In this issue: 

Featured Homes

• Condo CRAZE

• Median home prices up 8%  

• Floridian's Tax Liability better than most 

• Mortgage Rates

Email us

 CLICK HERE TO Visit our website

 $289,900
280 22ND AVE NE
GOLDEN GATE ESTATES
Bedrooms: 3
Baths:  2 (Full)    0 (Half)
Attention Horse Lovers!!! This amazing property boasts over 600 feet on the canal, two pastuers, and a 6 stall barn. Barn is complete with electricity, water, phone line, and an electric fly system. 5 Acre Property with a 3 bedroom 2 bath 2 car garage home (built in 1999). A must see for horse lovers. http://www.NaplesRealEstateCentral.com/2202641

WASHINGTON -- May 6, 2002 -- This is one survey where it pays to be toward the bottom of the list. In a new report from the U.S. Census Bureau, Florida ranked No. 44 in the nation in terms of per capita taxes.

The average Floridian pays $1,520.98 a year in taxes. At No. 50, South Dakotans pay $1,291.92 per capita per year, or 15 percent less than Floridians. The other states with a lower tax per person than Florida are Tennessee ($1,362.71), Texas ($1,379.74), New Hampshire ($1,410.29) and South Carolina ($1,513.06).

At the top of the list, Connecticut residents pay $3,091.99, or 103 percent more in taxes than the average Floridian, though Connecticut residents also pay 7.3 percent more than the second place state, Hawaii ($2,864.89). Delaware ($2,371.14), Minnesota ($2,722.00) and Massachusetts ($2,700.18) round out the top five top tax-paying states.

Overall, Floridians pay 29 percent less than most Americans -- the national average is $1,967.54.

Median Home Prices Rise

Florida real estate continues to be a solid investment as the median sales price of homes sold statewide during March rose 8 percent over the same time period a year earlier, according to the Florida Association of Realtors (FAR). The statewide median price reached a high of $134,100 compared to $123,900 last year. In March 1997, the statewide median sales price was $92,300, which translates to a 45.3 percent increase over the five-year-period, FAR records show.

The number of resale homes sold within the state also increased 1 percent in March. Statewide, a total of 11,970 single-family, existing homes sold last month compared to 11,854 homes sold in March 2001. FAR’s sales figures reflect closings, which typically occur 30 to 90 days after sales contracts are written.

Markets across the state continue to report strong sales and low inventory. The average interest rate for a 30-year fixed-rate mortgage was 7.01 percent last month, only marginally higher than the 6.95 percent rate in March 2001.

SOUTH FLORIDA -- April 22, 2002 -- Prices for single-family homes are rising so rapidly in South Florida that it’s causing many first-time buyers to turn to the multifamily housing market, fueling a boom in sales for condominiums, townhouses, villas and co-ops, according to real estate industry analysts.

It’s quite a change for multifamily housing in the area -- about five years ago, demand for condos was so low that many owners were selling their units at prices lower than they had paid. Now, however, the demand for condos, townhomes and other units, especially those costing under $150,000, is so high that many units sell for the asking price the same day that they go on the market.

Where the unit is located doesn’t seem to affect the sales, either. No matter if the condo is near the water or by a suburban mall, buyers are making multiple offers that help to increase prices in the multifamily housing market as well. According to the Broward appraiser’s office, condo sales went up 10 percent in 2000, and officials forecast an even bigger increase for 2001.

Condos in the multimillion-dollar price range located in adults-only communities don’t appear to be seeing as big a demand, however.

Still, the lack of vacant land in Broward County and elsewhere in South Florida drives up the cost of single-family homes. Prices now average in the mid-$200,000s in South Florida, which has an increased demand for less expensive housing.

"There is such little inventory that people are having to bid on three, four and five places before they get one," says Alina Robau-Garcia, regional vice president for Countrywide Home Loans in South Florida.

The increased demand for multifamily housing drives up those prices, too. Units that sold for $80,000 a year ago are now going for $120,000 or more, according to real estate professionals. Units priced at $150,000 in 2001 now sell for $200,000.

Mortgage Rates Favorable

Freddie Mac, the mortgage company, reported that the average interest rate on 30-year fixed-rate mortgages nudged up to 6.79 percent this week from a six-month low of 6.78 the previous week, according to a nationwide survey released Thursday. A year ago this time, 30-year mortgages averaged 7.10 percent.

Freddie Mac, the mortgage company, reported that the average interest rate on 30-year fixed-rate mortgages nudged up to 6.79 percent this week from a six-month low of 6.78 the previous week, according to a nationwide survey released Thursday. A year ago this time, 30-year mortgages averaged 7.10 percent.

Rates on 30-year mortgages hit a low of 6.45 percent in early November, their lowest point since Freddie Mac began conducting its nationwide survey in 1971.

Even though rates have moved higher since that time, analysts believe that mortgage rates will be fairly stable this year and will continue to support the housing market.

Fifteen-year mortgages, a popular option for refinancing, ticked up to 6.27 percent, up from a six-month low of 6.26 percent the week before. A year ago, 15-year mortgages averaged 6.61 percent.

On one-year adjustable-rate mortgages (ARMs), lenders were asking an average initial rate of 4.80 percent, compared with 4.75 percent the previous week. Last year this time, one-year ARMs averaged 5.90 percent.

These rates do not include add-on fees known as points, which averaged around 0.7 percent of the loan amount for all three types of mortgages last week.

Recent economic data including reports showing rising unemployment and slower growth in manufacturing “painted a slightly negative picture for future economic growth,” said Frank Nothaft, Freddie Mac's chief economist. “These factors combined to keep mortgage rates stable.”