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Archive for January, 2010
New Federal Chinese Drywall Identification Guidelines
More federal regulations were recently passed for proper detection and inspection of Chinese Drywall. Parkland and other South Florida residents concerned that their homes are effected with Chinese Drywall need to make sure to follow the new U.S. Department of Housing and Urban Development and the Consumer Product Safety Commission’s four-page report.
All in all, homeowners effected by Chinese Drywall must hire professional inspection companies that specialize in finding the tainted Chinese Drywall by identifying the presence of metal corrosion and other visual problems.
Other articles on Chinese Drywall:
- Dog Sniffing Out Chinese Drywall In Parkland?
- Unlike Florida, Louisiana Passes Law For 5 Million For Chinese Drywall Repairs
- 50% Reduction In 2009 Taxes For Homeowners Affected By Chinese Drywall
- December Chinese Drywall Deadline Fast Approaching
- FEMA Emergency Assistance To Chinese Drywall Victims?
- Finally Good News For WCI Homeowners With Chinese Drywall
- Parkland Chinese Drywall Task Force Established
To stay updated with all of the current Parkland real estate home information, receive our blog posts directly to your inbox by subscribing to the squawk.
If you are interested in buying or selling a real estate property in Parkland, please give us a call at 954-609-0591 or send a note to the squawk.
FHA Mortgage Guidelines Will Tighten In The Spring
I was quoted today in the Sun-Sentinel article regarding the recent announcement that FHA mortgage guidelines will tighten in the Spring and Summer of 2010.
FHA Mortgages are very popular and account for over half of all purchases for first-time homebuyers. FHA Mortgages give buyers the opportunity to purchase property with a small down payment and also allow for seller concessions to help with closing costs.
Here are the changes that will take effect in the Spring/Summer of 2010:
- .50 percent increase in insurance premiums from 1.75 percent to 2.25 percent of the value of the loans.
- 3% seller concessions instead of 6% of the sales price to help buyers with closing costs or to buy down interest rates.
- Borrowers with credits scores under 580 will have to put down 10% of the purchase price instead of 3.5% of the purchase price.
FHA insured 5.8 million single family homes with mortgages valued at $750 billion in 2009. FHA is trying to learn from the lending mistakes of the past, as last year’s cash reserves drastically declined below a level that Congress and the government requires.
Great news is that mortgage rates are still at record lows, and the $8,000 tax credit is still in effect until this Summer. After hearing about the new FHA guidelines that will take effect, I am telling “on the fence” potential buyers that NOW is the time to purchase a home in Parkland or anywhere in South Florida!
To stay updated with all of the current Parkland real estate home information, receive our blog posts directly to your inbox by subscribing to the squawk.
If you are interested in buying or selling a real estate property in Parkland, please give us a call at 954-609-0591 or send a note to the squawk.
Sellers Riding Parkland Real Estate Roller Coaster?
Price Your Home Accordingly From Day One And Don’t Ride The Real Estate Roller Coaster
After closing our recent Pine Tree Estates home located at 6213 N.W. 63rd Way, Parkland, FL 33067 last week, I thought about how this particular seller rode the real estate roller coaster for the past few years. He had gone through three top-producing local Realtors, before our team listed and sold his home in under 50 days! He told me that they had an offer a year and a half ago for 1 million dollars, which he did not take! As a result, he ended up selling his home in the $800,000’s, which is top-market price today!
I performed some further research using the 33 single family homes that sold in December, 2009. On average, each home ended up selling for approximately 25% less than it was originally listed for. Of course, some sellers had their homes on the market in 2005 and had unrealistic expectations.
But, many of your fellow Parkland neighbors decided to ride the Parkland real estate roller coaster. Unfortunately, the price of the ticket costs tens of thousands of dollars!
We recently went to contract on our listing in North Pine Tree Estates located at 6920 N.W. 66th Ave, Parkland, FL 33067. We provided our sellers with this useful information about proper pricing. Fortunately, both of our recent sellers had their homes under contract in under 50 days!! Best news is that they did not have to ride the Parkland real estate roller coaster.
As home values continue to settle this year, sellers need to understand that pricing is imperative in today’s real estate market. It is very important to interview the right agent for the job of selling your home who is looking to actually SELL your listing and not just take your listing! Or else, you, your family, and your Realtor should be prepared to buckle up and ride the real estate roller coaster! Are you afraid of heights?
If you are thinking about selling your home, or know someone looking to sell, please give us a call at 954-609-0591 or send a note to the squawk.
To stay updated with all of the current Parkland real estate home information, receive our blog posts directly to your inbox by subscribing to the squawk.
We Just Sold 2 Parkland Pine Tree Estates Homes
Calling All Parkland Homeowners & Potential Home Sellers!
The Parkland Parrot Real Estate Team Did It Again! We just sold two Pine Tree Estates homes for top market dollar! Ask your neighbors who is REALLY selling in Parkland!
6213 N.W. 63rd Way, Parkland Pine Tree Estates: $899,000
Stunning 5 Beds/5 Baths Pool Home, 5,200 Sq. Ft. Under A/C, Newer Kitchen w/Wood Mode Cabinets, Granite Counters, Island, Separate Bar w/Granite Counters, Billiard Room/Cinema Room, Separate Guest Suite w/Kitchen & Separate Bed & Full Bath, Private Master Spa With Jetted Tub & Separate Large Shower, Italian Marble Floors & Counters, Spacious Pool & Spa, Lush Landscaping.
George & Marlene S: “Awesome job! Couldn’t ask for better service & results! Michael & Rosy got the deal done & handled the entire process with pure professionalism.”
5741 N.W. 66th Way, Parkland Pine Tree Estates: $500,000
Short Sale Listing! Over 3+ Acres That Can Be Subdividable Into 2 Parcels, 7 Bedrooms, 4.5 Bathrooms, New Roof, Heated Pool, Bring Your Horses! 2 Stall Barn & Tack Room, Lots Of Space To Build On With Endless Possibilities, Huge Bedrooms & Bathrooms, Wood Burning Fireplace, Great Investment.
Diane W: “I am extremely thankful for Rosy and Michael’s hard work and dedication to getting my home sold. They are go-getters and truly available 24-7 whenever I had a question. I strongly recommend them to anyone looking to sell.”
We would like to thank our Parkland sellers for entrusting our services! We truly love what we do. If you are thinking about selling your home, or know someone looking to sell, please give us a call at 954-609-0591 or send a note to the squawk.
To stay updated with all of the current Parkland real estate home information, receive our blog posts directly to your inbox by subscribing to the squawk.
WCI Insurers Being Sued In Lawsuit For Chinese Drywall Coverage
More positive news that action is being taken against insurers to help cover victims of Chinese Dyrwall! The Sun-Sentinel reports that a trust established by WCI Communities has filed a lawsuit against 14 Louisiana homebuilders’ insurance companies for $200 million dollars for defective wallboard.
This trust was formed after WCI, a Bonita-Springs based company, went bankrupt. It is expected that 700 homeowners in Parkland and other areas are seeking retribution through this trust.
Lead counsel to the trustee, Robert M. Horkovich, said that it is imperative that the insurance companies cover the claims against WCI, so homeowners effected by Chinese Drywall can remediate their houses and cover their significant losses.
A list of the insurance companies being sued include the following:
- AIG’s American International Specialty Lines Insurance Company
- Lexington Insurance Company
Other articles on Chinese Drywall:
- Dog Sniffing Out Chinese Drywall In Parkland?
- Unlike Florida, Louisiana Passes Law For 5 Million For Chinese Drywall Repairs
- 50% Reduction In 2009 Taxes For Homeowners Affected By Chinese Drywall
- December Chinese Drywall Deadline Fast Approaching
- FEMA Emergency Assistance To Chinese Drywall Victims?
- Finally Good News For WCI Homeowners With Chinese Drywall
- Parkland Chinese Drywall Task Force Established
To stay updated with all of the current Parkland real estate home information, receive our blog posts directly to your inbox by subscribing to the squawk.
If you are interested in buying or selling a real estate property in Parkland, please give us a call at 954-609-0591 or send a note to the squawk.
Parkland Real Estate Home Sales Update December 2009
There were 31 total single family sales in Parkland ranging from $232,000 to $875,000. 6 were Short Sales, 8 Foreclosures, and 17 Regular Sales. 55% of the homes that sold were Regular Sales, and 45% were Distressed Sales.
There were exactly 31 single family sales in the month of November in Parkland. There were 5 more regular sales and 5 less distressed sales in the the month of December. Prices have been continue to decline, as sales are increasing. Many of the distressed sales were in the lower price ranges between $230,000’s to $330,00’s.
We are again glad to see that home sales have continued to pick up in Heron Bay and Parkland Golf & Country Club. Let’s hope the Parkland real estate market continues to improve, and sales continue to rise.
To view November 2009 Parkland sales, please click here.
I Know The Value Of Your Home. Do You? Please give us a call at 954-609-0591 for a free comparative market analysis.
To stay updated with all of the current Parkland real estate home information, receive our blog posts directly to your inbox by subscribing to the squawk.
If you are interested in buying or selling a real estate property in Parkland, please give us a call at 954-609-0591 or send a note to the squawk.
Dog Sniffing Out Chinese Drywall In Parkland?
For decades, dog-sniffing canines have been used to detect bombs and drugs. Now, these trained dogs are being used to detect Chinese Drywall in South Florida homes.
K-9 Detection Services is a local company combining trained police dogs and home inspection. The dogs are trained to sniff out sulfur, which is the common chemical in Chinese Drywall. The rotten egg-like odor that comes from Chinese Drywall can sometimes take years for humans to smell. But, these trained canines are able to detect Chinese Drywall at a very early stage.
Homeowners usually spend hundreds to thousands of dollars just to test for Chinese Drywall. Now, using trained dogs can be a lot cheaper and just as effective. There are as many as 36,000 Florida homes that have Chinese Drywall, which corrodes appliances and wiring.
If a perspective buyer is looking to purchase a newly built home from 2001 or sooner, it is advisable to test for Chinese Drywall. Also, homeowners experiencing the side effects should also have their homes tested. K-9 Detection Services can be reached at: 800-381-2055. Hopefully, more federal and state relief will come to homeowners effected by Chinese Drywall.
Other articles on Chinese Drywall:
- Unlike Florida, Louisiana Passes Law For 5 Million For Chinese Drywall Repairs
- 50% Reduction In 2009 Taxes For Homeowners Affected By Chinese Drywall
- December Chinese Drywall Deadline Fast Approaching
- FEMA Emergency Assistance To Chinese Drywall Victims?
- Finally Good News For WCI Homeowners With Chinese Drywall
- Parkland Chinese Drywall Task Force Established
To stay updated with all of the current Parkland real estate home information, receive our blog posts directly to your inbox by subscribing to the squawk.
If you are interested in buying or selling a real estate property in Parkland, please give us a call at 954-609-0591 or send a note to the squawk.
Florida Courts Require Mediation Before Foreclosing
2010 is here, and the Florida court system has announced that banks and lending institutions MUST mediate before foreclosing on a real estate home. I wrote an earlier article: Could Home Foreclosure Mediation Be Mandatory Soon? and now the court system in the state is intervening.
Now, both the lenders and borrowers on homesteaded Florida properties will have to meet at the bargaining table. This court order, carried out by Chief Judge Peggy Quince, guarantees an audience for distressed homeowners and the lending institutions to discuss all available options from loan modifications or short sales before foreclosure.
Banks will be responsible to pay the court costs for each potential foreclosure, which will cost them approximately $750 each. Judges are hoping that this new requirement will help reduce the thousands of foreclosure cases taking over the court systems.
Distressed homeowners must be referred to counseling before mediation. The mediation must take place no earlier than 60 days and no later than 120 days after a foreclosure suit is filed. Also, non-profit organizations, such as the Collins Center for Public Policy, must be provied with mediators specially trained in mortgage foreclosure.
According to the Mortgage Bankers Association in the third quarter of 2009, Florida’s 12.74 percent rate of home loans in foreclosure was the nation’s highest. As a result, 441,440 Florida home loans were in foreclosure at that time.
Hopefully, this new policy will help distressed homeowners remodify their loans or agree to do a short sale. It is important that homeowners call their banks and speak with a real estate agent along with a real estate attorney. Please give us a call at 954-609-0591 if you are in need of assistance.
To stay updated with all of the current Parkland real estate home information, receive our blog posts directly to your inbox by subscribing to the squawk.
If you are interested in buying or selling a real estate property in Parkland, please give us a call at 954-609-0591 or send a note to the squawk.
Parkland Realtors Michael Citron And Rosy Baron Featured In Sun-Sentinel
Sun-Sentinel Interviews Parkland Parrot Real Estate Team
New Year’s is Here! Everyone wants to know what the real estate market will be like in 2010. Sun-Sentinel real estate writer, Paul Owers interviewed the Parkland Squawk along with one of our sellers to get our perspectives on the 2010 South Florida real estate market. The article can be read in its entirety by clicking: Selling a home in the new year? Don’t delay.
Our expert advice is if you have equity in your home, it may be the best time to sell! Parkland home inventory is at a record low, and buyers are still looking to take advantage of low interest rates, the first-time-home-buyer tax credit, and lower home prices.
Please also be aware that there is also a new $6,500 government tax credit for potential homeowners that have owned a homesteaded property for at least 5 years. These owners that sell and then buy a home this year can receive a $6,500 tax credit, which could significantly help with closing fees or repairs on a new property.
The Parkland Parrot Team wants to personally thank Paul Owers of the Sun-Sentinel. If you do not already read the Sentinel’s House Keys real estate blog, we strongly recommend it.
To stay updated with all of the current Parkland real estate home information, receive our blog posts directly to your inbox by subscribing to the squawk.
If you are interested in buying or selling a real estate property in Parkland, please give us a call at 954-609-0591 or send a note to the squawk.
Michael Citron / Rosy Baron
Parkland Specialists
RE/MAX ParkCreek
Direct:954-609-0591
Office:954-449-9704
Email:Link
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