Archive for November, 2008

Destin Magazine the new copy is out

November 25, 2008
http://rs6.net/tn.jsp?e=001y4A4tU4I_cL1X1cwOxUCL29A9b-cmfk1NIy57ZdUIm0yG3bX2Y28jjorYpANZ5ao-9KTg5U0MUvW_OkCk2wPD5s68I_ihCBo_GRe0L1EtfiT6uAU6o2OPbmh2XY4fJTo
One word came to mind as I prepared this issue of Destin Magazine for press – family.
   Throughout its pages, you’ll find many articles that
will warm your heart, as they did mine. Maybe it is because I can certainly imagine the pride that Bill and Elizabeth Campbell must be feeling as their daughter, Carolyn, opens the doors to her new establishment (page 36); or that Sacred Heart’s Birth Place (where my granddaughter was born in January) is celebrating its first birthday (page 29); or how Diane Katzman discovered her jewelry-designing talent while simply spending quality time with her daughters (page 67).

   Possibly it was the poignancy I felt as I placed the photograph of Taylor Haugen on page 82 or how I could relate to a similar personal experience that George Gilbert shares in The Cedar Chest on page 38. It could be that The Perfect Meal (page 46) reminds of my lifelong quest to establish >
        Click on the cover of this issue to read more on page 17

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Is now the time to buy Foreclosures?

November 25, 2008

Is Now The Time To Buy Foreclosures?
Peter G. Miller
The past few weeks have seen breathtaking declines on stock markets worldwide. What was first described as a “correction” has now devolved into a full-fledged capital freeze. What was first called a “subprime crisis” can now be seen for what it really is, a massive financial meltdown.

Assets worth trillions of dollars have been wiped out in the past year, and it’s difficult to look at investing in stocks or property and not wonder makes sense in such troubled times.

No one knows what will happen next week much less months and years into the future. What we do know is that downturns can be both long and brutal. Japan — a nation of savers with a powerful financial sector — saw its Nikkei 225 securities index reach 38,915 on December 29, 1989. Almost 19 years later the same index went below 8,300.

In the U.S. the Dow topped 300 at the end of 1928, but it took 26 years — until 1954 — before the Dow once again finished the year above that level.

What is it that we can do? Despite what you may hear on late-night television, there are no sure-fire, guaranteed investment strategies — especially at a time when the pillars of corporate capitalism are both shaken and stirred.

But there is a future. People will eat, classes will be taught, supermarkets will open, buses will run and most people will want to live indoors — meaning that much of the economy will go on, if not precisely as before then at least in some recognizable fashion.

“America remains the economic engine of the world,” says Jim Saccacio, Chairman and CEO at RealtyTrac.com, the leading online marketplace for foreclosure properties. “We are now having tough times, and we may well have tougher times, but economic activity is not falling to zero. As we have done in the past, we will regroup, restart and get going once more. Because we have a growing population, there’s little doubt that housing and real estate will be at the heart of any effort to move forward.”

Strategies
It’s often said that some of the most successful investments have been made by going against the grain, by selling when most are buying and vice versa. There is substantial risk in such a strategy, but then there is risk in all investment decisions — and in investment decisions not made.

In the context of foreclosures, going against the grain now would mean buying while others are selling. Is there any sense to such a strategy? Not a guarantee of profits, but some lucid and reasonable case for such purchases?

The answer is yes.

The goal during in recent years has been to buy now, sell quickly and pocket capital gains. In a rising market such an investment approach is attractive but not when values are falling or stagnant. The better option in hard times is to seek capital preservation and ongoing income.

Go back to the Depression — the 1930s. People didn’t trust banks, even banks that paid interest. Forbes magazine says “T-bills got so popular that for brief periods between 1938 and 1941 they carried negative interest rates.” (See: A Brief History of Stock Fads, September 14, 1992)

Imagine that. Why would people “invest” in government securities that were certain to produce losses? Because minor declines were more tolerable than placing money in banks that might fail and wipe out entire investments.

So who made money during the Depression era? One group was those who bought selected real estate at sunken prices and simply held on. The importance of such properties was that they threw off increasing amounts of income over the long-term. No less important, capital was preserved.

What About You?
So is now the time to buy foreclosures? The answer with a caveat is yes. The caveat? Not for everyone.

The experiences of years ago suggest that going for income and long-term benefits is a logical and reasonable strategy today. Given that foreclosures are often available with significant discounts, it follows that they represent a good starting point in the search for long-term income and capital safety.

But are foreclosures right for you? There’s no universal answer because all properties, markets and investors are different; however, here are 10 core questions which can help you decide:

1. Do you have financing in hand? Speak with lenders and give them tax returns and other documents to get pre-approved for a mortgage before looking at houses. Ask about fixed-rate loans that can serve as a hedge against inflation — if rates go up you’re safe, if rates go down you can refinance.

2. How’s your local market? Is the inventory of unsold properties increasing? What percentage of homes on the local MLS have either been foreclosed or are distressed? The general rule is that the bigger the foreclosure percentage the bigger the foreclosure discount. Speak with local brokers for specifics.

3. Are new home builders discounting units in established projects? If so, that’s good news for new buyers — but bad news for previous project investors. In general terms, less new construction means more housing demand if the local population is growing.

4. What are the rental rate and vacancy trends in your community? In some situations home prices are falling but rents are going up. This is happening because while homes are cheaper, many would-be buyers can’t get financing so unit sales are dropping. At the same time the number of potential renters is expanding — in part because several million people have been foreclosed and now need to live somewhere.

5. What foreclosures are available in your area? Check the RealtyTrac listings for details. You may be surprised at the number of available properties in even the most expensive areas.

6. Can you do your own repairs? Some of your own repairs? It always pays to have good relations with licensed trade people such as plumbers, electricians, home inspectors, pest controllers and contractors. With some properties it may make sense to partner with a professional.

7. Can you afford vacancies? What about monthly losses if the rent is less than expenses? Don’t fall into a cash flow trap, make sure you have enough dollars to comfortably acquire property, fix it up and hold on over the long term.

8. Will foreclosure owners such as banks, S&Ls, credit unions, insurance companies and pensions provide financing? In some cases the answer is yes. In other words, when considering foreclosures see if purchases can be seller financed — even if the “seller” is a big institution.

9. Would it make sense to buy a foreclosure as a residence and then rent out your current home? Lenders are now instituting new rules that constrict such plans. As one example, the FHA recently introduced a buy & bail rule designed to prevent owners from buying new homes and abandoning old ones. Under the new standard you will likely need a lease, deposit and a month’s rent before you can get an FHA loan for a replacement property. The problem is that it may be impossible to meet such new requirements until the original property has actually been vacated and prepared for tenants. Look for private-sector lenders to adopt similar rules.

10. What do local laws say? New regulations in many states have been designed to prevent the abuse of those facing foreclosure. While well-intended, some of these regulations are very broad — and they include stiff penalties. Work with local brokers and attorneys to stay within the law and avoid the pitfalls and penalties created by these new state regulations.
____________________
Peter G. Miller is the author of the Common-Sense Mortgage and is syndicated in more than 100 newspapers.

 

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5594 Pine lake Crestview Florida home for sale close to Grandview estates

November 19, 2008

pine-lake-12MLS#: 492639m OfficeFile#: ListPrice: $195,000
Status: Active ApproxSF: 1,812 BG:
Address: 5594 PINE LAKE DR 5594-pine-lake-drpine-lakepine-lake-14
CRESTVIEW, FL Bedrooms: 3
Zip: 32539 Baths Full/Half: 2/
County: OKALOOSA Stories: 1
MainArea: 25 Crestview Area YearBuilt: 1989
SubArea: 04 CRESTVIEW NORTHEAST OccStat: Occupied
Subdiv: FOXWORTH ESTATES PH 1 ImmOcc?
ParcelID: 10-3N-23-098A-0000-0090 ConstrStat: ConstrCmplt
ElemSch: WALKER Middle: DAVIDSON High: CRESTVIEW
Dir: From 85 & 90 go North, turn right onto airport rd,turn right into grandview follow to end and curve to the right house is on the left on the corner.
Legal: Foxworth EST PH 1 LOT 9

——————————————————————————–
Custom All Brick in this quiet community the home sits on a corner lot. Hardwood floors in the kitchen, breakfast room, dining room and hall ways. Sky lites in both baths. Masterbath has double vanities with walk in closet, whirlpool with custom window, & seperate shower. This 3 bedroom, 2 bath has a split floor plan. Large living room with cathedral ceiling and beautiful wood burning fire place with custom angled mirror that accents the mantel. This home has beautiful landscaping, a privacy fenced back yard with a 12×24 work shop with electricity. New roof and sky lites in 2006, as well as new microwave and stove. Come see this home today. Seller pays closing cost with acceptable offer

645 Territory home for sale in Crestview Fox Valley Subdivision

November 19, 2008

Brandon Jordan | Coldwell Banker United | 850-758-1236
645 Territory Ln, Crestview, FL
Pre Foreclosure in Fox Valley subdivision 2800 sq ft home
4BR/3BA Single Family House
offered at $218,000
Year Built 2006
Sq Footage 2,800
Bedrooms 4
Bathrooms 3 full, 0 partial
Floors 1
Parking 2 Car garage
Lot Size .25 acres
HOA/Maint $0 per month

DESCRIPTION

SHORT SALE WITH APPROVAL SHOULD BE ABLE TO DO A QUICK CLOSE!!** Newer home south of I-10. This is a beautiful all brick four bedroom three bath home located in fox valley. Split open floor plan with extras like plant ledges, gas fireplace,double glass french doors which open into the Florida room. Thomas Home plan 2800 B. Standard features included trey ceiling in MB, fully-sodded lot, sprinkler system, walk-in closets, wide colonial baseboards, NAFCO tile foyer, 5/8 sheetrock in all ceilings, rounded corners in common areas, large plant ledges, pre-wired for security and surround-sound, On Q Home Wiring System, telephone jacks w/CAT 5 Wiring in all bedrooms and kitchen, cable jacks in all bedrooms, double vanities in MB, 30-yr. Dimensional Shingles, steel garage door with decorative glass, brick mailbox, insulated steel exterior doors, Over a 100 acres will be left in its natural state. Wood buffers seperate the back yards from one another no septics homes have city sewer. This is a wonderful place to call home. The location is excellent military. SHORT SALE PRE APPROVED DEAL!!!
see additional photos below
PROPERTY FEATURES

Central A/C Fireplace Walk-in closet
Family room Living room Bonus/Rec room
Office/Den Dining room Dishwasher
Stove/Oven Attic Dryer
Laundry area – inside

OTHER SPECIAL FEATURES

built in 2006 4 bedroom 3 bath
ADDITIONAL PHOTOS

Seller contact info:
Brandon Jordan
Coldwell Banker United
850-758-1236
For sale by agent/broker

powered by postlets Equal Opportunity Housing
Posted: Nov 19, 2008, 7:43am PST

1220 Northview Okaloosa county home priced to sell on this short sale

November 19, 2008
MLS#: 503321 OfficeFile#: ListPrice: $165,000
Status: Active ApproxSF: 2,085 BG:
Address: 1220 NORTHVIEW DR $/Sqft: $79.14
  CRESTVIEW, FL Bedrooms: 4
Zip: 32536 Baths Full/Half: 2/
County: OKALOOSA Stories: 1
MainArea: 25 Crestview Area YearBuilt: 2003
SubArea: 02 CRESTVIEW SOUTHWEST OccStat: Occupied
Subdiv: NORTHVIEW ESTATES 7TH ADDN ImmOcc? Y
ParcelID: 31-3N-23-2817-00A0-0170 ConstrStat: ConstrCmplt
ElemSch: ANTIOCH Middle: DAVIDSON High: CRESTVIEW
Dir: HWY 85, WEST ON PJ ADAMS, NORTH ON VILLACREST DRIVE, WEST ON NORTHVIEW DRIVE.
Legal: LOT 17A NORTHVIEW ESTATES 7TH ADDITION

Located in Northview Estates convenient to Eglin, on the south end of Crestview, South of I-10, and close to shopping. Very convenient to everything! Great Neighborhood. You can tell this home has a lot to offer as soon as you pull up to the front of this home, notice the decorated landscaped yard around the very large sago palms. The back yard has been fenced for added privacy. There is also a storage shed great for projects or the handy person. This home offers lots of extras some of which include the fully converted garage. Split bedroom floor plan with formal dining room. The living room has a beautiful fireplace with a planter ledge. Master Bedroom suite includes garden tub, separate shower, walk-in closet. Open kitchen floor plan; breakfast area is off of kitchen with extra lighting from the windows. Separate laundry room. Call today to take a look.

1220-northview

1 Courtney Ln home for sale in Crestviews Hollyrod subdivision short sale

November 19, 2008

courtney-corner

MLS#: 503286 OfficeFile#: ListPrice: $158,000
Status: Active ApproxSF: 1,776 BG:
Address: 1 COURTNEY LN $/Sqft: $88.96
  CRESTVIEW, FL Bedrooms: 3
Zip: 32539 Baths Full/Half: 2/0
County: OKALOOSA Stories: 2
MainArea: 25 Crestview Area YearBuilt: 1997
SubArea: 01 CRESTVIEW SOUTHEAST OccStat: Occupied
Subdiv: HOLLYROD PARK PH 2 ImmOcc?
ParcelID: 28-3N-23-2780-0000-0010 ConstrStat: ConstrCmplt
ElemSch: SOUTHSIDE Middle: RICHBOURG High: CRESTVIEW
Dir: 85 NORTH. RIGHT ON REDSTONE. RIGHT AT STOP SIGN ONTO BROOKMEADE. LEFT ONTO COVELL. RIGHT INTO HOLLYROD SUBDIVISIOIN. HOUSE IS FIRST ONE ON COURTNEY.
Legal: HOLLYROD II S/D LOT 1

GREAT LOCATION JUST NORTH OF I-10. CLOSE TO NEW MIDDLE SCHOOL AND ELEMENTARY SCHOOL BEING BUILT (OPENING SCHOOL YEAR 2009-2010). HOUSE IS CORNER LOT WITH LOTS OF ROOM. PRIVACY FENCED BACK YARD WITH LARGE SHED (SHED HAS POWER). ABOVE GROUND POOL TOO!! PATIO WAS RECENTLY SCREENED WITH FANS FOR THOSE HOT SOUTHERN DAYS. TWO STORY HOUSE IS ROOMY AND BOASTS LARGE CEILING IN DINING ROOM. KITCHEN HAS WINDOWS TO FRONT WITH BREAKFAST AREA. LAUNDRY AREA IS LOCATED INSIDE THE HOUSE ON BOTTOM FLOOR. MASTER BEDROOM AND MASTER BATH ON FIRST FLOOR. LARGE CLOSETS IN MASTER BEDROOM. SECOND FLOOR HAS TWO BEDROOMS, ONE BATH AND COMMON AREA GREAT FOR T.V. OR COMPUTER AREA. TILE IN ENTRY WAY, KITCHEN AND DINING ROOM. THIS IS A GREAT HOME!!

4509 Cooper lane home on corner lot with one acre and inground pool

November 19, 2008
MLS#: 498169 OfficeFile#: ListPrice: $130,500
Status: Active ApproxSF: 1,570 BG:
Address: 4509 COOPER LN $/Sqft: $83.12
  BAKER, FL Bedrooms: 3
Zip: 32564 Baths Full/Half: 2/
County: OKALOOSA Stories: 1
MainArea: 25 Crestview Area YearBuilt: 1995
SubArea: 11 HOLT OccStat: Occupied
Subdiv: HOLT ImmOcc? Y
ParcelID: 05-2N-25-0000-0012-002A ConstrStat: ConstrCmplt
ElemSch: BAKER Middle: BAKER High: BAKER
Dir: FROM I-10 TAKE CR-189 NORTH TO HIGHWAY 90; THEN HIGHWAY 90 WEST APPROX 2 MILES TO COOPER LANE. HOME ON LEFT.
Legal: COM SW COR N ALG W LINE 1846 FT E33 FT TO E R/W CO RD N3 DEG E263 FT TO POB CONT 335 FT TO S R/W U.S. 90 N65 DEG E146 FT S3 DEG W S65 DEG W146 FT TO POB LESS ACQUIRED R/W

Here is the complete package!! Country home with a fenced in 16×30 custom inground 1 year old pool that comes with automatic pool cleaner and LED lights. There is an RV hookup on the property. Home is located on the corner of Highway 90 and Cooper Lane with short travel to I-10, Baker and Crestview. Home boast the popular split bedroom floor plan. Both bathrooms offer oak cabinets, the second bath offers a skylight to bring in great lighting during the day. Dinning room has tray ceiling as well as oak chair-rail just to add that extra country touch. Kitchen offers solid oak cabinets as well with a computer desk upgrade. Large pantry off of kitchen to accomodate washer and dryer. Newer 12×12 metal storage shed conveys with property. HVAC is updated and only one year old. A basic AHS home warranty, $395 value is provided by seller at no cost to you. Many Extras and at a great price!! This quiet serene country cottage is on One full acre, and is a must see.This property is near numerous recreational activities including boating, fishing and canoeing. The property is about 30 minutes from the Gulf of Mexico and about 5 minutes from the outstanding and pristine Blackwater Forest. cooper10

cooper-lane-front1 Price now reduced

5375 Stallion Drive 10 Acres for sale in Okaloosa County Florida

November 19, 2008
Detached Single Family (Click for Virtual Tour)
MLS#: 479599 OfficeFile#: ListPrice: $115,000
Status: Active ApproxSF: 980 BG:
Address: 5375 STALLION DR $/Sqft: $117.34
  CRESTVIEW, FL Bedrooms: 2
Zip: 32539 Baths Full/Half: 1/
County: OKALOOSA Stories: 1
MainArea: 25 Crestview Area YearBuilt: 1989
SubArea: 08 E SHOAL RVR-CNTY LINE OccStat: Vacant
Subdiv: MARE CREEK ImmOcc? Y
ParcelID: 14-3N-22-0000-0001-0210 ConstrStat: ConstrCmplt
ElemSch: NORTHWOOD Middle: RICHBOURG High: CRESTVIEW
Dir: Hwy 85 N, Right onto Hwy 90 East ,left on Hibiscus,Hibiscus turns into colt, follow around curve to Stallion. Take right on stallion look for sign
Legal: S1/2 OF N1/2 OF NE1/4 OF NE1/4

10 Acres of your own private getaway! From the entrance by the road, down a winding tree-lined driveway…enjoy the wrap around drive for easy entrance and exit. Close to town yet secluded; surrounded only by 10 acre lots, in this subdivision you have plenty of privacy, yet this 10 acres sits less than 5 minutes from the I-10 285 exit. This piece of real estate is perfect for the family that loves the outdoors. Relax and feel the country on your front deck, or come inside and enjoy the cozy fireplace. This home has recent updates including new dishwasher, new stove, and a 2-year old well. New vinyl skirting, new vinyl siding and new vinyl flooring; new carpet as well high-speed DSL availability. Come by and take a look today! Watch the Virtual Tour now available. Listing Broker/Salesperson has ownership interest in the property. PROPERTY TO BE SOLD “AS IS”.

stallion3 crestview florida property for sale

Lot 29 Falcon Way Pines subdivision lot for sale

November 19, 2008

MLS#: 479605 OfficeFile#: ListPrice: $20,000
Status: Active Lot Dim.: 80X140
Address: LOT 29 FALCON WAY Acreage: 0.250
  CRESTVIEW, FL MinrlRts?
Zip: 32539 WFFeet:
County: OKALOOSA LotAcc: County Road
MainArea: 25 Crestview Area    
SubArea: 08 E SHOAL RVR-CNTY LINE Zoning: Mobile Home, Residential Single Family
Subdiv: PINES THE    
ParcelID: 24-3N-22-2460-0004-0290    
ElemSch: NORTHWOOD Middle: RICHBOURG High: CRESTVIEW
Dir: From the intersection of Highway 85 and 90, go east 9 miles to Camellia. Take a left; FALCON Way will be to your left. Look for sign on property.
Legal: THE PINES S/D Lot 29 BLK 4

Don’t miss your chance to obtain a lot in the fast-growing “The Pines” subdivision. Great place for a new home on this level lot(s) with adjoining lots available. New construction all around in this subdivision located just off Highway 90 East. Convenient to Crestview, easy commute to Eglin or Destin via Highway 285 3 miles away. Auburn Water available to “The Pines,” High speed internet now available.Seller pays all standard buyers closing cost with full price offer.

Blog Entries Tag Archives from localism

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