Jacksonville Real Estate | Cranewoods Development, LLC

Cranewoods featured in Engineering News Record (ENR)

in Cincinnati Real Estate Development, Construction Management, Florida Real Estate, Jacksonville Real Estate, Real Estate Consulting, Real Estate Debt Workout, Real Estate Development, Real Estate Loans, Real Estate Market News, Real Estate Receiver

In the November 3rd 2010 edition of the Engineering News Record (ENR), Andrew Howe of Cranewoods Development is spotlighted in an article called “Consensus Is Reached: Nowhere To Go but Up” for his take on how real estate developers have dealt with the economic crisis and how they see a way forward in an environment of tighter credit and slower growth.

ENR is the leading news magazine for engineers in the construction industry in America and they rightly point out, “For developers able to roll with the recession’s punches, some new activity in markets this fall has owners and lenders finally mustering some optimism and cautiously returning to the fray.”

The article points out that Cranewoods rolled with the punches by realizing their expertise in construction and real estate development financing was needed by troubled investors, lenders and borrowers. Cranewoods began consulting long before the world’s economic troubles but their unique knowledge was in greater demand when so many projects and loans had to adjust to the changing economic conditions.

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

Florida real estate Developer Cranewoods Development announced that the remaining lofts in its award winning Riverside Historic District loft project in Jacksonville, The Chelse Lofts, were sold to a South Floida investment group. The Chelsea has won awards for historically compatable construction and design.

Jacksonville, FL (PRWEB) March 25, 2010 — Florida real estate developer Cranewoods Development announced the sellout of their award winning loft project, The Chelsea, in the Riverside Historic District of Jacksonville Florida.

The Chelsea was the first of its kind in the area, combining classic exterior architecture with cutting edge contemporary interiors. Located in a highly walkable neighborhood, with cutting edge urban loft details like wide open spaces, stained concrete floors, quartz countertops in contemporary kitchens and artistic details like glazed tile entry walls; The Chelsea Lofts only reveal themselves when inside the classic turn of the century Florida styled exterior. The project was the recipient of four design and construction awards including recognition for the best architecturally compatible new construction by the Jacksonville Historical Society.

“We felt the Jacksonville market really wanted an ultra contemporary urban loft option, and Riverside, with its convenience and walkability, was the perfect location,” said Andrew Howe of Cranewoods. “To sell out the lofts in these tough economic times, shows we were right.” Read more →

Receivers and Receivership

in Cincinnati Real Estate Consulting, Cincinnati Real Estate Development, Cincinnati Real Estate Development News, Florida Real Estate Development News, Foreclosure, Jacksonville Real Estate, Real Estate Debt Workout, Real Estate Loans, Real Estate Receiver

Here’s a good resource if your real estate development or investment runs into some trouble and you or your lender think you may need a court appointed receiver.

A court appoints a receiver only after both sides of the litigation are given an apportunity to give input upon the specific receiver and the goals of the receivership. In real estate, those goals could be as diverse as selling the property to completing construction to financial analysis and auditing.

The Court and Receiver
The litigants counsel define the skill set needed in a receiver for their particular property and identify an agreed upon receiver. But once the court accepts their choice, the receiver is an extension of the neutral court.

“Parties with an interest in the receivership should treat the receiver as an arm of the court and should not seek ex-parte communications with or special treatment by the receiver.”

What to look for in a receiver

“A receiver should be chosen on the basis of background, expertise, neutrality, availability, compensation rate and temperament, and not because of perceived alliances and relationships.”

What you need to know
If you think your situation may require a receiver, go read the clear yet short article and learn more about the process and what you may need to look for. Your familiarity will aid you and your counsel in choosing the right path and goals of the receivership in your specific situation. PDF on Court Appointed Receiver here.

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 →

Groups Investing in Real Estate

in Florida Real Estate, Florida Real Estate Development, Jacksonville Real Estate, Real Estate Loans, Real Estate Management

One of the developing trends in real estate is investing as a group in real estate.

Some of the best investments can be found in oceanfront homes, beachfront and oceanfront condominiums and contemporay lofts.

The advantages of investing in real estate as a group include:

Spreading the investment between several people to minimize cash outlay
Opportunity to use the property for vacations
Income potential for waterfront rentals
Immediate equity by purchasing property at a discount from the developer

Cranewoods” properties are perfect candidates for group investors. In addition to providing great values, unique projects and fantastic locations, Cranewoods can assist the groups in structuring their relationship through referral to attorneys and accountants that are familiar with that area of practice. The result is a painless method for group investing.

The Tax Loss Carry Back and what it means to Real Estate Investors and Buyers

in Cincinnati Real Estate Development, Florida Real Estate Development, Jacksonville Real Estate, Real Estate Debt Workout, Real Estate Market News, Real Estate Taxes

The Tax Loss Carry Back attached to the Unemployment Benefits Bill recently passed by congress and signed by the president has gotten little press but it may have great impact. First off, it will have the intended influence on stabilizing the Commercial Real Estate (CRE) market by helping potentially tens of thousands of mid level businesses – hit hard with the large drop in consumer spending over the last two years – by giving them much needed funds to stay in business and in their current leased or owned locations. Secondly, it will effect developers and builders, who fall into the previous categories, by giving them the funds necessary to survive and begin building again.

“According to National Association of Home Builders President Jerry Howard, “This injection of capital will enable a lot of our members, a significant number of small and medium sized builders that have been hanging on by their fingernails, to keep their doors open, and hopefully with this increased stimulus and demand from the tax credit, to be able to get back on their feet and get the country moving forward again.”” Source.

What does that mean for Real Estate buyers and investors? Morning Star gives a hint:

“Many builders are flush with cash and have already cleaned out their inventory of “C” and “D” locations. Most builders aren’t going to let loose of their precious “A” and “B” locations at a time when several in the industry have moved back into land acquisition mode and quality land is actually scarce in several markets. With survival not in question for the vast majority of public builders, many will opt to keep their land rather than sell it at fire-sale prices for tax purposes.”

The extremely low prices currently being seen in Real Estate won’t last long when new units are being designed to deal with with the growing pent up demand and the new demand created by the extension of the first-time home buyers credit and the added home-owners credit also recently passed by congress and signed by President Obama.

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.

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