Florida Mortgage & Real Estate | Developers moving In & Out!

While the real estate market is definitely in a bad place in Florida, many big, national banks and big, national builders are feeling the pinch.... some are even hitting the bricks - figuratively speaking.

With announcements that Hollywood Florida based TOUSA and Fort Lauderdale Florida based Levitt & Sons are filing bankruptsy, and that Levitt ceased all construction due to massive debt... it would seem that we've seen the end of development in Florida until we absorb what we already have... but that may not necessarily be so!

Now that some of the big boys are hurting, a new breed of smaller, leaner developers are descending on Florida like Snowbirds of Prey.

These developers are well positioned to find abandoned projects, builder close-outs, and distressed projects at bargain prices that are ready to be salvaged.

These new, smaller developers are more nimble and more agile than the big names like D.R. Horton, K. Hovnanian, Toll Bros. and GL Homes. They can buy smaller parcels and still make money on them.

They also have the vision to pull off more interesting projects that have margins that are significantly lower than a big developer's shareholders require.

Couple with this the terrible brain drain due to the middle class heading for the greener pastures with lower property taxes, these developers are able to build condos & townhomes that will help first time home buyers, low and moderate income buyers, and local workforces find properties near where they work at appropriate prices.

Keep an eye out for these Snowbirds... and if you're sitting on a project that needs some TLC to get it off the ground, think of them fondly. They might just want to partner with you to make your project a reality!

For the full story, follow this link -o-> Florida Mortgage & Real Estate | Developers heading In and Out

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David A. Podgursky, MBA
TheMortgageGoToGuy.com
Your Source for Residential, Commercial, Investment and Relocation Mortgages in Florida

Florida Mortgage & Real Estate | Opportunity Costs in a Bad Market - Why to buy now

Can a very fundamental notion within Modern Economic theory help you make a decision whether to make a move or not in this current Florida Real Estate Market downturn? 

There is no doubt that if you're living in it or renting it out, you want to be sure you're making a wise financial decision (note I did not say investment!)... but sometimes with such bad market news you're going to hesitate, especially if you're reading horrible articles like on MSN Money.

That's what is happening here in South Florida.  There are listings that are just sitting there.  Sure, sometimes they are priced wrong for the current market and have ignored the dips in prices... but the buyers are waiting because there are still some sellers acting like we're in a sellers market. 

There are buyers that are gun-shy because they think that they'll lose some value right off the bat.  I had a conversation with one a couple of months ago.  He said that he thinks there is another 2-3% drop before rebounding.  I told him this:

First of all, there is no magic prognostication software to determine what's going to decline and how much.  Overall, he COULD be right... but that doesn't mean that every little area will suffer it...

Some may go up and just have the average brought down due to foreclosures or a glut of Condo inventory in Miami.  West Boca Raton (75mi North of Miami Beach) might be more stable because it isn't condo based and he's looking for a home near a particular demographic neighborhood and schools for his son. 

What is more important to consider is that Rates aren't going down significantly for a while.  SO I spoke to him about ENTRY and EXIT Strategies.  I told him that if he waits 6 months and the rates tick up 1/2%, he could easily be $100-200 more per month depending on the loan amount - even if he sees a 5% decline in the property values he still will pay more monthly which will cost him much more in the long run! 

The Opportunity Cost of NOT buying could mean:

1. SCARCITY - Qualifiable - Losing the property that you love and not being able to replace it
2. SECURITY - Qualifiable - A bird in the hand is better than two in the bush - there is security in knowing that his family will be in place and comfortable before the fall term begins ...
3. PRICE - Quantifiable - the property may go UP in value based on other market factors while other parts of the market or the market as a whole goes down
4. RATE - Quantifiable - the interest rates may rise causing him to end up spending more on the monthly payment than if he were to buy today
5. UNKNOWN - Qualifiable - things could crop up that cause an issue that keeps him from qualifying for a loan later - Quantifiable - there may be nothing suitable in that area to buy in 4-6 months

So I summed it up this way:

"If you're buying a home - buy a house you LOVE.  If you have this many regrets causing you to keep from purchasing then maybe you just don't LOVE the house.  Don't, though, let a good deal or the right house slip away from you because you're betting on the market.  Know what is controllable and what isn't.  The right house could disappear as quickly as it came on the market and you could miss out on the right property while trying to figure out the right time to make your move"

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David A. Podgursky, MBA
TheMortgageGoToGuy.com
Your Source for Residential, Commercial, Investment and Relocation Mortgages in Florida

Boynton Beach Florida | Pollo Campero ~ New Restaurant Opening Soon! 2

Boynton Beach Florida is about to get a highly anticipated new restaurant chain - Pollo Campero. Located in the Boynton Town Center, with direct road frontage on Congress Road north of Boynton Beach Boulevard.

Pollo Campero - translated from Spanish - means "County Chicken"... this restaurant is the Latin American version of Kentucky Fried Chicken. The menu varies from KFC in that they offer plantains (patacones), rice and beans (arroz con frijoles), flan and other traditional Latin American dishes.

The interesting thing to this writer is the location... the new destination of Boynton Town Center will drive in lots of traffic... but the direct competition of a Kentucky Fried Chicken 2 blocks South, a Boston Market 6 blocks North and a Pollo Tropical 8 Blocks North will definitely create a stir in Boynton Beach Florida for chicken lovers!

Set to open in December 2007, you can find information about this new restaurant at:

Boynton Beach Florida Pollo Campero ~ New Restaurant Opening Soon!

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David A. Podgursky, MBA
TheMortgageGoToGuy.com
Your Source for Residential, Commercial, Investment and Relocation Mortgages in Florida

Florida Mortgage | Green News ~ BioFuel Alliance on shaky Political Grounds

Lurking in the shadows of the current Florida Property Tax issues, Florida Governor Charlie Crist (R) has been traveling with several key Florida Legislators through South America working different trade agreements.  The most lucrative of which would have created an enormous trade agreement with Brazil to import Ethanol into the United States. 

Florida would serve as the National Headquarters for this effort potentially bringing billions in profits to the state to help fill our tax coffers when they are depleted from property tax cuts.  Unfortunately, the deal with Petrobras seems to be on the back burner -- indefinitely.

According to an article on Tallahassee.com, the issue at hand for Governor Crist is that Petrobras (NYSE stock symbol PBR) has confirmed business links to Iran.  That linkage violates the spirit of a bill he signed in June that forbids the state from investing its $140 billion pension fund in companies that do business with Iran.

This is a big disappointment considering the benefit it would have for the Florida Economy as well as the National effort to "Go Green".  This also shows that the US needs to consider its many options for producing its own Ethanol and other Bio-fuels domestically to reduce the US dependence on Foreign Fuels.

To learn more about this political issue, please follow the link to:

Florida Mortgage | Green News ~ BioFuel Alliance on shaky Political Grounds

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More Florida Mortgage and Real Estate News You Can Use From
David A. Podgursky, MBA
TheMortgageGoToGuy.com
Your Source for Residential, Commercial, Investment and Relocation Mortgages in Florida

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Florida Mortgage | Short Sales & Bank Owned Properties

Right now one of the most popular requests that I am hearing is that someone wants to buy a bank owned or short sale property.  These two property types are very similar in that they both entail negotiating with the bank for the ultimate purchase price.

The other similarity is that in both instances you are asking the bank to take a loss on their asset - their asset is the mortgage on the property you want to purchase.  This is not always as easy as some of the Real Estate Experts might say... but if you have your ducks in a row, then it can be accomplished in a way that can save you a good bit of money on the property you want to purchase.

The most vital step in the process that is often pushed until later-on in the process is making sure that the finances are in place.

This can mean any number of things... but we can narrow them down with one simple question:

Do you have enough cash to close on the property without financing and without hurting your financial well-being?

If you answer is no... and for most people it is, then you need to pull back the reins and start at square one... get with your favorite mortgage broker, like me!

Your Mortgage Broker will help you understand the process involved in financing a short sale property.  He will also help you understand the costs...

Right now there are some amazing deals out there... foreclosures on properties with lots of equity.  Getting your team together before you start trying to find the property is important... but getting your Mortgage plan in place is key.

For more information on Short Sales and Mortgages, please follow this link to learn more about the different options of financing a short sale:

Florida Mortgage | Short Sales & Bank Owned Properties

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More Florida Mortgage and Real Estate News You Can Use From
David A. Podgursky, MBA
TheMortgageGoToGuy.com
Your Source for Residential, Commercial, Investment and Relocation Mortgages in Florida