Boca Raton, FL Real Estate News

By Gregory J Mullen
(True Floridian Realty)
   BaseballSugar Sand Park boasts six of the most meticulously maintained baseball facilities in Florida and four lighted batting cages.     Community CenterThe community center features a science explorium, theatre, art exhibit, inline roller-hockey rink, and gymnasium.The Field House Gymnasium hosts annual special events and sports tournaments and is frequently open to the public for pick-up basketball and volleyball.  It also offers regular classes for painting, dancing, writing, sculpting, and acting. The Willow Theatre has seating for 155 and hosts concerts, plays, musicals, dance, lectures, children's programming and classic movie exhibitions.    Carousel, Picnic area, and Incredible Fortress PlaygroundThere are plenty of ways to keep children entertained at the enormous wood fort...
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By Cheryl Hale, Mortgage Loan Originator NMLS#276668
(SMP Mortgage, Inc)
Looking to purchase a home in Florida?  Here's what conforming interest rates are looking like today: 30 Year Fixed Rate - Conforming Mortgage Interest Rate - No Prepayment PenaltyQuotes below are based on the following:  Owner Occupied purchase transaction, minimum 680 credit score, 20% down payment, minimum 2 months reserves and full documentation of income within guidelines.  Maximum loan amount of $417,000.  30 day lock.Example: Purchase price $250,000.    $50,000 down payment5.5% (APR 5.703%) - 1 point origination fee    Principal and interest payment = $1135.585.75%  (APR 5.8625) - 0 points                      Principal and Interest payment= $1167.15This quote is for illustrative purposes only and does not a guarantee a lock or commitment of interest rate. Rates change daily.Rece...
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By Cheryl Hale, Mortgage Loan Originator NMLS#276668
(SMP Mortgage, Inc)
"No points, no fees, free appraisal, 2.25% rate fixed for 5 years..." I won't tell you any of those things. So maybe you'll move on to the mortgage broker who does. Yes, you want to be a savvy consumer, but you know the saying..."if it sounds too good to be true, it is" Obtaining a mortgage is one of the biggest financial decisions you will make. And you are doing a disservice to yourself if you shop for a mortgage based upon misleading advertising. Because it all comes out in the wash. That "free appraisal" will cost you somewhere else. Here's what you do. Find a mortgage broker, someone like me:) who will sit down with you for a half an hour or so and review your financial situation with you. Someone who will ask you about your financial goals: When do you want to retire? Do you have ...
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By Cheryl Hale, Mortgage Loan Originator NMLS#276668
(SMP Mortgage, Inc)
After Hurricane Wilma roared through Florida, I needed  to have my roof replaced.  I also added hurricane shutters. Then, my insurance company went out of business and I had to apply for new property insurance.  As a condition of the application, a windstorm inspection was required.  The cost was $150.  Well worth it, because my insurance tab was reduced by $500 because of the improvements I had made. Now, these windstorm inspections are free for Floria homeowners who have single family detached homes. If the inspection reveals that your home has better hurricane protection, you may be able to get a discount on your property insurance bill. If your home is not a single family home, you won't qualify for the free inspection. However, you can still  contact one of the approved inspectors ...
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By Cheryl Hale, Mortgage Loan Originator NMLS#276668
(SMP Mortgage, Inc)
There have been media reports about foreign investors finding properties in Florida attractive, yet these investors are waiting, like so many others, for the market to hit bottom so they can get even better deals. Well, I am wondering, will they be waiting too long???World Savings has been one of our great go to lenders for Foreign National loans with LTV's up to 75% and no income or asset verification. I recently received a memo from our rep at World Savings regarding some issues they are having with Foreign National loans.  Here are the key points:1 - "When a Foreign National is buying a new construction condo, especially in Dade county - please be aware we may not be able to offer the 75% LTV if the appraisal comes back displaying Marketability issues (high investor concentration, la...
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By Cheryl Hale, Mortgage Loan Originator NMLS#276668
(SMP Mortgage, Inc)
In their November 15 Bulletin, Freddie Mac announced new post settlement delivery fees effective March 1, 2008."Freddie Mac continually evaluates the mortgages that we purchase and the applicable delivery fees.  In response to the continuing volatility and turmoil in the mortgage market, including the deteriorating performance of higher - risk mortgage products, we are expanding our use of risk-based pricing by adding fees on Indicator Score and loan-to-value ratio"The fees will be charged to lenders when they sell their loans to Freddie Mac.  Lenders will be likely to pass those costs on to borrowers, which in turn will make home loans more expensive. Since Freddie Mac and Fannie Mae operate on the pretty much the same wavelength, we should expect to see these changes across the board ...
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By Cheryl Hale, Mortgage Loan Originator NMLS#276668
(SMP Mortgage, Inc)
Reverse Mortgages involve many of the same closing costs that you would pay for a home purchase or a refinance.Here is a breakdown of the typical closing costs for a reverse mortgage:Origination fee This covers the operating/overhead expenses for the lender.  A portion of this is also paid to the loan originator.Under the HECM (Home Equity Conversion Mortgage), which accounts for the majority of reverse mortgages, the origination fee is as follows:2% of the lesser of the property's appraised value or the FHA maximum loan limit for your county.  Here in Palm Beach County, Florida, the FHA max loan limit is $362,790.  So if your home was appraised at $400,000, the origination fee would be 2% of $362,790 or $7256.  The minimum origination fee is $2000.Mortgage Insurance PremiumThe mortgage...
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By Gregory J Mullen
(True Floridian Realty)
   About Gumbo LimboNamed after the Dominant tree species the 20 acre park and research facility is essentially part of the larger Red Reef Park which lies between the Intra-Coastal Waterway and the Atlantic Ocean.  The park features a Nature Center with historical artifacts and aquariums.  The park is home to the Boca Raton Sea Turtle Conservation and Research Program.  Public access is provided to view sea turtles and other marine life under the care of the program.     The Environmental ComplexSea Turtle nesting research is conducted on a 5 mile stretch of Boca Raton's beaches.  Project resources are also engaged in a variety of studies including plants, insects, and marine animals.  The Complex is designed to provide environmental education for the community through classes, seminar...
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Over the weekend there has been a large number of Vultures and and Wood Storks in the Mission Bay south lake near laguna and Harbour springs. There appears to a large number of dead fish on the banks near homes. I have contacted the mission bay home owners association and quality management to find out information on what is causing this. If anyone knows the cause please contact me and I will post it on the blog.  Jim Cox
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By Cheryl Hale, Mortgage Loan Originator NMLS#276668
(SMP Mortgage, Inc)
I have come across a lot of questions lately regarding reverse mortgages and manufactured/mobile homes. Many people think these types of properties do not qualify.  As a mortgage broker in South Florida, I have recently done several reverse mortgages for people living in manufactured/mobile homes. Reverse mortgages can be done on manufactured/mobile homes, but there are some conditions that  apply.Here's some information about what's needed to qualify for a reverse mortgage for these types of properties:The home must have been built after 1976The home must be permanently attached to a foundation  an appraisal will be needed- the cost is around $460 - more than a conventional appraisala structural engineering report must be completed  cost abut $450. This must be completed to make sure t...
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The local state government's chief economists are estimating property values for homes and businesses will continue its downward spiral in 2008 as stated in todays Miami Herald.  Believe it or not, local governments are considering raising millage rates to make up for the shortfall of tax dollars currently being collected. This in my opinion will compound the current problem of property taxes already being too high and govenment spending totally out of control. If governor Crist signs legislation to legalize gambling with the Seminole Indians in Broward County, all problems could be solved and property taxes could continue to fall as property values fall. Every Sunday the casinos are giving away a brand new Bentley. The tax monies we could generate from the casinos alone could be stagge...
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By Cheryl Hale, Mortgage Loan Originator NMLS#276668
(SMP Mortgage, Inc)
Whenever I go back to my home state Michigan and I tell people that I live in Boca Raton, their eyes get big and they say "wow, you are really living the high life."Boca Raton does have a reputation for being an expensive place to live here in South Florida.  And true, there are many wealthy communities in Boca Raton.  And on the flip side, there are also many nice communities that are within reach of the "not so rich" homebuyer.Rainberry Park, for example.  This established community of approximately 200 homes comprised of 2 bedroom villas and 3 bedroom homes is located north of Palmetto Park Road, just east of 441. Homes in Rainberry Park are selling in the $230-300K range.  The quiet, pet friendly community is nicely landscaped with 2 small lakes and boasts a pool, kiddie pool, tenni...
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By Tia Marie Grady
(Exit Atlantic International Realty)
                             FLORIDA LIFESTYLE LIVING  I have had many recent questions regarding deepwater dockage and condos, If you have a boat or maybe a sailboat that requires deepwater dockage there are a few different places offering this ,But one I am quite fond of would be the Sea Ranch Club in Boca Raton, Fl. Located on North Ocean Boulevard, Boca Raton, Florida. , Sea Ranch Club is guard-gated of private, Tropical landscaped  grounds stretching from the Atlantic Ocean to the Intracoastal Waterway. 4 luxurious high-rise buildings and 18 town-homes. There are many amenities including private beach access, a tranquil waterfrontpark, beautiful gardens, 5 swimming pools, and 4 tennis courts. Private deepwater boat dockage is additionally available .Each building has it's own separ...
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By Gregory J Mullen
(True Floridian Realty)
   The ParkOne of Boca Raton's many pristine public parks borders the Atlantic Ocean with an impressive one and a half miles of beach.  Two walking path tunnels, set under Ocean Boulevard, connect the beach to a forest and picnic area within the 95 acre park.  The west side of the park borders the Intra-Coastal Waterway and provides a boat docking area for visitors.  There is an overnight camping area and several children's play areas.     Things To DoThe mostly shaded park has numerous shelters & picnic areas for grilling.  Nature walks and bike trails meander through the natural tree canopy with abundant Florida wildlife.   You can fish, kayak or canoe here.  There are sand volley ball courts and a designated surfing area. (See Photo Slide-Show Below)                         Do you ha...
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By Cheryl Hale, Mortgage Loan Originator NMLS#276668
(SMP Mortgage, Inc)
Thought you might be interested in hearing about an actual reverse mortgage that I recently closed for one of my clients.While I am a mortgage broker located in Palm Beach County, I originate loans thoroughout the entire state of Florida.First, some background on the client situation.Mrs. Sanders, widow, age 72 (not her real name) recently contacted me to do a refinance. She lives in a double wide mobile home in Central Florida. She had a $26,000 mortgage at a rate of 11%. She was hoping to lower her rate and save some money. Her monthly mortgage payment was $330. Her monthly income from Social Security is $750. She was finding it difficult to make ends meet each month after paying her mortgage, utilities, and other living expenses.The first thing I determined was that even if I refinan...
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By Ignazio "Iggy" Lena
(Lehmann Realty Team)
WEST BOCA , LOGGERS , RUNS BOCA FALLS AN UPSCALE COMMUNITY WITH "A" RATED WATERS EDGE ELEMENTARY & LOGGERS RUN MIDDLE   THE NEW WEST BOCA RATON HIGH SCHOOL. BOCA FALLS HAS MANY LAKES THRUOUT COMMUNITY,2 MANNED GATEHOUSES,10 SEPARATE NEIGHBORHOODS CONNECTED BY BOCA FALLS DRIVE WHICH STRETCHES FROM GLADES RD. TO PALMETTO PK. RD. THE 10 NEIGHBORHOODS ARE.....  The Estates                                    Majestic PointeVictoria FallsCrystal Pointe                                                                                    Mystic Bay Emerald Isle Emerald Pointe Mystic CoveMajestic Bay CascadesBOCA FALLS ALSO HAS A STATE OF THE ART REMODELED CLUBHOUSE AND REMODELED FITNESS CENTER,HEATED SWIMMING POOL WITH CANOPIES FOR SUN PROTECTION,SUPER PLAYGROUND WITH CANOPIES FOR SHADE,6 TENNIS ...
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  A History of the FounderJohn Pedersen was born in 1897 in Racine, Wisconsin.  After serving in World War I, John married Lillian Nelson who later crafted "curtain tie backs".  John sold the tie backs to major Chicago department stores including Montgomery Ward and Sears Roebuck.  With the proceeds, John bought land in Racine and built affordable 2 bedroom houses costing $1000 each.  He became famous for a "Buy one house and get the second house for 1 penny!" sales promotion.  They moved to South Florida in the 1930s.  John bought land throughout the area and built many developments such as the ever popular "Wilton Manors" in Fort Lauderdale.  The Creation of Africa U.S.A.John purchased 300 acres from the City of Boca Raton in 1950.  He then began to transform the landscape into "Afric...
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Active homes For Sale Mission Bay Boca Raton November 6 2007priceaddress communityBedroomsBaths469,90011201 Harbour Springs CirHARBOUR SPRINGS53419,00010984 La SalinasMISSION BAY - LA COSTA42438,00010992 LA SALINAS CirLA COSTA - MISSION BAY43289,90020970 VIA OLEANDERMISSION BAY PAR F PH32448,00011042 SEAPORT LnHARBOUR SPGS AT MISSION BAY42460,00010538 WHEELHOUSE CRMISSION BAY,REGATTA54389,00020970 Via Jasmine # 4LAS FLORES32280,00020971 VIA AZALEA # 2LAS FLORES32309,00020950 VIA JASMINE # 4LAS FLORES/MISSION BAY32395,00020950 Via Jasmine # 1LAS FLORES33399,90010570 Bexley BlvdMission Bay Regatta44445,00020914 LA QUESTA CtMISSION BAY TR H PH 0242289,00020931 VIA AZALEA # 3LAS FLORES32349,00010630 Bexley Blvdregatta at mission bay32299,00010320 COURTSIDE Lane # 10320COURTSIDE VILLAS AT MI...
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Why did the the bank not take our short sale offer ? Don't they understand that if they foreclose it is going to cost them much more money then if they tak this offer ? The problem with this questions is that in practical terms from the buyer investor it makes sense. But if you look at it from the bank employee perspective it is a completely different view point. In the current market bank employees are fighting to keep there jobs, especially those that are not involved in measurable positions like sales. Underwriters and REO loss mitigation personel have one motivation.... do not draw negative attention to yourself.  Therefore it is important to understand that unless there is several offers already submitted and yours is the strongest you probabbly will not get a solid counter. Howeve...
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By Tony Petrolia
(Remax Services Inc.)
That is the million dollar question in today's marketplace. Sell now or hold until the market turns around and rent until it does. A couple of key things I must point out if you decide to hold and rent. Most sellers are basing their carry on the mortgage payment, taxes and insurance and maintenance if any. What most sellers forget is once you decide to hold and rent, you will lose your homestead exemption. That means your taxes could in some cases double or even triple. To be safe on what your cost to carry really is, ask a real estate professional what your taxes would be, (estimate of course) and then re-figure your cost to carry. My thoughts are if you can cover everything including your increased taxes, it is not a bad idea. But I also believe, that if you sell today even at today's...
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