Best Bites in Oviedo (Part 1)

My family and I moved here to Oviedo in 1994 when I was still a little guy. Coming originally from Alabama it was in our blood to find the local favorites, because the day revolves around what for breakfast, lunch, & dinner. To this day I find it humurous everytime I am sitting at an early breakfast, and the discussion is about where we are eating lunch. Nonetheless, we found the places to eat.

The first place we stumbled upon was "Big John's." When my youngest brother was born my dad made it a new year's resolution to take my brother and I to Big John's every Friday for breakfast to spend a little more quality time with us. This started almost 13 years ago, and it has been a rare event that any of us have missed. Big John's offers a full breakfast special including eggs, pancakes, and bacon for about $3. This isn't all they offer but it's pretty much the only thing I've ever ordered.

Big John's is on 434 in downtown Oviedo just past the Post Office. Don't let the outside fool you, the food is excellent, and the people are great. Also, just so you're not surprised Big John has now become Big Joe since we have been going there.

Stay tuned for the next local restaurant. This one is where we have our Monday morning Core Group meetings...

Amendment 4 -- 2010

On the Florida ballot in 2010 is Amendment 4 to the Florida constitution requiring voters to approve all local comprehensive land use plan changes. The “vote on everything” amendment has been written by some of the states most extreme special interest groups. The group has tried and failed three times to place their amendment on the ballot and have finally found enough signatures to qualify.


Being passed off as an advocate for “Hometown Democracy,” “Amendment 4” to the status quo is more appropriate. In fact, this amendment would have required an average of over 10,599 additional local votes per year in Florida, and had Amendment 4 been in place in 2006, the voters of Carrabelle - a small Franklin County town - would have seen 617 separate questions in a single ballot!

For more information on this issue refer to: www.florida2010.org.

Location, Location, Location?

There have been three key words that have surrounded the world of real estate since its beginning. They have defined good investment decisions, home buying decisions, and become a rule of thumb for everyone from first time homebuyers to billionaire tycoons. Location, Location, Location has been the keystone for every real estate purchase. Now, with the tides changing to a slower marketplace in a down economy these words have also begun to evolve. In our current residential marketplace in Central Florida those words have become Price, Price, Price.

We have seen time and time again, great homes, in great locations sit vacant for months and months. On the flip side, we have seen subpar homes, in mediocre neighborhoods receive three and four offers the first day on the market. This has become a trend that is carrying across all price ranges in all neighborhoods. There are a few reasons for this trend. First, buyers are more educated now than they ever have been in the past. The internet has allowed buyers to search through all the available homes on the market without ever leaving their couch. By the time they get out and begin physically looking at properties they are so aware of what it is they are looking for that they are much quicker to write an offer. The key to getting these offers is to have it priced at a point where they are willing to schedule a physical showing. Secondly, investors are a pocket of buyers that have not previously been competing with residential home buyers. Investors can smell value before it hits the MLS and are prepared to write an offer, sometimes, sight unseen.

With all this being said, if you are attempting to sell a home you need to be aware of the circumstances. Pricing for a quick sale does not mean a cheap sale. Well educated buyers are willing to pay market value for a home. Often times sellers price a home with “negotiating room” which leads to them losing much of their buyers market and ultimately taking less for their property due to a lack of demand. Weary sellers can’t negotiate well and never will. Get the most out of your sale by competitively pricing your home.

Keep the new rule of thumb in mind. PRICE, PRICE, PRICE!

Tax Credit Passes House and Senate

"WASHINGTON – Nov. 5, 2009 – The $8,000, first-time homebuyer tax credit has not yet been extended beyond its Nov. 30 end date, but it’s very close to gaining a longer life.
The extension was added as an amendment to an existing bill, HR 3548, that extends unemployment benefits. The U.S. Senate passed that bill on Wednesday and, after debate, the U.S. House passed HR 3548 this afternoon. It now needs only President Obama’s signature to become law, and the White House has indicated it will sign it, perhaps as early as tomorrow.
Until the president signs the bill, however, it is not law.

In addition to extending the tax credit for first-time homebuyers under the current rules, the bill adds a smaller tax credit for move-up homebuyers who have lived in the house for five of the past seven years. The bill also increases the income limits of homebuyers from $75,000 (single) to $125,000; and from $150,000 (married) to $225,000.
Florida downpayment assistance
After the president signs the bill and extends the tax credit, the Florida Homebuyer Opportunity Program – a downpayment and closing costs assistance program relating to the federal tax credit –automatically gets extended too. The state still has about $28 million available for homebuyers. The money is essentially a loan to first-time buyers; they receive it upfront, use it for a downpayment or other costs, and pay it back once they get their federal refund."

Money in the toilets...

WASHINGTON – Oct. 6, 2009 – More than 80 percent of new single-family homes have at least two bathrooms, which occupy an average of 300 square feet of floor space, or 12 percent of the total area, according to a study by the National Association of Home Builders.

The home builders’ study reports a major return on value for extra bathrooms: “When the number of bathrooms is approximately equal to the number of bedrooms, an additional half-bath adds about 10 percent to the home’s value, and one additional bath adds about 19 percent.”

A mid-range bathroom remodel, which costs $10,500 on average nationwide, repays a homebuyer at least 100 percent of the outlay when the property is sold, the homebuyer study concludes.

http://www.floridarealtors.org/

2009 First-Time Home Buyer Tax Credit Facts

Who is Eligible
• The $8,000 tax credit is available for first-time home buyers only.

• The law defines “first-time home buyer” as a buyer who has not owned a principal residence during the three-year period prior to the purchase.

• All U.S. citizens who file taxes are eligible to participate in the program.

Payback Provisions

• The tax credit is a true credit. It does not have to be repaid.

• The only repayment requirement is if the home owner sold the home within three years after the purchase.

Income Limits

• Home buyers who file as single or head-of-household taxpayers can claim the full $8,000 credit if their modified adjusted gross income (MAGI) is less than $75,000.

• For married couples filing a joint return, the income limit doubles to $150,000.

• Single or head-of-household taxpayers who earn between $75,000 and $95,000 are eligible to receive a partial first-time home buyer tax credit.

• Married couples who earn between $150,000 and $170,000 are eligible to receive a partial first-time home buyer tax credit.

• The credit is not available for single taxpayers whose MAGI is greater than $95,000 and married couples with a MAGI that exceeds $170,000.

Effective Dates for the Tax Credit

• First-time home buyers would receive an $8,000 tax credit for the purchase of any home on or after January 1, 2009 and before December 1, 2009. To qualify, you must actually close on the sale of the home during this period.

Tax Credit is Refundable

• A refundable credit means that if you pay less than $8,000 in federal income taxes, then the government will write you a check for the difference.

• For example, if you owe $5,000 in federal income taxes, you would pay nothing to the IRS and receive a $3,000 payment from the government.

• If you are due to receive a $1,000 tax refund from the government, your refund would grow to $9,000 ($1,000 plus $8,000 from the home buyer tax credit).

• Buyers can take the tax credit on their 2008 or 2009 income tax return.

Types of Homes that Qualify for the Tax Credit

• All homes, whether single-family, townhomes or condominium apartments will qualify, provided that the home will be used as a principal residence and the buyer has not owned a principal residence in the prior three years. This also includes newly-constructed homes.

For more details on the tax credit, go to www.federalhousingtaxcredit.com

Understanding the Appraisal Issue

In today’s market, there are many obstacles you are faced with when buying and selling a home. One of the major topics of the moment is appraisals. Now what would an appraisal have to do with buying or selling a home?
The appraisal is the keystone for lenders to base their lending limits on, aside from the buyer’s personal financial situation. Every purchase contract is going to have a financing clause that states:

Buyer will apply for new financing at the prevailing interest rate and loan costs based on Buyer’s creditworthiness…the Seller will be entitled to retain the deposits if the transaction does not close by the Closing Date unless (1) the Property appraises below the purchase price and either the parties agree on a new purchase price or Buyer elects not to proceed.

There are four options when this situation occurs.

1) The buyer can bring cash over an above the down payment amount and pay the difference, still being able to attain a mortgage on the appraised value.

2) The seller can reduce the purchase price to the appraisal price.

3) They can do a combination of 1 & 2.

4) Or, elect not to proceed with the purchase and sell of the property.

In this situation, if you are the seller your options are limited to reaching an agreement, not selling, or waiting in hopes of a cash buyer that will pay the difference. The main reason is due in fact to FHA rulings stating that FHA appraisals will remain attached to a property for a 6 month period. This means, depending on your circumstance you must be willing to reduce your sell price to appraisal value.

Buyer’s at times end up reaching a better deal because of this little contingency, but many deals are falling apart because neither party has the means to negotiate up or down. Most FHA buyers are only putting 3.5% down for a reason.

The moral of the story is be careful regardless of which side you are on, because going through negotiations, inspections, and planning how you are going to arrange your living room furniture, only to find out that you are paying well over market price for a home is not a comfortable scenario. Stay away from outrageously priced homes with sellers hesitant to negotiate. The well priced homes are out there they just don’t tend to hang around very long.

Listing Leaders

Coldwell Banker Residential Real Estate’s August Sales and Listings Leaders

Winter Springs, FL, (September 14, 2009) – Anne-Marie Wurzel was named sales leader and Cheryl and Justin Core were named listings leader at Coldwell Banker Residential Real Estate’s Winter Springs office.

According to David W. Robinson, CRS, GRI, Managing Broker of the Coldwell Banker Winter Springs office, “It is a real pleasure to recognize the hard work, dedication and contributions of Anne-Marie, Cheryl and Justin.”

Anne-Marie Wurzel, Cheryl and Justin Core may be reached at the Winter Springs office at 407-696-8000.

About Coldwell Banker Residential Real Estate

Coldwell Banker Residential Real Estate (FloridaMoves.com), is the leading real estate brokerage company in Florida, serving the communities of Central Florida, Palm Beach, Southeast Florida, Southwest Florida and Tampa Bay. Coldwell Banker Residential Real Estate is part of NRT LLC, the nation’s largest residential real estate brokerage company. NRT, a subsidiary of Realogy Corporation, operates Realogy’s company-owned real estate brokerage offices.
For more information, visit our Web site, www.FloridaMoves.com/WinterSprings

and www.FloridaMovesNews.com

Any house. Any time. Anywhere.

First-time buyers race to qualify for $8K federal tax credit

LOS ANGELES – Sept 10, 2009 – First-time homebuyers have just 12 weeks to find and close on a home to qualify for the $8,000 federal tax credit by Nov. 30 – before the Dec. 1, 2009, deadline.

Those just beginning the process will have to beat the average time it takes to buy a home, a challenge that real estate professionals can help buyers meet even though it’s taking longer today to close most transactions today, according to Realtor.com officials.

On average, first-time buyers search 12 weeks to find a home, while closing can take up to 60 days, depending on individual circumstances and local regulations.

Additionally, the tax credit has proved to be extremely popular this year: studies show that taking advantage of the first-time homebuyer’s federal tax credit and relevant state incentives is the most important reason motivating 10.8 percent of buyers today. In fact, approximately 1.14 million buyers have already filed for the credit. Many more are expected to file for the credit when income taxes are due April 2010.

Historically high affordability is a major factor driving first-time homebuyers today, a growing group that accounted for one third of all purchases in July 2009, according to a survey by the National Association of Realtors®.

NAR’s affordability index in July 2009 was 36.0 percentage points higher than July 2008. Under these conditions, the typical median-income family can allocate 15.8 percent of their gross income to mortgage payments, well below the traditional allowance of 25 percent. Interest rates, which play a major factor in affordability, remain low, and averaged 5.22 percent in July for a 30-year fixed rate loan.

Realtor.com President Errol Samuelson said, “The national median home today costs approximately $174,100. By moving quickly to find and close on a home by Nov. 30, first-time buyers qualifying for the $8,000 tax credit can actually purchase this same home for only $166,100, an almost 4.5 percent discount off of the price of a typical new home. Because affordability this year is at its highest level in 28 years, and the market offers an incredible selection of homes within reach of most first-time buyers, we expect their numbers to grow as they pursue this once-in-a-generation opportunity to become homeowners.”

He added that by combining the effective use of technology for information-gathering with expert advice from local Realtors, today’s first-time home buyers can beat the clock and use the $8,000 federal tax credit, along with any available state-level credits, to purchase a home before the Dec. 1 deadline.

“By moving quickly, being prepared to make decisions in the face of increased competition, and using the expertise of a real estate professional, first-time homebuyers can still close on time and qualify for the $8,000 federal tax credit,” Samuelson said.

Housing Market Indicators

FAR - News and Events: "Housing Market Indicators:

Florida existing home sales:
(month-to-previous-year comparison)
33%

Florida existing condo sales:
(month-to-previous-year comparison)
48%

Florida existing home median price:$147,000

Florida existing condo median price:$108,300

Florida consumer confidence: 67

National existing home sales:
(month-to-previous-month comparison; all housing types)
7.2%

National existing home median price
$178,400

National (Freddie Mac) mortgage rate
(all housing types)5.2%"

New Condominium Regulations by FHA

In the most recent FHA guidelines and regulations that are set to be implemented October 1st, 2009 is the following:

FHA Concentration
a. Projects consisting of three or less units will have no more than one unit encumbered with FHA insurance.
b. Projects consisting of four or more units will have no more than 30 percent of the total units encumbered with FHA insurance.

What this states is that FHA will not back more than 30% of any given building. This applies to all condominium projects of 4 or more units. The condominium market is still in shambles and this is going to further reduce the accessability to financing.

At this point in time there are very few condos that are financable by FHA. In downtown Orlando there are only 2 highrise condos that are FHA approved. If you were considering investing or purchasing condos in the near future it appears there will be a rough road ahead for the foreseeable future. There could be many unintended consquences to this enactment like higher vacancies, more investor owned units, decreasing value, and higher HOA fees. Although on the other hand can you blame FHA for not wanting to fund the instability of this market at this time?

This article breaks down the situation of the condo market and it's volatilty expanding on some of the points above.


http://www.realtytrac.com/ContentManagement/RealtyTracLibrary.aspx?channelid=8&ItemID=6783

New Listings

113 Reserve Cir #213 - $89,000
New Listing near UCF – 2/2 Condo

Short Sale. Listing price may not be sufficient to pay total of all liens and costs of sale, and sale of propety at full listing price may require approval of seller's lender(s), and such appproval may be conditoned upon gross commission being reduced. Must see this condo to believe. Excellent shape and Fabulous price close to UCF. This 2 bedroom 2 bath corner unit has a large great room with vaulted ceilings. The kitchen is spacious and comes complete with all appliances. The screened porch overlooks a serene conservation area that is perfect for dinners outside. A large closet on the lanai allows for plenty of storage space. Back inside the bedrooms are spacious and each have a full bath close by. The community features a large pool with barbeque grills and picnic areas, a basketball court and beach volleyball. With low HOA fees and rising gas costs, why live anywhere else?

3830 Ventura Place - $265,000
Ventura Country Club Subdivision on the 3rd Fairway


Act quickly to enjoy this SPECTACULAR GOLF FRONT POOL home in gorgeous Ventura Country Club community. Ammenities include: STAINLESS STEEL APPLIANCES, SCREENED HEATED POOL WITH OVERSIZED PAVERED DECK, TILE ROOF, NEW LANDSCAPING,VOLUME CEILINGS, FIREPLACE and SPLIT floor plan. As you enter this home the living room with new carpet is a grand space for entertaining along with the dining room which is open and airy. The family room with wood burning fireplace and volume ceilings has a gorgeous view of the pool and a golf course. The kitchen with stainless steel appliances has loads of storage space, a breakfast bar and a separate area for dining. Enjoy the large master bedroom with golf course view and master bathroom with walk in closet, dual vanities, garden tub and separate shower. The Ventura Country Club Community along with the well renowned golf course and pro shop has a pool, tennis courts and the 19th Hole Restaurant. Schedule your appointment today.

890 Country Charm Cir - $385,000
Brand New Listing in a gated Lake Charm Subdivision

Gorgeous mediterranean style home in a gated community in the heart of Oviedo. This five bedroom home with an over sized bonus room has every upgrade you could ever desire. From the gourmet kitchen with granite counter tops, 42-inch cabinets, and stainless steel appliances, to the upgraded lighting throughout, this house is sure to please the most discriminating buyer. The kitchen opens to the spacious family room wired for 7.1 surround sound system and opens to the spectacular screened lanai. The lanai is a full 44 by 22 feet, 2-stories high, and overlooks a large shaded fenced yard with mature oak trees. The fence has a 10' wide gate on one side. The master bedroom is downstairs with walk-in closets and a master bath with dual vanities, garden tub, and a separate shower. The upstairs boasts four extra large bedrooms, two and a half baths, along with a bonus room that is 15 by 25 and is also wired for 7.1 surround sound and has a built in for a big screen tv. Located on a corner lot with a 3 car garage, this home is meticulously maintained and ready to sell.

1010 Ragsdale Rd. - $175,000
New Listing in Alafaya Woods

This beautiful and unique pool home located on a cul-de-sac and backing up to conservation has everything to offer. GREAT SCHOOLS, NEWER ROOF, NEWER POOL, ALL APPLIANCES, is NOT a short sale and can close quickly. When you enter the front door will see the mexican-cermanic tile throughout the main living areas. The large family room and kitchen with eat in breakfast area overlooks the pool. All this and a separate dining room make this a great home for entertaining. The french doors in the family room open to the 28'x16' pavered deck around the newer pool complete with screen enclosure and solar heating. Outside the screen you can walk up the custom built stairs to the sun deck over the patio that overlooks a conservation area. Back inside the house and down the hall there are four bedrooms and two full bathrooms. There are minor aesthetic repairs that need to be made, but with a little TLC this will quickly become the perfect home for you. Call for more information.

Perception of the Markets

I finished my last blog by asking a few questions. One was "how much does perception play into the status of the market?" Here is an article talking heavily on perception of the average consumer which fits great with previous discussion.

Fla. consumer confidence jumps 3 points Good news about housing and stocks lifts Florida’s consumer confidence.

GAINESVILLE, Fla. – Aug. 26, 2009 – Rising housing prices, stock market gains and the lack of any new setbacks in the national economy boosted Florida’s consumer confidence three points to 70 this month, according to a new University of Florida (UF) survey.“We had anticipated an increase in consumer confidence in August based on what appeared to be an unjustifiable two-point drop in July following what was already a two-point decline the previous month,” said Chris McCarty, survey director of UF’s Bureau of Economic and Business Research. “While the economic environment is by no means bright, the decline in July seemed unsustainable given the lack of any very bad economic news and some encouraging signs in Florida’s housing market and the stock market.”

Three of the five components in the index rose, one fell and one stayed the same. Perceptions of personal finances now compared with a year ago remained unchanged at 43, still only four points above its all-time low of 39. Perceptions of U.S. economic conditions over the next year jumped 10 points to 73; perceptions of U.S. economic conditions over the next five years rose eight points to 80; and perceptions of personal finances a year from now increased five points to 84. The only component to drop was perceptions of whether it is a good time to buy big-ticket items, which fell five points to 72.“We are not out of this recession yet, particularly here in Florida, but things are not nearly as bad as they were a year ago,” McCarty said.

Home sales have picked up both nationally and in Florida, and falling prices suggest a bottoming out of the housing slump, McCarty said. The latest report from the Florida Association of Realtors® shows median prices for existing single-family homes flat from last month and still up for the year.If foreclosures continue, they could depress home prices, McCarty said. The Mortgage Bankers Association has reported that 23 percent of Florida mortgages in the second quarter of 2009 were either in foreclosure or late on payments.

The hardest hit area for foreclosures is along the southwest coast, including Fort Myers, Sarasota and Punta Gorda, all of which are disproportionately dependent on retirees, McCarty said. A slowing of the retiree housing market is a big factor in Florida’s population decline last year for the first time since 1946, which the bureau reported last week, he said.“We expect consumer confidence to stay mired in the upper 60s and low 70s as the recovery develops,” McCarty said. “Unfortunately, while Florida housing is showing signs of improving, the overall state economy in the long run will likely lag other parts of the country given the prospects for a turnaround in employment.“As the country moves into recovery over the next year, real estate, construction spending and tourism – all of which have been major sectors in Florida economy’s over the past two decades – will certainly stabilize, but not grow as they had,” he said. “Florida needs a new approach.”The research center conducts the Florida Consumer Attitude Survey monthly. Respondents are 18 or older and live in households telephoned randomly. The preliminary index for August was conducted from 425 responses. The index is benchmarked to 1966, so a value of 100 represents the same level of confidence for that year.

Listings

1022 Pinehurst

Gorgeous updated pool home located on cul de sac in golf community in Oviedo. Don't take long to act on this house with NEWER ROOF, NEWER A/C, Newly painted inside and out, 2006 pool with upgraded pop up auto poolcleaning system, newly renovated bathrooms and extensive molding. The kitchen is a chef's delight with loads of cabinet and counter space, a prep island and a pass through to the dining room. The family room has gorgeous wall molding, a wood burning fireplace and french doors that open into a separate den or study. The screened enclosed patio is an extension of the house with cable and electrical outlets. Enjoy the breeze as you overlook the pool surrounded with tropical foliage. Located across from the Twin Rivers Country Club and a short walk to Riverside Park with pool, tennis and racquetball courts. Act quickly before this one slips away. See the full listing: http://www.realtor.com/realestateandhomes-detail/Oviedo_FL_32765_1111429439

2606 Sweet Creek Xing

Fabulous 4105 sqft on 5 acre country estate in gated neighborhood conveniently located off of SR 419 in Seminole County. This home has a feel of a mountain lodge with a soaring rock fireplace, gorgeous wood ceilings, wood cross beams and large wooden deck with gas heated hot tub. Enjoy the tranquility of this natural setting from your large screened porch or from your new, oversized, built in hot tub. Horses are not only allowed but encouraged in this equestrian friendly community. The upstairs has a loft with a view of the main lodge area, 2 bedrooms and a bath. The oversized Master bedroom is sure to please with room to spare. The master bathroom is complete with a jetted tub, separate walk in shower, dual vanity, and bidet. The kitchen is reminiscent of a farm house with a bricked arch oven along with a large cooking island and cabinets galore. Off the kitchen there is a quiet in law suite with a large bedroom, bathroom, and walk in closets, which is perfect for guests. If you love to entertain, the bonus room is what you have been looking for with over 500 square feet, a wet bar, built ins and volume ceilings. There is an extra large mudroom with loads of closet space that also houses the water softener. The utility room is so big that is currently doubling as an office. All of this along with skiing lake access to LAKE PICKETT with community features that include a boat ramp and dock. This is a truly unique property that doesn't come along very often. Come and see this quiet place in the country. See Full Listing: http://www.realtor.com/realestateandhomes-detail/Chuluota_FL_32766_1109940726

3157 Heirloom

Spectacular 5 bedroom 4 bath house on conservation in highly sought after Sanctuary subdivision in Oviedo. As you enter the home you will be amazed at the soaring ceilings, tile floors, and the elegant living room that overlooks the covered patio and private backyard. The master suite with spa like bath is sure to please with a jetted tub, walk in shower with multiple heads, double sink and vanity. The second bedroom downstairs, located near the master, could be used as a study or den. The recently renovated kitchen is a chefs delight with gorgeous 42" cabinets, stainless steel appliances, granite countertops, breakfast bar and large cooking island. Perfectly set up for gatherings of family and friends, the kitchen is open to the large den and breakfast area. The formal dining room with elegant chandelier has a pass through to the kitchen for easy servicing. The elegant staircase leads to a spacious loft along with 3 bedrooms and 2 full baths. Security system, 3 car garage, new gutter system, recently upgraded irrigation system, new sod and a one year home warranty make this home a must see. Call today for a showing before this one disappears. See full listing: http://www.realtor.com/realestateandhomes-detail/Oviedo_FL_32766_1111018327

READING THE TRENDS…BUYER’S MARKET?

I've been sending out market trends to my email list as well as posting articles on my Facebook group page and mentioning the numbers in previous blogs. The problem with sending these numbers is that without a historical reference of the real estate market, the numbers mean nothing. You have to know where you came from to be able to predict where you are going. As a Realtor I can see the changes in the market on a daily basis. For example, when there are 30 showings on a home within the first two weeks of being on the market. This is the case of 1022 Pinehurst in Oviedo. There have been tons of showings with great feedback. Although there are no offers yet, we know it's just a matter of time. There are other examples such as...

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Bank Owned Bidding

July 23, 2009 -- There are strange things beginning to happen as the real estate market begins to see signs of stabilization. After seeing nearly 3 years of residential inventories just a short time ago, we have slowly subsided to about 7 months of inventory in the Central Florida market.
With this, prices have continued to slide awaiting the thump of the bottom floor in the near future. No one knows when this time will be, but everyone is willing to take their chances that it won’t be long. In the homes priced under $200k there are two different groups of buyers.

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