Existing-home sales rose unexpectedly while inventory declined, led by a surge of sales in the West, according to the National Association of Realtors®.
Existing-home sales - including single-family, townhomes, condominiums and co-ops - jumped 6.5 percent to a seasonally adjusted annual rate1 of 4.74 million units in December from a downwardly revised pace of 4.45 million units in November, but are 3.5 percent below the 4.91 million-unit pace in December 2007.
For all of 2008 there were 4,912,000 existing-home sales, which was 13.1 percent below the 5,652,000 transactions recorded in 2007. This is the lowest volume since 1997 when there were 4,371,000 sales.
Lawrence Yun, NAR chief economist, said home prices continue to fall significantly. "It appears some buyers are taking advantage of much lower home prices," he said. "The higher monthly sales gain and falling inventory are steps in the right direction, but the market is still far from normal balanced conditions. Buyers will continue to have an edge over sellers for the foreseeable future."
Total housing inventory at the end of December fell 11.7 percent to 3.68 million existing homes available for sale, which represents a 9.3-month supply2 at the current sales pace, down from a 11.2-month supply in November.
Yun said the market is underperforming and hurting the broader economy. "We've added 25 million people to our population over the past decade and housing affordability conditions are the best we've seen since 1973, but household formation is much lower than expected," he said. "Consequently, there is a pent-up demand which could be unleashed with the right stimulus, including a non-repayable home buyer tax credit. The Obama administration and Congress need to move fast to stimulate a spring sales upturn which will help to stabilize home prices and set the foundation for a sustainable economic recovery."
The national median existing-home price3 for all housing types was $175,400 in December, which is 15.3 percent below December 2007 when the median was $207,000. There remains a significant downward distortion in the current median from a large number of distress sales at discounted prices, currently 45 percent of transactions; the median is where half of the homes sold for more and half sold for less. For all of 2008, the median price was $198,600, down 9.3 percent from $219,000 in 2007.
NAR President Charles McMillan, a broker with Coldwell Banker Residential Brokerage in Dallas-Fort Worth, said it's an excellent time for first-time home buyers with good jobs. "The typical buyer plans to stay in their home for 10 years, which is the correct approach in today's market," he said. "With historically low mortgage interest rates, flexible sellers, a large inventory, and homes that are selling for less than replacement construction costs in much of the country, buyers who've been on the fence should take a closer look at today's market." McMillan added that first-time buyers may want to consider an FHA loan, which offers downpayments of 3.5 percent on a safe 30-year fixed-rate mortgage.
According to Freddie Mac, the national average commitment rate for a 30-year, conventional, fixed-rate mortgage fell to 5.29 percent in December from 6.09 percent in November; the rate was 6.10 percent in December 2007. Last week, Freddie Mac reported the 30-year rate was 5.12 percent.
Single-family home sales rose 7.0 percent to a seasonally adjusted annual rate of 4.26 million in December from a level of 3.98 million in November, but are 1.4 percent below a 4.32 million-unit pace in December 2007. For all of 2008, single-family sales fell 11.9 percent to 4,349,000.
The median existing single-family home price was $174,700 in December, down 14.8 percent from a year ago. For all of 2008, the single-family median was $197,100, which is 9.5 percent below 2007.
Existing condominium and co-op sales increased 2.1 percent to a seasonally adjusted annual rate of 480,000 units in December from 470,000 in November, but are 18.4 percent below the 588,000-unit level a year ago. For all of 2008, condo sales dropped 21.0 percent to 563,000 units.
The median existing condo price4 was $181,400 in December, down 18.3 percent from December 2007. For all of 2008, the median condo price was $210,000, which is 7.2 percent below 2007.
Regionally, existing-home sales in the Northeast slipped 1.4 percent to an annual pace of 720,000 in December, and are 14.3 percent below December 2007. The median price in the Northeast was $235,000, which is 7.8 percent lower than a year ago.
Existing-home sales in the Midwest increased 4.0 percent in December to a level of 1.04 million but are 10.3 percent below a year ago. The median price in the Midwest was $140,800, down 11.4 percent from December 2007.
In the South, existing-home sales rose 7.4 percent to an annual pace of 1.74 million in December, but are 11.2 percent lower than December 2007. The median price in the South was $158,600, which is down 8.0 percent from a year ago.
Existing-home sales in the West jumped 13.6 percent to an annual rate of 1.25 million in December and are 31.6 percent higher than a year ago. The median price in the West was $213,100, down 31.5 percent from December 2007.
Reprinted from REALTOR® Magazine January 2009 with permission of the NATIONAL ASSOCIATION OF REALTORS®. Copyright 2009. All rights reserved.
Wednesday, February 18, 2009
Friday, February 13, 2009
Kooliks Optimistic for 2009!
Every four years, the race for the Presidency brings a unique feeling of both opportunity and uncertainty. This upcoming year is forecasted to be one of many changes in all areas of the economy. "Right now, we are seeing the government work hard to bring forth new mortgage programs. says Elliot Koolik.
With plans to create future jobs, salary increases and the possibility of a new stimulus package, the housing market has a lot to look forward to. Recently, the government has discussed possibly using $50 to $100 billion of the remaining $700 billion Troubled Asset Relief Program to use towards reducing foreclosures and an $825 billion stimulus package.
“We’ve seen an increase in activity lately with a lot of foreign investors continuing to show their confidence in the U.S. real estate market.” says Elliot Koolik. According to a survey released by the Association of Foreign Investors in Real Estate, foreign investors are planning to spend significantly more this year than 2008. Foreign lenders are planning to increase loans by 58% in U.S. according to transactions completed in October.
Mortgage rates are now at a record low and buyers in Florida are taking advantage of the tremendous opportunity offered in the real estate market. The median sales price in Palm Beach county rose between October and November 2008 and the same is expected to come in the future months.
“Elliot and I know that the economy will continue to push through and begin to turn around. says Wendy Koolik. Florida is one of the most popular states and it’s a fact that tourists, both local and foreign, flock to Boca Raton to partake in our beautiful weather, sandy beaches and our wonderful cultural community.” “The fundamentals of why people want to live in the Boca Raton area have not changed. We always seem to have a constant flow of people, between the baby boomers, young families, relocations, and international buyers who want to live and visit our warmer weather. says Elliot Koolik. I believe that the Boca Raton area will be able to bounce back a lot faster than other communities.”
The Kooliks believe that it is important that we as a community have a positive attitude and remain optimistic. “We should not allow the media to create a “self-fulfilling” prophecy and paint a picture of our real estate market as doom and gloom. Deals are being done everyday when realistic buyers and sellers come together.” says Elliot Koolik.
“The reality is that it’s easy to be optimistic about the future when you think about the fact that there is no denying that the Greater Boca Raton/Delray Beach area is still and will always remain a top destination.” says Wendy Koolik.
With plans to create future jobs, salary increases and the possibility of a new stimulus package, the housing market has a lot to look forward to. Recently, the government has discussed possibly using $50 to $100 billion of the remaining $700 billion Troubled Asset Relief Program to use towards reducing foreclosures and an $825 billion stimulus package.
“We’ve seen an increase in activity lately with a lot of foreign investors continuing to show their confidence in the U.S. real estate market.” says Elliot Koolik. According to a survey released by the Association of Foreign Investors in Real Estate, foreign investors are planning to spend significantly more this year than 2008. Foreign lenders are planning to increase loans by 58% in U.S. according to transactions completed in October.
Mortgage rates are now at a record low and buyers in Florida are taking advantage of the tremendous opportunity offered in the real estate market. The median sales price in Palm Beach county rose between October and November 2008 and the same is expected to come in the future months.
“Elliot and I know that the economy will continue to push through and begin to turn around. says Wendy Koolik. Florida is one of the most popular states and it’s a fact that tourists, both local and foreign, flock to Boca Raton to partake in our beautiful weather, sandy beaches and our wonderful cultural community.” “The fundamentals of why people want to live in the Boca Raton area have not changed. We always seem to have a constant flow of people, between the baby boomers, young families, relocations, and international buyers who want to live and visit our warmer weather. says Elliot Koolik. I believe that the Boca Raton area will be able to bounce back a lot faster than other communities.”
The Kooliks believe that it is important that we as a community have a positive attitude and remain optimistic. “We should not allow the media to create a “self-fulfilling” prophecy and paint a picture of our real estate market as doom and gloom. Deals are being done everyday when realistic buyers and sellers come together.” says Elliot Koolik.
“The reality is that it’s easy to be optimistic about the future when you think about the fact that there is no denying that the Greater Boca Raton/Delray Beach area is still and will always remain a top destination.” says Wendy Koolik.
Wednesday, December 17, 2008
Why Real Estate Will Recover
Wendy and Elliot Koolik's View on why Real Estate will Recover
*As seen on the front page of Sun Sentinel's Home Spot*
Over the past year or so, the slow down in residential real estate sales has received considerable mention in the press, but Wendy and Elliot Koolik share an optimistic view on the future of the market. “Currently, buyers are motivated and sales are starting to accelerate. says Elliot Koolik. We have been busier with showings and have presented more offers to our sellers than in past months.”
According the to National Association of Realtors, pending home sales activity has surged as buyers are taking advantage of the affordable home prices and interest rates.
“What we’re seeing is the momentum of people taking advantage of the real estate market now that Amendment 1 has been passed and the rescue plan has been established.” says Wendy Koolik.
Since Amendment 1 was passed, Floridian’s have been taking advantage of the tax portability, while the rescue plan is giving the economy the closure it needed during the credit crisis. Also boosting the local real estate market, is the influx of interest and showings from foreign buyers due to the favorable exchange rates.
With the economy on its way to stabilizing and the government beginning to take control, the Koolik’s have chosen to take a positive view of the area’s real estate market. Our area is not only a tropical paradise, but it remains a favorite location for tourists to vacation and often invest in a first or second home.
Sellers are welcoming offers and willing to negotiate satisfactory deals while buyers are putting more cash down to offset loan rates while maintaining excellent tax deductions. The move is “on” in the real estate sector once more.
“Right now, it’s time for a change. says Elliot Koolik. With elections in the coming days, there is not doubt that the US economy is going to begin to see, hear and feel changes all around us and I believe it will all be for the better.”
*As seen on the front page of Sun Sentinel's Home Spot*
Over the past year or so, the slow down in residential real estate sales has received considerable mention in the press, but Wendy and Elliot Koolik share an optimistic view on the future of the market. “Currently, buyers are motivated and sales are starting to accelerate. says Elliot Koolik. We have been busier with showings and have presented more offers to our sellers than in past months.”
According the to National Association of Realtors, pending home sales activity has surged as buyers are taking advantage of the affordable home prices and interest rates.
“What we’re seeing is the momentum of people taking advantage of the real estate market now that Amendment 1 has been passed and the rescue plan has been established.” says Wendy Koolik.
Since Amendment 1 was passed, Floridian’s have been taking advantage of the tax portability, while the rescue plan is giving the economy the closure it needed during the credit crisis. Also boosting the local real estate market, is the influx of interest and showings from foreign buyers due to the favorable exchange rates.
With the economy on its way to stabilizing and the government beginning to take control, the Koolik’s have chosen to take a positive view of the area’s real estate market. Our area is not only a tropical paradise, but it remains a favorite location for tourists to vacation and often invest in a first or second home.
Sellers are welcoming offers and willing to negotiate satisfactory deals while buyers are putting more cash down to offset loan rates while maintaining excellent tax deductions. The move is “on” in the real estate sector once more.
“Right now, it’s time for a change. says Elliot Koolik. With elections in the coming days, there is not doubt that the US economy is going to begin to see, hear and feel changes all around us and I believe it will all be for the better.”
Thursday, September 25, 2008
Oct 15, 2008 Economic Stimulus Deadline
It's Not Too Late to Claim Your Economic Stimulus Payment
You must file a return by October 15 to receive a payment prior to year's end. It can take up to eight weeks for the IRS to process the return and issue the check.
People who have no tax filing requirement but have at least $3,000 in qualifying income should file a simple Form 1040A to claim the minimum payment of $300 ($600 for married couples) plus the $300 payment for each qualifying child younger than 17 as of Dec. 31, 2007. Qualifying income includes any combination of earned income, nontaxable combat pay as well as certain payments from the Social Security Administration, Department of Veterans’ Affairs and the Railroad Retirement Board.
For taxpayers who are required to file an income tax return, the IRS will use their 2007 tax return information to determine eligibility for economic stimulus payments of up to $600 ($1,200 for married couples) plus the $300 payment per each qualifying child.
Social Security benefits considered qualifying income include retirement, disability and survivor payments; Supplemental Security Income, known as SSI, is not qualifying income. Veterans Affairs benefits considered qualifying income include disability compensation, disability pension and survivor payments. Qualifying Railroad Retirement payments include the social security equivalent portion of Tier 1 benefits.
Taxpayers must have a valid Social Security Number to qualify for the payment; this includes both spouses filing a joint return and any dependents. Married members of the military may receive economic stimulus payments this fall, even if their spouses or children don’t have social security numbers, following the newly-enacted Heroes Earnings Assistance and Relief Tax Act of 2008. Also, people cannot be claimed or be eligible to be claimed as a dependent on another person’s tax return.
For more information about the Economic Stimulus payments visit the IRS Web site at IRS.gov.
As seen on taxact.com as Summertime Tax Tip 2008
You must file a return by October 15 to receive a payment prior to year's end. It can take up to eight weeks for the IRS to process the return and issue the check.
People who have no tax filing requirement but have at least $3,000 in qualifying income should file a simple Form 1040A to claim the minimum payment of $300 ($600 for married couples) plus the $300 payment for each qualifying child younger than 17 as of Dec. 31, 2007. Qualifying income includes any combination of earned income, nontaxable combat pay as well as certain payments from the Social Security Administration, Department of Veterans’ Affairs and the Railroad Retirement Board.
For taxpayers who are required to file an income tax return, the IRS will use their 2007 tax return information to determine eligibility for economic stimulus payments of up to $600 ($1,200 for married couples) plus the $300 payment per each qualifying child.
Social Security benefits considered qualifying income include retirement, disability and survivor payments; Supplemental Security Income, known as SSI, is not qualifying income. Veterans Affairs benefits considered qualifying income include disability compensation, disability pension and survivor payments. Qualifying Railroad Retirement payments include the social security equivalent portion of Tier 1 benefits.
Taxpayers must have a valid Social Security Number to qualify for the payment; this includes both spouses filing a joint return and any dependents. Married members of the military may receive economic stimulus payments this fall, even if their spouses or children don’t have social security numbers, following the newly-enacted Heroes Earnings Assistance and Relief Tax Act of 2008. Also, people cannot be claimed or be eligible to be claimed as a dependent on another person’s tax return.
For more information about the Economic Stimulus payments visit the IRS Web site at IRS.gov.
As seen on taxact.com as Summertime Tax Tip 2008
Monday, September 15, 2008
Existing Home Sales Rise
Existing Home Sales Hit 5 Month High
Existing-home sales - including single-family, townhomes, condominiums and co-ops - increased 3.1 percent in July to a seasonally adjusted annual rate of 5 million units from a downwardly revised level of 4.85 million in June. Sales were 13.2 percent lower than the 5.76 million-unit pace in July 2007.
NAR President Richard F. Gaylord, a broker with RE/MAX Real Estate Specialists in Long Beach, Calif., said the up-and-down pattern may break soon.
"We hope the new tools in the hands of home buyers from the recently enacted housing stimulus package will spark a sustained sales uptrend in the months ahead," he said. "Buyers who've been on the sidelines should take a closer look at what's available to them now in terms of financing and incentives. Given some of the inventory on the market, we also strongly encourage buyers to get a professional home inspection."
Reprinted from REALTOR® Magazine [August, 2008] with permission of the NATIONAL ASSOCIATION OF REALTORS®. Copyright 2008. All rights reserved.
Thursday, August 07, 2008
New Buyer Tax Credit
Anybody who has been sitting on the sidelines hesitant to jump into real estate until conditions settle down should know these dates: April 9, 2008, through June 30, 2009.
They mark the eligibility time to qualify for the home-purchase tax credit created by the massive housing bill approved by Congress.
If you haven't owned a house during the past three years -- or are considering buying your first home -- and can go to closing before the end of June, you might be eligible for up to a $7,500 credit against your federal taxes for 2008 or 2009 ($3,750 if you file taxes as a single person).
The new credit is expected to benefit hundreds of thousands of buyers, although Congress set no limit on how many people can qualify.
Because the specifics of the credit changed during the past month as the Senate and House negotiated a compromise, here's a quick overview of the credit in its final form.
• The basic idea: To jump-start housing sales and clear unsold real-estate inventories, Congress is offering tax credits to pull in new purchasers. Buy any house -- new, old, any location or condition, any price range -- within the designated time period, and the IRS will cut up to $7,500 off your tax bill for either this year or next.
The tax credit is refundable, so if your tax bill is less than the credit amount, you get the difference back from the Treasury.
For example, if you're an eligible buyer of a home this year and you owe the IRS $4,000 on your total 2008 income-tax bill, your $7,500 tax credit could wipe out everything you owe plus get you a $3,500 refund.
• Eligibility rules: Do you own a home? If so, you're not eligible for the credit. Did you sell your home more than three years ago and rent? You are eligible.
The same is true if you've never owned a home. Close on a house before June 30, and you can claim a credit of up to 10 percent of the purchase price of the property up to a maximum of $7,500.
If your adjusted gross income exceeds $150,000 ($75,000 for singles), the credit maximum begins to phase down.
You can't claim the credit if you're a resident alien, financed the property using a state or local housing agency tax-exempt bond mortgage or don't plan to use the house as your principal residence.
• Payback: Unlike some past tax-credit programs, this one requires beneficiaries to repay the credit over an extended period.
Starting in the second tax year after purchase and continuing for up to 15 years, taxpayers are expected to make pro-rata repayments to the government on their federal filings.
During a 15-year payback period for the full $7,500 credit, the cost would be $500 a year. If you sell the house before the end of the repayment period and have no gain on the sale, you won't be expected to pay the credit back from the proceeds.
If you have a net gain, the "recapture" can't exceed the amount of your gain. In other words, the federal government is taking on all or much of the risk that the value of your new house won't increase over time.
At its core, the new tax credit functions much like an interest-free loan for up to $7,500. You pay the principal back in increments over time, with no interest charged.
How do you claim the credit?
If you pass the eligibility tests and buy before June 30, you simply request the credit on your tax return for either 2008 or 2009.
Even if you purchase in 2009, you can take the credit against your 2008 taxes by filing an amended return.
The home builders association will launch an educational Web site, www.federalhousingtaxcredit.com, with additional information for consumers.
They mark the eligibility time to qualify for the home-purchase tax credit created by the massive housing bill approved by Congress.
If you haven't owned a house during the past three years -- or are considering buying your first home -- and can go to closing before the end of June, you might be eligible for up to a $7,500 credit against your federal taxes for 2008 or 2009 ($3,750 if you file taxes as a single person).
The new credit is expected to benefit hundreds of thousands of buyers, although Congress set no limit on how many people can qualify.
Because the specifics of the credit changed during the past month as the Senate and House negotiated a compromise, here's a quick overview of the credit in its final form.
• The basic idea: To jump-start housing sales and clear unsold real-estate inventories, Congress is offering tax credits to pull in new purchasers. Buy any house -- new, old, any location or condition, any price range -- within the designated time period, and the IRS will cut up to $7,500 off your tax bill for either this year or next.
The tax credit is refundable, so if your tax bill is less than the credit amount, you get the difference back from the Treasury.
For example, if you're an eligible buyer of a home this year and you owe the IRS $4,000 on your total 2008 income-tax bill, your $7,500 tax credit could wipe out everything you owe plus get you a $3,500 refund.
• Eligibility rules: Do you own a home? If so, you're not eligible for the credit. Did you sell your home more than three years ago and rent? You are eligible.
The same is true if you've never owned a home. Close on a house before June 30, and you can claim a credit of up to 10 percent of the purchase price of the property up to a maximum of $7,500.
If your adjusted gross income exceeds $150,000 ($75,000 for singles), the credit maximum begins to phase down.
You can't claim the credit if you're a resident alien, financed the property using a state or local housing agency tax-exempt bond mortgage or don't plan to use the house as your principal residence.
• Payback: Unlike some past tax-credit programs, this one requires beneficiaries to repay the credit over an extended period.
Starting in the second tax year after purchase and continuing for up to 15 years, taxpayers are expected to make pro-rata repayments to the government on their federal filings.
During a 15-year payback period for the full $7,500 credit, the cost would be $500 a year. If you sell the house before the end of the repayment period and have no gain on the sale, you won't be expected to pay the credit back from the proceeds.
If you have a net gain, the "recapture" can't exceed the amount of your gain. In other words, the federal government is taking on all or much of the risk that the value of your new house won't increase over time.
At its core, the new tax credit functions much like an interest-free loan for up to $7,500. You pay the principal back in increments over time, with no interest charged.
How do you claim the credit?
If you pass the eligibility tests and buy before June 30, you simply request the credit on your tax return for either 2008 or 2009.
Even if you purchase in 2009, you can take the credit against your 2008 taxes by filing an amended return.
The home builders association will launch an educational Web site, www.federalhousingtaxcredit.com, with additional information for consumers.
Article by:
Kenneth R. Harney covers housing issues on Capitol Hill for the Washington Post Writers Group. You can write to him at P.O. Box 15281, Chevy Chase, Md. 20815 or send e-mail.
kenharney@earthlink.net
Wednesday, July 09, 2008
FL Housing Prediction
Jim Cramer predicts housing turnaround in Florida.
See the interview by clicking below:
http://www.thestreet.com/video/10421733/index.html#1612701980
See the interview by clicking below:
http://www.thestreet.com/video/10421733/index.html#1612701980
Friday, April 25, 2008
Market Trends
Palm Beach County Market Trends
With the holidays behind us and the arrival of Florida's beautiful spring weather,
I've noticed a real pick up in real estate activity.
What I notice the most - is the need for motivation on both sides: seller and buyer.
Once motivation is achieved - then transactions almost become effortless.
While the market is still challenging, I feel like things are definitely starting to
pick up.
Till next time,
Elliot
Tuesday, January 15, 2008
6 Reasons to Buy
6 Reasons to buy a home in the New Year
1. A Place To Live.
Your home is not only a place to live, but also a place to spend quality time with family and friends.
2. The Options You Want.
The great aspect of today’s market is that you have plenty of inventory to choose from in order to find a home with the options you are looking for.
3. Tax Savings.
Your home is one of the best tax shelters available, since mortgage interest and property tax can be deducted. Also, when you sell a home, the first $250,000 (if you’re single) or $500,000 (if you’re married) of profit is tax free.
4. Equity As A Long Term Investment.
The longer you own a home, the more equity you build in your home, as long as don’t try to use it.
5. Waiting Can Be Expensive.
Waiting for a lower purchase or interest rate is like playing Russian roulette. Don’t let it rob you of owning the home of your dreams or building personal wealth.
6. You Deserve It.
Your home is your refuge in a busy and stressful world. Knowing you can do whatever you want to make your home your own personally sanctuary is empowering – and you deserve it.
Your decision to purchase now is one you won’t regret.
(Originally written by Garrett A. Foster – edited by Elliot Koolik)
Monday, December 03, 2007
5 Acre Equestrian Estate
Koolik’s Are Proud To Presents 5 Acre Equestrian Estate
It is rare to find five acres in the Boca Raton/Delray Beach area combined with the benefit of an equestrian lifestyle. Centrally located off of Clint Moore Road, west of the Turnpike lies the quiet and serene neighborhood of Horseshoe Acres.
Elliot and Wendy Koolik are proud to represent the seller of this one of a kind property. This privately nestled Tudor style estate captivates you the moment you enter the gates and leaves you feeling transported to another part of Boca Raton. The majestic landscaping and tranquil lake affords a buyer serenity and peacefulness.
This prestigious and exquisite private estate is one of only 45 homes that create the prestigious Horseshoe Acres equestrian community. Horseshoe Acres is a community that consists of 190 landscaped acres with private roads that are perfect for horseback riding.
The home features more than 7500 living a/c square feet with 5 bedrooms, 5 full bathrooms and 1 half bath in the main estate and a private guest home with 1 bedroom, 1 full bathroom, kitchen facilities and a living room area.
As you walk into the home, you’ll notice the beautiful fireplace in the living room, as well the unique spiral staircase that leads to the upstairs bedrooms. The terrace located off of the master bedroom provides a beautiful scene canopied by mature landscaped trees.
You’ll love cooking in the gourmet kitchen complete with cherry wood cabinets, marble counters, top of the line appliances, Miele coffee maker, butlers pantry, wine rack, double oven, wood paneled refrigerator, island with vegetable sink, and gas stove.
The exterior of the estate includes a 4 car garage, a stable with 5 stalls, training rings and plenty of pastures for horses to graze. The home includes a new roof and new Pella impact glass.
“We think this estate offers the combined opportunity to live within the center of Boca Raton, yet live privately on 5 acres in an equestrian neighborhood with riding paths.” remarks Elliot Koolik. This is a great opportunity offered at $2,995,000.
ABOUT WENDY AND ELLIOT KOOLIK: Wendy and Elliot Koolik are recognized leaders in the Boca Raton luxury and country club real estate communities. While they are active in all of Palm Beach County, they focus on Boca Raton, Delray Beach, and Highland Beach. Wendy and Elliot Koolik have sold more than $370 million dollars in real estate by offering their clients a unique marketing plan for their home and an unparalleled level of customer service.
Wendy and Elliot are part of Koolik Group Realty, a family-owned and operated real estate company serving buyers and sellers since 1990. The real estate firm is known for its responsiveness to clients, knowledge of the neighborhoods they specialize in and, above all, for its boundless passion for the real estate business.
For more information, contact Wendy and Elliot by phone at 561.393.9997 x113, online at www.ElliotKoolik.com, by e-mail at EKoolik@Koolik.com or visit their blog at www.bocaratonluxuryrealestate.blogspot.com
Wednesday, October 31, 2007
Koolik's Receive Award
Koolik’s receive prestigious
Telly Award
Telly Award
Koolik Group Realty would like to congratulate Elliot and Wendy Koolik, Joan Grossman of T1 Productions and Jeff Galea of Boca Theatre Automation for receiving one of the highly prestigious Telly Awards for their Home Theatre and Automation show.
Founded in 1979, the Telly Awards is the premier award honoring outstanding local, regional, and cable TV commercials and programs, as well as the finest video and film productions. Today, the Telly is one of the most sought-after awards by industry leaders, from large international firms to local production companies and ad agencies.
The 27th Annual Telly Awards received a record 13,379 entries from all 50 states and around the world, this year's competition has been the most competitive and successful in the long history of the Telly Awards. A prestigious judging panel of 27 accomplished industry professionals, each a past Winner of a Silver Telly, upholds the historical standard of excellence that Telly represents.
“Wendy and I are very proud to have received this award from an impartial third-party recognizing our efforts and contribution towards educating the general public about buying and selling a home, states Elliot Koolik. We had hoped to appeal to consumers looking to increase their knowledge regarding home theatre and automation when we filmed the show with Jeff Galea of BTA and Joan Grossman of T1 Productions. After receiving this award, I’m sure we’ve achieved our goal.”
“Since Elliot and I have over 30 years of combined real estate experience, we know that buying, building and selling a home can be a very stressful time, says Wendy Koolik. Our goal was to create a series of shows where Elliot could consult with a wide range of experts in the real estate industry and address many topics pertaining to purchasing, selling and owning a home.”
Real Estate Today helps educate consumers - From architects to attorneys, builders to mortgage brokers and interior designers, this show helps people make informed decisions! Visit www.ElliotKoolik.tv to see the award winning Home Theatre & Automation show.
ABOUT WENDY AND ELLIOT KOOLIK:
Wendy and Elliot Koolik are recognized leaders in the Boca Raton luxury and country club real estate communities. While they are active in all of Palm Beach County, they focus on Boca Raton, Delray Beach, and Highland Beach. Wendy and Elliot Koolik have sold more than $370 million dollars in real estate by offering their clients a unique marketing plan for their home and an unparalleled level of customer service.
Wendy and Elliot are part of Koolik Group Realty, a family-owned and operated real estate company serving buyers and sellers since 1990. The real estate firm is known for its responsiveness to clients, knowledge of the neighborhoods they specialize in and, above all, for its boundless passion for the real estate business.
For more information, contact Wendy and Elliot by phone at 561.393.9997 x113, online at www.ElliotKoolik.com, by e-mail at EKoolik@Koolik.com or visit their blog at www.bocaratonluxuryrealestate.blogspot.com
Tuesday, October 30, 2007
Tax Relief?
Voters Will Decide Fate of Tax Relief
On January 29th, 2008 Florida votes will vote to make several tax breaks part of the state constitution. It will take a 60 percent vote in order for the following ammendments to become finalized:
Double the $25,000 Homestead Exemption:
Homes valued at more than $50,000 would qualify for a homestead exemption worth $50,000. This exemption would not apply to school taxes, so it would average out to an extra $15,000 exemption. A typical homeowner would save about $220.
Provide Portability:
Permanent residents would be able to transfer their Save Our Homes accrued benefit, up to $500,000, when they move. This applies to anyone who sold a home in 2007. If the new home is more expensive, the entire Save Our Homes benefit can be transferred. If the new home is less expensive, the percentage of the benefit can be transferred.
Business Break:
Businesses would receive at $25,000 tangible personal property tax break.
Cap:
A 10 percent cap would apply to the annual assessments for non-homestead properties, including businesses, second homes, rental properties and vacant land.
Information provided by Sun-Sentinel
Friday, June 01, 2007
Koolik's Have a Positive Attitude!
Koolik’s Know Attitude is Everything!
“Everything is perception," states Elliot Koolik. "Although the market has become more challenging, negativity and pessimism are always counter productive. If buyers and sellers get the feeling that you’re not positive about the market, those negative feelings permeate everything. The key in selling during challenging times is to be proactive and innovative and in some respects, go back to old fashioned hard work and salesmanship.”
The Koolik’s practice this type of positive thinking in almost everything they do and this why they have been a successful and a dominant force in the Greater Boca Raton/Delray Beach market. The infrastructure they have in place allows them to provide their clients with outstanding service. This infrastructure includes an executive assistant to help the office run smooth, a realtor associate to make sure they never miss a showing, and a marketing intern. They alsoutilize multiple methods of marketing including a variety of websites including ElliotKoolik.com, Realtor.com and community specific websites. They also utilize other avenues of marketing for their clients including: billboards, full page Sun-Sentinel ad, TV show, magazine ads, direct mail, online newsletters, multi page brochures, and multiple pictures to name a few.
The Koolik’s have an unwavering positive attitude because the fundamentals of why people want to live in the Greater Boca Raton/Delray Beach area has not changed. Although we are not unaffected by the market situation, we are more insulated than most markets in South Florida because we have mostly high end users and not many speculators. This allows us to have a constant flow of people, including baby boomers, young families, relocations, and international buyers who want to live in a unique city full of history, architecture, shopping and warm weather.
“It’s easy to be optimistic because there is no denying that the Greater Boca Raton/Delray Beach area is still and will always remain a top destination.” says Wendy Koolik.
About Wendy and Elliot Koolik: Wendy and Elliot Koolik are recognized leaders in the Delray Beach luxury and country club real estate communities. While they are active in all of Palm Beach County, they focus on Delray Beach, Boca Raton and Highland Beach. Since 2000, Wendy and Elliot Koolik have sold more than $365 million dollars in real estate by offering their clients a unique marketing plan for their home and an unparalleled level of customer service.
Wendy and Elliot are part of Koolik Group Realty, a family-owned and operated real estate company serving buyers and sellers since 1990. The real estate firm is known for its responsiveness to clients, knowledge of the neighborhoods they specialize in and, above all, for its boundless passion for the real estate business.
For more information, contact Wendy and Elliot by phone at 561.393.9997 x113, online at
www.ElliotKoolik.com , by e-mail at EKoolik@Koolik.com or visit their blog at www.bocaratonluxuryrealestate.blogspot.comWednesday, May 30, 2007
Home Sales Jump!
Home Sales Jump!
New home purchases unexpectedly jumped in April, a sign low lending rates and incentives may be reviving demand.
Elliot Koolik, of Koolik Group Realty says, “I have seen more activity showing homes as well as more interest from buyers in recent months.”
Purchases rose 16 % last month, the Commerce Department said in Washington. There are fewer unsold homes than in the past. The number of homes for sale at the end of the month dropped from 540,000 in March to 532,000. Although the median price of a new home dropped 11 % last month, the lower prices and incentives offered to buyers are rousing the demand for homes. April's sales were the highest so far this year.
Home purchases rose across the United States, with the exception of the Midwest which dropped 4%. Compared with a year earlier, new home sales were down 11 %.
Because of stricter lending standards, the National Association of Realtors lowered its forecasts for home construction and sales. It forecast new-home sales to fall from 1.05 million in 2006 to 864,000 this year.
New home sales, which account for about 15 % of total home sales, are considered a better leading indicator of the market than existing home sales because they are recorded when a contract is signed rather than when the sales are closed. Most sales of existing homes are counted when a contract closes, usually a month or two later.
The leveling off of sales late last year has suggested stabilization and homebuilders are using sales incentives to lure buyers and whittle down the inventory of unsold homes.
From Bob Willis in Washington +1-202-624-1837 or bwillis@bloomberg.net, with reporting from Brian Louis in Chicago.
About Wendy and Elliot Koolik: Wendy and Elliot Koolik are recognized leaders in the Boca Raton luxury and country club real estate communities. While they are active in all of Palm Beach County, they focus on Boca Raton, Delray Beach and Highland Beach. Since 2000, Wendy and Elliot Koolik have sold more than $339 million dollars in real estate by offering their clients a unique marketing plan for their home and an unparalleled level of customer service.
Wendy and Elliot are part of Koolik Group Realty, a family-owned and operated real estate company serving buyers and sellers since 1990. The real estate firm is known for its responsiveness to clients, knowledge of the neighborhoods they specialize in and, above all, for its boundless passion for the real estate business.
For more information, contact Wendy and Elliot by phone at 561.393.9997 x113, online at www.ElliotKoolik.com , by e-mail at EKoolik@Koolik.com or visit their blog at www.bocaratonluxuryrealestate.blogspot.com
Friday, May 11, 2007
Open Houses
Open house? Forget it, say savvy sellers
Boca Raton real estate agents will schedule an open house to showcase a property, but usually it’s because the seller insists. Usually the only people that show up are the immediate neighbors. Open houses in today’s market are not very effective.
Some real estate agents believe it is important to have an open house, but concede the once popular weekend ritual has lost ground to the Internet as a way to corral potential buyers.
Many people are used to searching for properties while sitting at their computer keyboards and the recent growth in online videos and virtual home tours has ramped up real estate marketing on the Web.
Open houses became popular in the 1970s when it was common for families to drive through neighborhoods after church Sunday mornings. Cookies and punch kept the kids occupied long enough for the parents to tour the homes, ask questions and consider making offers.
Priorities have shifted in recent years as families spend less time together. More condos and gated communities, and even rising gas prices have led to the downfall of open houses. Mostly though, home buyers are doing their research online.
Last year, 80 percent of buyers nationwide used the Internet to look for homes, up from 18 percent a decade ago, according to the National Association of Realtors. Many people look at photos and videos of houses online before working with an agent.
Open houses can work, but more houses are sold by people making their own arrangements from the Internet in this changing market.
Some say an open house does nothing for the seller because it generates little traffic and rarely results in the sale of the house. If anyone benefits, it’s the listing agent who meets potential new clients. Some also say that a rebound in the real estate market may help the open house return to favor, but it will not make open houses what they used to be.
Agents bear most of the costs to market a house, including fees to post properties on websites, newspaper advertisements, and create mailings. Some agents are even starting to cater meals for buyers’ agents as plans to showcase listings.
Networking and Internet marketing are keys to finding buyers in today’s real estate market.
As seen in the Sun Sentinel, Monday April 30, 2007 by Paul Owers.
About Wendy and Elliot Koolik: Wendy and Elliot Koolik are recognized leaders in the Boca Raton luxury and country club real estate communities. While they are active in all of Palm Beach County, they focus on Boca Raton, Delray Beach and Highland Beach. Since 2000, Wendy and Elliot Koolik have sold more than $339 million dollars in real estate by offering their clients a unique marketing plan for their home and an unparalleled level of customer service.
Wendy and Elliot are part of Koolik Group Realty, a family-owned and operated real estate company serving buyers and sellers since 1990. The real estate firm is known for its responsiveness to clients, knowledge of the neighborhoods they specialize in and, above all, for its boundless passion for the real estate business.
For more information, contact Wendy and Elliot by phone at 561.393.9997 x113, online at www.ElliotKoolik.com , by e-mail at EKoolik@Koolik.com or visit their blog at www.bocaratonluxuryrealestate.blogspot.com
Boca Raton real estate agents will schedule an open house to showcase a property, but usually it’s because the seller insists. Usually the only people that show up are the immediate neighbors. Open houses in today’s market are not very effective.
Some real estate agents believe it is important to have an open house, but concede the once popular weekend ritual has lost ground to the Internet as a way to corral potential buyers.
Many people are used to searching for properties while sitting at their computer keyboards and the recent growth in online videos and virtual home tours has ramped up real estate marketing on the Web.
Open houses became popular in the 1970s when it was common for families to drive through neighborhoods after church Sunday mornings. Cookies and punch kept the kids occupied long enough for the parents to tour the homes, ask questions and consider making offers.
Priorities have shifted in recent years as families spend less time together. More condos and gated communities, and even rising gas prices have led to the downfall of open houses. Mostly though, home buyers are doing their research online.
Last year, 80 percent of buyers nationwide used the Internet to look for homes, up from 18 percent a decade ago, according to the National Association of Realtors. Many people look at photos and videos of houses online before working with an agent.
Open houses can work, but more houses are sold by people making their own arrangements from the Internet in this changing market.
Some say an open house does nothing for the seller because it generates little traffic and rarely results in the sale of the house. If anyone benefits, it’s the listing agent who meets potential new clients. Some also say that a rebound in the real estate market may help the open house return to favor, but it will not make open houses what they used to be.
Agents bear most of the costs to market a house, including fees to post properties on websites, newspaper advertisements, and create mailings. Some agents are even starting to cater meals for buyers’ agents as plans to showcase listings.
Networking and Internet marketing are keys to finding buyers in today’s real estate market.
As seen in the Sun Sentinel, Monday April 30, 2007 by Paul Owers.
About Wendy and Elliot Koolik: Wendy and Elliot Koolik are recognized leaders in the Boca Raton luxury and country club real estate communities. While they are active in all of Palm Beach County, they focus on Boca Raton, Delray Beach and Highland Beach. Since 2000, Wendy and Elliot Koolik have sold more than $339 million dollars in real estate by offering their clients a unique marketing plan for their home and an unparalleled level of customer service.
Wendy and Elliot are part of Koolik Group Realty, a family-owned and operated real estate company serving buyers and sellers since 1990. The real estate firm is known for its responsiveness to clients, knowledge of the neighborhoods they specialize in and, above all, for its boundless passion for the real estate business.
For more information, contact Wendy and Elliot by phone at 561.393.9997 x113, online at www.ElliotKoolik.com , by e-mail at EKoolik@Koolik.com or visit their blog at www.bocaratonluxuryrealestate.blogspot.com
Monday, April 02, 2007
Water Restrictions
Water Restrictions
The South Florida Water Management District has recently implemented the first mandatory water restrictions since 2001.
For homes on less than 5 acres of land, the rules for when and where you may water your lawn are quite simple:
Odd Numbered Addresses may water between 4 and 8am on Mondays, Wednesdays and Saturdays or between 5 and 7pm with a hand-held hose.
Even Numbered Addresses may water between 4 and 8am on Tuesdays, Thursdays and Sundays or between 5 and 7pm with a hand-held hose.
New Landscaping may be watered between 2 and 8am weekdays or anytime with a hand-held hose if it is less than 30 days old.
Things to remember during water restrictions:
1) Impatiens should be able to survive with the water restrictions.
2) Try to add landscaping that requires less water.
3) Adding organic material to the soil helps absorb and store water.
4) When replanting, use native plants and trees. They require less water because they are acclimated to the South Florida Weather.
5) Consider zeriscaping, which replaces grass with mulch and groundcovers and paths are made of stones. The term comes from the Greek word xeros, meaning dry.
6) Use mulch because it conserves moisture and inhibits growth of weeds.
7) You can still use your backyard fountain as long as it re-circulates the water.
8) Make sure your irrigation system is operating efficiently.
9) Possibly switch to a drip irrigation system because they water roots directly.
10) Try to install rain shut-off valves.
11) Don’t mow the grass too short. Set the mower blade at 4 inches instead of 3. Longer grass encourages longer roots. Leaving cuttings on the grass because it will help enrich the soil.
12) Use plastic or metal planters because they hold more water. Clay pots soak up the water your plants could be using. Remember, the bigger the pot, the less water the plant needs.
About Wendy and Elliot Koolik: Wendy and Elliot Koolik are recognized leaders in the Boca Raton luxury and country club real estate communities. While they are active in all of Palm Beach County, they focus on Boca Raton, Delray Beach and Highland Beach. Since 2000, Wendy and Elliot Koolik have sold more than $339 million dollars in real estate by offering their clients a unique marketing plan for their home and an unparalleled level of customer service.
Wendy and Elliot are part of Koolik Group Realty, a family-owned and operated real estate company serving buyers and sellers since 1990. The real estate firm is known for its responsiveness to clients, knowledge of the neighborhoods they specialize in and, above all, for its boundless passion for the real estate business.
For more information, contact Wendy and Elliot by phone at 561.393.9997 x113, online at www.ElliotKoolik.com , by e-mail at EKoolik@Koolik.com or visit their blog at www.bocaratonluxuryrealestate.blogspot.com.
Friday, March 30, 2007
Remodel where it Matters Most
Remodel Where it Matters Most
When remodeling your home, be sure to spend money where it matters the most. Homeowners expect to recoup the entire cost of remodeling, but many improvement projects do not provide a full return on the investment. Knowing where to spend money on your home will help maximize your return. There are two main areas to focus on: kitchens and bathrooms.
The kitchen is probably one of the most important areas in any home. Homeowners spend most of their time in the kitchen, so it is particularly important to focus on that area when considering any improvements. Minor kitchen remodeling projects bring the most return on the investment. You can expect to receive almost a complete return in the kitchen.
Bathrooms are also important to focus on. Although bathroom remodeling can sometimes be extensive, having updated bathrooms is an excellent way to make any home more appealing. Bathroom remodeling projects can also bring close to a complete return on your investment.
Knowing what areas will give you the most return on your investment will not only make your home more attractive and save you money in the long run, but will also be valuable when trying to sell your home.
About Wendy and Elliot Koolik: Wendy and Elliot Koolik are recognized leaders in the Boca Raton luxury and country club real estate communities. While they are active in all of Palm Beach County, they focus on Boca Raton, Delray Beach and Highland Beach. Since 2000, Wendy and Elliot Koolik have sold more than $339 million dollars in real estate by offering their clients a unique marketing plan for their home and an unparalleled level of customer service.
Wendy and Elliot are part of Koolik Group Realty, a family-owned and operated real estate company serving buyers and sellers since 1990. The real estate firm is known for its responsiveness to clients, knowledge of the neighborhoods they specialize in and, above all, for its boundless passion for the real estate business.
For more information, contact Wendy and Elliot by phone at 561.393.9997 x113, online at www.ElliotKoolik.com , by e-mail at EKoolik@Koolik.com or visit their blog at www.bocaratonluxuryrealestate.blogspot.com
When remodeling your home, be sure to spend money where it matters the most. Homeowners expect to recoup the entire cost of remodeling, but many improvement projects do not provide a full return on the investment. Knowing where to spend money on your home will help maximize your return. There are two main areas to focus on: kitchens and bathrooms.
The kitchen is probably one of the most important areas in any home. Homeowners spend most of their time in the kitchen, so it is particularly important to focus on that area when considering any improvements. Minor kitchen remodeling projects bring the most return on the investment. You can expect to receive almost a complete return in the kitchen.
Bathrooms are also important to focus on. Although bathroom remodeling can sometimes be extensive, having updated bathrooms is an excellent way to make any home more appealing. Bathroom remodeling projects can also bring close to a complete return on your investment.
Knowing what areas will give you the most return on your investment will not only make your home more attractive and save you money in the long run, but will also be valuable when trying to sell your home.
About Wendy and Elliot Koolik: Wendy and Elliot Koolik are recognized leaders in the Boca Raton luxury and country club real estate communities. While they are active in all of Palm Beach County, they focus on Boca Raton, Delray Beach and Highland Beach. Since 2000, Wendy and Elliot Koolik have sold more than $339 million dollars in real estate by offering their clients a unique marketing plan for their home and an unparalleled level of customer service.
Wendy and Elliot are part of Koolik Group Realty, a family-owned and operated real estate company serving buyers and sellers since 1990. The real estate firm is known for its responsiveness to clients, knowledge of the neighborhoods they specialize in and, above all, for its boundless passion for the real estate business.
For more information, contact Wendy and Elliot by phone at 561.393.9997 x113, online at www.ElliotKoolik.com , by e-mail at EKoolik@Koolik.com or visit their blog at www.bocaratonluxuryrealestate.blogspot.com
Friday, March 23, 2007
10 Ways a Realtor Can Help You
10 Ways a Realtor Can Help You
1.) A realtor can help you with the market.
Whether you’re a buyer or a seller, a realtor is the one you can turn to for information on home values, neighborhoods, taxes, zoning, schools, and more.
2.) A realtor can help you set the price.
A realtor knows the current real estate market and can help you set a realistic selling price.
3.) A realtor can help you advertise efficiently.
When you’re a seller, a realtor handles and pays for all marketing efforts for your home, from advertising and arranging open houses, to placing a sign in front of your home.
4.) A realtor can help you with financing.
When you’re a buyer, a realtor will help pre-qualify you, help you find financing, arrange for home inspections and so on. A realtor can also assist the seller on financing a buyer.
5.) A realtor can help you add sales appeal.
A realtor knows how to add the extra appeal to your home at little cost that can generate interest. If you’re the buyer, a realtor often can suggest imaginative changes for making your prospective new home more suitable for you and more valuable.
6.) A realtor can help you with details.
A realtor handles many time-consuming tasks that are a part of the real estate transaction process. Both buyers and sellers are kept informed while free from stress.
7.) A realtor can help you at your closing.
A realtor will accompany you to the closing or even attend in your place, and help you with all the paperwork beforehand.
8.) A realtor can help you find your best deal.
Whether you’re a buyer or a seller, a realtor is bound and obligated by the Code of Ethics to give fair treatment to all parties in the transaction.
9.) A realtor brings buyers and sellers together.
A realtor ultimately helps both parties finding the best homes in an affordable price range for qualified, serious buyers.
10.) A realtor lets you live your life.
A realtor is a professional who has the expertise and time to get the job done right. That makes it easier for to get one with the life you’ve worked so hard to enjoy.
From the Realtor Association of Greater Fort Lauderdale, as seen in the Sun Sentinel March 19, 2007.
1.) A realtor can help you with the market.
Whether you’re a buyer or a seller, a realtor is the one you can turn to for information on home values, neighborhoods, taxes, zoning, schools, and more.
2.) A realtor can help you set the price.
A realtor knows the current real estate market and can help you set a realistic selling price.
3.) A realtor can help you advertise efficiently.
When you’re a seller, a realtor handles and pays for all marketing efforts for your home, from advertising and arranging open houses, to placing a sign in front of your home.
4.) A realtor can help you with financing.
When you’re a buyer, a realtor will help pre-qualify you, help you find financing, arrange for home inspections and so on. A realtor can also assist the seller on financing a buyer.
5.) A realtor can help you add sales appeal.
A realtor knows how to add the extra appeal to your home at little cost that can generate interest. If you’re the buyer, a realtor often can suggest imaginative changes for making your prospective new home more suitable for you and more valuable.
6.) A realtor can help you with details.
A realtor handles many time-consuming tasks that are a part of the real estate transaction process. Both buyers and sellers are kept informed while free from stress.
7.) A realtor can help you at your closing.
A realtor will accompany you to the closing or even attend in your place, and help you with all the paperwork beforehand.
8.) A realtor can help you find your best deal.
Whether you’re a buyer or a seller, a realtor is bound and obligated by the Code of Ethics to give fair treatment to all parties in the transaction.
9.) A realtor brings buyers and sellers together.
A realtor ultimately helps both parties finding the best homes in an affordable price range for qualified, serious buyers.
10.) A realtor lets you live your life.
A realtor is a professional who has the expertise and time to get the job done right. That makes it easier for to get one with the life you’ve worked so hard to enjoy.
From the Realtor Association of Greater Fort Lauderdale, as seen in the Sun Sentinel March 19, 2007.
About Wendy and Elliot Koolik: Wendy and Elliot Koolik are recognized leaders in the Boca Raton luxury and country club real estate communities. While they are active in all of Palm Beach County, they focus on Boca Raton, Delray Beach and Highland Beach. Since 2000, Wendy and Elliot Koolik have sold more than $339 million dollars in real estate by offering their clients a unique marketing plan for their home and an unparalleled level of customer service.
Wendy and Elliot are part of Koolik Group Realty, a family-owned and operated real estate company serving buyers and sellers since 1990. The real estate firm is known for its responsiveness to clients, knowledge of the neighborhoods they specialize in and, above all, for its boundless passion for the real estate business.
For more information, contact Wendy and Elliot by phone at 561.393.9997 x113, online at www.ElliotKoolik.com , by e-mail at EKoolik@Koolik.com or visit their blog at www.bocaratonluxuryrealestate.blogspot.com
Monday, March 05, 2007
Need Help Buying Your First Home?
Wondering if now is the time to buy your first house or condo?
With a deluge of properties for sale throughout South Florida, prices are flexible, interest rates are reasonable, and sellers are offering incentives to seal a deal.
But a home's price is just the beginning. Taxes and insurance can add as much as 50 percent to your monthly payment, real estate experts warn.
"It seems to me there are a lot of options out there, but you've got insurance and taxes and those are a real killer," said Bob Stroh, director of the University of Florida's Shimberg Center for Affordable Housing. "We're seeing young people staying at home until they are 25 or 30 because they can't afford to buy anything. "
To help bridge the affordability gap, programs for first-time buyers are available from the U.S. Department of Housing and Urban Development, the Florida Housing Finance Corp., Broward and Palm Beach counties, and many of their cities.
The programs are offered in conjunction with participating banks and lenders and some public housing agencies offer homeownership vouchers that enable tenants to buy homes.
Most programs define first-time buyers as those who have not owned a home they lived in during the past three years. To qualify for down payment or closing cost assistance, below-rate mortgages, subsidies in the form of second mortgages or cash upfront, first-time homebuyers have to meet certain income and purchase price limits and credit requirements, and live in a state, city or county offering such aid.
As a first-time buyer, you can look online or contact your city, county or the state Housing Finance Corp. to learn about available assistance. You can fill out applications online or in person. You must attend mandatory seminars on home ownership and meet with a counselor who reviews your income, credit rating and debts and decides how much help you can receive.
"There are plenty of options for first-time buyers today," said Sean Donahue, vice president of sales at HomeBanc Mortgage Corp., in Deerfield Beach. "It's turned into really a buyer's market."
Much of the aid offered by cities and counties comes from the federal government's HOME program and Florida's State Housing Initiatives Partnership program, which are designed to help low- and moderate-income residents.
Broward County's program is not limited to first-time buyers and offers help with down payments and closing costs based on income. To qualify, the household's annual income cannot exceed $72,720 for one or two people and $84,840 for three or more. Buyers are asked to contact a participating lender listed on the county's Web site to determine if they qualify.
Cities that administer these programs can add their own funding or use community development block grants for their first-time buyer priorities.
Real estate agents advise first-time buyers to decide where they want to live and meet with a mortgage expert to learn what they can afford.
"We're finding it's a good time again for first-time buyers to get into the market because interest rates are good, there's a lot to choose from and sellers are motivated," said Anita McCaron, an realtor-associate with Illustrated Properties in West Palm Beach.
Article from the South Florida Sun-Sentinel, February 16, 2007 written by Robin Benedick. Robin can be reached at rbenedick@sun-sentinel.com or 954-385-7914.
About Wendy and Elliot Koolik: Wendy and Elliot Koolik are recognized leaders in the Boca Raton luxury and country club real estate communities. While they are active in all of Palm Beach County, they focus on Boca Raton, Delray Beach and Highland Beach. Since 2000, Wendy and Elliot Koolik have sold more than $339 million dollars in real estate by offering their clients a unique marketing plan for their home and an unparalleled level of customer service.
Wendy and Elliot are part of Koolik Group Realty, a family-owned and operated real estate company serving buyers and sellers since 1990. The real estate firm is known for its responsiveness to clients, knowledge of the neighborhoods they specialize in and, above all, for its boundless passion for the real estate business.
For more information, contact Wendy and Elliot by phone at 561.393.9997 x113, online at www.ElliotKoolik.com , by e-mail at EKoolik@Koolik.com or visit their blog at www.bocaratonluxuryrealestate.blogspot.com
Friday, March 02, 2007
Selling Your Home?
Selling Your Home? Focus on the Kitchen
If you are selling your home, the best chance at cooking up a sale is in the kitchen.
The kitchen is an area where form and function are equally important. For today’s home buyer, the kitchen is typically the most important room in the house. Buyer’s view the kitchen as an area that serves many functions which can include preparing and sharing meals, entertaining, social gathering, sorting mail, and paying bills. Having a functional kitchen is very important to buyers.
In a recent survey, 85 % of respondents said the condition of the kitchen is a major consideration when making a purchasing decision. Having an updated or well maintained kitchen makes the decision easier for buyers because updating a kitchen can be costly. Many repairs can be discouraging to buyers, so kitchens that appear to need minimal or no work at all can help make the decision for a buyer.
Having a clean, updated, and functional kitchen makes selling your home easier because it will be more appealing to buyers.
About Wendy and Elliot Koolik: Wendy and Elliot Koolik are recognized leaders in the Boca Raton luxury and country club real estate communities. While they are active in all of Palm Beach County, they focus on Boca Raton, Delray Beach and Highland Beach. Since 2000, Wendy and Elliot Koolik have sold more than $339 million dollars in real estate by offering their clients a unique marketing plan for their home and an unparalleled level of customer service.
Wendy and Elliot are part of Koolik Group Realty, a family-owned and operated real estate company serving buyers and sellers since 1990. The real estate firm is known for its responsiveness to clients, knowledge of the neighborhoods they specialize in and, above all, for its boundless passion for the real estate business.
For more information, contact Wendy and Elliot by phone at 561.393.9997 x113, online at www.ElliotKoolik.com , by e-mail at EKoolik@Koolik.com or visit their blog at www.bocaratonluxuryrealestate.blogspot.com
If you are selling your home, the best chance at cooking up a sale is in the kitchen.
The kitchen is an area where form and function are equally important. For today’s home buyer, the kitchen is typically the most important room in the house. Buyer’s view the kitchen as an area that serves many functions which can include preparing and sharing meals, entertaining, social gathering, sorting mail, and paying bills. Having a functional kitchen is very important to buyers.
In a recent survey, 85 % of respondents said the condition of the kitchen is a major consideration when making a purchasing decision. Having an updated or well maintained kitchen makes the decision easier for buyers because updating a kitchen can be costly. Many repairs can be discouraging to buyers, so kitchens that appear to need minimal or no work at all can help make the decision for a buyer.
Having a clean, updated, and functional kitchen makes selling your home easier because it will be more appealing to buyers.
About Wendy and Elliot Koolik: Wendy and Elliot Koolik are recognized leaders in the Boca Raton luxury and country club real estate communities. While they are active in all of Palm Beach County, they focus on Boca Raton, Delray Beach and Highland Beach. Since 2000, Wendy and Elliot Koolik have sold more than $339 million dollars in real estate by offering their clients a unique marketing plan for their home and an unparalleled level of customer service.
Wendy and Elliot are part of Koolik Group Realty, a family-owned and operated real estate company serving buyers and sellers since 1990. The real estate firm is known for its responsiveness to clients, knowledge of the neighborhoods they specialize in and, above all, for its boundless passion for the real estate business.
For more information, contact Wendy and Elliot by phone at 561.393.9997 x113, online at www.ElliotKoolik.com , by e-mail at EKoolik@Koolik.com or visit their blog at www.bocaratonluxuryrealestate.blogspot.com
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