Lawmakers cracking down on unethical practices by condo associations
State lawmakers have always looked to curb unethical behavior, and the trend is to continue. Recent grand jury cases have seemed to be about condo associations and the giving of more rights to owners concerning the association’s financial records.
A bill passed through both houses of the State legislation and had broad bipartisan support.
Now, the new proposed law will move to Governor Rick Scott for approval. The new law would criminalize the act of giving kickbacks to condo board members, withholding or destroying financial records, fraud or theft of association funds.
On the flip side, some in the industry were alarmed by the new proposed legislation. Some believe that this will keep honest individuals from serving out of fear of being criminalized for errors or mistakes and that the bill seems to assume that all who serve have devious intentions.
Others joined in that sentiment feeling that the grand jury overreacted from the acts of a small few who were involved in actual criminal acts while serving on a condo association board.
All parties involved in this discussion do believe that ethical behavior should be of the highest concern for all who serve and an expectation of all condo owners have towards those on the board.
The disagreement lies in the actual need for a formal law to be on the record for Florida.
If Gov. Scott passes the bill, it will go into effect on July 1st.
https://elitetitleagencyfl.com/wp-content/uploads/2017/06/building-322901_1280.jpg8471280support_8dbahttp://elitetitleagencyfl.com/wp-content/uploads/2019/04/elite-title-400x248.pngsupport_8dba2017-06-08 13:13:512017-06-08 13:13:51You Cannot Do That
A recent survey has been released for RealityShares, and it shows the highest performing asset classes since the turn of the century. The results demonstrate how these investments are as well known to the public as some had thought.
Real estate investing seems to be underestimated and could lead to an upswing for this offering.
When the surveyed were asked to choose what they believe the top investment classes were, the majority chose stocks while only 16% chose real estate.
RealityShares mentioned that those who responded to the survey might have been basing their opinion on the recent climb in the domestic stock market. Obviously, unbeknownst to them was the fact that real estate outperformed the S&P 500 by a ratio of 2 to 1.
The report did highlight the fact that the S&P has outperformed real estate in the last six years, but only 1.28%.
A Definite Hunger
The poll went on to show that almost half of the surveyed said that they would be more interested in investing in real estate if there were technology available that made the research and the transaction process easier. Those numbers jumped to 63% for the millennials.
The report showed some other interesting points:
68% and 64% of men and women, respectively, thought that flipping homes a profitable endeavor.
Men were more likely to get involved in flipping home than women.
Those aged less than 45 were more positive about getting into flipping homes than those older.
Now, not all the results were as positive.
Almost three-quarters of those surveyed felt that real estate investing was more difficult a process than other investable assets.
About 70% said the higher cost outlay of real estate investing would likely hamper their consideration of investing. Less than 40% stated that they felt that they had the ability for flipping homes.
Get the full report here and dig through the numbers and facts.
https://elitetitleagencyfl.com/wp-content/uploads/2017/05/dollars-31085_640.png640569support_8dbahttp://elitetitleagencyfl.com/wp-content/uploads/2019/04/elite-title-400x248.pngsupport_8dba2017-05-26 12:14:002017-05-26 12:14:00Guess The Best Investment In America Since 2000
Homes have not recovered since the housing bubble burst.
Trulia has just released its latest new study, and it has some eyebrows raising. Pulling from the study, we can look at a homeowner in Fresno, California and one from San Francisco. Not much distance separates these two cities, but San Francisco has seen its property values skyrocketing since the recession. Unfortunately, Fresno is lucky to have more than 2 percent of its homes get back to or above the pre-recession prices. Why?
If one were to look at the S&P CoreLogic Case-Shiller Index and the FHFA House Price Index, they would see numbers that show that the country has recovered from the last housing bubble burst. Trulia, on the other hand, says that this is not the whole story.
Looking across the country, it appears that 1 in 3 homes have reached a new peak in value. At the same time, larger tech based areas such as the Bay Area and Denver and job centers like Dallas and Nashville have experienced an explosion to new highs. Trulia’s report shows more losers than winners across the country and some of these losers are losing at an unprecedented rate. The report shows a little less than 30 metro areas have not even seen 10 percent of its home values recover. Las Vegas, for example, shows less than 1 percent.
The fact that there are so many home values that have not recover from the previous recession is leading some to say that there should not be any talk about a current housing bubble. Adding to that is the fact that there are fewer homes on the market since the bubble burst of 2012.
http://elitetitleagencyfl.com/wp-content/uploads/2019/04/elite-title-400x248.png00support_8dbahttp://elitetitleagencyfl.com/wp-content/uploads/2019/04/elite-title-400x248.pngsupport_8dba2017-05-11 00:36:182017-05-11 00:36:18This Can Not Be Right
November 2014 was the start of Kesner Joaseus’s new business in which he quickly became an overnight success. Joaseus pulled in over $380,000 leasing single-family houses all over Broward and Palm Beach counties. There was one small problem: The houses were not his to rent out according to the U.S. Department of Justice. It appears he had been renting out vacant homes without the owner’s permission.
The properties belonged to RHA 2 LLC, a Georgia-based firm. He created a company with a similar name and convinced unsuspecting renters that he was working for the real firm. Joaseus and two accomplices were involved. Wadno Dorneau and Miguel Tilus, were arrested for mail fraud and conspiracy to commit mail fraud.
Joaseus, who pleaded guilty in two fraud cases in July, had additional income streams according to federal prosecutors. He seemed to be scamming identifications to open fraudulent credit cards, buy two luxury cars and other items totaling over $260,000.
Joaseus, 47 was sentenced in U.S. District Court to 11 years in prison for the various scams he ran. This also included two 108 month sentences for the real estate fraud and additional years for the identity theft charges.
South Florida is a top ten area of the country in relations to fraud. Multiple millions of dollars each year are stolen from unsuspecting citizens and businesses. Various Federal agencies house large district investigation departments to monitor and shut down violators.
http://elitetitleagencyfl.com/wp-content/uploads/2019/04/elite-title-400x248.png00support_8dbahttp://elitetitleagencyfl.com/wp-content/uploads/2019/04/elite-title-400x248.pngsupport_8dba2017-04-26 19:25:142017-04-26 19:25:14Real Estate Fraud Busted In South Florida
The Federal Housing Administration-insured (FHA) two weeks ago stated that they were in the process of cutting mortgage insurance premiums on FHA loans. This insurance is added onto loans to help offset the cost of loan defaults.
The projected cut was scheduled to go into effect on April 27th but is has been put on hold for the foreseeable future. Not too long after President Trump’s inauguration, HUD distributed Mortgagee Letter 2017-1 suspending the new rule.
When FHA had first released the cut, many in the real estate business championed the sentiment. They felt that the cost measure would help more potential buyers meet the debt to income ratio needed to purchase a property.
An ATTOM Data Solutions analysis discovered that the average borrower would have saved around $446 every year if the rate cut would have gone through as planned.
There is, however, a chance that Trump’s administration will revisit this matter soon or they may just allow it to sunset. The head of the Department of Housing and Urban Development (HUD), Dr. Ben Carson, has agreed to put effort into reviewing the matter but has not come to any conclusions as of yet.
This is not the first time the FHA has raised or lowered costs. After the Great Recession, they increased the monthly premiums all the way up to 90 basis points. Then again in 2013 the FHA increased them again over credit risk concerns and to strengthen their Mutual Mortgage Insurance Fund (MMIF).
Decisions made in Tallahassee can affect South Florida Market
All eyes are fixated to the northern realms of the state. What seems to be a million miles away can dramatically affect life here in southern Florida.
The 2017 legislature is currently meeting, and local economists are keeping close tabs on the topics to be discussed.
Some of the issues include workers’ compensation in which lawmakers will discuss recent court rulings that make some aspects unconstitutional, the death penalty that has been on hold since 2016, and the potential to expand legalize gambling into eight additional counties.
Key issues such as how to go about implementing the voter-approved marijuana initiative, scaling back regulations in the healthcare industry, and discussions over the burden of proof in the “stand your ground” gun control laws will also be hashed out.
A great deal of the focus is on the state budget which includes over $600 million in tax cuts and increased spending for schools and hospitals, as well.
Lastly, the governor is looking to spend $160 million to increase tourism and small business initiatives to further grow the economy in Florida.
South Florida would be a huge benefactor to increased spending. The local economy depends on money brought in from tourism and the image of having a strong marketplace.
As businesses see success with more visitors and more money pours into the pockets of local employees, it should help sustain the steady housing market.
A thriving economy also helps attract investors, both domestic and foreign. Both would help prop up and grow real estate prices and sales.
All attention seems fixed on Tallahassee to see if positive moves can be made to better the State of Florida and build and sustain its local markets.
http://elitetitleagencyfl.com/wp-content/uploads/2019/04/elite-title-400x248.png00support_8dbahttp://elitetitleagencyfl.com/wp-content/uploads/2019/04/elite-title-400x248.pngsupport_8dba2017-03-31 17:44:422017-03-31 17:44:42Florida Legislative Climate Set To Change?
You Cannot Do That
UncategorizedLawmakers cracking down on unethical practices by condo associations
State lawmakers have always looked to curb unethical behavior, and the trend is to continue. Recent grand jury cases have seemed to be about condo associations and the giving of more rights to owners concerning the association’s financial records.
A bill passed through both houses of the State legislation and had broad bipartisan support.
Now, the new proposed law will move to Governor Rick Scott for approval. The new law would criminalize the act of giving kickbacks to condo board members, withholding or destroying financial records, fraud or theft of association funds.
On the flip side, some in the industry were alarmed by the new proposed legislation. Some believe that this will keep honest individuals from serving out of fear of being criminalized for errors or mistakes and that the bill seems to assume that all who serve have devious intentions.
Others joined in that sentiment feeling that the grand jury overreacted from the acts of a small few who were involved in actual criminal acts while serving on a condo association board.
All parties involved in this discussion do believe that ethical behavior should be of the highest concern for all who serve and an expectation of all condo owners have towards those on the board.
The disagreement lies in the actual need for a formal law to be on the record for Florida.
If Gov. Scott passes the bill, it will go into effect on July 1st.
Guess The Best Investment In America Since 2000
UncategorizedMost guess wrong.
A recent survey has been released for RealityShares, and it shows the highest performing asset classes since the turn of the century. The results demonstrate how these investments are as well known to the public as some had thought.
Real estate investing seems to be underestimated and could lead to an upswing for this offering.
When the surveyed were asked to choose what they believe the top investment classes were, the majority chose stocks while only 16% chose real estate.
RealityShares mentioned that those who responded to the survey might have been basing their opinion on the recent climb in the domestic stock market. Obviously, unbeknownst to them was the fact that real estate outperformed the S&P 500 by a ratio of 2 to 1.
The report did highlight the fact that the S&P has outperformed real estate in the last six years, but only 1.28%.
A Definite Hunger
The poll went on to show that almost half of the surveyed said that they would be more interested in investing in real estate if there were technology available that made the research and the transaction process easier. Those numbers jumped to 63% for the millennials.
The report showed some other interesting points:
Now, not all the results were as positive.
Almost three-quarters of those surveyed felt that real estate investing was more difficult a process than other investable assets.
About 70% said the higher cost outlay of real estate investing would likely hamper their consideration of investing. Less than 40% stated that they felt that they had the ability for flipping homes.
Get the full report here and dig through the numbers and facts.
This Can Not Be Right
UncategorizedHomes have not recovered since the housing bubble burst.
Trulia has just released its latest new study, and it has some eyebrows raising. Pulling from the study, we can look at a homeowner in Fresno, California and one from San Francisco. Not much distance separates these two cities, but San Francisco has seen its property values skyrocketing since the recession. Unfortunately, Fresno is lucky to have more than 2 percent of its homes get back to or above the pre-recession prices. Why?
If one were to look at the S&P CoreLogic Case-Shiller Index and the FHFA House Price Index, they would see numbers that show that the country has recovered from the last housing bubble burst. Trulia, on the other hand, says that this is not the whole story.
Looking across the country, it appears that 1 in 3 homes have reached a new peak in value. At the same time, larger tech based areas such as the Bay Area and Denver and job centers like Dallas and Nashville have experienced an explosion to new highs. Trulia’s report shows more losers than winners across the country and some of these losers are losing at an unprecedented rate. The report shows a little less than 30 metro areas have not even seen 10 percent of its home values recover. Las Vegas, for example, shows less than 1 percent.
The fact that there are so many home values that have not recover from the previous recession is leading some to say that there should not be any talk about a current housing bubble. Adding to that is the fact that there are fewer homes on the market since the bubble burst of 2012.
Real Estate Fraud Busted In South Florida
UncategorizedMan sentenced in ID theft fraud
November 2014 was the start of Kesner Joaseus’s new business in which he quickly became an overnight success. Joaseus pulled in over $380,000 leasing single-family houses all over Broward and Palm Beach counties. There was one small problem: The houses were not his to rent out according to the U.S. Department of Justice. It appears he had been renting out vacant homes without the owner’s permission.
The properties belonged to RHA 2 LLC, a Georgia-based firm. He created a company with a similar name and convinced unsuspecting renters that he was working for the real firm. Joaseus and two accomplices were involved. Wadno Dorneau and Miguel Tilus, were arrested for mail fraud and conspiracy to commit mail fraud.
Joaseus, who pleaded guilty in two fraud cases in July, had additional income streams according to federal prosecutors. He seemed to be scamming identifications to open fraudulent credit cards, buy two luxury cars and other items totaling over $260,000.
Joaseus, 47 was sentenced in U.S. District Court to 11 years in prison for the various scams he ran. This also included two 108 month sentences for the real estate fraud and additional years for the identity theft charges.
South Florida is a top ten area of the country in relations to fraud. Multiple millions of dollars each year are stolen from unsuspecting citizens and businesses. Various Federal agencies house large district investigation departments to monitor and shut down violators.
FHA Mortgage Insurance Premium Reduction= Gone
UncategorizedHUD suspends it indefinitely
The Federal Housing Administration-insured (FHA) two weeks ago stated that they were in the process of cutting mortgage insurance premiums on FHA loans. This insurance is added onto loans to help offset the cost of loan defaults.
The projected cut was scheduled to go into effect on April 27th but is has been put on hold for the foreseeable future. Not too long after President Trump’s inauguration, HUD distributed Mortgagee Letter 2017-1 suspending the new rule.
When FHA had first released the cut, many in the real estate business championed the sentiment. They felt that the cost measure would help more potential buyers meet the debt to income ratio needed to purchase a property.
An ATTOM Data Solutions analysis discovered that the average borrower would have saved around $446 every year if the rate cut would have gone through as planned.
There is, however, a chance that Trump’s administration will revisit this matter soon or they may just allow it to sunset. The head of the Department of Housing and Urban Development (HUD), Dr. Ben Carson, has agreed to put effort into reviewing the matter but has not come to any conclusions as of yet.
This is not the first time the FHA has raised or lowered costs. After the Great Recession, they increased the monthly premiums all the way up to 90 basis points. Then again in 2013 the FHA increased them again over credit risk concerns and to strengthen their Mutual Mortgage Insurance Fund (MMIF).
Florida Legislative Climate Set To Change?
UncategorizedDecisions made in Tallahassee can affect South Florida Market
All eyes are fixated to the northern realms of the state. What seems to be a million miles away can dramatically affect life here in southern Florida.
The 2017 legislature is currently meeting, and local economists are keeping close tabs on the topics to be discussed.
Some of the issues include workers’ compensation in which lawmakers will discuss recent court rulings that make some aspects unconstitutional, the death penalty that has been on hold since 2016, and the potential to expand legalize gambling into eight additional counties.
Key issues such as how to go about implementing the voter-approved marijuana initiative, scaling back regulations in the healthcare industry, and discussions over the burden of proof in the “stand your ground” gun control laws will also be hashed out.
A great deal of the focus is on the state budget which includes over $600 million in tax cuts and increased spending for schools and hospitals, as well.
Lastly, the governor is looking to spend $160 million to increase tourism and small business initiatives to further grow the economy in Florida.
South Florida would be a huge benefactor to increased spending. The local economy depends on money brought in from tourism and the image of having a strong marketplace.
As businesses see success with more visitors and more money pours into the pockets of local employees, it should help sustain the steady housing market.
A thriving economy also helps attract investors, both domestic and foreign. Both would help prop up and grow real estate prices and sales.
All attention seems fixed on Tallahassee to see if positive moves can be made to better the State of Florida and build and sustain its local markets.