Joanne McKeage

New changes with regards to appraisals

Joanne McKeage — Sat, 17 Jul 2010 19:06:00 GMT

New changes with regards to appraisals will alleviate problems with banks sabotaging appraisals and lowering the value of the property below the purchase price. In some cases Buyers trying to obtain financing are told their banks are not using the value the appraiser came up with. Lenders now often double-check an appraiser's work by ordering a low-cost electronic valuation. The electronic version uses only readily available public records and no on-site inspection, making it less reliable than a true appraisal.

Banks get scared if the electronic version is lower than the physical appraisal, and they downgrade the true appraisal value to protect themselves even though it may jeopardize the actual sale and closing. Some banks ask the appraiser to explain the price difference, which can also delay closings.

The good news is Fannie Mae instituted a new rule that becomes effective on September 1st. After that date, banks selling their loans to Fannie Mae can no longer simply drop the appraised value to a lower level. In guidance issued June 30, Fannie Mae told its participating lenders that they must contact the appraiser to resolve disagreements. If that fails, banks must order a second appraisal.

In either case, lenders can't simply drop the original value that supports a sales contract, which should help consumers who are looking to receive Fannie Mae loans. Hopefully, once this is instituted, the rest of the industry will follow suit.

From SunSentinel article, July 17, 2010.

Florida is one of America's Top States for Business

Joanne McKeage — Sat, 17 Jul 2010 18:45:00 GMT

Florida is one of America's Top States for Business in CNBC's fourth annual ranking, a study of all 50 states that examines 10 different categories, including workforce, to measure each state's ability to attract businesses. Under 'Workforce," Florida moved up from 2009's number three spot.

"The Sunshine State is home to the best talent in the world", says Governor Charlie Crist. "we are committed to creating a highly skilled, innovative workforce across all industry sectors, and we take great pride in the role our workforce plays in driving Florida's businesses into the 21st century."

Overall, the survey ranked Florida number 28 nationally for businesses, the same rank it held in 2008. While many of the 10 measured qualities changed marginally, the economy hit the state hard. In the 2009 survey, Florida ranked number 23 for economy, in 2010, the state's ranking for its economy dropped to number 48.

To view the CNCB workforce ranking, go to http://www.cnbc.com/id/37516706. To find out about the comprehensive workforce services and resources available in Florida, visit www.EnployFlorida.com.

CNBC study, Tallahasse, FLA. - July 16, 2010

Homes lost to foreclosure on track for 1 million in 2010

Joanne McKeage — Sat, 17 Jul 2010 00:23:00 GMT

Los Angeles (AP) - July 15, 2020 - More than 1 million American households are likely to lose their homes to foreclosure this year, as lenders work their way through a huge backlog of borrowers who have fallen behind on their loans.

Nearly 528,000 homes were taken over by lenders in the first six months of the year, a rate that is on track to eclipse the more than 900,000 homes repossesses in 2009, according to data released Thursday by Realty Trac Inc., a foreclosure listing service.

"That would be unprecendented," said Rick Sharga, a senior vice president at RealtyTrac.

By comparison, lenders have historically taken over about 100,000 homes a year, Sharga said.

The surge in home repossessions reflects the dynamic of a foreclosure crisis that has shown signs of leveling off in recent months, but remains a crippling drag on the housing market.

FED Economy Growth Prediction, July 2010

Joanne McKeage — Sat, 17 Jul 2010 00:02:00 GMT

WASHINGTON - 7/15/10 - Federal Reserve Officials now predict the economy will grow between 3 percent and 3.5 percent this year. That's down from forecast of 3.2 percent to 3.7 percent made in April.

8039 S. Savannah Circle in Lake Estates at Rolling Hills is Sold!

Joanne McKeage — Tue, 22 Jun 2010 18:18:00 GMT

Lake Estates at Rolling Hills, Davie - The single story gem at 8039 S. Savannah Circle sold in only 12 days. Lake Estates at Rolling Hills is one of Davie's most conveniently located and prestigious communities, close to NSU, BCC, FAU, and other universities and private schools. Also close to all shopping, dining, major roadways and more. A delightful 24/7 gated, golf community.

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8086 N. Savannah Circle in Rolling Hills Lake Estates is Sold!

Joanne McKeage — Tue, 22 Jun 2010 18:17:00 GMT

Rolling Hills Lake Estates, Davie - The single story at 8086 N. Savannah Circle has been sold for great price of $500,000. This beautiful home was meticulously maintained from day one. It sold in only 34 days.

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Apartment For Rent/Lease in Waverly Las Olas

Joanne McKeage — Tue, 22 Jun 2010 18:14:00 GMT

Trendy Bldg. Great Location.

• 1,228 sq. ft., 2 bath, 2 bdrm apartment "Trendy mid-rise Building" - MLS® $1,950 USD Monthly - Premium Condo Unfurnished

Waverly Las Olas, Fort Lauderdale - Truly Incredibly low price for a top of the line2 bedroom condo!!! Enjoy life... Las Olas Style! The very essence of city living. Super view of pool deck & city skyline from this immaculate condo. Stylish, hardly lived in and gorgeous. New cabinetry, granite tops, wood/pergo flooring (no carpet) and completely furnished... Hot water, basich cable & internet is included in rent. Large bedrooms and a split plan. Roman tub at master bath, laundry room, huge closets. A trendy, secured building with of of the line amenities and services, right in the heart of downtown Fort Lauderdale, steps to Las Olas dining & entertainment. 2 parking spaces & this condo is close to elevator too. Shop & dine Las Olas, walk the New River... Flexible terms. Need only 1st month & Security Deposit to move in.

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The Watergarden Condo #2803 with Priceless Ocean, River & Skyline Views, Ft. Lauderdale

Joanne McKeage — Tue, 22 Jun 2010 18:13:00 GMT

The Watergarden Condo #2803 with priceless ocean, river & skyline views, Fort Lauderdale Downtown - On the most desirable stack of this prestigious downtown Fort Lauderdale luxuty condominiums. Located at 347 N. New River Dr. E., a 1,204 sq. ft. A/C plus large glass balcony, 2 bath, 2 bdrm apartment with 2 separate parking spaces plus deeded storage unit. Live Life... Las Olas Style! Now MLS® $579,000 - Rarely Avail. S/E Corner. This condo has been pampered from day one! Click on Property information below for more details and photos.

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Single Story For Sale in Rolling Hills Lake Estates

Joanne McKeage — Tue, 22 Jun 2010 18:09:00 GMT

Price right!

• 2,900 sq. ft., 4 bath, 5 bdrm single story "2,900sf Under Air" - MLS® $629,000 - A gem in private oasis!

Rolling Hills Lake Estates, Davie - Another GEM in lovely Lake Estates at Rolling Hills, a gate-guarded golf community perfectly situated close to shopping, dining, major roadways and top rated schools! Luxurious 5Brms 4Baths so elegant appointed and immaculately kept. A large private oasis with 20x40 heated pool with waterfall & 'beach'. Kitchen boasts granite tops, double ovens, center island, stainless steel appliances,, tumblestone backsplash, undercounter lighting, beverage Fridge and more! Supreemely elegant master bath with roman jacuzzi tub, separate shower, double sink vanity with lady's make-up area.

Other elegant features: Venetian Plaster wall finishes, niches, tray ceilings & plant shelves with elegant lighting touches. Jack & Jill bath and all baths also elegantly appointed with undercabinet lights, cultured marble tops... Living areas with large neutral tile. Light, bright & freshly painted. Plug-in for generator, new A/C compressor.

Low HOA of $187/month include basic cable, alarm monitoring & 24/7 gate-guarded. You will love this home!

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Price Reduced on Penthouse 5 at The Watergarden, in Fort Lauderdale Downtown

Joanne McKeage — Tue, 22 Jun 2010 17:53:00 GMT

Fort Lauderdale Downtown, Fort Lauderdale - Announcing a price reduction on Penthouse 5 at The Watergarden, in Fort Lauderdale, Downtown. Live Life... Las Olas Style! A 2,100 sq. ft., 2 bath, 2 bdrm apartment "32nd Floor Penthouse". Now MLS® $649,000 - Super Low $$$ Penthouse! Click on Property information below for photos and more information. This is golden opportunity to own a trendy and beautifully appointed penthouse condo in one of downtown Fort Lauderdale / Las Olas' most desirable condominiums... steps to exciting nightlife, dining, shopping and much more.

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Florida Real Estate market has hit bottom

Joanne McKeage — Mon, 03 May 2010 17:30:00 GMT

Florida real estate market has hit bottom according to the latest University of Florida (UF) report. Results of the first quarter survey indicate that the real estate market in Florida has hit bottom and is in the process of stabilizing across most property types, says Timothy Becker, director of UF's Bergstrom Center for Real Estate Studies.

Private capital, both foreign and domestic, is continuing to enter the state in search of quality investment deals. Another good sign: Life insurance companies have started to re-invest in commercial properties after backing off for the last year and a half, Becker says. Because these companies use premiums from life insurance policies to make investments, they are not deterred by the lack of available bank financing.

Life insurance companies see the fundamentals of the economy stabilizing and they see the opportunity to get quality assets at a good price. So if they think things aren't going to get worse and they may actually get better, it follows that they're going to want to start investing again.

On a negative side, unemployment continues to be one of the state's biggest problems, edging up to 12.3% in March, its highest level since the state began keeping count in the 1970s. Florida has lost more than 880,000 jobs since 2007. Although there is a potential for job growth later in the year, even under the most optimistic assumptions it will take 3 to 4 years to return to 2006 levels.

Also of concern is the continued hesitance of commercial banks to lend money because of pressure from regulators to manage risks along with depressed values that make it difficult to refinance mortgages.

The retail and office markets are the worst off, Becker says. Until there is an increase in job growth, there is no need for more office space, and people aren't spending as much money as they used to.

Apartments continue to be the best market in the state due to high demand from prople moving out of foreclosed homes. More people are going to be living in temporary places than trying to buy homes because it's become more difficult to buy homes from a financing perspective.

One of the strongest area of the state in South Florida, especially Miami-Dade and Broward counties, with their diverse economies, steady migration and influx of foreign capital. The glut of condos in South Florida is actually starting to change hands, they're begining to rent them.

A positive note overall is that survey respondents' confidence in their own business has risen for the 5th consecutive quarter. I'ts alway a good sign for us that the lenders think their business is going to get better, Becker says. Maybe it means there is some light at the end of the tunnel.

Please don't hesitate to contact me at (954)592-0441 or email me at joanne.mckeage@floridamoves.com

$1,999,900 - Celebrate the good life in this exquisite 5Brm, 5.5Ba pool home plus 2 offices...

Joanne McKeage — Tue, 23 Feb 2010 20:35:00 GMT

$1,999,900 - Celebrate the good life in this exquisite 5Brm, 5.5Ba pool home plus 2 offices... Warm yet sophisticated, dramatic yet a serene retreat! Designer decorated home featured in FLORIDA ARCHITECTURE and UNIQUE HOMES magazine. Conveniently located in prestigious gated 'Emerald Isles Estates' in Davie, Florida.

Upon entering, one is surrounded by a warm envelope of pearwood and macassar ebony, richly layered textures, warm tones, floor-to-ceiling wood paneling, innovative finishes and materials that span the gamut from the refined to the exotic.

The owners are high-profile personalities who desired a private, quiet sanctuary. Through the expansive picture windows and from the two covered patios, you will relax while enjoying views of lush tropical landscaping, lake, the 16x50 foot pool with jacuzzi, waterfall, and even a fire pit. To the far right of the house is a child's delight of a playground.

This one-story home has an open floor plan, 6,700 air-conditioned square feet, was built in 2006 using the highest-quality finishes in lighting, electrical, plumbing and architectural elements. Boasting volume ceilings, hurricane impact glass throughout, a chef's kitchen with all of the best in equipment, and beautiful marbles and granites. Consisting 5 bedrooms, 5.5 bath, theater, 2 offices, 2 covered patios, 2 extra wide garage with circular driveway and room for multiple cars.

Conveniently located at 1782 SW 132nd Way, in the prestigious west Davie gated community of Emerald Isles Estates, this unique residence sits on a sprawling 35,000 square foot lot. This property is being offered at $1,999,900. MLS: F1038657. For more information please view this property in Featured Listings or contact Joanne McKeage, Coldwell Banker, (954)592-0441.

Renters Insurance... Why it is recommended

Joanne McKeage — Mon, 15 Feb 2010 16:06:00 GMT

Renters Insurance, and why it is recommended. Are you renting or planning to rent? A many number of vacant properties are being put on the market for rent until they are sold or until the real estate market recovers, and as more properties sit empty because of the tough economy, landlords have had to lower rents. So what should you do with the money you are saving... Buy renters insurance!

A landlord's insurance does not extend to your belongings. The landlord's policy covers the structure and walls, not the dwelling inside. Some landlords may have some liability insurance incase of accident but not always therefore the tenant should most definately have liability insurance if the Landlord does not and even if he does. Renters insurance will also cover the replacement of you TV, computer, jewelry and other possessions in the event of a fire, natural disaster or theft. Add up how much it would cost to replace everything in your apartment or home from clothes and electronics to furniture and kitchen supplies. If you do not have enough in savings to cover the cost then you need renters insurance.

It is easy to get renters insurance and not expensive either. You can get online quotes in minutes for renters insurance from companys you know and trust. www.netquote.com is one of many site where you can quotes for renters insurance. Most major insurers offer renters insurance policies. If you have car insurance, check with that provider first as insurers often give a discount if you bundle you coverage. Renters insurance generally covers damage to your belongings from fire, smoke, theft, vandalism and more. Check your policy for a complete list. There are two kinds of coverage: cash value, which pays what it costs to replace your belongings, and replacement cost, or what it will cost you today to replace your items. The premium for a replacement cost policy is typically 10 percent more than actual cash value but it is usually worth it. Most cases, your renters insurance will also cover additional living expenses if you have to move out temporarily becuase of fire or a storm. And you are covered for damages to other people or property.

The cost of a renters insurance policy will depend on how much coverage you will need and want. Make a list of your belongings and their value. Such an inventory list will come in handy should you need to file a claim too. You should also collect receipts for high ticket items or have the detailed information such as a TV's model number. If you write your own list, keep a copy elsewhere, such as your office. The Insurance Information Institute offers free software at www.KnowYourStuff.org to help you create and store your inventory.

Lastly a higher deductable will lower the cost of your annual premium but make sure that you can afford to pay what the deductible is, which is the amount you have to pay before the insurance kicks in. For any question you may have do not hesitate to contact me at joanne.mckeage@floridamoves.com

Condo For Sale in Fort Lauderdale Downtown, great views of river & city skyline

Joanne McKeage — Wed, 30 Dec 2009 22:27:00 GMT

Short Sale, Great opportunity!

• 820 sq. ft. A/C, 1 bath, 1 bdrm apartment "22nd Floor - Great One Bedroom" - MLS® $229,000 - 22nd Floor, Superb Views

Condo for same in Fort Lauderdale Downtown, Great views of river & city skyline - APPROVED SHORT SALE! This is a steal! Beautiful 22nd floor condo in the prestigeous 'Watergarden'. Spectacular views of the 'New River' & downtown Fort Lauderdale city skyline. Large balcony. Well-kept & charming. Appointed with granite tops in kitchen and bath, elegant cabinetry & blinds, open floor plan, full-size washer/dryer in unit, floor to ceiling windows in living room and bedroom, large master with 2 large closets, roman tub in master bath and more. The Watergarden is one of downtown Fort Lauderdale's new luxury high-rises with 5-star amenities and services: 24 hr valet, front desk & security, concierge, theater, gym & spa, pool & jacuzzi on one acre grounds with fountains & gardens, conference room, business center, library, clild play area and more. Priced to sell NOW! Sale/commission will be subject to 3rd party approval.

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What makes one home's value plummet when a similar home in a similar neighborhood remains stable?

Joanne McKeage — Tue, 20 Oct 2009 19:38:00 GMT

What makes one home's value plummet when a similar home in a similar neighborhood remains stable? That is the million dollar question in real estate. Data show that home values can vary depending on the neighborhood, the age of the home, location/lot desirability and the economic stability of neighbors. No neighborhood is immune to this housing downturn, but some neighborhoods are suffering more than others.

In general, areas that had minimal decreases have been around for some time and were not as susceptible to investors. Even in those neighborhoods, however, there are exceptions.

In many neighborhoods also the less expensive homes are hit the hardest. It's not just the age of the neighborhoods that contributes to value changes. It is also relatively low prices in certain areas that attracted investors. Like every neighborhood though, it all boils down to when you purchased. If you bought during the housing boom in 2005 and 2006, you're likely upside down and owe more than your home is worth. If you bought before then, you may still have some equity.