John Palmisano’s Blog

For the month of July there where 776 homes for sale in Weston. The median home is a 4 bedroom 3 bath home, with a median listing price of $479,900. Median days on market where 189.

 Closed sales where 61 in total for the month of July,2008. The median sold price was $425,000. The listing price to what the actually the home sold for was 94%. That means if your home was listed for $100,000 dollars you sold it for $94,000, which follows the National Association of Realtors statistics. The median days on the market for the month of July, 2008 where 64 days, which is not bad. That tells me that Weston is a very desirable place to live. Well if I did my math correctly then all of the homes that are for sale in Weston 8% of the available homes where sold for the month of July.

John Palmisano

Keller Williams Properties

Weston, FL

www.myfloridaagentonline.com   

Summary of Key Provisions of H.R. 3221 - The Housing Stimulus Bill (as of 7/30/08)

H.R. 3221, the “Housing and Economic Recovery Act of 2008,” passed the House on July 23, 2008, by a vote of 272-152. On Saturday, July 26, 2008, the Senate passed the bill by a vote of 72-13. The President signed the bill on July 30, 2008. The bill includes the following provisions: 

FHA Reform - including permanent FHA loan limits at the greater of $271,050 or 115% of local area median home price, capped at $625,500; streamlined processing for FHA condos; reforms to the HECM program, and reforms to the FHA manufactured housing program. The downpayment requirement on FHA loans will go up to 3.5% (from 3%). The effective date for reforms is immediate upon enactment, but the loan limits will not go into effect until the expiration of the Economic Stimulus limits (December 31, 2008). Homebuyer Tax Credit - a $7500 tax credit that would be would be available for any qualified purchase between April 8, 2008 and June 30, 2009. The credit is repayable over 15 years (making it, in effect, an interest free loan). FHA foreclosure rescue - development of a refinance program for homebuyers with problematic subprime loans. Lenders would write down qualified mortgages to 85% of the current appraised value and qualified borrowers would get a new FHA 30-year fixed mortgage at 90% of appraised value. Borrowers would have to share 50% of all future appreciation with FHA. The loan limit for this program is $550,440 nationwide. Program is effective on October 1, 2008. Seller-funded downpayment assistance programs - codifies existing FHA proposal to prohibit the use of downpayment assistance programs funded by those who have a financial interest in the sale; does not prohibit other assistance programs provided by nonprofits funded by other sources, churches, employers, or family members. This prohibition does not go into effect until October 1, 2008. VA loan limits - temporarily increases the VA home loan guarantee loan limits to the same level as the Economic Stimulus limits through December 31, 2008. Risk-based pricing - puts a moratorium on FHA using risk-based pricing for one year. This provision is effective from October 1, 2008 through September 30, 2009. GSE Stabilization - includes language proposed by the Treasury Department to authorize Treasury to make loans to and buy stock from the GSEs to make sure that Freddie Mac and Fannie Mae could not fail. Mortgage Revenue Bond Authority - authorizes $10 billion in mortgage revenue bonds for refinancing subprime mortgages. National Affordable Housing Trust Fund - Develops a Trust Fund funded by a percentage of profits from the GSEs. In its first years, the Trust Fund would cover costs of any defaulted loans in FHA foreclosure program. In out years, the Trust Fund would be used for the development of affordable housing. CDBG Funding - Provides $4 billion in neighborhood revitalization funds for communities to purchase foreclosed homes. LIHTC - Modernizes the Low Income Housing Tax Credit program to make it more efficient. Loan Originator Requirements - Strengthens the existing state-run nationwide mortgage originator licensing and registration system (and requires a parallel HUD system for states that fail to participate). Federal bank regulators will establish a parallel registration system for FDIC-insured banks. The purpose is to prevent fraud and require minimum licensing and education requirements. The bill exempts those who only perform real estate brokerage activities and are licensed or registered by a state, unless they are compensated by a lender, mortgage broker, or other loan originator.
For more information, visit http://www.realtor.org/governmentaffairs.

National Association of REALTORS®

June 2008 in Weston there where 791 homes for sale and 88 homes that closed. The average days on market was 103.65 days. That was for an average selling price of $447.662 or the SP/SQFT of $179.00.

John Palmisano-Realtor

Keller Williams Realty

Weston, FL 33326

www.myfloridaagentonline.com

WHAT IS WESTON?

The City of Weston is located on Florida’s southeast coast, in western Broward County.

Weston is a suburb of Fort Lauderdale, located 25 miles west of Fort Lauderdale beach and 31 miles north of downtown Miami.  Weston is a bedroom community, that is located near some of the finer attractions that the “bigger” cities provide, yet it is able to maintain a home-town feel that so many people enjoy.  If the “big” city is not what you want, many fine dining and shopping opportunities exist within the city limits, making it possible to never really have to leave to find what you are looking for.  Weston truly has it all. 

Built to give Weston a “home-town” feel, Weston Town Center provides shopping and dinning for many residents and non-residents alike.  There are activities organized there all year long, such as multi-cultural events, a 4^th of July parade, and Halloween trick-or-treating.  Adults can find their fill of night life and dining, while kids can enjoy family-style meals with their parents and friends.  Small stores and boutiques line the streets of Town Center, with many residents becoming loyal followers to Weston owned and runned businesses.

Many residents have flocked to Weston because of its park-like atmosphere, its focus on family living, and its priorities toward children and schools.

All the schools in Weston have maintained an A+ rating over the past 5 years.  There is a huge amount of community and family involvement in all of them, and they consistently produce some of the best FCAT scores in the county and the state. Children also have the opportunity to enjoy the many parks and recreational opportunities, as well as the educational and entertainment events held throughout the city all year long.  Whether it is watching a movie under the stars in the park, joining an athletic team, hearing a philharmonic play, or visiting the local library, children never have to go far from home to participate, and many of the events are appropriate for the entire family.  There is a sense in Weston that children belong to the community, and there is a genuine sense of caring for the welfare of all children.

Weston was named one of the 25 most affordable suburbs in the United States by BusinessWeek.com.

According to the US Census in 2006, Weston had the lowest poverty rate in 2005, just over 1%, among US cities with a population of more than 65,000.

In 2007, CityTownInfo.com rated Weston as being a top city for college educated adults.

Once you have experienced the City of Weston, you will have to agree, it is a wonderful choice for families.  With all there is to experience, it is worth the time to explore.  So relax and enjoy, you will be glad that you did!

John Palmisano-Realtor

Keller Williams Properties

Weston, Fl 33326

754-245-1404

Welcome to John Palmisano’s Blog! This blog will provide you with valuable information, tips, and general insight into the real estate market in Weston.