Archive for November, 2009
Ocala Real Estate Market Report October 2009
| $100.00 to $100,000.00 | 199 |
| $100,001.00 to $200,000.00 | 118 |
| $200,001.00 to $300,000.00 | 13 |
| $300,001.00 to $500,000.00 | 5 |
| $500,000.00 plus | 2 |
| TOTAL SALES FOR THE MONTH | 337 |
| Farm properties all price ranges | 5 |
| TOTAL ACTIVE LISTINGS FOR MONTH | 5,553 |
** Only homes listed & sold in Marion County on the Ocala Marion county MLS. Does not include For Sale by Owner, Vacant land, Commercial properties, or homes by Builders not listed on the MLS. Numbers subject to change due to late
reports from Brokers
Sellers sales are still being driven by bargain hunters. As you can see most homes sell for less than $200,000 and the majority sell below $100,000. There were 31 short sales and 137 foreclosure sales in October. That accounts for 50% of all sold homes. The Ocala area has a 13.5% unemployment rate. It will be 10 years before the market returns to the prices we saw in 2005-07. Waiting for the market to recover is not an option.
Buyers prices aren’t going much lower. We are already rolled back to about 2004. Interest rates are at historical lows and given the federal deficit and the weak dollar interest rates have to go up soon. There is still a great selection but if you’re looking for one of those newer foreclosures there are a finite number and they will run out sooner or later.
Statistics used for this blog post are from the Ocala Marion County MLS and are deemed to be accurate at the time this blog was written but are not guaranteed. All information is time sensitive and subject to change without notice.
On Top of the World Ocala FL
On Top of the World Ocala Florida
On Top of the World is a huge 55 plus retirement community located in SW Ocala Florida. Sidney Colen, a visionary Florida builder, purchased the 12,872 acre Circle Square Ranch in 1975 and began to develop On Top of the World in 1982. His son is still building new homes here today.
On Top of the World is unique in Ocala real estate for a couple of reasons. This is a leasehold property which is unusual for our area. A buyer also can’t finance more than 80% of the purchase price of their home. Unlike most Ocala 55+ communities all outside maintenance is part of the HOA fees.
In addition to new homes there are quite a few resales here. Older homes are often attached in groups of 4 to 6 and of concrete block and stucco construction. The newer homes are single detached and also CBS. Sizes range from 1,000 to about 2400 sq ft of living area. Prices start as low as $40,000- and go up to $200,000- for resales.
HOA fees at On Top of the World are high, around $350- per month, because they include all outside maintenance including lawns, painting and roofs as well as property insurance on the building but not the contents. In addition there is a 24 hour guard at the gate and too many amenities to list.
Amenities include the Arbor Club with indoor and outdoor pools, tennis, craft building with a complete woodworking shop, The Spa Ranch and Fitness Center, a library, a dog park, a bus service for shopping and the Circle Square Cultural Center. There are 2 golf courses, the Tortoise and Hare and The Links. Golf, the Ranch Spa and Fitness and the Cultural Center all have fees above and beyond your HOA fee.
On Top of the World is also a golf cart community which means you can drive your cart down the street. You can even access 2 grocery stores, small shops and a few restaurants with your golf cart.
If you would like a list of homes for sale in On Top of the World fill out my Dream Home Finder located in the column on the right hand side of this page.
Quail Meadow Ocala FL
Quail Meadow
Quail Meadow is a 55 plus retirement community located in NW Ocala Florida. This is a community that was built over a fairly long period of time. There are both frame and vinyl homes from the late 1980′s to block and stucco homes just a few years old. Prices vary a lot too, from $100,000- to the mid $200′s. Homes range from 1200 to 2500 sq ft of living area. Quail Meadow is not gated but does have a very nice clubhouse and pool. HOA fees are a minimal $25- per month. Quail Meadow is convenient to grocery stores but you’d have to drive to Ocala or down to SR 200 for other shopping and restaurants.
If you would like a list of homes for sale in Quail Meadow fill out my Dream Home Finder located in the column on the right hand side of this page.
New web site page about Ocala property taxes
I’ve added a new page to my web site, Ocala House Hunter.com, to help people understand property taxes here in the Ocala Marion County area.
The first thing to understand is that there are several cities in Marion County. Ocala, Dunnellon, Belleview and several smaller ones. Now here’s the difference from other parts of the country. Many sub divisions are not in any city at all and are just within Marion County. This is important when you are trying to figure out your tax rate.
Another thing to be aware of is that the taxes you see online on an MLS listing are probably not what you’d be paying. This is very deceiving.
For more about Marion County Property Taxes see my new web page.
Ocala First Time Buyer Tax Credit Extended To Existing Homeowners
The First Time Buyer Tax Credit has been extended to April 30, 2010. There have also been some changes, the biggest being that the credit has been extended to existing home owners. I have created the chart below to show the differences between the current tax credit and the new one that just got signed into law.
First time buyers can also use their tax credit as part of their down payment. This is done by a bridge loan that you get through the State Housing Initiatives Program, better known as the SHIP program. Call or email me for contact info. It’s important to realize that there is both a city of Ocala and Marion County SHIP.
| FEATURE | JAN 1 to NOV 30, 2009 | DEC 1 2009 to APRIL 30, 2010 |
| FIRST TIME BUYER CREDIT | $8,000.00 | $8,000.00 |
| FIRST TIME BUYER ELIGIBILITY | CANNOT OWN A PRINCIPLE RESIDENCE IN LAST 3 YEARS | SAME |
| CURRENT HOMEOWNER CREDIT | NONE | $6,500.00 |
| CURRENT HOMEOWNER ELIGIBILITY | NONE | HOME THAT WAS SOLD OR BEING SOLD WAS PRINCIPLE RESIDENCE 5 OF LAST 8 YEARS |
| CREDIT PERIOD ENDS | NOV 30,2009 extended to APRIL 30 2010 | APRIL 30 2010 |
| BINDING CONTRACT RULE | NONE | CONTRACT EFFECTIVE DATE OF APRIL 30
MUST CLOSE BY JULY 1, 2010 |
| INCOME LIMITS | $75,000.00 single $150,000.00 married |
$125,000.00 single $225,000.00 married |
| LIMIT ON COST OF HOME | NONE | $800,000.00 |
| ANTI FRAUD RULE | NONE | PROOF OF PURCHASE WITH TAX RETURN |
Ocala Florida Weather Update November 2009
The temperatures are finally returning to normal after an exceptionally hot October. October temperatures were in the mid ti high 80′s instead of the lower 80′s all month. It was also pretty humid most days, more like September than October.
November should be in the 70′s during the day and the 50′s at night with no humidity. Hopefully this will turn out to be true. I think October through the end of December is a great time of year. You don’t need AC or heat and no humidity. In Ocala we look forward to the winter months.
I have a new Ocala Weather page on my web site with average temperatures and rain fall for all 12 months.
If you’re interested in moving to Ocala see my Ocala Real Estate web site for a ton of Ocala information.
Indigo East Ocala FL
Indigo East
Indigo East is a newer part of On Top of the World built by Pulte Homes. It is located just north of SR 200 and is close to shopping restaurants and health care. Homes in Indigo East are all of concrete block and stucco construction and range in size from around 1200 sq ft of living area to a little over 2,000. Prices are in the $100-200,000- range with most in the middle. Indigo East has an electronic gate that works on a bar code but not a person in a guard house at the gate. There is a nice clubhouse and pool. HOA fees are about $130- per month and include maintenance of the common areas, clubhouse, curbside trash pickup, basic cable and high speed internet as well as discounted rates at the Candler Hills golf course and Circle Square Commons.
If you would like a list of homes for sale in Indigo East fill out my Dream Home Finder located in the column on the right hand side of this page.
Ocala Short Sales Financial Repercussions
A lot of people in the Ocala area owe more on their house than it’s worth. Some for one reason or another they just can’t their make the mortgage payments any more. Others question the idea of continuing paying a $300,000- mortgage on the house that isn’t worth $200,000- any more.
There are financial repercussions when you stop paying your mortgage. Here is a great link to a recent article in the Orlando Sentinel that lays out a time line of exactly what happens when you stop masking your mortgage payments.
Your credit score will take a hit up to 200 points. Your credit card interest rates will go up. Insurance rates are tied to your credit score and they will be effected. Finally if you lose you house you will need to become a renter. Most landlords will want a good credit report before renting.
Too many people don’t know what to do if they can’t pay their mortgage. The worst thing you can do is nothing. Call or email me and if I can’t help you I’ll refer you to someone who can help.
Spruce Creek Preserve Dunnellon FL
Spruce Creek Preserve
Spruce Creek Preserve is just off SR 200 in Dunnellon Fl. This is a great location because it is just a short drive to restaurants, shopping and health care in the SW corridor area. Spruce Creek Preserve is a gated, 55+, golf course community. houses in Spruce Creek Preserve are frame with stucco or frame with vinyl siding and a few concrete v=block with stucco. Homes here can range from 1,000 sq ft of living area to over 2,000 with most being in the middle. HOA fees of around $114- per month which includes the guard at the gate, clubhouse, common area maintenance, curbside trash pickup and basic cable TV. Spruce Creek Preserve is a very nice community that shows pride of ownership.
If you would like a list of homes for sale in Spruce Creek Preserve fill out my Dream Home Finder located in the column on the right hand side of this page.
Spruce Creek Ocala FL
Spruce Creek Sign
Spruce Creek also referred to as Spruce Creek North is the original Del Web community in Ocala. It is located is SW Ocala just off SR 200 and close to restaurants, shopping and health care. Spruce Creek is not gated but does have a very nice clubhouse and pool. Homes here are site built, frame construction with aluminum or vinyl siding. Sizes are from 800 sq ft of living area to over 1800. Prices here are between $50,000- to $100,000-. Low HOA fees of $85- per month cover common area maintenance, clubhouse, trash pickup and night time security patrol. Spruce Creek is a very nice, lower priced, retirement community.
If you would like a list of homes for sale in Spruce Creek fill out my Dream Home Finder located in the column on the right hand side of this page.
Ocala, FL