Joseph Santini's Real Estate Blog

Now is the time to prevent something that will really hurt the real estate market in many areas. The banks and if need be the Federal Government need to prevent thousands of people from walking away from their homes all at the same time.

Sooner or later more and more people are going to realize that most banks really don't give loan modifications.  They are also going to realize that maybe it may not be so smart to try to do the right thing and try to stay in their present home.  The banks have a chance to prevent this massive walk away or they will suffer the consequences along with us, the taxpayers.

One of the benefits of such a great climate is to have the opportunity to host the Super Bowl often.  What a great benefit to South Florida as the whole area is packed with people getting ready to enjoy the game! 

Many of these people are getting a chance to see what a great place South Florida is to live in and some are taking some time to look at some properties. The restaurants, hotels and recreational activities are all getting a nice boost in business and Sunday should be a great game.

The lifestyle found in Boca Raton, Florida is one of the best you will find anywhere in the world. Here are the top ten reasons to buy property in Boca.

1. The prices are low in the current market.  Buy while you still can.

2. The weather.

3. Convenient to airports, shopping, dining and recreation.

4. Pristine Beaches.

5. Low Crime Rate.

6. Great choice of public and private schools.

7. Great activities for children. 

8. Tropical, impeccable parks.

9. Great code enforcement which makes Boca look like the paradise that it is.

10. Close to some of the best colleges in the country.

Things are very active in the Boca Raton, Florida luxury market as many real buyers are in town and they are buying. The people I am talking with are feeling good about where the market is and it seems most of the uncertainty about buying has faded. People want good value and are ready to commit when they find it.  Below are the numbers for properties price at or above 1 million dollars.

Luxury Single Family Homes

Total Properties Available     516

Price Range      $1,000,000  -  $22,900,000

Total Properties Pending       16

Total Properties Sold         10

Price Range        $1,000,000  -  $2,550,000

Average Sold Price Per Square Ft.       $285

Average Days On The Market         316

Luxury Condominiums

Total Properties Available    97

Price Range    $1,000,000  -  $6,950,000

Total Properties Pending    2

Total Properties Sold    2

Price Range     $925,000  --  $1,250,000

Average Sold Price Per Square Ft.    $469

Average Days On The Market    241

When purchasing a property its important to choose were you are getting your money wisely.  In the environment that we are in now going directly to the lender is the best way to go but there are many instances where a good mortgage broker is an asset.  Find a good one through word of mouth and maybe through someone who has used this person before.  Choosing were you get your financing can sometimes make or break the deal.

In neighborhoods across South Florida many homes are still getting foreclosed on and I wonder if this is what the banks really want. 

Certainly some of these would qualify for some kind of workout plan where the people can stay in their homes and the bank can get the loan back on track and make money instead of taking a huge hit by foreclosing.  More importantly the number of foreclosures could be much less, improving the market. 

In alot of cases foreclosure is the right thing to do but certainly the banks can improve on their workout rate.  I just can't figure out why the bank chooses to foreclose when in many cases there are other options.  Are they just so busy that they can't get the job done?  Maybe unqualified people are handling the files, or maybe the banks benefit in some way to just be done with it.

Great financing opportunities, good inventory, tax incentives and motivated sellers are all in the favor of the buyer at this time.  Buyers couldn't ask for more to be going their way.  Now is the time to take advantage and get in on one of the best buyers markets of all time!  Qualified buyers who are ready to buy should act or it will pass them buy.

Most banks just aren't following through with loan modifications.  I have yet to hear of anyone finishing the complete loan modification process.  This process consist of a down payment, alot of paperwork, a probationary period where the borrower pays their new payment for 4 months or so and than finally a review of the file again and the last step where the bank actually creates a new mortgage.

What happens most of the time is the bank will ask for a large payment to start the process.  Than they will give you your probationary payment schedule and once you complete that it seems many people are no longer qualified. You never get the new loan papers from the bank. My opinion would be to keep all that money and use it for your next place to live.

The real estate market is very active across Palm Beach County, Florida as people are in town and properties are changing hands everyday. The low prices, huge inventory and great financing rates along with the current tax incentives continue to drive the market. Here are the numbers for December 2009 for Palm Beach County, Florida.

Total Properties Available  22,396

Total Properties Pending  2,729

Total Properties Sold  1,549

Boca Raton, Florida is packed with people and many of them are looking to buy some of the great deals on the market at this time.  Waterfront homes are especially in demand and there are properties closing everyday.  Now is the time to get your property on the market to take advantage of the buyer traffic.