Despite storms, coasts fill up

Despite storms, coasts fill up: "ORLANDO, Fla. -- Oct. 21, 2005 -- Coastal counties from Texas to New England are growing by about 1,300 people every day despite a decade-long surge of hurricanes that has peaked this year with the most in one season since 1969.
The number of residents in 169 counties along the Atlantic and Gulf coasts has grown by more than 2 million since 2000 to 44.3 million, according to a USA TODAY analysis.
About 1.6 million of these new residents live in the stretch from Virginia to Texas that is most vulnerable to hurricanes and is home to 25.4 million. About 1,000 people arrive in these areas every day. The growth rate in that strip is almost twice the national rate.
Seven hurricanes have struck Florida or passed close to the state since August 2004. Hurricane Wilma, which could hit Florida on Sunday, is the 12th of 2005, tying the record set 36 years ago.
The fierce hurricane activity follows a period of below-average years for tropical storms and hurricanes that ended in 1995. The pace of development has continued despite destruction from recent hurricanes such as Charley, Frances, Ivan, Jeanne, Isabel and Floyd.
Coastal development raises financial risks for taxpayers, who indirectly subsidize such growth through federal flood insurance, beach restoration projects and repairs to roads and other public works. The federal government so far has spent about $17 billion on relief for Hurricane Katrina.
The population figures are for year-round residents. In peak seasons, some towns grow seven-fold.
Orrin Pilkey, a coastal geologist at Duke University, says shoreline development hurts the environment. He calls it 'societal madness.'
Driving the boom: More retirees seeking oceanfront lifestyles and low interest rates that spur sales of vacation homes. The number of second "

Analyst predicts cooler housing market

Analyst predicts cooler housing market: "WASHINGTON -- Oct. 20, 2005 --Mark Zandi, Economy.com's chief economist, said Wednesday that even though the numbers are holding up, the end of the housing boom may be just around the corner.

Zandi, speaking at the National Association of Home Builders (NAHB) conference in Washington, D.C., said that rebuilding damaged and destroyed housing in the Gulf Coast states in the wake of Hurricane Katrina could delay the slowdown for as much as a year, but such factors as projected higher long-term interest rates could result in a market decline starting in 2007.

Among the 'juiced-up' markets that Zandi said will weaken first are South Florida; the Washington, D.C., metro area; Boston; Los Angeles; and San Francisco. In addition, he said Chicago and other major midwestern cities face overbuilding and that construction has clearly outpaced need in those markets. By contrast, there's no overbuilding happening in California or Florida because demand remains strong.

South Floridians also seem to be headed upstate. Zandi said that in 2004, more than 10,000 moved from Miami to Lakeland, Jacksonville, Titusville and Port St. Lucie for more affordable housing.

Source: South Florida Sun-Sentinel (10/20/05) Shreve, Meg"

Survey reveals key sale factors to consider

Survey reveals key sale factors to consider: "CHARLOTTE, N.C. -- Oct 13, 2005 -- A recent survey of home sellers and real estate sales associates sheds light on the most important factors to be considered to successfully sell a home.

The survey, commissioned by RealEstate.com, asked 500 recent home sellers and 100 licensed, practicing real estate sales associates about the variety of critical elements involved in selling a home.

Some 65 percent of home sellers said that hiring a real estate professional to facilitate the sale is the best way to get the process off to a good start.

Pricing their homes was of major importance to sellers when they prepared to sell, and 51 percent of sellers and 64 percent of sales associates agreed that setting an asking price at 5 percent to 10 percent above what the seller would actually accept is a good range to follow when putting a house on the market.

Despite recent reports of housing booms and hot markets with inflated prices, 37 percent of sellers surveyed reported selling their homes at the list price, and more than half of the overall respondents reported selling at or below $250,000 (57 percent).

The length of time needed to sell a home varied between sellers and real estate professionals. Thirty-three percent of sellers reported that their homes sold within the first two weeks of putting it on the market, with another 27 percent citing homes selling within the first month. On the other hand, 41 percent of sales associates suggest budgeting two to three months from the time you put your home on the market to selling it.

Sellers and Realtors� agree that the local school system is the most important factor that buyers consider when choosing a home -- 48 percent sellers, 40 percent real estate associates.

In addition to maxi"

Home sellers turn to blogs

Home sellers turn to blogs: "NEW YORK -- Oct. 11, 2005 -- A number of home sellers are harnessing the power of Web logs, or blogs, to market their properties and differentiate them from conventional residential listings.

The Internet already has become an invaluable tool to the real estate market, but blogs have the unique advantage of targeting potential buyers on a personal level and offering them a virtual tour of the property that, in some cases, sells the home before the buyer ever sees it in person.

While most buyers insist on viewing the property before they make a decision, blogs have proven an effective and inexpensive tool for word-of-mouth marketing, although they often have difficulty targeting local buyers. Real estate agents and brokers also have turned to blogs, either as a marketing tool or simply as a forum on which to post their observations about the market, interest rates or whatever else happens to be on their minds.

For many, it offers a channel through which to connect to potential customers without having to meet in person or speak on the telephone. 'It's like when you give out a business card,' says Prudential Douglas Elliman's Lisa Maysonet. 'You don't necessarily get a hit back [right away] but it's generating an intangible.'

Source: Wall Street Journal (10/11/05) P. D2; Bernard, Tara Siegel

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Greenspan concerned about risky mortgages

Greenspan concerned about risky mortgages: "WASHINGTON -- Oct. 10, 2005 -- Federal Reserve Chairman Alan Greenspan is turning up the volume on his warnings about the potential perils of certain risky mortgages if the high-flying housing market loses significant altitude.

There are signs some companies are getting the message. A few have begun scaling back some types of those mortgages or making them less appealing by raising costs.

Greenspan mostly is worried about homeowners who took out an interest-only mortgage or option adjustable-rate mortgages to buy property they otherwise could not afford. Borrowers and lenders holding such loans could get clobbered if housing prices drop or interest rates rise."

TCPalm : With home prices soaring and demand growing, $1 million doesn't go as far as it once did

TCPalm : With home prices soaring and demand growing, $1 million doesn't go as far as it once did: "If you have $1 million to spend on real estate and want to be in an established downtown neighborhood, like Coral Ridge, expect an older home that may need some updating. If you want to be on the water, you may have to settle for an empty lot. The further west you go, you'll get more land or more square footage -- but not necessarily both. You may not get that golf course view you expected or even a pool.
Fort Lauderdale Realtor Barbara Panton says she doesn't bother selling million-dollar homes anymore.
'My main focus is on $3 million and up,' she said. 'I do these [lower-priced] type of properties for friends.'
To the average South Floridian, it all sounds nuts. After all, a $1 million house, whatever the condition and size, is still pure fantasy to most people here. Assuming you have the $200,000 down payment, the remaining mortgage on a 30-year fixed loan at 6 percent interest is about $4,800 a month. Property taxes can reach about $25,000 a year, depending on the assessed value. Then there's insurance and the cost of any homeowner's association fees and maintenance. "