Property tax savings with Homestead Exemption. Deadline to apply is March 1.

If you purchased your primary residence last year, don't forget to file for your Homestead Exemption Application so that you can take advantage of the 'Save our Homes' feature in the state of Florida. All Property Tax Exemption Applications are due on or before March 1st.

State law in Florida allows Florida homeowners to claim up to a $50,000 Homestead Exemption on their primary residence. The first $25,000 of this exemption applies to all taxing authorities.
The second $25,000 excludes School Board taxes and applies to properties with assessed values greater than $50,000. That means that amount is deducted from the assessed value before tax rate is applied.

To be eligible for a 2010 exemption, you must be on the title and your property must be your permanent residence as of January 1, 2010

To get your application, go to the following websites and follow the links. If you already have a homestead exemption and still reside in your property, you don't have to do anything.
Miami Dade County, go on to www.miamidade.gov
Broward County, go to www.bcpa.net

I reminded all my clients who purchased their primary residence and moved in before January 1. If you bought your condo, townhouse or home in Aventura, Miami Beach, Hollywood, Hallandale or anywhere in Florida, and you are eligible if it is your primary and permanent residence. Time is running out. Click on the links above and go get your tax savings, today!

Real estate headlines

Every day real estate is in the news. Here is a smattering of this week's headlines and experiences:

Mortgage rates: 30 year fixed rate drops below 5% again. Expected to stay low in the short term. The Florida Association of Realtors reports that Federal Reserve Chairman Ben Bernanke "said Wednesday he doesn’t expect the central bank to sell its ...mortgage securities anytime soon, easing fears the move would raise borrowing costs for home buyers. "

This just in from the Florida Association of Realtors: "Sales of existing single-family homes in Florida rose 44 percent in fourth quarter 2009 compared to the same period a year earlier, according to the latest housing statistics from Florida Realtors®. A total of 43,926 existing homes sold statewide in 4Q 2009; during the same period the year before, a total of 30,610 existing homes sold. It marks the sixth consecutive quarter that Florida has seen higher existing year-to-year home sales, according to the state association." Read more here: http://www.floridarealtors.org/NewsAndEvents/article.cfm?id=232582

With the number of sales so high, the inventory of homes and condos priced appropriately has declined. This should lead to a shift in the market and we already are seeing it turn into a buyer's market in some neighborhoods. Yes, some properties are receiving multiple offers. Location, location, location. It's important for buyers and sellers to be informed and up to date on market factors, what's happening with short sales and foreclosures and inventory in order to make informed decisions. Stay tuned or follow me here or on Twitter or call anytime to stay informed.


Reprinted with permission. Florida Realtors®. All rights reserved

HUD and CPSC issue guide on identifying toxic drywall

The Florida Association of Realtors posted an article on guidelines issued by U.S. Department of Housing and Urban Development (HUD) and the U.S. Consumer Product Safety Commission (CPSC) on how to identify the presence of metal corrosion, as well as other indicators of problem drywall in homes.

Here's what they wrote: "The guidance takes into account visual signs of metal corrosion, evidence of drywall installation in the relevant time period, and the identification of other corroborating evidence or characteristics.HUD and CPSC’s two-step guidance requires a visual inspection that must show blackening of copper electrical wiring and/or air conditioning evaporator coils; and the installation of new drywall (for new construction or renovations) between 2001 and 2008. " Click on link for more information.

Rates on 30 Year Mortgages Below 5%

Mortgage rates declined for the third straight week. Great news for all home and condo buyers but really great news for first time home buyers who qualify for the $8,000 tax credit and long time homeowners who want to buy a new home and qualify for $6400 tax credit. Both expire in a few months so buyers must go under contract for their new home by April 30. Look for condos in Aventura, Miami Beach and Sunny Isles Beach where the number of sales have increased while home prices are beginning to bottom out.

Need help finding the right home or condo for you? Call me or go to my website property search at www.feinrealtor.com.

Miami Beach's North Shore added to National Register of Historic Places

Move over South Beach. Here comes North Beach, which was just listed in the National Register of Historic Places. When this happened in South Beach, the Art Deco district was born. North Beach is mostly residential area that spans Collins Avenue in the northern part of Miami Beach. It includes the commercial strip of AIA [Collins Ave]. North Beach district is just south of Surfside, which also includes homes built in the mid 1950s, and is a couple miles south of Aventura.

My father, Gilbert M. Fein [1919-2003] is noted along with well-known architects of the time for their unique designs, which were coined MIMO or Miami Modern for the mid century modern designs of the times. There is a also an area designated the Gilbert M. Fein Conservation District near South Beach along West Avenue around 14 street.

Some of the unique features he told me about include cheese holes, as shown in Temple Menorah and 'tail fin' which looks like the tail fin of the Cadillac at the time.

According to the article on the front page of The Miami Herald on Dec. 12, the Miami Beach city officials hope this designation will spur development and improvements in this area of the city as the designation allows property owners to apply for tax credits for renovations.

For information on condos and houses for sale in this area, or for more information, please contact me.

Florida homeowner tax breaks upheld in court

Homeowners in Florida benefit from a provision called 'Save Our Homes' which prevents the amount taxed on their primary residence to rise more than 3% a year. This benefit has helped long time homeowners realize significant tax savings that otherwise would have made it impossible for many to stay in their homes during the recent housing boom of rising home values. Last year the legislature passed a law allowing homeowners to 'port' these savings when they buy a new primary residence in the state. Some challenged the law.

The courts weighed in and homeowners win. See this article from the Florida Association of Realtors. If you want to know your tax savings if you are considering a move, contact me.
Court again upholds Fla. homeowner tax breaks

Here is the link http://www.floridarealtors.org/NewsAndEvents/article.cfm?id=227198
TALLAHASSEE, Fla. (AP) – Nov. 18, 2009 – An appeal court Tuesday rejected another challenge to state constitutional amendments that give property tax breaks to Florida’s primary homeowners, but not to owners of second homes.

Rates below 5%, tax credits for homebuyers extended and expanded.

It is my goal to stay up to date on all the changes in real estate to share with my clients and customers so that they can make informed decisions when buying and selling real estate. It is a great time to buy. It is a challenging time to sell. This year I have sold 9 of my listings and have 3 more under contract. Home sellers: Ask me how.

Considering moving to a larger home or moving?

It truly is fine times for home buyers. The $8,000 for new homebuyers was extended and $6500 for homebuyers who were in their home for more than 3 years was added.

Click on the link below for the brief issued by the National Association of Realtors that explains who qualifies and other details.
http://www.realtor.org/fedistrk.nsf/files/government_affairs_tax_credit_ext_chart_110409.pdf/$FILE/government_affairs_tax_credit_ext_chart_110409.pdf

The link below is an article from the Florida Association of Realtors on interest rates for home loans.
http://www.floridarealtors.org/NewsAndEvents/article.cfm?id=226861