Gulf Coast Associates' Blog: Around Florida

No matter how much the drive-by media wants to spin the current housing slow down, one thing those of us who live in Florida know for sure, people will continue to flock to the Sunshine State no matter how much doom and gloom the pundits currently espouse. And, it doesn't take a rocket scientist to understand why. A simple look at the numbers mixed with a little common sense is all anyone needs to see the forest for the trees.

First and foremost, if you read a newspaper or watch cable television, you'd have no choice but to think that absolutely no one is buying houses anymore, especially in Florida. And, while it is a fact that the sales numbers are down from the boom in 2005-2006, the reality is sales are still occurring at a pretty respectable pace.…

For most Americans, Thanksgiving is a time to celebrate with family and friends giving thanks for the good fortunes of another year. For residents of Florida and other coastal states, Thanksgiving 2007 is also a time to give thanks for another quiet hurricane season. While many areas in Mexico and the Caribbean were not so fortunate, the United States, for the most part, was left unscathed by the destructive nature of this year's storms.

For newer residents to the coastal areas, this year has been an unusual blessing. For more seasoned veterans, it was a mere respite. It doesn’t take much for most of us to recall 2004-6 when the likes of Charlie and Ivan, Dennis and Wilma wreaked their havoc on our very existence. In fact most years, we're grateful to…

The Florida Legislature passed its replacement property tax reform amendment on Monday. The new measures will go before voters in the form of a ballot referendum on January, 29, 2008, and will require 60% approval in order to become law. The reform tax package is expected to save taxpayers $12.5 billion in the first five years.

Highlights of the new tax reform package include:

• Doubles the $25K homestead exemption to $50K on all homes valued over $75,000. The additional $25K exemption does not affect school taxes.
• Allows owners of homesteaded property to transfer ("portability") up to $500,000 in Save Our Homes benefits, including school taxes, to a new home.
• The proposal, if passed, will be retroactive to January 1, 2007.
• Imposes a…

A recent study by the National Association of Insurance Commissioners shows many homeowners are still confused about exactly what types of losses their homeowner insurance policies cover. The results are actually quite surprising and show the need for homeowners to take better care in understanding what they are getting when taking out their coverage. Making assumptions, or not clarifying exactly what types of losses are covered, can cost you dearly when disaster strikes.

The survey found the following misconceptions by policy holders:

• 33% believe their policies cover flood damage.
• 51% believe their policies cover rising dirty water like water main line breaks or broken sewer lines.
• 34% believe mold damage is covered.
• 31% believe…

As of yesterday, Florida became one of the nation's toughest states for sexual predator penalties. The new law triples maximum sentences up to 15 years for child solicitation and child pornography. It also makes Florida the first state to criminalize the act of traveling to meet a minor for sex and requires sex offenders to register their email and instant messenger handles with authorities. The state will then share that information with social networking sites like MySpace and Facebook.

The Attorney General's office reported that Florida ranks fourth in the country in child pornography on computers and the Legislature wanted to make it clear that if you are caught, you're going to spend a substantial amount of time behind bars.

The new law classifies…

In a stunning ruling for Gov. Crist and the Florida Legislature, Circuit Judge Charles A. Francis has ruled their new Tax Relief amendment is unconstitutionally misleading and removed it from the ballot for January 2008. In his written ruling, Judge Francis referenced the ballot summary stating "the amendment would preserve existing property tax breaks", when in actuality, it phases them out. In particular, the Judge said voters are given little and inaccurate information with regards to the current Save Our Homes amendment and are "led to believe it is preserved or revised". The reality is the proposed amendment is designed to eventually get rid of the existing Save Our Homes protections which limit tax assessment increases on homesteaded properties to no…

Beginning October 1, the costs to replace a roof in Florida are expected to rise by at least 25% - and even more if you live in a coastal community. The increase in cost is due to a new law the state Legislature passed in May that increases the building code requirements to help strengthen homes against hurricanes.

Experts agree that adding such new protections can only help, but builders, consumers and insurance companies are seeking clarity. Liability issues and insurance discounts top the lists of concerns. In addition, some of the new requirements are structural in nature and most roofing companies are not certified to perform those types of changes. They will require the hiring of a general contractor and that is sure to drive the costs up even more.…

Although purchasing a foreclosed property may be a home that is significantly undervalued for the surrounding market, all the experts say that may not always be the case. The key is to "go slowly and carefully" and do your homework first. To do otherwise, could turn a potentially good purchase into a costly mistake.

Once you've located a foreclosure property through either a public records search, newspaper ads, the web, or your agent - you need to find out what comparable homes in the same area sold for in the not to distant past. Try to keep your comparables as close in kind to your property as possible - same number of bedrooms and baths, garage, lot size, and square footage. Concentrate on properties that have sold in the last six months and that are…