South Florida Rentals And Home Sales

Here is some information I received

Dear LARRY,

The economic stimulus package recently passed by Congress provides Americans with extra cash in the form of tax rebates. In Washington, I fought to include seniors in this package so that they too would be eligible for some financial relief.

I am writing you to help you determine whether you are eligible to receive a rebate and if so, how to obtain one. Tax-paying Americans, as well as seniors who earn at least $3,000 through Social Security and other forms of government benefits, may be eligible for a tax rebate.

Under the stimulus package, individuals who file a 1040 tax form and have an adjusted gross income between $3,000 and $75,000 a year will will be eligible for $300-$600. Married couples may be eligible for up to $1200, with additional money for each child. This email’s yellow chart provides more detailed information.

It is important to know that seniors and disabled individuals who do not owe taxes can qualify for rebates if their adjusted gross income is at least $3,000. Please feel free to help spread the word to your elderly relatives and friends that if they have received at least $3,000 and file a 1040 tax return form this year, they will be eligible for a rebate.

As Americans struggle with home foreclosures, skyrocketing health care and prescription drug costs, and rising energy prices, I am committed to helping constituents determine their rebate eligibility, file their returns, and receive their money. Please feel free to contact my office nearest to you for assistance.

With warm regards,

Congressman Robert Wexler

Here is an example of what is happening in the South Florida real estate market. On Friday, I closed on a home for my clients. The house sold for $300,000 with 3% back. The VA appraisal came back at $375,000. One of the adjustments on the appraisal was a 5% deduction from the comps, because of declining home values. If not for this, the home would have appraised for $400,000.
We picked up the home for $75,000 under the appraised value. It is basically the same price that you would pay for a
3-2 here with 1800 Sq Ft. This home was a 4-3 with 2800 sq ft, under air with a pool.
Prices are still dropping. Too much inventory and not enough buyers. The buyers are at the low end. I do see a pick-up, but I think it will be awhile, before we see a stabilization. The South Florida homes market will pick up a bit this summer, when people move with school out.