CondominiumsFlorida KeysResortsTimesharesVacations August 22, 2013

Timeshares in the Florida Keys

A lot of people dream about having a place in the Florida Keys that they can visit and call home. Many times, the cost of purchasing a home or condo stands in the way of this dream. A possible solution: a timeshare.

A timeshare is a property with a particular form of ownership or use rights. These properties are typically resort condominium units, in which multiple parties hold rights to use the property, and
each sharer is allotted a period of time when they may use the property. Typically, the time period is one week, and usually is set for the same time each year, although many do offer flexibility on when you can use the unit.

There are several timeshare opportunities in the Florida Keys, ranging in price from $2,000 to $95,000.  Click the link below to see the available units on the market right now.

Click here to view Florida Keys Timeshares

CondominiumsFlorida KeysResortsTimesharesVacations August 22, 2013

Timeshares in the Florida Keys

A lot of people dream about having a place in the Florida Keys that they can visit and call home. Many times, the cost of purchasing a home or condo stands in the way of this dream. A possible solution: a timeshare.

A timeshare is a property with a particular form of ownership or use rights. These properties are typically resort condominium units, in which multiple parties hold rights to use the property, and
each sharer is allotted a period of time when they may use the property. Typically, the time period is one week, and usually is set for the same time each year, although many do offer flexibility on when you can use the unit.

There are several timeshare opportunities in the Florida Keys, ranging in price from $2,000 to $95,000.  Click the link below to see the available units on the market right now.

Click here to view Florida Keys Timeshares

Biggert-Waters Actflood insuranceFlorida KeysHershoff Lupino & YagelL.L.P.NFIPRussell Yagel July 30, 2013

There is a lot of talk lately about the new changes to the National Flood Insurance Program (NFIP).

Local attorney Russell Yagel from Hershoff Lupino & Yagel, L.L.P. has been kind enough to provide this summary:

Summary of rate changes being implemented under the NFIP
Russell Yagel / Hershoff Lupino & Yagel, L.L.P. 

 

Already underway:


  • Full-risk rates now are being applied to newly purchased property, to
    property not previously insured, and to policies that are re-purchased
    after a lapse.
  • Premiums for older (pre-FIRM) non-primary
    residences in Special Flood Hazard Areas will increase by 25% annually
    until they reflect the full-risk rate.


Beginning October 2013,


  • Premiums for pre-FIRM business properties, severe repetitive loss
    properties (1–4 residences), and properties on which claims payments
    exceed fair market value will increase by 25% annually until they
    reflect the full-risk rate.
  • Routine rate revisions will include a 5% assessment to build a catastrophic reserve fund.


Anticipated late in 2014,

  • Premiums for properties affected by map changes will increase by 20% each year to reach full-risk rates.


Who won’t be affected:


  • Owners of primary residences in SFHAs (Special Flood Hazard Areas) will keep the subsidized rates
    until the home is sold; the policy is allowed to lapse; a new policy is
    purchased; or a string of severe losses is experienced.
  • Post-FIRM rates for all zone classes will be unaffected by Section 100205 of the Biggert-Waters Act.

Thank you, Russell Yagel for providing this informative summary.

To contact Russell Yagel:
Hershoff Lupino & Yagel, L.L.P.
www.tropicalaw.com
90130 Old Highway
Tavernier, Florida 33070

305-852-8440
 
 

 

Biggert-Waters Actflood insuranceFlorida KeysHershoff Lupino & YagelL.L.P.NFIPRussell Yagel July 30, 2013

There is a lot of talk lately about the new changes to the National Flood Insurance Program (NFIP).

Local attorney Russell Yagel from Hershoff Lupino & Yagel, L.L.P. has been kind enough to provide this summary:

Summary of rate changes being implemented under the NFIP
Russell Yagel / Hershoff Lupino & Yagel, L.L.P. 

 

Already underway:


  • Full-risk rates now are being applied to newly purchased property, to
    property not previously insured, and to policies that are re-purchased
    after a lapse.
  • Premiums for older (pre-FIRM) non-primary
    residences in Special Flood Hazard Areas will increase by 25% annually
    until they reflect the full-risk rate.


Beginning October 2013,


  • Premiums for pre-FIRM business properties, severe repetitive loss
    properties (1–4 residences), and properties on which claims payments
    exceed fair market value will increase by 25% annually until they
    reflect the full-risk rate.
  • Routine rate revisions will include a 5% assessment to build a catastrophic reserve fund.


Anticipated late in 2014,

  • Premiums for properties affected by map changes will increase by 20% each year to reach full-risk rates.


Who won’t be affected:


  • Owners of primary residences in SFHAs (Special Flood Hazard Areas) will keep the subsidized rates
    until the home is sold; the policy is allowed to lapse; a new policy is
    purchased; or a string of severe losses is experienced.
  • Post-FIRM rates for all zone classes will be unaffected by Section 100205 of the Biggert-Waters Act.

Thank you, Russell Yagel for providing this informative summary.

To contact Russell Yagel:
Hershoff Lupino & Yagel, L.L.P.
www.tropicalaw.com
90130 Old Highway
Tavernier, Florida 33070

305-852-8440
 
 

 

Uncategorized July 20, 2013

New Listing – Bank Owned Canal-front Home in Islamorada for $300,000

201 Nautilus Drive, Islamorada
The
home was built in 1957, and while it is in need of some repairs and
updating, the property is loaded with potential.  The right owner could
make this “diamond in the rough” really shine. 

The
property has a wide concrete dock, private boat ramp and a large
backyard with water views.  Additionally, the neighborhood has a
private, gated sandy beach directly on Florida Bay,  complete with
grills and picnic tables, making it a perfect spot for a sunset cookout.

With
a very open floor plan, the home offers a combined living and dining
area as well as an inviting Florida Room off the kitchen overlooking the
water.It has three bedrooms and three baths, providing ample room for family or guests. 

Like many homes in the Keys, this location is perfect for boating. Florida Bay is just around the corner and the Atlantic Ocean is minutes away via Channel Five. There is a large storage building, providing secured dockside
storage for all of your boating, fishing or diving gear.

Call today to start enjoying your new Florida Keys waterfront home in a great location at an unbeatable price!

Uncategorized July 20, 2013

New Listing – Bank Owned Canal-front Home in Islamorada for $300,000

201 Nautilus Drive, Islamorada
The
home was built in 1957, and while it is in need of some repairs and
updating, the property is loaded with potential.  The right owner could
make this “diamond in the rough” really shine. 

The
property has a wide concrete dock, private boat ramp and a large
backyard with water views.  Additionally, the neighborhood has a
private, gated sandy beach directly on Florida Bay,  complete with
grills and picnic tables, making it a perfect spot for a sunset cookout.

With
a very open floor plan, the home offers a combined living and dining
area as well as an inviting Florida Room off the kitchen overlooking the
water.It has three bedrooms and three baths, providing ample room for family or guests. 

Like many homes in the Keys, this location is perfect for boating. Florida Bay is just around the corner and the Atlantic Ocean is minutes away via Channel Five. There is a large storage building, providing secured dockside
storage for all of your boating, fishing or diving gear.

Call today to start enjoying your new Florida Keys waterfront home in a great location at an unbeatable price!

Fannie MaeFlorida KeysFreddie MacLender Approvalshort sales July 17, 2013

New Requirements for Short Sales in the MLS

Having an offer on a short sale listing accepted immediately after it is listed is no longer an option if it is a property that would require approval by Fannie Mae according to recently announced requirements for Fannie Mae short sales listed in a multiple listing service (MLS). Starting August 1st, each new short sale listing must maintain an “active” status for a minimum of five days; and that time-frame must include at least one weekend. Freddie Mac announced similar guidance for Freddie Mac short sales.

It’s important to remember two things: that the new rule only affects Fannie Mae and Freddie Mac short sales; and, though it directly affects sellers, it also indirectly impacts buyers’ offers.

Fannie Mae wants short sale listings to be marketed in a manner that allows the market to see the listing.  Properties Fannie Mae owns (REO listings) reflects the same philosophy since Fannie Mae won’t evaluate offers until the listing has been in the MLS and “active” for at least three days.

While an offer can be presented at any time after the property is listed, the seller cannot accept any offer until the required five-day marketing period ends. A buyer’s agent could, for example, submit an offer on the first day a home is listed. However, they there should be wording in the contract that gives the seller five days to accept the offer if the property must follow Fannie Mae or Freddie Mac’s rules.

Under Fannie Mae and Freddie Mac’s rules, the short sale property must be listed in an MLS that covers its geographic area where the property is located.  For instance, a property located in the Florida Keys must be listed with the local Florida Keys MLS.  Listing a property in the Florida Keys with the Miami-Dade MLS may not be acceptable, since the Florida Keys is not the primary geographic area for that MLS.

Fannie MaeFlorida KeysFreddie MacLender Approvalshort sales July 17, 2013

New Requirements for Short Sales in the MLS

Having an offer on a short sale listing accepted immediately after it is listed is no longer an option if it is a property that would require approval by Fannie Mae according to recently announced requirements for Fannie Mae short sales listed in a multiple listing service (MLS). Starting August 1st, each new short sale listing must maintain an “active” status for a minimum of five days; and that time-frame must include at least one weekend. Freddie Mac announced similar guidance for Freddie Mac short sales.

It’s important to remember two things: that the new rule only affects Fannie Mae and Freddie Mac short sales; and, though it directly affects sellers, it also indirectly impacts buyers’ offers.

Fannie Mae wants short sale listings to be marketed in a manner that allows the market to see the listing.  Properties Fannie Mae owns (REO listings) reflects the same philosophy since Fannie Mae won’t evaluate offers until the listing has been in the MLS and “active” for at least three days.

While an offer can be presented at any time after the property is listed, the seller cannot accept any offer until the required five-day marketing period ends. A buyer’s agent could, for example, submit an offer on the first day a home is listed. However, they there should be wording in the contract that gives the seller five days to accept the offer if the property must follow Fannie Mae or Freddie Mac’s rules.

Under Fannie Mae and Freddie Mac’s rules, the short sale property must be listed in an MLS that covers its geographic area where the property is located.  For instance, a property located in the Florida Keys must be listed with the local Florida Keys MLS.  Listing a property in the Florida Keys with the Miami-Dade MLS may not be acceptable, since the Florida Keys is not the primary geographic area for that MLS.

Biggert-Watersfemaflood insuranceflood insurance reformflood zonesFlorida KeysNFIPpre-firm July 16, 2013

Flood Insurance – What you need to know before you purchase

There’s been a lot of talk about flood insurance rates here in Monroe County, and for good reason.  On July 6, 2012, the Biggert-Waters Flood Insurance Reform Act of 2012 was signed into law. While the good news is the reauthorizing of the National Flood Insurance Program (NFIP) through
September 30, 2017, the bill brings several substantive changes to the
program, including several that alter the way premium rates are
calculated.  These changes will take effect October 1, 2013.

The two big changes owners of real estate in the Florida Keys need to be aware of are as follows:

1.) Higher premiums for buildings below base flood elevation:  FEMA has been instructed to stop giving premium discounts to properties that are below the BFE (base flood elevation), even if they were up to code when built.

2.) Pre-firm and grandfathered rates phased out: In the past, many structures were allowed to keep their original
flood-risk rating, even when conditions and improved understanding had
changed.

For instance, a home that was built pre-firm (before 1975) may have been built in accordance with the code at the time it was built, but due to a change in flood maps, it may now be considered below the BFE. This home will no longer be allowed to keep the rate-class (flood zone and building elevation relative to BFE) that applied at the time of construction.  The flood insurance for properties like this will be allowed to increase by 25% per year until they achieve the full premium rate.

If you are considering a purchase in the Florida Keys, you will want to find out what flood zone the property is in and if the home is above or below the BFE.  Ground level homes, particularly older ground level homes, should be researched thoroughly. You need to know the flood zone the property is located in and have an elevation certificate to determine what the elevation of the structure is.   Elevated homes with ground level enclosures should also be researched to determine that the whole building is above BFE.   Once you know what the flood zone and elevation is, contacting an  insurance agent for a detailed quote is essential.

Biggert-Watersfemaflood insuranceflood insurance reformflood zonesFlorida KeysNFIPpre-firm July 16, 2013

Flood Insurance – What you need to know before you purchase

There’s been a lot of talk about flood insurance rates here in Monroe County, and for good reason.  On July 6, 2012, the Biggert-Waters Flood Insurance Reform Act of 2012 was signed into law. While the good news is the reauthorizing of the National Flood Insurance Program (NFIP) through
September 30, 2017, the bill brings several substantive changes to the
program, including several that alter the way premium rates are
calculated.  These changes will take effect October 1, 2013.

The two big changes owners of real estate in the Florida Keys need to be aware of are as follows:

1.) Higher premiums for buildings below base flood elevation:  FEMA has been instructed to stop giving premium discounts to properties that are below the BFE (base flood elevation), even if they were up to code when built.

2.) Pre-firm and grandfathered rates phased out: In the past, many structures were allowed to keep their original
flood-risk rating, even when conditions and improved understanding had
changed.

For instance, a home that was built pre-firm (before 1975) may have been built in accordance with the code at the time it was built, but due to a change in flood maps, it may now be considered below the BFE. This home will no longer be allowed to keep the rate-class (flood zone and building elevation relative to BFE) that applied at the time of construction.  The flood insurance for properties like this will be allowed to increase by 25% per year until they achieve the full premium rate.

If you are considering a purchase in the Florida Keys, you will want to find out what flood zone the property is in and if the home is above or below the BFE.  Ground level homes, particularly older ground level homes, should be researched thoroughly. You need to know the flood zone the property is located in and have an elevation certificate to determine what the elevation of the structure is.   Elevated homes with ground level enclosures should also be researched to determine that the whole building is above BFE.   Once you know what the flood zone and elevation is, contacting an  insurance agent for a detailed quote is essential.