Hurricane Claims

Many joined the ranks with the thousands of Floridians waiting for Wilma insurance settlements. More than 2,000 homeowners are trying to get payments from their insurers to repair damage from the Oct. 23, 2005, hurricane..
Insurers say most of the 400,000 claims from Wilma have been settled. Reasons for the unsettled claims vary. Some homeowners learn years later how extensive the damage was and that they can ask their insurer for more money, in a process called reopening a claim.
Homeowners have five years after a hurricane to file an insurance claim or lawsuit. With more than a year until the Wilma deadline, lawyers and independent adjusters, also called public adjusters, are advertising that they can help homeowners pursue claims against their insurers.
Some claims remain unsettled because the homeowners aren't happy with their insurers' offers. These homeowners have been in negotiation, mediation or arbitration for months or years.
Some have hired appraisers, lawyers or both in efforts to win settlements.Insurers say they need time to deal with lingering claims. .
Homeowners with insurance problems can complain to the state Department of Financial Services hotline. Financial Services workers can report signs of wrongdoing by insurers to the Office of Insurance Regulation.
Critics say the state should do more."People are fighting three, almost four years now, just to get a roof over their head.
Why that's something the state should tolerate is beyond me," said Paul Berger, a lawyer who founded Claims Solvers, a Coral Springs-based public adjusting firm that the Ayalas hired.
Berger cites a provision of Florida law that seldom is followed: Insurers are required to pay interest if the insurer pays more than 90 days after the claim is filed.

Sept, 09

Selling your home is now easier than it has been in the last few years….but prepare yourself to lower your asking as rising home prices are not happening.
Real Estate agents are swamped with buyers due to low interest rates, falling home prices, & a wide selection and government incentives for first-time home buyers.
Prices of homes are about 15% lower than last year, but there is still going to be downward pressure on prices.
Weak job markets & unemployment are lending a hand to distressed situations & increased foreclosures.
These scenarios are adding supply to an already crowded housing market & foreclosure sales can hurt prices across an entire neighborhood.
Despite the gloomy outlook for home prices, the housing market does show signs of stabilizing. The problem is that housing markets move slower than stock markets, which often bounce back quickly after a sudden steep decline. While stock market players needed to wait several months for a rebound in equity prices, homeowners may be waiting several years for an improvement in the value of what is typically their biggest investment.

AUGUST, 2009

The Summer Boca Raton Real Estate Market is picking up sizzling steam.
Realtors are working overtime to accommodate Buyers with showings heaviest during the weekdays.
Realtors are now showings back to back.
Every once in awhile Buyers are having to share showing times with other Buyers.

Properties are now going under contract/pending and communities are posting new Sales.
Statements about the Real Estate market remain cautious, but optimistic might be the key word.

June 09

Realtors are attending to the demands of Buyers in South Florida...as home showings are brisk, interest rates have stopped their decline and closings are being posted. Sales are up...prices are still down....the Perfect Storm has now been created and there may never be a time like this to purchase propertyagain!

Boca Raton Feb 18, 2009

Florida’s existing home sales rose in December, making it the fourth consecutive month that sales activity demonstrated gains in the year-to-year comparison, according to the latest housing data released by the Florida Association of Realtors® (FAR). December’s statewide sales also increased over November’s figures in both the existing home and existing condo markets.Locally Boca Raton has been bustling with Buyers and showing are brisk. Lowball offers are still rampant, but every so often, negotiations bear fruit if Buyers really want a home and the Sellers really want to sell!

The freeze on Florida home sales is thawing a bit, but home prices are still very much depressed.
Statewide, sales of existing, single-family homes were up 13 percent in the fourth quarter, compared to the same period a year prior, according to the latest statistics from the Florida Association of Realtors.
It marks the second consecutive quarter that the Sunshine State has reported a rise in home sales.
A total of 30,163 existing homes sold statewide in the fourth quarter, up from 26,635 existing homes sold during the same quarter in the previous year.
FAR also reported a 3 percent gain in statewide sales of existing condominiums in the fourth quarter, compared to the same time the previous year.
Foreclosures and a continued glut of homes on the market are keeping home prices down.

The FULL Time Realtor

The agents that are still in this business, that are focused on it, are going after it in ‘09. They are a go-getter group. They are the type that built this industry.“They’re looking at it as a career path, not just a job, and really focusing on how they can do their job better and how they can serve their clients better.
That involves finding unique ways to cater to potential home buyers – the basic premises of real estate selling.A good agent, no matter the economic status, knows the market inside and out and can compare a home to another in a snap because they have a vast collection of properties that they are educated on at any given time.
The pure objective of a real estate agent is to provide a professional service while protecting a client’s best interest.
A slumping economy, and a directly free-falling market, can test those skills of an agent – making today’s real estate agents, the ones that stuck through tough times, largely the cream of the crop that can see a light at the end of the tunnel.

Bellweather for Jan 09

South Florida's snowbird season starts officially when the Holiday Season winds down.
Visitors seek relief from the cold, ice and snow storms of the north and flock to our area.
I am located in Boca Raton, which is quite different from the rest of South Florida and vastly different than the rest of the state.
Boca Raton did not have the overbuilding of Miami and Ft Lauderdale as most of the land was developed in the 1970's through the late 1990's.
We do not suffer from new construction projects sitting here unsold...and investors sought our area, but nothing as far reaching as Miami......nevertheless, we suffer like the rest of the country.

My phone starting ringing in earnest Jan 6th and buyers are searching for the best price, best location, and some, the best upgrades. Upper bracket( over $2M) has not suffered as badly as the market between $700,000 and $2M, and postings of sales ARE being recorded.
Price brackets of under $300,000 is the strongest market sector....

Buyers are still seeking short sales and foreclosures, but the banks are slow to respond, if at all, and frustrations are high for Buyers and Sellers.

I think the Boca Raton market is going to see further price reductions come summer as we reach (my opinion)" the bottom."..and then flatline for the coming 2010 season until 2012.
Homes are to be lived in and enjoyed as homes are not liquid assets.

For people who wish good location, good school districts and great weather....seeking a permanent or second resident, Boca Raton will remain a quality purchase, probably retain & come back in value over all other areas....longterm.