How to File a Complaint with DBPR for UNLICENSED Activity

1. Go to www.state.fl.us/dbpr

2. Click on "unlicensed activity" on the right-hand side of the screen

3. Select appropriate link for filing a complaint on page that will next appear titled, "It's a Crime What Some People Will Do".

4. For assistance, DBPR Customer Contact Center phone # is 850-487-1395. Press voice prompt #1, then press voice prompt # 3. Next press voice prompt #2 to report unlicensed activity, and lastly voice prompt #1.

High-rise speculators likely in for a fall

Market has peaked, causing problems for condo markets in Miami and West Palm, experts say.

BY Paul Owers
South Florida Sun-Sentinel
Posted January 28 2006


If you're buying a single-family home or condominium, plan to live in it long term because the days of making fast cash in real estate are over, industry experts said Friday.

"Everybody can't be Donald Trump," said Henry Fishkind, an Orlando economist who spoke at an Urban Land Institute seminar at the Seminole Hard Rock Hotel & Casino in Hollywood. "I'd be cautious right now.

"Fishkind and other analysts agree that the housing sector has peaked and predicted problems for the condominium markets in West Palm Beach and Miami, where thousands of units are expected in the next few years.

The condo market in Fort Lauderdale is in better shape, mostly because of restrictions on supply imposed by the city, analysts said.

In Miami-Dade, more than 71,500 units are built or planned, Miami real estate consultant Jack Winston said, adding that only 9,100 units were completed countywide in the past 10 years. He did not release figures for Broward or Palm Beach counties.

Some small banks will be in trouble because they've loaned money to condo developers who won't follow through on building plans as the market softens, analysts said Friday. They think falling land prices are inevitable during the next year.

Likewise, real estate speculators will take hits if supply continues to outpace demand, hurting their ability to resell or rent units. Already, agents are reporting price reductions in some condo resales.

"Miami is ground zero for the housing bubble," Winston said. "It's going to be severe in Miami, and it's going to be problematic in West Palm. We've built too many units compared to the projections for real users.

"More than 6,000 units are coming to West Palm Beach, mostly in the downtown corridor, officials have said. But unlike Miami, West Palm can't count on a large contingent of international buyers to scoop up condos, Winston said.

Developers point to the growing numbers of young professionals who want to live in downtown condos, Winston said. "The problem is, while they are an emerging market ... they can't afford the product," he said.

Mortgage rates could climb above 7 percent this year -- which would be enough to slow housing growth but not enough to cause markets to crash, Fishkind said.

Converting apartments to condos was one of the industry's hottest trends in 2005, but it will slow somewhat throughout South Florida this year, Deerfield Beach consultant Jack McCabe said. As a result, condo converters will head to other areas, such as Tampa, Orlando and Jacksonville.

The cost and scarcity of building supplies, particularly cement, will continue to affect development for a third consecutive year in 2006, said Ken Simonson, chief economist for the Associated General Contractors of America.

Simonson is more optimistic about the national housing market than other experts, saying he expects no more than a minor decline of 1 percent to 3 percent in 2006.

What do you think of Realtors?

Public opinion of Realtors has reached an all-time high for the third straight year, according to an annual tracking survey conducted by the National Association of Realtors (NAR) to measure the effectiveness of its multimillion-dollar public awareness campaign, now in its eighth season.

Of the consumers surveyed, 79 percent say Realtors have the best network of sources to help buyers and sellers: 73 percent consider Realtors professional; 69 percent say Realtors conduct business with ethics and integrity; and 68 percent say Realtors "get the job done properly."

The survey found some of the consumer beliefs and opinions that improve the most over the past 12 months: "Realtors bring the latest technology to buying and selling a home" (up 4 points to 64 percent); "Realtors earn their commission" (up 6 points to 50 percent) and "Realtors advocate private property rights of homeowners" (up 12 points to 54 percent).

Rates on 30-year mortgages edge higher

WASHINGTON -- Jan. 27, 2006 -- Rates on 30-year mortgages, after falling for six straight weeks, edged up slightly this week as investors anticipated another rate hike from the Federal Reserve, according to a national survey released Thursday.

Affordable Housing in South Florida?

It is essential for Realtors to realize the true meaning of the housing crisis experienced by both, home buyers and sellers. It's no mystery that the median home price in both Broward and Miami-Dade County is about $350,000 skyrocketing at an alarming 30% these past couple of years. That's fantastic news for those homeowners that either owned there homes for some time or those that jumped on the band wagon early on. On the other hand, it's made things extremely difficult for the working class to afford to own their own home where they've worked and lived for years. Median income is hovering around $45,000 which would only qualify a potential homebuyer for a loan of about $200,000. This gap is something that needs to be addressed, and soon if we are to strengthen the very fiber of our economy. How is it that we can stand by and do nothing to help.

Realtors and Lenders have felt the impact this issue has created and some have stepped up to the plate to create the solution. It is no longer acceptable for professionals in the Real Estate industry to simply go about doing business in the traditional sense of the word.

Yes, there is a Housing Crisis and it's not pertaining to inventory. There are plenty of new homes being built every day in South Florida. The true crisis is in creating the funds necessary to narrow the gap. First time home buyers are especially affected. They are either beginning to establish their credit or just don't have that hefty down payment that will have their offer accepted. They might qualify for 100% financing, but get turned down by the Seller because some investor with deep pockets has offered to pay cash, and in some cases, has paid above the asking price. There are solutions!

First Time Homebuyer Program

Bonds are issued under the Single Family Mortgage Revenue Bond Program and uses the bond proceeds to originate 30-year mortgage loans through its First Time Homebuyer Program. At press time, the interest rate on these loans 5.49 percent for some community workers.

Grants & Subsidies

Did you know that you can obtain up to $80,000 in grants and subsidies offered below market interest rates that you might not need to even make a payment on. This money instantly creates a more feasible scenario. There are a number of ways that funds can be made available to those who qualify (primarily first time home buyers), it's just a matter of knowing where to go or what to do.

Mortgage Credit Certificate Program

The Mortgage Credit Certificate Program allows home buyers to claim a tax credit for some portion of the mortgage interest they pay per year. It's a dollar-for-dollar reduction against their federal tax liability. An MCC may be issued to home buyers at tax credit rates varying from 10 to 50 percent, based on the mortgage interest paid per year and capped at $2000 annually.

Down Payment Assistance Program

Funds for down payment assistance and closing costs are often provided inconjunction with the First Time Homebuyer Program through the Homeownership Assistance Program (HAP), the Home Investment partnerships Program, the homeownership Assistance for Moderate Income (HAM) Program and the Three Percent Cash Assistance Program.

Fannie Mae's My Community Program

Fannie Mae's Community Lending mortgage products and options are designed to help borrowers overcome the two primary barriers to homeownership: lack of down payment funds and qualifying income.

Employer Assisted housing

Employer-Assisted Housing (EAH) is an employee benefit that can be used with any Fannie Mae mortgage product. Employers can offer an EAH benefit to meet one or more of the following goals:

recruitment
retention
revitalization
return to the bottom line
recognition for the company

The most common benefits are grants, forgivable loans, deferred or repayable loans, matched savings, interest-rate buydowns, shared appreciation, and home-buyer education (provided by an employer-funded counseling agency).

These are just a few ways to better assist a potential homebuyer realize their American Dream. I will do my best to keep you up to speed on what new programs develop.