Rob's Real Estate Blog

2010-10-06T09:08:00.000-07:00

LOCAL STATISTICS FOR AUGUST 2010
The Metro Market Trend report for August reveals continued positive overall trends for real estate in St. Johns County. Compared to Aug. '09 the number of single family home sales increased 14.29% and is up 16.64% YTD. Condominium sales for the same time period were up 38.36% and 42.82% respectively and the number of lot sales has nearly doubled since last year. While the number of foreclosure sales has increased dramatically, as expected (up 43.52% YTD), the number of Lis Pindens filed in the county continues to decline (down 19.73% YTD), a positive sign in the market recovery.

JUNE SALES ARE HIGHEST SINCE 2007!

2010-07-21T08:00:00.000-07:00

The real estate sales activity report for St. Johns County produced by Metro Market Trends, Inc. shows that the total number of single family new and resales are the highest since 2007! 487 units closed in June, a 42.4% increase over June 2009.

Perhaps equally as encouraging for the future outlook of the local market is that Lis Pendens filings (preforeclosure notices) were down 17.57% from June 2009 marking the 3rd consecutive month of such a decline.

We're not out of the woods yet, but with interest rates, property values, and inventory remaining lower than normal, our recovery appears to be headed in the right direction!

St. Johns County Real Estate Still Trending Up

2010-04-19T11:14:00.000-07:00

Metro Market Trends, Inc. has released its March 2010 real estate sales activity report and once again it's all good news. Finally!

New home sales are still sluggish but the re-sale numbers are outstanding with YTD increases across the board:
Single Family Home Resales:
# of sales up 19% YTD over 2009 and up 43% for the month over March, 2009
$ Volume up 16% for the year and 47% for the month of March over 2009

Condo Resales: WOW!
# Sales up 88% YTD and 141% for the month of March 2010 over March 2009
$ Volume up 39% and 47% respectively

Lot Resales:
Up over 100% in both number and volume of sales!

Foreclosures/Lis Pendens:
Although the number of foreclosures for the 1st Quarter increased 69% over last year, the number of Lis Pendens has gone down by 8% for the quarter. The number filed in March was down 12% for the second month in a row. Let's hope this is the beginning of the end of the foreclosure crisis.

For a copy of the report, email rob@thepremierproperties.com

WHAT TO BELIEVE?

2010-02-01T11:17:00.000-08:00

This post is in response to a recent front page headline from our local paper that read something to the effect of "Homes Values to Drop 20% in 2010". Holy Cow, run for the hills everyone, the sky is falling! It was printed in the paper so it has to be true. Well maybe it is and maybe it isn't. The fact is that the source for that article was Forbes magazine. Maybe it's accurate. Or maybe the forecasts provided by the National Association of REALTORS are accurate. I tend to rely on these since NAR's economists have an awfully good track record. So here's a snippit of the US Economic Outlook for 2010 as it pertains to the housing market according to NAR:
Median home prices for existing homes will go up 3.7% in 2010
The number of existing sales will go up 9.9% in 2010
Here's the link for the complete outlook http://www.realtor.org/wps/wcm/connect/7e86e30040ee1e7dadcdff1f371b0c90/outlook0110.pdf?MOD=AJPERES&CACHEID=7e86e30040ee1e7dadcdff1f371b0c90
Another positive indicator is that year-end pending home sales were up 15% in '09 over '08. This is a useful index to provide a window into future home sales.
So, what do we believe in this stat happy society? I don't think anybody really knows for sure but I do know that I'm weary of those printed by one periodical sourcing another periodical for their data. And my crystal ball broke some time ago.
Here's a real indicator that you can take to the bank. Premier's numbers for January '10 were double January '09 and our projections for the rest of the 1st quarter are more of the same. I have a good feeling about this year as a moderate bounce back year for St. Augustine real estate.

2009 Ends on a High Note

2009-12-28T07:18:00.000-08:00

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.

Tax Credit Extended/Expanded

2009-11-06T12:26:00.000-08:00

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

SEPTEMBER SALES UP!!!

2009-10-26T07:14:00.000-07:00

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

Jim Wauldron's Back

2009-10-06T05:34:00.000-07:00

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.

WHERE'S THE LOGIC?!

2009-09-02T09:50:00.000-07:00

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.

Welcome Gail Griswold

2009-09-02T06:30:00.000-07:00

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.

July Sales Figures Released

2009-08-24T14:19:00.000-07:00

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.

CHARITY PARKING PROJECT

2009-08-13T11:25:00.000-07:00

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.

Shuyler Wins National Award

2009-08-04T13:38:00.000-07:00

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!

GOOD NEWS STARTS POORING IN...

2009-07-30T14:04:00.000-07:00

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.

HOT WATERFRONT LISTING

2009-07-21T11:35:00.000-07:00

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

Charity Parking Project

2009-07-21T11:13:00.000-07:00

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.

Transaction Fees Violate RESPA!

2009-07-14T09:39:00.000-07:00

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.

Tax Credit as a Down Payment?!

2009-07-07T13:14:00.000-07:00

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!!!