Remodeled

• 1,853 sq. ft., 2 bath, 3 bdrm single story - MLS® $295,000 - Panoramic views

Gemini, Ormond-by-the-Sea  -  ABSOLUTELY GORGEOUS, REMODELED 3BED/2.5 BATH CONDO W/PANORAMIC VIEWS FROM EVERY ROOM! PRIVATE ENTRANCE TO EACH UNIT IS RARE. LARGE ROOMS THROUGHOUT. OPEN FLOOR PLAN WITH FORMAL DINING ROOM AND SPACIOUS KITCHEN WITH NEWER APPLIANCES, TILE FLOOR, GRANITE COUNTERTOPS. WET BAR AND WINE RACK. BEAUTIFUL PARQUE WOOD FLOORS. **ALSO HAS INSIDE LAUNDRY ROOM!!** A FABULOUS MASTER SUITE W/ WALK-IN CLOSET & PRIVATE BALCONY, DYNAMIC BATH W/JACUZZI TUB PLUS SHOWER! PARKING IN GARAGE. DESIRABLE BUILDING LOADED WITH AMENITIES, ACROSS FROM ORMOND MALL WHICH IS BEING COMPLETELY REMODELED. HAS FIRE SPRINCKLE SYSTEM. NEW BALCONIES AND CONCRETE RESTORATIONS IN PROGESS. ASSESSMENT ALREADY PAID! OCEANS VIEWS FROM EVERY ROOM! DON'T MISS IT!

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Johnson Group Builders

• 2,056 sq. ft., 2 bath, 3 bdrm single story - MLS® $215,000 - Ormond Lakes Community

Ormond Lakes, Ormond Beach  -  As soon as you walk into this lovely home you will feel IT! This Johnson Group built home has a wonderful open plan with vaulted ceilings. It exudes comfort and class! 20” tile floors throughout for ease of maintenance. A split floor plan, display niches and indirect lighting are just a few special features. French doors lead to a screened back patio with a concrete stamped floor. The patio overlooks a lovely manicured yard that backs up to
the Tomoka State Park. Landscape curbing added to flower beds. The Master suite features double doors and high ceilings. Double sinks, separate shower and jetted tub complete the Master bath. 2 walk in closets for him & her. One closet is the SafeRoom. The kitchen features raised panel cabinets, GE Profile appliances and breakfast bar. The 2 car garage is oversized by 6 ft on one side. This allows wonderful space for a workbench/workshop in the garage. The attic access in the garage leads to ample storage space with flooring and no attic beams overhead. Ormond Lakes features a community pool, clubhouse and lovely trees. Conveniently located only 2 minutes to I-95, 10 minutes to Tomoka State Park, and 15 minutes to the BEACH!

Property information

It's time to check out your home’s physical fitness and put it on an ‘energy diet.’  Even new homes can be modified to help you save on your utility bills.  By cutting wasteful energy use, an energy-efficient home is a strong defense against winter winds, rain, sleet, snow, and chill, while reducing air pollution and greenhouse gas emissions and increasing national security.

Uncle Sam is offering an incentive for energy-efficient modifications: a 30% tax credit—a dollar-for-dollar reduction in your income taxes owed—of up to $1,500 during the remainder of 2009 and throughout 2010 for specific energy efficiency home improvements. Details on qualifying products, including insulation and sealing products, highly efficient furnaces, heat pumps, and windows, are available at www.ase.org/taxcredits.

From the Alliance to Save Energy, here are some tips to cut your energy bills.

1.  Plug air leaks to stop heat and cool air going out your windows, doors, and outlets.  Seal all those air leaks with sealant or caulking and weather stripping.
2.  Insulate for your climate based on R-values.  Start with the attic, then exterior and basement walls, floors, and crawl spaces. Insulate and seal attic air ducts. These first two steps will increase your comfort, make your home quieter, and reduce your heating and cooling costs by up to 20%.
3.  Find ENERGY STAR windows and see if you can afford to replace at least some of your windows.  They can cut heating costs by as much as 30% compared to single-pane windows, while increasing indoor comfort and lessening fading of home furnishings.
4.  Maintain your HVAC system at least yearly, preferably twice a year, to improve efficiency and comfort.  If it needs replacing, be sure and compare ENERGY STAR equipment.
5.  Keep your furnace filters clean.  Check the filter monthly, especially in the winter, and change it if it looks dirty - a minimum of every 3 months.  A dirty filter will slow down air flow and make the system work harder to keep you warm–wasting energy. A clean filter will also prevent dust and dirt from building up in the system, which could require expensive maintenance and/or cause early system failure.
6.  Seal your heating and cooling ducts to increase efficiency and lower energy costs.  In a typical home with forced air, 20% of the air moving through the duct system is lost through leaks, holes, and poor connections.  Insulate ducts in unheated areas such as attics, crawlspaces, and garages with duct insulation that carries an R-value of 6 or higher. A well-designed and sealed duct system may make it possible to downsize to a smaller, less costly heating and cooling system that will provide better dehumidification.
7.  Install a programmable thermostat which will lower the heat or AC while you are away or overnight.  This can reduce heating costs by 10%.
8.  On your west and south-facing windows, open curtains and blinds to let the sun in (when it's shining), allowing natural heating.  Be sure and close again after dark.
9.  If you replace any products/appliances this coming year, be sure and shop ENERGY STAR.  You can save up to 30% off your energy bills on some 50 product categories, including appliances, electronics, windows, lighting, and home office equipment.
10. Think about caring for your home's "energy fitness."  Heating accounts for 31% of the typical home’s energy costs. Sealing and insulating your home, as well as the other energy efficiency measures, will lower your heating bills, increase your comfort, and decrease your carbon footprint.

(resource:  RisMedia)

Florida's existing home sales rose in November, marking 15 months that sales activity has increased in the year-to-year comparison, according to the latest housing data released by Florida Realtors.

Existing home sales rose 61 percent last month with a total of 14,026 homes sold statewide compared to 8,694 homes sold in November 2008, according to Florida Realtors. Statewide sales of existing condos increased 111 percent last month compared to November 2008's sales figure.

For the second month in a row, all of Florida's metropolitan statistical areas (MSAs) reported increased existing home sales and higher condo sales in November. A majority of the state's MSAs have reported increased sales for 17 consecutive months.

Florida's median sales price for existing homes last month was $139,000; a year ago, it was $158,200 for a 12 percent decrease. Housing industry analysts with the National Association of Realtors® (NAR) note that sales of foreclosures and other distressed properties continue to downwardly distort the median price because they generally sell at a discount relative to traditional homes. The median is the midpoint; half the homes sold for more, half for less.

In Florida's year-to-year comparison for condos, 4,889 units sold statewide last month compared to 2,320 units in November 2008 for an increase of 111 percent. The statewide existing condo median sales price last month was $104,400; in November 2008 it was $131,400 for a 21 percent decrease. The national median existing condo price was $172,900 in October 2009, according to NAR.

According to NAR's latest industry outlook, home sales are experiencing a pendulum upswing. "Keep in mind that housing had been underperforming over most of the past year," said NAR Chief Economist Lawrence Yun. "The tax credit is helping unleash pent-up demand from a large pool of financially qualified renters, much more than borrowing sales from the future. In the second half of 2010, if home values show consistent stabilization or even a modest increase, then home sales could register normal healthy levels."

For Daytona Beach MSA, single family resales, there were 773 realtor sales in November, compared to 420 last year, with a median price of $130,500 vs. $146,200 last year.

For Daytona Beach MSA, condo resales, there were 137 realtor sales in November, compared to 66 last year, with a median price of $171,300 vs. $174,300 last year.

(resource:  REChannel)

Fewer homebuyers are likely to consider purchasing a foreclosed property in the future, according to a survey conducted by the online real estate companies Trulia.com and RealtyTrac.  Conducted in early November, the survey reported 43% of US adults indicate they are at least somewhat likely to consider purchasing a foreclosed home, a drop from 55% in the same survey conducted in May.

According to the survey, 23% of adults are at least somewhat likely to purchase a second home or an investment property. Of those, 92% are interested in the foreclosure market. Those looking to “trade up” make up 24% of homeowners and of those 88% are looking at foreclosures.

Renters show the strongest interest in buying foreclosed properties as 57% are somewhat likely to make a purchase in the future. Of younger renters, aged 18-34, 61% are interested in foreclosures, and 65% of renters between the ages of 35-44 showed interest as well.

The survey showed that consumers expect a good return on their investment in foreclosed homes. Almost two-thirds, 65%, of adults expect a discount of 30% or more when buying a foreclosure. In the Northeast, 43% of respondents expect a 50% discount or higher.

But as 95% of adults are willing to invest money in a foreclosed property, many cited hidden costs as the worst aspect of buying one. Of those surveyed, 81% saw a negative stigma with foreclosure purchases, a jump from 69% when the survey was conducted in May.

Executives at Trulia and RealtyTrac differ in their projections for the future.  Pete Flint, Trulia.com’s CEO and co-founder, said in a conference call Tuesday that housing prices will continue to fall another 5-to-10% as sales volumes flatten out. In 2010, he anticipates a double-dip in the economy and another downturn in 2010 as government incentives disappear, the shadow inventory of foreclosures hits the market and interest rates start to reach 6%.

Rick Sharga, senior vice president of RealtyTrac, said that a broader recovery is in store as the shadow inventory will be a very “gradual, measured” trickle into the market. He expects that the amount of homes receiving a foreclosure notice will reach 3.2m and possibly 4m in 2010.

(resource:  NewsGeni.us)

The Worker, Homeownership, and Business Assistance Act of 2009 has established a tax credit of up to $6,500 for qualified move-up/repeat home buyers (existing home owners) purchasing a principal residence after November 6, 2009 and on or before April 30, 2010 (or purchased by June 30, 2010 with a binding sales contract signed by April 30, 2010).

The following questions and answers are from www.federalhousingtaxcredit.com and provide basic information about the tax credit.  If you have more specific questions, consult a tax advisor or attorney about your own situation.

1. Who is eligible to claim the $6,500 tax credit? Qualified move-up or repeat home buyers purchasing any kind of home are eligible.
2.  What is the definition of a move-up or repeat home buyer?  The law defines a tax credit qualified move-up home buyer ("long time resident") as a home owner who has owned and resided in a home for at least five consecutive years of the eight years prior to the purchase date.  For married taxpayers, the law tests the homeownership history of both the home buyer and his/her spouse.  Repeat home buyers do not have to purchase a home that is more expensive than their previous home to qualify for the tax credit.
3. How is the amount of the tax credit determined? The tax credit is equal to 10% of the home's purchase price, up to a maximum of $6,500.  Purchases of homes priced above $800,000 are not eligible for the tax credit.
4. Are there any income limits for claiming the tax credit? Yes.  The income for single taxpayers is $125,000; the limit is $225,000 for married taxpayers filing a joint return.  The tax credit amount is reduced for buyers with a modified adjusted gross income (MAGI) above those limits.  The phaseout range for the tax credit program is equal to $20,000.  That is, the tax credit amount is reduced to zero for taxpayers with MAGI of more than $145,000 ((single) or $245,000 (married) and is reduced proportionately for taxpayers with MAGIs between these amounts.
5. How is this home buyer tax credit different from the tax credit Congress enacted in July, 2008?  How is this different than the rules established in early 2009?  The previous tax credits applied only to first-time buyers and were for different amounts of money.
6. How do I claim the tax credit?  Do I need to complete a form or application? Are there documentation requirements?  You claim the tax credit on your federal income tax return.  Specifically, home buyers should complete IRS Form 5405 to determine their tax credit amount, and then claim this amount on line 67 of the 1040 income tax form for 2009 returns (line 69 of the 1040 income tax return for 2008 returns).  No other applications are required, and no pre-approval is necessary.
7. HUD is now allowing "monetization" of the tax credit.  What does that mean? It means that HUD allows buyers using FHA-insured mortgages to apply their anticipated tax credit toward their home purchase immediately rather than waiting until they file their 2009 or 2010 income taxes to receive a refund.  These funds may be used for certain downpayment and closing cost expenses.
     Under HUD guidelines, non-profits and FHA-approved lenders are allowed to give home buyers short-term loans of up to $8,000.  The guidelines also allow government agencies, such as state housing finance agencies, to facilitate home sales by providing longer term loans secured by second mortgages.

Contact me if you have more questions about the tax credit, and are ready to start looking for a home.

Angie Shull
angie@angieshull.com

To support its pre-foreclosure and foreclosure experts in the real estate business, RE/MAX International, Inc. announced that it is growing its distressed property expertise through a partnership with the Five Star Institute (FSI).

The strategic partnership will allow RE/MAX agents to earn the industry-recognized Five Star Professional (FSP) Designation by completing comprehensive training through FSI at an affiliate rate and at exclusive RE/MAX events and training courses.

“RE/MAX encourages pre-foreclosure and foreclosure experts because we have the most experienced agents who know that training and education can make the difference for their buyers and sellers,” said Tom Kramig, Vice President of Multi-Media and Education, RE/MAX International. “The Five Star Institute offers excellent training that will help our agents work with lenders, utilize government programs and market their expertise to consumers, putting RE/MAX Affiliates in a better position to help their local housing market recover.”

RE/MAX gives its agents the tools to stay at the top of the industry.  That's why we are more up-to-date on technology and use it to help our buyers and sellers in all our transactions.

The Treasury Department unveiled sweeping rules this week to help financially troubled homeowners who need to sell but can't get a price high enough to pay off their mortgages. Homeowners will even get $1,500 to help cover their moving costs.

The plan is designed to help homeowners who don't have the income or debt levels to qualify for a loan modification under the Obama administration's $75 billion Making Home Affordable program. The plan establishes timelines, a standard process and documents, and cash incentives for participation.  It is designed to accelerate the necessary agreements between lenders, real estate agents, buyers and sellers.

Short sales reduce the damage to the borrowers' credit record and save the lenders the cost of foreclosure.  They also help neighboring property values because the sales price is usually higher than what the house would bring in a foreclosure auction.

About one in 10 home sales this year was a short sale, or an estimated 500,000 sales, according to the National Association of Realtors, and far higher in Florida.

To qualify under the new guidelines:

• The property must be the homeowner's principal residence.

• The homeowner is delinquent on the mortgage or default looks likely.

• The loan was made before Jan. 1 this year and is less than $729,750.

• The borrowers' total monthly mortgage payment exceeds 31 percent of their before-tax income.

A short sale can be better for the borrower and save the lender the cost of a foreclosure, but is still dependent on all parties agreeing on the procedure and price, and then finding a willing and able buyer.

FL Assn of Realtors reports that existing home sales rose in October, and for the 14th straight month sales have increased in year-to-year comparison.  Statewide results also improved over September of this year, for both condos and single family homes.

Existing single family home sales rose 45 percent last month with a total of 15,160 homes sold statewide compared to 10,444 homes sold in October 2008.  Statewide existing home sales last month increased 5.1 percent over statewide sales activity in September.

Florida Realtors also reported an 82 percent increase in statewide sales of existing condos in October compared to the previous year's sales figure; statewide existing condo sales last month rose 6.1 percent over the total units sold in September.

Florida's median sales price for existing homes last month was $140,300; a year ago, it was $169,700 for a 17 percent decrease.  The national median sales price for existing single-family homes in September 2009 was $174,900, down 8.1 percent from a year earlier, according to the National Assn of Realtors.

In Florida's year-to-year comparison for condos, 5,398 units sold statewide last month compared to 2,958 units in October 2008 for an 82 percent increase. The statewide existing condo median sales price last month was $105,200; in October 2008 it was $147,900 for a 29 percent decrease.  The national median existing condo price was $175,100 in September 2009, according to NAR.

Home sales will increase 15 percent to about 5.7 million units and REALTOR® income will be up 20 percent in 2010, according to NAR Chief Economist Lawrence Yun.  He credited the home buyer tax credit with unleashing sales on the lower-end of the housing market this year, bringing up to 400,000 first-time buyers into the market who wouldn't have bought otherwise. That influx tightened inventories of starter homes, shored up prices, and helped reduce households' fear over continuing price drops.

The market will continue to improve now that the tax credit has been extended into 2010, and existing homeowners are included, with a smaller credit available to repeat buyers and to households with higher incomes.

Yun predicts the supply of homes to stabilize at the historic norm of six to seven months. Homes above $500,000 will remain elevated in the near-term, but that weakness will be offset by a hefty drop in starter-home inventories, which are running at about a five months supply.   As prices stabilize, and inventory reduces, appraisals will improve, and foreclosures will ease.  This will make it less likely that Fannie Mae, Freddie Mac, and even FHA will need help from the taxpayer.