Chinese Drywall Hits Florida Hard

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Homeowners have been complaining for a year to federal and state government agencies that their homes smell of sulfur or rotten eggs, the copper in their air-conditioning units and electrical wires in their homes are corroding and that other metals are turning black. They have also reported problems breathing, headaches and nosebleeds.

But until last week, no agency had officially linked corrosion problems with drywall. The Safety Commission is still investigating the link between wallboard and health concerns.  Thursday’s report said chemicals found in the homes tested were at levels lower than what might be expected to cause irritation, but the combination of those compounds with other substances could lead to the symptoms families are experiencing.

While the problem is widespread, about 100,000.00 homes, many of those are in Florida. The Commission will now try to come up with a reasonable remedy.  Only one Chinese company has agreed to a class action suit allowing plaintiffs to sue the company together and not as individuals. The others have not responded.

Court upholds homeowners tax breaks

****  If you own a home in Florida it was good day today. The court of appeals rejected another challenge to state constitutional amendment 1 that gives property tax breaks to Florida’s primary homeowners, but not to owners of second homes. The judges upheld the Save Our Homes Amendment, which limits annual assessment increases to no more than 3% for homesteads. The case was filed by out of state residents who own second homes.

This denial of the plaintiff’s appeal also upheld the portability provision added to the Save Our Homes Amendment a few years ago. Portability allows a homeowner to move their tax base to the new property.  This allows “trapped” homeowners to move around the  state while shielding them to some degree from higher real estate taxes.  Some provisions should be made to lessen the tax burden of second homeowners, but we don’t want Amendment 1 rolled back.

Let us know how you feel, email: homenet@gte.net

New listing in Meadow Pointe

4 BEDROOMS, 2 BATHS, 2 CAR GARAGE

CONSERVATION LOT ON QUIET STREET IN

GATED VILLAGE,  2090 SQUARE FEET

GOOD CONDITION, KITCHEN APPLIANCES STAY

$140,000.00  SHORT SALE

CALL LIZ DeAMBROSE  813-956-6487 OR HOMENET@GTE.NET

LOCATED IN MEADOW POINTE/PASCO COUNTY

COMMUNITY FEATURES TENNIS, POOLS AND ALL SCHOOLS WITHIN WALKING DISTANCE OF HOME

Purchase your condo with FHA

The Federal Housing Admin (FHA) is giving the condo market new life in Florida. FHA insures low down payment home loans for private lenders. In the Tampa area the limit for FHA loans is $275,000.00. FHA is relaxing  it’s building underwriting guidelines as a way of helping the struggling condo sector of the market.  FHA wants to get new owners in to struggling buildings. Large areas of down town such as Channelside have hundreds of empty units. Presently many lenders won’t lend on condos and if they do they want 50% as a down payment. FHA is now approving projects not lenders. They are coming in and saying we’ll approve the projects and back them so lenders will feel confident in loaning the money to homeowners.

Among the new temporary rules is a measure extending a deadline allowing lenders to submit mortgage loans for spot approval in buildings that have not been approved for FHA lending. At least 50% of units in a complex must be owner occupied or sold to owners who plan to live in the units.

FHA down payment is 3.5% of sales prices vs 20 to 50% down payment currently required.  This should help fill up empty units.

FLORIDA HOME BUYER ASSISTANCE OF $8,000.00

Liz DeAmbrose, Coldwell Banker

DO YOU WANT YOUR $8,000.00 BEFORE YOU BUY A HOME?

Florida is giving buyers the $8,000.00 tax credit money up front. How do you get it now? You must be a first time home buyer.  If you are single or head of household the maximum income is $75,000.00 and married it’s $150,000.00 per year. You must attend a County-sponsored homebuyer class in order to receive assistance, and before you sign a contract to buy a home.  You can buy a single family home, condo, villa, manufactured or mobile home. These homes can be new or existing but the price must not exceed $240,000.00.

To apply for assistance, you must apply through one of the partner financial institutions that have signed agreements with the County. Lenders must agree to certain requirements of the program. When you apply for a mortgage loan at one of these financial institutions, they will make an initial determination on whether you are eligible for HOP funds. If you are they will reserve funds in your name with the Community Development Div.  You do not apply through the County for these funds. There is a limited amount of money for each County. The buyer is required to put a minimum of $500.00 of their own money into the purchase.

For further information please contact me at:  homenet@gte.net or  813-956-6487

October Tampa Palms Sales

Tampa Palms had an excellent sales month with 11 homes sold and closed. There were no condo, town home or villa sales. One was bank owned, one was pre-foreclosure and the remaining nine were non-distressed sales by ordinary sellers. This is big improvement over previous months and trend indicates a normalizing of the market within all areas of Tampa Palms. There are currently 41 single family homes for sales, less than half of what was available this time last year.

Prices have decreased an average of 15 percent since October 2008 in New Tampa and Tampa Palms is no exception. Prices are now more in line with incomes and interest rates today average 5 percent on a 30 year fixed mortgage. Unemployment is still rising and this will delay a bottoming of the market.

Meadow Pointe October 2009 Sales

Liz DeAmbrose, Broker-Associate Coldwell Banker New Tampa

MEADOW POINTE SALES UPATE

18 properties were sold in Meadow Pte. for October 2009. Of the 18, 8 were non-distressed sales. A non-distressed sales are regular home owners or a builder. Distressed are bank owned or pre-foreclosures also known as short sales.  Short sales are still the majority of current active inventory.  The number of homes for sale in Meadow Pte. have gone from the high of 360 in early 2007 to 59 today.  This is good time to sell your home because of the drop in competition.

The road to Wiregrass is now open and will make a huge difference in the quality of life in Meadow Pte.   It will also add to the desirability of living here. This translates to more sales and more money in home owners pocket books.

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Tax Credit Extension

Congress has agreed to extend the first time home buyer’s tax credit.  This allow a buyer who is either a first time home buyer or who has not purchased a home in the last three years to receive up to $8,000.00 as a tax credit. A tax credit is not a deduction, it’s better.  A tax credit is a dollar for dollar transaction.  The Senate is now reviewing the bill and a proposal to expand it.  Congress has added a credit for current home owner’s who have not purchased in the last 5 years.  This is perfect for buyer’s who want  larger, smaller or less expensive homes.  The proposed credit is up to $6,500.00.  The credit along with tax portability will provide substantial savings  for a move up buyer.

Again, this must pass by the senate and the extension is to April 30, 2010. For further details please email or call.

Liz DeAmbrose, Broker-Associate

Coldwell Banker:  homenet@gte.net or 813-956-6487