Florida Real Estate News | Cranewoods Development, LLC

Bank consultant announces sellout of St Augustine real estate project

in Cincinnati Real Estate Consulting, Cincinnati Real Estate Development, Cincinnati Real Estate Development News, Florida Real Estate News, Jackonville Real Estate News, Press Releases, Real Estate Consulting, Real Estate Debt Workout, Real Estate Development, Real Estate Receiver

Cranewoods Development announces that it has completed the liquidation of a planned residential waterfront community on the shores of the St Augustine Inlet in Northeast Florida. “Properties are selling and inventory is being absorbed,” says consultant.

November 8^th 2010 – St Augustine, FL Bank and Real Estate development consultant Cranewoods Development announces that it has managed the final property closing of a planned multi-phase waterfront community in St Augustine Florida consisting of a future multi and single-family development that included a 3500sf West Indies style luxury home.

The St Augustine market had been hit particularly hard by the real estate downturn, ultimately creating intriguing opportunities for investors and homebuyers willing to step in and buy while prices are depressed.

“Properties are selling and inventory is being absorbed. Those are the indicators that prices are recovering. Now it’s a question of how fast,” stated Andrew Howe, President of Cranewoods Development. “This project had terrific value just sitting there, our job was to let people know about it in a way they understood.”

in Cincinnati Real Estate News, Florida Real Estate Development News, Florida Real Estate News, Jackonville Real Estate News, Ohio Real Estate Development News, Real Estate Market News

The Senate passed an amendment that extends the first-time home buyers $8,000 tax credit by three months IF you already have a contract in hand.

The U.S. Senate voted on Wednesday to give homebuyers another three months to settle on their contracts and take advantage of a popular tax credit that sparked a rush of activity in the housing market.

The amendment also includes the $6,500 credit for existing home owners looking to change their primary residence. This is an extension for closing on existing contracts, not for any new contracts that came after the earlier deadline of April 30th. The new deadline for closings is September 30th and is welcome by buyers and banks who have been caught in the logjam of so many closings trying to come in under the previous deadline.

The VA Purchase Loan Has Many Advantages

in Cincinnati Real Estate Consulting, Cincinnati Real Estate Development, Cincinnati Real Estate News, Florida Real Estate News, Jackonville Real Estate News, Jacksonville Real Estate, Real Estate Loans

Buying a house but not sure what you’re going to use to finance the purchase given today’s climate in the mortgage market?

If you’re a veteran or active duty military, then you must consider a VA Loan, a benefit thanks to your service to the United States. A VA Loan is a great option for buying a home, whether it’s your first or your third time buying a house; the VA Loan gives you flexibility as well as offers an affordable solution to financing your next purchase.

Perhaps the biggest highlight of the VA Loan is the no down payment requirement. Sure, there were plenty of no down payment options 24 months ago, but like the housing bubble, those programs burst and now the VA Loan is the last zero-down mortgage product available. In addition to zero down, the VA Loan also has no private mortgage insurance, which is standard on conventional loans unless you put 20 percent down. Another aspect of the VA Loan is the relaxed credit requirements that still allow you to get a low interest rate. While most conventional products require a 720 or above to get the lowest rates, VA lenders generally only require a 620 minimum credit score, and the rates for those scores are still the lowest available.

The VA Loan also allows you to refinance into a lower interest rate (down the line) without appraisal or income documentation; said Jake Vehige, VA Loan Specialist with VAMortgageCenter.Com.

There is a VA funding fee associated with a VA Purchase Loan, however that fee is 2.15% of the loan amount for first-time VA users and 3.3% for subsequent VA Loan use. That fee can be rolled into the cost of the loan, or the seller is allowed to pay for it as well. Borrowers who can document at least a 10% service-connected disability are exempt from the funding fee.

Provided you’ve got good credit, doesn’t have to be great, you were honorably discharged and you’ve had steady income for the past two years, a VA Loan is definitely worth your consideration when purchasing your next home.

Tax Credits working for Homeowners, First Time Buyers and the Economy

in Cincinnati Real Estate Consulting, Cincinnati Real Estate Development News, Cincinnati Real Estate News, Florida Real Estate Development News, Florida Real Estate News, Jackonville Real Estate News, Jacksonville Real Estate, Ohio Real Estate Development News, Real Estate Loans, Real Estate Market News, Real Estate Taxes

A recent study and market analysis show the extension of the first-time home buyer tax credit and the addition of credit for existing homeowners is working for our economy. But the credits are set to expire in April and interest rates are beginning to rise from their near historic lows so the time to buy is now.

“Twenty percent of homeowners are more likely to consider purchasing a home than they were six months ago, thanks to the revised $6,500 federal tax credit, according to the survey.”

Coldwell Banker conducted the survey of over a thousand homeowners and found that the vast majority planned to use the money on “smart spending” that pays off existing debts, goes to home improvements, savings and household expenses. All of which aid our economy by increasing consumer confidence. That’s good news for existing homeowners.

“This may mean the move-up buyer is back in the marketplace,” said Jim Gillespie, chief executive officer of Coldwell Banker. “We’ve got a strong market for the first-time buyer and a strong market for investors. The move-up buyer has been sitting on the fence but hopefully the $6,500 tax credit will stir him to contact a realtor.”

Prices to bottom, rates to raise but still a Buyer’s Market

in Cincinnati Real Estate Development, Cincinnati Real Estate Development News, Florida Real Estate Development, Florida Real Estate Development News, Florida Real Estate News, Jackonville Real Estate News, Jacksonville Real Estate, Ohio Real Estate Development News, Real Estate Loans, Real Estate Market News

Real Estate is seeing historically low prices, especially in the luxury and near luxury market. Prices are at or extremely near the lowest they will ever be but mortgage rates are beginning to rise and aren’t expected to return to the low rates we’ve seen over the last few years. Here is a very good article about what’s going on nationally in the real estate market that also addresses some regional variations. There are a number of good points for potential buyers and many that directly effect Florida buyers.
Read the whole thing but this is a very important point on the overall trend of the buyer’s market:

“You don’t need to have a sense of urgency, but understand that as time progresses the balance of power as we get into 2010 is going to slowly but surely shift away from [buyers],” Larson says. “It is not going to be a strong seller’s market, but it will be more evenly distributed as the year goes on.” Data from the real estate firm Zillow show that home buyers are already losing the leverage they once enjoyed.

Combine this information with the first-time and homeowner tax benefits that will be expiring in June, 2010 and you can see it’s still a buyers market but the window is closing.

$8,000 First Time Homebuyer Tax Credit Explained

in Cincinnati Real Estate Development, Cincinnati Real Estate Development News, Cincinnati Real Estate News, Florida Real Estate, Florida Real Estate Development, Florida Real Estate Development News, Florida Real Estate News, Jackonville Real Estate News, Jacksonville Real Estate, Ohio Real Estate Development News, Real Estate Loans, Real Estate Taxes

The first-time homebuyer credit is a new tax credit included in the recently enacted Housing and Economic Recovery Act of 2008.

For homes purchased in 2008, the credit operates like an interest-free loan because it must be repaid over a 15-year period.

The credit was expanded in 2009 for homes purchased in 2009, increasing the amount of the credit and eliminating the requirement to repay the credit, unless the home ceases to be your principal residence within the 36-month period beginning on the purchase date.

Q. How much is the credit?

A. The credit is 10 percent of the purchase price of the home, with a maximum available credit of $7,500 ($8,000 if you purchased your home in 2009) for either a single taxpayer or a married couple filing a joint return, but only half of that amount for married persons filing separate returns. The full credit is available for homes costing $75,000 or more.

Q. Which home purchases qualify for the first-time homebuyer credit?

A. Any home purchased as the taxpayer’s principal residence and located in the United States qualifies. You must buy the home after April 8, 2008, and before Dec. 1, 2009, to qualify for the credit. For a home that you construct, the purchase date is considered to be the first date you occupy the home. Taxpayers (including spouse, if married) who owned a principal residence at any time during the three years prior to the date of purchase are not eligible for the credit. This means that you can qualify for the credit if you (and your spouse, if married) have not owned a home in the three years prior to a purchase. If you make an eligible purchase in 2008, you claim the first-time homebuyer credit on your 2008 tax return. For an eligible purchase in 2009, you can choose to claim the credit on either your 2008 or 2009 income tax return.

Q. Can I apply for the credit if I bought a vacation home or rental property?

A. No. Vacation homes and rental property do not qualify for this credit.

Q. Who is considered to be a first-time homebuyer?

A. Taxpayers who have not owned another principal residence at any time during the three years prior to the date of purchase.

Q. How do I apply for the credit? Read more →

Florida Property Tax Portability Explained

in Florida Real Estate, Florida Real Estate Development, Florida Real Estate Development News, Florida Real Estate News, Jackonville Real Estate News, Jacksonville Real Estate, Real Estate Taxes

For those who have made a home in Florida and are considering a move to a new Florida home, one of the most important things to be aware of is the newly enacted Property Tax Portability Amendment.

So just what is Property Tax Portability?

A new Florida law allows residents that are moving from one primary residence to another to bring the built-up property tax benefits on the assessed value of their existing home along with them to their new home. This can mean up to a $500,000 decrease in the taxable value of the new home, and a huge annual property tax savings.

Florida primary residences are protected to a maximum percent increase in the assessed value each year by legislation known as “Save Our Homes”.

Without the portability provision, if you moved you lost all of the assessed value savings created by Save Our Homes and your new home was assessed at current market value. The Portability Amendment literally made that tax savings “portable” so you can now transfer up to $500,000 of your accrued Save Our Homes benefit to your new home.

EXAMPLE: You sell your current Florida Homestead that has an Assessed Value of $200,000 and a Just (Market) Value of $350,000. $350,000 – $200,000 = $150,000 in Tax Benefit. You buy a new home for $400,000. The $150,000 SOH tax benefit is applied to the new homes Just (Market) Value to creates a lower Assessed Value.

So if you own a home in Florida and are looking into downsizing to a condo or if you have been living inland and want to take advantage of the great waterfront property prices on the coast, a dramatic change in property taxes may not be something to worry about. Those homeowners who sell one home in order to move into another full time, will find that the taxes on their new property are adjusted to reflect the savings from their old home.

Investing in Real Estate through 1031 Exchange

in Cincinnati Real Estate Consulting, Cincinnati Real Estate Development, Cincinnati Real Estate News, Florida Real Estate, Florida Real Estate Development, Florida Real Estate Development News, Florida Real Estate News, Jackonville Real Estate News, Jacksonville Real Estate, Ohio Real Estate Development News, Real Estate Consulting, Real Estate Taxes

Keeping Your Real Estate Equity In Tact During a Sale With 1031 Exchanges presents a wide variety of opportunities from taking advantage of the 1031 exchange technique provided by the real estate code.

In a 1031 tax free exchange a real estate investor can sell an appreciated property and invest the sale proceeds in a like kind property. By investing the real estate profits in a new property purchase, the taxes on the gain are deferred. A financial institution that is knowledgeable in 131 tax free exchanges should handle the transaction to make certain that all regulations are complied with. This is a valuable tool for the preservation of cash and equity in the appreciated real estate.

Real estate investors will find oceanfront condos, downtown lofts, apartment projects, apartment conversion candidates and office buildings, all worthy of considering for the reinvestment of 1031 proceeds.

Condos provide supply and demand upsides and a wide variety of potential future buyers including homeowners, vacation homeowners and investors.

Downtown lofts offer unique loft designs, proximity to downtown business districts and lively downtown neighborhoods.

Apartment buildings and offices, particularly in high demand areas like historic districts, present the opportunity for positive cash flow and future equity appreciation.

When zoned CRO, which allows a building to be used for residential, commercial or office purposes, apartment building have the additional value of being able to be converted to offices. Small apartment buildings zoned CRO in historic neighborhoods are prime candidates and highly sought after by real estate investors looking for 1031 exchanges.

A 1031 exchange can save a real estate investor a great deal of cash.

Condominium Association Advantages

in Florida Real Estate Development, Florida Real Estate Development News, Florida Real Estate News, Jackonville Real Estate News, Jacksonville Real Estate, Real Estate Management

Whether you’re investing in an ocean front condo or set of multiplex condo units you’ll find many advantages in properties managed through a condo association.

A condo association can be a very valuable asset to both full-time and part-time owners, taking the pressure of building maintenance and upkeep off your shoulders, and turning it instead to the hands of a team of professionals.

Condominium rental properties and vacation homes can be managed in two ways. They may be owner managed where each tenant becomes responsible for reporting issues to the landlord, or professionally managed by a cooperative of owners associations.

A condo association management team can help enforce rules and guidelines to the entire community, increasing the chances of adhering to a specific set of standards.

You’ll enjoy several important benefits in working with a condo association to manage your condo property. The most significant benefit is the professional track record of most organizations in maintaining other properties in the area. This will help increase the value of your property with ease, giving potential tenants an attractive opportunity.

Residents at the property can count on consistent and professional service that they may not otherwise be able to coordinate on their own. For a flat monthly fee, they will become less dependent on using local services to keep up with maintenance issues. The condo association can also create a sense of community, setting the standard for local properties in and around the area. Enforcing and imposing fines makes it easy to regulate the property and tenants, and residents will need to worry less about theft, damages, and neighborhood safety. Read more →

Short Sale Pricing on Six St. Augustine Florida Waterfront Lots Pending Bank Foreclosure Announced By Cranewoods Realty

in Florida Real Estate, Florida Real Estate Development, Florida Real Estate News, Jackonville Real Estate News, Jacksonville Real Estate, Press Releases

6 pristine St Augustine Florida waterfront lots zoned multi-family are now available at short sale pricing dramatically below the outstanding bank loan. Working with the lender and developer, Cranewoods Realty has now listed these AAA located parcels at less than 25% of the actual cash invested in the lots due to a pending bank foreclosure. These are prime Florida waterfront lots with dramatic St Augustine Inlet views and within walking distance to the historic district.

St Augustine, FL (PRWEB) May 28, 2009 — Drastically reduced St. Augustine Florida Waterfront Lots are now available from Florida real estate developer Cranewoods Development. The new Short Sale Pricing of $1.1 million for all six lots is $3.4 million less than the actual cash invested in the real estate due to a Pending Foreclosure.

Permits, engineering and approvals are in place for this Florida development property, located in the private Davis Shores community and within walking distance to scenic Old St. Augustine, restaurants, deep-water marinas, shopping and more. This unique site offers fantastic long-range views of the Atlantic Ocean and is surrounded by the waters of Salt Run, the Matanzas River and St. Augustine Inlet.

“This is a rare opportunity to gain entry into the St Augustine Florida waterfront market at a rock bottom price,” said Cranewoods Realty’s Kristin Fanning. “This property is particularly unusual because of the number of exit strategies it has without the need for rezoning. The lots can be sold off individually, or used as they are assembled”. The lots are zoned multi-family, which gives them an additional height allowance allowing three stories. Options for the property include single family homesites, duplex sites, townhome and condominium developments. Read more →

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