8,000+SF Mansion In Northern Orlando

Front Elevation 2This is my newest listing, at over 8,000 SF, this is one of the largest lake front homes in the Orlando MSA and was featured in a magazine. It is priced competitively based on the price per square foot and should sell fast.  It is convently located to major thoroughfares (like Interstate 4), shopping, and employment centers.  I can handle both the buyer and seller in this transaction.  If you are relocating to Orlando and need a home with 8 bedrooms, this could be your new home.  It can be viewed on REALTOR.com at Listing.

Built in 2004 by a builder for his family’s personal residence, this home is spacious, gracious, and a solid fortress. This 8,000 SF, 8 bedroom/7 bathroom home is built with superior concrete tilt-wall construction materials, wired with Smart House technology, and finished with gorgeous design and detail. Amenities include a breath-taking Fireplacefoyer with 24 ft vaulted, cantilevered ceiling and dual, matching, custom winding staircases; a gourmet kitchen with top-of-the-line appliances, high ceilings, 3 dishwashers, and generous granite workspaces; a beautifully carved, marble fireplace, a spacious Master w/ cantilevered ceiling and venetian plaster corridor leading to the master bath. Home also has a 2nd master downstairs, 2-story nanny suite/office/library, and a 1st floor theatre room which includes a wet-bar, and is constructed to be a hurricane safe-room. Technical amenities include whole house Smart House wiring, cat-5 E, Infrared, Coax, LAN System, audio-visual, whole house camera security ready, Automated & Remote HAI Security System, automated HVAC and automated Lighting Controls, 4-zoned TRANE HVAC system, GENERAC QT generator support system, Recirculation 3-tank Gas Hot Water System. Outdoor amenities include 600 SF covered lanai w/ outdoor kitchen, large pool with areas for kiddy pool and heated spa. Boat house and dock ready to for your summer boating enjoyment on a spring-fed and sand-bottomed Lake Seminary. Bricked circular drive w/ formal garden leads to large 3-car garage behind security gates.

Great Room 2Great Room

In the Real Estate Market?

KW1784102f20KW.jpgYou should consider using a realtor.  I could save you money especially with new home builders and it does not cost you anything.  So why not? Let me save you money!!!  If you are interested in buying real estate (new home, existing home, or commercial property), please contact me (Alan Lane with Keller Williams Realty a.t 2119 W Brandon Blvd, Brandon, Florida 33511).  As a life long resident of Central Florida, I can help you find the right property for you whether it is in Lakeland or as far south as Sarasota.  The Keller Williams offices of  ”Suburban Tampa” include the offices in Brandon, Plant City, Fishhawk Ranch, and our newest office in Valrico.  My email address is alanlane66@gmail.com, or call me at 813.205.9280.  If you are just starting your search, you can search the MLS for real estate opportunities on my website at this link

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What’s the Cost of FHA Financing A Home?

loan_application_clip_art_24699FHA Loans are used to help more people buy homes.  More specifically, they are easier to qualify for.  They are available to borrowers with credit scores as low as 580 and only require a minimum 3.5% down payment (can be higher for lower credit scores) for buyers that are short on cash. FHA requires that the property be in good condition and are generally defined as follows:

  • Health and safety issues
  • Protecting the security of the property, and
  • Structural soundness of the property.

Although FHA-insured mortgages come at a higher cost than a conventional mortgage, this expense could be worthwhile for those who want to own a home and can’t qualify for a conventional mortgage.  FHA loans are insured by paying FHA mortgage insurance.  Unlike conventional loans that allow the seller to contribute 3% of the purchase price towards the buyers closing costs (should cover most, if not all, of the buyer’s closing costs), FHA buyers can ask up to 6% in closing costs.  The main reason for the higher closing cost is the FHA Mortgage Insurance, which is an upfront premium of 1.75% of the loan amount (Could be paid with seller paid closing costs).  In addition, the borrower is going to pay an annual premium (typically ranges between 0.45% and 1.05% of the loan depending on the loan amount).

FHA Loan Example

Here is a real world example of $234,000 home purchase that I recently sold with a FHA Loan:

Loan Payment
Here are the following costs associated with the FHA loan:
  • The upfront premium of 1.75% of the loan amount (in this case, the amount is $229,761) is $3,951.68.
  • The monthly FHA-insurance premium is $158.83 per month, or $1,905.96 annually (or 0.83% of the loan amount).

In this case, the closing costs were $12,367.45 or about 5.29% of the purchase price. Although the seller provided a seller  credit for a portion of the closing costs, the purchaser still had to come out-of-pocket for closing costs (i.e. escrows for both homeowner’s insurance and property taxes, HOA assessments, etc.).   It should be noted that the borrower applied the 3.5% minimum down payment (or $8,190) and prepaid the for the appraisal.

In the Real Estate Market?

KW1784102f20KW.jpgYou should consider using a realtor.  I could save you money especially with new home builders and it does not cost you anything.  So why not? Let me save you money!!!  If you are interested in buying real estate (new home, existing home, or commercial property), please contact me (Alan Lane with Keller Williams Realty a.t 2119 W Brandon Blvd, Brandon, Florida 33511).  As a life long resident of Central Florida, I can help you find the right property for you whether it is in Lakeland or as far south as Sarasota.  The Keller Williams offices of  ”Suburban Tampa” include the offices in Brandon, Plant City, Fishhawk Ranch, and our newest office in Valrico.  My email address is alanlane66@gmail.com, or call me at 813.205.9280.  If you are just starting your search, you can search the MLS for real estate opportunities on my website at this link

How Much Home Can You Afford?

cropped-img_41401.jpgAs a general rule, most future homeowners can afford to mortgage a property even if it costs between 2 and 2.5 times the gross of their income. Under this particular formula, a person that is earning $100,000 each year can afford a mortgage up to $250,000. However, a borrower should evaluate their finances and how much they are will to pay monthly when making the decision.  Knowing the mortgage size and approximately monthly payment that can be handled also helps the borrower narrow down the playing field so that precious time is not wasted in touring homes that are out of the price range.

Debt-To-Income Ratios and Down Payment

There are several ratios that lenders consider when determining how much money a person can borrow for a mortgage. It’s a good idea to know what factors lenders consider when determining how much mortgage that borrower can get.  There are three main factors, which are briefly described as follows:

  • The percentage of yearly gross income that is dedicated to making the mortgage each month is called the Front-end Ratio (mortgage payment, which are: interest, principal, insurance, and taxes). Generally these items should not exceed 28% of the borrower’s gross income, but some lenders allow the borrower to exceed 30% and some even allow 40%.
  • The debt-to-income ratio, which is also called the “Back-End Ratio” measures what percentage of income is required to cover debts (mortgage payment and such debts as child support, car payments, other loans, and credit cards). The debt-to-income ratio should not exceed 36% of the gross income. In some areas that have higher home prices, it is hard to stay within 36% with lenders allowing the debt-to-income ratio to go as high as 45%, which could increase the interest rate.
  • Most lenders require a down payment of around 20% of the price of the home. This minimizes the need for property mortgage insurance (PMI) requirements, which increases the mortgage payment.

The down payment also has an impact on the monthly mortgage payment and on the front-end and back-end of the loan. More expensive homes can be purchased with larger down payments.

Other Considerations

Just because you can afford a home based on these factors does not mean you should finance the maximum loan amount.  Here are a few questions to ask yourself:

  • What is your life style?  In other words, do you have an active life style that requires a lot of your resources (or money)?
  • How long are you going to stay in the home or if you are expected to increase your income can determine if a fixed or variable rate loan is appropriate.  A variable rate mortgage would start at a lower rate than a fixed rate mortgage.  The downside is the potential of increases in interest rates over time.

Pre-qualification Vs. Pre-approval

Ideally, a potential home buyer would talk to a lender to get either a pre-qualification or a pre-approval letter.  These are two different types of letters, which are defined as follows:

  • Pre-Qualification Letter are typically less intensive than a pre-approval letter and involves a brief conversation without document support.
  • Pre-Approval Letter is much more detailed and requires a  review loan requested documents (i.e. financial statements, credit reports, etc.) as well as proof of a down payment.

Conclusions

The Tampa Bay MSA area experienced large growth in residential housing during the residential “boom” period of the early to mid 2000’s. Since the beginning of 2013, the market has shown increases in both pricing and sales figures.  These figures continue to show improvement.  However, Hillsborough County is becoming more built out with less vacant land available for development.  Since most people will not buy homes with cash, I hope this helps you getting your new home with a mortgage and realize the dream of home ownership.

In the Real Estate Market?

KW1784102f20KW.jpgYou should consider using a realtor.  I could save you money especially with new home builders and it does not cost you anything.  So why not? Let me save you money!!!  If you are interested in buying real estate (new home, existing home, or commercial property), please contact me (Alan Lane with Keller Williams Realty a.t 2119 W Brandon Blvd, Brandon, Florida 33511).  As a life long resident of Central Florida, I can help you find the right property for you whether it is in Lakeland or as far south as Sarasota.  The Keller Williams offices of  ”Suburban Tampa” include the offices in Brandon, Plant City, Fishhawk Ranch, and our newest office in Valrico.  My email address is alanlane66@gmail.com, or call me at 813.205.9280.  If you are just starting your search, you can search the MLS for real estate opportunities on my website at this link

 

Its Time to Sell and Buy your Dream Home with Your Stock Market Returns.

Historical S&P 500 Return

money-7According to Scott Snider with www.mellenmoney.com,  approximately 10% is the average return for the S&P 500 since its inception back in 1928.  Adjusted for inflation the “real return” is more like 7%.  Also worth noting that nearly half of the gains from the S&P 500 resulted from dividends.

2017 S&P 500 Return

The 2017 S&P 500 Return: Buy, Hold and Reinvest

The above quoted numbers are accurate if you bought the index at the opening price on January 3rd, 2017 and sold at the closing price on December 29, 2017. If you’d prefer the numbers buying at the December 30, 2016 closing price the return would be +19.42% and +21.83%, respectively.

Here are the index price returns:

Price Return From
Open Close Gain
Jan 3, 2017 Start 2251.57 2673.61 18.74%
Dec 30, 2016 End 2238.83 2673.61 19.42%

Following are the dividend reinvested returns:

Dividend Reinvested Return From
Open Close Gain
Jan 3, 2017 Start 4303.12 5212.76 21.14%
Dec 30, 2016 End 4278.66 5212.76 21.83%

Whichever set of return time-spans you prefer, the message is the same “If you invest in funds or stocks that pay a dividend you’ll have to choose what to do with the payouts. Simply quoting price returns without regard to real returns in cash form doesn’t reveal the true impact of an investment.”  Either way, 2017 was a very good year for stocks with gains doubling histroical returns.

Source on the 2017 S&P 500 Return Calculations

These numbers come from S&P Dow Jones Indices, the owner of the S&P 500 Index. They have both the classic S&P 500 price index as well as the dividend reinvested numbers from 1987 forward.

2018 S&P 500 Return Projections

According to UBS, the S&P 500 could surge 18 percent this year, which raised its 2018 target to 3,150, the highest on Wall Street, only three trading days into the year.  The Dow Jones industrial average already crossed 25,000

The S&P 500’s gain on the year will be 17.8 percent according to the new UBS target and based on the benchmark’s closing value of 2017. Taking into account the rally to start 2018, the index will rise 15.5 percent from here, according to the UBS target. The firm’s previous 2018 forecast for the S&P 500 was 2,900.

“We assume solid growth,” said Keith Parker, the chief U.S. equity strategist at UBS, in an appearance on CNBC’s “Halftime Report.” “We do expect a large pickup in buybacks and M&A.”

What’s Next?

What are you goingto do with all that money?  If you want to find your dream home in the Tampa Bay area (Florida), you should contact Alan!!!  I can help you find it.  I love helping people find that dream home.  Additionally , yKW1784102f20KW.jpgou should consider using a realtor.  I could save you money especially with new home builders and it does not cost you anything.  So why not? Let me save you money!!!  If you are interested in buying real estate (new home, existing home, or commercial property), please contact me (Alan Lane with Keller Williams Realty a.t 2119 W Brandon Blvd, Brandon, Florida 33511).  As a life long resident of Central Florida, I can help you find the right property for you whether it is in Lakeland or as far south as Sarasota.  The Keller Williams offices of  ”Suburban Tampa” include the offices in Brandon, Plant City, Fishhawk Ranch, and our newest office in Valrico.  My email address is alanlane66@gmail.com, or call me at 813.205.9280.  If you are just starting your search, you can search the MLS for real estate opportunities on my website at this link

 

Just Sold in South Tampa for $255,000 as a tear down!!!

FrontI just sold this charming 2BR/1BA South Tampa home, including GUEST HOUSE has it all! (Note: Main House Approx. 999 Sq. Ft) Features gorgeous hardwood & ceramic tile floors, granite counter tops,remodeled kitchen & bath, built-in cherry wood armoire, and much, much more. Nestled in beautiful lush gardens and brick pathways is the private, remodeled, 1BR/1BA Guest House, which is leased on a month-to-month basis. This property is located in an area that has seen alot of redevelopment.  Primarily due to its school district.

Below is a map of Plant High School Boundaries.  For the 2016-2017 school year, the property was located just north of the southern boundary within Plant High School:

Plant High School Map

Although the above schools are the currently assigned to the Plant High School (one of the best high schools in Tampa), I would suggest that any potential buyer check the Hillsborough County website to verify the schools and more information (school grades, school calendar, etc.). If you are relocating to Hillsborough County, you can find your school at click here as well as the school calendar at click here.

IMG_0200

It was purchased for $255,000 as an immediate tear down.  Even though this home was in average to good condition, a developer was willing to provide the best offer that later closed.  He is intending to build a home just sligh of $1,000,000 on the lot.IMG_0177

KW1784102f20KW_thumb.jpgIn the Real Estate Market?

You should consider using a realtor.  I could save you money especially with new home builders and it does not cost you anything.  So why not?  If you are interested in buying real estate (new home, existing home, or commercial property), please contact me (Alan Lane with Keller Williams Realty a.t 2119 W Brandon Blvd, Brandon, Florida  33511).  As a life long resident of Central Florida, I can help you find the right property for you whether it is in Lakeland or as far south as Sarasota.  The Keller Williams offices of  ”Suburban Tampa” include the offices in Brandon, Plant City, Fishhawk Ranch, and our newest office in Valrico.  My email address is alanlane66@gmail.com, or call me at 813.205.9280.  If you are just starting your search, you can search the MLS for real estate opportunities on my website at this link

Great Deals on Lennar Spec Homes in South Hillsborough County, Florida

Stonegate at Ayersworth offers a variety of single family homes located in the Wimauma area just south of Tampa. The community offers numerous amenities including a basketball court, a playground, a swimming pool, picnic pavilion, and a community center. Future residents can choose from a variety of floor plan options with prices starting from the $200s with 3 to 6 bedrooms.   There are currently two spec homes (Providence Model) reduce by $6,200 and $8,200 from the base price of $227,490.  A “spec” home is a home that is not built with a specific home buyer in mind.  Most builders do not build a home until they have a home owner’s deposit.  But Lennar is not one of these builders.  Since Lennar is one of the largest home builders in Tampa Bay, they need to keep their contractors busy.  This could mean some real savings to home purchasers of spec homes.  The following is the front elevation of the Providence Model (a two story, 2,584 square foot, Four-Bedroom/Flex/Loft/Two-Bath home):

Providence Front Elevation

Providence Model

Little Harbor are two-story homes with a Cape Cod atmosphere in Tampa Bay and one of Lennar’s newest waterfront communities.  These homes will have direct access to Tampa Bay with the convenience of being able to accommodate own docks and boat lifts. Pricing from $514,990s – $669,990s.  There are currently several spec homes with steep discounts between $5,000 and $37,000 off base prices, including Amelia, Jupiter, and Sanibel Models.

Jupiter

Jupiter Model

Sanibel

Sanibel Model

This is just a sample of the spec homes available.  For information on more new homes in the Tampa Bay market, please contact me and let’s go shopping.

Front Elevations provided by Lennar Homes

KW1784102f20KW_thumb.jpgYou should consider using a realtor.  I could save you money especially with new home builders and it does not cost you anything.  So why not?  If you are interested in buying real estate (new home, existing home, or commercial property), please contact me (Alan Lane with Keller Williams Realty a.t 2119 W Brandon Blvd, Brandon, Florida  33511).  As a life long resident of Central Florida, I can help you find the right property for you whether it is in Lakeland or as far south as Sarasota.  The Keller Williams offices of  ”Suburban Tampa” include the offices in Brandon, Plant City, Fishhawk Ranch, and our newest office in Valrico.  My email address is alanlane66@gmail.com, or call me at 813.205.9280.  If you are just starting your search, you can search the MLS for real estate opportunities on my website at this link

La Collina Spec Home in Brandon Florida

cropped-image1.pngLa Collina is located at the northeastern quadrant of Lithia Pinecrest and Lumsden Roads in Brandon, Florida.  This location is located in one of the best areas of Brandon including, but not limited to a wide variety of shopping, parks, and restaurants.  Amenities include a clubhouse, playground, a pavilion with a resort style swimming pool, cabanas, trails, and a dog park.  There is an annual CDD fee of $1,303.09 and HOA fees of $306 per month with a $500 capital contribution.  The community features a variety of single family homes with six floor plans:

  • Pricing from $282,990s to $306,990s
  • Square footage from 2,074 to 2,775
  • Bedrooms from 3 to 4
  • Bathrooms from 2 to 2

This area is known is for some of the better schools in Hillsborough County.  Currently, the schools include the following:

  • Brooker Elementary School
  • Burns Middle School
  • Bloomingdale High School

Although the above schools are the currently assigned to the subject development, I would suggest that a potential buyer check the Hillsborough County website to verify the schools and more information (school grades, school calendar, etc.). If you are relocating to Hillsborough County, you can find your school at click here as well as the school calendar at click here.

Shopping for a large production or custom home builder can be a daunting task.  Start by defining what architectural styles appeal to you and then seek out the builders in your area who offer those styles.  Due diligence is essential.  Unlike most builders, Lennar offer a home that has everything included.  What does that mean for the buyer?  In the case of upgrades, it is simply a matter of over pricing them above what you could get done from an individual subcontractor.  I’m not saying that Lennar does not offer upgrades, but most of the “typical” upgrades in the modern home as “granite” countertops are included.  Whereas, a lot of builder charge higher prices at their “design centers”.  This is just something to think about when deciding on purchasing a home.

 The builder representative and your real estate agent

A builder representative’s ultimate goal is to sell you a home.  His or her role is to provide a wide range of information to help you in your decision-making, from building restrictions, roads and easements to inspections, warranties, rebates and upgrades.  A real estate agent knowledgeable in new home construction will be able to help you wade through all the data and point out the downsides and upsides of each line item.  Your agent also can look out for your interests in reviewing the builder’s contract, which often contains more legal jargon than consumer friendly language.

There is one spec home available (the Georgia) within the La Collina.  This 2,074 square foot, 3 bedroom home features a designer kitchen with an abundance of counter and cabinet space.  It looks out to the open space of the family and dining room for a great open feel.  The bedrooms are on the second floor and large, with the master suite over 20 feet wide with a huge closet and luxury master bath with garden tub. The laundry room is on the second floor for your convenience.

Georgia Elevation

Georgia 1st Flr

Georgia 2nd

Front Elevations and Floor Plans provided by Lennar Homes

KW1784102f20KW_thumb.jpgYou should consider using a realtor.  I could save you money especially with new home builders and it does not cost you anything.  So why not?  If you are interested in buying real estate (new home, existing home, or commercial property), please contact me (Alan Lane with Keller Williams Realty a.t 2119 W Brandon Blvd, Brandon, Florida  33511).  As a life long resident of Central Florida, I can help you find the right property for you whether it is in Lakeland or as far south as Sarasota.  The Keller Williams offices of  ”Suburban Tampa” include the offices in Brandon, Plant City, Fishhawk Ranch, and our newest office in Valrico.  My email address is alanlane66@gmail.com, or call me at 813.205.9280.  If you are just starting your search, you can search the MLS for real estate opportunities on my website at this link