Condo.com Blog

Town and Country Houses

Tue, 14 Oct 2008 16:31:26 GMT

Recently there were 76 active listings for homes in Town and Country, at an average price of $1354,820 with an average size of 4,536 square feet. This is an average cost of $262 per square foot. Sellers the average property here has been on the market for 168 days.

Buyers, these listings are available for your review at http://dwightpuntigan.point2agent.com/Popular_Searches/page_203587.html

If you are considering relocation to or from the Town and Country area call 636-219-6242 or reply to my email address.

I provide free information: Home Buyers Guide, Hiring the Right Agent, How does the Agent Represent You - Agency, Is now a good time to buy, Should I think New Home - Resale - single family - condo - villa, What type of loan is best for this situation - who specializes in those, there are several ways to get down payment assistance. http://www.StCharlesHousing.com

Buyers to see searches from the MLS of other areas use http://dwightpuntigan.point2agent.com/Popular_Searches/page_203587.html
or to search the MLS yourself use: http://dwightpuntigan.point2agent.com/Search_MLS_Listings/page_203592.html

Dwight Puntigan
Century 21 Luetkenhaus
410 Crestview Drive
O'Fallon, Mo. 63366
636-219-6242

Creve Coeur Housing Market

Tue, 14 Oct 2008 15:50:44 GMT

Contact: Dwight Puntigan
Century 21 Luetkenhaus
410 Crestview Drive
O'Fallon, Mo. 63366
636-219-6242

Recently there were 93 active listings for homes in Creve Coeur, at an average price of $879,422 with an average size of 3,424 square feet. This is an average cost of $226 per square foot. Sellers the average property here has been on the market for 125 days. There have been 112 houses sold during the past 12 months. Thus , the existing supply of housing is about 83% of a years supply. However, the average days on market for houses sold is only 127 days. That is not bad at all in todays market.

Buyers, these listings are available for your review at http://dwightpuntigan.point2agent.com/Popular_Searches/page_203587.html

If you are considering relocation to or from the Creve Coeur area call 636-219-6242 or reply to my email address.

I provide free information: Home Buyers Guide, Hiring the Right Agent, How does the Agent Represent You - Agency, Is now a good time to buy, Should I think New Home - Resale - single family - condo - villa, What type of loan is best for this situation - who specializes in those, there are several ways to get down payment assistance. http://www.StCharlesHousing.com

Buyers to see searches from the MLS of other areas use http://dwightpuntigan.point2agent.com/Popular_Searches/page_203587.html
or to search the MLS uourself use http://dwightpuntigan.point2agent.com/Search_MLS_Listings/page_203592.html
area call 636-219-6242 or reply to my email address.

I provide free information: Home Buyers Guide, Hiring the Right Agent, How does the Agent Represent You - Agency, Is now a good time to buy, Should I think New Home - Resale - single family - condo - villa, What type of loan is best for this situation - who specializes in those, there are several ways to get down payment assistance. http://www.StCharlesHousing.com

Buyers, to see searches from the MLS of other areas use http://dwightpuntigan.point2agent.com/Popular_Searches/page_203587.html
or to search the MLS yourself use http://dwightpuntigan.point2agent.com/Search_MLS_Listings/page_203592.html

MLS listings Available

Tue, 14 Oct 2008 14:20:27 GMT

For assistance call:

Dwight Puntigan
Century 21 Luetkenhaus
410 Crestview Drive
O'Fallon, Mo. 63366
636-219-6242

If you have an MLS number that you want more information on quickly go to http://dwightpuntigan.point2agent.com/Search_MLS_Listings/page_203592.html once there use the button (next) it will forward you to the next page without choosing an area. Scroll to he bottom of the page to see
MLS# _____

Enter the MLS # in the box and hit search. On the new page toward the bottom one of your choices will be (Click here for more info on this listing...)

You have my cell phone call for anything I will respond as quickly as I can.

If you want to see one of the listings, make an offer, get a neighborhood CMA, or just review the property tax for the listing call or email me.

If you need a reccomendation of a lender for your situation ask.

See organized searches for those listings you really need.

http://dwightpuntigan.point2agent.com/Popular_Searches/page_203587.html

to search the MLS Yourself use http://dwightpuntigan.point2agent.com/Search_MLS_Listings/page_203592.html

If you do not see a match for your criteria, ask me.

I need Buyers and Sellers.

First-Time Home Buyer Tax Credit

Tue, 14 Oct 2008 14:03:25 GMT

This information is provided for general awareness only, and is not intended for the purpose of providing legal, accounting, tax advice or consulting of any kind. Please consult with your tax professional for complete details. More information is available at IRS.gov.

Provided by:
Dwight Puntigan
Century 21 Luetkenhaus
410 Crestview Drive
O'Fallon, Mo. 63366
636-219-6242
http://Dwightpuntigan.point2agent.com/
http://www.stcharleshousing.com/

2008 Housing Stimulus Legislation
First-Time Home Buyer Tax Credit Fact Sheet
Who is Eligible

· The $7,500 tax credit is available for first-time home buyers only.

· The law defines a first-time home buyer as a buyer who has not owned a home during the past three years.

· All U.S. citizens who file taxes are eligible to participate in the program.

Types of Homes that Qualify for the Tax Credit

· All homes, whether single-family, townhomes or condominiums will qualify.

· However, there are several conditions:

o The home must be used as a principal residence, and
o The buyer has not owned a home in the prior three years.

· The Tax Credit includes newly-constructed homes.

Income Limits

· Home buyers who file as single or head-of-household taxpayers can claim the full $7,500 credit if their adjusted gross income (AGI) is less than $75,000.

· For married couples filing a joint return, the income limit doubles to $150,000.

· Single or head-of-household taxpayers who earn between $75,000 and $95,000 are eligible to receive a partial first-time home buyer tax credit.

· Married couples filing jointly who earn between $150,000 and $170,000 are eligible to receive a partial first-time home buyer tax credit.

· The credit is not available for single taxpayers whose AGI is greater than $95,000 and married couples filing jointly with an AGI that exceeds $170,000.

Effective Dates for the Tax Credit

· First-time home buyers would receive a $7,500 tax credit for the purchase of any home on or after April 9, 2008 and before July 1, 2009. To qualify, you must actually close on the sale of the home during this period.

Tax Credit is Refundable

· A refundable credit means that if you pay less than $7,500 in federal income taxes, then the government will write you a check for the difference.

o For example, if you owe $5,000 in federal income taxes, you would pay nothing to the IRS and receive a $2,500 payment from the government.
o If you are due to receive a $1,000 tax refund from the government, your refund would grow to $8,500 ($1,000 plus $7,500 from the home buyer tax credit).

· If you purchased the home in 2008, the tax credit is taken on your 2008 tax return. If you buy in 2009, you have the option of taking the credit on your 2008 or 2009 tax returns.

Payback Provisions

· The tax credit is an interest-free loan that must be repaid over 15 years.

· The minimum repayment amount must be 15 equal annual installments. For example, if the credit amount is $7,500, then the home buyer must repay a minimum of $500 each year for 15 years.

· A home buyer must begin repaying the credit two tax years after claiming the credit. For example, if the credit is claimed on the 2008 tax return, repayment of $500 (or less, if the credit amount is less than $7,500) per year begins with the 2010 return.

· If the home owner sells the home for a profit and there is a remaining credit, then the home owner is required to repay the remaining credit during the tax year of the home sale. The amount of the repayment will depend upon the amount of profit from the home sale:

o If the profit on the sale is more than the remaining credit, then the home owner must repay the entire remaining credit.
o If the profit on the sale is less than the remaining credit, then the home owner must repay an amount equal to the profit on the home sale. The remaining credit payback will be forgiven.

· If the home owner sells the home but did not make any profit on the home sale, then the remaining credit payback would be forgiven.

Further information regarding the tax credit may be found at www.federalhousingtaxcredit.com or www.irs.gov.
This information is provided for general awareness only, and is not intended for the purpose of providing legal, accounting, tax advice or consulting of any kind. Please consult with your tax professional for complete details

To view listings use: http://dwightpuntigan.point2agent.com/Popular_Searches/page_203587.html

or to search the MLS Yourself use http://dwightpuntigan.point2agent.com/Search_MLS_Listings/page_203592.html

To read about the buying procedure use http://www.stcharleshousing.com/homebuyersguide.htm

Knowing about your Credit Score

Tue, 14 Oct 2008 13:57:59 GMT

A couple years ago I used this article in the News & Tid Bits that I sent out. Much of it looks to still be applicable. If you have issues, or anticipate them call me. Depending on the topic there are some wonderful professionals that I can put you in touch with. However, as it affects your real estate, your home, buying or selling, refinancing, relocating, etc I have tools available for various situations that could help if we are able to deal with the problems soon enough.

Call:
Dwight Puntigan
Century 21 Luetkenhaus
410 Crestview Drive
O'Fallon, Mo. 63366
636-219-6242

Most emphasis is placed on recent information. For example, a late payment one month ago is weightier than a late payment a year ago. Therefore, time will gradually 'heal' bad credit; every month that passes helps.

The longer an account is open and the more payments that have been made on time, the more points you earn. Thus, taking a new auto loan (installment credit) will lower your score at first, because longevity has not been established and because the balance in proportion to the limit is high. (People buying houses should wait to take out a loan for furniture, appliances, auto, SUV, boat, Jet Ski, etc. until after their home loan is closed.)

Late payments and collection accounts have a major negative impact on the credit score. Collections, or charge-offs, are especially damaging. Even after a collection has been paid off with a zero balance, the fact that it is on your report will significantly lower your score for several years. A ten dollar collection last month can be more damaging than a three year old bankruptcy!

Frequent delinquent payments are more damaging than an isolated delinquency. Also, sporadic late payments (a 30 day late last month and a 30 day late three months ago) are more damaging than successive late payments, (successive 30 day late payments are called a "rolling 30" and it counts as only one late) because of how it reflects on a person's financial habits.

How severely delinquent the payment was (30 days, 60 days, 90 days) affects the credit score. The more severe the delinquency, the more damaging it is to the score. (Late payments less than 30 days late are not reported.) Utility companies do not report late payments unless they go to collection. Therefore if you have to be late on something, be late with the utilities! (Be sure to make satisfactory arrangements to pay the account current.)

Chapter 7 and Chapter 13 bankruptcies affect your credit score equally. More points are not awarded for debt reorganization Chapter 13.

Having more than three open bank cards lowers your score. Having less than three bank cards, will not give you as high a score as having three. Therefore, three open bank cards, all with low balances, are one way to raise your score. But do not close any open accounts after they are open, unless the company terms are no longer favorable. It will reduce the amount of available credit and have a negative influence on overall debt ratios. A person who has $50,000.00 in available credit and is using $30,000.00 will have lower scores after they close several "unused" accounts and only have $40,000.00 in available credit.

Credit balances up to or close to the limit will lower your score, even if all payments have been on time. Therefore, it is better to have several accounts with small balances than one or two accounts with large balances. (Balances should be 0% - 30% of the allowed limit for the best score.) There is a modest hit to score at a 50% balance compared to credit limit. There is a major hit to score at a 75% or higher balance. If balances are carried for some time at 75% or higher it will be impossible to maintain scores over 700.

SPECIAL NOTE! Accounts that are "maxed out" each month, (even if they are paid off each month) will hurt a score. The system will only recognize balances under 30% AT THE TIME OF THE CREDIT PULL for the best score! The solution is to get a limit raised, and only borrow up to the 30% limit.
The proportion of your debt to your income is not counted, because it is illegal to consider income; therefore, people with high incomes who can easily afford to carry a lot of debt will be docked on their scores the same as others for having high balances and/or more than three bank accounts.

Having no revolving credit accounts at all will hurt your score.

When applying for a mortgage loan, mortgage payment history is considered far more important than credit cards or installment loans.

Credit card payment history (revolving credit) is more important than installment loans. Therefore, it is better to pay down credit cards before paying down installment or auto loans.

Having a finance company loan on your credit report will lower your credit score. Having two finance company loans is worse; having three or more is worse still. (A regular auto loan is not considered to be in this category of loan.) Beware of furniture companies, electronics companies, lumber yards and others who set up financing with a finance company. Finance company loans are designed for people who cannot get funds elsewhere, hence the expression "hard money loans."

Debt management companies such as Consumer Credit Counseling reported on your file may significantly lower your credit score. Some creditors will report your payments as being late the entire time you are in CCC because they do not receive full payments each month. Some lenders consider being in a debt management program like being in a self-made chapter 13 bankruptcy.

Repossession, including a voluntary repossession, is a major negative and will damage your credit significantly. Whose fault it was has no bearing on a credit score or in a loan approval.

A mortgage foreclosure is even more credit damaging than a bankruptcy in the eyes of a mortgage lender.

Closing off all accounts and having no open credit will lower your score. Keep longstanding accounts open to improve your score (even with zero balance). Use revolving credit at least every six months. Don't pay cash when you can use credit. Just pay off the account each month. Carrying balances on revolving accounts does not build credit. Paying on time each month builds the credit score.

You can rate shop without hurting your score: All mortgage loan inquiries and all auto loan inquiries within a 14-day period are treated as one inquiry. It is assumed that you are shopping for just one mortgage or just one automobile at a time. The exception to this can occur when some of your inquiries are before and some are after the date of the credit bureaus' monthly update. (Usually around the third week of the month). Most updates occur starting the 24th or the 25th of the month.

Multiple inquires from credit card companies (revolving credit) will lower your score. A person may be looking to open several lines of credit and significantly increase their debt. The trap is "apply for an account and get 20% off your purchase." Yes you got a "deal" and you "dinged" your credit at the same time! Three in a month will burn your score!

Age is not a factor in credit approval; however, length of time that credit is held is a factor. Therefore, maintain your accounts for a long period of time. Be sure to use the account occasionally. Never close an account, unless the terms are unbearable.

Rent does not appear on your credit report. However, when you apply for a mortgage, the lender will request a verification of your rent payment history and consider it heavily in the decision to grant a loan. Therefore, paying rent on time is extremely important when applying for a home loan. It is very important to keep all of your payment records for at least two years. Sometimes cancelled checks are the only recourse!

Length of time from the last delinquent payment, paid off collection, discharged bankruptcy, or other negative report is a factor, so the more time you have been building good credit since then, the better your score will be. An account is damaged by misuse of credit. Proper use of credit is the only way to improve the credit score. You fell "off the horse", get right back on!)
"Credit surfing" or paying off one credit card with another and then another in a rotating fashion, does not look good. It hurts your score because of multiple revolving account inquiries and the short length of time the accounts are open.

You may request a copy of your own credit report without it affecting your score.

Credit card companies and insurance companies sometimes look at credit files to determine who to mail solicitations to. This does not affect your credit score. However, you may request to be excluded from these solicitations.

Everyone has their own individual score. Married persons do not share a score. Therefore, everyone needs to have some credit established in their own name and be responsible for the management of their own credit. (Credit accounts may be held jointly in both names or individually). It is possible to be only an "authorized user" on an account. This type of account can be excluded from the debt ratio! Having several names and addresses for yourself on a credit report will lower your score. This would apply to people who have moved a lot within the past seven years and people who have credit in multiple names such as: Bob Jones, Robert E. Jones, R. Edward Jones, Bobby Jones; or Joanne Smith, Jo Smith, Joan Smith, Joanne K. Smith, Joanne Kathleen Smith, J. Kathleen Smith, Joanne Martin (Maiden name);. If you clear off all the names and addresses except one, your score could go up 20-30 points instantly!

Late payments and collections may remain on a credit report for seven years. Bankruptcies may remain on a credit report for up to ten years. Unpaid tax liens and unpaid civil judgments can remain indefinitely.
Although profession does not affect your credit score, some institutions disfavor certain ones because of their experiences in the past with late payments. Occupations in disfavor are those, which have unstable income, periods of no income, seasonal work, and frequent job changes. In addition, some lenders charge an extra fee to self-employed borrowers, because self-employment carries a higher risk factor.

When first establishing credit It is easier to open department store cards or gasoline cards than it is to open a bank card. Make sure the new card company reports to a credit bureau!

Consider taking out a small personal loan at a bank and deposit the money into a savings account at the same bank as collateral for the loan to help get credit established. The account needs to report for at least six months to be effective. Be sure that the loan is with a "reporting" bank. It is no help to have a loan with a bank that doesn't report to a bureau!

For Listings http://dwightpuntigan.point2agent.com/Popular_Searches/page_203587.html

or to search the MLS Yourself use http://dwightpuntigan.point2agent.com/Search_MLS_Listings/page_203592.html

For Information
http://www.stcharleshousing.com/
http://stcharleshouses.tripod.com/
http://dwightpuntigan.point2agent.com/
http://stpetersrealestateinvestment.2trom.com/
http://seniorplanningdwightpuntigan.bravehost.com/

Reasons for buying a NEW home

Tue, 14 Oct 2008 13:55:50 GMT

Several months ago there were articles in the media about buying a new home. At the time many builders were scrambling to get the cash needed to pay their subcontractors. The articles didn't say that inventory homes were the best bargain in town, but they were in many cases. Now the biggest discounts are past. This does not mean that I do not take my clients to look at new construction. It is a great choice for many people.

A growing family that needs more space. If it is a three car garage for adult toys or a more private bedroom and bath that are needed tell me where you would like to be located. We will find what meets your criteria, price it by the square foot. There are many areas that you would be surprised how competitive new construction can be. Especially when I show the builders representative com parables.

New homes are much more energy efficient than most existing homes. Not just the appliances, but the insulation, windows, etc are not just new but the tchnology is better. New means that you recieve the benefit of the entire warranty of the item. This applies to roof, furnace, water heater, etc. This lowers your maintenance costs and upkeep. That is even before talking about whether your situation may call for a planned unit development such as condo or villa so that you do not even have to shovel snow.

Many of the amenities that people desire are less expensive to build into the house rather than achieve them by remodeling. This could apply to the larger bathroom, the gourmet kitchen, or the home theater.

Homes period are a great investment. VA with 100% financing, FHA and its 6% down or a builder who uses a 10% down mortgage are all the best leveraging you could do. You control the property, have all the appreciation over time, receive tax advantages on the interest and all for so little money down. The equity in a home can be judiciously borrowed on. Please don't take all the equity out of your house. Ask me about your situation and a lender to refinance. Interest rates are still very low.

Don't forget, there is plenty of money available, you just need to be better qualified for it.

Talk to me about one of the biggest decisions in life and how it applies to your situation.

Dwight Puntigan - Century 21 Luetkenhaus - 636-219-6242

How to Sell your Property

Tue, 14 Oct 2008 13:53:43 GMT

Three things sell property in today's market. Marketing, staging, and pricing are the three legs to support a sale.

If you really need to sell your property in today's market, CALL ME.

Contact:
Dwight Puntigan
Century 21 Luetkenhaus
410 Crestview Drive
O'Fallon, Mo. 63366
636-219-6242

A CMA can be done to show what the highs, lows, and medians are for your neighborhood. Then we can take a look at where your property fits within that range. By looking at your situation a determination can be made as to whether there is enough margin to possibly shift your position with additional staging if there could be a suitable return. A plan to meet your criteria is essential. Your criteria definitely needs to take into account cost, location, and availability of your next residence. Please allow me to provide the service you need.

If you would just like to look at some listings before you call or email, try taking a look at http://dwightpuntigan.point2agent.com/Popular_Searches/page_203587.html

Buyers to see searches from the MLS of other areas use http://dwightpuntigan.point2agent.com/Popular_Searches/page_203587.html
or to search the MLS yourself use http://dwightpuntigan.point2agent.com/Search_MLS_Listings/page_203592.html

The MLS search will give you much additional information. If you need help finding it or just want me to send it to you CALL or EMAIL.

I provide free information: Home Buyers Guide, Hiring the Right Agent, How does the Agent Represent You - Agency, Is now a good time to buy, Should I think New Home - Resale - single family - condo - villa, What type of loan is best for this situation - who specializes in those, there are several ways to get down payment assistance. http://www.StCharlesHousing.com

Use my services to be your family Realtor for buying, selling, or any real estate related service.

Regulators Seize 2 More Banks, Latest Losses Estimated At $50 Million

Sun, 12 Oct 2008 22:23:54 GMT

As the Treasury Department works feverishly to stabilize the U.S. financial system, regulators were busy Friday, Oct. 10, seizing two more banks in emergency actions that are estimated to cost between $45 million and $54 million.

Main Street Bank, a $98 million in assets institution based in Northville, Mich., and Meridian Bank, a $39 million in assets institution headquartered in Eldred, Ill., were the 14th and 15th institutions, respectively, to be shut by banking regulators in 2008.

The failures of Main Street Bank and Meridian Bank mark the first two institutions to be seized in the fourth quarter, after nine institutions were shuttered in the third quarter at an estimated cost of between $5.7 billion and $10 billion, according to the Federal Deposit Insurance Corp.

Regulators shut two institutions in the second quarter at an estimated cost of $216 million and two more institutions in the first quarter at an expense of nearly $6 million, according to the FDIC, which insures deposits up to a newly increased amount of $250,000.

The deposit insurance amount was raised from $100,000 through the end of 2009 with the recent passage of the $700 billion federal bailout package officially known as the Emergency Economic Stabilization Act of 2008.

Wachovia Bank, a $782 billion in assets institution based in North Carolina, avoided also being shuttered by regulators in the third quarter only when the North Carolina-based organization was able to reach a deal to be acquired. At first Citigroup, which operates the $1.3 trillion in assets Citibank institution, was the announced suitor, but Wells Fargo Bank ultimately was the highest bidder for the Wachovia franchise.

The bank failures have been scattered throughout the United States. California, Nevada, and Missouri lead the nation in failed institutions with two banks each. Florida, Arkansas, Minnesota, Kansas, Georgia, West Virginia, Washington state, and of course Michigan and Illinois each have had one institution shuttered this year.

At the time of the seizure, Main Street Bank was a four-year-old institution operating two locations in the Greater Detroit area, which has been devastated by job loss and plummeting real estate values.

Main Street reported a loss of -$6.5 million through June 30, a dramatic drop from an already disappointed first quarter when the bank lost nearly -$3.2 million on March 31, according to the FDIC.

Main Street’s losses were tied primarily to the bank’s excessive noncurrent loans to loans ratio of 9.32 percent on June 30, and 11.11 percent on March 31. Real estate-related loans accounted for the super majority of the noncurrent loans.

In anticipation of the seizure, regulators worked out a deal whereby all of Main Street Bank’s deposits were assumed by nearby Monroe Bank & Trust, a 103-year-old institution with assets of $1.5 billion and 25 locations with the headquarters in Monroe, Mich.

Monroe Bank has also agreed to purchase at least $17 million of Main Street’s assets. For the next 90 days, Monroe Bank has an option to purchase an additional $1.1 million in “premises and fixed assets” from the FDIC, which is acting as Main Street’s receive. Anything not purchased by Monroe Bank will be disposed of in the future by the FDIC.

“The FDIC estimates that the cost to its Deposit Insurance Fund will be between $33 million and $39 million,” according to an FDIC statement. “Monroe Bank & Trusts' acquisition of all deposits was the ‘least costly’ resolution for the FDIC's Deposit Insurance Fund compared to all alternatives because the expected losses to uninsured depositors were fully covered by the premium paid for the failed bank's franchise.”

Main Street Bank is the first Michigan bank to fail since March 2002 when New Century Bank in Shelby Township was seized by regulators

Five hundred miles away in western Illinois, regulators seized the 98-year-old Meridian Bank and its five branch locations to market the 15th institution to fail this year.

In the lead up to the seizure, Meridian had lost -$843,000 on June 30, and an additional -$706,000 on March 31, according to the latest FDIC data.

Meridian’s noncurrent loans to loans ratio has remained steady at an above average 6.42 percent in the first two quarters of the year. In addition to nonperforming real estate loans, Meridian also had a growing list of troubled commercial and industrial loans, which together combined to spell the end of the nearly century old institution.

In a preemptive maneuver, regulators worked out a deal whereby Meridian’s $36.9 million deposits would all be assumed by National Bank, a 63-year-old institution with $212 million in assets and 10 locations based in Hillsboro, Ill.

National Bank has also agreed to purchase about $7.6 million worth of assets from the failed Meridian Bank.

“The FDIC estimates that the cost to its Deposit Insurance Fund will be between $13 million and $14.5 million. National Banks' acquisition of all deposits was the ‘least costly’ resolution for the FDIC's Deposit Insurance Fund compared to all alternatives,” according to an FDIC statement.

Meridian Bank is the first Illinois bank to be seized by regulators since June 2002 when Universal Federal Savings Bank in Chicago was taken over.

In the first 10 days of the fourth quarter, regulators are on pace to shut an institution once every five days. In the third quarter, regulators seized a bank once every 10 calendar days.

Prior to the seizure of Main Street and Meridian banks, the last institutions to be shut by regulators was Washington Mutual Bank on Sept. 25.

A week earlier on Sept. 19, regulators shut down Ameribank Inc., a 102-year-old community bank based in West Virginia with links to Florida.Prior to the Ameribank’s closure, Silver State Bank in the Las Vegas suburb of Henderson was the last institution to be shut, that occurring on Sept. 5.

Silver State Bank was the second Nevada institution to fail this year. In July, banking regulators shut down the First National Bank of Nevada in Reno, which along with the First Heritage Bank in Newport Beach, Calif., was owned by First National Bank Holding Co. in Scottsdale, Ariz.

A host of other banks are being closely monitored by industry watchers who anticipate further failures this year, especially in Sun Belt states where the housing crisis has hit hardest.

Before regulators shuttered Ameribank and Silver State Bank, the focus of examiners was on Greater Atlanta-based Integrity Bank, a $1.1 billion in assets institution that was shut on Aug. 29.Working down the list of failed lenders, regulators seized Columbian Bank and Trust Co., a $752 million in assets institution based in Topeka, Kansas, on Aug. 22.

Three weeks earlier on Aug. 1, regulators shut First Priority Bank of Bradenton, a six branch institution with $261 million in assets located on the state’s west coast.

First Priority’s closing marked the first Florida institution to be closed by regulators in more than four years.On July 11, federal regulators shut down IndyMac Bank, a $32 billion institution based in Pasadena, Calif. The estimate cost of that seizure is between $4 billion and $8 billion, according to the FDIC.]

Before IndyMac, regulators seized Minnesota-based First Integrity Bank with $54.7 million in total assets and $50.3 million in total deposits on May 30; Arkansas-based ANB Financial with $2.1 billion in total assets and $1.8 billion in total deposits on May 9; Missouri-based Hume Bank with total assets of $18.7 million and total deposits of $13.6 million on March 7; and Missouri-based Douglas National Bank with $58.5 million in total assets and $53.8 million in total deposits on January 25, according to the FDIC.

Peter Zalewski is a principal with the consulting company Condo Vultures® LLC and a licensed real estate broker with Condo Vultures® Realty LLC. Peter can be reached at 305-865-5629 or by email at peter@condovultures.com. Be sure to check out Peter’s blog at CondoDump.com. Don't forget to sign up for our weekly Market Intelligence Report. Looking for a property at a deep discount? You are encouraged to take a peek at the Vultures Database™ .

Copyright © 2008, Condo Vultures® LLC

Beautiful bright and spacious one bedroom and two full bathrooms unit on Dilworth Mountain, Kelowna.

Sun, 12 Oct 2008 08:28:10 GMT

Beautiful bright and spacious one bedroom and two full bathrooms unit on Dilworth Mountain, Kelowna.

A quiet ideal location-close to from everything!

6 appliances included , featuring a cozy gas fireplace, quiet side of the building,balcony, storage locker,secure underground parking.

Fully furnished ready for personal use or vacation rentals!

Ready for immediate occupancy!

Property statistics:

Price: $ 224,900

living area: 700 sq.ft

Strata fees: $ 157

Parking: one secure underground parking space

Bedrooms: 1

Bathrooms: 2 full

Roof: laminated shingle

Heat: electric baseboard

Cool: A/C wall units

Year built: 1996

Additional Features

* In unit Laundry

* Landscaped Grounds

* Premium Central Location

* Secured Entry

* Additional Storage

Sale by owner:

Please call: 250-470-9283 or 250-717-6083

or email: evelikov@yahoo.com to view.

South Florida Properties Tumble -$1.05 Billion From Historical Highs

Fri, 10 Oct 2008 22:56:52 GMT

As the global markets tumble, nearly 4,500 coastal residential properties in Miami-Dade, Broward, and Palm Beach counties have fallen by a combined value of -$1.05 billion, or an average of -33 percent, off of their historical highs, according to a new Vultures Database™ report from Condo Vultures® LLC.

The average asking price in the Vultures Database™ was down by -$234,547 per property on Sept. 30 compared to a discount of -$227,330, or -32 percent, per property a month earlier on Aug. 31, according to the report by the Bal Harbour, Fla.-based consultancy.

As the discounts have deepened for coastal South Florida properties, the inventory has steadily decreased due to increased buying activity.

For September, there were 4,456 residences being tracked in the Vultures Database™, compared to 4,647 properties in August, according to the report.

“The stock market uncertainty and the strengthening U.S. dollar are prompting an increasing number of people to look more closely at brick-and-mortar investments," said Peter Zalewski, a principal with Condo Vultures® LLC that released the report . "If someone is adopting that strategy, the fundamentals – population, weather, product quality, and land constraints – of South Florida make the region a viable option for many.”

Condominiums, townhouses, and single-family houses located east of Interstate 95 in Miami-Dade, Broward, and Palm Beach counties are added to the Vultures Database™ once the asking prices are reduced by at least 10 percent or $100,000.

Condominiums represent 69.4 percent of the total inventory, with 3,093 units in the Vultures Database™. Houses and townhouses make up the remaining 30.6 percent of the inventory, or 1,363 properties, according to the report.

For August, condominiums accounted for 68.8 percent, or 3,196 units, of the total inventory in the Vultures Database™. Single-family houses and townhouses represented 31.2 percent, or 1,451 residences, of the total inventory, according to the report.

Palm Beach County is increasingly offering the deepest discounts in condominiums in the Vultures Database™, with Royal Palm Beach ranking No. 1 with an average reduction of -52 percent. Delray Beach is second with an average price drop of -51 percent.

Rounding out the top five rankings are the cities of Boca Raton in Palm Beach County, Oakland Park in Broward County, and North Miami in Miami-Dade County, which are all tied for the No. 3 ranking with an average discount of -40 percent, according to the report.

The cities with the deepest discounts in single-family houses and townhouses are scattered throughout South Florida's three counties.

Palm Beach ranks No. 1 with a -56 percent discount. Boynton Beach ranks second with a discount of -52 percent. Oakland Park is No. 3 with a -44 percent drop. Rounding out the top five rankings are Hallandale Beach in Broward County with a -39 percent drop for the No. 4 spot, and in fifth position are the cities of Bay Harbor Islands in Miami-Dade County and Lantana in Palm Beach County with an average discount of -38 percent each, according to the report.

Peter Zalewski is a principal with the consulting company Condo Vultures® LLC and a licensed real estate broker with Condo Vultures® Realty LLC. Peter can be reached at 305-865-5629 or by email at peter@condovultures.com. Be sure to check out Peter’s blog at CondoDump.com. Don't forget to sign up for our weekly Market Intelligence Report. Looking for a property at a deep discount? You are encouraged to take a peek at the Vultures Database™ .

Copyright © 2008, Condo Vultures® LLC

Elementhal

Fri, 10 Oct 2008 14:31:06 GMT

Elementhal

Consists of 3 departments towers built on a plot of approximately 1.5 hectares. Each tower has 20 levels which are distributed in 72 departments of 6 types.

For the characteristics of the project and its strategic location at the corner of Ave. Bonampak with La Rambla, Elementhal aims to meet the demand that exists in Cancun for a project that offers urban lifestyle combined with the natural wonders that exist in this place. Elementhal offer its inhabitants commonly used areas of highest level among which are; pool, channel swim, paddle tennis, palapa multipurpose, spa and business center.

Ameneties

>Pool with sundeck
>Gym
>2 paddle
>Channel swim
>Play areas for children
>Business Centre
>Guest Parking
>Security

For more info about elementhal click on the next link: http://www.realestateadvisor.ewebsite.com/articles/developments/elementhal

Alisio Residentian Cancun

Fri, 10 Oct 2008 01:34:10 GMT

Alisio Residential

Anything that makes your life so special

Alisios Residential + Cancun gives you access to quality, luxury and comfort you were expecting. The best proposal residential area combining design, landscape and extraordinary location. If your life choose to have wonderful views toward the Nichupte Lagoon, Caribbean Sea and Isla Mujeres, with large terraces, a functional and elegant architecture and extensive gardens designed for your entire family, Alisios Residential awaits you.

Quality, comfort and luxury
All that you are looking to realize the dream of living in a different space now at your fingertips. Alisios Residential + Cancun offers access to quality, luxury and comfort you were expecting.

Views
One of the great attractions of Alisios Residential + Cancun are its wonderful uninterrupted views today and in future Nichupte Lagoon, Caribbean Sea and Isla Mujeres.

Amenities

Extensive gardens
Large and pleasant areas for sunbathing
Two elevated by Torre
Two parking spaces covered by department
Spacious balconies with glass and aluminum handrails
Kitchen
Preparing for protections anticiclónicas
A warehouse storage by department
Treatment of drinking water
Air Conditioning
Pool with chapoteadero
Hall events and palapa
Access control automatic
Area outdoor children's play
Paddle tennis
Gym, toilets and changing rooms
Multipurpose Hall
Club House
Booth access
Several sites of interest are less than 400 metres from the Residential Development Alisios + Cancun, as the Plaza Shopping Center americas, the bullring, the Golf Course and the Navy of Puerto Cancun, still under construction.

For more info about ALISIO, click on: http://www.realestateadvisor.ewebsite.com/articles/developments/alisio-cancun

WISE INVESTMENT

Thu, 09 Oct 2008 22:41:24 GMT

The perfect investment opportunity that is "uniquely Boracay...perfectly Tagaytay".

...with first-class amenities never before seen in a Residential Condo Resort development in the Philippines -- a Man made beach with white sand and artificial waves, a 15-20 storey Observation Tower that will give you a magnificent 360 degree view of the Metro, a Man made Lagoon with kayaks & water bikes, a Promenade with shops of world-class brands and more...

For inquiries/reservation email me at cblas.landenmore@gmail.com. Thanks!

Toscano Condo Dadeland

Thu, 09 Oct 2008 18:30:05 GMT

Toscano Condo Dadeland

TOSCANO CONDOMINIUM FEATURES & AMENITIES
Toscano's luxury amenities reflect the highest quality of craftsmanship, design and attention to detail. They are as beautiful as they are functional. In addition, a variety of special features and services are yours for the asking. Toscano's elegant environment of pampering and prestige is unsurpassed in Dadeland.

It's no secret that the Dadeland area is booming, rivaling South Beach as one of South Florida's most desirable real estate hot-spots. Located just across the street from Dadeland Mall-one of the nation's great shopping meccas Toscano rises up from the very heart of this modern urban renaissance.

Toscano Condo Dadeland - Sale Rent Condos

Construction Crane Comes Down At Miami Condo Tower

Thu, 09 Oct 2008 16:22:49 GMT

The construction crane building the new Marquis condominium on Biscayne Boulevard in the Greater Downtown Miami area is coming down this week, symbolizing the end of the vertical residential development era in the area for several years.

Workers are disassembling the construction crane that was instrumental in putting up the 67-story, 306-unit Marquis condominium tower located immediately south of the MacArthur Causeway with east views of the proposed Museum Park, Biscayne Bay, and barrier island.

The removal of the Marquis condominium construction crane means there will be only
two residential cranes still left standing from a peak of 40 about 18 months ago. (Three office towers are under construction currently.)

The next residential crane likely to be removed in the upcoming weeks will be at the 51-story, 530-unit Mint condominium site on the north bank of the Miami River.

The last crane expected to be disassembled will be at the 47-story, 346-unit Paramount Bay condominium site in the Biscayne Boulevard Corridor.

Paramount Bay is the project where a piece of the crane fell to the ground, killing two workers in March 2008.

The Greater Downtown Miami is considered by most to be the epicenter of the Florida housing crash as 74 condos with nearly 23,000 new units have been built or are under construction in a 60-block stretch between 2003 and 2010. In the 40 years prior to the boom years, developer constructed a total of 11,500 units in the same area, according to the Condo Vultures® Official Condo Buyers Guide To Miami.

Peter Zalewski is a principal with the consulting company Condo Vultures® LLC and a licensed real estate broker with Condo Vultures® Realty LLC. Peter can be reached at 305-865-5629 or by email at peter@condovultures.com. Be sure to check out Peter’s blog at CondoDump.com. Don't forget to sign up for our weekly Market Intelligence Report. Looking for a property at a deep discount? You are encouraged to take a peek at the Vultures Database™ .

Copyright © 2008, Condo Vultures® LLC

Bailout Stress

Thu, 09 Oct 2008 05:01:20 GMT

The $700 billion financial industry bailout law can make a recession better and shorter, but it won’t stop the economic and housing downturns in their tracks.Homeowners who are in financial trouble won’t see a quick fix to their own problems.

The economic package authorizes the federal government to buy billions of dollars in bad mortgages and other debt, taking the troubled loans off the books of financial firms. The taxpayer-funded bailout will free up credit markets and allow banks to lend again then the government can resell to free the assets.

Hope for Homeowners plan and Bankruptcy court judges already have the power to reduce debts owed on vacation homes, cars or boats, and structure repayment plans based on the lower amount allowing the same treatment for mortgages on primary residences would help many people avoid foreclosure.

The bailout was necessary to at least start the process of finding a way out and repair our financial system.We can eventually move that glacier !

Visit any time www.brendakingrealtor.com

Jury Sides With El-Ad Group In Plaza Name Battle

Thu, 09 Oct 2008 05:00:49 GMT

Awhile back the El-Ad Group was brought to court on accusations of trademark infringement by down town Plaza owner Tamares’ Poju Zabludowicz. After months of court hearings and a jury's deliberation the El-Ad Group has been cleared of any wrong doing. To read the story in full CLICK HERE

Construction on the El-Ad Groups Multi Billion Dollar replica of the Plaza New York in 2010. Once completed the site will have ultra luxury condominiums a hotel world class dining, shopping, and so much more. If you would like to receive more information regarding the future Plaza opportunity or any other Las Vegas High Rise Condo fell free to contact me by clicking here.

Certified New Homes Specialist working hard for you!

Thu, 09 Oct 2008 01:44:17 GMT

Misty Robertson has completed the real estate industry’s most comprehensive new home sales course to earn her national certification as a Certified New Home Specialist™. With this certification, I join a group dedicated to providing the highest level of professionalism and service to builders and new home buyers.

“This course is recognized as one of the very best ever offered in real estate,” . “The training covered architectural design and planning, blueprint reading, topography, building site design, evaluating quality construction, materials, methods, construction terminology and scheduling. We also studied successful buyer/builder relations, all aspects of customer service and the use of various organizational tools and systems. I’ll be able to do a much better job of assisting anyone interested in a brand new or existing home.”

Looking for that special home to make your own, please call me I work 7 days a week to get proven results!

Misty Robertson
Realtor,CNHS,RCC

Looking to buy Condo projects

Wed, 08 Oct 2008 23:04:02 GMT

We are purchasers of distressed condominium projects. Will look at ground up or conversions where we can buy at least 50% of the units. Markets are CA, AZ and NV in the $5-30mm range. Please email me at ed.aloe@calcapadvisors.com or call me direct at 626.535.5873.

http://www.calcapadvisors.com

ArTech Aventura - The Modern Luxury of Aventura

Tue, 07 Oct 2008 19:14:48 GMT

ArTech Aventura is the newest building in Aventura that offer unique one and two level town home style living. This modern and dramatic building that resemble cruise ship of the future has been designed by world famous architect Carlos Ott. Perfectly located on 188th street behind Loehmann’s Fashion Island of Aventura close to restaurants, bars and shopping centers. ArTech Aventura offers luxurious amenities including state of the art fitness gym, Turkish bath, Massage rooms, private cinema, 2 tennis courts, racquett ball, Lounge Party Room, one of a kind pool, one of the largest pools found in the Unites State in a residential building. Easy to show.