant secretary for financial institutions, recently said, "We have been disappointed . . . about the variation in service performance in helping people in a timely fashion and with the respect they deserve."

Obama's $75 billion for a "housing recovery plan" announced in March is as cloudy as the rest of the bailouts the Banksters have crafted. Worse yet, when you look at the four banks that represent more than half of the mortgages in bank hands, we are talking about Bank of America, JP Morgan Chase, Wells Fargo and Citi. Isn't it interesting that these four banks received more bailout dollars than all other banks combined times two. Actually, times 10+!

Courts Disagree with Obama - Obama may want the banks to modify mortgages, but most of the mortgages are not owned by the banks. Banks and mortgage companies like Countrywide were pushing and pumping out mortgages like a drug dealer hawking his wares on a street corner. Most of the mortgages were packaged up, then slided and diced into pieces and sold off to pension funds, foreign governments and other unsuspecting suckers. So now Obama wants the banks to modify the garbage.

OK - that's exactly what Countrywide did. They modified mortgages, and a Federal judge ruled in favor of the owners of those mortgages. Countrywide was the servicing company now. They had already sold their interest in the mortgages. There really is not battle here. Most mortgages cannot be modified because they have been pooled up and sliced up, so you may have several owners of a single mortgage. And without the consent of all owners, there will be no mortgage modifications on these pools of mortgages.

Successful Modifications - For the banks that do own mortgages, they have had very limited success in modifying very many. It's tough to modify a $400,000 mortgage when the property is only worth $200,000 and there never was any equity . . . as so many mortgages were no money down or very little money down. Another sad factor is the failure rate on modified mortgages. Within just six months most of these mortgages are in default again!

Laughing All the Way to the Bank . . . is the only way to describe the attitude of Banksters as they drive to work every morning. Paulson and Obama have handed over the keys to the government printing presses. The Banksters can do what they please, when they please. And they don't want to refinance or modify mortgages that are going to get them into more trouble down the road.

Looking for a home in Florida? - I'd welcome the opportunity to assist you with a purchase of a home or condo. For additional information please call me 772-260-5448 or visit our website http://www.floridahomes.pro/

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Florida Population Drops

2009-08-26T08:53:00.000-04:00

Since the end of World War II, Florida's population has known only one direction . . . UP. That all changed last year when Florida's population dropped by 58,000 according to the University of Florida Bureau of Economic and Business Research.

Why? Easy answer . . . the end of the housing bubble means tens of thousands of jobs tagged to construction, mortgages and real estate have moved on to greener pastures. Florida's troubles are nowhere near over. As the unemployment rate rises in the other 49 states, that means less people visiting Florida for vacation. Less visitors means fewer jobs for Floridians relying on tourism and all of the industry that feeds the tourism industry.

Unemployment in Florida has jumped from 3% in 2006 to more than 10% today. In fact, when you consider the true unemployment number in Florida it is closer to 20% than 10% in some hard hit areas like Cape Coral, Port St. Lucie and Miami.

Looking for a home in Florida? - I'd welcome the opportunity to assist you with a purchase of a home or condo. For additional information please call me 772-260-5448 or visit our website http://www.floridahomes.pro/

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Stimulus Dollars for Oysters - 100 More Jobs

2009-08-22T06:14:00.000-04:00

Here's a positive piece to lighten up the mood. I know that headline sounds crazy, but these dollars will be paying us back for many years to come. And I wanted to include this on my blog to show you another example of how cool it is to live in Martin County.

Here in Martin County, as in other areas of Florida, restoration of the waterways is high on the list of priorities. One way to clean rivers and develop wildlife habitat is to create oyster reefs . . . and that is what a portion of the federal stimulus dollars is going to pay for.

Oyster reefs are critical to the health of our waterways by filtering out toxins. One adult oyster can filter between 20 and 50 gallons of water a day. Multiply that by thousands of oysters and it is easy to see how healthy oyster reefs can filter an entire river system. The Oyster Reef Restoration Project has plans to construct more than 1,200 oyster reefs, using truck loads of oyster shells, coral and other biogenic materials.

And there's more . . .

The oyster reef provides essential habitat for juvenile fish, clams, crabs, shrimp and many other species. And . . . more than 100 jobs ranging from marine construction to research will be created as well.

If you're interested in more information contact the Martin County Engineering Department at (772) 219-4930 or stop by the open house scheduled for September 2nd from 5:30 to 7:30 p.m. at the Stuart Recreation Center on Flagler Street.

Looking for a home in Florida? - I'd welcome the opportunity to assist you with a purchase of a home or condo. For additional information please call me 772-260-5448 or visit our website http://www.floridahomes.pro/

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More High End Jobs for Stuart, Florida - Martin County

2009-08-21T06:57:00.000-04:00

We don't have big factories or high rise office towers in Martin County, but we seem to get our fair share of high end jobs. Moreover, we are smack in between Palm Beach County and St. Lucie County, which makes for an easy commute.

Last week I reported that Vought Aircraft Industries was adding 100 jobs at their Stuart location. Today I can confirm that SystemsOne LLC is relocating to Stuart and will grow to 30 employees within a year. SystemsOne provides video imaging to the medical industry.

SystemsOne Website - Click Here

Looking for a home in Florida? - I'd welcome the opportunity to assist you with a purchase of a home or condo. For additional information please call me 772-260-5448 or visit our website www.FloridaHomes.PRO

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Buying Foreclosures - Banks Not Disclosing Material Facts

2009-08-20T08:02:00.000-04:00

This has become a very serious issue with the sale of foreclosed properties, also known as REOs (real estate owned). We are seeing this on a number of fronts from failure to disclose "known" material defects to failure to disclose "known" hazards, unpaid assessments, and other facts that may affect the value of the property.

Shhhh - Keep Your Mouth Shut - That's exactly what one bank representative told us when we advised them there was a roof leak and the garage conversion to a bedroom was in violation of the local building code. We were representing the bank as the listing agent. Another agent brought us a contract and during the closing process had the home inspected. The inspection report revealed the roof damage, the garage conversion issue and a list of a dozen other problems. The bank refused to fix any of the problems, so the buyer walked away from the deal.

When I advised the bank representative that we must now disclose all of the defects in the inspection report, they told me to keep my mouth shut, because they do NOT disclose anything.

Banks Don't Disclose - Initially, a bank does NOT have to supply any disclosure statement because they have not lived in the house, nor do they have any information about any defects. However, if they do have information about defects in the home or material facts about the surrounding area, they are required by law to disclose. Unfortunately, for buyers, banks still resist disclosing, even when they become aware of defects. This is in direct violation of Florida real estate law. Johnson v. Davis 480 So.2d 625 (Fla. 1985)

Brokers MUST Disclose - Here is where it really gets tricky. When the bank has no knowledge of defects, but the broker is aware of material defects in the home and maybe the fact that there is an assessment about to be levied on the property . . . the broker MUST disclose. Florida Statute 475.278 2 (d) The tricky part is, the bank is telling the broker . . . "if you disclose the defects and the assessment, you will never get another listing from us."

Most brokers realize, non-disclosure means they could lose their license AND be liable for the cost of repairing any defects or remedying any material facts that they failed to disclose AND had an affect on the price. In the most extreme cases, the broker would be required to purchase the home from the buyer AND pay all damages the buyer suffered. But there are still many, many, many, many broker that take this risk everyday.

Buyer BEWARE - As a buyer, you need to do your own homework. This includes a "real" inspection of the home. Unfortunately, most home inspectors are nothing more than guys that have done a little plumbing or construction work, and they know how to fill out a checklist. If you're paying less than $500 for an inspection, I can almost guarantee you that you are NOT getting a thorough inspection. We use a variety of inspectors, and yes . . . we sometimes use the checklist guys, because many of our clients don't want to pay $700-$1,500 for a detailed inspection by an "expert" that inspects everything from the basics of the roof to the most intricate electrical issues that require special equipment.

In addition to the inspection, I recommend having your agent send a letter to the listing agent, asking "specifically" if they know of any defects in the home, the property or any material facts that may affect the value of the property, including assessments, unpaid HOA fees, fines or fact regarding the surrounding area.

Good News - If you buy a home from a bank and later find defects or suffer damages, you may have a claim for fraud that may result in treble damages or punitive damages . . . if the bank or broker knew or should have known of the defects, and they failed to disclose. My advice to you is to be very careful when buying foreclosure properties.

Looking for a home in Florida? - I'd welcome the opportunity to assist you with a purchase of a home or condo. For additional information please call me 772-260-5448 or visit our website http://www.floridahomes.pro/

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Conference Call with Mike - Real Estate and Financial Markets

2009-08-19T06:34:00.001-04:00

It's been three months since my heart attack and bypass surgery, and I have been itching to get back into the saddle. I will hold a Conference Call Saturday afternoon at 6PM Eastern to discuss the Financial and Real Estate Markets. If you have questions, please feel free to email them in advance Mike@Morgan7.com or you can ask them during the call.

Space is limited and you must register in advance.
Register for your access code and dial in number below:
https://www2.gotomeeting.com/register/363032810

Foreclosured Homes vs. Foreclosure Filings

2009-08-19T02:30:00.002-04:00

The media has been having a field day over the last few years trying to spin the housing crisis. And for the longest time the media didn't even want to admit there was a problem. Just think back about the numbers and headlines we saw coming out of the National Association of Realtors (NAR) month after month . . . telling us it was the bottom, things were turning, GREAT Time to Buy, buyers' market and whatever else they could dream up after a few tokes on the crack pipe.

If you think that is too harsh, remember . . . David Lereah (Liar) was fired from NAR as their Chief Economist and Chief Spokesman (Liar) because his spin was wearing thin. Now David Liar is out publicly "admitting" he lied and spun the truth. His successor Lawrence Yun is even worse.

The Spin Factor - In any event, I am getting a bit off track - as usual. I wanted to explain a common spin in the numbers that can vary from month to month and even within one month, from area to area.

Foreclosed Homes - This means the lender has filed a foreclosure action in court AND received final judgment. Basically, it is final, and the mortgagor has lost the home to the lender. It is official and in the deed is now in the name of the lender.

Foreclosure Filings - This means the lender has filed a foreclosure action in court. That's it. Nothing more. It could take weeks, months and in some cases a year or more before there is a final judgment.

OK, so when you hear about Foreclosures being Up or Down, you need to look at both numbers. What the media will do, is spin whichever number is better for whatever message they want to get across. Rarely will you see solid reporting where they talk about both numbers and explain what each means.

Great News - Foreclosures Down - I just finished reading an article with an upbeat headline about how foreclosures had fallen, and this was such a grrrreeat sign. OK, that makes sense, right?

Bad News - Foreclosure Filings UP - Whoa . . . because in that same area, foreclosure "filings" had more than doubled. Here's what this means. During the past six months, the Obama Administration has pressured banks to back off from foreclosures. Obama and his clowns monkeyed with the free markets, and the numbers of foreclosed homes dropped.

But . . . and this is a huge but . . . now that the clowns and monkeys have no idea what to do next, the Banksters are running to court to "file" foreclosure actions. And that is why the number of new foreclosed homes fell, but the number of foreclosure filings has spiked higher.

Once these foreclosure filings are completed, we will see the same spike in foreclosed homes.

The Real Numbers - You want to watch foreclosure filings, and when these begin to fall, then you know we could be approaching a leveling off, that may lead to a bottom. If you are looking at foreclosed homes, you want to look at prices, days on market and absorption rates. I know that is a lot to think about, but that is the only way to get a real picture for what is going on.

Delinquency Notices - Finally, you also need to factor in delinquency notices. I hate to confuse you, but even before a foreclosure filing, you have delinquency notices. So if you want to truly gauge what is going on, you need to factor in delinquencies. If these spike, you can expect a spike in foreclosure filings that will convert to foreclosed homes . . . but this conversion process could take 6-18 months.

Summary - We ARE, in fact, seeing a huge spike in delinquencies as unemployment grows. This is an ugly number that tells me we are not going to see a "U" or a "V" recovery, but instead we are headed for another leg down. Beware of the next ObamaRamaLama: (1) another extension or version in the $8,000 home buyer credit, or (2) the Administration to start buying homes with or without Chinese drywall and bulldozing them, or (3) a tremendous Bankster deal that will reward the Banksters for mortgage relief or forgiveness . . . that they will burden taxpayers with.

But one thing I can guarantee you . . . liars can figure but figures don't lie. Delinquencies are rising. Unemployment is rising. One plus one will always equal two. And in this case it means more delinquencies, more foreclosure filings, more foreclosed homes . . . and falling home prices, which in turn will lead to more homes underwater.

Looking for a home or condo in Florida? - I'd welcome the opportunity to assist you with a purchase of a home or condo. For additional information please call me 772-260-5448 or visit our website www.FloridaHomes.PRO

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Miami Condos Selling Fast - It Depends

2009-08-18T01:26:00.002-04:00

We're starting to see isolated headlines about some high end condo sales in Miami, but you must still read between the lines. And even more important, you need to read what is not even being talked about.

NBA Star Buys $5.5M Condo - That was a headline two weeks ago. Amar Stoudemire of the Phoenix Suns bought a penthouse in the W South Beach. What you are not hearing about, are the athletes and celebrities that are selling their units at losses. This market is by no means bouncing back.

The hype is there, and now we have our very own Reality TV show about Miami and the spoiled, obnoxious, arrogant rich kids that make this their play ground. But that is not enough to fill the tens of thousands of empty condo units throughout South Florida.

Even the Stoudemire purchase needs some tea leaf reading. The W South Beach is not in the kind of trouble that hundreds of other South Florida condo projects are in. For many condo projects, you cannot even obtain financing, because so many of the units are empty, in default and/or delinquent in paying dues and fees.

My advice is to look, but don't touch in many of these condo towers. If you have done your homework, then you can think about buying, but make sure you have determined how many units are vacant, how many are delinquent, and what kind of trouble the condo association might be in.

Looking for a home or condo in Florida? - I'd welcome the opportunity to assist you with a purchase of a home or condo. For additional information please call me 772-260-5448 or visit our website http://www.floridahomes.pro/

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Fannie and Freddie - Reality TV Stars

2009-08-17T01:47:00.001-04:00

Fannie Mae recently told us they need another $10.7 billion of taxpayer money, after already receiving about $34 billion . . . that fools like Carney Frank and Dudley Dodd told us would never be needed.

Freddie Mac headlines recently shouted out how great things are because they didn't lose money . . . if you excluded dividends they were required to pay. So in reality, they lost money. It's funny, how we crave reality when it comes to TV shows, but we don't want any part of it when it comes to our financial systems or our futures.

$2 Trillion Problem - Fannie and Freddie guarantee or own more than $2 trillion in mortgages, and that number is growing, as these two "stars" are the last resort in a housing market that is stumbling along like a drunken sailor on a short pier.

With the very best estimates putting more than 20% of all mortgages underwater, you can do some simply math and double that number to 40% or more for Fannie and Freddie.

Ground Zero - I'm at ground zero in my real estate brokerage, and we work with banks and foreclosures every day. On average we are seeing banks recover about 35% of the mortgage value after foreclosing on properties and paying off the attorneys, asset managers, real estate agents, contractors and consultants. And believe me . . . I'm being generous with the 35%.

This means on $2 trillion in mortgages, there will be losses exceeding $1.3 trillion, which is more than enough to pay for Obama's health care plan, a fleet of jets for Congress, and a few hundred billion for Goldman Sachs' fees and Bankster Bonuses.

Head You Lose - Tails Goldman Sachs Wins - You don't think that $1.3 trillion will come from the tooth fairy, do you? Nope. If you're tuned into this Reality TV show, that $1.3 trillion will come from you, your kids and your grandchildren . . . and their kids and grandchildren.

Geithner Sends Smoke Signals - If you think I'm making this stuff up, you need to put down the beer and chips, and pick up the newspaper. In fact, Tim the Tax Cheat just told us Fannie and Freddie are doomed to be broken up, when he appeared at the House Financial Services Committee hearing. But he made it sound like something good was going to come from this break up. Not so with James Lockhart . . .

James Lockhart, departing director of the Federal Housing Finance Agency, kinda, sorta, winkie-winkie told us our $85 billion was gone and it was going to cost a heapin' pile more to unwind these two kids. Actually, he only told us we were going to lose some of the $85 billion, but this guy has been lying through his teeth, toes and nose since he landed in Washington.

Good Bank - Bad Bank . . . The Sequel - It's back again, like Ground Hog day. You see, rehashing Good Bank - Bad Bank is nothing more than a pirated copy of Ground Hog day played on a black and white TV with the static. Each time we hear it, it gets worse. But here we are proposing to take the good assets from Fannie and Freddie and leaving the bad assets for "another" entity. First of all, that entity is you the taxpayer. Second, you can rest assured the good assets will go to friends and family of Goldman Sachs. Didn't you hear? That's been deemed an inalienable right during this financial crisis.

Sparks but No Kaboom - That's the big issue. Everyone keeps asking me, what will trigger the next leg down in the financial markets. What will trigger a meltdown? My response is anything from a natural disaster to a war or maybe the reality we are facing with a mortgage market that is one Reality TV scene away from total blackout.

By the way, the $1.3 trillion potential hit in the Fannie and Freddie debacle is probably only a quarter of the total residential and commercial loss that seems to be growing by the day.

Looking for a home in Florida? - I'd welcome the opportunity to assist you with a purchase of a home or condo. For additional information please call me 772-260-5448 or visit our website http://www.floridahomes.pro/

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Vought Aircraft Industries Expands in Stuart, FLorida

2009-08-16T06:38:00.000-04:00

With all of the negative news hitting the press, it's nice to see something this positive. Vought Aircraft Industries is planning on adding 100 permanent jobs at their Stuart, Florida facility. This will include building a $3.2 million dollar facility at their Witham Field location. The jobs planned are 60% mechanical and 40% professional. And there is a program that will train high school and college students for some of these positions. This is truly a win-win for everyone.

Looking for a home in Florida? - I'd welcome the opportunity to assist you with a purchase of a home or condo. For additional information please call me 772-260-5448 or visit our website www.FloridaHomes.PRO

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Foreclosures Spiked Higher in July - Wake Up America!

2009-08-15T08:30:00.001-04:00

I use that line a lot lately . . . Wake Up America! Unfortunately, not only are Americans asleep in front of their TV sets, but when you do get riled up, you have no clue how you are being manipulated.

Remember the AIG bonuses? Americans went out in the streets to protest the $165 million in bonuses, while thieves like Goldman Sachs walked out the back door with $12.9 billion of AIG money . . . our taxpayer bailout money.

Health Care Town Meetings are no different. Obama wants you to get all worked up about something that is simply not going to happen. Obama and his puppet masters don't want you to think about the real problem . . . job losses, foreclosures and bank failures. No, instead, during July and August they wanted you to focus on the nonsense of health care, so the banks could push out billions and billions in bonuses, including a $100 million bonus that will go to just one man.

Foreclosures Set Records - Here in Florida where I live, Martin County, Indian River County and Palm Beach County set new records for foreclosure filings. I didn't bother to check the remaining 60+ counties, because the real flood of foreclosures has not even hit yet. In St. Lucie County they missed beating the record by just 12 foreclosures. I can assure you that August and September will be shockers!

Great Time to Buy? - It depends. If you know what you're doing, you can find a tremendous deal, but you need to be smart, fast and prepared. Here's a piece I wrote about how to buy foreclosure deals - Click Here

Looking for a home in Florida? - I'd welcome the opportunity to assist you with a purchase of a home or condo. For additional information please call me 772-260-5448 or visit http://www.floridahomes.pro/

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Housing Bottoms Out but Foreclosures Spike Higher

2009-08-14T06:09:00.001-04:00

Those were the conflicting headlines this week. The cheerleaders who have been calling the bottom for the last two years, are still hiking up their skirts and dancing around with cheers of a bottom, to be followed by Good Times.

Reality vs. ObamaRamaLama - Those looking for reality this week saw headlines of foreclosure filings soaring. You see, you can twist things both ways. So the National Association of Realtors and the boys and girls running the ObamaRamaLama are telling the world that foreclosure "sales" dropped and prices are rising when you look at last year's numbers or some numbers they seem to have the ability to pull out of dark places.

Obama Magic - Over the past six months we had Obama telling the banks not to foreclose on homes and to do everything possible to continue to cover up the problem. In return, Obama promised the banks billions of dollars that they could dole out as bonuses. And it worked . . . for now.

July Foreclosure Filings Spike - What we are starting to see, and what we will see more of, is the tsunami of foreclosures that have been stacking up in bank back rooms. But now that the billions in bonuses are being paid out, watch for the foreclosures to flood the markets over the next 3-9 months.

Prices Rising? - I'm not going to spend the next hour talking about where prices are rising and where they are falling. Sure, there are areas where prices are rising in comparison to last month, but still 20-30% below a year ago. But once the flood of foreclosures comes to market, you can bet your last penny that prices will once again head South . . . hard and fast.

Oh, by the way, we lost another 500,000 jobs last week . . . but once again the financial markets celebrated that with an up day . . . and the banks leading the way. These are the same banks sitting on billions and billions in losses from foreclosures they do not want to acknowledge. Sooner or later the stink will get so bad, that they will be shut down . . . and the taxpayers will foot the bill.

Great Time to Buy? - Yes and No. I suggest you read this piece I recently wrote about how to find a Great Buy - Click Here

Looking for a home in Florida? - I'd welcome the opportunity to assist you with a purchase of a home or condo. For additional information please call me 772-260-5448 or visit http://www.floridahomes.pro/

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Homeowner Association Dues - Check First

2009-08-13T16:12:00.003-04:00

In recent months we are seeing deals fall apart because the Homeowner Association (HOA) or Condo Association (COA) dues are not being paid by owners that are facing foreclosure or units that have actually been foreclosed. When this happens, lenders take notice.

In fact, when delinquencies hit certain levels banks will not finance units in the development, and this include FHA restrictions. It is becoming a big issue, and making matters worse are the banks that are foreclosing on units, and then refusing to pay HOA and COA dues.

Another problem with delinquent association dues are the special assessments levied on those owners still paying their fair share.

Buyers Beware - If you are buying a home or condo, make sure your initial offer carries an addendum for your review of what percentage of owners are delinquent. For my clients, we simply make this determination with in our "free look" inspection period that usually runs from 10-20 days.

Looking for a home in Florida? - I'd welcome the opportunity to assist you with a purchase of a home or condo. For additional information please call me 772-260-5448 or visit www.FloridaHomes.PRO

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Chinese Drywall - Early Warnings Ignored

2009-08-11T06:42:00.002-04:00

After receiving dozens of phone calls, emails and media requests regarding Chinese Drywall, I will post this one and only post regarding Chinese Drywall.

Almost five years ago, I started a campaign against home builders building defective homes. It was a costly battle both financially and personally. My meetings and conversations with politicians were met with puppy like stares . . . simply because they could not afford to piss off home builders, their attorneys and their friends and families. At that time, we were in the middle of a housing bubble, and politicians only cared about one thing . . . campaign contributions and jobs after they left office. Ken Pruitt, formerly the Florida Senate leader, was a perfect example of a politician that couldn't have cared less.

U.S. Florida Senators Bill Nelson and Mel Martinez were no different. And the same for a dozen Congressmen I contacted.

At that time, we knew homes were defective. We had definitive proof. More importantly, there were some very disturbing health issues popping up that were not connected to the physical defects. We knew something was wrong. It was clear that there was something in the air of these homes . . . but not a single government building inspector, nor a single politicians wanted to go up against the builders.

Sadly, a lot of the drywall that was installed could have been prevented if the home builders involved had taken the complaints seriously and done some internal investigations. I leave you with a quote from one of the country's greatest hypocrites.

Here is an excerpt from a speech Elizabeth Dole made as Commissioner of the Federal Trade Commission. January 21, 1979 "for too many Americans, the dream home has turned into a nightmare. You know as well as I do that as families move into their own little Garden of Eden, more and more are finding the apple full of worms. As a result, some home buyers believe they are being bilked for thousands of dollars, and they are expressing not only anguish but outrage. Shoddy building practices can be concealed from many purchasers who cannot be expected to have the technical expertise to evaluate the structural soundness of a home or the quality of electrical, plumbing, or air conditioning systems. The patience of the American consumer is rapidly running out. Consumers are demanding more protection from the government, not LESS. The consumer movement is no longer made up of small bands of activists with no troops standing behind them; the consumer movement is now part of our culture it embraces every one of us. And it will not be denied over an issue so fundamental as decent housing"

Wake Up America!

P.S. The same ignorance our politicians and regulators exhibited during the housing bubble, is what we are experiencing today with Goldman Sachs and other Banksters. Five years from now we will wonder why our pension funds are empty. We will wonder where all of our hard earned dollars have gone, while the boys and girls from Goldman Sachs will be sipping drinks on the beach.

Buyer Tips - How to Hire a Real Estate Agent

2009-08-11T06:11:00.001-04:00

Working with a real estate agent can be very tricky. The traditional commission paid is offered by the Seller. At closing, the Seller will pay both the Listing Agent and the Selling Agent out of proceeds the Buyer paid the Seller. Technically and legally, both agents are working for the Seller . . . unless the Selling agent has a separate agreement with the Buyer. We offer you an intelligent choice.

In addition to traditional service, we provide you with the option of purchasing blocks of our time. This means we work for you, and only you. We owe nothing to the Seller, except for fair-dealing. With the flat fee option, I have no incentive to sell you a house simply to earn a commission. Actually, about 20% of our clients that choose this option, decide NOT to purchase a home in this market or they postpone their purchase.

For traditional real estate agents, the only way they get paid, is if they sell you a house . . . even if the house and the market are not right for you. As a flat-fee agent, I am here to tell you the truth, and nothing but the truth about the homes you look at and the real estate market. My only goal is to protect you, and if that means telling you this is not a good time to buy or this is not the area for you, that is what I will do.

And here is a perfect example. We had a couple from Europe considering this Sailfish Point. They purchased two weeks of my time, and I showed them Sailfish Point and the entire area from Palm Beach to Vero. After two weeks, I advised them to rent for a few months, because I was not quite sure this was where they would feel comfortable in a vacation home. That winter they rented. After three months, they decided the area was not right for them! If they had been working with a traditional agent, they would have purchased the $4 million home they "thought" they were in love with. Now they would be trying to sell that $4 million home at a significant loss and the expenses that go along with selling a home.

One more example. Two years ago I had a couple from California looking to retire here. Once again, I advised them to rent. There were two reasons for this advice. First, I knew the markets were coming down. Second, I was not sure they knew exactly what they wanted. This year they purchased a home in a different community for about 25% less than homes were selling for two years ago. Not only did they save half a million dollars, but they settled in a community that made them happy.

So before you call a traditional agent or before you call the Listing Agent that is representing the Seller, call me and discuss your plans. Let me help you avoid the costly mistakes so many Buyers make.

Looking for a home in Florida? - I'd welcome the opportunity to assist you with a purchase of a home or condo. For additional information please call me 772-260-5448 or visit www.FloridaHomes.PRO .
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Up to $35,000 in Repair Money with FHA 203(K) Mortgage

2009-08-10T06:51:00.000-04:00

We see deals that fall through because a property has fallen into disrepair, and neither the buyers or the sellers can afford to make the repairs. But there is an easy solution. Here is an example.

Buyer - You are approved for $150,000 and you can buy the home for $125,000, but the home needs $15,000 worth of repairs to the roof. Since you have roof damage, you will not qualify for most mortgages.

Taking this one step further, neither you or the seller has the additional $15,000 to fix the roof prior to sale OR this is a foreclosed property and the bank that now owns the property is not making the repair.

Solution - You are approved for a $150,000 mortgage and the home is only $125,000, so there is $25,000 of wiggle room if you use a FHA 203(k) mortgage. This allows you to build the $15,000 worth of repairs into the overall mortgage, so there is no additional upfront money you need to come up with. The $15,000 roof is built into the price of the home, as if the roof were fixed prior to the sale and simply built into the house.

Here is what you will find on the HUD Government website . . .

FHA's Streamline 203(k) Mortgage - The “Streamline (K)” Limited Repair Program permits homebuyers to finance an additional $35,000 into their mortgage to improve or upgrade their home before move-in. With this product, homebuyers can quickly and easily tap into cash to pay for property repairs or improvements, such as those identified by a home inspector or FHA appraiser. For more information - Click Here

Visit Mike's website for information on Florida homes and condos - www.FloridaHomes.PRO
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90% of Florida Mortgages Underwater by 2011

2009-08-08T16:34:00.004-04:00

Obama has done a great job at convincing banks to keep the tidal wave of foreclosures off the market, but eventually market forces will prevail and these homes will flood the market. The truly scary part of this report is the break down in mortgages that will be underwater, with 89% of option adjustable rate mortgages underwater by 2011 on a national basis.

More startling is the statement that 90% of all types of mortgages in Las Vegas, and parts of Florida and California will be underwater.

Buyer Beware - I have said it is a Great Time to Buy a Home, but you must be very careful. Before you buy, I highly recommend you read my post about why it can be a great time to buy or a great time to get trapped - Click Here

Restaurants in Stuart, Florida | Jensen Beach, Florida | Martin County

2009-08-08T07:30:00.004-04:00

Instead of just giving you post after post about the business and serious end of real estate in Florida, I will spice it up with some fun things at least once a week. So here is a piece about restaurants in my backyard. If you have any restaurants you want to add . . . or if you have any ideas of things you want me to write about, please email me Mike@FloridaHomes.PRO

There are so many fine restaurants in Stuart and the surrounding area. Here are a few of my favorites . . . and a few you might want to avoid.

Seafood - The New England Fish Market - I grew up on the Jersey Shore and worked on fishing boats till I went off to college. When it comes to seafood, I am the pickiest of the picky. And with my family being in the restaurant business for 30+ years, I can tell you this is the best seafood restaurant I have ever found. Just minutes from Stuart in Jensen Beach - 1419 NE Jensen Beach Blvd., Jensen Beach, FL 34957 - (772) 334-7324

Seafood, Local and Waterfront - Shrimpers - Dine on the water in scenic Manatee Pocket. Great food and great views while you dine on the water. If you like cracked conch, this is the best you'll find on the Treasure Coast. But you will also find a variety of Florida and local favorites. Yum, Yum, Yum. - 4903 SE Dixie Highway, Stuart - (772) 220-3287

Pizza and Italian - Luna's in downtown Stuart - 80 SW Osceola Street - (772) 288-0550

Local Seafood - Conchy Joe's - STOP - Don't Go - turn around and go somewhere else. Even though Conchy Joe's is located on the Indian River and has great atmosphere, it has horrible service and the food ranges from questionably edible to basically fair. On rare occasion they hit on all cylinders and deliver a good meal and good service.

Nature's Way Cafe - For a healthy and hearty lunch go to Nature's Way for great food, relaxing atmosphere and great service in downtown Stuart - 25 SW Osceola Street - (772) 220-7306

Duffy's Sports Grill - Best burgers and all around great food. Also in downtown Stuart - 1 SW Osceola Street - (772) 221-4899

Fine Dining - 11 Maple Street - One of my favorite fine dining restaurants in the world is right here on the Treasure Coast. The quality of the food rivals any five start restaurant in the world. Best of all, the atmosphere is casual and relaxed, just the way we like it on the Treasure Coast - 11 Maple Street, Jensen Beach - (772) 334-7714

Breakfast and Lunch - Jan's Place - The BEST omelets on the Treasure Coast and a great variety of lunch sandwiches. - 1897 NE Jensen Beach Blvd. (772) 334-9598

Ice Cream, Candy Apples, Fudge and Chocolates - Kilwin's is the only place to go, and it is in downtown Stuart at 31 SW Osceola Street just a few doors down from Nature's Way - (772) 223-6446 - My favorites include their scrumptious toasted coconut ice cream and Stuart mud. For a bit of nostalgia, bite into one of their juicy, crunchy and very tasty gourmet candy apples.

Steak - Peter's Steak House - Unfortunately, another STOP - Don't Go - turn around and go somewhere else. They want you to believe that this is just as good as THE Peter Luger's in New York and they buy the same meat, etc. but my experience has been awful. You'll get a better steak at Outback. And if that was not enough, the service was horrible.

Thai - Bangkok Bay - Consistently good Thai food and service. Thai is one of my favorites, so I can't say this one is world class, but it is far better than the local options. There curry sauces are outstanding, and I have never had a bad meal here. I take clients here on a regular basis, because I can depend on consistently good food, service and value - 1833 SE Federal Highway (US 1) - (772) 286-2141‎

Deli - TooJay's - It's definitely not New York quality, but it's the best you will find on the Treasure Coast. For breakfast, try the Lox, Eggs and Onions Omelet with toasted Challah. 2504 SE Federal Highway, Stuart - (772) 287-6514

I will add to the list over the next few weeks. If you are visiting the area and want a few more of my favorites or want to ask about a restaurant, feel free to call or email me - Mike@FloridaHomes.PRO or 772-260-5448

Things to To Do in Stuart, Jensen Beach and Martin County - visit www.FloridaHomes.PRO/Stuart

Looking for a home in the Stuart area? - I'd welcome the opportunity to assist you with a purchase of a home in Stuart or one of the other marvelous communities in our area. For additional information please call me on my private cell phone at 888-227-5217 or visit http://www.floridahomes.pro/

Pre-Qualification Letters vs. Pre-Approval Letters

2009-08-07T06:24:00.003-04:00

BIG Difference. In fact, if you're looking to buy a foreclosure property at a great price, you better have cash or a rock solid Pre-Approval letter. Some banks and lenders are dumping foreclosure properties at great prices. They do this to meet deadlines or when they simply must reduce inventory. But either way, they want to make sure they are accepting a solid offer that will close. In fact, you want a REAL Pre-Approval letter for any house you are buying, and if you are a seller, you ONLY want REA Pre-Approval letters.

The last thing these sellers want to do, is to accept an offer with a 30 day financing contingency, only to find out on day 29, the buyer did not qualify. This means the seller must put the house back on the market . . . a waste of time and money. So the seller would much prefer to accept a lower offer if it is cash or a rock solid Pre-Approval.

What is a rock solid Pre-Approval? - I will give you an actual live example. We are selling a foreclosure property for a lender, and we have had more than a dozen offers. But only one of these offers was for cash, and the others were all pre-qualification letters masquerading as Pre-Approval letters. The cash offer was too low, so it was rejected. And all of the other offers were rejected, even though several of them were considerably HIGHER than the listed price.

Three of the offers that are in the running all have similar letters from the same mortgage broker at National City Bank. These letters state that the buyer is "pre-approved" BUT the bank still needs to verify documents, income, etc. Folks . . . that's not worth the paper it's written on, because the lender has done NOTHING to qualify or approve any of these buyers. What they have done is to waste my time, my clients' time, the buyer's time and the time of the buyers' agents.

Why? I believe it is because local, regional and national banks really don't want to make mortgages, so they make it difficult, if not impossible to get things done. We will no longer accept any pre-qualification or pre-approval letters from National City until they decide to get real.

What Can You Do? - Don't use a bank. Go to a mortgage broker and let them pre-qualify you AND then shop your needs around, and then verify your income, documents, etc. Once this is all done, they can give you a REAL Pre-Approval letter that locks you in . . . and moves your offer to the top of the pile with the seller.

How Do You Get Out? - The only things a REAL Pre-Approval letter should require is (1) contingent upon the appraisal, and (2) contingent upon the inspection. This means, you are ready to go, but if the house does not meet the appraisal and inspection standards . . . you get out of the contract!

It's that simple. So if you are dealing with a real estate agent that does not understand this, my advice to you is to find someone that does. And if you are dealing with a bank that does not understand this, find yourself a reputable mortgage broker to qualify you and shop your needs around to many lenders.

Questions? - If you still have questions, email or call me. Mike@FloridaHomes.PRO or (772) 260-5448

Website Answers - Visit our website for tons of information and FREE Super MLS Access - www.FloridaHomes.PRO
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Beware of Short Sale Experts

2009-08-06T08:29:00.000-04:00

If you have considered hiring an attorney or real estate broker that proclaims to be a short sale expert that is going to solve all of your problems . . . run the other way. Yes, there are short sale experts. But as I write this, in August 2009, lenders are NOT reasonably working on short sales.

1 - Fraud - More and more attorneys and real estate agents are taking money from desperate homeowners, promising them the moon. Let me make it real clear . . . they can NOT promise you anything, because they are NOT the lender you owe money to. My advice to you is, NOT to give any of them any upfront money. If they want to help you, let them get paid on the back end from the lender . . . when they do what they are promising. For the most part, they can't do anything for you.

2 - Foreclosure - Just about every lender we have dealt with this year (2009) has stopped considering short sales. Now I should explain that. Some of them tell you they are still considering short sales, but once you get three months into paperwork, you realize the only thing they are doing is wasting your time and gathering information about you. The fact is . . . just about all lenders are now opting for foreclosure. We recently had a lender that had agreed to a short sale, and while we were in the middle of it, they foreclosed on the homeowner. They never said a word to us until after they had filed for foreclosure. And then, they refused to stop the process and consider the short sale.

3 - Fraud - This one is important to repeat. Do NOT pay anyone advance money to assist you with a short sale. If they can truly help you, they will earn their commission from the bank when the deal is closed.

4 - We Do NOT List or Show Short Sales - To show you how tough it is to get a short sale done, we no longer list short sales unless the Seller is prepared to pay a listing fee . . . with no guarantees the home will be sold. We charge $500 and we list your home in both local MLS services, Realtor.com and dozens of other online listing services, but we make NO representations other than to do our best to help you sell your home. We tell you the chances are slim to none at this time, but for some people they have no other option.

We do NOT show short sale listings because we know they take months to complete . . . if they ever close. This year, 2009, we have seen no short sales close with our buyers or sellers. Banks are under the Obama spell, and with our government pumping billions into the bank executives pockets, the entire system has collapsed.

For more information about Florida Real estate and Buying a Home in Florida visit our website: www.FloridaHomes.PRO or email me Mike@FloridaHomes.PRO

Unpaid Property Taxes and Falling Property Values - Two More Dropping Shoes

2009-08-05T06:11:00.000-04:00

Unpaid Property Taxes - Take a look around the country, and you'll see a rise in the number of people that cannot pay their property taxes. This means less money in the city and county coffers, and that means cut backs in services like police, fire, hospitals, education and the other basics we depend upon. In most cases, the taxes will be collected, but that could mean a wait till the property is foreclosed and sold. And that involves legal expenses that sometimes exceed the amount of the taxes. Yikes.

Falling Property Values = Lower Taxes Collected - Yes and no. Falling property values means the base of property values has fallen, and if the tax rate is kept at the same level, that means lower taxes collected. But what we are seeing throughout the county is an increase in the millage rate, because local governments are finding it harder and harder to cut back . . . after the housing bubble years of plenty. You see, local governments were raking in more than their budgets for a number of years, but instead of saving it for a rainy day, they expanded services and gave out pay increases like candy. The process of rolling that back will not be easy, and in many cases will not be legal. The only alternative is to increase the millage rate as the tax base falls. Double Yikes.

For more information about Florida Real estate and Buying a Home in Florida visit our website: www.FloridaHomes.PRO or email me Mike@FloridaHomes.PRO

Short Sales - Tips and Warnings

2009-08-04T06:00:00.000-04:00

Short Sales have become almost impossible to complete. Just this past week, we have decided NOT to take short sale listings and NOT to show short sale listings. That's a huge decision, and I believe it is becoming the norm for the more experienced real estate agents. Here's why . . .

Short Sale Listings - We are required to do about $500 worth of pre-listing work from meetings, site visits, photos and data entry into the MLS system. Then we are required to answer showing calls, submit offers, do volumes of unnecessary paperwork . . . for nothing. Over the past three months, 100% of the short sales we have been involved with, have gone to foreclosure.

When that happens, not only do we lose the listing and all of the work we did was for nothing, but the listing will be given to another agent in the area. The reason for that, is the lender turns the property over to an asset manager, and the asset manager gives the listing to one of the REO agents they are associated with . . . even if that is an out-of-area agent that is going to do a horrible job.

We lose an average of $3,500 on each short sale listing now. That represents all of the time we put into these listings, as well as driving expenses, property visits, etc.

Short Sale Showings - Over the past few months we have not seen a single short sale that we have been involved in, move to closing. Lenders are now opting for foreclosure. We have wasted hundreds of hours of time showing these properties to buyers, and we have submitted many offers . . . only for the offers and process drag on, and on, and on. Eventually, the property is foreclosed . . . and all the work and time was waste.

So we no longer list or show Short Sales. My suggestion to you is this. If you are extremely patient and you can find an agent that will actually show you short sales, go for it . . . providing you are prepared to strike over and over and over.

For additional information visit our website www.FloridaHomes.PRO or email me Mike@FloridaHomes.PRO - You may also call me at 772-260-5448
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Restaurants for Rent - Cheap, Cheap, Cheap

2009-08-03T07:22:00.003-04:00

Not only cheap, but you'll save $50,000 - $500,000 on renovations. So many restaurants have shut their doors in Florida that landlords are willing to rent restaurants that are broom cleaned and ready to open . . . just add food, drinks and waiters.

In fact, some landlords are so desperate that they will provide operators with free rent and leases based solely on percentage of sales. In many strip centers and malls, restaurants and the food court are vital to the life of the property.

So if you are considering opening a restaurant in Florida, now might be the time to start looking. But make sure you have a rock solid business plan, experience and the cash in the bank to get through the tough times. For many, we recommend a year's worth of expenses, and you'd better be prepared to lose it all. Restaurants are the at the top of business failures, because many people think they cook for friends and family, so they can make money cooking for others.

My family has been in the restaurant business for more than 30 years. I can tell you from experience, it is far more difficult than anyone imagines. Just like some people consider a boat, nothing more than a hole in the water to throw money into . . . for most people, a restaurant is just a place where your friends and family come to eat for free, and your staff rips you off, and if you are not careful, the health department and the tax man will be shutting you down.

So be careful, but if you know what you're doing or you have done this before, now might be the time to consider looking at some of the deals you can strike up with landlords.

For more information on Florida restaurant opportunities, feel free to email me at Mike@Morgan7.com

Help for Foreclosed Homeowners? - Not

2009-08-03T06:32:00.001-04:00

Yet another bill is being mangled through Congress to help foreclosed homeowners rent their homes from the lender. I have three words for this one having any meaningful effect . . .

Not a chance.

Four years ago I warned that the coming housing crisis would be made much worse by lenders that have no idea how to manage real estate. We are already seeing that in the way these lenders are trying to deal with foreclosures. They not only can't manage them, but they make things worse when they try to sell these homes.

Rentals? Do you really think there is a snowball' chance in hell that lenders can manage rentals? This includes collecting rents, inspecting properties, property maintenance, evictions, etc. Rents in most markets do not cover mortgage payments, so why would a lender want to take a loss on the rental . . . and have to pay taxes, insurance, maintenance and a property manager?

This is not only a plan doomed for failure, but it is another example of a buffoonish ObamaRamaLama that will further fuel the financial crisis by forcing banks to lose more money, instead of cutting their losses and facing the consequences

For additional information on Florida Real Estate visit our website at http://www.floridahomes.pro/ If you are a buyer or investor, please feel free to email me at Mike@FloridaHomes.PRO or call me at 772-260-5448
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Is Port St. Lucie a Real Estate Hotbed?

2009-08-02T09:06:00.000-04:00

In law school, the most valuable thing I learned . . . is the answer to most questions is . . . IT DEPENDS. And that truly applies here. Yet another real estate website SmartZip.com is out there touting real estate advice on a national level, even though they have no clue what is going on in the local areas they are writing about. Port St. Lucie is a perfect example.

SmartZip.com has listed Port St. Lucie as a Top 10 for investors. Yikes. What do they know about what is really going on or what areas of Port St. Lucie are good, bad or ugly. They know nothing, so beware.

There are deals to be made in Port St. Lucie real estate, but it still not time for investors to step in unless they are prepared to another 1-3 years of losses.

Investors can buy foreclosure properties for 10-25% less than buyers that require a mortgage, so if you do your homework, you have a huge advantage as a cash investor. But the next step is very tricky. You now have two options. One, you flip. Or, two, you find a renter. Both are scary. Flipping is out of the question because of the costs of marketing and flipping. Rental is just as scary.

There are so many homes on the market in Port St. Lucie that rental prices are less than half of what they were just two years ago. But the really ugly part is the quality of the renters. If you buy a foreclosure property in an area that is still declining in price and quality . . . you are in trouble. You need to purchase a property that is in a stable area, and one where the rental percentage is less than 25%, meaning one in four neighbors are renters.

All of this requires hiring an expert. I believe we are the best experts on Florida's East Coast because we have been working with banks, financial institutions AND residential clients. We have a unique perspective on the markets.

For additional information visit our website www.FloridaHomes.PRO or email me Mike@FloridaHomes.PRO - You may also call me at 772-260-5448

Treasure Coast Foreclosures Soar in Martin County

2009-08-02T08:53:00.001-04:00

New foreclosure filings in Martin County, Florida jumped to 227 in June from 139 in May for a 60%+ increase and more than double the January number.

If you believe the hype our President is pumping out in his daily ObamaRamaLamas, the Recession is over and the Housing Crisis is over. If you want to hear the truth, here is what I say . . . Not A Chance.

We are still in for a horrific drop in world economies, increased unemployment, bank failures and a flood of foreclosures.If you are interested in additional information about Florida Real Estate and foreclosures, please visit our website www.FloridaHomes.PRO or email me Mike@FloridaHomes.PRO

Tim Geithner is Totally Clueless - and a Lying Tax Cheat

2009-08-01T07:54:00.004-04:00

Hank Paulson was devious, corrupt and an outright criminal that far exceeded anything Madoff did. But he's a Goldman Sachs untouchable.

Tim Geithner is also devious, corrupt and an outright criminal, but he is also dumb as a box of rocks. Then again, maybe he is sly as a fox and just continuing the masterful fraud that Hank Paulson started.

Below is a clip every should watch. Here is Tim the Tax Cheat telling us AGAIN that the recession is over AND the housing crisis is over . . . but he can't sell his old house!

The Daily Show With Jon Stewart

Mon - Thurs 11p / 10c

Home Crisis Investigation

http://www.thedailyshow.com/

Daily Show
Full Episodes

Political Humor

Joke of the Day

Let me assure you, the housing crisis is NOT over. In fact, it is going to get much worse as unemployment rises and the banks are eventually forced to release the foreclosed homes on their books.

For more info on housing and if you are looking for a home in Florida, please visit our website: www.FloridaHomes.PRO

Home Buying Tip - Getting Out of a Contract

2009-07-31T11:30:00.003-04:00

I offer this tip for a few reasons. One of them is so non-cash buyers can compete with cash buyers. Most banks selling foreclosed properties require an As-Is contract. They believe this means the buyer is locked in, but in fact, it gives the buyer complete control of the contract through the inspection period. Please remember I am a Florida real estate broker, so I am only referring to what goes on here in Florida.

More specifically, here in Florida we have what is called a FAR/BAR As Is contract. This means the contract was written by and approved by the Florida Association of Realtors (FAR) and the Florida Bar Association (BAR). You can't get much better than that, right? Well, let's examine what this "AS IS" contract means.

The AS IS contract in Florida has what I call the Buyer "OUT" Clause that reads like this . . .

. . . if Buyer determines, in Buyer;s sole discretion, that the property is not cceptable to Buyer, Buyer may cancel this Contract . . .

So here we have a contract that provides a 100% lock guarantee that the Buyer can back out for any reason whatsoever . . . and the Seller has no right to remedy. Period. Full Stop.

I can tell you that most banks and builders have no clue this clause is in the contract or that it means they Buyer can back out for "any reason whatsoever," which means if the buyer changed their underwear and decided to change the deal, they are out . . . and the seller must return all deposits. The only catch, is that this clause only applies during the Inspection Period. No big deal there because most contracts give the Buyer 10-20 days to do the inspection.

This . . . my friends . . . is the way to make sure you can get out of a contract, and there is not a judge in the English speaking world that will deny you.

For more information on Florida Homes and Home Buying, visit our website - http://www.floridahomes.pro/
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Home Buying Tip - Cash vs. Financing

2009-07-30T07:00:00.001-04:00

In the current market, cash is truly king. In fact, it is more than king. It is Ruler of the Universe. The force behind the cash is our financial system. Banks stuck with several million foreclosed homes and homes to be foreclosed are the culprits. And it is a double edged sword for home buyers.

Banks Closed for Business - The same banks that were racing to finance overpriced homes just a few years ago are now essentially "closed for business." A few years ago they were giving buyers 100% financing, even though the buyer was not required to provide any documentation to support their income or financial condition. Today, even very qualified buyers are finding it difficult, if not impossible to get a mortgage. You see, even when a bank decides to make the loan, they take so long to approve the loan, that the property the buyer was interested in, is no longer on the market.

By the way, the same banks that created the mess we're in are the very banks our government rewarded with billions of dollars in the ongoing Bailout. They were supposed to be using that money to free up the credit system and make loans. Instead, they have taken that money and used it to gamble in the stock market . . . with our money. Companies like Goldman Sachs and JP Morgan have made billions of dollars trading stocks . . . not making loans. So what have we done. We've turned our bankers in to gamblers with a twist . . . heads they win - tails you lose.

Bankers Making it Worse - Instead of loan modifications, banksters are foreclosing on homes and then trying to liquidate them. But here's the twist. They are not willing to finance these homes. In many cases, they are not willing to finance these homes under any conditions. That means the cash buyers are King. We have seen cash buyers pick up homes at 20% below offers made by buyers that required financing. The banks don't even want to wait a few days to determine if the buyer will qualify for an FHA loan. Instead, they want to dump for cash . . . and this drives prices lower.

What You Can Do - It would be great if we could simply vote Congress out and take back control of our government, then put the banksters in jail. Unfortunately, that is just a dream.

If you can't come up with cash, make sure your offer is not based upon financing. To do this you must get pre-approved for a mortgage based on your actual financial condition, and you must be sure the home you are buying will appraise for the value you are paying. With these two elements addressed, you should be able to write an offer with no financing contingency.

Now your offer is as close to cash as it gets for the bankster looking at the offers. You should also be prepared to put down as much as possible, and waive any right to get your deposit back if by some odd chance your financing falls through. This sounds risky, but it's not. I'll explain why tomorrow . . .

For More on Homes and Housing Visit Our Website - http://www.floridahomes.pro/

Corus Banks - Dead but Still Bleeding

2009-07-29T08:46:00.005-04:00

I've written about Corus Banks for the past four years, and if you would have asked me four years ago if I thought they'd still be around today . . . I would have bet against it. I started calling them the walking dead four years ago. I would tell clients that these guys are dead, but they just don't know it yet. Corus did more condo loans than any other bank in the world . . . and they bragged about it non-stop.

But here we are July 2009 and Corus is still bleeding . . . and you and I and all our friends and family are paying for it. Eventually, the FDIC will step in and incinerate Corus, because it appears that is the only way to put an end to the misery. Sadly, Sheila Bair should have put this one down two years ago. In fact, bank regulators should have stepped in four years ago, when Corus was making deals that were not only horribly bad, but enriching the deal makers and bank executives. The lack of regulation will cost taxpayers hundreds of millions of dollars in the ultimate death of Corus.

The vultures are still circling Corus, but now we have a few hawks looking at the meat Corus calls assets. Corus does have some very choice condo properties here in Florida and throughout the country. Some of these will do well when a solid recovery sets in. There are also Corus properties that may eventually be torn down or used for some kind of social welfare housing, jails or who knows what.

Barry Sternlicht of Starwood Capital Group is looking, and when he looks it's time for other investors to look. I have spoken with several clients interested in Corus properties, but one problem is the FDIC. Corus can't do anything with their properties at this point, because they are just days away from the end. Anything they did now would come under extreme scrutiny, and I am not sure they legally could dump any of their assets at this point.

There is a long list of vultures and hawks looking at Corus assets. The vultures will eat anything that stinks, but the hawks will only take live prey that is fresh and tasty.

I will close with this. Fifth Third Bank was just put on the Conviction BUY list at Goldman Sachs. When I first hear the news I thought it was a joke. It wasn't. Fifth Third Bank has Corus-esque problems with residential housing, commercial real estate, multi-family housing and land. Fifth Third Bank concentrated on Michigan, Ohio and Florida. Duhhhhh

On the flip side, Fifth Third has the power of Goldman Sachs buying up their stock and pumping more of the stock into client accounts, but unless Goldman Sachs takes Fifth Third under their wing, I see some very rough weather ahead for them. It's starting to look like Fifth Third might be a little cozier with Goldman Sachs than most think. It would be interesting if this was Goldman Sachs' means of ultimately entering legitimate banking. Goldman Sachs either didn't do their homework on this one, or they know something is coming down the pike that only they could know.

MLS Search Tips - Home Buying Tips

2009-07-29T07:16:00.002-04:00

It's not enough to have your agent set up an auto-search in the MLS system, because most agents are going to set up the search to show you only the new listings. You also want to see what goes Pending and what Closes.

Pending Sales - These are not really sales but pending "offers." You will want to watch these to see what areas are seeing activity, as well as to see if any of these fall through and come back on the market. You see, if the home was pending for a month or two, and the deal falls apart, you can bet the seller is now more anxious to sell. So if you are in the market for that home, you will want to jump on the opportunity of a Pending Sale that falls through. So make sure your agent sets up your auto-search to include Pending Sales, Pending Sales with Contingencies, and also Pending Short Sales. Some MLS systems only have one category for Pending, but others have all three.

And one more thing . . . you will want to make sure your agent sets your auto-search to notify you of status changes.

Sold - If your agent is not including Sold listings that match your criteria, you have no way of knowing what homes are selling for. When a listing goes Pending, we do not see what the offer was. Only when a home is Sold do we get the updated information that provides the contract price.

Auto-Search NOW - If you're looking for a home in our market, please email or call me. We service the following counties in Florida:

Martin County - Stuart, Jensen Beach, Sailfish Point, Palm City, etc.
Palm Beach County - Boca Raton, Palm Beach Gardens, Delray, Boynton Beach, etc.
St. Lucie County - Port St. Lucie, Tradition, St. Lucie West, etc.
Broward County - Fort Lauderdale, Deerfield, Coral Springs, Hollywood, etc.
Miami-Dade County - Miami Beach, Coral Gables, Aventura, Key Biscayne, etc.
Indian River County - Vero, Ft. Pierce, Sebastian, etc.

Mike Morgan, Broker - Morgan Florida Real Estate
Mike@FloridaHomes.PRO - 772-260-5448

Visit our website for a wealth of information . . . www.FloridaHomes.PRO
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Is it a Great Time to Buy a House? - It Depends

2009-07-28T08:17:00.005-04:00

Here is a comment in response to my recent post were I said it was a Great Time to Buy.

"You seem to have changed you tune on housing. Last spring, you said we were nowhere near the bottom, and to avoid purchasing the typical fungible suburban tract house. Now you are saying to come see you if we are interested in buying. What gives?"

And here is my response. I haven't changed my tune on housing. I report what I see, as I see it. So things are always changing and that is what I discuss. When I say it is a great time to buy, it means you must still be a smart buyer. Here's an example. There are three identical homes in a subdivision.

Home 1 - Owned by the builder and he is asking $250,000 for this new home.

Home 2 - Owned by a homeowner and they are asking $350,000 because that is what they paid for the home three years ago. Moreover, they had 100% financing and that is the amount they still owe.

Home 3 - Owned by a bank that foreclosed on the home. They just want out. So they put the home on the market at $175,000.

This is not a perfect example, but it gets the point across. When I say prices are still coming down, I mean the prices on Homes 1 and 2. As you can see, there are many homes listed far above the market, because homeowners are stuck, and they refuse to accept reality . . . or they cannot afford to. These homes are going to drop 30-50%. But Home 3 is already at that 50% off level, and 30% below what the builder is asking.

So it is a GREAT time to buy if you are going to live in the home and you know how to buy. If you are a patient investor, it is also a time to buy . . . if you know what you are doing!!!! Investors must do their homework and understand the markets. Too many investors and end users hire a friend or relative to be their real estate agent. That is usually a huge mistake. You need to hire an experienced expert.

Visit our website for a wealth of information . . . www.FloridaHomes.PRO
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Realtor.com vs. MLS Auto-Search

2009-07-28T07:00:00.004-04:00

Delayed Version - What you see on Realtor.com and ALL of the other Internet websites that boast about showing you ALL the listings is a delayed version of what the very sharp home buyers see when they search the local MLS systems . . . directly. Realtor.com and all of the other websites are pulling there data from the local MLS systems, but they cannot pull it instantly. They must batch that information and pull it once a day, once every two days, etc.

Snapshot Version - Not only is the information you are seeing old, but it is nothing more than a snapshot of the full listing on the property. Only your agent can pull the full text version of the listing that includes ALL of the information entered by the listing agent.

How To Get It All and NOW - There is only one way you should search for a home, and it is not spending hours and hours searching Realtor.com and the Internet. The one and only way is to hook up with a full-time, experienced real estate agent. Once you've found the agent, ask them to set you up with an auto-search within their local MLS system. This will provide you with all listings that match your search criteria . . . almost instantly.

Here's how it works . . .

1 - Search Criteria - Your agent will ask you for all of your search criteria. This includes price, size, bedrooms, bathrooms and all the basics. But it can also include dozens of other criteria like - year built, type of construction, pool or no pool, waterfront and what type of waterfront, days on market, etc. You could never possibly refine your search to this level on Realtor.com or any other Internet source.

2 - Set Up - Once you have set your criteria, your agent will set up the search WITHIN the MLS system. This means you will get listings that match your criteria, and you will not be wasting your time sifting through dozens of listings that do not match your very specific criteria.

3 - Instant Results - Any time an agent enters a new listing that matches your search criteria, you will receive an email notice with a live link to the listing. And you will receive it within seconds of the listing being entered into the MLS system, no matter which real estate agent enters the listing. You will see everyone's listings, price changes and updates to status . . . immediately.

4 - What Next - Two things. First, if you want more information on a listing or want to see the home, call your agent. Your agent can pull a more detailed listing report that is only available to agents. Second, if you are getting listings that do not properly match your criteria, ask your agent to tweak the auto-search.

Auto-Search NOW - If you're looking for a home in our market, please email or call me. We service the following counties in Florida:

Martin County
Palm Beach County
St. Lucie County
Broward County
Miami-Dade County
Indian River County

Mike Morgan, Broker - Morgan Florida Real Estate
Mike@FloridaHomes.PRO - 772-260-5448

Visit our website for a wealth of information . . . www.FloridaHomes.PRO
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Foreclosures Soar as Predicted - Port St. Lucie Still Ground Zero Cystal Ball

2009-07-27T08:01:00.001-04:00

In May, Barron's published my article about the next wave of the housing bubble . . . a tsunami of foreclosures. You can read the full article - Click Here And even though I took heat for my comments . . . we are seeing the very, very tip of the tsunami crest come to shore.

There are two ground zero markets in Florida for the housing bubble when it comes to single family homes - Port St. Lucie and Cape Coral. In St. Lucie County everyone thought foreclosures peaked in February at 817 for the month. March, April and May all saw drops to a low of 455.

But that all changed in June when foreclosures almost doubled to 857. As I noted, this is just the tip of the crest of the tsunami. I expect foreclosures to continue to rise here on the Treasure Coast and nationwide. Remember what I have said since 2004. What you see here at ground zero, is coming to a town near you . . . soon.

GREAT Time to Buy - Even though we will see a flood of foreclosures, we are seeing some foreclosed homes sell at 30-50% discounts from the current market. So even when the market drops another 30-50%, if you buy one of these foreclosed home right, it will be your neighbors overpriced home that declines. If you paid 30-50% less than the current market, you are not only protected against a decline . . . but you are sitting pretty for when homes start to appreciate again.

If you're looking for a home in Florida, please feel free to call or email me - Mike@FloridaHomes.PRO or 772-260-5448

Foreclosed Homes in Florida Priced Just Right

2009-07-27T07:00:00.001-04:00

This might sound like the easiest of options, but the same basic principles outlined above, apply here.

1 - Do Your Homework

2 - Hire an Expert . . . not a part-timer or a friend

3 - Have Your Ducks in a Row

Poker Time - My only advice to those buyers that think a property is priced Just Right . . . is to put on your poker face and think about what other buyers are thinking. Once you feel you understand the market and a feel for what other buyers might be thinking, it is time to develop your offer.

Two Choices - Offer more or offer less. Matching the listed price is never an option for one simple reason . . . it is the obvious, and it is what inexperienced real estate agents will recommend to their clients. At the very least, offer a few hundred dollars more than the list price . . . just in case there are other offers at list price.

Success Story - One of my clients submitted an offer of $185,412. It was one of those oddball numbers I came up with. The list price was $185,000 and there were two other offers - one at $185,000 and one at $185,100. I had a good chuckle when I found out, because the agent that offered $185,100 was sharp enough to go a bit higher, but not sharp enough to think it through a bit more. Guess who got their Dream Home? My client, because she was willing to "think outside the box" after thinking about who and what were in the box.

Offering More or Less? - Once you determine the property is priced right, it is truly up to you whether to offer more or less. If you must have this home, offer more and maybe kick it up a notch. If this is just one of many homes or you are an investor with patience, go ahead and offer less. There will be more properties. The difference here is whether this is a property for you or a home.

Next - I will be writing about the importance of Cash v. Financing offers and Good v. Bad Pre-Approval Letters.

For More on Homes and Housing Visit Our Website - www.FloridaHomes.PRO
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Bill Gates House Hunting in Martin County, Florida

2009-07-26T07:55:00.003-04:00

Martin County, Florida is one of the best kept secrets in Florida. No high rises. No traffic. Great beaches, fishing, golfing and restaurants. And if you need the high life, just minutes to the Palm Beaches.

Bill Gates has been quietly looking for a home on Jupiter Island, joining the list of famous folks like Celine Dion, Tiger Woods, Olivia Newton John and dozens of others that enjoy the peace and serenity found in Martin County. All of these stars could just as easily purchase a home in Palm Beach, but they are not interested in "being seen" as enjoying life. And that is why Martin County is so special.

When I left the corporate world, I could have lived anywhere in the world. I also chose Martin County. I'm tucked away in a gated golf community in Jensen Beach, just five miles to some of the best beaches in the world. If you're thinking of relocating, and you're not sure where to settle down, consider Martin County. I'd welcome the opportunity to take you on a tour of the area. By the way, if you would like a FREE map of Martin County and St. Lucie County, simply send me an email with your mailing address - Mike@FloridaHomes.PRO

Back to Bill Gates - For the past few months Gates has been making offers on high end Jupiter Island properties. But the offers have been lowballs, and he has been unable to lock in a home. Maybe that has something to do with the agent he is using, a 25 year old who claims to be representing two of Bill Gates' investment arms.

The key to finding any home, is to know what you "really" want. Obviously, Bill doesn't know what he wants, as his agent has made numerous offers. You can't possibly want all of these homes. When you have as much money as Bill, you should spend time researching what you want. And if Bill was my client, we'd have him or his wife looking at these properties from a helicopter, from a boat and on the ground.

It seems like Bill just wants a "deal," even if it is not really what he wants to live in and enjoy what Martin County has to offer. I have news for Bill. Even a lowball offer on an overpriced home with hidden problems, is a bad deal. There are many overpriced homes in all markets. There are also homes that might be right for one person and wrong for another. If the home is not right for you, why offer anything?

In any event, I always find it interesting to hear about the rich and famous that are quietly moving to Martin County or purchasing vacation homes here.

For More on Homes and Housing Visit Our Website www.FloridaHomes.Pro
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Foreclosed Homes in Florida Priced Too High

2009-07-26T07:37:00.002-04:00

This is the second in a series of three. For my comments on foreclosed homes priced Too Low - Click Here

Maybe the first bit of advice for foreclosed homes priced Too High is . . . walk away. But there are other options. Some banks will price a property too high because they want to be able to account for it on their books at an artificially inflated price. Other banks do this because they do not want to sell these properties and incur the expenses that go along with selling a property where they may wind up with 10 cents on the dollar of the original loan. It is a complicated process and Washington is at the heart of it by allowing so many exceptions and very little regulation of the banking industry when it comes to these loans. In any event, Buyer Beware applies here, but I would also add Buyer Opportunity.

Do Your Homework - Once again, this is the most critical step. You cannot do this alone because you do not have the access to records that a sharp real estate agent does. You may have access to the tax records of the area so you can look up what the property was sold for previously, but you don't have all of the additional facts real estate agents have through the MLS system historical data. So my first bit of advice is to hire a sharp, full-time real estate agent . . . that has experience with foreclosures.

Make An Offer - Now that you feel comfortable with the price you want to offer, be sure put together a well drafted offer that the bank can seriously consider. This means, above all else, provide as much information and detail as possible. If you have a lazy agent or one that does not really understand the legal issues of drafting an offer . . . get another agent or don't waste your time submitting an offer.

Financing - Your most powerful lowball offer is one that requires no financing. I have often seen banks accept 10-20% less than best offers because the lowball was a sure thing. If they accept a higher offer that has a financing contingency, the bank risks the deal falling apart if the buyer's financing does not come through.

When a deal falls apart, it just cost the bank time and money in dealing with the offer. And now they must put the home back on the market. In declining markets, this means putting the home back on the market at a lower price. So not only did they lose time and money during the contract period, but when they do eventually sell the home it will be at a lower price. If the next potential buyer also failed to get his financing approved, the process repeats. This can get very expensive for a bank.

Ducks in a Row - If you are like most buyers, you do require financing. If you have your "ducks in a row" you will be fine. I recommend all of my buyers get pre-approved through a reputable mortgage broker. I cannot stress that enough. If you are using a friend to get you a worthless pre-approval letter, you are wasting your time . . . and you are only fooling yourself. If you would like to use the mortgage broker we recommend for our clients, please email me Mike@FloridaHomes.pro and I will reply with the contact info.

With a solid pre-approval letter in place, you have two choices to make. One, you can submit your offer contingent upon final approval of your financing. Two, you can entice the seller with a significant down payment and no contingency for final approval. The second option is very risky. If you do not receive final approval of your financing, you lose your contract deposit. However, sellers will look at these offers as stronger because you are putting your money where your mouth is. By the way, there are ways around losing your deposit, but I must save that or another article.

Submit the Offer - You finally have a very clean and very detailed contract. You also have a rock solid pre-approval letter. You want to submit both. When you select a closing date, try to make it less than 45 days and at least 5 business days before the end of the month. If there is a close decision, banks will be more willing to accept an offer if they can get a property off their books before the month closes.

After the Offer - If your offer is rejected, at least your name is in the hat should the seller decide to lower the price. If the listing agent is on the ball, they will contact you when the price is lowered. Better yet, your agent should have this listing on an auto-watch where the MLS system will notify your agent as soon as the price is changed.

Next - I will be writing about Priced Just Right. I will also be writing about the importance of Cash v. Financing offers and Good v. Bad Pre-Approval Letters.

For More on Homes and Housing Visit Our Website - www.FloridaHomes.PRO
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Foreclosed Homes in Florida Priced Too Low

2009-07-25T08:12:00.006-04:00

There are three ways a foreclosed home can be priced by the seller. I will post three mini-blogs on Too Low, Too High and Just Right. Here is the first . . .

Too Low - Sellers that get bad information from the appraiser and real estate agents, will either price too low or too high. Some sellers price low because they are up against a clock when it comes to selling properties. Don't fall into the trap of offering less on a foreclosed home that is priced too low. These homes receive multiple offers. We just finished one where we had 12 offers. Of the 12 offers 8 of them were higher than the listing price, 2 of them were lowballs and 2 of them were at the listed price.

Offering More Than List Price - If you are an investor, then you have the luxury of making offers on many properties until you get lucky, so you may not have to offer more, because you can wait. I tell my investor clients to make their offers based on the numbers after calculating rent and expenses. It is a pure black and white decision.

If you are going to live in the home, you need to consider when you need the home and how much you want this home. If you need a home fast, and you love the home you are looking at you will need to offer more than list price on homes priced too low. But even more important is
FINANCING. If you are a cash buyer, you have a huge advantage over buyers that still need to finalize financing. I've seen banks sell homes for 20% less than the highest offer, simply because the guy offering 20% less was all cash with no financing contingencies whatsoever.

Do Your Homework - When you do offer more than list for a home, make sure you have spent time with your real estate agent discussing comparable sales in the neighborhood and whether the local market is increasing or declining in value. This latter issue is huge. If you are considering a market that is declining in value, I often advise clients to rent for 6-12 months. If you are in a market that is increasing in value, you must consider beefing up your offer.

Smiles or Tears - The saddest thing we see, is when a buyer has their heart set on a home, but they refuse to offer more than list price. Here's a perfect example. I was working with a couple that thought I was trying to "rip them off" because I was urging them to offer $82,565 on a home foreclosure home listed at $77,000. And here's why . . .

The listing agent had already acknowledged that there were multiple offers. The listing agent can NOT tell me or anyone else what the offers are. All she could do is tell me there were other offers. My clients only wanted to know what the other offers were so they could offer more.

My clients also wanted to know how I came up with $82,565, so I explained. After reviewing comps in the area and taking into consideration my clients' immediate need for a home, I thought $82,500 was a fair offer. I boosted it up $15 just in case someone else came up with that same round number I did. By the way, we always recommend our clients offer just a little bit more than any round number . . . just in case there is another identical offer.

Deal or No Deal - Finally, my clients decided to use another real estate agent because that agent put together a contract at the $77,000 list price. I think you already know what happened. There were 7 offers on this property. My former client's offer was the lowest. The home sold for $82,000, and there was one offer at $84,000. If they had offered $82,565 as I suggested, they would have been living in that home now.

Next - I will be writing about Too High and Just Right. I will also be writing about the importance of Cash v. Financing offers.

For More on Homes and Housing Visit Our Website - www.FloridaHomes.PRO
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Florida Foreclosures - How To Buy Foreclosed Homes in Florida

2009-07-24T15:28:00.003-04:00

Florida Foreclosure Myth v. Reality - In April 2008, I wrote how it was still too early to be buying foreclosure properties, because prices were headed lower. Indeed, prices headed much lower. In some markets prices have dropped by 30% from April 2008 through July 2009. Overall we are now seeing prices in some markets that are 70% below peak prices, and far below the cost to replace these homes.

July 2009 - As I write this in July 2009, we are seeing thousands of foreclosure properties priced below the market. Lenders are dumping properties, with little regard for values or alternatives. So the time has come where I am recommending foreclosure properties to my investor clients and end users. However, there are a few cautions.

Foreclosure Myth #1 - Flip - I can flip this property and make a bundle. - Response: Don't count on it. If it were that easy, an end user would have already bought the property. Moreover, your financing may restrict a flip.

Foreclosure Myth #2 - Clear Title - I am buying this free and clear. - Response: Unless you have done your homework, you might be buying with a tax lien, a mortgage, a squatter or any variety of legal glitches that have not been totally cleared. Do your homework and make sure you know where to look and how to look.

Foreclosure Myth #3 - Rental Income - I can rent this out and have positive cash flow. Response: We're finally starting to see near positive cash flow. However, the quality of your tenants is now in question, since we are facing further unemployment throughout the country. You must also consider the time and energy involved with being a successful landlord. In the alternative, you higher a property manager like us to handle everything. If you decide to hire a property manager, make sure you build this into you number from the start.

How To Buy Foreclosures - Hire an expert. If you are looking for foreclosed properties in Martin County, Palm Beach County, St. Lucie County or Indian River County Florida . . . we are your experts, so please email or call us for additional information - Mike@FloridaHomes.PRO or 772-260-5448

If you think you can buy a foreclosed home without an expert, you can. But more likely than not, you will regret the decision. There are a number of traps, from lenders skating around disclosure laws to title and marketability issues.

First Step - Fact Gathering - Get the facts. All the facts! And then more facts. You'll want to run a title search on the property in addition to requesting the property details from the party foreclosing. If the property was listed, get the listing . . . and get your hands on the Agent Details as well as the Client Details of the listing. There are two parts to all MLS listings. Consumers only see the Client Details on Realtor.com and other public websites. Only your broker can access the Agent Details. Run a property tax search and a county records search. Even with the tax and county records in hand, you still want to run a title search with a company that is going to stand behind it with a title policy.

Second Step - Inspection - Go see the house AND the neighborhood. Find out how to get access and do a walk through. If you're still serious, spend the money and get it inspected. And be very careful here. You can get a "check the boxes" inspection for as little as $250. But if you want a very thorough inspection, be prepared to pay $750 or more . . . and be prepared to be shocked by what the pros find. I've yet to see my primary inspector come back with anything less than a 25 page report of problems . . . and that's it brand new homes. If you think the local building official actually inspects homes before issuing a Certificate of Occupancy, you are dead wrong. Most municipalities do a very basic "walk through" and other do "drive-bys" (if the house is there and the builder said it is OK, the building official issues a CO). Once you have walked the property and you have a solid inspection report in hand, reevaluate the price.

Third Step - Assessing a Value - Evaluate your basic research. What issues are hanging over this property. Once you have them identified, and you still want to continue, you need an appraisal or a broker price opinion. If you're dealing with a savvy broker, the BPO will be even better than an appraisal. A comprehensive BPO will include information about what has sold and what is on the market, as well as market conditions, property condition inside and out, neighborhood details and enough additional info for you to come up with a price. Yes, you. You're either going to live in it or rent it out. If you are a flipper, forgettaboutit.

Fourth Step - Area Scouting - If you are still interested, scout the area. Talk to some brokers, but get out there and drive around. Make sure there are no surprises. If you are still interested, make sure you visit the home site on a weekend and maybe a Friday night and maybe early in the morning before everyone leaves for work. Get a feel for what's going on. In this market, you have foreclosure neighborhoods that are full of homes with multiple occupants. You have homes that are being trashed by renters that couldn't care less. You have entire neighborhoods that are being trashed by a cycle that can catch you off guard. If you are an investor that is buying the property sight-unseen, because some guy in the Internet told you he is going to find foreclosures for you and rent them out with positive cash flow . . . you are nuts.

Comments: The basic information I am providing above does not apply to everyone, and it is very basic. I tried to put together some general information to give you a flavor for what is involved. If you are serious about foreclosures in Florida, call me. There is much more to this, and it really depends on your particular circumstances. If you have questions, please feel free to call me at 772-260-5448 or email me at Mike@FloridaHomes.PRO

For More on Homes and Housing Visit Our Website - www.FloridaHomes.PRO
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The Enable Ministry

2009-07-23T16:20:00.001-04:00

My life objective is to help others. My rewards are the smiles I see in kids. I do as much as possible, anonymously. But when it comes to my time and my energy, I want everyone to see how dedicated I am to this life objective, so that some of my energy will spark a desire for others to get involved.

I've seen the devastation in the lives of families that are unable to cope with children with special needs. Sure, some families do just fine. But other families are so overwhelmed by the circumstances or the financial drain or the physical drain or the mental drain, that they are so empty, it is as if they have no spirit, and at times, no will to live. For these families, we want to reach them, before the slip away from their community.

So for those parents in our community, I have been working to put together a group that will provide these families with fellowship, volunteers to help them, and a safe place to find respit for their children and themselves. There are many disabilities that children face in our community that put pressure on basic family life that we take for granted. Autism is just one. And that is our initial focus, but by no means our only focus. We will be there for all families.

I invite you to call me if you are interested in helping or if you have a child with special needs in our area, and you would like us to include you in our programs. You can reach me, Mike Morgan at 772-260-5448 or via email Mike@FloridaHomes.pro

What is the ENABLE Ministry?
http://www.enableministry.org/

Following are a few words from Pastor Paul Thompson, Senior Pastor at First Baptist Church of Jensen Beach . . . and the home of the ENABLE Ministry.

The mission of ENABLE is to share God’s love by providing opportunities of worship, fellowship, respite, and personal growth to people with developmental disabilities and their families.

As a parent of an autistic child, I know the unique stresses and demands placed on families dealing with developmental disabilities. I also know how difficult it can be introduce your child into new environments and expose them to new situations and experiences. I know how discouraging it can be at times to participate in “typical” family activities like church, day camps, and simple fun outings. I also know how disenfranchised families can become from the community and church. I know the feeling of simply wanting my son to be treated as “Mark” and not “Mark who has autism”. I know that people often just don’t “get it” when it comes to these special kids. Fortunately, I have been blessed to have a loving, caring church family that has always accepted and supported my family. My son Mark has always enjoyed the benefits of an understanding church community, and like any other child, has been included. I want that same experience for every family who experiences the challenge of developmental disabilities.

To that end, it is our desire is to develop a comprehensive program that …

1 - Educates the Church and Community about developmental disabilities and their impact on families and how the church can be a part of each families system of care and support

2 - Creates an atmosphere of acceptance and compassion within the congregation for families in the community affected by developmental disabilities so that all feel welcome and included in our activities and events

3 - Trains and equips volunteers to adequately care for and assist individuals with developmental disabilities so that we can:

a) provide one-to-one care for children who require it in a positive and appropriate setting designed to meet their unique needs.

b) provide “shadows” to work with children in the context of a “typical” classroom setting or group activity or experience.

c) provide basic training to all children and youth leaders so that children who do not require one-to-one care or the assistance of a one-to-one shadow may be “mainstreamed” into the activities of our children and youth program.

4 - Provides a bi-monthly evening respite for families in the community who have children/teenagers with developmental disabilities (i.e. a Friday night 3 ½ hour program of games, activities, music, etc. so that families may take a break, go out to dinner, catch up on errands, go to the grocery store, etc.)

This is the vision we are currently working towards. With your participation, support, and prayers, our dream will soon become a reality.

If you would like to know more, volunteer to help, contribute financially, or participate in ENABLE please contact us. We look forward to hearing from you!

Paul Thompson, Senior Pastor
First Baptist Church of Jensen Beach
1400 NE Jensen Beach Blvd.
Jensen Beach, FL 34957
(772) 334-2202
Paul@FBJB.com

http://www.fbjb.com/

RESOURCES - Here are some resources to begin with for families with children with special needs. If you have other resources, please email them to me. These are just a few I pulled from the Marcus Autism Center website, but I am sure there are many others. As I noted above, we are just getting this started, so it will take time to develop an independent website with resources.

Marcus Autism Center - http://www.marcus.org/ - Founded by Bernie Marcus, one of the most delightful and giving persons in the world.

http://www.autismspot.com/ - Connecting and empowering the autism community

http://www.reachingforthestars.org/
Reaching for the Stars: A Foundation Of Hope For Children With Cerebral Palsy

http://www.autismspeaks.org/ - The goal at Autism Speaks is to change the future for all who struggle with autism spectrum disorders

http://www.hopecenterforautism.org/ - The Hope Center for Autism opens doors for people affected by autism. We accomplish this through providing the supports and services necessary for people with autism to reach their full potential.

http://www.aspergers.org/ - The Maryland Asperger Advocacy & Support Group also serves individuals who have normal to high intelligence and experience social-communication difficulties and sensory integration problems.

http://www.autism-society.org/ - ASA is a membership organization dedicated to increasing public awareness about autism and the day-to-day issues faced by individuals with autism, their families and the professionals with whom they interact through education, awareness, and advocacy on critical issues.

http://www.aspergersyndrome.org/ - Provides links for information, support, and education for parents, teachers, professionals, and individuals with AS.

www.maapservices.org/index.html - A joint project of Cambridge and Stanford Universities. MAAP services is a nonprofit organization dedicated to providing information and advice to families of more advanced individuals with Autism, Asperger’s syndrome, and Pervasive Developmental Disorder PDD. Provides links for services, resources, and information about legal rights.

http://www.chadd.org/ - Children and Adults with Attention-Deficit/Hyperactivity Disorder CHADD is a national non-profit membership organization. This website provides links on education, advocacy and support for individuals with AD/HD.

http://www.cec.sped.org/ - The Council for Exceptional Children is the largest international professional organization dedicated to improving educational outcomes for individuals with exceptionalities, students with disabilities, and/or the gifted.

http://www.nami.org/ - NAMI the National Alliance on Mental Illness is the nation’s largest grassroots mental health organization dedicated to improving the lives of persons living with serious mental illness and their families.

http://www.nichcy.org/ - National Information Center for Children and Youth with Disabilities provides information on disabilities in infants, toddlers, children, and youth, IDEA, No Child Left Behind as it relates to children with disabilities, and research-based information on effective educational practices.

www.copaa.net/contact/index.html - The Council of Parent Attorneys and Advocates, Inc. COPAA is an independent, nonprofit, organization of attorneys, advocates and parents that help secure high quality educational services for children with disabilities.

http://www.nimh.nih.gov/ - National Institute of Mental Health NIMH provides information on and about mental illness and behavioral disorders through research on the mind, brain, and behavior.

http://www.nih.gov/ - National Institute of Health provides extensive information on the breadth of diagnoses and research.

http://www.add.org/ - Attention Deficit Disorder Association provides information, resources and networking to adults with AD/HD and to the professionals who work with them.

http://www.peppinc.org/ - Parents Educating Parents and Professionals provides education and advocacy on behalf of children with special needs.

http://www.interdys.org/ - The International Dyslexia Association website providing many resources and much information on dyslexia.

http://www.umdf.org/ - The United Mitochondrial Disease Foundation provides information and networking for those concerned about mitochondrial disorders.

http://www.nlm.nih.gov/ - The National Institute of Health’s National Library of Medicine has extensive information on medical disorders, research and grants.

http://www.wrightslaw.com/ - Wrightslaw.com has everything you need to know about special education law, advocacy and resources.

www.fodac.org/fodac/index.php - Friends Of Disabled Adults And Children provides free durable medical equipment wheelchairs, hospital beds etc. to those in need.

www.come-over.to/fasstar/faspix - This is a website shares photographs and stories for others to see what life with FAS/E is like. It has pictures and stories of children, adolescents, and adults w/FAS/E.

http://www.nofas.org/ - This is the National Organization on Fetal Alcohol Syndrome website. Many different links for support groups and more general information about FAS.

http://www.fasstar.com/ - This is a website for support, training, advocacy, and resources for fetal alcohol syndrome.

http://www.fascets.org/ - This website is for FAS consultation, education, and training services and Interactive Autism Network.