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Below are real estate listings of homes for sale in Old Town Key West Florida which cost under $2 million dollars and have a private pool.
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Key West Real Estate Blog. Search current Key West MLS listings for homes for sale in Key West. Find the right Key West real estate agent and the right Key West real estate company. Key West commercial real estate.
Saturday, March 23, 2013
Friday, March 22, 2013
Homes Near Public Transportation Hold Value Better
Homes Near Public Transportation Hold Value Better
DAILY REAL ESTATE NEWS | FRIDAY, MARCH 22, 2013
“Location, location, location near public transportation” may be the new real-estate mantra according to a new study released today by the American Public Transportation Association and the National Association of REALTORS®. Data in the study reveals that during the last recession, residential property values performed 42 percent better on average if they were located near public transportation with high-frequency service.
“When homes are located near public transportation, it is the equivalent of creating housing as desirable as beachfront property,” APTA President and CEO Michael Melaniphy said. “This study shows that consumers are choosing neighborhoods with high-frequency public transportation because it provides access to up to five times as many jobs per square mile as compared to other areas in a given region. Other attractive amenities in these neighborhoods include lower transportation costs, walkable areas, and robust transportation choices.”
“Higher home values reflect greater market demand for areas near public transportation,” said NAR Chief Economist Lawrence Yun. “Transportation plays an important role in real estate and housing decisions, and the data suggests that residential real-estate near public transit will remain attractive to buyers going forward. A sound transportation system not only benefits individual property owners, but also creates the foundation for a community’s long-term economic wellbeing.”
The study, The New Real-Estate Mantra: Location near Public Transportation, investigates how well residential properties located in a half-mile proximity to high-frequency public transportation or in the “public transit shed” have performed in holding their value during the recession compared to other properties in a given region.
While residential property values declined substantially between 2006 to 2011, properties close to public transit showed significantly stronger resiliency. In Boston, residential property in the rapid-transit area outperformed other properties in the region by 129 percent. In the Chicago public transit-area, home values performed 30 percent higher than other homes the region; in San Francisco, 37 percent higher; Minneapolis-St Paul, 48 percent; and in Phoenix, 37 percent.
“Stable property values in areas with public transit access have a number of policy implications,” Melaniphy said. “As Congress and state and local governments look for ways to accelerate economic growth, this study shows that investing in public transportation is a boon to revitalizing our economy.”
“When consumers choose a home, they also choose a lifestyle. Shorter commutes and more walkable neighborhoods matter to a growing number of people, especially those living in congested metro areas,” Yun said.
Source: NAR
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DAILY REAL ESTATE NEWS | FRIDAY, MARCH 22, 2013
“Location, location, location near public transportation” may be the new real-estate mantra according to a new study released today by the American Public Transportation Association and the National Association of REALTORS®. Data in the study reveals that during the last recession, residential property values performed 42 percent better on average if they were located near public transportation with high-frequency service.
“When homes are located near public transportation, it is the equivalent of creating housing as desirable as beachfront property,” APTA President and CEO Michael Melaniphy said. “This study shows that consumers are choosing neighborhoods with high-frequency public transportation because it provides access to up to five times as many jobs per square mile as compared to other areas in a given region. Other attractive amenities in these neighborhoods include lower transportation costs, walkable areas, and robust transportation choices.”
“Higher home values reflect greater market demand for areas near public transportation,” said NAR Chief Economist Lawrence Yun. “Transportation plays an important role in real estate and housing decisions, and the data suggests that residential real-estate near public transit will remain attractive to buyers going forward. A sound transportation system not only benefits individual property owners, but also creates the foundation for a community’s long-term economic wellbeing.”
The study, The New Real-Estate Mantra: Location near Public Transportation, investigates how well residential properties located in a half-mile proximity to high-frequency public transportation or in the “public transit shed” have performed in holding their value during the recession compared to other properties in a given region.
While residential property values declined substantially between 2006 to 2011, properties close to public transit showed significantly stronger resiliency. In Boston, residential property in the rapid-transit area outperformed other properties in the region by 129 percent. In the Chicago public transit-area, home values performed 30 percent higher than other homes the region; in San Francisco, 37 percent higher; Minneapolis-St Paul, 48 percent; and in Phoenix, 37 percent.
“Stable property values in areas with public transit access have a number of policy implications,” Melaniphy said. “As Congress and state and local governments look for ways to accelerate economic growth, this study shows that investing in public transportation is a boon to revitalizing our economy.”
“When consumers choose a home, they also choose a lifestyle. Shorter commutes and more walkable neighborhoods matter to a growing number of people, especially those living in congested metro areas,” Yun said.
Source: NAR
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Thursday, March 21, 2013
What does Days on Market or DOM mean - Ocean Blue Real Estate
Key West Real Estate for sale at OceanBlueRealEstate.com
What and How can understanding Days on Market or DOM help you with your real estate investments?
1) There are lot of stats when it comes to the housing market, perhaps a little overwhelming at times with some being more useful than others.
We feel Days on Market or DOM is a very insightful market indicator, which can be interpreted fairly easily if you know the right questions to ask.
2) In a quick summary. Days on Market is the actual number of days a property has been on the market for sale.
3) A good Buyers Agent will share the DOM with you, as this information can be very useful.
When you are ready to make your property choice.
4) The DOM tells a story - You can look for price reductions which have been put in place over periods of time. For example if the DOM is 90 days and the listing started out at $2 Million, why is it at $1.5 Million and how long ago did this price reduction take place.
5) What you looking for? Ask your agent not only for the DOM, but the CDOM or Cumulative Days of Market - How do you get this?This is the total days your agent has had a property listed, plus the number of days other agents, if any, have had a property listing. This will give you the true DOM. This can greatly influence the selling price of a property!
6) Summary
1) Do not be afraid to ask questions
2) Ask your agent “How many days have you had it listed?”
3) “Did other agents have this property listed before you?”
3) If so - “How long?”
The combination of these factors can influence the selling price of a property and can sometimes save you money on your purchase price.
Old Town Key West Real Estate Listings - Single Family
Key West Condos for Sale
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What and How can understanding Days on Market or DOM help you with your real estate investments?
1) There are lot of stats when it comes to the housing market, perhaps a little overwhelming at times with some being more useful than others.
We feel Days on Market or DOM is a very insightful market indicator, which can be interpreted fairly easily if you know the right questions to ask.
2) In a quick summary. Days on Market is the actual number of days a property has been on the market for sale.
3) A good Buyers Agent will share the DOM with you, as this information can be very useful.
When you are ready to make your property choice.
4) The DOM tells a story - You can look for price reductions which have been put in place over periods of time. For example if the DOM is 90 days and the listing started out at $2 Million, why is it at $1.5 Million and how long ago did this price reduction take place.
5) What you looking for? Ask your agent not only for the DOM, but the CDOM or Cumulative Days of Market - How do you get this?This is the total days your agent has had a property listed, plus the number of days other agents, if any, have had a property listing. This will give you the true DOM. This can greatly influence the selling price of a property!
6) Summary
1) Do not be afraid to ask questions
2) Ask your agent “How many days have you had it listed?”
3) “Did other agents have this property listed before you?”
3) If so - “How long?”
The combination of these factors can influence the selling price of a property and can sometimes save you money on your purchase price.
Old Town Key West Real Estate Listings - Single Family
Key West Condos for Sale
Visit us Online
Best Places to Buy Foreclosures
Best Places to Buy Foreclosures
Shoppers willing to buy homes sold in foreclosures or short sales are nabbing them at deep discounts, especially if they know where to look.
Nationwide, the average discount on homes sold in a foreclosure was 39% below conventional sale prices during the fourth quarter, while prices on homes sold in a short sale averaged 23% below market, according to RealtyTrac, the online marketer of foreclosed properties.
Best foreclosure markets
City Median foreclosure price Discount
Cleveland $57,592 56%
Dayton, Ohio $50,679 57%
Charlotte, N.C. $111,260 43%
Columbus, Ohio $87,994 48%
Palm Bay, Fla. $87,018 39%
Winton-Salem, N.C. $72,356 49%
Daytona Beach, Fla. $88,012 33%
Canton, Ohio $57,339 48%
Greensboro, N.C. $85,333 40%
Pensacola, Fla $100,825 33%
Source: RealtyTrac
Price and discount data are for the last three months of 2012.
But in some markets, the discounts were much steeper.
Cleveland was the hottest market among those looking to buy foreclosed homes during the last three months of 2012, with sales of bank-owned homes soaring 141% year-over-year. The average foreclosed home there sold for $57,782, a 56% discount to non-distressed properties in the area.
Sales of bank-owned properties in Dayton, Ohio, jumped 121% during the fourth quarter, selling for an average of just $50,579 — 57% below regular market prices. Other popular markets for foreclosed homes included Charlotte, N.C., Columbus, Ohio, and Palm Bay, Fla.
Related: Zombie foreclosures: Our debts won’t die
Buying from the bank is currently one of the best options for homebuyers, “because of increasing inventory, deeper discounts and shorter times to close,” said Daren Blomquist, vice president at RealtyTrac.
Yet, these transactions come with risks. Defaulting mortgage borrowers often lack the money for basic maintenance. Plumbing, heating and electricity can fall into disrepair and roofs, walls and ceilings can deteriorate. Some homeowners, angry at losing their homes, may even deliberately damage the property before they move out. And many foreclosed homes stand vacant for months, leading to disrepair and, in some cases, inviting vandalism.
For more cautious buyers, short sales may offer a combination of affordability and quality. These are deals in which homes are sold by borrowers who owe more on their mortgages than the homes are worth and the lenders agree to forgive the difference.
Former owners tend to remain in the homes until the closing of the sale and therefore keep the homes in better condition.
Short sales have also become a more popular alternative to foreclosure, especially in hard-hit places like California.
Related: Hardest hit foreclosure neighborhoods
In fact, Santa Barbara, Calif., was the hottest market in the country for short sales, with sales of these homes more than doubling year-over-year. The median price of short sales sold there was less than $284,000 during the last three months of 2012, nearly 38% below the amount sellers owed on the mortgage.
Visalia, Fresno and Vallejo, all in California, also saw big spikes in short sales, as did Grand Rapids, Mich. The median sales prices in those markets ranged from about $91,000 to $192,000, with homes selling at discounts of $71,000 to $178,000 of the mortgage balance owed.
To view the original got to http://money.cnn.com/2013/03/08/real_estate/foreclosure-sales/index.html
Visit us Online
Shoppers willing to buy homes sold in foreclosures or short sales are nabbing them at deep discounts, especially if they know where to look.
Nationwide, the average discount on homes sold in a foreclosure was 39% below conventional sale prices during the fourth quarter, while prices on homes sold in a short sale averaged 23% below market, according to RealtyTrac, the online marketer of foreclosed properties.
Best foreclosure markets
City Median foreclosure price Discount
Cleveland $57,592 56%
Dayton, Ohio $50,679 57%
Charlotte, N.C. $111,260 43%
Columbus, Ohio $87,994 48%
Palm Bay, Fla. $87,018 39%
Winton-Salem, N.C. $72,356 49%
Daytona Beach, Fla. $88,012 33%
Canton, Ohio $57,339 48%
Greensboro, N.C. $85,333 40%
Pensacola, Fla $100,825 33%
Source: RealtyTrac
Price and discount data are for the last three months of 2012.
But in some markets, the discounts were much steeper.
Cleveland was the hottest market among those looking to buy foreclosed homes during the last three months of 2012, with sales of bank-owned homes soaring 141% year-over-year. The average foreclosed home there sold for $57,782, a 56% discount to non-distressed properties in the area.
Sales of bank-owned properties in Dayton, Ohio, jumped 121% during the fourth quarter, selling for an average of just $50,579 — 57% below regular market prices. Other popular markets for foreclosed homes included Charlotte, N.C., Columbus, Ohio, and Palm Bay, Fla.
Related: Zombie foreclosures: Our debts won’t die
Buying from the bank is currently one of the best options for homebuyers, “because of increasing inventory, deeper discounts and shorter times to close,” said Daren Blomquist, vice president at RealtyTrac.
Yet, these transactions come with risks. Defaulting mortgage borrowers often lack the money for basic maintenance. Plumbing, heating and electricity can fall into disrepair and roofs, walls and ceilings can deteriorate. Some homeowners, angry at losing their homes, may even deliberately damage the property before they move out. And many foreclosed homes stand vacant for months, leading to disrepair and, in some cases, inviting vandalism.
For more cautious buyers, short sales may offer a combination of affordability and quality. These are deals in which homes are sold by borrowers who owe more on their mortgages than the homes are worth and the lenders agree to forgive the difference.
Former owners tend to remain in the homes until the closing of the sale and therefore keep the homes in better condition.
Short sales have also become a more popular alternative to foreclosure, especially in hard-hit places like California.
Related: Hardest hit foreclosure neighborhoods
In fact, Santa Barbara, Calif., was the hottest market in the country for short sales, with sales of these homes more than doubling year-over-year. The median price of short sales sold there was less than $284,000 during the last three months of 2012, nearly 38% below the amount sellers owed on the mortgage.
Visalia, Fresno and Vallejo, all in California, also saw big spikes in short sales, as did Grand Rapids, Mich. The median sales prices in those markets ranged from about $91,000 to $192,000, with homes selling at discounts of $71,000 to $178,000 of the mortgage balance owed.
To view the original got to http://money.cnn.com/2013/03/08/real_estate/foreclosure-sales/index.html
Visit us Online
Wednesday, March 20, 2013
Homebuilding Soars to Highest Level in 4 Years
Homebuilding Soars to Highest Level in 4 Years
DAILY REAL ESTATE NEWS | WEDNESDAY, MARCH 20, 2013
Housing starts surged in February as well as future permits for future construction to the highest levels since 2008 -- a sign that the new-home market is picking up steam just in time for the spring buying season, the Commerce Department reported Tuesday.
Overall housing starts rose 0.8 percent in February to a 917,000 annual rate. Single-family housing starts, which make up the biggest bulk of that total, reached their highest level since June 2008. Meanwhile, multifamily starts rose 1.4 percent in February to 299,000 units.
"Demand for new homes and apartments is definitely rising as the spring buying season approaches and more young people move out on their own," said Rick Judson, chairman of the National Association of Home Builders. "Builders are responding to this improved demand by putting more crews back to work and pulling more permits for future construction, though this positive activity is being constrained by continuing issues with appraisals and credit availability for both builders and buyers, and also by newly arising challenges such as lot shortages and increased costs for labor and materials."
While housing starts have shown a big improvement in the past year, economists say that homebuilding is still less than half of what it was during its prerecession peak and is near levels in the early 1990s.
Source: National Association of Home Builders and “Housing Starts at Highest Level Since 2008,” Reuters (March 19, 2013)
JPMorgan Predicts Long Road to Recovery
JPMorgan Chase expects home prices to rise 7% in 2013 as investors continue to take interest in nonperforming loans and distressed properties. The forecast for 2013 is more optimistic than initially expected.
Although most investors still believe home prices will increase by less than 5%, some investors expect home price growth to increase as much as 15%, according to JPMorgan’s ($50.00 -1.005%) February investor survey.
“As we pointed out in our 2013 outlook, the distressed sale discount should continue to decline. Indeed, the quantitative easing program has not done much for mortgage rates, but the resulting reach for yield is now firmly grounded in the housing market,” the company said.
Additionally, the home price forecast is higher for the next three years, with 3.9% growth expected in 2014 and a 3.2% increase anticipated in 2015, representing roughly 14% in cumulative growth.
The projected growth rates are still relatively small for 2014 and 2015 because JPMorgan believes income growth and lending standards will limit price gains.
Meanwhile, the nation’s shadow inventory is expected to fall to 3 million by the end of this year.
Also by the end of 2013, JPMorgan expects one-in-ten borrowers to be underwater, which is a “substantial reversal” from one-in-four in 2011.
In terms of liquidations, 1.1 million loans were liquidated in 2012, compared to 1.5 million in 2011, the report noted.
“We think this should fall to about one million in 2013 and then slowly taper off to a steady state annual pace of around 200,000 loans by the end of the decade as we return to a pre-crisis environment,” JPMorgan analysts said.
JPMorgan also stated that while inventory is winding down quickly, a historically large foreclosure inventory should continue to exist through 2017, reflecting the growing share of delinquent loans in judicial states since timelines are considerably longer.
Furthermore, housing and economic indicators are also showing resilience despite recent fiscal headwinds.
For instance, the months’ supply for February existing sales were down to the lowest level since March 2005, JPMorgan explained.
To view the original article, click here: http://www.housingwire.com/news/2013/03/14/jpmorgan-raises-home-price-forecast-sees-long-road-recovery
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Monday, March 18, 2013
Foreclosure filings in January plunged to their lowest level since April 2007
Foreclosure filings in January plunged to their lowest level since April 2007.
Notices of default, scheduled auctions, bank repossessions and other filings fell to 150,864 last month, a 7% decline from the previous month and a 28% drop from January 2012, according to RealtyTrac. New foreclosure filings fell to the lowest level since June 2006.
“We’re now well past the peak of the foreclosure crisis,” said Daren Blomquist, spokesman for RealtyTrac.
Regulations that took effect in California contributed to the dramatic decline. The state had long been recording the highest number of foreclosure filings of any state. But on January 1, a Homeowner Bill of Rights became law, offering more protections for California borrowers in default. As a result, new foreclosure filings in California fell 62% in January.
Under the new rules, mortgage servicers must halt all foreclosure proceedings once a borrower applies for a mortgage modification. Servicers will also face fines of up to $7,500 per loan if they record and file multiple unverified documents in foreclosure proceedings.
Related: 10 great foreclosure deals
“There’s was a bum’s rush to get people out of their homes before this law came into effect,” said Bill Purdy, a real estate attorney in Soquel, Calif. Once 2013 began, filings in California dropped abruptly, down 40% from December and 65% from January 2012.
Last month marked the first time since January, 2007 that California did not lead the country in foreclosure filings. Instead, Florida took the top spot, with 29,800 filings — or one out of every 300 homes — followed by Nevada and Illinois.
The nation’s foreclosure problem isn’t fixed — but we’re getting closer, according to Blomquist. Filings are still running at about twice the pace of 2005, before the subprime mortgage crisis derailed the housing market. And foreclosure auctions rose in 26 states, including four big ones: Florida, Illinois, Pennsylvania and New Jersey.
Related: Million dollar foreclosures for sale
But bank repossessions, the end game for borrowers when they actually lose their homes, fell to less than half the record 102,134 set in September, 2010. Blomquist is forecasting steady improvement through 2013.
“It’s likely that by this time next year, we’ll start to see 2005-type, pre-crisis numbers again,” he said.
To view the original article, click here: http://money.cnn.com/2013/02/14/real_estate/foreclosures/index.html
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