Pensacola Real Estate

Wachovia Tightens Belt on Home Loans!

Wachovia is stepping up and revising the underwriting policies in its mortgage loan business, a step that could make it harder to take out a home loan. the new changes are expected to take affect the end of April. Among the changes the borrower is now required to have a minimum qualifying FICO score. Isn't it about time? Tighter restrictions on home loans is a good thing for us all. It makes us more responsible as individuals. When did the beliefs "that you get what you pay for" and "you earn what you work for" go away? We are accountable. This is a tough time no doubt, but we will make it through it. With rates at an all time low, many lenders in addition to Wachovia are toughening the guidelines for mortages. Although this may seem unfair to many, it is the type of restrictions that will prevent the type of mortgage crisis we are in from occurring in the future. We will be better off in the future if we all tighten our belts and take responsibility for our actions and our spending. We have to manage better personally. We have to stand up to the credit and gas industries which have no doubt contributed to the financial crisis we are in today. Gas prices are still going up and high rate credit cards are still being issued. When will they stop? When will we stop? Maybe when we are disciplined enough to stop driving our gas guzzling cars and smart enough to cut up the cards when we get them out of the mailbox! Think about it...if everyone in the nation did not drive one day a week there would be an automatic surplus of oil. What would they do then? What would the price of gas be with all of that oil sitting off of the coasts of the USA? How much more cash would every American have in thier pocket to purchase goods, cars and homes? If we all used more cash, there would be more cash in the banks to loan to people to buy homes! Good for Wachovia for stepping up and making it tougher to get a loan. Don't worry, the 100% loans and low down payment loans are still out there. If you have good credit and a FICO over 500 you can still qualify to purchase a home. Having restrictions create discipline.  Having qualified buyers will help the home seller and the realtor make more sales in the upcoming year! Want to know more...call!      

Area Hospitals make High Rankings!

Sacred Heart, Baptist, West Florida, Gulf Breeze and Santa Rosa Medical Center rank high in a government survey on patient care. Do you want to know which hospital you will recieve the best care from in Santa Rosa and Escambia counties? Well, there is a recent survey that can help you with your questions. The survey covers medical centers around the nation. Some of the results include the following: the patient was given advice following treatment; nurses provided good communication with patients; pain control was well managed; medication was well explained to the patients prior to use; the level of quietness at night was at an appropriate level and information regarding continuing care at home following a hospital stay was recieved by the patient. All local hospitals ranked high in the survey in most areas. To see actual results visit www.hospitalcompare.hhs.gov. It is great to know that the level of health care in the Santa Rosa and Escambia county areas is ranked high above others across the nation. Great Schools, Health Care and Lifestyle. Just some of the reasons to call the Escambia/Santa Rosa  area home!      

Heath, Bubba and Boo make the cut at Augusta!

Hey everyone! This is very cool for our area! Santa County PGA golfers, Heath Slocum, Bubba Watson and Boo Weekley stay to play at The Masters in Augusta. Slocum said although he wished all three were closer to the top of the leader board, he was excited all three were made the cut. It is pretty cool to have three locals in the Masters. Pensacola and Gulf Breeze have turned out great athletes, actors and politicians who have given back in big ways to the panhandle area.    

Jackson's Restaurant is now a part of Great Southern Restaurant Group

One of Pensacola's favorite places to dine and meet has new ownership. Jackson's Restaurant, ranked in the top 25 Florida Restaurants for the past 7 years has new ownership. The Great Southern Restaurant Group owner's of The Fish House, The Fish House Deck Bar and Atlas Oyster Bar. Previous owner's Barry Phillips and Irv Miller will continue to manage this upscale restaurant. Barry is known for his top service ability and Irv's reputation for providing great cuisines that are unique and tantilizing to the taste buds everytime is tough to match. Barry, Irv and the Great Southern Restaurant Group (brothers, Collier, Will and Burney Merrill) promise to continue to provide the Jackson's experience as we know it and then some. In addition, this purchase continues to reinforce the confidence of Pensacola investors to invest in the downtown Pensacola area. The commitment by all parties involved is appreciated.    

Varona's Authentic Cuban Cuisine set to open April 8!

Owner Robert de Varona invites you to experience Cuba - its rich culture, colorful art, sensual music and tantalizing foods. Varona's Authentic Cuban Cuisine is set to open on April 8th. Located on North 12 Ave. across from the Pensacola Airport and next to Pensacola Junior College, Varona's will be the only authentic Cuban restaurant in the Greater Pensacola Area. The restaurant will feature: Tropical ambience and vintage de'cor;a bold and dramatic menu filled with authentic Cuban dishes; hearty sandwiches and salads; sumptuous desserts and coffees; an outdoor cafe; special Latin themed events; an extensive cigar selection and a world class wine selection. Thanks to Mr. Varona for taking a rectangle box and creating a real estate masterpiece on the 12th Avenue corridor. Watching it come together has been a real treat. Can't wait to try out the cuisine!   

Estimating Net Proceeds…What will you take away?

Once you’ve been given an estimate of the market value by your Realtor, you can get a rough idea of how much cash you might walk away with when the sale is completed. This can be particularly useful when you start looking for another home to buy. Every realtor should be willing to provide you an estimate of net proceeds. This is a very important part of the selling process.

This is how to figure your net on your own. To estimate your net proceeds, from the estimated sales amount, subtract the applicable costs in the three sections outlined below: seller’s costs, buyer’s/seller’s costs and closing costs.

Seller’s Costs: Subtract the following costs as applicable.

·        Payoff of your current loans

·        Broker’s fee

·        Prepayment penalty if any

·        Attorney’s fees or title company fees

·        Unpaid property taxes

Buyer’s/Seller’s Costs: Your Realtor can tell you whether local customs or rules dictate whether the buyer or seller pays for the items listed below. Subtract the following costs as applicable.

·        Title insurance

·        Transfer taxes

·        Survey fees

·        Inspections, repairs, etc.

·        Recording fees

·        Homeowner association fees

·        Home Warranty

Closing Costs: As far as closing costs are concerned, you and your eventual buyer may agree on any arrangement that suits you. Everything is negotiable. Remember, your net will vary depending on the final purchase price. Price your property according to market selling value and not only will it be more likely to sell, you will be more likely to take away more proceeds from the sale!

Offering Incentives to Haste a Sale…What Works?

Sometimes cash incentives are as effective as lowering the price especially in the lower price rang where buyers may be “cash poor.” You may offer to pay some or all of the buyer’s closing costs and discount points. A rule of thumb is 3% of closing costs. You may also want to consider allowances for improvements should the property need work. Carpet, paint and landscaping allowances are common perks to motivate buyers. If you haven’t had much traffic through your house and you are in a hurry to sell, you may want to offer a bonus to the selling broker, in addition to their commission.

Santa Rosa County Growth Ranked 129th!

In 2000, there wasn't a Target, Home Depot, Lowes or Publix in Santa Rosa County. In 2008 all of that has changed. By 2007, there was at least one of each and many more on the way. Construction of a Publix, Barnes and Nobles and a Panera Bread is underway in Gulf Breeze Proper. Growth has been a blessing to Santa Rosa County. It has increased the county's tax base and created demand to improve public services such as schools and law enforcement. If there is a negative it is the increase of traffic on Hwy. 90 and 98, which are both major thoroughfares in the north and south ends of the county. Steps are being taken to improve both. Of the nation's 3,141 counties and county equivalents, Santa Rosa was the 129th fastest growing county between 2000 and 2007, according to the U.S. Census Bereau. It's growth rate jumped 24.9 percent during the period, resulting in a population of 147,044 people.

Scenic Hills Club House on par for May Opening!

Scenic Hills Country Club in Northeast Pensacola is planning the grand opening of their new clubhouse for May. The course, a Pensacola favorite, has been without a clubhouse since Hurrican Ivan. Scenic Hills, along with Pensacola Country Club and Tiger Point Country Club were all victims of Ivan's wind and water damage. The new Scenic Hills clubhouse will feature a banquet room with seating capacity for 180, a 2400 square feet coverd pavilion for weddings and special events, and will staff 14 employees. The completed renovations of the course, as well as the clubhouse will add to the solid value that the Scenic Hills golf community adds to the Northeast Pensacola.

Market Conditions - Is it a Buyer's Market or a Seller's Market?

There is little doubt that we are in a Buyer's market. Just read the headlines. Sale of residential properties were up for the month of January...prices were down an average of 11%. Simply put, that means many homes have lost value over the last year. We are definately in a Buyer's market and need to realize that if we are to sell properties, as realtors and sellers, we must price our properties accordingly. In other words, we must price our properties at or below the selling value of the neighborhood that the property is located in. Don't look outside the borders of the neighborhood for a comparison. Compare like product to like product. Think of it like you think of prescription medication. If you can pay $4 for a generic brand or $100 for a name brand which would you buy? Of course the name brand may have ingredients that the generic brand does not. Compare and adjust accordingly. If the comp is better than your property subtract from the comp. If the comp is not as good as your property add to the comp so that the comparisons are somewhat equal. Then you have your comparison. Most of all remember that when you place your home to sell you have to be willing to sell it. If you really don't need to sell, or if you are not willing to sell at or below market value you may want to consider holding your property until the market improves.