The Veritas Real Estate Group, Inc.

Fort Lauderdale is known as the "Venice of the Americas" due to its extensive network of canals, many of which eventually lead to the Atlantic Ocean via the Intracoastal Waterway. This waterway runs from Miami to Maine and consists of inland rivers, the Chesapeake Bay and, in South Florida, a man-made deepwater canal.

Originally built to allow protected shipping during war times it is approximately 1 1/2 blocks west of the beaches and is a bonanza for local boaters. Various canals intersect the Intracoastal which, in turn, in this area leads into the ocean at Port Everglades and Lighthouse Point. Many of these canals are deep water with no fixed bridges so one can see beautiful yachts berthed in front of homes which are a good distance from the ocean. Great life for boat owners.

To sweeten the pot, the State of Florida just passed a new law that caps Florida's tax on boat sales at $18,000. The change goes into effect on July 1, 2010.

So, come on down and buy a canal-front home and cruise the high seas whenever the urge hits you. Scuba divers can buy smaller boats and go diving over our natural coral reefs anytime they like. Paradise!

Here in this part of Broward County we have approximately a 15 mile wide strip of land between the beaches and the Everglades. About 1 1/2 blocks west of the ocean we have the Intracoastal Waterway. Crossing the waterway to get to and from the beach area usually requires a drawbridge and because of this, it is typically the roadways that are named boulevards that go from the beach, over the intracoastal and to the western boundary of the county that ends at the Everglades. So to get directly to a beach from most living areas around Fort Lauderdale someone will usually find themselves on Atlantic Boulevard, Commercial Boulevard, Oakland Park Boulevard or Sunrise Boulevard. There is a public beach and parking at the beach end of each of these roadways.

Now that you have the overview, turn on your speakers and take a couple of minutes to look at my video.

http://www.youtube.com/watch?v=HYAk2GcX6eI

An article in the Sun Sentinel this morning states that there is an increase in the number of scuba divers booking dives here in South Florida.

The writer speculated that these are probably divers who are coming here instead of going to the Florida Panhandle or the Florida Keys where the diving might be affected by the oil or rumors of oil.

I am a diver and the diving is good here. We have natural coral reefs right off of our beaches and the cities have sunk wrecks in various spots to create artificial reefs. Lots of the diving here is drift diving. The captain will drop you off at a spot and then you and your dive buddy drift over the reef, letting the current move you along. When you surface after 45 minutes or so, the boat is there to pick you up. You dive with flags on buoys, so the captain can track the progress of the divers.

Lots of fish, turtles and nurse sharks. The coral tends to be a little bleached out around here, but it is still great to jump in.

Come on down!

If you are buying a home it is probably a good idea to speak to your real estate agent about a home warranty policy. Some offices will recommend a particular company that provides good service in that area. Coverage usually includes appliances and costs $250-$400 per year. Coverage for central air and major plumbing problems can be added at an additional fee. Typically if they cannot fix it and there are no spare parts being sold, the company will replace the appliance.

I had a policy in New Jersey, and unfortunately I don't remember who it was with, but my dishwasher was broken and my model had been discontinued and so I got a brand new dishwasher.

To see reviews of various policies you can go the following link:

http://www.homewarrantyreviews.com/

On July 1, 2010 Florida becomes the tenth state to add state-wide red light cameras to its roster of law enforcement tools. Sixteen other states allow the cameras in certain areas. The fine in Florida is $158 per offense, no traffic points. Click on the link to see  state-by-state fines.

http://www.iihs.org/laws/automated_enforcement.aspx#WY

The cities say it is a way to save lives but the money they receive can help replenish town coffers that have seen revenue slip away due to the depreciating property values.

It is yet to be seen if drivers slamming on the brakes at camera intersections will cause more accidents than they prevent.

On June 1, 2010 Governor Crist signed a bill, SB 1196,  which enhances condo and homeowner associations rights. Some of the highlights include:

    Lenders are required to pay 12 months worth of back fees or 1% of the mortgage value when they take possession of a property through foreclosure or deed in lieu of foreclosure. This amount was previously limited to 6 months.

    Associations can collect rent directly from tenants whose property owners are delinquent in their mortgage payments.

    Condo owners who are 90 days or more behind in their maintenance fees can now be banned from using the non-essential common areas like pools and clubhouses.

    Homeowner associations can now place a lien on property when the amount of fines exceed $1,000.

Did you know that your real estate closing may be delayed if there is a named storm in the area on your day of closing? It's true. If you are financing your purchase of a single family home, the hazard insurance companies will not issue a policy if there is a named storm in the area. If you are buying a condo, it's not a problem because the condo common areas are already insured and if you are paying cash, it's not a problem because you can ask that the start date for your insurance be pushed later in time after the storm passes. But the lenders require a hazard policy be in place at the time of closing and a financed deal on a stand-alone property might be delayed. The hazard insurance companies don't want to issue a homeowner's policy at 10AM and have the roof blow off at noon.

So be prepared for the unexpected June 1-Nov30 and go with the flow. Chill out, relax, you're in the tropics, man.

Anyone who has lender financing will be required to have a homeowners hazard insurance policy if you are buying a single family home. If you are buying a condo the condo maintenance fees cover the insurance for the common areas and the individual condo association has the option to enforce the state requirement that inside unit walls and flooring are covered. Personal contents do not have to be insured.

Here in Broward County if the property is located east of I-95 the lender will require wind insurance and the premium will increase the closer the property is to the ocean. Properties located west of I-95 are covered for wind by their homeowners policy.

Most of Broward County is in a flood zone so that the lender will also require nationally subsidized flood insurance if your property is located in a flood zone area. Earthquake insurance is not needed here.

Click on the link to see a list of the top 200 insurance providers for the state of Florida http://www.floir.com/pdf/Top2002008.pdf.

Florida is a terrific place to live but you must be careful if you have small children or pets. Many of the homes here have pools or they are situated on lakes or canals. Florida leads the nation in the number of annual  drownings and Broward County has the most drownings in Florida. We pay a price for being known as the "Venice of the Americas".

If you have a pool it is recommended that you install a pool safety fence that will prevent a toddler from slipping outside and falling in the pool. Do an internet search for "pool safety fence" and you should come up with a lot of links.

It is also recommended that children start taking swimming lessons at a very young age so that they can help protect themselves if they accidently fall in. You can do an internet search for "infant swimming lessons" and get a pageful of links.

In addition to the concerns we share for the children, many of our pets are prone to seizures and if they are outside they can also fall into the ungated pool during a seizure and drown. Likewise, if there are no stairs to help them climb out they could tread water for hours if you are not home and drown from exhaustion. You can search the internet for "pool pet stairs" to get links to products that you can buy to help our hairy little friends.

So enjoy the warm weather and cool off in the pool but take simple precautions to keep all the members of your family safe.

Do not let the lack of funds keep you from hiring an attorney to help you fight a pending foreclosure. Here in Broward County, Florida the county has a hot line for families and individuals needing assistance in health and human services. Dial 211 and you will enter the gateway where you can request to speak to an attorney about your housing problems. The attorneys work pro bono, meaning there is no charge to the homeowner.

One of the reasons you want to make sure that you have an attorney working with you is that they know what papers to file to either delay the process (foreclosures can take over two years here in Broward) or to prevent the foreclosure from ever happening.

Earlier this year the Florida Supreme Court ruled that a lender could not go to court to file  a petition to foreclose unless they could provide evidence of the original note, which is the borrower's IOU. The note is not recorded in public records the way it is for the mortgage document.

If a consumer walks into XYZ lender and they fund the loan, chances are very high that the lender sells that mortgage and note to an investor. This is called an assignment and the assignment documents should be recorded. If the note was sold to Fannie Mae or Freddie Mac chances are good that the documents were recorded. However, many of these documents were sold to other types of investors and the original note may not be retrievable and the various assignments may never have been recorded.

You can go to fanniemae.com and freddiemac.com and enter your property address and the site will tell you whether or not they own the mortgage and note. If they don't it is very possible original documents are lost. And for all I know, they may be lost even if those two giants now own the mortgage.

Now I am not an attorney but the recent Florida Supreme Court ruling leads me to believe that you may be able to live in your home without paying for your loan. You will need to pay property tax, association fees and you probably want to keep your hazard insurance, but if these companies have not done their due deligence and crossed their t's and dotted their i's you might be off the hook.

Talk to an attorney who specializes in foreclosure defense.

The State of Florida has created a new website, http://floridagulfrecoveryjobs.com that is currently listing more than 4,000 positions related to the recovery efforts. Some of these positions may require training and most of them listed now are in the Florida Panhandle area on the Gulf.

While you are on the site you can also take a minute to search for other non-oil-related Florida jobs that might interest you. Who knows? You might find something that is perfect for you.

Florida properties are appraised by the county  January 1 of every year and a tax lien is placed on the property. This tax amount does not become public information until the tax bills are sent out the first week of November. Interestingly, the taxes are not due until March 31 of the following year. That is why we say that properties taxes are paid in arrears. If you pay early, you get a discount; 4% in November, 3% in December, 2% in January and 1% off in February. If you have a mortgage loan in which a portion of the property tax is included in every monthly payment, the loan servicer is responsible for paying the tax in November so that the homeowner receives the maximum 4% deduction.

Remember that if you paid cash when you purchased your home or you chose not to have the property tax included in your monthly mortgage payment, try to pay your bill in November so that you receive the maximum discount.

Cash is king when it comes to buying foreclosures and the cash buyers can offer less than the financing buyers and still seal the deal. Here in South Florida, however, it is very difficult to obtain financing for condos, so almost everyone is paying cash. Lots of investors have lots of cash to spend and everyone is looking for a "steal". Consequently, you need to assume that your offer is your highest and best offer. Some lenders will negotiate and some will come back to the offers on the table and ask the Realtors to submit the highest and best. That said, many will not and will simply accept the best offer submitted. If you like a property, don't wait too long. Many (most) of the foreclosures I have seen lately are off the market in a week or two. The lenders are flooded with inventory and want the properties off their books.

Great time to buy and investment property expenses give you a nice tax deduction. The prices are so low now that you have to assume they will appreciate in value. Another plus for the savy investor.

Go get 'em!

Once again I have resolved to keep this blog updated on a regular basis. I will be presenting my views of the real estate market here in South Florida as well as news concerning tax changes, solar energy, oil on the beaches, legislative changes and anything else that I think would be interesting to the real estate buying public.

First thing on my list is to let everyone know that Fort Lauderdale is on the east coast of Florida and borders the  Atlantic Ocean and NOT the Gulf of Mexico. Our beaches are clean and beautiful. I will let you know if any tar balls appear on our coast but I believe the expectation is that the oil will be well dispersed if it loops around the Keys and starts to travel up the east coast. Of course, no one knows for sure at this point.

Secondly, hurricane season started June 1. The old analog portable televisions that lots of us own for emergencies will no longer work. You will need to go out and purchase digital portable, battery-operated TVs. If you like to shop online, Amazon.com has one for under $100. I believe Target.com also has an inexpensive one listed and I am sure an internet search will turn up other sites.

Lastly, if you are looking to snatch up some foreclosure properties at great prices, give me a call. Many of these are in terrific shape and are going for rock bottom prices. Two or three bedroom condos in really good shape for less than $60,000 are available. These are not ocean front properties, however. Those kept their value and are not selling that low. But let me know if I can help and stay tuned for more info. In the near future you will be able to subscribe to this blog as a RSS feed, but first I have to figure out how to set it up.

Have a great day in South Florida.