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Your Life Partner in Real Estate The numbers over the last year and a half paint a stark picture of South Florida’s real estate market, which bottomed out in October of 2009. As is inevitably the case, however, “what comes down must go back up.” Lowerend price point properties that sold for $40,000 to $50,000 last summer are now seeing healthy increases to $70,000 and $80,000. I have been living is South Florida for over 20 years, and have been selling real estate for a dozen of those. It’s been a truism in real estate that once the bottom of the market starts climbing with price point increases, the middle and higher end markets will follow. What had been an anemic market has begun to show signs of life. Presently we have lowered our inventory of homes and condos to half of what they were from 2009. There are many Federal and local government programs that allow assistance and incentives to motivate people to buy. One example is the "Home Path Program" that allows a consumer to buy a home with as little as 3% down. On top of the assistance programs, we are also seeing historically low interest rates, hovering at just over 5%. The market has finally become affordable for many consumers. (By way of comparison, I remember when I bought my first home in Portland, Maine in the early 1980s, I paid 16.50%. To quote a familiar phrase, “We’ve come a long way, baby.”) When we review this past season of sales, I am sure we will see that the "snow birds" took advantage of lower price points and amazing interest rates. It’s safe to say that most consumers would rather pay about half of what
prices were just 6 years ago. With over 60 million "Baby Boomers" retiring, who wouldn't want their own piece of the South Florida sunshine? My motto, "Your Life Partner In Real Estate" is more than a catch-phrase: it is a watch word of my business and the professional relationships I have developed through the years. Most of my clients have become my friends and I sincerely believe that finding someone a home is more than just selling a house. Put me to the test; you will be happy you did. A native of Boston, Massachusetts. Robert Geary MacKilligan works with Galleria International Realty, on Fort Lauderdale’s Las Olas Blvd. A Bank Certified Specialist, he works directly with Broward Country banks to help buyers own their piece of South Florida’s foreclosure inventory, as well as with investors from all over the world. MacKilligan also serves as sales director on a number of development projects, including locations in Fort Lauderdale, Jacksonville, and New Smyrna Beach, Florida. MacKilligan has experience working with investors, contractors and building professions on projects from start to finish. Working with an international research statistical company, he follows real estate trends throughout the world, employing strategies that are invaluable when investors are looking to sell properties they own overseas. Robert Geary MacKilligan, “Your Life Partner In Real Estate.” Cell: 954-234-8759 rgmsell@aol.com.
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Firm Up, Fix Up, Freshen Up – From the Ground Up! Home Renovation Financing Programs Homebuyers / Homeowners:
Realtors:
Do you find yourself house hunting and imagining what you’d do if only you had enough money to purchase a home and then make improvements without draining your hard-earned saving? Turn that fixer-upper into your one-a nd-only dream home with our unique, all-inone Purchase & RenovateSM loan. It provides the money you need to buy a home and to improve it – all with one application, one closing, and one monthly payment. You’ll enjoy benefits at every step: • More money. The loan is based on the home’s value after improvements. • Lower payments. The cost of improvements is spread out over the term of the loan. • Tax benefits. The interest on renovations may be tax deductible. • Freedom of choice. Make whatever improvements you want – from practical to luxurious.
Dated inventory? Listings that need some work? Our Purchase & RenovateSM programs can help make properties more marketable and help you increase sales – with a streamlined loan process for your buyers. • Increase your buyer base • Overcome the challenges of selling a home with needed repairs • You focus on selling; we'll oversee the renovation financing with a variety of renovation programs we can help you position older homes, short sales, fixer-uppers, rehabs and foreclosures – there are options for properties in virtually any condition. Need help to save a closing? Inspection uncovers a water leak? Replace a roof? A Streamline 203(K) loan may be the answer. Have a growing family wanting a bigger house? Could the home use some energy saving improvements? The FHA 203(K) pro-
gram can help address these needs. Have a buyer looking for an investment property? Foundation crumbling? Our conventional conforming renovation financing program may be the answer for this and more! r Todd Fogel Wells Fargo Home Mortgage Renovation Loan Specialist Todd.Fogel@wellsfargo.com o 954-229-1108 c 954-868-7015
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Good News About Real Estate By Rick Gibson
Feeling confused about real estate today? You’re not alone … there is such negativity and so many conflicting perspectives that it’s hard to see the good news. So, what is the “good” news? My favorite example of news that got “lost” somehow is from 2005. CNN/Money published a real estate report on U.S. zip codes. Would you believe a large area of Fort Lauderdale and Wilton Manors ranked number one in the entire country for the fastest appreciation? The importance of that news is because history repeats itself. The same areas will appreciate again for the same reasons they did in 2005. In 2010, CNBC.com announced the City of Fort Lauderdale ranked number one in the United States for “buyer interest and demand.” I read all the local newspapers to see if I could find this news and was intrigued to find it was nowhere to be seen. Positive news seems to get lost and gloom and doom easy to find. This contributes to confusion in one of the most exciting real estate markets I have ever seen. Did the market drop since that report in 2005? Yes, a lot. Will it go back up? Of course it will. But, first it has to stabilize. In my opinion, it is stabilizing right now. This month, the Sun-Sentinel reported ten zip codes in Broward County experienced price increases when compared to last year. In February, traffic to real estate websites jumped 27% and sales of single family homes and condos in Florida were up 13% from 2010. Fort Lauderdale Beach is about to undergo a multi-million dollar facelift to transform the area west of AIA to upscale hotels, restaurants and shops. Do these numbers or information mean sellers should increase their prices? Not unless they happen to be selling in one of those 10 zip codes or in very select parts of Broward County. What does it mean? It means we should avoid negativity, realize we
are in a good place, make plans, and move forward with solid strategies. The recovery may be slow but the good news is that we are recovering now. Meanwhile, many people are in distressed personal situations, facing foreclosure, need to short sell their properties or considering bankruptcy. This is serious, and why the price recovery will be slow. Although not pleasant for anyone who needs or want to sell, there are many options, programs, and strategic ways to solve these challenges. I truly believe a solid plan and expert advice can turn around many of the real estate problems people are experiencing so they can still benefit from the low prices. Stigma and misinformation about short selling properties and bankruptcy seems common and is harmful. Please consult a Realtor® with the training and experience needed to provide you accurate information, your options and opportunities to help. Real estate is more highly specialized than ever, so please make sure you are in good hands and take action to find solutions to your problems. We hear “now is a great time to buy” over and over. It’s because it is true. Consider the people who do not own any real estate and that in many cases it costs less to buy a home than rent. They may not even be aware of their options. Loan programs such as HomePath and FHA financing are so affordable that assuming someone cannot own a home without trying may be a mistake. The most fortunate right now are investors and, at some level, all of us in real estate could think of our-
selves as investors. The opportunities to buy, improve and rent properties out for cash flow, tax benefits and future resale are incredible. The impact of this gentrification supports the entire market’s recovery. Past standards for return on investment (ROI) are being exceeded dramatically due to low prices and increasing rents. If you are in a position to invest in real estate right now you are fortunate and might consider it carefully. Don’t wait for it to get better. On the selling side of things, there are many of us who own properties worth much less than what we owe on them. It can also be a “great time to sell” if you reduce your debt and buy something else you like more and which is more affordable. For a limited time, there are tax benefits, federal assistance programs (HAFA, etc.) and cash at closing for short sellers. I recommend anyone considering short selling meet with a Certified Distressed Property Expert (CDPE) before listing their property. Sellers who are not upside down and do not have mortgages can consider renting their current property out, selling it or leveraging it to use this buying window of opportunity to upgrade, down-size or purchase investment property. Some of you can afford to make payments but will be eighty-yearsold by the time your properties break even, so may decide not to pay your mortgage and short sell or allow foreclosure. This is called “strategic default.” Some consider it unethical, but my position is to leave it to the business of the property owner and lender and not for me to decide. In any case, there are many opportunities and many solutions to problems. I only ask that people consider there is hope and are solutions out there. There is a lot of good news and there are a lot of people who care. r
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City County Credit Union: It May Be Time to Spring Clean Your Finance Needs City County Credit Union is proud to be a part of the Wilton Manors community. They are a financial institution with a difference. As a not-for-profit cooperative, they are owned by their members (customers) and pride themselves on offering high levels of service and top value products to their owners. CCCU often says that they make the lives of members better with a variety of financial products to suit their needs at every life stage. The credit union offers personal loans as well as credit cards, and loans for vehicles and homes. They also make available deposit products to help members reach their savings goals, and checking accounts with no per check fees. Easy access to accounts is only a call or click away through their large Call Center, online banking from any computer and a 24-hour ATM network. To ensure greater geographical coverage, CCCU offers “shared facilities” – branches at other credit unions where members can make transactions. These shared facilities number more than 250 in the state of Florida and 4,000 nationwide. To South Floridians, a personal
vehicle is a necessity. And new members of CCCU are always delighted to learn about AutoBranch, the dealership that serves credit union members and provides a worry-free car shopping experience. AutoBranch promises buyers of its pre-owned vehicles, a 7-day/1,000 mile money back guarantee, a 100-day/3,000 mile limited warranty, and excellent pricing. City County Credit Union is federally insured by the National Credit Union Administration (NCUA), an agency of the Federal Government. CCCU has served Broward County since 1952 and the Wilton Manors area since 2009. In Wilton Manors, the credit union is active and visible in the community, participating in several organizations and events, including Pride Fest, the Stonewall Festival and Pride Center at Equality Park. They are also members of the Rainbow Business Coalition (RBC), and provide financial education sessions at Fusion on 9th Avenue. Visit the credit union’s website at www.CityCountyCU.org. Or stop by the Shoppes of Wilton Manors branch and ask for Gary Yamnitz, the Branch Manager, or call 954-745-2400. r
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Not Many April Showers, But Plenty of Spring Flowers By Jesse Durko It’s the time of year when everything begins to pop in the garden as it responds to the warmer weather. Now is a good time to fertilize plants in the garden, as well as the time to prune anything that was damaged by the Winter’s cold. We will also need to replace the beds of annuals planted for cool season with warm, loving varieties. I personally avoid this project by planting perennial plants that don’t require replacing year after year. Our nursery features plants that are user friendly, and sustainable with minimum attention. We promote wise water management with an outstanding collection of unusual plants from around the world, as well as
an extensive collection of native trees, shrubs, and flowers. One plant that takes center stage now is the rose, but not just any rose will grow in Florida. We feature Antique roses, and the name alone tells you that they have been around a while. Our nursery is an organic garden – we don’t use pesticides or fungicides. As a result, we keep Antique roses as they are happy and thrive in our climate, requiring the least amount of fuss and no chemicals. Jesse Durko was formerly the director of Flamingo Gardens Botanical Garden. Jesse Durko’s Nursery opened in 1990. The tenacre property features unusual plants collected during Jesse’s numerous travels across the world. The
extensive collection features flowers, shrubs, aroids, heliconias, gingers, bromelipalms, bamboo, ads, orchids, and flowering trees. The collection is aesthetically arranged and displayed throughout the grounds, and most plants are for sale in the nursery. The nursery is open 7 days a week from 8 a.m. to 4:30 p.m. Jesse Durko’s Nursery 5151 SW 70th Ave, Davie, FL. Directions: From I-95 or the Florida Turnpike, go west on Griffin Road to Viele Road (SW 70 Ave). Make a left and travel south one-half mile. From University Drive or I-75 travel east to Viele Road (on the right), and go south. The entrance is clearly marked on the right with a sign. r
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