Linda Coiro's (lindacoiro) Blog

Housing Affordability Surges to Highest Level in 18 Years

Linda Coiro (Lifeguard Real Estate, Inc.) — Wed, 20 May 2009 03:25:00 -0700

I really do enjoy my Realtor affiliation with RIS Media! Their information is so pertinent and informative that I thought I'd pass the good news along to you! Housing Affordability Surges to Highest Level in 18 Years RISMEDIA, May 20, 2009-Nationwide housing affordability jumped 10 percentage points during the first quarter of 2009 to its highest level since the series began 18 years ago, according to the National Association of Home Builders/Wells Fargo Housing Opportunity Index (HOI). The HOI showed that 72.5% of all new and existing homes sold in the first quarter of 2009 were affordable to families earning the national median income of $64,000, up from 62.4% during the previous quarter and up from 53.8% during the first quarter of 2008. "Underlying the increase in affordability are lower home prices and record low interest rates. Combined with the $8,000 federal tax credit for first-time home buyers, consumers are beginning to return to the marketplace," said NAHB Chairman Joe Robson, a home builder from Tulsa, Okla.' Sincerely, Team Bizzy Bodies... Linda Coiro, Jean Floyd and Penny Ericksen, Keller Williams Realty Emerald Coast, Destin, Niceville, Ft. Walton Beach

Crystal Beach Cottages Price Reduction - Lowest Price in Neighborhood!

Linda Coiro (Lifeguard Real Estate, Inc.) — Tue, 05 Aug 2008 04:31:08 -0700

Please visit the virtual tour for this lovely vacation rental located right next to the community pool. http://4498ClipperCove.LindaCoiro.com It's just been reduced to $399,000, 3 bedrooms, 2 baths, fully furnished and just steps from the pool, and a short stroll to the beautiful white sand beaches of the Emerald Coast! For more information on the services Linda Coiro provides, visit www.PerchedinParadise.com .

FAQ: The New First-Time Home Buyer Tax Credit Questions Answered

Linda Coiro (Lifeguard Real Estate, Inc.) — Tue, 05 Aug 2008 04:22:00 -0700

I just received this very informative article from Bonny Manthey at Countrywide Home Loans located here in Destin, FL. She passes along to us some frequently asked questions regarding the Housing and Economic Recovery Act of 2008 that helps the lay person understand more about first-time homebuyer tax credits. The information comes from NAHB in Washington DC. Frequently Asked QuestionsAbout the First-Time Home Buyer Tax Credit The Housing and Economic Recovery Act of 2008 authorizes a $7,500 tax credit for qualified first-time home buyers purchasing homes on or after April 9, 2008 and before July 1, 2009. The following questions and answers provide basic information about the tax credit. 1. Who is eligible to claim the $7,500 tax credit?First time home buyers purchasing any kind of home-new or resale-are eligible for the tax credit. To qualify for the tax credit, a home purchase must occur on or after April 9, 2008 and before July 1, 2009. For the purposes of the tax credit, the purchase date is the date when closing occurs. 2. What is the definition of a first-time home buyer?The law defines "first-time home buyer" as a buyer who has not owned a principal residence during the three-year period prior to the purchase. For married taxpayers, the law tests homeownership history of both the home buyer and his/her spouse. For example, if you have not owned a home in the past three years but your spouse has owned a principal residence, neither you nor your spouse qualifies for the first-time home buyer tax credit. 3. What types of homes will qualify for the tax credit?Any home purchased by an eligible first-time home buyer will qualify for the credit, provided that the home will be used as a principal residence and the buyer has not owned a home in the previous three years. This includes single-family detached homes, attached homes like townhouses, and condominiums. 4. Instead of buying a new home from a home builder, I have hired a contractor to construct a home on a lot that I already own. Do I still qualify for the tax credit?Yes. For the purposes of the home buyer tax credit, a principal residence that is constructed by the home owner is treated by the tax code as having been "purchased" on the date the owner first occupies the house. In this situation, the date of first occupancy must be on or after April 9, 2008 and before July 1, 2009.In contrast, for newly-constructed homes bought from a home builder, eligibility for the tax credit is determined by the settlement date. 5. What is "modified adjusted gross income"?Modified adjusted gross income or MAGI is defined by the IRS. To find it, a taxpayer must first determine "adjusted gross income" or AGI. AGI is total income for a year minus certain deductions (known as "adjustments" or "above-the-line deductions"), but before itemized deductions from Schedule A or personal exemptions are subtracted. On Forms 1040 and 1040A, AGI is the last number on page 1 and first number on page 2 of the form. For Form 1040-EZ, AGI appears on line 4 (as of 2007). Note that AGI includes all forms of income including wages, salaries, interest income, dividends and capital gains.To determine modified adjusted gross income (MAGI), add to AGI certain amounts such as foreign income, foreign-housing deductions, student-loan deductions, IRA-contribution deductions and deductions for higher-education costs. 6. If my modified adjusted gross income (MAGI) is above the limit, do I qualify for any tax credit?Possibly. It depends on your income. Partial credits of less than $7,500 are available for some taxpayers whose MAGI exceeds the phaseout limits. The credit becomes totally unavailable for individual taxpayers with a modified adjusted gross income of more than $95,000 and for married taxpayers filing joint returns with an AGI of more than $170,000. 7. Can you give me an example of how the partial tax credit is determined?Just as an example, assume that a married couple has a modified adjusted gross income of $160,000. The applicable phaseout to qualify for the tax credit is $150,000, and the couple is $10,000 over this amount. Dividing $10,000 by $20,000 yields 0.5. When you subtract 0.5 from 1.0, the result is 0.5. To determine the amount of the partial first-time home buyer tax credit that is available to this couple, multiply $7,500 by 0.5. The result is $3,750.Here's another example: assume that an individual home buyer has a modified adjusted gross income of $88,000. The buyer's income exceeds $75,000 by $13,000. Dividing $13,000 by $20,000 yields 0.65. When you subtract 0.65 from 1.0, the result is 0.35. Multiplying $7,500 by 0.35 shows that the buyer is eligible for a partial tax credit of $2,625. Please remember that these examples are intended to provide a general idea of how the tax credit might be applied in different circumstances. You should always consult your tax advisor for information relating to your specific circumstances. 8. Does the credit amount differ based on tax filing status?No. The credit is in general equal to $7,500 for a qualified home purchase, whether the home buyer files taxes as a single or married taxpayer. However, if a household files their taxes as "married filing separately" (in effect, filing two returns), then the credit of $7,500 is claimed as a $3,750 credit on each of the two returns. 9. Are there any circumstances for which buyers whose incomes are at or below the $75,000 limit for singles or the $150,000 limit for married taxpayers might not be able to claim the full $7,500 tax credit?In general, the tax credit is equal to 10% of the qualified home purchase price, but the credit amount is capped or limited at $7,500. For most first-time home buyers, this means the credit will equal $7,500. For home buyers purchasing a home priced less than $75,000, the credit will equal 10% of the purchase price. 10. I heard that the tax credit is refundable. What does that mean?The fact that the credit is refundable means that the home buyer credit can be claimed even if the taxpayer has little or no federal income tax liability to offset. Typically this involves the government sending the taxpayer a check for a portion or even all of the amount of the refundable tax credit.For example, if a qualified home buyer expected, notwithstanding the tax credit, federal income tax liability of $5,000 and had tax withholding of $4,000 for the year, then without the tax credit the taxpayer would owe the IRS $1,000 on April 15th. Suppose now that taxpayer qualified for the $7,500 home buyer tax credit. As a result, the taxpayer would receive a check for $6,500 ($7,500 minus the $1,000 owed). 11. What is the difference between a tax credit and a tax deduction?A tax credit is a dollar-for-dollar reduction in what the taxpayer owes. That means that a taxpayer who owes $7,500 in income taxes and who receives a $7,500 tax credit would owe nothing to the IRS.A tax deduction is subtracted from the amount of income that is taxed. Using the same example, assume the taxpayer is in the 15 percent tax bracket and owes $7,500 in income taxes. If the taxpayer receives a $7,500 deduction, the taxpayer's tax liability would be reduced by $1,125 (15 percent of $7,500), or lowered from $7,500 to $6,375. 12. Can I claim the tax credit if I finance the purchase of my home under a mortgage revenue bond (MRB) program?No. The tax credit cannot be combined with the MRB home buyer program. 13. I live in the District of Columbia. Can I claim both the DC first-time home buyer credit and this new credit?No. You can claim only one. 14. I am not a U.S. citizen. Can I claim the tax credit?Maybe. Anyone who is not a nonresident alien (as defined by the IRS), who has not owned a principal residence in the previous three years and who meets the income limits test may claim the tax credit for a qualified home purchase. The IRS provides a definition of "nonresident alien" in IRS Publication 519. 15. Does the credit have to be paid back to the government? If so, what are the payback provisions?Yes, the tax credit must be repaid. Home buyers will be required to repay the credit to the government, without interest, over 15 years or when they sell the house, if there is sufficient capital gain from the sale. For example, a home buyer claiming a $7,500 credit would repay the credit at $500 per year. The home owner does not have to begin making repayments on the credit until two years after the credit is claimed. So if the tax credit is claimed on the 2008 tax return, a $500 payment is not due until the 2010 tax return is filed. If the home owner sold the home, then the remaining credit amount would be due from the profit on the home sale. If there was insufficient profit, then the remaining credit payback would be forgiven. 16. Why must the money be repaid?Congress's intent was to provide as large a financial resource as possible for home buyers in the year that they purchase a home. In addition to helping first-time home buyers, this will maximize the stimulus for the housing market and the economy, will help stabilize home prices, and will increase home sales. The repayment requirement reduces the effect on the Federal Treasury and assumes that home buyers will benefit from stabilized and, eventually, increasing future housing prices. 17. Because the money must be repaid, isn't the first-time home buyer program really a zero-interest loan rather than a traditional tax credit?Yes. Because the tax credit must be repaid, it operates like a zero-interest loan. Assuming an interest rate of 7%, that means the home owner saves up to $4,200 in interest payments over the 15-year repayment period. Compared to $7,500 financed through a 30-year mortgage with a 7% interest rate, the home buyer tax credit saves home buyers over $8,100 in interest payments. The program is called a tax credit because it operates through the tax code and is administered by the IRS. Also like a tax credit, it provides a reduction in tax liability in the year it is claimed. 18. If I'm qualified for the tax credit and buy a home in 2009, can I apply the tax credit against my 2008 tax return?Yes. The law allows taxpayers to choose ("elect") to treat qualified home purchases in 2009 as if the purchase occurred on December 31, 2008. This means that the 2008 income limit (MAGI) applies and the election accelerates when the credit can be claimed (tax filing for 2008 returns instead of for 2009 returns). A benefit of this election is that a home buyer in 2009 will know their 2008 MAGI with certainty, thereby helping the buyer know whether the income limit will reduce their credit amount. 19. For a home purchase in 2009, can I choose whether to treat the purchase as occurring in 2008 or 2009, depending on in which year my credit amount is the largest?Yes. If the applicable income phaseout would reduce your home buyer tax credit amount in 2009 and a larger credit would be available using the 2008 MAGI amounts, then you can choose the year that yields the largest credit amount. NAHB is providing the information on this web site for general guidance only. The information on this site does not constitute the provision of legal advice, tax advice, accounting services, investment advice, or professional consulting of any kind nor should it be construed as such. The information provided herein should not be used as a substitute for consultation with professional tax, accounting, legal, or other competent advisers. Before making any decision or taking any action on this information, you should consult a qualified professional adviser to whom you have provided all of the facts applicable to your particular situation or question. None of the tax information on this web site is intended to be used nor can it be used by any taxpayer, for the purpose of avoiding penalties that may be imposed on the taxpayer. The information is provided "as is," with no assurance or guarantee of completeness, accuracy, or timeliness of the information, and without warranty of any kind, express or implied, including but not limited to warranties of performance, merchantability, and fitness for a particular purpose. 1201 15th Street, NWWashington, DC 20005202-266-8200800-368-5242

Destin Florida's Crystal Beach Cottages Beach Town Summer Update

Linda Coiro (Lifeguard Real Estate, Inc.) — Tue, 10 Jun 2008 09:46:38 -0700

Crystal Beach Cottages Summer Review An intimate community nestled in the heart of Destin, Crystal Beach Cottages offers the best of both worlds. Whether you are looking for a vacation rental or a permanent residence, you will feel right at home here in this cozy, beachy neighborhood. Crystal Beach Cottages is just a short stroll from the white sand beaches that make our town the crown jewel of the panhandle. Crystal Beach Cottages offers 73 single family residences along with a gated, sparkling community pool located in the center of the community. There are two footpaths that lead to the beach access streets; one on the east side of the community and one on the west. With shopping and restaurants so close, this is the perfect location for your Florida lifestyle or your vacation home. Approximately ¼ of the residents have made this haven their permanent residence, and I'm sure all the other owners would love to, but for now, they invest in the lucrative rental market. Crystal Beach Cottages is in high demand with repeat guests year after year. Crystal Beach Cottages is also a pet friendly neighborhood, allowing owners and their guests to enjoy their four-legged family members. The Homeowners Association is rock solid. You can tell immediately as you drive through noticing all the neatly manicured lawns, white picket fences and well-kept homes in this quaint community. In keeping the community beautiful, overnight parking is not permitted on the roadway and boat, trailer or recreational vehicles are to be parked or stored in a garage. The Association fees here are a mere $560 per year, which is a bargain in a town where this is a partial fee for a beach front condo per month. As of this writing, June 10, 2008, there are currently eight homes for sale in this community, ranging from $415K to $599,990. Now's your time to buy and enjoy a little piece of paradise! TWO GREAT LISTINGS IN CRYSTAL BEACH COTTAGES! 4498 Clipper Cove, Next to community pool, 3/2, 1375 sq. ft., $415K 4489 Clipper Cove, 2074 sq. ft., aerated concrete block construction, 3/2, $549K

Why Lenders are Leary of Short Sales - The Foreclosure Alternative

Linda Coiro (Lifeguard Real Estate, Inc.) — Thu, 17 Apr 2008 06:36:07 -0700

This Foreclosure Alternative Helps Strapped Homeowners, But It's Not Easy to Pull OffAs more people fall behind on their mortgages, lenders have been slow to take advantage of a longstanding alternative to foreclosure -- a so-called short sale.At first glance, a short sale might seem like a win-win for everyone involved. In such an arrangement, the borrower sells the home for less than the amount owed, with the lender forgiving the difference. The sale releases borrowers from their obligations. For mortgage holders, it can be less costly than foreclosing -- and could provide protection against future price drops. For buyers, it can be a chance to buy a home at an attractive price.By RUTH SIMON and JAMES R. HAGERTYApril 17, 2008; Page D1SELLING SHORT Short sales -- in which a homeowner sells a property for less than its loan value -- are tricky to pull off:• It can take weeks or months to get mortgage companies to respond to an offer.• Mortgage servicers may balk at the purchase price.• Homeowners may have more than one loan on the property, slowing the process.Short sales -- which were rare when the housing market was booming -- can also be a good way for lenders and investors to minimize losses. They typically result in losses of 19% of the loan amount, compared with an average loss of 40% for homes that are sold after foreclosure, according to a recent analysis by Clayton Holdings Inc., which tracks more than $500 billion in mortgage loans monthly for investors. The costs of foreclosure can include not only legal fees, but also taxes, insurance and the expense of maintaining the home until the property is sold and repairing any property damage.As the housing market continues to weaken, the number of short sales is edging upward. Short sales currently account for about 18% of home sales, according to the National Association of Realtors. But it can be extremely difficult to get these deals completed. Unlike a traditional real-estate sale, a short sale requires the approval of not only the buyer and the seller, but also the mortgage-servicing company. In many cases, loans have been packaged into securities -- which means that the mortgage servicer must consider the interests of the investors who own the loans.Deals can fall apart because the mortgage company rejects the price that has been agreed upon by the buyer and seller. Long delays in getting an answer from the mortgage servicer are another obstacle.The process can be so frustrating that some real-estate agents and home buyers have decided that a short sale isn't worth the effort. Shari Adams, a paralegal, bought a foreclosed three-bedroom house in Stuart, Fla., after she tried twice to buy a home being sold in a short sale. One deal fell through when the mortgage servicer turned down her offer after six weeks and didn't make a counteroffer. Another deal collapsed because it wasn't clear that the seller was truly facing a financial hardship."I basically started to run away from any home listed as a short sale," Ms. Adams says.Low Success RateThe success rate for short-sale offers is low, real-estate agents say. Molly Kay Hamrick, president of Coldwell Banker Premier Realty in Las Vegas, estimates that 20% of short-sale offers in the area lead to completed sales, compared with 85% for more traditional sales. Redfin, an online real-estate brokerage based in Seattle, says it represented buyers on 65 short-sale offers in the first quarter but expects only two or three to result in a completed sale.Because so many deals fall through, Jean Manner Schwimmer of Coldwell Banker Gay Dales in Salinas, Calif., advises buyers making an offer on a short sale to put a clause in their contract that says the deposit can't be cashed until it is clear that the sale has been approved by the mortgage company and the contract has been signed.Many borrowers walk away in frustration because it takes so long to get a response from the mortgage company to their offer. Servicers take an average of 4Â½ weeks to provide an answer on a potential short sale, according to a recent survey of real-estate agents by Campbell Communications, with some taking two months or more to respond. By contrast, it takes an average of less than two weeks to get a response to an offer for a property that has been foreclosed on, the survey found."To make the process work, you have to have a buyer who just wants that property and is willing to wait three to four months," says Beth Butler, chief operating officer of EWM Realtors, based in Miami.Alicia and Greg Green accepted a short-sale offer in December for a home in Los Angeles they had purchased as an investment. But the deal didn't close until late March because of delays in getting an answer from the mortgage servicer, Option One Mortgage Corp. At least two offers at higher prices fell through because of delays, says Bill Etchegaray, the couple's real-estate agent."Luckily, we didn't lose the buyer," says Ms. Green. "I thought we would because the process took so long." The couple sold the home for $299,000, well below the $375,000 mortgage balance. They fell behind on their payments when the construction business Mr. Green owned went under. A spokeswoman for Option One pointed to the complexities of arranging short sales and said the company is pleased that the sale was successful.Coming up with what everyone agrees is a fair price can be tricky in a soft market. "Servicers are finding that people try to low-ball the sales price knowing that the property is distressed," says Vicki Vidal, a senior director with the Mortgage Bankers Association.Missed OpportunitiesBut with home prices falling in many markets, a rejected short-sale offer may wind up as a missed opportunity. Donald Schriver, owner of Assist-2-Sell Good Sense Realty in suburban Phoenix, says a homeowner he was helping late last year was offered $190,000 for his house in a short sale but was unable to win approval from his mortgage company. The borrower later decided to abandon the four-bedroom house, which was built in 2005. The house is now in foreclosure, with an auction scheduled for June. Prices in the area have continued to fall, says Mr. Schriver, who believes that the most the home would now fetch is $180,000.A spokesman for Wells Fargo & Co., which services the loan, said the company "made several unsuccessful attempts to connect with the customer" and didn't turn down an offer for a short sale.Some mortgage-servicing companies are tightening up on short sales because they worry borrowers are rushing into these arrangements when there are better alternatives. In March, Ocwen Financial Corp., based in West Palm Beach, Fla., told its customers it would consider a short sale only after it had talked directly to the borrowers and determined there are no alternatives for keeping them in the home."We are concerned that some of our customers are not given all the facts," says William Rinehart, the company's chief risk officer. "In some cases, it's represented to them that a short sale is the only solution to the problem they are in."Part of the problem may be that many mortgage servicers were ill-prepared for the spike in bad loans. As delinquencies have climbed, they have had to scramble to add staff. Mortgage companies say they prefer other means to help borrowers, such as a repayment plan or loan modification.Clearing HurdlesGathering all the information needed to evaluate a short-sale offer can take time, says Patrick Carey, an executive vice president with Wells Fargo. The loan servicer must first determine whether the homeowner really can't continue meeting the loan payments, then get an appraisal or broker's opinion of the home's value.Mortgage servicers also try to ensure that the proposed sale is an "arm's length" transaction between two parties rather than, say, a sale to a relative on sweet terms. They must also determine whether the buyer has sufficient funds or the ability to get a loan. If all those hurdles are cleared, the servicer may still need to get approval from the investor that owns the loan and provide an analysis showing that the investor will be better off with a short sale than with another solution.There are additional complications if the borrower has a mortgage and a home-equity loan. In that case, both parties must approve the deal -- which is a challenge when the sales price may not even be enough to cover the mortgage balance.To minimize delays, Mr. Carey suggests that homeowners contemplating a short sale immediately call the loan servicer to get the approval process started, rather than wait for an offer.There are some signs that the process is getting smoother. In recent weeks, some mortgage companies have begun to approve short sales for borrowers who can show financial distress but haven't yet stopped making monthly payments, says Dan Elsea, president of brokerage services for Real Estate One in the Detroit area. Until recently, servicers wouldn't even consider a short sale unless a borrower was at least 60 days late.Fannie Mae and Freddie Mac, which own or guarantee nearly half of all outstanding U.S. mortgages, both say they are trying to streamline the short-sale process. Fannie Mae says that it plans to introduce a policy in the next few months under which real-estate brokers would be given an advance indication of the approximate minimum price that would be acceptable in a short sale, a move designed to quickly weed out offers that are too low.Freddie Mac says it has already given its top servicers more flexibility to accept short sales for homes backed by loans it guarantees or owns. Lehman Brothers Holdings Inc., another issuer of mortgage-backed securities, also is offering incentives in some cases for servicers to arrange short sales or loan modifications.Write to Ruth Simon at ruth.simon@wsj.com and James R. Hagerty at bob.hagerty@wsj.com Wendy KotowskeAccess MortgageResidential Lending Expert850-830-5566 cell850-337-7519 office

Reverse Mortgages through Countrywide

Linda Coiro (Lifeguard Real Estate, Inc.) — Thu, 03 Apr 2008 05:48:59 -0700

Clients are asking me about reverse mortgages. Of course I refer them to an industry professional. Countrywide recently shared this information with me re: reverse mortgages and I thought you would find it of interest. Countrywide Home Loans is now offering reverse mortgage products through Countrywide Bank. As real estate professionals, our clients have come to rely on us for guidance regarding the housing issues that affect their daily lives. As they prepare for retirement, many seniors have concerns about their long-term goals that can often include the added stress of exploring home options to accommodate their needs and meeting changing financial obligations. Reverse mortgage products are a way for homeowners who are at least 62 years of age to convert a portion of the equity in their homes into income without having to sell the home, give up title, or take on a new monthly payment. They may use the loan proceeds however they would like, for example to pay for medical expenses, home modifications, or to increase monthly cash flow. Reverse mortgages are non-recourse loans which means neither the borrowers, nor their heirs, will owe more than the appraised value of the home at the time the loan matures. The loan does not become due until the last borrower no longer occupies the home as their primary residence. This information courtesy of Katrina_Hokkanen@countrywide.com

Sunset for two over the Choctawatchee Bay from Niceville, FL

Linda Coiro (Lifeguard Real Estate, Inc.) — Sun, 30 Mar 2008 16:40:11 -0700

Crab Island Rondeveus, Destin FL with real estate expert Katy Bird Coiro

Linda Coiro (Lifeguard Real Estate, Inc.) — Sun, 30 Mar 2008 16:23:02 -0700

Katy Bird, the marketing brains behind http://www.PerchedinParadise.com. July 4th weekend at Crab Island. She's simply "perched in paradise"! "I could roost here all year!"

What's up with Condotels or Condo-Hotels in Destin, FL?

Linda Coiro (Lifeguard Real Estate, Inc.) — Sun, 30 Mar 2008 13:00:30 -0700

My wife and I are looking at purchasing an investment property in Destin. I have been looking on realtor.com but was wondering what information you could provide. I really like the idea of a condotel or some type of condo that is rented out to vacationers. We are looking for beach front or very close to a beach that would attract families on vacation. Do you have any suggestions? Jeff Hi Jeff and thanks for your recent email. You asked a very loaded question! Personally, I'm not a major fan of condotels. We may have 1 or 2 here, but a third was slated to happen and didn't because you could buy a nice studio or 1 bedroom near the beach for about the same price. And there is a mega-availability of units currently on the market that are such a better investment value. What we really need to determine is your price range. And then I can search from there. This area, Destin, is a vacation paradise. In the summer we are packed and units rent very well. There are alot of companies who do vacation rental management, charge a fee, but keep on top of getting the units rented out, cleaning after guests leave, doing any necessary maintenance and just keeping the place current. Destin proper, heart-of-Destin, or old Destin is mostly high rise condos on the Gulf of Mexico. There are some that properties that do very well and people come back to year after year. I believe Sundestin is a condohote and it does pretty well, altho I have never sold a unit in there. Pelican Beach is also a very popular rental complex for families with lots of amenities and most units facing the gulf. Holiday Isle has Sandpiper Cove and that complex does well also. There are studio units available for about $150K. But the studios only sleep 2-3 people, so you aren't going to make a killing on them as far as coming out with a positive cash flow. In fact, right now, it may be difficult to come up with a positive cash flow with any of them unless you really pay a great low price for the unit, crunch the numbers, and come out even or ahead. If you buy, you get a good deal because it's a buyer's market, but you should plan to stay in it for a few years if you want to see a growth on your investment (and enjoy it as well as a second home or vacation getawy a few times a year). There are also townhome units along Scenic Hwy 98, further east of Destin proper, some slightly older, that are priced pretty well now, let's say mid $200's for a gulf view 1 bedroom. Then further east is Sandestin Resort, very popular, tons of amenities, but expensive (well I guess depending on what you can afford to spend), with maintenance fees, condo fees, and property management fees. Further east is Santa Rosa Beach, also very popular, and Grayton Beach, and I can dig up info on those areas too. Now going back to west of Destin and the Destin Bridge is Okaloosa Island, part of Ft Walton Beach, and there are numerous 6-story condo complexes there, right on the beach, also pretty popular for vacationers, and may be slightly lower priced because it is not as popular as being in Destin, where all the action is. In the winter, we have a big snowbird contingency, and rentals are based on several months occupancy and the per month price is lower than the high season summer rates. Our area is a little different than south FL, where our high season is summer and down there, the high season is winter. The area has grown tremendously in the past 7 years. Shopping is phenomenal, with Silver Sands Outlet Mall, Destin Commons mall, and a ton of other big name stores and new popular restaurants popping up all the time. It's definitely not a sleepy little fishing village anymore! But there is still a ton of that going on. I would love to help you! I will give you a call early this week to discuss this paradise we call home! Whether you're flying south for the winter or the rest of your life, perch yourelf in paradise! Sincerley, Linda Coiro

LINDA COIRO JOINS KELLER WILLIAMS REALTY EMERALD COAST

Linda Coiro (Lifeguard Real Estate, Inc.) — Wed, 26 Sep 2007 17:01:11 -0700

Keller Williams Realty Emerald Coast is thrilled to have as part of their sales team, Linda Coiro. Linda brings with her a strong background in customer service, marketing and real estate knowledge. Having worked in the airline industry, Linda's customer service ability was certainly put to the test, but her care and attitude towards her customers has never faltered. Linda also spent many years in the advertising industry and helped to grow many large national accounts. She's been able to take the experience and knowledge she gained in New York City and apply it towards her real estate career here on the Emerald Coast. Linda's many "out of the box" strategies toward the selling of real estate come from her knowledge of aggressive promotion in the marketing industry. She knows that marketing, not high pressure sales, is what sells a house. Linda takes the time with her clients to find out exactly what their wants and needs are in order to find the perfect home for them. And it goes the same for listings - learning as much about the sellers and their motivation for selling as possible and treating the home as if it were her own for sale. With Linda helping you buy or sell a property, she becomes part of your family - she makes you her top priority no matter how big or small the transaction. Linda has recently earned the e-PRO designation, and excels in using the internet as an invaluable tool in her marketing programs. She is also an Accredited Buyer's Representative candidate, a member and committee chairperson for the Women's Council of Realtors, and an Ambassador with the Destin Chamber of Commerce. Linda has recently hired a full time assistant named Katy Bird. You many recognize Katy as the white umbrella cockatoo who accompanies Linda to all her open houses, REALTOR tours and first time client meetings. "Katy Bird is a great icebreaker when meeting new clients. They are so amazed by her beauty and gentleness that we become friends before we start talking real estate. Then the rest is easy. And Katy doesn't complain about working overtime!" Linda came into the field of real estate during the height of the market in 2003. However, the cooling of the market did not deter Linda from her chosen field. She's stayed long after many REALTORS have given up.

When you're ready to sell, your home becomes a house.

Linda Coiro (Lifeguard Real Estate, Inc.) — Thu, 12 Apr 2007 14:38:58 -0700

When you're ready to sell, your home becomes a house You be the judge. In your heart you know that this situation is no longer working, and it's high time you slam that gavel, get rid of the emotional baggage, and move on with your life. No, I'm not talking about marriage counseling. I'm not talking about leaving Mr. or Mrs. Right, your better half, your spouse of 50 years. I'm not talking about signing away a fortune amassed in a 401K plan. I'm talking about emotional attachment to a "home." The word "home" (according to Webster, 3rd Collegiate, Copyright 1987) is "the social unit formed by a family living together, a congenial environment, a place of origin." We tend to view our homes as extensions of ourselves, a place of comfort, family gatherings, peace and safety. A haven that we retreat to when things aren't going quite right, or a place we return to to unwind from the stresses of the day. We politely inform our guests to "make yourselves at home." Have you ever heard anyone saying "make yourselves at house?" A "house," on the other hand, is just a replaceable edifice. Webster defines a house as "a building that serves as living quarters." Could be a pup tent, a love shack, a beachfront cottage, or a mobile mansion in the woods. What we put into our house makes it a home. Like the saying goes, "home is where the heart is." As soon as the For Sale sign is placed on the lawn, every home becomes a product. The other day I received a referral call from a past client. So I prepare for the listing appointment, armed with statistics, brochures, web info; etc. etc. etc. I walk through this beautiful home with pen and pad in hand, evaluating it from a professional point of view. I go home (note that I "go home" and not "go house") and prepare my post-listing presentation for the next day, when I'll return and give the sellers the cold, hard facts. No sugar coating; not even Sweet-n-Low; I'm serious about getting their house sold! "Mr. and Mrs. Whatanicehomeyouhave," I'm sorry to be the one to tell you this, but you need to get divorced. Divorce yourself from this home. Wrap up those emotions and tuck them carefully away in little U-Haul boxes in your memory bank. Make believe this home is a product, a commodity to be sold, stripped of personality to the bare walls. What a beautiful miniature statue collection of pastel colore birds in pink hats perched on several shelves in the family room. They're really cute, but the new family is allergic to birds, and as a matter of fact, feathered and furry friends of any kind! (And put away that smelly cat litter box!) I see lots of Kodak moments of a happy, handsome family all over the place, but lo and behold, they aren't the new buyer's family!" Which brings me to this true story: My mama in Orlando used to call in a local Realtor every year to tell her what her home was worth. Mama is so proud of her plastic covered sofas, her many throw rugs and plastic runners on top of the wall-to-wall carpeting, her zillions of crafty knick-knacks in every nook. Aunts, uncles, cousins and my sister and nephews are smiling from every angle of every wall, we're smiling over the fireplace, smiling on the coffee table, on the foyer table, in the halls, on the fridge, even in the closets! Holy cards of Saints we've never even met, tucked in the clear plastic wall protectors behind the light switches. The home is clean and neat and well-maintained for the most part. I must admit her Lladro collection is truly a thing of beauty! The home totally reflects my mama's lifestyle, but probably not the cozy haven another family would enjoy as it is. The Realtors come in and say "This is a beautiful home, Mrs. Coiro," and truth be known, I think that's all she really ever wants to hear! It's a fact that when buyers come to "try on" a future home, they subconsciously enter the front door and envision themselves living there. It's a lot easier for them to do that when the home is depersonalized. (Unless, of course, they're looking for an investment property.) Sellers should make the house look clean and crisp, as if it were a model home getting ready to be lived in for the very first time. Get rid of odors, wild colors, and personal effects. Even if it costs a few bucks, you'll see more profit in the long run. You're not trying to sell who you are (and yes, you're a very nice person) you're trying to sell a "house!" As a Realtor, this is a delicate topic to bring up with clients. It's difficult to advise someone to remove and pack away their Purple Heart war medals or their diplomas and civic service awards and other artifacts they're so proud of. The truth is we're not negating what lives are all about, we're just simply trying to sell a house. So you don't need a lawyer to initiate the separation agreement. Just a few empty boxes, some bubble wrap and duct tape. Wave bye bye to Aunt Janie. Tell the birdies they're just flying south for the winter. Position your "product" to sell and improve on the look of your home to increase the odds of securing a buyer. Don't just leave it up to your Realtor; you're the one in control of your product. It's the Realtors job to sell that product. We want to take gorgeous photos of a model home ready to take on a new family with only a light dusting. I know that when my mama gets ready to move north to Destin, or back to Lawnguyland with my sista, we'll be packing for months. It's going to be a long, drawn-out, knock-down and dirty divorce! Especially if I'm involved!

Till We Meet Again -- Snowbirds Fly North for the Summer

Linda Coiro (Lifeguard Real Estate, Inc.) — Sun, 11 Mar 2007 14:05:39 -0700

A snowbird's life in paradise is a short but sweet worthwhile taste of living well. It's also a wonderful way to enjoy warm and welcoming weather for a few chilly months out of the year. But it seems just like yesterday that the celebratory welcoming parties began and now we're already bidding a fond farewell to all our old and new friends. It's not a sad parting, but instead one of new friends made, good times shared and fond memories to last a lifetime. We leave with hugs and kisses and promises to meet here again same time next year. The Emerald Coast is certainly a come-back-to haven for all who visit. White sand beaches and crystal blue waters.... how can this place possibly be topped? And my mom and dad thought Orlando was the cat's pajamas! The land of the mouse doesn't come close! Boy am I glad to have discovered that they were wrong and that what we have here truly heaven on earth. Being a local homeowner, I can't imagine where I'd want to be when the AARP card comes in the mail. I'll be all ready for snowbird season because I love just being here anyway! Maybe I'd just rent a condo on the beach for a little while so I can wake up and watch the seagulls and herons from my balcony. Or maybe I'd be happy with a pool view and daily morning swims. Or a round of tennis or golf at one of our many prestigious courts and courses. Not to mention all the great discounts at local restaurants and establishments.... Proof that snowbirds aren't a dying breed and add greatly to the community even for the short time that they are here. My good friends Arthur and Margaret know this all too well. For them, their retirement dream is their second home in the heart of Destin. Whereas some prefer to rent, Art and Margaret are proud to be homeowners here, even for a short while. They know that if they want to visit, their own home is available to them at any time - without having to make reservations or praying that there was available room the week they wanted to come. But for now, the time has come to go back to reality and the family up north (or west or east for that matter!). To share photos of magnificent sunsets on the beach and new friends made. To uncork a bottle of local wine and hang the new hammock in the yard. To be able to say "There's no place like home" and be lucky enough to have two! Happiness and health to you and yours till we meet again! Appeared in the Feb/Mar 2007 issue Snowbirds Gulf Coast Magazine

Togethering in Paradise

Linda Coiro (Lifeguard Real Estate, Inc.) — Sat, 10 Feb 2007 04:53:50 -0800

"Remember the good old days." Is that saying just a cliche or is it a reminder of when life was simple and everybody paid with cash? When families lived together or at least nearby? A time before job relocations and jet planes put miles of space and states between loved ones. Technology today has enabled us to bridge that gap. Cell phones and computers, if we're savvy enough to understand how they work, help keep families connected. Even though technology has become part of every day life, it can't take the place of the smell of grandma's gooey chocolate brownies baking in the oven. And it can't take the place of catching catfish off the dock with grandpa. I can still feel grandma squeezing my cheek when we arrived at her house for Sunday dinner. Friends and family just walked right in, no need to knock, all the family lived in the same neighborhood - we were personal back then, touchy-feely back then. It seems the older we get, the more impersonal our lives become but yet somewhere in the echoes of our minds, we all miss that family bonding. Empty-nesters are determined to live life to the fullest. Retired and not having to answer to the boss man, they take to the road, in Caddys, in RVs, in the shiny new vehicles they've always dreamed of enjoying. Waving bye-bye at Sue and Jeff and their dribbly baby granddaughter, Nanny and PopPop pass billboard after billboard advertising pecans, and oranges and finally the "Welcome to Florida" sign has them sighing, "another winter in paradise! Let's unpack and head over to Golden Corral!" Nanny and PopPop always rent this one particular unit - the one with the bunks for the grandkids. It never fails, if you have extra beds, they will come! From all corners of the globe, even the distant relatives come out of the woodwork for free room and board in the Panhandle! Who wouldn't want to visit the most beautiful beaches on earth? So the reunion is planned, phone calls are made and the date set. Togethering can be a very cozy affair! This year, Nanny and PopPop and the kids took the plunge and decided to buy that 2 bedroom unit with the bunk beds. After all, the kids loved it. And best of all, they don't have to squeeze all their retirement time into a few short months! They drive over whenever the mood suits them; they especially like spring, when the flowers start to bloom and they can walk the beach and wiggle their toes in the beautiful white sand. Jeff and Sue and the kids will drive over in July and cool off in the pool. And in between, it will be rented out so the family will have a positive cash flow for the time's they're back up north. Togethering ... now these are the good old days that memories are made of. (c) Linda Coiro, published Feb. edition of Snowbirds Gulfl Coast Magazine

Welcome Snowbirds!!

Linda Coiro (Lifeguard Real Estate, Inc.) — Sun, 24 Dec 2006 05:42:07 -0800

Happy landing to all the snowbirds who've flown south for another spectacular winter on the Emerald Coast. With a couple of Snowbird flockings already under our wings, the anticipation builds as we await the arrival of the rest of our fine feathered friends in January. Empty nesters come to our region for a variety of reasons. Mostly it's to get away from the cold and snowy winters up north. Some have landed here by chance and some have come on the recommendation of friends and family. Some of you have researched the entire state of Florida before choosing our white sand beaches, outlet shopping, early-bird dining specials, golfing packages and proximity to the casinos a little further west. It is no wonder that this is truly a perch in paradise for all of us fortunate to have found it. Whether you're just visiting for the winter or the rest of your life, housing is the biggest issue. Fortunate snowbirds who purchased a nest early on in the Panhandle's development are lucky enough to enjoy a home or condo possibly all paid for. Some may have been lucky enough to sell that property at a profit within the past two years and moved on to something better. And still others prefer the rental route, returning year after year to the same complex for the familiarity and comradirie of life-long friends who have become more like family than mere acquaintances. Today's housing market is very confusing. Whereas two years ago we were in a complete seller's market, with more buyers than available properties, and prices skyrocketing because of it, we are now in a buyer's market, meaning there are more homes sitting on the market than there are buyers. With so much available inventory, prices are sliding down like skiers on a slope, and bargains await in the ski lodge at the bottom. Now is the time to buy if you want to pick up that snowbird cottage, or balcony view of the gulf from a condo on the beach. There are incredible deals on smaller homes with very low yard maintenance. Many of today's sellers are experiencing the stress of owning two homes, one of which is for sale and currently vacant causing double mortgages and withdrawals of life savings in order to keep up with the bills. They are fishing for buyers and once they have one on the line, they'll do whatever they can to reel that fish in and onto the boat. With interest rates as low as they are, more and more snowbirds are finding that owning a property here can be a viable alternative to renting. It could mean that you spend more time enjoying retirement and come and go as you please. It could mean rental income if you choose to rent it out during our high peak summer months. It could mean family reunions any time of year. It could mean your children and grandchildren enjoying the sunshine, the beach or the pool or a day on a fishing charter catching marlin whenever they feel the urge. Like the stock market, buy when the price is low. Then ride out the wave and remember that along with baseball and apple pie, owning real estate is still the all-American dream. Linda Coiro, Realtor, Realtor, e-PRO, Destin, FL, Dec. 2006Published in the Snowbirds Gulf Coast Newspaper serving the Florida Panhandle. www.snowbirdsgulfcoast.com

Real Estate and Retail - Distant Cousins

Linda Coiro (Lifeguard Real Estate, Inc.) — Tue, 12 Dec 2006 14:21:49 -0800

FINANCIAL SUCCESS IN RETAIL AND REAL ESTATE -- DISTANT COUSINS? "The end." I had serious thoughts about writing this article backwards since today is the last day to shop before the clock strikes midnight . the culmination of last-minute "holiday" (or can I say Christmas?) shoppers with their fat envelopes full of bonus money. As I sat in Panera's having lunch this week, I had serious writer's block wondering how to tie in Christmas to real estate. Gosh, I really wanted to write an end-of-the-year-super-duper article, but somehow, these two don't tie in together very well. Especially this year! I watched shoppers sip soup with shopping bags full of holiday cheer sitting at their feet. A little nourishment for refueling and they're ready to return to the hustle and bustle of the mall to shop till they drop. Oh how I wished upon a star that this was my day for "floor duty" and they were all coming into my Century 21 office to buy property instead! But lo and behold, I was a shopper too, searching out the perfect gifts for the loved ones left on my list. Oh why didn't I stick to my New Year's resolution to start earlier in the year? But look at this; the whole mall is on sale! 20% off, 50% off, buy one get one free, prices slashed, free gift wrapping.. Sale after sale after sale! Even Santa's giving out candy canes.. free! I'm a true believer that everything happens for a reason, and then it hit me. Here's my article! Retail and real estate: related! Thank you baby Jesus for the inspiration! So with that weight lifted off my shoulders I meandered the mall for article content. I smiled as I watched parents and children visiting Santa in the main plaza near the tree. I listened to a special needs choir singing Christmas carols with the innocence of children. I saw little dawgies with stocking hats, some punk rockers with purple spiked hair, moms pushing babies. But back to the business at hand. I still had two gifts to buy. A "20% off entire purchase" sign lured me into Lillie Rubin's. Hmmm, never saw that shop before.. "we're just opened two months," chirps Julie, the store manager. "Take a look around, we're having a storewide sale today." Then she recognized me and said, "Aren't you that realtor with the white bird in the Real Estate Book? Linda Correao or something like that?" And with that comment, and the correction of my last name (it's said COY-ROW) us two pros got to talking about how similar our professions really were. As we chatted, I thought, Mmmm, I sense a pattern here. In order to bring in new inventory to sell, the old inventory must sell first, otherwise it gets saggy and shopworn on the hangers. Buyers pass it weekly and say, hey that's the same old stuff, why go in there. But when the mannequin is dressed in a new funky little furry sweater, hey let's go in and check it out! Corner spot at the mall's central plaza = location. Changing the mannequins outfits in the window = curb appeal. 20% off sale to entice customers into buying = price. Bottom line in retail = location, appearance, price. Bottom line in real estate = location, curb appeal, price. And then I came up with a great realtor's New Year's resolution! As a service to our customers, we need to take inventory of our inventory. Especially as we go into the new year. We need to uncover the reasons the property isn't selling, determine what specifically is not working, and implement ways to turn it into a sale. What will it take for buyers to say, "Hey, let's go in and check it out!" Maybe it will be some nice new bushes out front, some painting inside, a pantry cleaned, different signage, a new price. Honest, down-to-earth conversations with our sellers to make the changes necessary to change "For Sale" into "SOLD." I'm so happy that my afternoon at the mall turned my writer's block into inspiration. The sun went down and I went home with the gifts I came for... my mamma mia got a nice new funky furry sweater from Lillie Rubin's, and I picked up a 2 for 1 deal of the day thingamajiggy at the Sharper Image for my husband. But the best of all was the gift to myself... ways to revamp my inventory so it won't show up on the after Christmas sale clearance rack! The REAL end.

A Little More Respect for the Open House, Please!

Linda Coiro (Lifeguard Real Estate, Inc.) — Tue, 05 Dec 2006 16:50:43 -0800

Contributing Story to the Destin Log Real Estate Sectionby Linda Coiro, Real Estate Consultant October 8, 2005"A Little More Respect for the Open House, Please!"Motivated Homeowner!" "Must Sell!" These are the words of desperation running rampant in our area's real estate housing market. Too many homes and not enough buyers. Wow, how the tides have turned since April. Now's the time for Realtors to polish up on the marketing skills necessary to sell homes. From the end of 2004 through the summer of 2005, all it took was an MLS listing, and a line of potential buyers were patiently waiting as the Realtor went to hammer up the "For Sale" sign. Truthfully, I was quite upset about this since my college and work experience have always been in marketing and customer service and the market didn't allow me the opportunity to do what I loved to do best! I listed and sold a bunch of homes. Yeah, it was easy, but I wanted to use my expertise to its full advantage and didn't even have a chance. Today's market is a completely different story. A sign and an MLS listing is minimal at best. We must all dig deep for that creative niche in which to market and sell a property. And not every property is the same -- you marketing plan for one home will not always work for another. Now let's just talk about the Open House. A mainstay of the industry for years -- you either love it or hate it, but either way, sellers are happy to see you proactively trying to sell their property. These days though, it's almost a losing proposition. I've held about 8 open houses in 1 month for several properties and the response leaves much to be desired. Whether you advertise or not, give away free stuff or not or give away free food or not. Yes, even free food! For example, I decided to do a dual open house for Realtors one recent Friday. Innovative to say the least, prepared with diligence and imagination from start to finish. The idea stemmed from my Italian heritage. OK, be different, create a niche. Everyone loves Italian food. So lasagna and vino were on the menu at House #1. From the tablecloth and breadsticks, authenticity the key. For dessert, a simple map directed the way to House #2 for "dolce" `and espresso served in those teeny weeny Italian espresso cups, topped with a shot of amaretto, the perfect way to finish up an Italian meal. A drawing too! Visit both homes and enter to win $25 gift certificates to local restaurants, and I'm not talkin' McDonalds! Poppys, Gugliamos, Beachwalk Cafe, Marlin Grill to name a few. Could it get any juicier? Possibly, but apparently not enough to generate the activity we hoped for. What's it going to take to get us Realtors out and looking at Open Houses? In the current market, we need to support each other and take advantage of viewing the properties out there. It is only fair to our customers, even as few buyers as we're seeing lately, to act as their consultants and real estate experts to be aware of everything out there, especially now since there's so much to choose from. It is sad that we have gotten complacent after this past year's boom. So next time, come join us! We refuse to spend another weekend in a home for sale eating a tray of lasagna by ourselves! Mangia!"