Gate's Blog

Lakeland Art Festival

Gate Arty (Gate Arty & the Group - Keller Williams Realty) — Fri, 05 Sep 2008 09:27:39 -0500

If you still have a taste for Downtown Lakeland after the festivities of First Friday, go to the Lakeland Art Festival on September 6th & 7th. J Rowan Galleries will be hosting the event. It will be held on South Kentucky Avenue between Main Street & Lemon Street. Event hours will be 10 am to 5 pm.

Don't forget to visit Central Florida's premier real estate website at www.GateArty.com for all your real estate needs!

100% Financing options?

Gate Arty (Gate Arty & the Group - Keller Williams Realty) — Thu, 04 Sep 2008 20:10:23 -0500

With the mortgage & lending industries further tightening their lending requirements & guidelines, it is becoming increasingly difficult for home buyers to qualify for homes. Are there still low down payment options available? The USDA / Rural Development program is certainly a very viable option for certain buyers in certain areas. The advantages of a USDA loan are:

No down payment & 100% financing
Loan not limited by contract amount
No PMI
No need for "seasoned funds"
No maximum purchase price
Not limited to first-time buyers

The property does have to be in an area that qualifies as rural. To check if a property qualifies, click: USDA.

Don't forget to visit Central Florida's premier real estate website at www.GateArty.com for all your real estate needs!

Housing Stimulis Tax Credit

Gate Arty (Gate Arty & the Group - Keller Williams Realty) — Thu, 04 Sep 2008 20:07:50 -0500

A major component of the recent housing stimulis legislation was the temporary first-time home buyer tax credit. According to Census data, first-time home buyers constitute about 40 percent of all buyers. It is thought that the tax credit will stimulate home buying & selling, reduce the amount of inventory in the housing market, and as a result bolster the economy. This incentive is temporary, however. The temporary tax credit is good for a home purchased on or after April 9, 2008 and before July 1, 2009. Buyers can take the tax credit in their 2008 or 2009 tax return. If you purchased the home in 2008, the tax credit is taken on your 2008 tax return. If you buy in 2009, you have the option of taking the credit on your 2008 or 2009 tax returns.

Here's how it works:

The new law authorizes a temporary $7,500 tax credit for qualified first-time home buyers for the purchase of any home.

A first-time home buyer is defined as a buyer who has not owned a home during the past three years.
Single taxpayers with modified adjusted gross incomes of up to $75,000 are eligible to take the full credit. For married couples filing a joint return, the income limit doubles to $150,000.
Single taxpayers earning between $75,000 and $95,000 can claim a partial credit of less than $7,500 while the phase-out for married couples ends for those earning above $170,000.
Since the tax credit is refundable, it means that the home buyer can claim the credit even if they owe little or no federal income taxes. In other words, the government would write you a check. For example, if a home buyer owes the federal government $2,500 in federal taxes and qualifies for the $7,500 home buyer tax credit, the taxpayer would receive a $5,000 refund check from the IRS ($7,500 minus the $2,500 owed).
To reduce the cost to the federal Treasury, Congress has mandated that the tax credit essentially serves as an interest-free loan to be repaid over 15 years. For example, a home buyer claiming a $7,500 credit would repay the credit at $500 per year. If the home owner sold the home, then the remaining credit amount would be due from the profit on the home sale. If there was insufficient profit, then the remaining credit payback would be forgiven.

Don't forget to visit Central Florida's premier real estate website at www.GateArty.com for all your real estate needs!

Real Estate Foreclosure Opportunities

Gate Arty (Gate Arty & the Group - Keller Williams Realty) — Thu, 04 Sep 2008 20:04:48 -0500

A turbulent real estate market has presented opportunity for local investors. Polk County has never had as many real estate foreclosures as our present day market. In June alone there were 815 foreclosures. In June of 2007, there were only 381 filings . . . a whopping 114% increase! In all of 2007, there were 5132 foreclosures. Thru June there have already been 4,481.

So what of this opportunity? Buyers, specifically investors, have a treasure trove of real estate inventory to select from. Banks are not in the business of owning real estate. Once a property is foreclosed & in their ownership they will either sell the property at auction, or typically secure the services of a REALTOR to sell the property. It is wise to consult with a REALTOR adept at handling foreclosures, known in the real estate profession as REO (real estate owned) properties. Typically these REALTORS work with several banks & are often the first to know about a property before it even hits the multiple listing service (MLS) database. Working with a REO professional could give you insight on market conditions, incoming inventory, potential resale values, & financing options on rehab properties.

Don't forget to visit Central Florida's premier real estate website at www.GateArty.com for all your real estate needs!

Insurance NOW

Gate Arty (Gate Arty & the Group - Keller Williams Realty) — Thu, 04 Sep 2008 19:55:22 -0500

Experience has shown me that many prospective home buyers shop for homes during the summer months for a variety of reasons. First off, there is more time. Many people take vacation time during the summer months. Other "snowbird" retirees elect to buy a summer home during their regular time here in sunny Florida. More often than not however, the reason involves children. Many parents have told me that they would prefer buying during the summer so they will not have to uproot & disrupt their children's school year midway, in the event that a change of school is necessary.

One important thing (especially in Florida) to consider if you are buying during the summer is HURRICANE SEASON! For buyers who have identified a home and are in the closing process, thoughts of mortgages, inspections, & moving dominate. Another important item to consider is binding your homeowner's insurance policy. One can not close on a purchase transaction without binding insurance coverage if there is a mortgage attached to the transaction. At many points during the hurricane season, writing & binding policies is suspended, however. This can & will delay your closing.

There are two ways insurance companies determine when to temporarily suspend issuing new coverage:

1. When the National Hurricane Center issues a tropical storm or hurricane watch or warning.

2. When a tropical storm or hurricane enters a company's "storm box." A storm box is literally a box drawn on a map around a large geographical area. When a name storm enters that "imaginary box," policies are no longer written or bound until the threat of said storm has passed.

There can be delays in real estate closings when availability of insurance coverage is suspended. This is unfortunate, but suspensions only span a couple of days, unless there has been a major hurricane landfall, and then the delay could be longer. When a company suspends binding privileges it only affects those people who don't already have insurance. If you are in the midst of a closing & have already secured insurance, your closing will not be delayed.

In the event a real estate closings are delayed, the properties are still, of course, insured. If it is a new home, it is still covered by the "builder's risk insurance." A re-sale property theoretically would still be insured by the current owner.

Don't forget to visit Central Florida's premier real estate website at www.GateArty.com for all your real estate needs!

Lakeland's USA International Speedway SOLD!

Gate Arty (Gate Arty & the Group - Keller Williams Realty) — Thu, 04 Sep 2008 19:46:28 -0500

Polk County's many avid NASCAR fans are mourning the loss of an important institution.The USA International Speedway, located at 3401 Old Polk City Road, has closed its doors after its final race On August 2nd and is now under new ownership. The site was previously owned by Bob Brooks, the founder of Hooters restaurants who died in July of 2006. The facility first opened in 1971 with a quarter-mile track under the name Lakeland Interstate Speedway. It was sold in 1995, and has operated as USA International Speedway since. The paved oval stock-car track is nationally renowned as a popular testing spot for NASCAR teams.

Higgenbotham Auctioneers held an Absolute Auction on August 9th where everything was up for sale. All things automotive were sold including equipment, cars, grandstands, pictures, compressors, transmissions, etc. . . . .everything!

The 47-acre tract fronts on Interstate 4, and studies have shown that the North Lakeland site is said to have access to more than 8.5 million people within a 100-mile radius. The new owners are Rockefeller Group Development Corporation and they have acquired approximately113 acres (thus far) of the land off Interstate 4's exit 38 in Lakeland. The Manhattan-based company hopes to attract a commercial tenant. Rockefeller has plans to build an industrial park on the site with more than 1 million square feet in distribution space. The park would be targeted at large-scale tenants. Construction is scheduled to begin in the first quarter of 2009.

The sale does not include Lakeland Motorsports Park located adjacent to USA International Speedway. That facility, which includes a drag strip and mudbogging pit, is owned by Roy Spiker of Lakeland. Business will continue as usual at that location.

Don't forget to visit Central Florida's premier real estate website at www.GateArty.com for all your real estate needs!

Council approves CSX project

Gate Arty (Gate Arty & the Group - Keller Williams Realty) — Thu, 04 Sep 2008 19:35:40 -0500

The Central Florida Regional Planning Council voted 10-1 to approve the controversial development of a proposed 318-acre rail terminal site in southern Winter Haven. The terminal will be built on a 1,248-acre site. After the terminal is built, the plan is to build a major distribution center and office park Lakeland City Commissioner, Howard Wiggs, who serves on the planning council board, cast the lone dissenting vote. This approval has been forwarded to the City of Winter Haven. The project will be spearheaded by CSX subsidiary, Evansville Western Railway.

Minutes before the vote, Commissioner Wiggs made a motion that the vote be delayed for at least six months. At that point, the Florida Department of Transportation would have completed a study on rail routes. The hope would be that alternatives to routing trains through downtown Lakeland could be identified. The motion for delay failed.

The Winter Haven Planning Commission will hear the development proposal on Sept. 24 and the City Commission is scheduled to take action Oct. 29.

Don't forget to visit Central Florida's premier real estate website at www.GateArty.com for all your real estate needs!

Market Update - July Real Estate Sales

Gate Arty (Gate Arty & the Group - Keller Williams Realty) — Thu, 04 Sep 2008 15:56:54 -0500

The MidFlorida MLS reports that the Lakeland Association of Realtors closed 164 homes & the East Polk board reported 120 sales in June. Overall there were 284 homes sold in Polk, up from 282 homes last month. A year ago in June 2007 there were 275 homes sold, so the news should be reported that Polk sales are up from last year!

The average list price in Lakeland decreased to $180,303 from $183,672 last month, and the average sales price decreased to $169,351 from $171,773 last month. The average days on the market increased to 134 from 124 last month. In East Polk, the average list price decreased to $147,019 from $165,987 last month. The average sales price dropped to $136,876 from $153,489 last month. The average days on market decreased to 151 from 155 a month earlier.

What price categories sold last month? In Lakeland the majority of sales occurred in the $140,000-$159,999 price range, which represented 11.59% of all sales (19 units). Both the ranges of $120,000 - $139,9999 price range and $160,000 - $179,999 represented 10.37% of sales, or 17 units sold. The upper end market remained sluggish, with only one home selling for over $800,000 and 13 homes selling for over $350,000 (last month 11 homes sold for more than $350k).

In East Polk there were 18 sales in the $120,000 - $139,999 price range, which represented 15.00% of total sales. The second most popular category was $140,000-$159,999, which represented 12.50% of the market (15 sales). The upper end also was sluggish, with only 2 homes selling for over $350,000, down from 6 last month.

Foreclosures continued to dominate Polk County and we haven't seen much sign of a significant slow down. In July there were 755 foreclosures, down from the record setting number of 888 foreclosures in June. If you consider that all of Polk County sold 284 homes last month, and there were 4,706 Lis Pendens filed so far for the year . . . . WOW! Just to put things in a bit of perspective, however, Hillsborough County had 1,767 Lis Pendens filed. This was up from 1,659 the prior month. Short Sales (Pre-Foreclosures) & other distressed sales will continue to dominate this market for some time.

Don't forget to visit Central Florida's premier real estate website at www.GateArty.com for all your real estate needs!

Foreclosure vs. Short Sale

Gate Arty (Gate Arty & the Group - Keller Williams Realty) — Thu, 04 Sep 2008 15:54:07 -0500

What follows is a brief synopsis of the differences between a FORECLOSURE and a SHORT SALE and their affects on certain issues.

Fannie Mae Loan: A homeowner who loses a home to foreclosure is ineligible for a Fannie Mae backed mortgage for a period of 5 years. Homeowners who successfully negotiate & close a short sale will be eligible for A Fannie Mae backed mortgage after only 2 years. For investors that allow a property to go to foreclosure, a Fannie Mae backed investment mortgage will be unattainable for 7 years!

On any future 1003 application, a prospective borrower will have to answer "YES" to question C in Section VIII of the standard 1003 that asks: "Have you had property foreclosed upon or given title or deed in lieu thereof in the last 7 years?" There is no similar declaration or question currently regarding a short sale.

Credit Score: A foreclosure can lower a credit score anywhere from 250 to over 300 points. Typically this will affect a score for about 3 years. A short sale will only affect your credit report to the extent that late payments will be reported. The satisfaction of the mortgage resulting from a short sale will be reported as paid or negotiated. This can lower the credit score as little as 50 points just as long as all other payments are being made. The affect of a short sale can be as brief as 12 to 18 months.

Credit History: Foreclosure will remain as a public record on an individual's credit history for 10 years or more. A short sale is NOT reported on a credit history. In this instance, the loan is typically reported, "paid in full, settled."

Don't forget to visit Central Florida's premier real estate website at www.GateArty.com for all your real estate needs!

Customer Satisfaction Winner

Gate Arty (Gate Arty & the Group - Keller Williams Realty) — Thu, 04 Sep 2008 15:50:55 -0500

Keller Williams Realty ranks highest among real estate companies in satisfying home buyers according to the J.D. Power and Associates 2008 Home Buyer/Seller Study. The inaugural study measures customer satisfaction of home buyers and sellers with the largest national real estate firms. Overall satisfaction is determined by examining three factors for the home-buying experience: agent (65%); office (21%); and services (13%). In the home-buyer segment, Keller Williams achieves a score of 831 on a 1,000-point scale, and receives highest ratings from customers in all three factors.

The study finds that despite the popularity of home-buying and -selling resources on the Internet, real estate agents are key to customer satisfaction with real estate companies. A large proportion of both home buyers and sellers rely on the Internet to facilitate the buying or selling process, with 68 percent of buyers saying that they used Internet tools to help them in the purchase process and 61 percent of sellers reporting that they used a Web site listing to market their home. In addition, among home sellers, online methods are the most important aspect of marketing. However, the agent factor carries the greatest importance among the factors that comprise overall satisfaction among both home buyers and sellers.

The study also finds that the average time a home for sale remained on the market was slightly more than six months, although home sellers represented by the top-ranking real estate companies report that their homes were on the market for slightly less time-approximately five and a half months, on average.

Additional noteworthy study findings include the following:

Nearly one-half of respondents (46%) report using recommendations from family or friends to find their real estate agent.
Approximately 28 percent used the Internet, while 23 percent used an agent they had used previously and 11 percent used a printed real estate guide.
On average, home buyers were shown approximately 13 homes before making a purchase.
Home sellers report that, on average, their home was shown approximately 11 times and approximately five open houses were conducted before the sale occurred.

The 2008 Home Buyer/Seller Study includes 3,670 evaluations from 3,205 respondents who bought or sold a home between April 2007 and June 2008.

Don't forget to visit Central Florida's premier real estate website at www.GateArty.com for all your real estate needs!

Disaster Preparation for Business Owners

Gate Arty (Gate Arty & the Group - Keller Williams Realty) — Thu, 04 Sep 2008 15:47:16 -0500

The Central Florida Development Council has created the Disaster Preparation & Business Continuity Planning Guide. The guide contains information relating to business preparation before a disaster and the CFDC's recovery plan, after the disaster has struck.

The Guide offers:

Checklist - Before, During, & After a disaster
Hotlines & Websites for Business Emergencies
Business Disaster Recovery forms
Flood Zone Information
CFDC's Post Disaster Business Recover Plan

In order to access the Disaster Preparation & Business Continuity Planning Guide, click HERE.

Don't forget to visit Central Florida's premier real estate website at www.GateArty.com for all your real estate needs!

First Friday - September

Gate Arty (Gate Arty & the Group - Keller Williams Realty) — Thu, 04 Sep 2008 15:43:22 -0500

This Friday - September 5th marks your monthly First Friday event in Downtown Lakeland. September's theme is "Back to School." Designed as a tribute to educators, there will be special discounts from local stores & restaurants for school employees with their employee ID card. Just a few of the promotions include:

10% OFF your dinner bill at Harry's
5% OFF permanent discount for school staff at Brooke Pottery
10% OFF Framing at FASTFRAME all year long
$5 OFF your $25 or more purchase at Lloyds of Lakeland plus other discounts up to 50% OFF
10% OFF any non-sale items at Nathan's Mens Store & 5% extra OFF on sale items
10% OFF your purchase at Traditions Unlimited

Just to name a few!

MidFlorida Credit Union will be sponsoring a drawing for $500 shopping spree. That booth will be located across from Harry's at the corner of Munn Park.

Other fun events include a Guitar Hero station at MidFlorida Credit Union along the sidewalk on the corner of Lemon and Kentucky. See how you compare to other residents! As usual, music & entertainment along the streets, & a Classic Car Show on Tennessee Avenue. Stores & restaurants will stay open late.

Don't forget to visit Central Florida's premier real estate website at www.GateArty.com for all your real estate needs!

Central Florida Virtual Tours

Gate Arty (Gate Arty & the Group - Keller Williams Realty) — Sat, 31 May 2008 13:42:11 -0500

If you are interested in viewing virtual tours of many of Lakeland's scenic destinations & points of interest, visit LakelandPoints.com. This website features virtual tours of sites in and around the greater Lakeland area & other "hot spots" in Central Florida. You can take virtual tours of The Polk Museum of Art, Polk Theatre, Lake Hollingsworth, Mayfaire by-the-Lake, Florida Southern College, Historic Downtown Lakeland, local parks, historic landmarks, & so much more!

The site also features background information on each locale for reference purposes. An integrated & fully operational GOOGLE MAPS function allows you view the location. A link to the official internet website of each locale is also provided. Simply a wealth of information, LakelandPoints.com is not only visually stunning, but a nice reference tool of places to visit locally. New points are added frequently.

Don't forget to visit Central Florida's premier real estate website at gatearty.com for all your real estate needs!

Mayfaire by-the-Lake 2008

Gate Arty (Gate Arty & the Group - Keller Williams Realty) — Wed, 07 May 2008 13:35:35 -0500

Another signature Lakeland event is on the horizon, and it's a BIG one! May 10th & 11th, on the shores of Lake Morton, between 10 am - 5 pm will mark 2008's version of Mayfaire. No tickets are necessary & there will be a hospitality tent at Sorosis Building with desserts, fruit, & beverages.

Considered Polk County's largest cultural & artistic event, Mayfaire by the Lake is where artists exhibit their original works of art along the shores of Lake Morton and on the streets opposite the lake which creates more of an open "art market" feel. It also helps visitors to view and enjoy the exhibition of fine arts and crafts within a shorter, shadier, walking area. In addition to nearly 200 artists displaying original works of art, food and drink and a full entertainment schedule are offered on both days. The Children's Art Tent is one of the most popular parts of the show, hosting a wide variety of activities. In addition, the annual Mayfaire Festival of Arts & Athletes is held on Saturday night. The Festival kicks off with the Mayfaire Classic 5k foot race around beautiful Lake Mirror, and continues into the evening with live music, dancing, food, and children's activities. Check out the views and surroundings of beautiful Lake Mirror.

Begun in 1974 as a small crafts fair on the lawn of the Lakeland Public Library, Mayfaire by-the-Lake has grown into one of Florida's premier outdoor Art events. The art festival is presented by the Polk Museum of Art. It's also within walking distance of historic downtown Lakeland!

Don't forget to visit Central Florida's premier real estate website at gatearty.com for all your real estate needs!

First Friday

Gate Arty (Gate Arty & the Group - Keller Williams Realty) — Mon, 28 Apr 2008 22:24:35 -0500

This Friday, May 2nd, is yet another signature local event. First Friday is a celebration of historic Downtown Lakeland that occurs . . . .you guessed it, the first Friday of every month. Local artists & musicians are featured along the local streets & storefronts. All shops & restaurants stay open late during the event. The streets are closed to thru-traffic, so get there early! A classic car show is held on Tennessee Avenue. Every month features new & fresh feature events, so be sure to mark every First Friday on your calendar.

Also on the agenda is the Spring Art Festival that will be held in conjunction with the Downtown Farmers Curb Market this Saturday. The market is located on the corner of Pine Street & Tennessee Avenue.

See you there!

Don't forget to visit Central Florida's premier real estate website at gatearty.com for all your real estate needs!

Swan Lake or Swan Derby?

Gate Arty (Gate Arty & the Group - Keller Williams Realty) — Tue, 22 Apr 2008 21:32:04 -0500

It looks like a new signature Lakeland event has been born. Friday the 25^th of April will mark the inaugural Lakeland Derby! What is the The Lakeland Derby? Well, simply put it's a race. You may think that a "derby" held a week prior to the prestigious Kentucky Derby must involve horses. You would be wrong! This race involves our adopted mascot, the elegant Lakeland swan. Ten "hand-crafted swans" will race along the waters of Lake Mirror. The proceeds will support Lakeland Volunteers in Medicine, a local charity that provides free primary health care to the working uninsured Lakeland residents.

Other events scheduled are:

4:30 PM Davenport School of the Arts Pan-A-Maniac Steel Drum Band

5:00 PM Running of the Ducks

6:00 PM Parade to the Post

6:30 PM The Lakeland Derby

7:20 PM Harrison School of the Arts

9:00 PM Fireworks

See you there!

Don't forget to visit Central Florida's premier real estate website at gatearty.com for all your real estate needs!

Midnight train to . . . . Downtown Lakeland??

Gate Arty (Gate Arty & the Group - Keller Williams Realty) — Mon, 21 Apr 2008 17:02:39 -0500

Today, about a stone's throw away from my office window, an anti-CSX demostration was held in Downtown Lakeland at Munn Park. The hotly-contested topic of increased rail traffic through downtown Lakeland is finally gaining increased momentum. The proposed 61-mile CSX commuter rail service east of Polk County will result in more and longer freight trains creeping through downtown - potentially bringing South Florida Avenue to periodic standstills. Although it would appear that local legislators have been out-manuvered at all levels of the legislative process, city officials believe that their fight is not yet over. Many civic leaders are optimistic that an amendment filed to the commuter rail funding bill in the state House by Rep. Seth McKeel. This amendment, an attempt to end piecemeal creation of commuter rail services, would require a statewide study that would include examining the effects of shifted or increased rail traffic, and would require the Orlando commuter rail system to be continued another 80 miles west, to Tampa.

Winners of the Parade of Homes

Gate Arty (Gate Arty & the Group - Keller Williams Realty) — Sun, 20 Apr 2008 20:18:39 -0500

Tyler Homes and Gate Arty & the Group are pleased to announce that their Parade of Homes entry, the Reno, won its category! The winners were chosen by a panel of professionals in the construction industry. The Reno is available for viewing in North Lakeland (off of Duff Road) in the Saratoga subdivision. Saratoga is a gated community adjacent to Huntington Hills Golf Course with prices starting in the 170's. There is also a Reno model available in South Lakeland (off of Shepherd Road) in Glenbrooke Chase. Prices in Glenbrooke Chase begin in the 150's. During the Spring Parade of Homes, the builder is offering numerous exclusive incentives. You can, of course, build and design this model (& many other models) according to your own specifications.

Don't forget to visit Central Florida's premier real estate website at gatearty.com for all your real estate needs!

Spring Parade of Homes - 2008

Gate Arty (Gate Arty & the Group - Keller Williams Realty) — Sat, 19 Apr 2008 21:03:52 -0500

The Spring Parade of Homes, hosted by the Polk County Builder's Association, begins Saturday April 19th and runs thru April 27th. Entries of the Parade of Homes offer up a diverse price range, starting as low as $113,990 to as high as $2,000,000! Need a home with a 2-lane bowling alley & basketball court? Well, perhaps the Grande Floridian is the type of home you require. Whether home shopping or simply browsing the Parade is a terrific opportunity to see the products of the premier builders in Central Florida.

Don't forget to visit Central Florida's premier real estate website at gatearty.com for all your real estate needs!

What about Taxes?

Gate Arty (Gate Arty & the Group - Keller Williams Realty) — Mon, 14 Apr 2008 16:41:07 -0500

Those of you that like to do your research on-line know that you can look up real estate tax information at the Polk County Property Appraiser website. Were you also aware that you could estimate taxes? For example, if you were considering purchasing a home for a value in excess of its current "tax accessed value," you could input the property location & new price & thus arrive at an approximate tax range. This would be extremely helpful for those trying to stay on a tight budget. Knowing what taxes will be, will give you an idea of what to expect come tax time, or what you will need to escrow (along with insurance) in your mortgage. Also consider that you may also file for exemptions that will reduce your tax liability. For a list of these exemptions go to this site: Exemption Eligibility

Here are some additional links that will assist you in the area of real estate taxes:

Don't forget to visit Central Florida's premier real estate website at gatearty.com for all your real estate needs!

Debt Forgiveness

Gate Arty (Gate Arty & the Group - Keller Williams Realty) — Fri, 11 Apr 2008 16:35:54 -0500

In my last post, I described the short sale process. Some have expressed concerns about the effect the resulting debt-forgiveness of a short sale has on your tax situation. In prior years, any form of debt-forgiveness on a mortgage was considered earned income. Now, however, the Mortgage Forgiveness Debt Relief Act of 2007 allows a 3-year window for homeowners to refinance their mortgage with no tax penalty on any debt relief that is received. This act will increase the incentive for borrowers & lenders to work together to refinance loans , and realtors to negotiate short sales to avoid foreclosure. This act only applies to principal (homestead) property.

Click here for more information on the Mortgage Forgiveness Debt Relief Act.

Don't forget to visit Central Florida's premier real estate website at gatearty.com for all your real estate needs!

What is a short sale?

Gate Arty (Gate Arty & the Group - Keller Williams Realty) — Tue, 08 Apr 2008 20:15:15 -0500

A "short sale" or "pre-foreclosure" occurs when a bank (or lien-holder) agrees to accept a discounted pay-off of a mortgage. In other words, the bank(s) will release the lien(s) that is secured on the real estate, upon receipt of LESS money than is actually owed. Why would any bank accept less than what is owed? Well, it must make financial sense for this to occur. Here's a scenario . . .assuming there is an offer, of course!

First off, the mortgage(s) in question is typically in some stage of default. The bank, faced with a mortgage that is not being paid, must decide whether selling at a discount makes better financial sense than actually going through a long & costly foreclosure process. In our current real estate climate (because of the increasing alarming rate of bank foreclosed properties), most institutions are deciding that short sales are a viable route. Remember, banks and other lending institutions are not in the business of owning real estate. They want good mortgages. Foreclosures are not only time-consuming, but they are expensive.

The bank will not accept just any offer, however. They will have the property appraised to establish approximate market value. If they can negotiate a sales price "close" to that figure, a short sale may then be consummated. If the short-sale offer is not considered valuable enough, then they may opt to foreclose, and eventually sell the property on the retail market once they obtain "possession." This is what we know of as a foreclosure property.

Short sales represent a tremendous purchase opportunity for buyers and especially investors. Since most transactions occur on a distressed level, many sales prices occur below appraised value giving the buyer "instant equity."

Don't forget to visit Central Florida's premier real estate website at gatearty.com for all of your real estate needs!

Sun n' Fun Fly-In - 2008

Gate Arty (Gate Arty & the Group - Keller Williams Realty) — Mon, 31 Mar 2008 22:48:39 -0500

The annual aerial extravaganza known as the Sun n' Fun Fly-In begins April 8^thand runs thru the 13^th. The major draw at this year's show will undoubtedly be the USAF Thunderbirds. The Thunderbirds are a squadron of elite pilots that will demonstrate solo and formation flying routines. Their showcase runs approximately 75 minutes and will feature approximately 30 maneuvers that include both air and ground exhibitions.

Sun 'n Fun, a non-profit organization, is best known for its annual Fly-In held each April. The Fly-In is the major source of funding for the operation of the Florida Air Museum, the state's "Official Aviation Education Center." Additionally, Sun 'n Fun features education programs especially geared toward young people - featuring valuable "hands on" learning experiences. This is truly a great event for the entire family!

The Sun n' Fun Fly-In has been a staple of the Lakeland landscape since 1975. Now one of the largest shows of its kind, the event draws people from all over the world, & is an important economic component of Lakeland tourism industry. For more information regarding the event: Sun n' Fun Fly-In

Don't forget to visit Central Florida's premier real estate website at gatearty.com for all of your real estate needs!

USF Lakeland

Gate Arty (Gate Arty & the Group - Keller Williams Realty) — Mon, 24 Mar 2008 20:36:20 -0500

Florida Governor Charlie Crist said Monday morning that he supports the proposed new campus for the University of South Florida at Interstate 4 and the Polk Parkway. This is particularly noteworthy since last year, Crist himself vetoed funding for the very same campus. Crist announced his support at a meeting that included Rep. Seth McKeel, R-Lakeland, and Sen. JD Alexander, R-Lake Wales, both of whom have worked to create the campus.

Don't forget to visit Central Florida's premier real estate website at gatearty.com for all of your real estate needs!

Polk County Growth Trend

Gate Arty (Gate Arty & the Group - Keller Williams Realty) — Mon, 24 Mar 2008 13:04:08 -0500

Polk County is in the top 20 of the fastest growing counties in Florida, according to county population figures released by the U.S. Census Bureau. The annual estimates indicate that on July 1, Polk County had 574,746 residents, an increase of 90,822 residents since 2000. Based on its population increase since the 2000 census, Polk was the 19th-fastest-growing county among Florida's 67 counties. From 2006 to 2007, the Census Bureau estimated that the population of Polk County grew by 16,723, a modest increase of 3 percent. Our neighbor, Osceola County, is the second-fastest-growing county in Florida and the 16th fastest growing county in the nation. Twelve Florida counties are in the top 100 fastest-growing counties in the nation.

Don't forget to visit Central Florida's premier real estate website at gatearty.com for all your real estate needs!