Florida Home Value Rise Beats National Average

Andy Davis

According to Zillow, the rate in price increase among Florida homes will beat the nation’s average over the next year. Home values in Florida are up 4.64% this year with an expected increase of 4.09% next year. Nationally, Zillow expects the value of homes to rise 2.2% over the next 12 months. Low interest rates are causing the local real estate market to heat up substantially. Understanding the affect of  increasing home prices and low mortgage rates will allow informed investors to make sound decisions in this hot housing market.

New FHA Condo Rules Boost Affordability

Andy Davis

According to a recent report by the National Association of Realtors, HUD will be enacting new FHA condo rules. These rules will change a few things, but most importantly they will extend the approval process to individual condo units and extend the FHA certifications of condominium developments from two to three years. This change will ease the compliance obligations put on condo boards likely adding to the total number of FHA approved condos. Providing additional affordable housing options will allow a whole new group of first time home buyers to enter the market. These changes, along with the already low FHA mortgage rates, will make it that much easier for families to buy a property of their own. These changes come as NAR and HUD have been working together to solve a recent decrease in condo lending in recent history and provide affordable options to more families across the United States. The rule changes will take affect in mid October 2019.

Market Concerns Cause Mortgage Rate Drop

Andy Davis

Recent market activity has been cause for a small concern among investors. A shift in investment strategies has caused mortgage rates to drop. As seen in the chart below provided by Freddie Mac, interest rates have decreased almost a full percentage point since the beginning of the year. With rates being at a multi-year low, now might be the right time for new investors to start putting some money into real estate to secure lower rates.

The Wealthy Are Still In On Real Estate

Andy Davis

According to a recent report, Tiger 21, a large group of wealthy investors with combined net worth in excess of $75 billion, has been increasing it’s holdings in real estate. During the last quarter the share of their portfolios dedicated to real estate has grown 2%. Also of note, the cash on hand by this group has increased drastically in order to have liquid assets available. As seen in the graphic below, the groups largest piece of the pie, making up over a quarter, is in real estate.

Cash-Out Refinancing Loan to Value Reduced to 80%

Andy Davis

As of September 1st 2019, the maximum amount available for a cash-out refinance will be decreased to 80% of the homes current market value. Previously the new loan could be equal to 85% of your homes worth. This 5% drop is inherently due to the  high levels of cash-out refinance activity in recent years adding to government risk. Ultimately this move by the FHA is aiming to ensure the repeat of the events leading to the last recession are not in play.

Ben Carson out at HUD at end of term

Andy Davis

Ben Carson has decided to leave the department of Housing and Urban Development (HUD) after his first term. He has stated that he will finish out the term but wants to pursue private sector interests. Carson’s service for HUD has been a mixed bag. He launched discrimination investigations against some of the larger online advertising firms. He also proposed some policy changes that on the surface seemed to conflict HUD’s mission.

VA Approved Condos Collier County

Andy Davis

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Below is a list of VA Approved Condos in Collier County. For an updated list visit the official VA website at https://vip.vba.va.gov/portal/VBAH/VBAHome/condopudsearch

VA Approved Condos Collier County

Condo Name ID Record Type
CARLTON LAKES 001133 Condo
COUNTRY MANOR 5 001244 Condo
COUNTRY MANOR 8 001263 Condo
IRONSTONE AT THE QUARRY 000300 Condo
NAUTICA LANDING AT THE QUARRY 000302 Condo
TOWNHOMES AT TRAFFORD H11614 Condo
VERANDA IV AT CEDAR HAMMOCK 000721 Condo
VERANDAS AT TIGER ISLAND III 000404 Condo
VISTA I @ HERITAGE BAY H11689 Condo
VISTAS III @ HERITAGE BAY H11615 Condo
WORLD TENNIS CLUB CONDOMINIU 000723 Condo

Source: https://vip.vba.va.gov/portal/VBAH/VBAHome/condopudsearch

VA Approved Condos Lee County

Andy Davis

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Below is a list of VA Approved Condos in Lee County. For an updated list visit the official VA website at https://vip.vba.va.gov/portal/VBAH/VBAHome/condopudsearch

VA Approved Condos Lee County

Condo Name ID Record Type
ABACO AT TORTUGA 000381 Condo
ANDROS AT TORTUGA 000895 Condo
BARBADOS I AT SOMERSET 001075 Condo
BARCLAY BAY CONDOMINIUM 000813 Condo
BAY WOODS NEIGHBORHOOD 001130 Condo
BELLAVISTA AT GULF HARBOR 000887 Condo
CHESAPEAKE COVE AT HAWTHORNE 001380 Condo
COACH HOMES I BONITA NATIONAL 001270 Condo
COCONUT SHORES VI 612332 Condo
EAST GREENS CONDOMINIUM 000804 Condo
EAST PALMS H00915 Condo
GLASTONBURY AT THE PLANTATION 000296 Condo
GOLF CONDOS AT LONGPOND 001506 Condo
GOLFWOOD 1CONDOMINIUM 000812 Condo
ISLAND PARK VILLAGE III CONDO 000803 Condo
KELLY GREENS SINGLE FAMILY III 001221 Condo
LAGUNA LAKES CONDO 000660 Condo
MUSA @ DANIELS CONDO H11604 Condo
MYSTIC GARDENS H11605 Condo
OSPREY COVE CONDOMINIUM 000728 Condo
PINEWOOD 000916 Condo
PRINCIPIA GARDEN VILLAS H11606 Condo
RENAISSANCE H11607 Condo
ROYAL WOODS CONDO 000978 Condo
SANTA LUZ 000250 Condo
SEVEN LAKES ASSOCIATION H11608 Condo
ST. ANDREWS VERANDAS III 000838 Condo
STONEYBROOK CONDOMINIUM 001424 Condo
SUMMERLIN TRACE H04240 Condo
SUMMERLIN WOODS H00471 Condo
SUNSET POINTE OF FT MYERS H11506 Condo
TARPON PASS II CONDOMINIUM 001295 Condo
TERRA VISTA II H11609 Condo
TERRACE I AT FAIRWAY ISLES 000760 Condo
THE VILLAGE H03893 Condo
TIMBERWOOD VILLAGE H02000 Condo
TOWNHOMES AT STONEYBROOK H11610 Condo
TUSCANY VILLAGE CONDOMINIUM 001396 Condo
VILLAS @ VENEZIA H11612 Condo

Source: https://vip.vba.va.gov/portal/VBAH/VBAHome/condopudsearch

VA Approved Condos Lehigh Acres

Andy Davis

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Below is a list of VA Approved Condos in Lehigh Acres. For an updated list visit the official VA website at https://vip.vba.va.gov/portal/VBAH/VBAHome/condopudsearch

VA Approved Condos Lehigh Acres

Condo Name ID Record Type
EAST GREENS CONDOMINIUM 000804 Condo
GOLFWOOD 1CONDOMINIUM 000812 Condo
PINEWOOD 000916 Condo

Source: https://vip.vba.va.gov/portal/VBAH/VBAHome/condopudsearch

VA Approved Condos Estero

Andy Davis

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Below is a list of VA Approved Condos in Estero. For an updated list visit the official VA website at https://vip.vba.va.gov/portal/VBAH/VBAHome/condopudsearch

VA Approved Condos Estero

Condo Name ID Record Type
STONEYBROOK CONDOMINIUM 001424 Condo
TERRA VISTA II H11609 Condo

Source: https://vip.vba.va.gov/portal/VBAH/VBAHome/condopudsearch