Kate Smith, ABR, CRS, E-Pro,TRC, LHM, SFR, CD

Hollywood, Florida welcomes a FENCING CLUB!

I ran into a client of mine, who is a prominent Fencing Coach. She was very excited with the opening of her new Fencing Club and School right in Down Town Hollywood, Florida.

Fencing is well known sport in Europe, but not quite so in the US. The history of fencing parallels the evolution of civilization, back from the days of ancient Egypt and Rome, to the barbaric Dark Ages, to the fast and elegant Renaissance, up to the modern, increasingly popular fencing of today. So, when I asked her what prompted her to start this Fencing Club, here's what she said: "I opened a club in Hollywood, Florida, with the intent to popularize this amazing sport to the US audiences. With the ever so increasing fitness awareness, the Americans are piling at the gyms burning those calories, getting fit and healthy. But, something is not quite there…The mind engaging and fun element, as well as the thrill and the satisfaction of competing and winning, completing the equation of "well-being", is not there. True, we can take up skiing, tennis, basketball etc…, but then comes the age element. We might be too old to achieve any results. And, here comes fencing: where anyone can start, learn, train, compete and achieve. It is not only fun, but conditions the body, burns calories, improves coordination, balance, but also greatly improves mental focus, agility, develops tactics and planning, and most importantly, everybody plays! From 5 years old to 105, fun, good health and spirit for all."

"Sounds good to me", I said and so I went to check out the new Fencing Club in Hollywood, Florida . It has been a while I had so much fun. As I was watching fencers in their sharp outfits, reminiscent of the Musketeers, yet somehow very cosmic and futuristic, I was amazed to see how many people actually packed up the hall!

For those of you who would like to learn more, here is her website: http://www.ilovefencing.com Hollywood Florida Fencing Club.The club is located in 2000 Harrison #7, Hollywood, FL 33020. I sure am excited that she brought this amazing sport Fencing, to us in Hollywood, Florida.

Kate Smith, Realtor®, ABR, CRS, E-Pro, TRC, LHM
ZipRealty, Inc. Licensed in FL
kate@hollywood-beach-real-estate.com; katsmith@ziprealty.com
http://www.hollywood-beach-real-estate.com; blog: http://4realestate.wordpress.com
http://www.linkedin.com/in/miamirealtorkatesmith
Toll Free: 1.800 CALL ZIP x8365
Cell: 786.412.8510
Fax: 1.866.287.1791
My Profile: http://www.ziprealty.com/agent/katsmith

New Incentive for Buyers Purchasing Fannie Mae REO

I have great news to share with you! Read on:

New Incentive for Buyers Purchasing Fannie Mae REO

Fannie Mae is offering an incentive for buyers purchasing and closing on a Fannie Mae REO between January 28 and April 30, 2010. The incentive's goals are to encourage buyers to purchase REO properties and increase the sales volumes to help manage the higher levels of inventory anticipated this year. The incentive is a total of 3.5% of the final selling price comprised of:

· Closing costs

· The purchase of new Whirlpool^® appliances by Fannie Mae

· A mix of closing costs and appliances, at the buyer's discretion, up to the maximum 3.5%

Since lenders may impose their own limitations on the use of the 3.5% incentive, buyers should consult their lenders for guidance.

To be eligible for this incentive:

· Offers must be accepted on or after January 28, 2010

· Property sales must close before May 1, 2010

· Buyers must be owner-occupants, investors are excluded

Please call or email me for more information and forms.

Kate Smith, Realtor®, ABR, CRS, E-Pro, TRC, LHM

786.412.8510 kate@hollywood-beach-real-estate.com; katsmith@ziprealty.com

http://www.hollywood-beach-real-estate.com; BLOG: http://4realestate.wordpress.com

http://www.linkedin.com/in/miamirealtorkatesmith

Real Estate Latest: Good News, Bad News?

First Time Home-Buyers Should Not Wait Another Month!

Although the mortgage rates are at the lowest point in history, there are drastic changes in FHA Lending pending approval. If approved as anticipated, even fewer people would qualify for a mortgage.

The Good News: Year-end 2009: Fla. home sales rise

Existing sales up 31% compared to end of '08; existing condo sales up 47% in year-to-year comparison. National sales up 4.9%. Read more.

More Good News: Rates on 30-year home loans fall to 4.99%

In a third straight week for declines, the 30-year mortgage rate again dropped below 5%. Read more.

The Bad News: Announced FHA Policy Changes:

1. Mortgage insurance premium (MIP) will be increased to build up capital reserves and bring back private lending
2. Update the combination of FICO scores and down payments for new borrowers.
   • New borrowers will now be required to have a minimum FICO score of 580 to qualify for FHA's 3.5% down payment program. New borrowers with less than a 580 FICO score will be required to put down at least 10%.
3. Reduce allowable seller concessions from 6% to 3%

And, More Bad News:

The market is rapidly adjusting, as I am certain that those of you who have been watching and waiting, you have seen nice 3-4 bedroom homes in nice school districts (West Miramar, Pembroke Pines, Davie, Cooper City, Weston, Plantation) for less than 250,000. Yes, it was back then- several months ago. I have been monitoring this market segment closely during the months of November, December last year and January this year, for a few desperate clients of mine, who back then decided to wait. Now, their choices are very limited... and it is a bidding war.

If you are one of those buyers, shopping at this market level and you have been pre-approved for FHA financing, the clock is ticking. And, the rewards are there today: lowest rates, tax credit and still all benefits of the FHA!

I look forward to assisting you.

Cordially,

Kate

Kate Smith, Realtor®, ABR, CRS, E-Pro, TRC, LHM

786.412.8510 kate@hollywood-beach-real-estate.com; katsmith@ziprealty.com

http://www.hollywood-beach-real-estate.com; BLOG: http://4realestate.wordpress.com

http://www.linkedin.com/in/miamirealtorkatesmith

2010- Real Estate Outlook

As we are entering the New Year, I thought it would be wise to take a look at what the REAL experts in the field are pulling from the most reliable sources, our real estate reports. So, before you read some nonsense online or, in the papers, here it is from the "Horse's mouth":

Existing-Home Sales Post Another Big Gain
Existing-home sales climbed 7.4 percent in November to a seasonally adjusted annual rate of 6.54 million units from 6.09 million in October, and they were 44.1 percent higher than the 4.54 million units sold in November 2008, NAR reported this morning. This is the highest sales level since February 2007 when it was 6.55 million.

Lawrence Yun, NAR chief economist, attributes much of the sales increase to the expansion of the homebuyer tax credit. "This clearly is a rush of first-time buyers not wanting to miss out on the tax credit, but there are many more potential buyers who can enter the market in the months ahead. We expect buying activity to ramp up for another surge in the spring when buyers take advantage of the expanded tax credit, which hopefully will take us into a self-sustaining market in the second half of 2010."

Housing Market to Stabilize in 2010: Report
The latest reports find that increased home affordability and government incentives will help stabilize the housing market in the coming year.

"If efforts to ease foreclosure can and do succeed, there could be significant recovery in housing values in 2010," says Michael Feder, President and CEO of Radar Logic. "Inventories are close to the norm of six months' supply and prices have returned to 2003/2004 levels. Activity is much stronger than normal for this time of year, and there is evidence of qualified buyers waiting on the sidelines. If we can put an end to the financially-driven weakness, it may well be time for housing values to go up," Feder says.

Lawrence Yun, NAR chief economist, comments: "We expect another surge in the spring as more homebuyers take advantage of affordable housing conditions before the tax credit expires."

Tax Credit:
Buyers who have a contract in place to purchase a primary residence by April 30, 2010, have until June 30, 2010, to finalize the transaction to qualify for the tax credit of up to $8,000 for first-time buyers and $6,500 for repeat buyers.

Yun projects an additional 900,000 first-time buyers will qualify for the extended tax credit in addition to about 2 million who have already purchased; 1.5 million repeat buyers also are expected to benefit from the credit.

"Many trade-up buyers, who have historically timed their purchase based on school-year considerations, will have to accelerate their buying plans if they need the tax credit to make a trade," Yun said. Repeat buyers do not have to sell their existing home to qualify for the credit, but they must occupy the home they buy as their primary residence.

Yun added that mortgage interest rates cannot remain at rock-bottom levels for a sustained period and will likely inch higher in 2010.
© 2010 Florida Realtors®

I hope you will find this article helpful. Many of my clients did. If you are serious about getting an amazing steal, before you have missed entirely on this market, you need a pro, who knows the market and who can negotiate a good deal between two sensible and serious sides. If you are ready, I am the right person for you.

Cordially,

Kate Smith, Realtor®, ABR, CRS, E-Pro, TRC, LHM
786.412.8510 kate@hollywood-beach-real-estate.com; katsmith@ziprealty.com
http://www.hollywood-beach-real-estate.com; BLOG: http://4realestate.wordpress.com
http://www.linkedin.com/in/miamirealtorkatesmith

Florida Real Estate Year-end 2009: Fla. Home Sales Rise 31%

If you don't read the newspaper you are uninformed, if you do read the newspaper you are misinformed.
~Mark Twain~

Existing sales up 31% compared to end of '08; existing condo sales up 47% in year-to-year comparison. National sales up 4.9%. Read more.

So, the figures for Florida are finally in! Although the sales volume marks a drastic increase 31%, especially when compared to the national index of 4.9%, it shows that the sales price is down by 10%.

I agree, if one reads the entire report, an excellent read by the way, which finally blows the biggest myth of all that "Florida is a declining market", may find the information contradictory when applied to the local submarkets. My study of one such market, Miami Beach shows completely different numbers. Not only the sales volume is up by 31% 2009: 2008, but the value as well- 7.5%. On top of everything else, the median price for this same market has risen almost 12% for the current listings.

Here is what we need to understand when producing accurate and relevant information, or digesting a report on local real estate market:

1. The most important part of the stats was the fact that the existing home sales in FL are up 31%; and condos 47% compared to the nat'l sales 4.9%. This figure alone blows away ALL myths about the declining Florida market!

2. One cannot take the 10% price decrease out of context: 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.

3. When one applies the correct data comparison approach and how that measures to the local market (remember that one cannot compare Miami Beach with Jacksonville or Okeechobee!), you will see that this market (Miami Beach) has only insignificant fraction of the foreclosures, thus it is not adversely affected by them. Generalizing is in fact the greatest mistake the media makes.

4. To give you the exact stats for a small but sought after section in Miami Beach, here is how the very specific market figures compare on this common denominator. I am using data for only 2 bedroom units, located in Collins ave. zip code 33140, 33141 (regardless of ocean or ICW).

a. MEDIAN price today: $ 641.03; total units on the market: 299;

b. 2008: median price: $526.50; Sold: 145;

c. 2009: median price: 560.14; Sold 181;

The verdict: 31% increase in sales 2009 vs 2008; and 7.5% increase of value!

I hope, that now you understand how the local market scores exactly and why it is important to use the correct figures when analyzing the specific real estate markets. There is nothing general in real estate, everything is specific and local.

Kate Smith, Realtor®, ABR, CRS, E-Pro, TRC, LHM

ZipRealty, Inc.

Licensed in FL

786.412.8510 kate@hollywood-beach-real-estate.com; katsmith@ziprealty.com

http://www.hollywood-beach-real-estate.com; blog: http://4realestate.wordpress.com

http://www.linkedin.com/in/miamirealtorkatesmith