Great Florida Homes Blog

Welcome to 2012! A New Year is upon us, and it could be the Year of the Snowbird! The reasonable home prices in Coral Springs, Florida are putting second homes in reach of more winter-weary buyers!

It's no wonder that vacation homes are popular here. While the North is dealing with falling temperatures and freezing lakes, our average temperatures will be in the mid-70's for the next three months. Boating, swimming and golfing do not stop with the season in Coral Springs! Our active, family-friendly communities have it all.

You may be thinking that financing a second home is tough these days. Financing for anything is a little tight right now, but it's easier when you know what the bank is looking for. While we are not bankers ourselves, we have some rules of thumb to pass along. Here they are!

Your second home must be for your own personal use. It cannot double as a rental property, even on a seasonable basis. The bank would then treat this as an investment property and your loan scenario would be different.

You need to occupy your second home at least part of the year. If you're here a few weekends a year, or a twice a year on vacation, that's fine. If you're buying a vacation home while prices are good now, but not planning to move to Florida for 5 years, you'll still need to make a trip down here once in awhile. But you'd want to anyway! Did we mention all the great restaurants we have?

Your second home can be a condo, or a single-family residence. But it cannot be a duplex, nor any multi-family housing, even if you live in one of the units part of the year. Note that this is different than mortgage underwriting for a full-time residence, and sometimes it trips people up. Second homes are for your use only.

Last but not least, know that lending rules change, each lender can have different underwriting, and this is only a general guideline. You should always talk to a mortgage professional up front. You might just find that getting your Florida vacation home in Coral Springs is easier than you thought!  Even if you're not ready to buy today, knowing the guidelines can help you qualify in the future.

The New Year is coming right up, and now is the time to set goals and make plans for the upcoming year! Maybe you’ve been thinking about buying your own Florida home, but haven’t been sure about your chances of getting a mortgage. Or maybe you’re thinking the whole process is just too hard.

The fact is, if you get good information up front and work with reliable, experienced professionals, you can put yourself on the path to home ownership in Coral Springs. You’ll need to start by looking at your financial picture. Before speaking to a mortgage lender, you should organize some information about yourself, like:

Income tax returns for past two years

Last 3 months bank statements, including checking, savings, investments, retirement funds

Amount of current monthly rent

Current check stubs showing monthly income

List of current debt payments and outstanding loan balances, and other monthly obligations

Amount of money available for down payment – if none, don’t panic yet

That’s not so bad, is it? Granted, this is only the start, but having this info will help the mortgage lender review your situation. He or she will pull a credit report, if you authorize it, and take a look at your credit score. They will find the mortgage type that works best for you. 

If you’re close to qualifying but lack the down payment, take heart.  You may be able to use a cash gift from family for some, or all, of the down payment.  The down payment amount could be from 3.5% of your home purchase to 20%, depending on the type of mortgage. Before you surprise your family with a cash request, let the mortgage lender estimate the math.

If you’re unable to qualify for a mortgage now, you’ll at least know what’s needed to qualify in the future.  If you’re already qualified, you can begin looking at homes in Coral Springs while prices are reasonable and interest rates are low!

Here at the Great Florida Homes Team, we have been in the business for over 25 years. We’ve seen the real estate market of Coral Springs go through many economic cycles. One thing stays the same: this is a great place to live! Whether you are a local first-time buyer, or you’re a snowbird seeking a sunny, second-home haven, we can help you! Contact us today, and let us introduce you to the wonderful homes in the Coral Springs area.

We wish you all the best this holiday season!

Joy Carter and Jeff Booker
Great Florida Homes Team
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It is a buyer’s market. That means that for many who are trying to sell their Coral Springs home, the transaction typically benefits the buyer. Prices are at an all-time low, and many sellers are afraid to put their home on the market due to the decreasing value of their property. That’s why, in recent years, a new trend has taken over the Coral Springs real estate market, and that’s home improvement. Making necessary updates and remodeling a home before putting it on the market is a great way to add to your home’s value and get more money from the transaction, and the best part is that several of these projects are cost-effective, as well.

While this is a great strategy for increasing your home’s value, we often use our experience as Coral Springs real estate agents to let our clients know which home improvement projects will be beneficial and which will be a waste of their time and money. We are always looking out for the best interest of our clients. With this in mind, we thought we’d share some recent myths about remodeling that we’ve been hearing around the market. When you go to remodel your Coral Springs home, make sure you steer clear of some of these common myths:

All remodels are beneficial. Practicality is far more important than showiness when it comes to remodeling. A grand entryway with a balcony might seem like a worthwhile investment, but you also need to consider that additions like this may not be attractive to the type of buyer you’re looking to attract. When you go through a remodel, focus on maximizing the potential of any given space or sprucing up outdated features of your home. This will draw more Coral Springs homebuyers into your home and will be a more worthwhile investment than other, unnecessary upgrades.

“I can do the remodel myself.” While we understand that a DIY remodel might sound less expensive than hiring a contractor, if you’re looking to add value to your home, it’s not the best idea. Unless you’re a contracting whiz, chances are you could end up botching the remodel or worse, spending more money to fix costly errors. If you’re going to make improvements to your home, particularly larger-scale projects, then make sure that you’re hiring the right professionals to do the job. Not only is it safer, but you’ll also be guaranteed a better outcome. Smaller projects are okay to tackle yourself, but leave the larger-scale ones to the pros.

Following the latest design trends will boost your home value. Sure, stark black and white décor might be popular now, but that doesn’t mean that it will be that way a few years from now. Neutral color palettes that you can dress up with more stylish décor is far more appealing to most people. Remember, everyone has different tastes, so if you plan to put your home on the market anytime soon, then you need to make sure that you stay with a more neutral design. That way, more Coral Springs homebuyers can see themselves and their lifestyle in your home.

As your Coral Springs real estate agents, we consider it our responsibility to educate the people in our area about what remodeling projects will truly benefit their homes. As long as you can steer clear of the common myths listed above, chances are your home improvement initiatives will add value to your home.

If you have any questions about what you should do before putting your home on Coral Springs real estate market, don’t hesitate to contact us! We’d love to help you put together a strategy for your home sale. We hope to hear from you soon!

Joy Carter and Jeff Booker
Great Florida Homes Team
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Just some highlights of a local festive parade - FLORIDA STYLE! 

Have to have FROSTY in every holiday celebration - even in 80 degree weather!

What is a parade without a band?                                                                                                                                                                                                    
Even the local newspapers DOG gets into the act!                                                                                     

It's Florida, so most of the floats are boats!                                                                                                                                                                                      

Parade vehicles come in all sizes!  This was the best from Coral Springs Country Club!

Of Course, EVERY PARADE ends with Santa and his jolly, cheerful good wishes for all!

                                                                                      

REAL ESTATE UPDATE FOR BROWARD COUNTY & PALM BEACH COUNTY
November 2011

Broward County includes well known cities of Coconut Creek, Coral Springs, Deerfield Beach, Fort Lauderdale, Highland Beach, Hillsboro, Lighthouse Point, Parkland, Plantation, Sunrise, Tamarac and Weston.

There are currently 6261, ­­­­Single Family Homes LISTED FOR SALEin Broward County.

­­­3039 priced under $250,000
  1645 priced between 250,001 and $500,000
598 priced between $500,001 and $750,000
316 priced between $750,001 and $1,000,000
277 priced between $1,000,001 and $1,500,000
105 priced between $1,500,001 and $2,000,000
290 priced over $2,000,000

For the month of November, 867 Single Family Homes SOLD in Broward County. 

570 were sold under $250,000
223 were sold between 250,001 and $500,000
44 were sold between $500,001 and $750,000
10 were sold between $750,001 and $1,000,000
11 were sold between $1,000,001 and $1,500,000
 4 were sold between $1,500,001 and $2,000,000
5 were sold over $2,000,000

There are currently 7250 Multi-Family Homes LISTED FOR SALEin Broward County.  Multi-Family Homes include condos, town homes, villas, coops, all attached and or unattached as well as single story to multi levels.

5459 are priced under $250,000
1105 are priced between 250,001 and $500,000
298 are priced between $500,001 and $750,000
173 are priced between $750,001 and $1,000,000
108 are priced between $1,000,001 and $1,500,000
54 are priced between $1,500,001 and $2,000,000
53 are priced over $2,000,000

For the month of November, 906 Multi-Family Homes SOLD in Broward County.

Note that many of the lower priced multi family homes are located in Adult only communities with a over the age of 55 requirment to live there.

818 were sold under $250,000
65 were sold between 250,001 and $500,000
14 were sold between $500,001 and $750,000
4 were sold between $750,001 and $1,000,000
4 were sold between $1,000,001 and $1,500,00
None were sold between $1,500,001 and $2,000,000
None were sold over $2,000,000

Palm Beach Countyincludes well known cities of Boca Raton, Boynton Beach, Delray Beach, Greenacres, Lake Worth, Wellington and West Palm Beach.

There are currently 5833 single family homes listed For Sale in Palm Beach County.

­­2299 priced under $250,000
1679 priced between 250,001 and $500,000
573 priced between $500,001 and $750,000
379 priced between $750,001 and $1,000,000
300 priced between $1,000,001 and $1,500,000
194 priced between $1,500,001 and $2,000,000
428 priced over $2,000,000

For the month of November, 601 Single Family Homes SOLD in Palm Beach County.  (Selected Cities Referenced). 

409 were sold under $250,000
138 were sold between 250,001 and $500,000
20 were sold between $500,001 and $750,000
18 were sold between $750,001 and $1,000,000
8 were sold between $1,000,001 and $1,500,000
2 were sold between $1,500,001 and $2,000,000
5 were sold over $2,000,000

There are currently 5856 Multi-Family Homes LISTED FOR SALEin Palm Beach County.  Multi-Family Homes include condos, town homes, villas, coops, all attached and or unattached as well as single story to multi levels.

4511 are priced under $250,000
825 are priced between 250,001 and $500,000
244 are priced between $500,001 and $750,000
132 are priced between $750,001 and $1,000,000
65 are priced between $1,000,001 and $1,500,000
 22 are priced between $1,500,001 and $2,000,000
57 are priced over $2,000,000

For the month of November, 600Multi-Family Homes SOLD in Palm Beach county. (Selected Cities Referenced). 

558 were sold under $250,000
19 were sold between 250,001 and $500,000
 8  were sold between $500,001 and $750,000
7  were sold between $750,001 and $1,000,000
2 were sold between $1,000,001 and $1,500,000
1 was sold between $1,500,001 and $2,000,000
3 were sold over $2,000,000

To see specific details on a specific category of homes actively for sale or sold, please email us at Team@GreatFloridaHomes.com and we will forward the information for your reference or review.

Information deemed reliable as provided by the Realtor Association of Greater Fort Lauderdale
and the Realtor Association of the Palm Beaches.

The listing and sales numbers in both counties were almost the same to last month.  Only single family sales in Broward had a substantial increase but it was still less than 75 units.

Our many years of experience in Broward County real estate have given us several opportunities to work with multiple different kinds of home buyers. Our well-rounded real estate experience has served us well over the years because we can safely say that we have knowledge about several different aspects of the local market, including luxury homes.

The luxurious Parkland communities, such as Heron Bay, CypressHead and Parkland Country Club and Golf, are fantastic places to live. They draw many Broward County homebuyers because of their beautiful homes that have many amazing amenities. Buying a luxury home is different from buying a more standard property because there is more to consider. From financing to future considerations, buying a luxury home requires even more planning. Given the state of the Broward County real estate market, however, luxury homes are now being offered at prices that make them more attainable for those who wouldn’t have been able to afford to buy them six years ago. This presents a unique opportunity for those who are starting their home search.

As your Broward County real estate experts, we think it’s important to allow our potential clients to explore all of their options. If you have the resources to buy a luxury home in this market, then you may want to take advantage of that and search for a home in one of the many beautiful Parkland communities. These five tips to consider when looking for a luxury home should help you decide whether or not you would want to pursue this route during the search for your dream home.

Ask yourself if you can afford it. Even if you can afford to buy a luxury home right now, think about the long term maintenance and stability of your income over time. Can you genuinely afford to live in the house for years to come? Before you consider looking at luxury homes, it’s important to consider whether or not it is a financial reality in the long-term.

Make sure you’re prequalified. When it comes to luxury homes, prequalification is almost always necessary before purchase. This is due to the high prices of these properties and an unstable economic climate. Avoid the hassle that could come from not getting prequalified and make sure your paperwork is in order before you start your search.

Look beyond the search engines. Sometimes, the best luxury properties are best marketed by word of mouth, rather than online real estate search engines. Make sure that you’re using a well-connected Broward County real estate agent to help you navigate the market and find out the best listings available.

Make sure you see the property. The expansive views and square footage of luxury homes is incredibly difficult to capture in photos and visual tours. If you’re interested in buying a luxury property, then you need to take the time to visit the home and actually take a look at it. It’s the best way to make sure that the property lives up to its image AND that it is practical for your needs and lifestyle.

Think ahead. As amazing and fun as luxury homes are to buy, you also need to make sure that you’re not “living in the moment.” These properties are a large investment, so before you buy them, make sure that you have managed your expectation for return on investment. Given the volatility of the real estate market, it’s important to remember that you may not get a lot of financial gain from a luxury property; instead, you will get a home that you can enjoy for many years to come.

The luxurious homes in the Heron Bay, CypressHead and Parkland Country Club and Golf communities are now being offered at prices that are more affordable than ever. As your Broward County real estate agents, we think that it’s important that buyers who are interested in purchasing a luxury property consider all of their options before committing to a home. Using these tips will help you make sure that you are fully prepared for what buying a luxury home entails, and as a result, you will be a happier homeowner!

If you have any questions about the Broward County luxury real estate market, don’t hesitate to contact us! As your Broward County real estate agents, we want to make ourselves available to you at any time. We hope to hear from you soon!

Joy Carter and Jeff Booker
Great Florida Homes Team
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When we think of the holidays, the work that immediately comes to mind is “giving.” Whether you’re giving gifts to loved ones, contributing to a community charity or showing support for your town by cheering on the local basketball team, the holidays tend to make us think about what we can do to make others have a better day. In the community of Coral Springs, FL, this sentiment is present everywhere. From community charity events to family-friendly fun, there is no shortage of ways that you can “give” a little.

As your Coral Springs real estate and community resource, we feel that it’s important to enjoy all that the holiday season has to offer in the area. Something about the spirit of the weeks leading up to Christmastime makes people in the Coral Springs area feel more generous and festive. The special feeling of community togetherness is part of what makes this particular Broward County community such a wonderful place to live, and as your real estate agents, we love to find reasons to brag a bit about our town.

Get your shopping done, decorate the house and find some time to partake in these fun-filled holiday activities this month! Whether you choose to donate an item or give your time to one of these Coral Springs events, we can pretty much guarantee that one of these activities will put you in the holiday spirit:

1. The Giving Tree Celebration
9239 W. Atlantic Blvd, Coral Springs, FL
 Friday, December 2nd, at 5:30pm, the Giving Tree celebration kicks off at City Hall in the Mall. The Coral Springs community comes together to collect and distribute toys, non-perishable food items and cash to less-fortunate members of the neighborhood. Donations will be accepted between today and December 13th, so give back a little bit this season and ensure that someone else has a happier holiday!

2. “Anchors Aweigh!” Holiday Boat Parade and Fun Run
On Wednesday, December 14th at 7:00pm, the city of Coral Springs, FL’s annual Holiday Parade kicks off! Starting at Coral Springs Drive and ending at City Hall, this fun-filled family parade will feature floats with a nautical theme. Before the parade, you can participate in a Holiday Fun Run starting at 5:45pm at Sample Road along Coral Springs Drive. It promises to be a night that the whole community comes together for a bit of fun and holiday festivities. If that isn’t enough to draw you in, know this: a special appearance will be made by Spongebob Squarepants…perfect for the kids!

3. 22nd Annual Kreul Classic
2501 Coral Springs Drive, Coral Springs, FL
Between December 16th-20th, one sport will be on the minds of all of the city of Coral Springs, FL’s minds: basketball. Watch as some of the best teams in the South Florida area take on the finest that New York, New Jersey, Canada and Washington DC have to offer in this tournament. With numerous Division 1 prospects on the court, this basketball tournament promises to be full of fantastic play.

Whether you want to show support for our local basketball team or donate some toys to the Giving Tree, there is no shortage of holiday spirit in Coral Springs this month! Whether you live in the Coral Springs area or are simply visiting for the holiday season, the multitude of events this month demonstrates just what a great community we have.

As Coral Springs real estate agents, we’re proud to inform our community about what great events are happening around town this month. We think that they all show the “giving” spirit that we always associate with at this time of year. If you have any questions about what is happening in the area, don’t hesitate to contact us! We’re your “community experts” for a reason, and we’d be glad to help! We hope to hear from you soon.

Joy Carter and Jeff Booker
Great Florida Homes Team
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