Venice Area Homes Blog

Venice Golf & Country Club Property Update Report by Kari A. Battaglia

For more information please call (941)-270-1851

The report summarizes listings sold, as well as active/pending listings for Venice Golf & Country Club.  Listings summarized in the following table are based on information from the Mid Florida Regional MLS and/or other MLS Services.  Properties sold were not all listed by Coldwell Banker Residential Real Estate and were listed by various MLS participating offices.  Please note that For Sale By Owner properties are excluded because they often do not represent the full value of what they could sell for when properly priced and exposed to a greater number of qualified buyers through a professional real estate agent.  The most recent listings sold are shown in more detail below as they represent the best indication of change in property values.

Summary of Sold Listings for Venice Golf & Country Club

06/05/09       407 Huntridge Dr        4/3.1   1993         $595,000         $555,000      -6.72%         420

06/30/09       313 Lansbrook  Dr      3/2      1994         $299,900         $240,000     -19.97%        239

08/04/09       319 Lansbrook Dr       3/2      1995         $249,900         $250,000     +0.1%           83

08/14/09       411 Wellington Ct       3/3      1992         $379,000         $320,000     -15.56%        301

08/14/09       411 Lansbrook Dr       4/3      1996         $539,000         $480,000     -10.94%        296

09/15/09       513 Summerfield        3/2      2001         $275,000         $276,000     +0.03%         122

09/18/09       397 Autumn Chase     4/3      1994         $598,000         $560,000     -6.35%          119

09/25/09       421 Autumn Chase     4/3      2005         $675,000         $638,000     -5.48%          18

09/30/09       232 Vestavia Dr          3/3      1991         $295,000         $266,500     -9.66%          478

11/16/09       332 Melrose Ct           3/2      1995         $287,000         $265,000     -7.66%           52

12/17/09       321 Lansbrook Dr       3/2      1995         $227,900         $216,450     -5.02%           124

12/28/09       215 Vestavia Dr          3/2      1991         $260,000         $240,000     -7.69%           416

12/28/09       415 Fieldstone Dr       4/3      1993          $495,000         $445,500     -10%             483

12/30/09       479 Summerfield        3/23    1992          $499,000         $460,000     -7.81%          330

Summary of Activity for Venice Golf & Country Club

06/01/09 -12/31/09     14        $372,317              48                  $389,162             2                  $329,499

01/01/09 - 06/01/09     2         $265,000              n/a                   n/a                   n/a                   n/a 

06/01/08 - 12/31/08    12        $381,100              n/a                  n/a                    n/a                   n/a    

The number of properties available for sale in the Venice/Englewood area real estate markets are continuing to decline, down 33.2% from the same month one year ago; 3010 single family homes for sale to 2012, sales that are pending in the area are remaining strong for December 2009, up over 23.7% from one year ago; 2349 properties pending to 308 properties pending*:  an indicator of buyers interest in the Venice/Englewood real estate market.  Even though the number of homes available for sale in our area continues to decline, we are still in a Buyer's market.  Our Venice Coldwell Banker Office did 40% more business for 2009 than in 2008.   

We are expected mortgage rates to increase for 2010, from the 4% range in December to the 5% to 6% range first quarter of 2010.  Currently my mortgage reps are quoting in the 5% range. We are still looking at historically low rates.  Homebuyer tax credit will be expiring quicker than you know it and buying activity was predicted to increase as buyers capture tax credit before  expiration. Buying activity has increased for the lower priced homes.

Contact Kari A. Battaglia, PA GRI SRES^® , licensed REALTOR® in Venice Florida at 941-270-1851 to list your home, answer general questions or to help you search for homes for sale in Venice Florida.  I currently serve customers in Venice Florida, Englewood Florida, Nokomis Florida, South Venice, Laurel, Osprey and Casey Key and Manasota Key communities.  As a private landowner, I also have Tennessee properties available in the Chattanooga area. Call or email me to receive a list of Tennessee properties available for sale.

Contact me by email at Kari@DiscoverVeniceRealEstate.com.  Need information fast, call me direct at 941-270-1851.  Copyright©2009. By Kari A. Battaglia PA.  All Rights Reserved.

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Guest Blogger - Lena Reid, BB&T Bank AVP, Mortgage Loan Officer

FHA Property Flipping Rules -(Temporary Policy Change)

HUD is taking action to expedite the sales of foreclosed properties to new homebuyers. 

FHA currently prohibits insuring a mortgage on a home owned by the seller for less than 90 days. Effective with Purchase Contracts dated on and after February 1, 2010, the 90 day Property Flipping Rule will not apply.

This policy is temporary ONLY and has very strict conditions (SEE BELOW) to assure against predatory practices.   (Change is effective for a 1 year period unless otherwise extended or withdrawn by the FHA Commissioner.)

This policy change will permit homebuyers to use FHA-insured financing to:

• Purchase HUD-Owned Properties

• Bank Owned Properties

• Properties Resold through Private Sales

Must meet the following conditions:

• All transactions must be arms-length, with NO identity of interest between the buyer and seller or other parties participating in the sales transaction.

• In cases in which the sales price of the property is 20 percent or more above the seller's acquisition cost, the waiver will only apply if the lender meets specific conditions.

Specific Conditions are:

a) Must justify increase in value by supporting documentation and/or a second appraisal which verifies that the seller has completed sufficient legitimate renovations, repair or rehabilitation work on subject property to substantiate the increase in value. In Cases where no work performed, Appraiser to provide explanation of increase since prior title transfer.

AND

b) A satisfactory property inspection prepared by a qualified inspector and provided to purchaser prior to closing. The borrower or seller can be charged a reasonable and customary

inspection fee for this service. Inspections can be done by FHA approved inspector, a licensed

home inspector or registered engineer. The inspector may have no interest in the property or relationship to the seller.

Lena Reid | BB&T Bank AVP, Mortgage Loan Officer | Office: 941- 492-2623 | Toll-free: 888-493-0300 | 1580 Jacaranda Blvd, Venice, FL 34293 | LReid@BBandT.com 

Guest Blogger - Lena Reid, BB&T Bank AVP, Mortgage Loan Officer

FHA CURRENTLY HAS NO APPROVED CONDO PROJECTS - ALL PREVIOUS APPROVALS HAVE BEEN ELIMINATED!

Due to recent announcements in the industry concerning condominiums, no previously approved FHA projects will be accepted for any loans!

This change is effective with new applications on and after February 1, 2010.

Discontinuance of FHA-Approved Condominium Projects

It was announced by Fannie Mae and VA recently and by Freddie Mac today that the practice of accepting FHA-Approved condominiums on loans sent for purchase or guarantee is discontinued.

As a consequence of the above - we must no longer accept FHA-Approved condominiums for ALL LENDING products, including but not limited to Conventional, all Government (except for FHA, of course, as noted above), CHIP, Non-Conforming, AND Housing Agency loans. 

In essence, all loans may no longer use the FHA-Approved Condominium list from FHA Connection and all loans involving condominiums must follow the published investor requirements for condominium approval, certification as usual.

We must continue to give due diligence in the review of all condominium projects - related to their constituent documents:

• minimum insurance requirements
• appraisals
• condominium project analysis
• Connventional, FHA, VA, USDA lending requirements, any separate Housing Agency or Third Party Servicer requirements.

Lena Reid | BB&T Bank AVP, Mortgage Loan Officer | Office: 941- 492-2623 | Toll-free: 888-493-0300 | 1580 Jacaranda Blvd, Venice, FL 34293 | LReid@BBandT.com 

Contact Kari A. Battaglia, PA GRI SRES^® , licensed REALTOR® in Venice Florida at 941-270-1851 to list your home, answer general questions or to help you search for homes for sale in Venice Florida.  I currently serve customers in Venice Florida, Englewood Florida, Nokomis Florida, South Venice, Laurel, Osprey and Casey Key and Manasota Key communities.  As a private landowner, I also have Tennessee properties available in the Chattanooga area. Call or email me to receive a list of Tennessee properties available for sale.

Contact me by email at Kari@DiscoverVeniceRealEstate.com.  Need information fast, call me direct at 941-270-1851.  Copyright©2009. By Kari A. Battaglia PA.  All Rights Reserved.

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A friendly reminder:  Please visit the Sarasota County Property Appraiser's Office in South Venice to file for your 2010 Homestead Exemption by Monday, March 1^st.

For homeowners who bought their home in 2009 and had a Homestead Exemption already in place when you bought your home, you need to file for your own exemption by Monday, March 1^st or you will lose the exemption.  When applying for the Homestead Exemption, you will need to bring several items listed below that serve as evidence of property ownership and Florida residence.  Married couples are required to bring this information for both spouses.  By the time you come into their office to file an application, it is very likely that your name will already be in their records showing you as the property owner.  However, it is recommended that you bring with you a copy of one of the following:

• A valid Florida Driver's license showing correct address (if you do not drive visit www.sc-pa.com for additional requirements) 
• A copy of your deed to the property, or
• Tax bill, or
• Notice of Proposed Property Taxes

All applicants are required by Florida law to provide their Social Security Number, according to Florida Statute 196.011(1)(b).  Married individuals must always provide this information for their spouse, whether or not the spouse's name appears on the deed.

For additional information on Homestead and other Personal Exemptions please visit Sarasota County Property Appraiser's website at www.sc-pa.com.

Contact Kari A. Battaglia, PA GRI SRES^® , licensed REALTOR® in Venice Florida at 941-270-1851 to list your home, answer general questions or to help you search for homes for sale in Venice Florida.  I currently serve customers in Venice Florida, Englewood Florida, Nokomis Florida, South Venice, Laurel, Osprey and Casey Key and Manasota Key communities.  As a private landowner, I also have Tennessee properties available in the Chattanooga area. Call or email me to receive a list of Tennessee properties available for sale.

Contact me by email at Kari@DiscoverVeniceRealEstate.com.  Need information fast, call me direct at 941-270-1851.  Copyright©2009. By Kari A. Battaglia PA.  All Rights Reserved.

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Another exciting event that the Venice Area Board of Realtors "Green Committee" is sponsoring, along with Sarasota Florida's Natural Awakenings Magazine, Tri County Air Conditioning & Heating, and BB&T Bank, is the Venice Area Green Living Expo to be held at Centennial Park downtown Venice on Saturday, April 10^th, 2010.  Vendors have an opportunity to educate the public on Energy Efficiency, sources of "Green" materials, speakers with topics that include rebates available for consumers who convert to "energy wise" appliances, etc.

Admission is free for the public.  To participate as a vendor:

• Cost: $50.00 for a 16x10 space
• Space is limited, approximately 100 spaces available at Centennial Park, downtown Venice
• Participants must bring their own table, electric, etc.
• For information email:  Cindy Marovich at Marovich@verizon.net or
• Marlene Merkle at mmerkle761@aol.com or call 941-484-0614.

ALL PROCEEDS TO BENEFIT VABRs HABITAT FOR HUMANITY FUND

Contact Kari A. Battaglia, PA GRI SRES^® , licensed REALTOR® in Venice Florida at 941-270-1851 to list your home, answer general questions or to help you search for homes for sale in Venice Florida.  I currently serve customers in Venice Florida, Englewood Florida, Nokomis Florida, South Venice, Laurel, Osprey and Casey Key and Manasota Key communities.  As a private landowner, I also have Tennessee properties available in the Chattanooga area. Call or email me to receive a list of Tennessee properties available for sale.

Contact me by email at Kari@DiscoverVeniceRealEstate.com.  Need information fast, call me direct at 941-270-1851.  Copyright©2009. By Kari A. Battaglia PA.  All Rights Reserved.

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This year will be the VABR (Venice Area Board of Realtors) Green Committee's 2^nd year as a committee.  Our mission is "To be a resource for the preservation of our environment and natural resources as it pertains to real estate."

To help raise awareness of Green Living to the Venice FL community and to help raise money for the VABRs Habitat For Humanity Fund (we are half way there); the "Green Committee" has organized the Venice 5K Run and 1 mile Fun Run to be held at the corner of Beach Road and Harbor Drive in Venice Florida on April 18^th, 2010 to kick off Earth Week.

This pet friendly event will be fun for everyone.  Registration is $20 for adults and $10 for children ages 18 and under.  The course begins at corner of Beach Road and Harbor Drive and goes to Caspersons Beach and back.  Shortly after the start of the 5K Run the 1 mile Fun Run will begin.  This Fun Run is a great opportunity for children, adults and their pets to participate, have great fun and raise money for the Habitat For Humanity's Green House project.

All participants will receive a T-Shirt, VABR Green Bags and much more.  For more information and to register email Marlene Merkle at mmerkle761@aol.com or give Kari Battaglia a call at 941-270-1851.

Contact Kari A. Battaglia, PA GRI SRES^® , licensed Realtor® in Venice Florida at 941-270-1851 to list your home, answer general questions or to help you search for homes for sale in Venice Florida.  I currently serve customers in Venice Florida, Englewood Florida, Nokomis Florida, South Venice, Laurel, Osprey and Casey Key and Manasota Key communities.  As a private landowner, I also have Tennessee properties available in the Chattanooga area. Call or email me to receive a list of Tennessee properties available for sale.

Contact me by email at Kari@DiscoverVeniceRealEstate.com.  Need information fast, call me direct at 941-270-1851.  Copyright©2009. By Kari A. Battaglia PA.  All Rights Reserved.

DiscoverVeniceRealEstate.com - FREE MLS Search, Buyers guide, Sellers guide, Community Info/Links

My customer is purchasing a new primary residence and plans to rent out their current home.  Can we use the rental income for qualification?

For borrowers who are purchasing a new primary residence, and intend to convert their existing primary residence to an investment property, rental income may be utilized to offset the existing mortgage payment for Conventional products provided the following requirements are met:

• Rental income may only be used to qualify when mortgage insurance is not required.
• Net rental income is calculated utilizing 75% of the projected rental income, less the proposed PITIA.
• The borrower must have at least 30% equity in the existing primary residence as documented via a full Uniform Residential Appraisal Report (IRAR) with interior/exterior inspections: minus any outstanding liens.  If the 30% equity in the property cannot be documented, rental income may not be used to offset the mortgage payment and the following requirements apply:6 month of PITIA reserves for both properties is required. 

1. Both the current and the proposed mortgage payment must be used to qualify the borrower for the new mortgage transaction.
2. The rental income must be documented via a fully executed lease agreement, and the receipt of a security deposit from the tenant and deposit into the borrowers account.

For FHA products, rental income from the property being vacated may not be considered in the underwriting analysis except under the following circumstances:

• Sufficient Equity in Vacated Property:  The borrower has at least 25% equity in the principal residence being converted to an investment property as determined by either: 

1. A current residential appraisal, dated within 6 months of the application.
2. Comparing the unpaid principal balance to the original sales price of the property.

In these instances, rental income from the property being vacated reduced by the appropriate vacancy factor must be documented via:

• A properly executed lease agreement signed by the borrower and the lessee of at least on year's duration after the loan is closed.
• Evidence of the security deposit and/or evidence of the first month's rent was paid to the borrower.

Contact Kari A. Battaglia, PA GRI SRES^® , licensed Realtor® in Venice Florida at 941-270-1851 to list your home, answer general questions or to help you search for homes for sale in Venice Florida.  I currently serve customers in Venice Florida, Englewood Florida, Nokomis Florida, South Venice, Laurel, Osprey and Casey Key and Manasota Key communities.  As a private landowner, I also have Tennessee properties available in the Chattanooga area. Call or email me to receive a list of Tennessee properties available for sale.

Contact me by email at Kari@DiscoverVeniceRealEstate.com.  Need information fast, call me direct at 941-270-1851.  Copyright©2009. By Kari A. Battaglia PA.  All Rights Reserved.

DiscoverVeniceRealEstate.com - FREE MLS Search, Buyers guide, Sellers guide, Community Info/Links