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What's New in Punta Gorda? |
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Call Lise Johnson
800-788-1203-O
941-637-6116-O
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Five Star Realty
Your Hometown Realtor
JUNE 2011
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Hello!
Punta Gorda puts on a great show over the 4th of July. This year there will be a 2-day celebration as well as a great fire works display at Laishley Park.
Fishermen's Village also has alot of activities planned so look into those festivities!
If you need any area or real estate information, please give me a call! I hope you have a Happy and Safe 4th!
Lise |
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April-May Statistics
Punta Gorda-Pt. Charlotte
Below are numbers sold each month, and prices are average. Total Units Homes Home Avg $ Condos Condo Avg $
April 340 277 $128,410 63 $130,003
May 320 266 $127,320 54 $110,978
The total units sold number was slightly lower, but is due to seasonal reasons. Sold prices in single family homes was just $1000 lower than the average in April. The average price for condos dropped also but this is due to the fact that more higher priced condos were sold in April vs. March. Three homes closed over $500,000 in May vs. two in April and 10 homes closed in the $400,000 to $499,000 range which was up from seven in March in the $400,000+ range . Statewide homes and condos rose compared to May 2010.
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Future Housing Shortage?
According to the Harvard University Joint Center for Housing Studies, 16 million new homes will be required to house the population growth in the next 10 years. Younger people who have delayed homeownership due to the economy, as well as baby boomers who wish to scale down, and second home buyers will account for the need for more housing.
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More News
INTERNATIONAL BUYERS
The top 5 international buyers are from Canada, Britain, Australia, France and Germany. The devaluation of the dollar has sparked lots of interest of living in the U.S. Floridian cities appeared in 5 out of the 12 highest searched areas on the Trulia real estate website.
IRS INCREASES GAS MILEAGE DEDUCTION
Starting July 1st, if you use your personal vehicle for business , you will be able to deduct 55 cents per mile - a 4 cent increase from last year. The IRS said they are making this move to reflect the recent surge in gas prices.
FHA CONDO GUIDELINES UNDER SCRUTINY
Many trade groups including the National Association of Realtors, are asking the FHA to change guidelines pertaining to the purchase of condos. Currently FHA states that at least 50% of a condo complex must be owner/occupied vs. rental units. In addition currently no more than 50% of condo units in a complex can have an FHA loan-which is another rule trade groups hope to amend.
WAIT AFTER FORECLOSURE
According to a recent article in the New York Times, the general guidelines for FHA, Fannie Mae and Freddie Mac loans call for a 3 year waiting period after a foreclosure and a 2 year wait after a short sale , deed in lieu , or dismissal of bankruptcy, before new financing can be approved. If there are "extenuating " circumstances such as an illness, or job loss-these guidelines may be adjusted. If there is no extenuating circumstance the wait could be up to 4-7 years . Bottom line, it looks like as long as there is a record of good credit and a good debt-income ratio, this waiting time will be judged according to individual circumstances as well as the policies of the lender. |
Food For Thought
As homeowners grow older, many times they will add a son or daughter to the deed of their residence-with the goal of avoiding probate down the line. If you are thinking of doing this, make sure that you get legal advice first, especially if the property has the "homestead" exemption on it. Probate may be avoided using this tactic, however if the parent continues to live in the house this "deed" change will cause them to lose their homestead exemption, and in the process, cause their taxes to rise as well. So make sure you are aware of all the consequences before making any "deed" changes! |
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