Jackie Cross

Many do not know that here in Florida there is a state law that caps the amount of community association dues that a lender who forecloses on a property must pay. The cap is the lesser of 12 months of accrued charges or 1 percent of the original mortgage debt.

It is reported that nearly 60% of the lenders who have foreclosed on properties are not paying the monthly maintenance or association fees or any other assessments due. This will lead to many of the communities having to raise their fees to a higher amount soon to cover the unpaid portions.

In some communities with high foreclosure rates this will become an extra burden on those are remaining in their homes. One wonders if it will eventually lead to such a burden that those homeowners will also begin to not be able to pay the additional fees. Will this cause a snow ball effect, leading to even more foreclosures?

A movement is on to get the Florida legislation to change this law before it becomes an even bigger problem. It is already expected to reach the millions of dollars statewide. A law firm in the Ft Lauderdale area which represents hundreds of communities throughout the state has started a petition asking the legislature to change the wording on the current law. They would like to see the law changed to just allow for a grace period after a bank forecloses. After the grace period the lenders would become liable for all further fees and assessments.

I am sure that the homeowners associations will be very glad when the 2009 session of the Legislature begins and that they may get some alleviation from this extra burden.

Located in northern Ft Pierce on St Lucie Blvd historic Casa Caprona, built in 1925, is on the National Registry for historic buildings. The current residents have restored it to it's original beauty by redoing most everything, new barrel tile roof, new windows, new stairways, fresh paint and stucco, the list goes on. It is truly a sight to behold with it's mature Florida landscaping and many artful flairs throughout the gardens. It has almost a bohemian feel when one takes the walkways around the buildings.

With only 24 units total, many of which have been remodeled or updated with tastes of the past this small community is close knit in many ways. The monthly fees include all costs for any catastrophic storms. It also includes all lawn maintenance and trimming of all vegetation, and a reserve fund.

Located close to local shopping, schools, and an easy drive to many local beaches and marinas this would be a great getaway spot for someone who admires the historic value of the area.

I am looking into the full history of this building and would love to hear from anyone who may know some tidbits they would like to pass on. Just send me an e-mail at JackieC@allfloridarealty.com

Here are a few of the pictures I have taken so far....

I look froweard to hearing from you.....

Been struggling for some time now with this but with the downturn in the local economy the need has come to us. We love our home but when my spouse lost his job this year we have struggled to make ends meet. Thus we have listed our home "for sale". We had tried to sell it during the boom times but did not succeed in finding a buyer. Now with prices nearly half of what they were 2-3 years ago is a bad time to sell but we have no choice. Thus this will be a short sale.

We bought the home at what we thought was a right price. It needed lots of work which we did much of ourselves as we could. Put in way to much of course but have had the pleasure of enjoying those improvements while we were here.

This home is not the typical Florida block home but looks more like it should be up in the mountains. We sit on nearly an acre in a quiet neighborhood and have great neighbors. It is a large 3 bedroom, 2 bath, two story home with 20' cathedral cedar beamed ceiling in the main areas, family room, first floor master suite and a huge rear porch overlooking a private fenced rear backyard. Add a 3 1/2 car garage, circular drive and many mature oaks and pines to the mix, lush landscaping (original owner ran a nursery here), it is a beautiful place to live. We will definitely miss it.

Please no advice on refinancing or such, just send us a buyer if you have one.....

Owner -Agent Jackie Cross of All Florida GMAC Real Estate, 772-971-8543

Open House Sunday November 9th 1-3 PM

There will be an Open House today at 38 Harbour Isle East, Unit 301. This is a nearly 2000 sq foot condo overlooking the inlet on Hutchinson Island. Built in 2005 the unit is in excellent condition though it is a bank owned property. The kitchen has granite counters, tile floors, 42"+ cabinets, recessed lighting, and all appliances, The large great room leads out to a Florida Room with panoramic water views. Master suite has grand master bath with roman tub, separate shower and 2 walk-in closets. Large utility room with extra storage room (or room for an office) upgraded washer & dryer stay as well.

The community has a resort style clubhouse with pool and spa and a state of the art fitness center. The marina can accommodate large vessels (separately operated).

You can call me for directions: 772-971-8543

A new advertisement has been placed in the local Scripp's Treasure Coast Newspaper from St Lucie County. I am in the process of sending it out to several of my customers. It is a program for Down Payment Assistance for those buying in St Lucie County. It is limited in nature and eligibility requirements must be met. I plan on following up to get more information come Monday.

Applicants must attend a Home Buyers Workshop presented by Consumer Credit Counseling Services, complete an application, and provide a pre-qualification letter from an approved lender.

For more information call: 772-462-1290 or 800-251-2227

If you would like to set up an appointment to review homes available please feel free to call me:

Jackie Cross of All Florida GMAC Real Estate at 772-971-8543