What Does $10,000 Dollars Really Cost?

Brad — Mon, 05 Mar 2012 13:02:11 +0000

With the fall in the housing market and fall in interest rates-the cost of housing in the US is tough to beat. Ask the Foreign Nationals-they are flocking here while Americans seem more tentative. Why? Perhaps the internationalists have a longer term view? We are a young country compared to Europe-just ask the gladiator ghosts on the Roman Esplanade. Our prices are less compared to Europe. Our economy is stronger and our political system that might seem “silly” at first sight-is stable. There are no guns or shots fired needed to change governments. Internatnationalists have no fear of being kicked out of the country and losing their investment. We Americans should take note.
That said—I wanted to illustrate what an additional 10K costs in a mortgage payment-do you know? At 5% (higher than today’s rates) an extra 10K in a payment costs 53 dollars a month-pretax. And what does an additional 10K get you and your family? A bath, lanai, garage, pool, tile roof, updates , granite? And why COULD this be important? Certainly lifestyle and needs are part of the equation-as is the person behind you who will buy your home. Some upgrades are an absolute necessary for decent appreciation (yes it will happen) and some just for comfort and salability. The difference between 2, 2.5 and 3 baths—could be 10K—53 dollars a month at 5%.
So be knowledgeable-and remember there is going to be someone behind you buying the property-what you want they probably want too. How to budget the extra 53 dollars? Carry a can of coke with you instead of buying 15 a month—there is 22 dollars. Save your change-there is 8 bucks. You now almost have the bath or lanai or pool for ——-free.
KNOW YOUR OPTIONS….IT MAKES SENSE!

Michael David Belsham
Senior Loan Officer/Mortgage Banker
2201 Cantu Ct #119
Sarasota Florida 34232

michael.belsham@academymortgage.com
website: Academymortgage.com/michael belsham
NMLS# 321490 FL# LO57 Academy# 3113 Corporate Florida ID# MLD241 Branch NMLS MLB100001201

American Red Snapper outside Venice Inlet

Brad — Mon, 02 Jan 2012 22:51:11 +0000

Nice fish Robbie

28 Inch Redfish Caught in Lemon Bay

Brad — Thu, 06 Oct 2011 00:35:55 +0000

Nice Redfish

Home listing prices rising in Florida

Brad — Tue, 27 Sep 2011 13:41:50 +0000

ORLANDO, Fla. – Sept. 26, 2011 – Prices are rising in Florida.

Florida cities have had the largest year-over-year increases in average list prices, according to the latest real estate data from Realtor.com. Based on August data of 2.2 million listings in 146 markets, Florida cities make up nine of the top 10 places for highest year-over-year list price spikes.

Nationwide, the average list price is $320,325, up 2.36 percent year-over-year.

Here are the top 15 cities boasting the highest percentage of year-over-year increases in average list prices.

1. Miami
Average list price: $640,332
Year-over-year increase: 27.4%

2. Fort Myers-Cape Coral, Fla.
Average list price: $443,570
Year-over-year increase: 26.27%

3. Central-Fla. rural service area
Average list price: $405,809
Year-over-year increase: 19.41%

4. Punta Gorda, Fla.
Average list price: $267,066
Year-over-year increase: 16.37%

5. Macon, Ga.
Average list price: $193,520
Year-over-year increase: 15.98%

6. Sarasota-Bradenton, Fla.
Average list price: $466,785
Year-over-year increase: 15.86%

7. Naples, Fla.
Average list price: $713,087
Year-over-year increase: 15.13%

8. West Palm Beach-Boca Raton, Fla.
Average list price: $591,895
Year-over-year increase: 14.68%

9. Ocala, Fla.
Average list price: $193,360
Year-over-year increase: 12.07%

10. Lakeland-Winter Haven, Fla.
Average list price: $181,409
Year-over-year increase: 11.48%

11. Orlando, Fla.
Average list price: $319,419
Year-over-year increase: 10.56%

12. Portland-Vancouver, Ore.-Wash.
Average list price: $314,537
Year-over-year increase: 10.52%

13. Boise City, Idaho
Average list price: $212,588
Year-over-year increase: 10.43%

14. Springfield, Illinois
Average list price: $174,537
Year-over-year increase: 9.12%

15. Shreveport-Bossier City, La.
Average list price: $211,414
Year-over-year increase: 8.34%

Source: Melissa Dittmann Tracey, Realtor® Magazine Daily News

Buying Real Estate in Your IRA

Brad — Wed, 14 Sep 2011 14:09:43 +0000

According to the IRA Financial Group in New York—450 million dollars of real estate has been purchased inside the protections of IRA’s within the last 12 months. Why? Obvious answer –people are fed up with the lack of yield and gyrations of the stock market.

Anything can be purchased within in IRA –from art work to homes. You need a custodian and for all practical purposes –in cash. The property is registered in the IRA as owner and you need a custodian. ( I have a reference for a company in Tampa.) All cash flows– in and out of the IRA. You can not pay the electric bill—the IRA does. You can not pay the tax bill—the IRA does. You must have some cash for a cushion to cover these kinds of expenses and maintenance. Those closer to a mandatory distribution(70 ½) must be careful regarding enough cash to handle a distribution without liquidating the real estate.

A bit more complicated—yes. Difficult—no. You just need to know the rules. You can not live in the property. So you will be a landlord IF you intend to rent the property. You can not rent the property to your wife. I read the regs as it must be an arm’s length transaction.

This is a little known idea well worth investigating to round out your portfolio. Of course– if you sell the property inside the IRA—no taxes. Great country America!!

Michael David Belsham has had his mortgage practice for nearly 20 years and is a respected member of the community via his straight forward advice and boutique service. Contact Mike below.

Interest Rates and Your Family

Brad — Sun, 04 Sep 2011 14:44:31 +0000

You have seen the downgrading of US Debt from AAA to AA+. This is a big deal accordingly to the political pundits in the media realm. Is it?

In reality it is an academic exercise and here is the reason. US Debt securities are treasured around the world for two reasons. Stability and credit quality. Treasury debt and debt issued by government agencies and quasi government agencies are considered the safest. Any doubt of this and you simply need to look no further than Fannie Mae and Freddie Mac. Quasi bankrupt government entities and the US Government (read you and I ) have stepped in to continue to pay the outstanding obligations.

Where else is the world going to go? Greece? Portugal? Spain? France? Italy? Russia? These places have the financial strength and powerhouse of Rhode Island and Connecticut combined! The proof of my thinking is…………as soon as the announcement was made and it was being debated in the media—treasury yields promptly dived lower to nearly 50 year lows (including mortgages.) Why? Safety due to the turmoil in the world financially and politically.

Additionally –the Federal Reserve( who doesn’t set mortgage rates) announced they intend to INFLUENCE the direction of interest rates well into 2013. To where? The current levels.
This is not good but great news for you and your family regarding real estate. When in your life have you been able to call the bottom of the real estate market and interest rate market?
The buying power these interest rates offer you today is unprecedented in modern times coupled with value in the housing market.

Michael David Belsham has had his mortgage practice running for nearly 20 years and closed well over 2000 homes locally. A respected professional known for his straight forward sensible advice and boutique service. Contact Michael below.

Michael David Belsham
Senior Loan Officer/Mortgage Banker
2201 Cantu Ct #119
Sarasota Florida 34232
michael.belsham@academymortgage.com
website: Academymortgage.com/michael belsham
NMLS# 321490 FL# LO57 Academy# 3113 Corporate Florida ID# MLD241 Branch NMLS MLB100001201
Great Rates, Great Programs, Raving Fan Customers!
941-780-5528 cell/office 941-357-7001

Waterfront Real Estate by way of Helicopter

Brad — Wed, 31 Aug 2011 19:48:46 +0000

Greg Woods Pilot

Pilot Greg Woods recently help a client and I preview waterfront properties from the helicopter in this photo. During the flight Greg allowed us to man the redundant controls and truly feel what it’s like to fly the helicopter. What an outstanding experience.

Lemon Bay Redfish

Brad — Thu, 25 Aug 2011 13:23:51 +0000

Outstading Fishing Outside Venice Inlet

Brad — Mon, 18 Jul 2011 13:06:28 +0000

Fishing is good outside Venice Inlet

My Daughters 2nd Birthday

Brad — Mon, 02 May 2011 21:06:08 +0000