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Florida Luxury Real Estate Market Update

Real Estate Taxes Decrease,
Insurance Rates Decrease,
Buying Activity Increases

The Florida Real Estate Market continues to be a buyer's market, but this year brings two important improvements. Real Estate Taxes have dropped and Homeowner's Insurance Rates have dropped! These two positive changes, along with lower list prices on available homes, have resulted in an increase in buying activity. This market is now turning the corner.

Florida Real Estate Taxes, which increased so quickly during the market boom, are returning, along with market values, to 2004 levels. Buy a home now and get assessed for taxes based on these new low purchase prices. And, for an added bonus, the State of Florida just passed legislation that will double your exemption for homesteaded property and provide portability of low tax values from your currently homesteaded property. These are two big positives that are stimulating demand.

High Florida Real Estate Homeowner's Insurance Rates appear to have been a temporary annoyance, and rates are quickly returning to normal. Here's an example that hits home: The owner of a 3 year old, $500,000 home recently switched carriers and went from paying $2,400 per year to paying $900 per year for complete fire and wind coverage. Now that is significant, and as soon as the word gets out, places like Georgia and the Carolinas won't seem to be low cost any more.

Florida Real Estate Foreclosures and Short Sales have increased in number due to the many adjustable rate mortgages coming due for rate adjustments and the investors who bought at the peak who have run through their savings. This is putting additional downward pressure on pricing, but we are seeing that savvy buyers and smart, cash ready investors are quickly picking up these Short Sale deals.

Buyers navigating through this Florida real estate market should insist on professional representation by an experienced Realtor®, as they risk making a significant financial mistake by not understanding real market value. The inventory is there, which makes this one of the best buying opportunities in recent memory, but a real estate agent who knows the local market will definitely improve the buyer's chances of buying right.

Sellers need to understand the difference between current market value and list prices. Sellers also need to understand the difference between an agent who will actively market and advertise their listing and an agent who does not have the resources to compete in the current market. This is no time to take a chance listing with an inexperienced agent. In a difficult market, experience, performance, and current marketing resources are what you need to protect your investment.

Florida Home Sellers in need of Short Sale help should visit our Short Sale Page.

JUMBO SHORT SALE?

One of our Florida Short Sale Clients was just featured in an article published in the Sarasota Herald Tribune. Ron Suponcic successfully completed this "Jumbo Short Sale" for his client, George Lewis. Read the letter we received from George Lewis, and read the full Sarasota Herald Tribune article at:
http://www.heraldtribune.com/article/20080302/REALESTATE/803020643