Ocala Real Estate Talk

Posts Tagged ‘Dunnellon FL real estate’

Rainbow Lakes Estates

Rainbow Lakes Estates is a huge sub division of approximately 13,000 acres that was first developed in 1961 by the American Realty and Petroleum Corp. At the time AMREP was one of the largest developers in the US mostly developing large tracts of land in southern states to be sold as vacant lots to northern snowbirds. Land was really cheap in Marion County in the 60′s and 70′s and several huge projects like Rainbow Lakes sprung up around the county at that time. Like several similar sub divisions many lots were never built on and even to this day there is a huge number of vacant lots.

Rainbow Lakes Estates has all paved roads. It also has 3 lakes, Tiger Lake, Lake Bonable and Little Lake Bonable. Lots are either 1/4 acre or 1 full acre. Homes range from smaller, under 1,000 sq ft of living area to quite large homes built in the last few years. Homes date from the 1960′s through  the building boom of 2004-08 to the present. There are all methods of construction with the majority being concrete block. There are very reasonably priced homes here in Rainbow Lakes Estates including a number of foreclosures.

Although there is no HOA or HOA fees there is a community center in Rainbow Lakes Estates with various clubs and activities.

Rainbow Lakes is peaceful and quiet but only a few minutes from Dunnellon and around 40 minutes from Ocala.

If you would like to see listings from Rainbow Lakes Estates email me or use my Ocala Dream Home Finder .

See images below

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Right now is the opportunity of a lifetime to buy an Ocala home. Here are 12 reasons to invest in Ocala real estate right now.

1. Interest rates are at historical low with no where to go but up.
2. Many Ocala area home sellers will pay part or all of a buyers closing costs.
3. Fannie Mae Homepath Financing doesn’t require an appraisal and also offers renovation loans for their Ocala and Marion County foreclosed properties.
4. USDA offers 100% financing with no Private Mortgage Insurance (PMI) on many Marion County homes. Mostly homes that are not in the Ocala city limits.
5. FHA loans allow the seller to pay many of the buyers closing costs.
6. Conventional loans rates are at all time lows. Local banks want to loan money to buyers with good credit. Don’t let anyone tell you different.
7. Foreclosures are selling at a 50% discount from 2005-08 highs.
8. Most Ocala foreclosures are in good condition and easily pass a professional home inspection.
9. Many “traditional sellers” have dropped their prices to better compete with distress sales.
10. In the 55+ communities there are always great deals on estate sales.
11. Estate sales also exist outside the 55+ communities and are a hidden secret often over shadowed by Ocala area foreclosures and short sales.
12. Principle, interest, taxes and insurance are often not much more than renting.

If you are a first time buyer, a renter, a retiree or investor now is the time to buy.

Rainbow Springs Woodlands is very nice sub division just north of Dunnellon.  Building began in the Woodlands in 1976 and there are vacant lots still available today. All the roads are paved and all homes are on lots 1 acre or larger. Most lots are wooded with plenty of shade trees unlike a lot of other Marion County communities. Most homes are concrete block and stucco but there are a few frame homes mixed in. Deed restrictions prohibit mobile and manufactured homes. There is an HOA with a minimal $8.00 per month fee. Deed restrictions are minimal. If you’re looking online and see the A1 zoning be aware that the deed restrictions over ride the zoning and this is not a community for horses. To see the location of Rainbow Springs Woodlands in relation to Dunnellon and Ocala check out my Dunnellon sub division map.

If you’re looking for a quiet, peaceful area with a house on an acre or larger lot then you should put the Rainbow Springs Woodlands on your short list.

To get a list of homes in Rainbow Springs Woodlands that are for sale just call me, email me or use my Dream Home Finder.

Home for sale Rainbow Springs Woodlands

This is a home for sale in the Rainbow Springs Woodlands area of Dunnellon. It is a new listing for me. I really like the Rainbow Springs Woodlands because it is such a nice established neighborhood of homes on big 1 acre plus lots. This is a very quiet peaceful community but it’s just a few miles north of Dunnellon where you’ll find grocery stores, various shops and restaurants.

This home was built in 1982 and has a brand new roof as of December 2009. There is 1,590 sq ft of living area but the floor plan is really good and makes the house feel larger. It’s a typical 3 bedroom 2 bath Florida split plan with the master on one side of the house and the other 2 bedrooms on the opposite side. There is a large open living room with high ceilings and a fireplace. The lot measures 1.24 acres and has a lot of trees.

This link is to the featured homes page on my web site where you’ll find statistics about this house and 11 images. The list price is $124,900.00.

REDUCED to $109,000.00

SOLD JULY 2010

Rainbow Springs Woodlands

If you would like a list of homes for sale in Rainbow Springs Woodlands or one of the surrounding communities use my Dream Home Finder.

No it’s not a crazy come on or infomercial. Fannie Mae the huge federal agency is offering incentives to buy Fannie Mae owned foreclosures.

Here is how it goes.

You must buy and close on a Fannie Mae foreclosure between Jan 28 and April 30, 2010.

Fannie Mae is offering 3.5% of the sold price that can be used for closing costs or to buy Whirlpool appliances through Fannie Mae or the buyer can do a combination of closing costs and appliances. Buyers must be owner occupants.

According to the Fannie Mae web site. Lenders may impose their own limitations on the use of the 3.5% incentive, so buyers should consult their lenders for guidance.

Many foreclosures in the Ocala area are either homes that never had all the appliances or the homes were burglarized and the appliances were stolen.

If you are interested in foreclosures in Ocala and surrounding Marion County email me or use the Dream Home Finder in the left column of my blog.

I just helped a couple get a really great deal on a brand new house from a developer in Dunnellon Florida. Now some people might think that spending good money on a home inspection for a new house that comes with a builders warranty is a waste of money. Well while testing the dishwasher it spilled water all over the kitchen floor and it took the poor home inspector about a half hour to soak all the water up with some old towels he carried with him. The buyers were paying cash and there wasn’t a bank that required a survey but they elected to do one any way even though this was a new house. There are wild stories about building houses on the wrong lot. The survey revealed a minor error on the title that was corrected prior to closing. Not a big deal but something that would have surfaced on resale.
A waste of money or money well spent? You be the judge.