Selling Poinciana One Property at a Time.

SoliVita. The place for active adults to enjoy all that Florida has to offer. Amenities include 2 par 72 golf courses at Stonegate Golf Club. The Riviera Spa and Fitness Center with full gym, indoor track, indoor aquatic center, 2 out door spas, heated pool, dance studio and much more.

Also enjoy the Village Center with its restaurants, 17,000 sq ft Starlight Ballroom, pool hall, ceramic and art studios and waterways for canoeing, boating and fishing. And as if that's not enough there are 11 heated pools through out the community.

And the new Palms Amenity Complex with it's state of the art fitness studio and 4,000 sg ft pool. Professional staff on site. Oops! I forgot to mention the tennis courts, pickle ball courts, horse shoe pits, dog park, softball fields and nature preserves. You really just need to come have a look. Houses from the low 100s to mid $500s.

Want to find out more? 407-873-2747
www.RealEstateSolivita.com

www.YouTube.com/SoliVitaRealEstate

***I am NOT an Attorney nor do I play one on TV. Click the button below for my Bio.

Copyright © 2010 http://www.brokerbryant.com/ | All Rights Reserved

Owner Financing Available on this Country Estate Home

$250,000

Hi folks. What happens when lending guidelines tighten even further? What do folks do that have just gone through a Short Sale or foreclosure? How are Buyers going to be able to purchase a home now that their credit is shot? How are you going to be able to sell your home?

Well how about offer financing?

Let's look at the numbers. You own a home worth $100,000. If you had no mortgage on it and sold it the numbers would look like this.

Purchase price                $ 100,000

Real Estate Com            (      6,000)

Tax Stamps                   (         700)

Title Insurance               (      1,000)

Misc.                             (         100)

                                  -------------

NET                               $   92,200

                                  ==========

Now what if you held financing for 5 years instead. First you'd be able to get a little more for the property since more Buyers would qualify. In fact it's very possible to get 10% to 20% more. but for the purpose of this illustration let's use 10%. Let's also use a 25% down payment with the balance being amortized over 30 years at 8.25% with a balloon payment in 5 years. OK here goes....

Purchase price of           $  110,000

Real Estate Com            (     6,600)

Tax Stamps                   (        770)

Title Insurance               (     1,050)

Misc.                             (        100)

Held Mortgage               (    82,500)

                                  --------------

NET                            $     18,980 at closing

60 Payments of $620         37,200

Balloon Payment                 78,700

                                 -------------

5 Year NET                $   134,880

                                  =========

The difference is $42,680 or 46.3% for waiting 5 years. That's a pretty big deal. These numbers also work if you are considering renting the property out. The Seller financing is usually a better deal.

***Of course you should discuss this with your Attorney and CPA before making a decision.

Are you facing foreclosure in Florida?

Hi folks. Let's talk about this Strategic Short Sale thing a little. I know there are many people that just can't understand why anybody would do a Short Sale if they can afford their mortgage payment and they do not have a hardship. In fact, there are those that would call this immoral. Well OK then.

My job is not to judge. My job is to inform people so they can make a decision based on facts, their needs and what's best for them. And as much as it sucks a Strategic Short Sale MAY be the best option. Just because someone can afford their mortgage payment does not mean continuing to make it is the best way to go. 

This post will give you some hard cold financial data. Do with it what you may.

First, you have to remember that in my area property values are down 75% and in some communities as much as 85%!!!! Folks that purchased from 2003-2007 with 20% down are still way up side down. Just to put our decline into perspective.....the average house in Poinciana, in the year 2000, sold for $81,000 and $56 per sq ft. Today, 2010, they are selling for $72,500 and $41 per sq ft. Unfortunately our MLS data only goes back 10 years so I can't see how far back values have gone. But we do know houses are worth less today than they were 10 years ago!!

If you purchased a house in Poinciana Florida in 2006 at $220,500 (average 2006 selling price) and put 20% down ($44,100) today, that house is worth $72,750! Your PITI (principle, interest, taxes, insurance) payment, if you have an interest rate of 6.75%, would be roughly $1,450 per month. You would still owe $168,000. This is 232% of what the house is now worth (LTV). So just to be EVEN on your mortgage, values would have to increase by 132%!! Of course this doesn't include the $44,100 you put down.

So.....should you continue paying? Only you know the answer to that question. Just remember that until values increase by 132% you will STILL be upside down on your mortgage.

If you did decide to do a Strategic Short Sale today and rent a similar house you would save approximately $700 per month. If you invested $400 of that savings at 5% you would have almost $28,000 at the end of 5 years. If you kept your mortgage instead you would still owe $150,500. What would your house be worth in 5 years? I have no clue. But I can only guess that it would not have appreciated 100%. That means if you needed to sale in 5 years you would SILL have to do a Short Sale. Do you take the hit now or take it later?

The numbers are staggering. What say you?

Are you facing foreclosure in Florida?

Folks are you looking for a Florida vacation home? This could be the one. This Kissimmee Florida holiday home is less than 3 miles from the main gate to Disney World Orlando. Located in the highly sought after Windsor Palms Community. This Disney World holiday home is being offered fully furnished and equiped for short term nightly rentals. A very rare attached townhome with it's own private in ground swimming pool.

Windsor Palms is a gated and guarded community that features a 7,500 sq ft club house with community pool, sun deck and spa. There's also a 58 seat movie theatre, video arcade, state of the art fitness center, volley ball, basketball, tennis courts and much much more. This is a must see property.

    All for only...$169,000

2312 Windsor Palm Dr
Kissimmee FL 34747

***I am NOT an Attorney nor do I play one on TV. Click the button below for my Bio.

Copyright © 2010 http://www.brokerbryant.com/ | All Rights Reserved

OK, so today, I want to analyze a post I wrote back in July of 2006. According to my reserach June of 2006 was the exact peak of the market in my area, Poinciana FL. In July 2006 property values started declining. Since then single family homes in Poinciana Florida have gone from a high value of $235,000 in June 2006 to $73,000 in August of 2010. That's a decline of 69%. That's actually good news since at one time we were down to $65,000. So values are on the upswing in Poinciana Florida.

Here's my post from July 2006. My new comments are in red.

No Money? No Problem!

I Negotiated a deal on one of my listings yesterday. The Buyer is purchasing using 100% financing with Seller paying closing costs. My market is affordable housing with the majority of homes priced from $190s to $250s (How times have changed!) and it seems like most of the Buyers lately have been purchasing with no money down. Now don't get me wrong I am in favor of home ownership for everyone but I fear a lot of the Buyers are going to have financial difficulties in the near future. (That was easy to call)

With high insurance costs, property taxes and mortgage payments I am seeing payments of close to $2,000 per month for a starter home. That's a pretty big nut to crack every month in my area where most families are regular working class people and don't have any reserve funds if they should encounter a financial setback. (Property values MUST be in line with the income of the folks in the area. We got away from this because folks were purchasing property as speculators NOT homeowners.)

Also, a good number of these purchases are being made with ARMs with the Buyers basing their ability to pay on future raises at work or a part time job that they may or may not be getting (But it was stated income! What difference did it make?).

In my opinion, Mortgage Brokers and REALTOS(R) are being overly aggressive in selling folks on the advantages of home ownership without really taking the time to counsel the Buyers on the true costs involved (Did you do this?). And since they don't have to come up with any money at closing they are sitting ducks for Mortgage Brokers who are charging them sometimes outrageous fees for doing these types of loans.

So my challenge to REALTORS(R) who are dealing with first time Home Buyers with a little or no money down is to really take the time to explain the pros and cons of purchasing a home. If the Buyers are fully informed and are wanting to move forward then help them to negotiate fees or guide them to the myriad of programs available that can help them with financial assistance.

Placing a Buyer in a home he can't afford can damage them for years (This statement is ALWAYS true!). It can cause bankruptcies, divorces and even illnesses. So let's "Protect the public" it's what REALTORS(R) are supposed to do. Isn't it?

Are you facing foreclosure in Florida?

Folks...if you want room to roam this could be the one for you. Beautifully maintained 5 bedroom home that sits on almost a 1 acre lot in an exclusive gated community. Circular driveway, covered front porch, landscaped lot, in ground solar heated pool... . Homes features formal living and dining rooms, huge eat in kitchen, a bonus room off the kitchen, family room, downstairs master suite, 4 additional bedrooms and 2 baths upstairs, detached RV garage, attached 2 car garage, solar heated in ground pool and the list goes on and on. You really just need to come see this one.

***Owner will finance with 40% down @ 8.5% amortized over 30 years with a 5 year balloon.

***I am NOT an Attorney nor do I play one on TV. Click the button below for my Bio.

Copyright © 2010 http://www.brokerbryant.com/ | All Rights Reserved

Hi folks. Let's talk a little bit about Real Estate market conditions in SoliVita. Recently I have spoken to several SoliVita homeowners and the first thing they mention is that NOTHING is selling in SoliVita. Well lets look at some facts. The figures below are based on the first half of each year.

In 2006, at the peak of the market, there were 72 closing in the first half of the year. This year there were 91 sales! That's an increase of 20%. In fact that's the most resales in SoliVita for that time period EVER! So...properties are selling at a rapid pace.

Now let's explore why properties in SoliVita are selling. This one is easy. PRICE! It's all about the price. At the peak of the market, 1st half of 2006, the average sale was at $276,600. This year, 2010, the average selling price in SoliVita is $165,301. That's a decrease in value of 40%. Considering homes in Poinciana have had a decrease in value of 70%....the values in SoliVita have held up pretty good.

So.....will your SoliVita home sell in this market? ABSOLUTELY!!! As long as the price is right. If you want to know what that price is just give me a call....I'll figure it out for you. OK?

Want to find out more? 407-873-2747
www.RealEstateSolivita.com

***I am NOT an Attorney nor do I play one on TV. Click the button below for my Bio.

Copyright © 2010 http://www.brokerbryant.com/ | All Rights Reserved

Hi folks. Kind of a lazy hot Florida day today. I'm just sitting around and was thinking how fortunate we are to be in the business of real estate. Set your own hours, take a day off if you want, meet interesting people, solve problems, help people realize their dreams and get paid well.

So I was wondering how did you get into real estate? Was it a conscious decision or something you just fell into?

My journey began about 16 years ago while driving a taxi cab out at Disney World. I was driving families to the attractions all day and dropping them off to buy tickets at the gate where they had to wait in line. Waiting sometimes for an hour or more.

Then I had a flash. Why not buy tickets at a discount and sell them to the people in my cab for a profit? So I did this and made some pretty good money doing it. At about this same time The Lovely Wife interviewed with a vacation management company for a receptionist job. Since she was  way over qualified  the owner decided to hire her to open up a guest service company. She would be selling attraction tickets and transportation to UK vacationers staying in short term rental homes.

To make a long story short this evolved into a company that my wife and I started called Holiday Makers. From there I went to work at the same management company that had hired TLW. I became their property manager with the sole intent of increasing their management inventory so Holiday Makers  would have more homes to sell tickets in. I figured more homes, more money for Holiday Makers. Eventually the guests started wanting information on purchasing homes. And from that TLW and I opened Tutas Towne Realty, Inc. That was 13 years ago.

So I was wondering...... how did you get into real estate?

***I am NOT an Attorney nor do I play one on TV. Click the button below for my Bio.

Copyright © 2010 http://www.brokerbryant.com/ | All Rights Reserved

Hi folks. As most of you know Florida has been hit very hard by the Real Estate bust. One of the biggest issues we have is Home Owner Associations (HOA) that are struggling to stay afloat due to so many owners not paying their HOA Fees.

Tutas Towne Realty works quite a bit with foreign investors and insolvent HOAs are a major issue. Communities built for vacation homes usually have HOAs that have high fees. When these fees aren't being paid the community is in dire straights. Community pools cannot be serviced. Lawns are not mowed. Group insurance policies get canceled. And of course these service people are experiencing a loss of income because of it. It's a nightmare for the HOA, property owners, buyers, agents and lenders.

To try and help these HOAs Florida passed a new law that went into effect July 1st. Check it out......

• PONTE VEDRA BEACH, Fla. – July 19, 2010 – Under a new Florida law, homeowner association boards can go after renters for association fees when the homeowners fail to pay up. READ THE ARTICLE HERE

Foreclosures, short sales and distressed sellers are hurting the economy in many ways. Things are going to get far worse before they get better in Florida. That's a fact. Whether you believe it or not...it's still true. What say you?

Hi folks. Let me tell you a little story about one of my Short Sale Sellers. Let's call him "Responsible Rex". I met Rex many, many years ago. On most days we are very good friends and on some days I don't like him at all. But overall he's a pretty good guy. And he happens to be a Real Estate Broker.

Back when Real Estate was really booming Responsible Rex, like many others, started buying property. He did OK on a couple of flips and reinvested that money into rental properties. All were financed. Things were going well. The rentals were mostly paying for themselves and his Real Estate business was booming. Cash was flowing.

Then it seemed like over night his Real Estate business hit the proverbial wall.  Responsible Rex went from selling 60-70 properties a year to less than 20. And to make matters worse property values dropped by more than 50%. Do the math. 66% decline in business. 50% decline in value. This equates to an income loss of almost 85%!!!! Holy reduction Batman. Overnight, Rex went from making more money than his Doctor to less money than.......well....just about anybody with a job.

Responsible Rex needed to do something. He needed to do something fast. Rex needed to unload debt. So he placed a few of his properties on the market. The properties sold but in order to make it happen Responsible Rex had to bring big checks to closing. He drained his finances to do so.

Responsible Rex was an honorable man and honored his financial obligations. No strategic default for Rex!! The mortgages were paid in full even though it wiped him out. Rex went from being a homeowner to being a tenant.

Rex was also a smart man and very quickly started revamping his Real Estate business. Before long he found a new niche and his business started climbing upward. Then, as fate would have it, life threw a curve ball and smacked Responsible Rex right upside the head. His wife, Sassy Sadie, started having serious health issues and almost died.

Rex, unable to focus on his business, started sliding into despair and his business once again started to nose dive. Things were very difficult. Rex didn't know what to do. He needed money and he needed it bad. At this time, Responsible Rex was actually staying in a hotel in another town to be close to Sassy Sadie while she was under going treatments.

Out of necessity, Rex, missed a couple of payments on his remaining two rental properties. He used the rent to pay for necessities instead of mortgages. Low Life Scumbag!!

BUT....Rex is a master at moving forward. Within a few months he was able to send in the 3 payments he had missed on his mortgages. Rex was back on tract!!! Sassy Sadie was out of the hospital. Things were looking good.

Then surprisingly, Responsible Rex received letters from Bank of America. They returned his checks and stated that they needed certified funds. So Rex, being Responsible, ran down to his bank and sent them cashiers checks. About a month later these too were returned. What the......!!!!

Bank of America had started foreclosure. They told Rex to contact the foreclosure Attorney to find out how much money was needed to reinstate the mortgages. So he did. However, the Attorney couldn't give Rex an amount.  The Attorney said to call back.

This went on for many months. Bank of America would NOT give a reinstatement figure nor would they accept any payments.  In the meantime, the tenants in both properties were served foreclosure papers and moved out.

After about 8 months of this Responsible Rex, totally frustrated with Bank of America, contacted me. To be rid of his frustration it was decided to list his properties and sell them as Short Sales. So we did. Both properties were sold and were closed on in May.

Fortunately, Responsible Rex Broker Bryant was able to make it through all of this with his head held high. He did the responsible thing. And now he and Sassy Sadie The Lovely Wife have moved forward and are living in their new home in Solivita and Tutas Towne Realty is having one of it's best years ever. The Storm has passed.

Folks...if you are struggling with keeping your property and are thinking about doing a Short Sale then give me a call. I CAN relate and I can help. Sometimes being Responsible requires making hard decisions. What say you?