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By a yes vote of 64%, Florida residents passed the real estate tax reform amendment at Tuesday's primary election. The new tax amendment was the first Florida ballot proposal that faced the recently passed requirement of a 60% approval threshold instead of a simple majority. Changes in the new amendment included doubling the standard homestead exemption to $50,000; keeps the state's Save Our Homes (SOH) feature which caps annual real estate tax increases on homesteaded properties at 3% per year; allows homeowners to take a portion of their Save Our Homes tax exemption with them when they move; offers a tax break on personal property for business; and caps tax assessments on commercial and non-homesteaded properties at a maximum of 10% per year.

Immediate…

By a 9 to 1 vote, the Federal Reserve's monetary policy committee (FOMC) cut the Fed Funds and Discount rates by 50 basis points today. The fed funds rate now stands at 3.00% and the discount rate at 3.50%. In their statement released right after the meeting, the committee stated that "financial markets remain under considerable stress, and credit has tightened further for some businesses and households. Moreover, recent information indicates a deepening of the housing contraction as well as some softening in labor markets. The Committee expects inflation to moderate in coming quarters, but it will be necessary to continue to monitor inflation developments carefully."

The move bolsters last Tuesday’s emergency rate cut of 75 basis points and is something…

The 2007 Ft. Myers Beach real estate sales statistics for both homes and condominiums are listed below. Ft. Myers Beach is the "happening" locale on Southwest Florida's Lee Island Coast. Ft. Myers Beach offers every amenity you can imagine- from seven miles of wide sandy beaches, golf, boating, fishing and more than anything else - relaxing. The Beach as its known, is eclectic and diverse. It draws visitors from all over the world and you'll find all sorts of folks from generations of families to Easter Break kids.

Dotting the Gulf side of the island you'll find high and mid rise condos, lavish mansions, and Key West style residences. On the Bay side you can find every type of home you could wish for – snug bungalows, stilted clapboards, and charming new…

The 2007 year end Vineyards real estate market statistics report for both homes and condominiums are listed below. Located in southeastern Naples and in a world of its own, this beautiful master planned gated golf community features the Vineyards Country Club which gives residents a selection of two 18-hole PGA championship golf courses. There is also a 32 acre community park and six miles of walking and biking paths that wind through majestic oaks, Cypress stands and nature preserves.

The Vineyards Sales Data

The Vineyards Home Sales 2007*:

• 37 Closed Sales
• Average Sales Price - $778,710
• Median Sales Price - $650,000
• Average Days on Market - 201
• Price/Sq. Foot - $261.48

The Vineyards Condominium Sales 2007*:

• 38 Closed…

What Are The Typical Characteristics of a Florida Home Seller?

Based on a review of NAR’s “2007 Profile of Florida Home Sellers", the answers to this question are interesting and provide real estate professionals with a glimpse into who their potential selling clients are and what they expect when selling their home.

Florida Home Sellers Characteristics

• The median age of home sellers was 48 years.
• 69% percent of home sellers were married.
• 51% of home sellers traded up to a larger home when purchasing their next home.
• The typical home seller owned their home for 6 years.
• 53% of recent home sellers reported that they undertook home improvement or remodeling projects prior to putting their home on the market.
• The typical home…

Like most people, you'd have to think things have gotten about as bad as they can get when it comes to the mortgage lending industry. Between all the new regulations, federal and state laws, consolidations, bankruptcies and the discontinuation of numerous mortgage programs, the next phase of restrictions is taking things to a different level altogether.

Effective January 15th, Fannie Mae (FNMA) is instituting a loan-to-value (LTV) reduction penalty for properties located in declining markets. What does that mean? Well, depending on where you live, it means it just became that much harder to get a home loan. How's that you say? Well, not only do you have tougher guidelines to qualify as a borrower for a mortgage, now the property itself is going to play a…

The 2007 Estero real estate sales statistics for both homes and condominiums are listed below. Estero is ideally located between Ft. Myers and Bonita Springs and is currently in the process of building and developing wherever you travel in the area. Developers are offering every type of community you can imagine, from large gated and planned communities, to smaller town centre type projects where the amenities are built around a self-contained lifestyle.

Estero is one of the last areas to be developed in south Lee County and purchasing property here may be very fortuitous for future owners. Estero offers excellent schools, health care, and of course, year round sunshine. Development in Estero is controlled by Lee County with special amendments for area.…

What Are The Typical characteristics of a Florida Homebuyer?

Based on a review of NAR’s “2007 Profile of Florida Homebuyers", the answers to this question are intriguing and provide real estate professionals many valuable insights into who their potential clients are and what motivates them to buy a home. Having this information is more important than ever in order to understand the changing demands of consumers in today's dynamic marketplace.

Florida Homebuyer Characteristics

• The median age of homebuyers was 43 years old.
• The median income of homebuyers was $67,500.
• 64% of homebuyers reported they had no children under age 18 living in the home.
• 59% of homebuyers were married couples, 21% single females, 12% single males, and 6%…