Parkland Parrot

Archive for October, 2009

First Time Home Buyer Credit Band-Aid?

The real estate market has shown signs of life in the past year as sales have picked up, and inventory has dropped nationally.  As a real estate agent, I know that many Realtors would be out of the business if this tax credit was not implemented for 2009.

I must speak the truth as a local expert real estate agent.  I think that the $8,000 tax credit is great for first time home buyers.  But, what is going to happen when eventually Uncle Sam stops writing checks?  Did you know that according to the National Association of Realtors that 45% of all buyers this year were first time-homebuyers?

As I ponder the thought of this statistic, I remember the same National Association of Realtors announcing that at the height of the real estate market that approximately 40% of all home purchases were investment properties or secondary homes. Are we leading down the same path?  Have we not yet learned from our mistakes?

Are first time home buyers ONLY purchasing properties before the November 30th deadline, so the government can put some much needed cash in their pockets? In luxury real estate markets, like Parkland, first time home buyers are not a strong driving force for an increase in sales.  Many Parkland sellers are not seeing the dramatic increase in sales like neighboring communities.

So, the moral of the story is that Parkland is not out of the wood work just yet.  Sellers should expect that prices will continue to decline and stabilize into 2010.  Inventory has dropped, but is that because more sales are occurring or because potential home sellers are seeing the real estate reality and just taking their homes off the market? Also, there are over 70 pending single family short sales in Parkland.  What percentage of these pending Parkland short sales will actually close or go back on the market, or worse become foreclosures?

These questions should be addressed in our local and national media, but of course only the popular news is getting attention.  Instead of learning from the past, the media is continuing to highlight whatever it thinks is newsworthy for today and not looking at the bigger picture.  Unfortunately, once again, misinformed buyers and sellers are not reading between the lines!

To stay updated with all of the current Parkland real estate information, receive our blog posts directly to your inbox by subscribing to the squawk.

If you are interested in buying or selling real estate in Parkland, please give us a call at 954-609-0591 or send a note to the squawk.

New Good Faith Estimates Debut January 1st 2010

The Department of Housing and Urban Development recently released the new Good Faith Estimate that all lenders will be required to use on January 1, 2010.  Before you start pounding your head against the wall saying, “Why, Why, Why?,” this new form is a dramatic improvement from what lenders have been showing borrowers in the past.  As a result, lenders and mortgage brokers will not be able to hide their fees and be able explain the entire good faith breakdown to their perspective clients.

The new Good Faith Estimate is three pages long and the new helpful sections include:

• Important Dates with the length of the rate and terms being offered and the terms of the rate lock.
• Summary of the loan including the rate, whether it is adjustable, negative amortizing, or subject to prepayment penalties Escrow Account explanation and information.
• Summary of Loan Charges set in black and white for easy explanation and understanding.
• Origination Charges that the lender is charging.
• Other Settlement Charges making clear third party fees not given to the lender.
• Instructions clearly stating which charges cannot be increased at closing.
• Trade-off Table displaying how the lender compares how interest rate (payment) and closing fees move in opposite directions for the same loan as the interest rate moves higher or lower than that quoted by the lender.
• Shopping Cart which gives the borrower an organized way to compare lenders possibly to shop for a better rate if possible.

This new Good Faith Estimate is transparent and can easily be understood by borrowers.  Gone are the days when a lender will be able to put a hidden fee on the closing statement.  Now, everything has to be disclosed and properly explained in detail to all potential buyers.  Our team works with mortgage professionals that are dedicated to their profession and are now using this new estimate guideline.  I am confident that this new standard will help the local Parkland real estate and mortgage business by now providing clear explanations of all of the fees before clients get to the closing table.  Our clients will be more informed as soon as they start the home buying process.  As a result, we, as Realtors, can now focus our efforts on helping our clients find the best homes on the market!

To stay updated with all of the current Parkland real estate information, receive our blog posts directly to your inbox by subscribing to the squawk.

If you are interested in buying or selling real estate in Parkland, please give us a call at 954-609-0591 or send a note to the squawk.

Parkland Liberty Park 7 Acre Kid Paradise

Looking for the perfect park in Parkland to relax and spend time with the family?  Well, Liberty Park is a 7 acre kid paradise that includes a playground that encompasses a full 1 acre of the park.

Liberty Park also features a water play area that your children will spend hours at.  Families are encouraged to picnic and barbecue at the park’s large pavilion or 2 additional smaller pavilions to use.  Other Liberty Park amenities include:
Restroom Facilities, Horse Corral, and Grills.

Residents can reserve a pavilion by contacting the Parks and Recreational Department at (954) 753-5040.  Liberty Park is located at 9200 Ranch Road. Click Here For Map
If you are interested in reserving a pavilion please feel free to contact the Parks and Recreation Department at (954) 753-5040.

Other Parkland Parks Include:

To stay updated with all of the current Parkland real estate information, receive our blog posts directly to your inbox by subscribing to the squawk.

If you are interested in buying or selling real estate in Parkland, please give us a call at 954-609-0591 or send a note to the squawk.

Parkland Pine Trails Park

Pine Trails Park has it all for your kids and family and is one of the most popular and beautiful parks in the City of Parkland.

The park features two lighted basketball courts, four T-Ball fields, and four multi-purpose fields which houses baseball soccer, lacrosse and football programs throughout the year.

The City of Parkland also hosts concert series every second Saturday of each month at the City’s Parks and Recreational.

Earlier this year, the Parkland YMCA Family Center was opened next to Pine Trails Park and provides youth services and programs to Parkland residents.

Extending first-class leisure and amenities, Pine Trails Park also hosts various events including the City of Parkland Fishing Derby.Pine Trails Park.

Pine Trails Park is located at 10555 Trails End.

Click Here For Map

Other Parkland Parks Include:

• John Quigley Park
• Equestrian Center at Temple Park
• Covered Bridge Park
• Doris Davis Forman Preserve
• Terramar Park
• Liberty Park

To stay updated with all of the current Parkland real estate information, receive our blog posts directly to your inbox by subscribing to the squawk.

If you are interested in buying or selling real estate in Parkland, please give us a call at 954-609-0591 or send a note to the squawk.

Parkland Covered Bridge Park

Opened in 2003, Covered Bridge Park is a small public park maintained by the City of Parkland. The park features a walking trail and covered bridge over a canal, which has an access trail to nearby Six Acre Wood Park.

Covered Bridge Park is located at 6031 Holmberg Road, just west of 441 on the north side of Holmberg Road.  The address is: 6031 Holmberg Road
Click Here For Map

Please note that pavilion reservations are for only Parkland residents.

Other Parkland Parks Include:

• Equestrian Center at Temple Park
• Doris Davis Forman Preserve
• Pine Trails Park
• Terramar Park
• Liberty Park
• John Quigley Park

To stay updated with all of the current Parkland real estate information, receive our blog posts directly to your inbox by subscribing to the squawk.

If you are interested in buying or selling real estate in Parkland, please give us a call at 954-609-0591 or send a note to the squawk.