News About Properties

Celebrity name-dropping, Twitter contests, skywriting planes and free grub are all strategies home sellers and real estate agents are using to entice buyers to the closing table in South Florida’s oversupplied and uncertain housing market.

The list of marketing gimmicks used to sell houses and condos has grown longer and more eccentric as the real estate market has struggled toward an awkward rebound, characterized by high sales volume and deeply discounted prices.

In terms of selling properties, the sellers’ strategies—which include catering to the ever-important international buyer—have helped push sales numbers to boom-time levels, although prices in parts of the market continue to sputter.

via South Florida home sales hit 6-year high in volume but not price.

When it comes to protecting condominiums and homeowners communities from hurricanes, Florida law may not require as much property insurance as you may think – or need.

These are tough times for shared communities across the state, and the notion of "going bare" — without insurance — to save on costs may sound appealing, but it could leave owners and communities in dire straits should the worst happen.

“Casualty insurance coverage protects property owners from damage to their property caused by acts of God, like hurricanes,” said Ken Direktor, with the firm Becker & Poliakoff, which specializes in community association law. “But there are a lot of things that insurance won’t cover, like what’s inside an owners home.”

via Condo hurricane insurance: Hurricane season should prompt insurance check.

The historic El Patio Hotel in downtown Venice has been sold for $2.195 million to longtime real estate investor and restaurateur David McRae.

The 16-room business at 229 W. Venice Ave. is the only remaining operational hotel in downtown Venice and is listed in the National Register of Historic Places.

It was built in 1927 and has been owned and operated by the Miles family since 1948.

via Venice’s historic El Patio Hotel is sold.

There’s a quiet building boom taking place in South Florida, but it’s nothing like the mid-decade condo rush that ended in an epic economic bust.

The new towers going up today are not being built on the water for the affluent, but on the chipped sidewalks of gritty neighborhoods for the region’s poorest families.

The 2009 federal stimulus package and other government programs aimed at fixing the housing crisis have helped boost the affordable housing sector, which uses government funds to build rental communities for low-income residents. It’s the only sector of South Florida’s housing market in which demand is outpacing supply, analysts say, and thousands of new units are currently being constructed.

via Building boom in affordable housing underway in South Florida

Partners in life for 13 years and now partners in a major house-building project, interior designer Sharon Nizolek and investment banker Guy Della Penna recently finished a beautiful coastal home in Sarasota. It reminds them so much of the shingle-style homes of Newport, Cape Cod, Kennebunkport or the understated mansions in the tony villages of Long Island’s Hamptons, that the homeowners have named their big white Florida waterside dwelling Hampton.

Situated far back from the canopied lane called Peacock near the Siesta Key south bridge, the house is large — 10,207 square feet, not counting outdoor living areas — and it has extraordinary curb appeal because of the landscaping and because it’s nothing like the Mediterranean revival homes sprouting up all over the key.

via Homeowners build their ideal Hampton house on Siesta Key

Need some advice on dealing with a homeowners association? Is a short sale your best option for unloading your home? Lawyer and real estate consultant Gary M. Singer will answer your housing questions in this space each Friday. To ask Gary a question, click here.

Q: I have a $42,000 mortgage at 8.726%. I want to refinance for a lower rate of around 4%. The property is worth half of the mortgage balance. FICO scores are 714 and 716. Do you know anyone who will refinance my underwater mortgage? – Cindy

A: No – but you may still have options. I think you may be out of luck in finding a new mortgage at any rate. Lenders will want to make sure that the loan that it gives you is fully secured by collateral. Another problem you will have is that it can be difficult to get a loan that small, even if fully secured. But I’d still call the lender and see if it will work with you on a loan modification or internal refinance. You may want to try to do a short refinance, in which your current lender agrees to accept less than it is owed and still lets you keep the house. Then you could get a new loan to refinance it. This is rare, but it does happen. Finally, because of the relatively small loan amount, you may want to look at less traditional refinancing, such as from a family member. Even 4% interest may be a lot more than that rich uncle is getting on his Certificate of Deposit, and an attorney can quickly help you draw up a private mortgage to make this a win-win.

via Ask a real estate pro: Underwater borrower should consider less traditional refinancing.