Tenants Now Paying Association Dues

The story is common all over Key West in the down turn of our economy. An investor owns a condo or townhouse, they owe more on the property then it is worth so they stop making payments. In the following years that it takes to foreclose the property is rented and the owner continues to collect the rent, but not pay the mortgage company or the association. At this point the association falls short of money and has to postpone needed repairs and maintenance or collect more money from the owners who are current. This puts a burden on the association and their members. It also has a negative effect on property values by making it harder for a new buyer to get financing. When their mortgage company sees a high number of owners not paying the association it makes no difference how good their credit is the property won’t qualify.

A new law passed by the Florida legislature makes it easier for condo and homeowner associations to collect back dues owned to them. They now have the right to collect the rent directly from the tenants until the dues are current. If the tenant is ordered to make a payment to the association, it counts as rent credit. The tenant pays the remaining balance to the landlord. For example, if a lease agreement calls for the renter to pay $600 a month including $100 association fees, traditionally they would have paid the whole amount to the landlord. Now, under the law, the tenant would pay the landlord $500 and the association $100.

When a renter is required to pay the association directly, they should keep a copy of the notice from the association seeking payment, as well as cancelled checks and/or receipts. If the landlord demands the entire $600, the tenant should send them copies of the documents and receipts showing their payments to the association.

“If the landlord files an eviction, it’s very important that the tenant doesn’t sit back and assume the payment to the association will protect them; they need to answer the eviction lawsuit,” In this situation the Landlord will not be able to evict the tenant for nonpayment only the condo association can. The law helps the tenant if they are doing what they’re supposed to do while the landlord isn’t.

FOR IMMEDIATE RELEASE

JOANNE TARANTINO Earns NAR Short Sales and Foreclosure Certification Buyers and Sellers Benefit from REALTOR® Expertise in Distressed Sales

JOANNE TARANTINO with PRUDENTIAL KNIGHT GARDNER REALTY has earned the nationally recognized Short Sales and Foreclosure Resource certification. The National Association of REALTORS® offers the SFR certification to REALTORS® who want to help both buyers and sellers navigate these complicated transactions, as demand for professional expertise with distressed sales grows.

According to a recent NAR survey, nearly one-third of all existing homes sold recently were either short sales or foreclosures. For many real estate professionals, short sales and foreclosures are the new “traditional” transaction. REALTORS® who have earned the SFR certification know how to help sellers maneuver the complexities of short sales as well as help buyers pursue short sale and foreclosure opportunities.

“As leading advocates for homeownership, REALTORS® believe that any family that loses its home to foreclosure is one family too many, but unfortunately, there are situations in which people just cannot afford to keep their homes, and a foreclosure or a short sale results,” said 2009 NAR President Charles McMillan, a broker with Coldwell Banker Residential Brokerage in Dallas-Fort Worth. “Foreclosures and short sales can offer opportunities for home buyers and benefit the larger community, as well, but it’s extremely important to have the help of a real estate professional like a REALTOR® who has earned the SFR certification for these kinds of purchases.”

The certification program includes training on how to qualify sellers for short sales, negotiate with lenders, protect buyers, and limit risk, and provides resources to help REALTORS® stay current on national and state-specific information as the market for these distressed properties evolves. To earn the SFR certification, REALTORSÒ are required to take one core course and three Webinars. For more information about the SFR certification, visit www.REALTORSFR.org or call 1-877-510-7855.

Gulfview Townhouse Just Reduced!

Just Reduced...$499,900

3 Bedroom, 2.5 Bath Townhouse

Beautiful open water Gulf views in gated community. Out door deck area w/private pool & fountains. 2 upstairs balconies. Hurricane shutters for all windows. Carport with storage. One owner is a real estate licensee. Total annual insurance costs are $3,370. Bank is local and a decission would be made quickley.

MLS Link: http://keywestmls.rapmls.com/scripts/mgrqispi.dll?APPNAME=Keywest&PRGNAME=MLSLogin&ARGUMENT=8Aaav9tRjeIvgJEhSou08sKFOwQm9%2Bn%2BuJYQHXtJPOI%3D&KeyRid=1

Joanne Tarantino - CRS

Prudential Knight & Gardner Realty

(305) 294-5155 x244 ~ (305) 304-2012

(305) 295-0946 Fax

Joanne1kw@gmail.com

http://www.kwhomes.net

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"TALL on Real Estate Service"

REDUCED...Las Salinas Condo W210...$214,900

Just Reduced to $214,900
2 Bedroom, 2 Bath Condo @ Las Salinas, Unit W210
Good condition with ceramic tile throughout. New central A/C. Individual storage area. Beautiful pool.NOT A SHORT SALE. Owners are licensed real estate agents in the State of Florida.

MLS Link: http://keywestmls.rapmls.com/scripts/mgrqispi.dll?APPNAME=Keywest&PRGNAME=MLSLogin&ARGUMENT=NzmSemIBeFaKPHiL6Z0GkmZErtccBEFzKIYRIizIhJQ%3D&KeyRid=1

Joanne Tarantino - CRS
Prudential Knight & Gardner Realty
(305) 294-5155 x244 ~ (305) 304-2012
(305) 295-0946 Fax
Joanne1kw@gmail.com
http://www.kwhomes.net
http://joannetarantino.blogspot.com/
"TALL on Real Estate Service"

Bank Becomes T Shirt Shop

The Wachovia Bank building is an architecturally beautiful land mark sitting majestically at the corner of Duval and Front St. Built in 1891 it has weathered hurricanes and dodged fires that periodically engulf other historic Key West buildings. Originally and for years it was Florida First National Bank. Wachovia bought the building in 1992 for $2,520,000. Wachovia closed that branch about the same time it merged with Wells Fargo in 2008 and consolidated its operations on Northside Dr. It took me a while to realize Wachovia had closed it's down town branch (I am not a Wachovia customer) and don't frequent Front and Duval too often, the ground central for cruise ship visitors.

Was I surprised when I did walk past that corner? It is a T shirt shop now! Wow, do things change. It is a decent enough shop and they carry more then just T shirts. There are men's, woman's and children's clothes. Why is it that all the shops on lower Duval carry clothes that look exactly the same, like the gauzy women's dresses and short shorts that say "Key West" across the butt? This must be what sells. When these shoppers get back on board are they all wearing the same dresses, shirts and beach cover ups?

I walked past the mannequin of a woman standing in the door. There were a lot of customers in there; the sales people were busy. I found that the clothing section was divided off from the knick knack section by what was once the teller's counter. In the glassed in office in the back where the bank manager sat now sits the store manager. In the knick knack section behind the shot glasses and key chains is still the bank vault. I wonder what's in it.

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No this is Not My Listing - 3814 Flagler Avenue, Key West, FL

This however is a great buy on this bank owned property (3814 Flagler Avenue, Key West, FL)! Can you believe it, a 5 bedroom 3 bath waterfront house on a huge lot (1/3 of an acre) just reduced to $699,000! In addition to the 3106 sq ft of living area there is also a two car garage. At this asking price that calculates to only $255/square foot. Remember the old days when waterfront property would go for around $800/sq ft? This has to currently be the best buy in Key West.

This property was purchased by an owner of a local real estate company (who has since left town) in 2004 for $1,050,000. It was originally listed for sale in June of 2009 for $1,250,000 and has just had its fifth price reduction down to $699,000. For any one who needs a lot of space and would enjoy living on a canal this is a great opportunity. Oh did I mention that it also has a pool, not just a little dipping pool but a hotel size pool. The seawall is 105' long with a step down. You could dock a couple of boats here.

Has anyone noticed how cold it has been in Key West? Worry not; this house has a real cool looking elongated stylish fireplace in the great room. Ok, something has to be wrong. Well, the former owner's wife had some unique taste in wall colors. That is easy to fix just try imagining off white as you walk through. Yes, she had probably been bugging her husband for some updating in the kitchen and the baths before the economy turned bad. He was right when he said they are perfectly fine the way they are. He was right, but in her defense they are really dated.

Ok folks, here it is a great chance for a waterfront "steal". Call me if you know of anyone who would like to see it. It is easy to show.

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Strategic Foreclosure

A new term has emerged in the ever changing real estate world. Just as none of us knew what a "short sale" was 4 years ago or a "flipper" 9 years ago, we now have chance to expand our vocabulary and incorporate "strategic foreclosure". A strategic foreclosure is when a property owner has the ability to pay their mortgage but chooses not to. This group now accounts for about one in every four foreclosures. This has created an ethical discussion for those involved.

You borrowed the money, you owe the money. Why should you not pay it back? Yes the property you own dropped below what you borrowed. The same house in your neighborhood can be bought for a fraction of what you owe. You think, just walk away from it and let the bank take the loss, but if the property had gone up in value would you be trying to give money back to the bank? I don't think so, that was not the deal. The loan was not contingent on property values staying up. If you loaned money to a friend and he lost it wouldn't you still expect him to pay it back?

On the other hand weren't the banks greedy making all the loans they could, encouraging you to lie about your income, the "no documentation liar loan"? Any one with a pulse could borrow half a million dollars. The bankers were receiving huge bonuses and the federal government was encouraging it all. You have a little savings for retirement or the kid's college fund. Now, throw it all away to support Wall Street? Didn't the banks know that they were taking a gamble making all these high risk loans? It was a calculated business decision based on the value of your real estate. They calculated wrong. You don't pay, they foreclose. It is all spelled out plain and simple in the mortgage documents.

Interesting question let me know what you think.

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How the 2009 Key West Real Estate Market Did

When ever I talk to people they always ask “how is the real estate market?” So many people have invested in or own homes and other real estate in the Key West area that it is a constant question. So here we go. At the beginning of 2009 in January we had 854 properties on the market in Key West. At the end of the year in the month of December we had 584 that is a 31% reduction. The inventory has been moving down through out 2009. This is good because a real estate market flooded with inventory is going to do nothing but decline in value. What is more encouraging is that in the month of January only 2% of the active listings sold and at the end of the year in December 5.6% had sold. The average sales price in 2009 ($458,280) was down from 2008 ($639,940) by 28.4%. Days on the market (DOM) has stayed about the same since 2007 about 171 days.

As for the upper end market there were 193 active listings over $1,000,000. 32 of them sold which is 16.5% of the total and days on the market were less then the over all, only 135.

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REDUCED!!! Charming Key West Apartment Building

Charming Key West apartment building at the foot of Margaret St only one block from the waterfront of the Historic Seaport District.Four legal units generates aproximately $4,900 in gross rent. 4 electic meters and 1 water meter.


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Golfing and Real Estate

Not really sure this is the right title for this blog, but I find dry titles make what I have to say less interesting to a prospective reader then what it really is. Golfing is fun and a sport. You wear oxford type shoes with little nails on the bottom to play. What does golf have to do with real estate? You ask yourself that question and want to read on to see just how it does. A local developer named Pritam Singh, Aka Paul Labombard developed the property surrounding the Key West Golf Course in 1995 and appropriately named it The Key West Golf Club. The new owners did not really belong to a club that golfed together they just had their new homes located around the greens and fairways of those who did and shared in common that having a golf ball hit your house or land in your yard was "par for the course", pun intended.

Once again I am going to look at a local community to extrapolate what could be a trend for the Lower Keys. We have a flipper! Remember in about 2003 we all learned the new word as it applied to real estate, "flipping" and one that did that was a "flipper"? Well when the market was going up soooo fast it was lucrative to buy a residential property totally on speculation with the intention of selling it very quickly at a higher price after closing or even selling the contract before closing and then you had "flipped" it. Flipping is back at the Key West Golf Club. 66 Merganser, bought on December 14, 2009 for $170,000 as a short sale came back on the market on December 23, 2009 for $217,400, according to the information in the Key West Board of Realtors. It has not gone under contract yet, but it has a good chance to. There is very little for sale in this price range. As a matter of fact there is only one other unit under $345,000 that is actively on the market for sale and it is a short sale with extensive water damage and an accompanying expensive mold problem to cure all at the buyer's expense. This property is being offered at $192,500 and has been on the market for 433 days. I suspect that in the time it takes for the bank to approve a short sale (maybe 6 months) there could be quite a bit more green/black fuzzy growth.

Stay tuned we will see what happens.

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The William Pope Crawl

In our small town of Key West, one street remains the most popular tourist destination on the island. Packed with bars, restaurants and shops, the mile long stretch is a must see for the millions of tourist who continuously stroll down its sun covered sidewalks. Sure, many can say they’ve thrown back Margaritas and beers in some of the most famous bars in the world, but how many can say they know who the street is named after?

That man was William Pope Duval, adventurer, lawyer, cavalry man and former state governor. He was born in 1784, a boy who seemed to get in a lot of trouble ran away from home in Virginia at 14 to the frontier of Kentucky. He carved a successful life and was admitted to the bar when he was only 20. In the following years, he rode as a cavalry officer and served as a congressional representative for Kentucky. In 1822 he became Florida’s first territorial governor, appointed by President James Monroe. At that time Florida had no seat in which he could govern. Until the new capital was constructed in the small Indian town of Tallahassee, Duval governed from a boat docked at St. Marks. He was a popular governor, serving for 12 years and known for his peaceful dealing with the Native Americans.

So the next time you’re throwing back some drinks at Sloppy Joes or doing the Duval crawl, remember William Pope, a man’s name eternalized in down town Key West.

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