Florida Real Estate Blog

Deed Restrictions: Heaven Sent or the Devil's Playground?

I am often asked what deed restrictions are. Some parts of the country have very little experience with this type of issue, while others who have lived in subdivisions, small and large, are all too familiar with them.

Deed restrictions are usually set up by the developer and/or the Home Owners Association (HOA) and limit what you can and cannot do within a community where a property is located. In the sad days of discrimination, deed restrictions were used to keep certain races, nationalities, families, or religions out of an area. Happily those days are long gone. Though I am told that some very old deeds may still have such rules in them. However, these can no longer be enforced since they would violate Fair Housing Law.

Today the main goal of deed restrictions is to maintain the neighborhood in such a way that its property values are kept at the highest levels possible. Have you ever driven down a street in an area of nice homes with no deed restrictions and all of a sudden, there is a bright purple house next to the others? How about a home with an unmown lawn and a couple of vehicles up on blocks in the side yard. What does that do to the values of the well-maintained homes on either side? I can tell you that it does not make them go up. That is what deed restrictions try to prevent.

Some subdivisions have very minor restrictions, such as: no livestock can be kept on the property, no derelict vehicles to be parked on the property, no more than X number of pets, lawns must be mowed regularly, etc.

Some others are much stricter. Rules in these subdivisons can include: all mailboxes must be the HOA approved model, no vehicles can be parked on the driveway at night, all exterior house paint colors must be approved by the HOA, plants in your gardens must be from a specified list of approved varieties, no exterior structures (including swingsets or jungle gyms) can be placed on the property, no fences, no clotheslines in public view, only approved grass can be planted in the lawns, and the always present catch all, no activities that could be considered to be a nuisance in nature.

Some subdivisions are very strict about enforcing their restrictions and have roving residents who will report violations. I must admit that some of these enforcers seem to get a certain amount of pleasure from ferreting out violations. Park your boat on the driveway overnight and you can expect a warning note on your door the next day. Others are more lax about such things. As long as it does not annoy the neighbors, not much happens. The subdivisions with the more expensive homes tend to be more fastidious about enforcement.

As a buyer, it is advisable that you get a copy of the deed restrictions for any neighborhood that you are thinking of purchasing a home in. Often your agent can get you a copy from the HOA or they can be obtained from the county offices where they were probably recorded. If they seem reasonable to you, then full steam ahead. But if you think they wil be too onerous, you may want to look elsewhere. Otherwise you may be the subdivision's pariah, forever arguing with the HOA over whether your red hibiscus should stay even though only the yellow hibiscus is on the approved list.

In a perfect world all of us would try to do things in such a way that we would not hurt our neighbors in any way, and we would expect them to return the favor. Unfortunately it does not always work that way. I guess that is why there are laws, rules, and deed restrictions.

So be an informed buyer and ask about the deed restrictions for any subdivisions that you are house hunting in. If you want to be to live in a "deed restriction free" zone, there are plenty of those around too. There you will just need to follow local ordinances or zoning laws. The choice is all yours. The important thing is that you find a property and location where you can enjoy living in your new home.

For more information or questions about this topic please call me at: 813-783-4444 or e-mail me at: jelwell1@tampabay.rr.com 

Florida's Citizens Property Insurance Company Offers a Brochure to Help You Protect Your Home and Possibly Reduce Premiums

Citizens Property Insurance Company has prepared a brochure that contains information that may be helpful to Florida residents. Citizens is the largest insurer of homes in our state and recent legislation has expanded its market sector greatly. Older homes and many mobile homes have no other alternative than to get their coverage from Citizens.

To download a copy of their brochure in PDF format, click on the following link: Download MitigationBrochure.pdf

Almost daily I hear of conventional insurance companies again asking for double digit increases in their premiums. I wonder what ever became of the insurance reforms of January 2007 that were supposed to reduce our costs. Looks like the companies are using the new laws to make more money for themselves rather than save us some dough. They are screaming about their hurrican liabilities when no storm is even on the horizon and we have not been battered in several years. Oh well, did we really expect the government to fix the problem??? Does not give me much faith that the property tax reform will fare any better. Time will tell. Am not sure I want to hear that story.

Foreclosures Bad For Owners and Bad For the Neighbors Too!

New Woodstock Institute Research Illustrates Devastating Impact Foreclosures Have on Neighborhood Property Values

A new report by Woodstock Institute, There Goes the Neighborhood: The Effect of Single-Family Mortgage Foreclosures on Property Values, shows that foreclosures have a significant negative effect on neighborhood property values. Although foreclosures have long been considered a problem associated with FHA loan programs, recent research has shown that the explosion in foreclosures that began in the 1990's was primarily driven by the growth of high-risk, conventional subprimelending.

Any debate about the costs and benefits of subprime lending needs to include consideration of the impact that failed subprime loans have not just on the individual homeowner or lender, but on the community as a whole,” says Geoff Smith, Project Director at Woodstock Institute and co-author of the report.

The report uses a unique database that combines data on the location of foreclosures with data on neighborhood and property characteristics for more than 9,600 single-family properties sold in the city of Chicago to measure that impact that nearby foreclosures have on property values. Even after controlling for more than 40 characteristics of propertiesand their respective neighborhoods, the study finds that foreclosures of conventional, single-family loans have a significant impact on nearby property values. The report’s key findings show:

1. Each foreclosure of a conventional mortgage within an eighth of a mile (essentially a city block) of a single-family home results a decline in property value between 0.9 and 1.136 percent. Less conservative estimates also show that each conventional foreclosure between an eighth and quarter of a mile leads to an additional 0.325 percent decline in single-family property values.

2. For the years examined, this indicates an estimated cumulative city-wide loss in property value due to conventional foreclosures between $598 million and $1.39 billion. For the 3,750 conventional foreclosures in Chicago during this period, this is an average of between $159,000 and $371,000 cumulative lost property value per foreclosure. These estimates include only the effects of foreclosures on single-family property values and do not include the effects on the values of condominiums, larger multifamily rental properties, and commercial buildings.

3. When isolating properties in low- and moderate-income neighborhoods, nearby foreclosures have an even larger negative effect on single-family property values. Estimates show property values declining by between 1.44 and 1.8 percent for each conventional foreclosure within one-eighth of a mile of a single-family property in a low- or moderate-income community. Given an average selling price of $111,002 for properties in low- and moderate-income census tracts, this amounts to an average loss of between $1,598 and $1,998 per foreclosure for every single-family property sold in a low- or moderate-income tract.

4. Policy makers need to consider the total costs of irresponsible subprime lending and the strong negative impact that these risky loans have on the economic, social, and emotional well being of neighborhoods and cities devastated by skyrocketing foreclosures,” says Smith.

Note from John Elwell: It is no surprise that when a home goes into foreclosure the neighboring properties also suffer. Though this study took place in Chicago, property values fall around the country for the very same reason. The former owner no longer cares about the home and has possibly even damaged it out of revenge prior to vacating. I have seen drains plugged and the water left running in several homes. The banks just see these homes as financial liabilities. Lending institutions make poor landlords. They are not set up to handle it. Who will mow the lawn, make repairs, keep the power on? Add to that the fact that a vacant house is a perfect target for vandalism, and you have an eyesore in the making. In a down market and with many banks holding out unreasonable hopes of recovering all of their investment, the home could linger on the market for months or longer! What will potential buyers think when they drive down your street and see these vacant and ill-maintained homes? Will they want to live next to such a property? So when you hear that foreclosures are increasing, keep in mind that you may feel their secondary effects by way of a lower value for your own home.

Source: Press Release from the Woodstock Institute

FLASH.ORG Helps Florida Residents and Others Prepare for Hurricanes, Tornadoes, and Other Natural Disasters

I just found this site on the internet. I think it could be useful for homeowners, especially in Florida and the south where our weather can sometimes be severe.

The site is called Flash.org (Federal Alliance for Safe Homes) and it is a non-profit organization that has the goal of helping residents be prepared for natural disasters that can occur. They cover such topics as: hurricanes, tornadoes, thunderstorms, floods, power outages, earthquakes, tsunamis, etc. Now, here in Florida earthquakes are not a big worry. However, when a hurricane "comes a calling", everyone takes note.

What I like about this site is that they not only have written instructions that you can print up, they also have videos online that you can view to see how best to protect your home and family should the situation call for it. For example, just a click of your mouse will show you how to install plywood sheets to protect your windows from high winds.

Now is the time to think about weather related issues. Do not wait until the weathermen start warning us 3 days in advance. By that time the plywood, batteries, drinking water, and other items will be disappearing from the stores' shelves. So take a moment to visit this site and see if you can learn a new trick or two. I sure did.

To visit Flash.Org  CLICK HERE

OFFICE OF INSURANCE REGULATION DENIES FLORIDA FARM BUREAU’S REQUEST FOR RATE INCREASE

TALLAHASSEE (07/19/2007) - Florida Insurance Commissioner Kevin McCarty announced today that the Office of Insurance Regulation is denying Florida Farm Bureau's request to raise its rates by 30.3%. After receiving testimony from the company in a public hearing last week, and reviewing all previously submitted data seeking to justify the increase, the Office Florida Farm Bureau a Notice of Intent to disapprove the increase.

"What we discovered from the testimony at the hearing was that the company made a business decision to reinvest $6 million in added reinsurance rather than passing the savings on to their policyholders," McCarty said. Reinsurance is the insurance that companies buy to cover extreme losses.

"The intent of the law that came out of the January special legislative session was to give companies less expensive reinsurance from the state and to pass on that savings to their policyholders," McCarty added, "and Florida Farm Bureau's actions are clearly contrary to the intent of that law."

Another aspect of the special session legislation was a mandate that companies file with the Office their expected savings from getting less expensive reinsurance from the state. These presumed savings filings were submitted in March and since then, companies have negotiated reinsurance contracts for the 2007 hurricane season. They are required to make a second filing by September 30th indicating how close they were to their initial presumed savings. Florida Farm Bureau's March filing was an anticipated decrease of 24.9%. On May 10th however, they made a second filing requesting an increase of 30.3%.

Source: Florida Office of Insurance Regulation Press Release

Twenty and Thirty-Somethings' Latest Accessory is Their Home

ASHI Reminds Young Homebuyers to Make Smart Decisions When Buying a House or Condo

Chicago, Ill. (July 26, 2007) – For young professionals in their 20s and 30s buying a house or condo is in vogue. In fact, a visit to a local watering hole during happy hour will confirm what the 2006 U.S. Census Bureau data revealed – twenty-somethings are buying homes at record levels (42 percent of people ages 25-29 are homeowners). As the age of a typical homeowner declines, the American Society of Home Inspectors (ASHI) reminds homebuyers about the importance of having a professional home inspection prior to purchasing a house or condo.

“Buying a home may be fashionable, but it’s not something you pick-up off the rack at Nordstrom’s, said Frank Lesh, 2007 ASHI President. “One of the top five mistakes homebuyers make is to forgo a home inspection prior to the purchase of their house or condo.” In fact, according to Lesh, one in four homebuyers (25 percent) do not have their house or condo inspected prior to purchase.

Recent House and Condo Sale Statistics

Below are a few of the latest statistics for house and condo sales as well as a breakdown of the number of homes sold in the U.S. without a home inspection in 2006:

• In 2006, 1,619,500 homes were sold in the U.S. without a home inspection, according to the American Society of Home Inspectors
  
• Throughout the last 10 years, condo sales have doubled from 6 percent to 13 percent, according to the 2006 U.S. Census Bureau data
  
• People in their 20s and 30s account for more than 50 percent of newly built home purchases, according to the American Housing Survey conducted by the U.S. Commerce Department
  

ASHI’s Top Five Words for the Wise

According to Lesh, savvy consumers of any age should arm themselves with the facts about the importance of having a pre-purchase, pre-listing or general maintenance home inspection. Below are ASHI’s top five tips for identifying a qualified home inspector:

1. Locate an ASHI Certified Inspector by using ASHI’s “Find an Inspector” tool at www.ASHI.org. Consumers can locate an ASHI Certified Inspector by specialty, language spoken or ancillary services provided.
   
2. Confirm that the inspector is an experienced residential inspector and check his or her references. Whether you’re purchasing a house or condo, there is no substitute for experience.
   
3. Identify how long he or she has been a home inspector and how many inspections he or she has completed. ASHI Certified Inspectors are required to have completed at least 250 paid professional home inspections and pass two written exams that test the inspector’s knowledge of a home’s major systems.
   
4. Determine what the inspection and inspection report will cover. Make sure the inspection complies with the ASHI Standards of Practice (the industry standard) available online at www.ASHI.org.
   
5. Attend the inspection. Home inspectors should encourage homeowners/potential homeowners or interested parties to attend the inspection. It’s a valuable opportunity for the homeowner or potential homeowner to learn more about the property at hand.
   

“Purchasing a house or condo is one of the greatest investments a person can make,” added Lesh. “Keeping these tips top-of-mind will ensure that homebuyers, especially those in their 20s or 30s, select the right man or woman for the job.”

About the American Society of Home Inspectors

In its 31st year and with nearly 7,000 members, ASHI is the oldest and most widely recognized non-profit, professional organization of home inspectors in North America.  Its Standards of Practice and Code of Ethics are the industry standard.  ASHI’s mission is to meet the needs of its membership and promote excellence and exemplary practice within the profession.  For more information, visit www.ASHI.org or call 800-743-2744.

Note from John Elwell: A home inspection is usually not mandatory, but home buyers would be well advised to have one done. They cannot guarantee that every problem will be found. However, they will help you hedge your bets and make you a better informed consumer. You can find more information concerning home inspections at my webpage: www.jelwell.century21bnr.com

Source: American Society of Home Inspectors Press Release

The Mortgage Prepayment Predicament

I was just at a home to do a market analysis for the owners. I toured the home and made recommendations as to how they could stage the home and make cosmetic changes so that we could get the best price possible for them.

The home had been listed with another agent that I know. That agent is very good, yet the home had been shown very little during the last listing period. In all likelihood, it is the price that is the issue. In my initial estimation, the best price would be around $199,000. At that price the home would probably be shown quite a bit and would likely sell near that price. However, the owners will have to get that much just to pay off their mortgage. The closing costs will push it to about $215,000! A price that is REALLY pushing the upper levels for the current buyers market we find ourselves in.

The sellers would be able to lower their price to a more attractive level except for one fly in the ointment. A PREPAYMENT PENALTY!  From what they tell me, this penalty adds $6,000 to $7,000 to their loan payoff. If they did not have this penalty, their asking price could be much lower and would likely attract more potential buyers.

Good lenders and mortgage brokers will make sure that their clients know about prepayment penalties and do their best to help them find a loan that does not have them, if possible. Penalties can be a problem in that if you pay off the loan before a specified period of time, you will be forced to pay several thousands of dollars, depending on the terms of your loan. A typical prepayment penalty will be something like 6 months worth of interest on the remaining principal of the loan. Since the penalties apply during the first few years of a loan, the principal has hardly been lowered at all, so 6 months of interest can be considerable. In a buyers market this money can determine whether you get money, break even, or lose money when you sell your home.

Why do prepayment penalties exist? If lenders have you paying a high rate of interest, they want to make sure that you do not refinance quickly to a lower rate if interest rates should drop. They want a guarantee that for a certain number of years they will get the higher rate of interest. If you stay in the home beyond the penalty period, no problem. The problem occurs when you want or are forced to sell you home sooner. Maybe you get transferred, for example. You want to sell, but right from the get-go you are thousands in the hole. If you bought your home in 2005, like my sellers today, then you have a double whammy. The market prices are stagnant or losing ground and you have the prepayment penalty. If you want to break even, you have to hope that the sale of the home will cover what you paid, your closing costs, the mortgage payoff, AND now the prepayment penalty.

So, if you are financing or refinancing your home, ask the lender or mortgage broker about whether or not there are prepayment penalties. If he cannot find you a loan without them, call some other lenders and see if you can find a more attractive loan package. If, due to your circumstances, you cannot find a no prepayment penalty loan, shop for the one that has the shortest period during which it will exist. As I said earlier, the ones I have seen were 3 year prepayment penalty periods. My sellers today said theirs was for FIVE years. That is a very long time to be "locked" into a loan.

So be aware of these penalties, shop around for financng, and ask a lot of questions. Do not wait to hear about your loan terms at the closing table when you are against the wall. This is an important investment for you. You deserve and need to understand exactly what you are getting.

If you would like to speak with a local lender in the Tampa area you can find some at my website: www.jelwell.century21bnr.com

You can also contact me via telephone from 9 AM to Midnight at: 813-783-4444 or e-mail at: jelwell1@tampabay.rr.com  It will be my pleasure to assist you in any way that I can!

 

Looking for Open Houses in Zephyrhills or around the USA??

Just wanted to let you know that CENTURY 21, ERA Realty, Coldwell Banker, and Sothebys are now using OPEN HOUSE.COM to list their open houses. You can do a search for events in a specific area and you can also set up a notification service so that a month down the road when an open house will take place in your area, you will receive an e-mail message giving you all the details.

This may be a lot easier for you than hunting through the newspaper or on the internet. In any case, I thought it was worth passing along to you. To try out OPEN HOUSE.COM  Click Here 

If you have any question about open houses or real estate in general, do not hesitate to contact me at any time. Phone: 813-783-4444 E-Mail: jelwell1@tampabay.rr.com Webpage: http://www.century21bnr.com

John Elwell

National Association of REALTORs: Prices Rise, Existing-Home Sales Decline in June

WASHINGTON, July 25, 2007 -

Sales of existing homes fell in June with some potential buyers staying on the sidelines, but prices rose modestly as inventories eased, according to the National Association of Realtors®.

Total existing-home sales – including single-family, townhomes, condominiums and co-ops – declined 3.8 percent to a seasonally adjusted annual rate1 of 5.75 million units in June from a downwardly revised level of 5.98 million in May, and are 11.4 percent below the 6.49 million-unit pace in June 2006.

Lawrence Yun, NAR senior economist, said some consumers are uncertain. “Home buyers have been getting mixed signals about the housing market, which is causing some of them to hesitate,” he said. “Mortgage interest rates have risen recently, and tightening lending standards are continuing to hamper sales, but fewer risky loans will put the market on a healthier path. Although general buying conditions remain favorable for long-term home buyers, it appears some buyers are looking for more signs of stability before they have enough confidence to make an offer.”

According to Freddie Mac, the national average commitment rate for a 30-year, conventional, fixed-rate mortgage was 6.66 percent in June, up from 6.26 percent in May; the rate was 6.68 percent in June 2006.

“Two bright spots in the June report are a decline in housing inventory and a modest gain in home prices,” Yun said. “Although we’ve seen seasonal month-to-month price increases over the past four months, this is the first time in 11 months that the median home price is higher than the year-ago price.”

The national median existing-home price2 for all housing types was $230,100 in June, up 0.3 percent from June 2006 when the median was $229,300. The median is a typical market price where half of the homes sold for more and half sold for less.

Total housing inventory fell 4.2 percent at the end of June to 4.20 million existing homes available for sale, which represents an 8.8-month supply at the current sales pace, the same as a downwardly revised 8.8-month supply in May.

NAR President Pat V. Combs, from Grand Rapids, Mich., and vice president of Coldwell Banker-AJS-Schmidt, said that local market conditions vary widely. “Consumers should avoid making decisions based on what they hear about the national market because all real estate is local,” she said.

“There are pockets around the country where home sales are quite strong, so you really need to consult with a knowledgeable real estate professional about local market conditions – experience is one way Realtors® add value to the real estate transaction, and a reputable agent is your best resource to navigate the current market, whether it’s moving up or down,” Combs said.

Single-family home sales fell 3.5 percent to a seasonally adjusted annual rate of 5.01 million in June from a downwardly revised 5.19 million in May, and are 12.1 percent below the 5.70 million-unit level in June 2006. The median existing single-family home price was $230,300 in June, up 0.1 percent from a year ago.

Existing condominium and co-op sales dropped 6.3 percent to a seasonally adjusted annual rate of 740,000 units in June from 790,000 in May, and are 6.6 percent lower than the 792,000-unit pace a year ago. The median existing condo price3 was $228,900 in June, up 2.6 percent from June 2006.

Regionally, existing-home sales in the South eased by 1.7 percent to an annual sales rate of 2.26 million in June, and are 11.4 percent below a year ago. The median price in the South was $190,800, up 0.7 percent from June 2006.

Existing-home sales in the Midwest declined 2.8 percent in June to a level of 1.37 million, and are 8.1 percent below June 2006. The median price in the Midwest was $171,700, which is 1.5 percent below a year ago.

Existing-home sales in the West dropped 6.8 percent in June to an annual pace of 1.10 million, and are 19.1 percent below a year ago. The median price in the West was $340,000, down 0.4 percent from June 2006.

Existing-home sales in the Northeast fell 7.3 percent to a level of 1.01 million in June, and are 7.3 percent lower than June 2006. The median existing-home price in the Northeast was $294,400, up 1.8 percent from a year ago.

The National Association of Realtors®, “The Voice for Real Estate,” is America’s largest trade association, representing more than 1.3 million members involved in all aspects of the residential and commercial real estate industries.
# # #

© Copyright NATIONAL ASSOCIATION of REALTORS® I Headquarters: 430 North Michigan Avenue, Chicago, IL 60611, DC Office: 500 New Jersey Avenue, NW, Washington, DC 20001-2020

SOURCE: National Association of REALTORs Press Release

Florida Association of REALTORs: Florida's Existing Home Sales Remain Slower in June 2007

ORLANDO, Fla., July 25, 2007 – Despite favorable mortgage interest rates, strong job growth and other positive economic conditions, statewide sales of existing single-family homes in Florida totaled 12,954 in June and were closer to activity levels in June 2002 – prior to the housing boom years – than June 2006 figures when 18,607 homes sold for a 30 percent decrease in the year-to-year comparison, according to the Florida Association of Realtors® (FAR).

Florida’s median sales price for existing single-family homes last month was $243,200; a year ago, it was $256,200 for a 5 percent decrease. The median is the midpoint; half the homes sold for more, half for less. In June 2002, the statewide median sales price for single-family homes was $142,400, for an increase of 70.8 percent over the five-year-period, according to FAR records.

In May 2007, the national median sales price for existing single-family homes was $223,000, down 2.4 percent from the previous year, according to the National Association of Realtors® (NAR). In California, the statewide median resales price was $591,180 in May; in Massachusetts, it was $355,000; in Maryland, it was $312,683; and in New York, it was $239,000.

Existing home sales are expected to recover in 2008 and pick up by the end of this year, according to NAR’s latest market outlook. “It appears some buyers are simply waiting for more signs of stability before they get serious about getting into the market,” says NAR Senior Economist Lawrence Yun. “The market is underperforming when you consider positive fundamentals such as the strength in job creation, economic growth, favorable mortgage interest rates and flat home prices.”

Sales of existing condominiums in Florida also decreased last month, with a total of 4,004 condos sold statewide compared to 5,532 in June 2006 for a 28 percent decline, according to FAR. The statewide median sales price for condos last month was $206,100, down 3 percent from June 2006’s condo median price of $213,200. NAR reported the national median existing condo price was $228,200 in May 2007.

Last month, interest rates for a 30-year fixed-rate mortgage averaged 6.66 percent, according to Freddie Mac, lower than the average rate of 6.68 percent in June 2006. FAR’s sales figures reflect closings, which typically occur 30 to 90 days after sales contracts are written.

Among the state’s larger markets, the Sarasota-Bradenton Metropolitan Statistical Area (MSA) reported 797 existing homes sold last month compared to 762 homes sold a year ago for a 5 percent increase. The market's median sales price for homes was $292,700; it was $326,800 in June 2006 for a 10 percent decrease. A total of 276 existing condos changed hands in the MSA last month, down 7 percent from the 297 condos sold the previous year. The existing condo median sales price in June was $256,300; a year ago, it was $287,500 for an 11 percent decrease.

“Several factors are influencing the market in the Sarasota-Bradenton area,” says May Aston, president of the Manatee Association of Realtors and real estate consultant with RE/MAX Gulfstream Realty. “Here in Manatee County, our location and beautiful beaches are central to the major airports and attractions. Inventory is plentiful, and sellers have adjusted their price expectations, which helps make homes more affordable again.”

Among the state’s smaller markets, the Tallahassee MSA reported a total of 422 homes sold in June compared to 512 homes a year ago for an 18 percent decrease. The existing home median sales price was $187,900; a year ago, it was $180,500 for a 4 percent increase. A total of 42 existing condos sold in the MSA last month compared to 41 condos the previous June for a 2 percent increase. The market’s existing condo median price was $161,500; a year ago, it was $141,000 for an increase of 15 percent.

Robby Turner, president of the Tallahassee Board of Realtors and broker-owner with Robby Turner Realty, says that the area’s economy remains strong and home sales are returning to a more normal pace. “As the state capital, Tallahassee is fortunate to have a stable, government-based economy, as well as a positive employment and job outlook due to our higher education institutions and a vibrant healthcare industry,” he says. “We’re the center of an eight-county region that offers plenty of room to grow.”

Two charts showing statistics for Florida and its 20 MSAs are attached. One chart compares the volume of existing, single-family home sales and median sales prices; the other compares the volume of existing, condominium sales and median sales price in June 2007 to June 2006 based on Realtor transactions.

Single-Family: Download June_2007_home_chart.pdf

Condominium: Download June_2007_condo_chart.pdf

The Florida Association of Realtors (FAR), the voice for real estate in Florida, provides programs, services, continuing education, research and legislative representation to its 150,000 members in 68 boards/associations.

© 2007 FLORIDA ASSOCIATION OF REALTORS®

SOURCE: Florida Association of REALTORs Press Release