As we wrap up 2009 at Premier Properties, I see a renewed sense of optimism in the office and industry in general. Our numbers have been an improvement over 2008 for October, November and December and we charge into 2010 with a full head of steam. Nationwide, according to NAR statistics, the number of residential sales in November were up 44% from November '08. We feel that this is attributable for the most part to the then expiring 1st time buyer tax credit, but there also is a feeling of increased consumer confidence and many buyers are feeling confident that our values have finally hit bottom.
We are preparing ourselves for a really busy first half of 2010 with the extension and expansion of the tax credit through June 30. Another extension is unlikely so we expect an even greater fever in March and April than we felt in October and November.
Monday, December 28, 2009
Friday, November 6, 2009
Tax Credit Extended/Expanded
President Obama has signed the extended tax credit into law. This is great news for the real estate market! NAR economists predict that 2 million Americans will take advantage of the credit this year. In addition to the $8,000 for first time buyers, they have added a $6,500 credit for home purchasers who have owned their home and used it as a primary residence for 5 consecutive years during the previous 8 year period. Contracts must by signed by April 30, 2010 and close by July 1, 201o to take advantage of the credit. Please don't wait until April to start looking at houses!
Here is a link to the specific terms of the law:
http://www.realtor.org/fedistrk.nsf/files/government_affairs_tax_credit_ext_chart_110409.pdf/$FILE/government_affairs_tax_credit_ext_chart_110409.pdf
Here is a link to the specific terms of the law:
http://www.realtor.org/fedistrk.nsf/files/government_affairs_tax_credit_ext_chart_110409.pdf/$FILE/government_affairs_tax_credit_ext_chart_110409.pdf
Monday, October 26, 2009
SEPTEMBER SALES UP!!!
According to recent figures released, it looks like Premier Properties isn't alone in having a great September. Nationally, home resales were up 9.4% in September from the same month last year. October is pace for another positive increase in sales and I would bet almost anything that November will be way up with all of the first time buyers set to close on their homes before the credit expires. By the way, the senate is voting this week on a bill to extend the credit through June30, 2010 and expand it to include all homebuyers, not just first timers.
Here's a link to the Forbes article with complete information on September's sales figures.
http://www.forbes.com/feeds/afx/2009/10/23/afx7037443.html
Here's a link to the Forbes article with complete information on September's sales figures.
http://www.forbes.com/feeds/afx/2009/10/23/afx7037443.html
Tuesday, October 6, 2009
Jim Wauldron's Back
Premier is happy to announce the return of sales associate Jim Wauldron. Jim is coming back to Premier after 'testing the waters' elsewhere and realizing how much he missed us. And we missed him and his sense of humor and positive attitude.
Jim's focus is in commercial development but he also practices general residential real estate. Jim's an avid runner and active member of the Ancient City Road Runners. Jim's claim to fame in the real estate business is the sale of the hotel site (Marriot) on A1A Beach Blvd in 2007 for over $20,000,000. His number is (904)687-5939
Jim's son (Jim, Jr.) has been handling Premier's I.T. needs for over a year, making vast improvements in the efficiency of our office. We highly recommend his company, ServicePros USA, and he can be reached at 687-6615.
Jim's focus is in commercial development but he also practices general residential real estate. Jim's an avid runner and active member of the Ancient City Road Runners. Jim's claim to fame in the real estate business is the sale of the hotel site (Marriot) on A1A Beach Blvd in 2007 for over $20,000,000. His number is (904)687-5939
Jim's son (Jim, Jr.) has been handling Premier's I.T. needs for over a year, making vast improvements in the efficiency of our office. We highly recommend his company, ServicePros USA, and he can be reached at 687-6615.
Wednesday, September 2, 2009
WHERE'S THE LOGIC?!
And the professionalism for that matter. I'm ranting about the bank owned sales that are KILLING our market which would be stable if not for these unreasonable listings.
Case in point #1: Seaside Villas Condo- we just closed on a unit last week for $104,000 which was bank-owned and low to begin with (most recent comp before that was $120K). Today another bank owned unit comes on for $84,000! Who's going to break the news to the lovely 80 year couple that closed last week that they just lost $20,000 because of an incompetent system.
Statistics show that our market values have declined by 15% in the last year and these people think it's plummeting at a rate of 20% a week! This is terrible for everyone.
Case in point #2: Preserve condo- Bank owned listed last week 3BR unit for $89K. Cheapest 1 BR available is $88K. Of course there were multiple offers within an hour which may be a hint that it was grossly underpriced.
Case in point #3: Just listed today. A house in Davis Shores for $74,000! That's all I need to say about that one.
My first instinct is to get upset with the listing broker for misrepresenting the value and harming the market along with everyone in the neighborhood. But I will say that I was shocked that when I confronted the agent of the Preserve unit above, I was told that they had recomended a much higher price to the asset management company who demanded it be listed for the ridiculous price of $89K. Obviously they know best.
Case in point #1: Seaside Villas Condo- we just closed on a unit last week for $104,000 which was bank-owned and low to begin with (most recent comp before that was $120K). Today another bank owned unit comes on for $84,000! Who's going to break the news to the lovely 80 year couple that closed last week that they just lost $20,000 because of an incompetent system.
Statistics show that our market values have declined by 15% in the last year and these people think it's plummeting at a rate of 20% a week! This is terrible for everyone.
Case in point #2: Preserve condo- Bank owned listed last week 3BR unit for $89K. Cheapest 1 BR available is $88K. Of course there were multiple offers within an hour which may be a hint that it was grossly underpriced.
Case in point #3: Just listed today. A house in Davis Shores for $74,000! That's all I need to say about that one.
My first instinct is to get upset with the listing broker for misrepresenting the value and harming the market along with everyone in the neighborhood. But I will say that I was shocked that when I confronted the agent of the Preserve unit above, I was told that they had recomended a much higher price to the asset management company who demanded it be listed for the ridiculous price of $89K. Obviously they know best.
Welcome Gail Griswold
We are happy to announce that Gail Griswold, formerly of Griswold Realty, has joined the Premier Team! Gail adds another brilliant condo mind to our staff and brings a ton of real estate experience with her. She fits right in with our fun-loving group and we're happy she's here.
Monday, August 24, 2009
July Sales Figures Released
Well the news outlets have been reporting an upswing in activity and they're not making it up.
Realtor home sales in the Jacksonville Metro Market Area were up 33% from July 2008 to July 2009 (1,226 this year vs. 925 last year). Values on the other hand are about what we expected, median sales price down 15% from July 2008 ($156,800 this year vs. $184,100 in July 2008).
Statewide, activity was up 37% and median sales prices down 24%.
This information is based on a survey of MLS sales levels from Florida’s Realtor boards/associations. MSAs are defined by the 2000 Census. Source: Florida Association of Realtors and the University of Florida Bergstrom Center for Real Estate Studies.
Realtor home sales in the Jacksonville Metro Market Area were up 33% from July 2008 to July 2009 (1,226 this year vs. 925 last year). Values on the other hand are about what we expected, median sales price down 15% from July 2008 ($156,800 this year vs. $184,100 in July 2008).
Statewide, activity was up 37% and median sales prices down 24%.
This information is based on a survey of MLS sales levels from Florida’s Realtor boards/associations. MSAs are defined by the 2000 Census. Source: Florida Association of Realtors and the University of Florida Bergstrom Center for Real Estate Studies.
Thursday, August 13, 2009
CHARITY PARKING PROJECT
Well, our Premier Charity Parking Project has proven to be a huge success and has already raised a lot of money for local charities. Concert goers are also finding it very convenient and they feel good about their money going to local charities. At just $5/car and a capacity of about 120 cars, these groups are typically able to raise around $600 in a matter of a couple hours. Participating organizations so far include: TeamPGA Tour MS Bike Team, Menendez High School, Nease High School Wintergard, St. Francis House, Association for Retarded Citizens, The Foundry.
Special thanks to organizer David Bradfield and the owner/developers of Casa Bay for allowing their beautiful site to be used for such good causes. Contact David at Premier Properties at (904)471-5000 to reserve a date.
Special thanks to organizer David Bradfield and the owner/developers of Casa Bay for allowing their beautiful site to be used for such good causes. Contact David at Premier Properties at (904)471-5000 to reserve a date.
Tuesday, August 4, 2009
Shuyler Wins National Award
OK so this has absolutely nothing to do with real estate but definitely warrants acknowledgement on our website. Lindsay Schuyler, eldest daughter of Premier Broker-Associate Judi Schuyler and architect Steve Schuyler, won a national competition in fashion design.
Representing Florida State University, Lindsay was one of just 6 contestants selected from around the nation to fly to Utah by Outdoor Retailers to participate in Project O.R.
Contestants had 48 hours to design and produce a weatherproof ladies outdoor garment and make a presentation to the panel showcasing their garment. And wouldn't you know it, Lindsay won! I watched the videos of the presentations on Judi's facebook and, although I may be biased, her competition didn't stand a chance.
The Premier family is very proud of Lindsay's accomplishment and her dedication to her craft. Way to go Lindsay!
Representing Florida State University, Lindsay was one of just 6 contestants selected from around the nation to fly to Utah by Outdoor Retailers to participate in Project O.R.
Contestants had 48 hours to design and produce a weatherproof ladies outdoor garment and make a presentation to the panel showcasing their garment. And wouldn't you know it, Lindsay won! I watched the videos of the presentations on Judi's facebook and, although I may be biased, her competition didn't stand a chance.
The Premier family is very proud of Lindsay's accomplishment and her dedication to her craft. Way to go Lindsay!
Thursday, July 30, 2009
GOOD NEWS STARTS POORING IN...
I guess someone alerted the media that the real estate market is turning the corner. Here are a few links to articles from our local paper this week.
http://staugustine.com/stories/072909/nation_1795321.shtml
http://staugustine.com/stories/072809/nation_1792741.shtml
We've also read positive news in USA Today and NY Times. USA Today reports that home prices actually rose 0.5% from April to May at the national level. Hopefully this positivity from the local and national media will reinforce people's faith in real estate.
Locally, we've seen a rise in transactions for the past few months and at Premier we've been up year-over-year for each month since April. We continue to be cautiously optimistic that the market here in St. Augustine is turning the corner and our projection board for the next two months justifies that optimism.
http://staugustine.com/stories/072909/nation_1795321.shtml
http://staugustine.com/stories/072809/nation_1792741.shtml
We've also read positive news in USA Today and NY Times. USA Today reports that home prices actually rose 0.5% from April to May at the national level. Hopefully this positivity from the local and national media will reinforce people's faith in real estate.
Locally, we've seen a rise in transactions for the past few months and at Premier we've been up year-over-year for each month since April. We continue to be cautiously optimistic that the market here in St. Augustine is turning the corner and our projection board for the next two months justifies that optimism.
Tuesday, July 21, 2009
HOT WATERFRONT LISTING
We have just listed one of the most desirable lots in all of St. Augustine! This is one of just a handful of unbuilt deepwater lots in Davis Shores.
The location is just north of the Conch House on Inlet Dr. with easterly views of Salt Run and the St. Augustine inlet. It is the last lot before a break in the waterfront properties where no more homes will be built. A concrete bulkhead is installed on the east and north boundaries of the property. Deep water dockable.
Check out the details on our site, mls#118260. $939,000
The location is just north of the Conch House on Inlet Dr. with easterly views of Salt Run and the St. Augustine inlet. It is the last lot before a break in the waterfront properties where no more homes will be built. A concrete bulkhead is installed on the east and north boundaries of the property. Deep water dockable.
Check out the details on our site, mls#118260. $939,000
Charity Parking Project
Premier Properties has partnered with the developers of Casa Bay (a new neighborhood being developed on Anastasia Island) to provide an opportunity for various local charity and civic organizations to use the site for parking for events at the St. Augustine Ampitheatre.
The site is just across Anastasia Blvd. from the venue and the charge to park is just $5/car with a capacity of over 100 cars with 100% of the proceeds going to the charity.
Our first effort last week was to benefit the St. Francis House and there are several dates available in July and August. Rob West's PGATour Bike Team benefitting the NE Florida Chapter of the Multiple Sclerosis(MS) Societywill be working the Jackson Browne concert on 8/7 and the White Snake/Judas Priest show on 8/15.
To secure a concert date, interested non-profit organizations can contact Premier Sales Associate David Bradfield at (904)808-6353 for details or email dvidbrad@aol.com.
The site is just across Anastasia Blvd. from the venue and the charge to park is just $5/car with a capacity of over 100 cars with 100% of the proceeds going to the charity.
Our first effort last week was to benefit the St. Francis House and there are several dates available in July and August. Rob West's PGATour Bike Team benefitting the NE Florida Chapter of the Multiple Sclerosis(MS) Societywill be working the Jackson Browne concert on 8/7 and the White Snake/Judas Priest show on 8/15.
To secure a concert date, interested non-profit organizations can contact Premier Sales Associate David Bradfield at (904)808-6353 for details or email dvidbrad@aol.com.
Tuesday, July 14, 2009
Transaction Fees Violate RESPA!
Oh where do I start with this one? I'll try my best to control my laughter and sarcasm in this posting. How about starting with a brief history of transaction fees. Transaction Fees (which we've always been morally opposed to) are a fee that many real estate brokerages charge their customers (sometimes they even try to charge OUR customers-Yeah right!) in addition to commission. These fees have become even more en vogue recently as real estate firms scratch and claw to stay afloat. I've seen this fee range from $150 - $395 and it is the policy of many companies in town, both large and small, to charge the customer this amount to cover 'certain costs'. And if the agent is unsuccessful in collecting from the customer, the broker deducts it from the agent's commission. Say What?!
The Real Estate Settlement Procedures Act (RESPA) is a federal law designed to prevent customers from paying unnecessarily high settlement costs in a real estate transaction.
So a recent ruling by an appelate court that found these fees to be in violation of RESPA leaves me with mixed emotions. Mostly, I feel vindicated by my consistent opposition to these fees, which amount to nothing more than junk fees charged to pad the brokerage's bottom line. But another part of me is dissappointed because Premier Properties and other companies with similar values have now lost a competitive edge in acquiring new customers as well as recruiting new agents.
The gist of the findings in the case Busby v. JRHBW Realty, Inc. is that if the fee cannot be clearly documented to cover a true 'settlement related cost', it constitutes a duplication of commission. I've always tried to figure out what settlement related costs a real estate brokerage could actually have. Document storage? Gas to drive to the closing? Cost of a deposit slip? Not sure but apparently the company named in the lawsuit had no basis for it and I would be surprised if any of our competitors do either.
If you are using a real estate company besides Premier for some reason, there now seems to be a legal basis to refuse paying the junk (uh, I mean transaction) fee. Better yet, just work with a company with a track record of putting its customers' interests before their own.
The Real Estate Settlement Procedures Act (RESPA) is a federal law designed to prevent customers from paying unnecessarily high settlement costs in a real estate transaction.
So a recent ruling by an appelate court that found these fees to be in violation of RESPA leaves me with mixed emotions. Mostly, I feel vindicated by my consistent opposition to these fees, which amount to nothing more than junk fees charged to pad the brokerage's bottom line. But another part of me is dissappointed because Premier Properties and other companies with similar values have now lost a competitive edge in acquiring new customers as well as recruiting new agents.
The gist of the findings in the case Busby v. JRHBW Realty, Inc. is that if the fee cannot be clearly documented to cover a true 'settlement related cost', it constitutes a duplication of commission. I've always tried to figure out what settlement related costs a real estate brokerage could actually have. Document storage? Gas to drive to the closing? Cost of a deposit slip? Not sure but apparently the company named in the lawsuit had no basis for it and I would be surprised if any of our competitors do either.
If you are using a real estate company besides Premier for some reason, there now seems to be a legal basis to refuse paying the junk (uh, I mean transaction) fee. Better yet, just work with a company with a track record of putting its customers' interests before their own.
Tuesday, July 7, 2009
Tax Credit as a Down Payment?!
Yes, it's true. As of July 1st, Florida became one of a few states hoping to spark the real estate market by offering a downpayment assistance program allowing qualified 1st time homebuyers to benefit upfront from the $8,000 federal tax credit; part of the American Recovery & Reinvestment Act of 2009 stimulus package.
The state has created the Florida Homebuyer Opportunity Program allocating $30 million amongst its counties to implement the program. The buyer must file their taxes next year and repay the $8,000 when they receive their credit from Uncle Sam, or within 18 months.
Of course, as with so many governmental projects the state has approved this plan but has yet to instruct counties how to administer it. So be patient as the kinks are worked out and we will re-post as new information comes available.
This offer expires when the tax credit expires on December 1st, 2009 so don't delay, contact us for a free consultation and pre-qualification so we can help you get on the path to homeownership in time to take advantage of this free money!!!
The state has created the Florida Homebuyer Opportunity Program allocating $30 million amongst its counties to implement the program. The buyer must file their taxes next year and repay the $8,000 when they receive their credit from Uncle Sam, or within 18 months.
Of course, as with so many governmental projects the state has approved this plan but has yet to instruct counties how to administer it. So be patient as the kinks are worked out and we will re-post as new information comes available.
This offer expires when the tax credit expires on December 1st, 2009 so don't delay, contact us for a free consultation and pre-qualification so we can help you get on the path to homeownership in time to take advantage of this free money!!!
Subscribe to:
Posts (Atom)