1. Florida leads the pack
International buyers purchase homes across the U.S., but Florida leads with 26 percent of all sales!

2. More pay in cash
Twenty-eight percent of international buyers bought their homes with cash, compared to 8 percent of U.S. buyers. In today´s market nothing is of greater value than a cash buyer!

3. Internationals purchase pricier homes
The median sales price of homes purchased by international buyers was $299,500, which is significantly higher than the U.S. median of $221,900 during the same period.

Trust the best! Weiss International Realty is the leading International Real Estate Broker in Florida.

Weiss International Realty
3605 Riverview Blvd.
Bradenton, FL 34205

(941) 866 1666

Quality construction resounds throughout the property with obvious attention to details, makes this one of the most inspiring homes on Florida’s west coast!

The front perspective in set off by a circular paver brick driveway, multiple rooflines, and “blue water” colored and glazed barrel tile roofing material.  Picture windows throughout take advantage of the outstanding water views and are all made of hurricane wind force glass.

As you enter the home through inviting double doors into the grand foyer highlighted by a stunning Swarovski Crystal chandelier suspended high above which is mounted on a chandelier lift for easy access, your eyes are dramatically drawn to the breathtaking open water views.

The large open spaces and soaring ceilings are set off by unique stone tile flooring throughout the main level, a strategically located gas fireplace with coral stone backdrop,and picture perfect “watercolors” all along the glassed Bayfront canvas.  Be sure not to miss the special “wine cellar”. 

This estate home is truly a magnificent work of art!

More Information: MLS# A3899095

Listing courtesy of Signature Sothebys International

Our beautiful area is definitely a great place to be all year round.  We admit it – we´re crazy about this region, from the blue-green Gulf and wild rivers to buzzling Sarasota Downtown  and a word-class cultural and restaurant scene.

Unlike many beach communities, things don´t come to a halt in the off season. Rather the off season allows locals to enjoy our serene white sandy beaches all to themselves.

There is plenty of activity all year round: boaters, golfers and sun-seekers all find happiness in the Bradenton/Sarasota region!

Wheather you have your eye on a condo on the island, a home on the golf course or an expansive rural home, the Bradenton/Sarasota offers lots of choices for all budgets and tastes.

From an investment standpoint, you may be nervous about the current housing market. But especially this market offers lots of opportunities for buyers. Low interest rates and a large market favor anybody who is looking to invest.

Take advantage of the buyer´s market by checking out the local real estate. The variety of homes makes sure thateveryone can find their personal paradise. Enjoy the lifestyle you deserve – make your vacation last a lifetime!

Depending on the individual situation, short sales brought substantial relief in the past, but on the contrary meant that the homeowners had to leave their home until the closing date.

Homeownership in the US is - more than in other countries – considered a basic right for many. So being forced to  leave their home makes people deperate and look for other ways to solve the situation.

Will the bailout help me as a homeowner keep my home?

You have to analyze the situation first and find the reasons how you could come into this situation. Current law already allows judges to adjust the principal of mortgages. In the past judges were tight to only adjust the rate. So theoretically a judge can lower the principal which leads to lower payments and would even allow a sale at a lower sale price without the short sale scenario. But will that really help?

The question should be: What were the reasons which led to the individual situation?

The bailout will not help those who cannot affort their home!

As a general rule you can not survive when you spend more than 50% of your income on housing. Generally speaking a mortgage costs about $600 – $800 a months per $100,000 owed. So if you go by this rule, somebody making $2000 a months should not live in a $300,000 house.

The only reason somebody making $2000 could live in a $500,000 home in the past was because as prices of homes and its appraisal values increased dramatically people could refinance at a higher level. Most of time some of this money, if not most, was used to cover closing costs and monthly payments afterwards. So basically the “regular” income was not even used to cover mortgage expenses.

The evil of the “leverage effect”

With home prices increasing at double digits after 2004, people were suggested by banks and brokers to purchase homes which were obiously oversized for them. They told you: “the home prices will go up, don’t you want to participate?” So people were suggested to buy a 5 bedroom house instead of a 3 bedroom. Brokers sold it as a win-win for everybody: Their commission was higher and the homeowner could use the leverage effect by lending more money for an appreciating asset. However what nobody told was that the homeowner alone had to bear the risk as he was responsible for the loan with his full assets.

This worked for some time and made some pretty rich. But like any pyramid scheme, once this started failing most homeowners were left behind.

And there are further effects:

Oversized home = You pay more in taxes, more in maintenace and more in energy.

While a 5 bedrooms is suitable when you have 3 kids at home, it looks pretty oversized for a retired couple on a fixed $2000 income living in a $600,000 house.

Where is the help?
Congress already put a similar HUD program Hope for Homeowners into law. This program can bring relief to homeowners which satisfy all of these criterias:

- Long term affordability
- No investor bailout
- Equity sharing
- Voluntary lender participation

If you qualify, the old loan(s) would be wiped out and you can refinance at a special H4H backed loan at 90% of current appraisal value.

Consequentely these scenarios would never qualify at all:

- Investment, including most second homes
- Payment to income values over approx. 40%, i.e. if you had to spent more than 40% of your income on mortgages

In addition to that, the plan includes that all positive appreciation of the home (over the 100% appraisal value) in future would be shared with FHA at 50%.

Although there are not yet all specific rules about the new bailout out, it looks like the rules will mostly match those of Hope for homeowners program. They only difference will be that the program is offered to all borrowers instead of a voluntary participation.

If you are living in an oversized home and your income is not nor will be sufficient to cover the payments of even a reduced mortgage you will not benefit in any way from this program. Moreover as prices for energy and taxes will not drop significantly you are just spending your future.

Short Sales will be the main beneficiaries of the bailout.

As banks are forced to help instead of granting something voluntarily, the position of homeowners will improve. A successful short sale will bring people much faster back on track.

If you are in trouble, there is no reason not to start taking care of yourself now. Engage an honorable advisor to bring you back on track.

Axel Weiss, MBA, Broker
Weiss & Weiss International Realty
PO 14222
Bradenton, FL 34205
www.bradentonbroker.com

The most interesting part of this survey for us is that the Bradenton/Sarasota area makes the third place for the most frequently reported location of a home purchase after the Miami-Fort Lauderdale and the Orlando-Kissimmee areas. If you take in consideration that our area is much smaller than the Miami or Orlando area, this news is even more significant.

The buyers who bought property in Bradenton and Sarasota were mostly from Western Europe (44 %) and Canada (44 %). This survey shows how important international buyers are for our local market. “For home sellers it is extremely important that their property gets enough exposure on the international market. International Marketing can be the difference between selling or not selling their homes”, according to Weiss.

According to the survey foreign-born Realtors are more likely to work with international clients than U.S.-born Realtors. Foreign buyers often feel more confident when working with Realtors from their home country.

The reason for the increasing interest of foreign buyers in Florida properties can be seen in the falling value of the U.S. dollar relative to major world currencies during the past several years. As a result the cost of Florda property, priced in dollars, is much lower when converted to the buyer´s home country currency. From the percpective of foreign buyers Florida real estate is effectively on sale.

“Bradenton is still a paradise,” Bradenton Mayor Wayne Poston said. “The housing market has adjusted so we are more competitive with other communities and the Baby Boomers are still retiring daily and looking for a friendly community in which to spend their new lives. We already knew Bradenton is one of the best places on earth to retire, but it is nice to be recognized.”

According to Where to Retire editor, Mary Lu Abbott, many popular retirement cities currently have historically low housing prices, while other smaller towns boast a stable market with good seller incentives.

“Amid the miles of Gulf Coast beaches and the prime amenities of Sarasota-Bradenton, FL, housing prices have dropped 30-40 percent since 2005,” she wrote.

The magazine was launched in 1992 with the goal of helping its readers find the ideal place to retire. Now published six times a year, the magazine covers the best retirement regions, towns, and master-planned communities, and has a national average circulation of 220,000 and an average readership of 500,000.

This isn’t the first time Bradenton has been recognized by a national magazine this year for its quality of life.

Art Calendar magazine’s March edition named Bradenton one of the country’s Top 10 cities for working artists because of the Village of the Arts, a downtown-area neighborhood where special zoning laws allow artists and other craftspeople to live and operate small businesses, like art galleries, from their homes.

In the May/June issue of Going Places, AAA’s traveler’s guide that profiles popular vacation destinations around the country, Bradenton was recognized as a “sunny waterside town that boasts a unique collection of museums and marinas … and one of the state’s most vibrant artists’ communities (the Village of the Arts),” along with abundant fishing, beaches and beautiful sunsets.

But what does this news mean to home buyers and sellers? Generally, it brings stability to the mortgage market, so it is good news for buyers and those who are hoping to refinance their mortgages. Most experts expect mortgage rates to drop over the short term. Mortgage rates fell sharply Monday, as investors reacted to the government’s takeover.

It is also good news for sellers: If mortgage rates fall, this will attract more potential buyers into the market.

But for homeowners who are already behind on their mortgage payments or owe more than their homes are worth the takeover offers little extra relief.

We will need to wait and see whether Fannie Mae and Freddie Mac – under government control – will be able to do more to prevent foreclosures.

With the Canadian dollar hovering around par with the U.S. dollar, buying Florida homes seems to be a nice investment for many Canadians (The Canadian dollar was worth only 80 cents three years ago). Also Canadians benefit from a continued strong housing market and increasing home equity.

According to the Canadian Real Estate Association, overall home prices grew 11 percent in 2007 to an average of $307,265, and they are expected to rise an additional 5.3 percent in 2008.

A Canadian bank has also made it easier to secure a mortgage. It set up a program that allows Canadians to buy U.S. property worth up to $2 million with a down payment of less than 25 percent!

This gorgeous home offers an open floor plan and lots of upgrades: central vacuum, surround sound, an upgraded kitchen with gas stove, a screened lanai plus an open paver patio and a 3 car garage, just to name a few.

The beautiful gated neighborhood offers 2 community pools, tennis, exercise room, BBQ area, nature trails and children´s play area. Great location only minutes from schools, shopping, golf courses, I-75 and the airport. The home is convienently located only steps from the community pool.

Move in and enjoy!

• 3 Bedrooms, 3 Baths, Den
• 2479 SqFt of air conditioned living space
• 9,112 SqFt Lot
• 3 Car Garage
• Built in 2003
• MLS M561449

Find other homes in that area: Show Homes in University Place, Bradenton

Some good news for first-time homebuyers:

As part of the Housing and Economy Recovery Act of 2008, the IRS authorizes a deduction of up to $7,500 for qualified first-time homebuyers. The tax credit is part of a recently enacted legislation to help people recover from the recent mortgage crisis.

The tax credit is basically an interest-free government loan that must be repaid over a 15 year period. You have to start repaying the credit in the second year after the tax year that the home was purchased.

Tax Credit Rules

• The home must be purchased as primary residence.
• The tax credit is available for first-time homebuyers only. However, you could qualify if you´ve owned a home before, but not as your principal residence during the 3 years prior to the purchase.
• The credit is equal to 10% of the home purchase price, up to a limit of $7,500.
• Single taxpayers with incomes up to $75,000 and married couples with incomes up to $150,000 qualify for the full credit.
• The home must be purchased on or after 04/09/08 and before 07/01/09.

If you are planning on buying your first home and need any assistance, please give us a call @ 941.866.1666. We will be glad to discuss any details.