Homes On 30A ®

WaterColor Real Estate, Rosemary Beach and Scenic 30A

HOMES ON 30A
850-660-1830

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What Questions Should You Ask When Buying a Condo on 30A

condos for sale on 30a

What do you need to know about buying a condo on 30a

One of the very first questions a Homes On 30A agent will ask a prospective buyer is ” are you interested in a home or a condo’?  Most people are quick to answer this question.  Seems that most people either like the idea of owning a condominium here at the beach or they don’t.  Condominium ownership is not as popular as it was over the past few decades but there is still a significant amount of buyers looking to purchase a condominium . As with any decision a buyer might make in a purchase, there are pluses and minuses to buying a condo vs. a single family dwelling ( house ). Here are a few very important points to remember.

One of the first issues to consider is financing.  There were many condominium associations ( homeowner/management associations) that found themselves in financial trouble when the market crashed back in 2005. Owners who became delinquent in paying dues or fees plunged these associations into financial difficulty and this has had a direct effect on whether or not a lender would lend money on a purchase or not. Personal bankruptcy’s and subsequent litigation that can arise is also a red flag to lenders. Many condominium associations have re established strong reserves and the financial conditions have improved. There still remains, however, “lists” of condominiums here along 30A where financing is not possible. As agents, we are always quick to recommend that buyers use local lenders here when financing a purchase and especially so when purchasing a condominium. Local lenders are far more in touch with the financial strengths and weaknesses that exist and can anticipate possible problems far better than out of state lenders.

The HOA dues that come with owning a condo here seem especially high to first time condo buyers. However, these fees include all maintenance and upkeep to the buildings and common areas and include comprehensive insurance coverage on everything except the interior of a unit. Many condo HOA’s also include basic cable, water/sewer, trash pick up etc.  There are also “on property” amenities available in most condominiums such as swimming pools, health spa facilities, meeting and special event areas and great beach access just to name a few.  When owning a free standing house, you are responsible for your own maintenance and insurance coverage as well as these other miscellaneous fees. Always ask about what specifically is included in the HOA fees as they vary from one condo to the next.

Condominium ownership allows for a “lower maintenance” commitment from owners, especially out of state owners who like the security of knowing there is someone always around to handle these matters. This is a private choice that only you can make when deciding what to buy.  As always, your Home On 30A agent is expert in helping you make the right decision.

Buying Pre-Construction Homes on Hwy 30a

30a Spec Housing MarketLearn the Do’s and Don’ts for buying Pre-Construction Homes on Hwy 30a

With the 30a real estate market changing so quickly again, it looks like a lot of 2014 is going to involve a lot of pre-construction transactions. These transactions can become very complicated and frustrating unless every detail is covered in the contract. Our local builders have been successful in purchasing a lot of vacant land over the past 12 months and are building spec homes. These homes will continue to become available for purchase and, as real estate agents, it is very important to make sure your buyers understand that it is a “SPEC” house and not a custom home. The builders will usually allow the buyers to choose some items such as flooring color, paint colors, cabinet colors and a few other selections, however, this is still a “SPEC” home. As a buyer you must understand that if you choose to purchase a pre-construction home that these builders already have a budget and bids from the sub contractors and any big changes will be additional costs to you. I have had the experience of writing contracts for buyers on “spec” homes that are not even 50% complete and the relationship between buyer and builder becomes quite contentious because the builder is not building a custom home. As a buyer remember that buying a pre-construction home is a convenience to you and a less expensive opportunity to own a home here along hwy 30a. The cost of lots have increased, the cost of house plans have increased and so has the length of construction time not to mention the cost of materials and the sudden backlog on deliveries due to the sudden burst of new home starts.

Here are a few things to remember:

**Locking in a mortgage rate can get complicated in a pre-construction situation because there are many variables in determining an exact completion date. The builders are at the mercy of weather,  delayed building materials, labor shortages and many other issues
**Communication, Communication and more Communication while negotiating the contract and through the construction process
** If a builder says it will take 8 months then expect 12.
** As a Buyer you need to be 100% committed to the process and understand that there will be ups and downs all the way through
** Make sure you have a good real estate agent representing you that will stay with you through the entire process.

Want more information about what pre-construction homes are available on 30a? Contact us today at 850.213.0890 or Homeson30a.com

Florida Foreclosures

Florida Real EstateFlorida Foreclosures Real Estate News

This news from the Florida Realtors Association:  The state of Florida has “reclaimed” the title of America’s foreclosure capital last month, but it’s partly because of a positive development. Lenders are taking more homes to foreclosure.  A rush of home investors has created a strong market for foreclosed homes which has encouraged lenders to move on these properties in an effort to dispose of them. Eventually this will help lenders clear out the huge backlog of homes that have been stuck in the foreclosure process as well as those properties that have already been foreclosed upon

Florida previously ranked second in the nation behind Nevada.  Florida always looks bad in foreclosure rankings because foreclosures here have a longer, more complicated process as they wind their way through our court system. Most other states have a speedier, less judicial  foreclosure process. There were 11,606 notice of foreclosures  mailed out by lenders here during the month of October.

Even in the short term, this is good news for the real estate market here in Florida.  There is no other avenue available to dispose of these distressed properties other than through the foreclosure process. NOW has always been the best time to get these done.  This will also create an environment that will be attractive to many investors and investment groups looking to purchase properties at great prices.

If you are interested in finding out about out local foreclosures and the 30a real estate market then give us a call 850.687.1064