A Senior Benefit

Most folks who decide to retire in the keys do so with the idea of living in paradise mortgage free. They sell their home where the ice takes months to melt and buy their home in the keys next to Flipper the dolphin. Great idea to move down here, not so great idea to pay off the home. Seniors have a huge benefit that they are not very familiar with.

The “Reverse Mortgage” is a very powerful tool that can also be used to purchase property. The “Reverse Purchase” can help you buy your primary home with as little as 25% down and never have a mortgage payment on that property for as long as you live. Here is an example of how you can buy 2 homes and have 0 mortgage payments.

Purchase price $400,000.00 Rather than buying it all cash use 50% down.

Down payment $200,000.00 May be less dependent on age or appraisal

2nd purchase $200,000.00 Purchase rental property that generates $1200 month

There are many benefits to this transaction;

1- $14400 rental income (can pay for taxes and insurance on both properties)
2- Depreciation and interest tax deductions
3- No mortgage payment on either property
4- Future appreciation on 2 properties

The best part of the Reverse Purchase is there no qualifying requirements for income, assets or credit (excluding current bankruptcy). In today’s real estate market with property values being so low and rates at an all time low there may never be a better time to invest in real estate. Why not buy 2 and have 0 payments. There are endless ways this mortgage can provide income and investment options. Any questions I can be reached at frankl@homefinancingcenter.com or 305-923-9312.

Best Deals on the market

There are some fantastic deals out there! These are the best deals currently on the market:

Condos and Townhomes: Click here
If views are essential to you, of the above these have views: Click here

Dry lot Single Family Homes: Click here

Canal Front Homes: Click here

Open Water Front Homes: Click here

All REO (Bank Owned) properties: Click here

If you are interested in any of these or other properties in the Keys or want to sell please contact me at Wiebkewestedt@aol.com or 305-393-0923

Condos/Townhomes by price and by complex

All condos/Townhomes under 300K: Click here
Out of these here are the ones 'I'd buy': Click here
From 300 to 500K: Click here
Out of those 'I'd buy these': Click here
From 500 to 750K: Click here
Out of these the best deals are: Click here
If you have any questions about these or other properies in the Keys please contact me at: 305-393-0923 or Wiebkewestedt@aol.com

And now by complex:
By the way: These links get updated automatically. If you are interested in one particular complex you can come back and visit the link to see if there are any new listings or price reductions etc.
Beacon Reef

Buttonwood Bay

Coral Harbor

Executive Bay Club

Future Yacht Club

Harbor92

Kawama Tower


Landigs of Largo

Mariners Club


Moon Bay


Ocean Harbor


Ocean Pointe


Port of call


Rock Harbor

Seagulls


Sunset Hammock

Tamarind Bay


The Palms
The Sanctuary

Just came on the market REO under 200K

This just hit the market:
"Condo in Moon bay. This 2/1.5 is in great condition. Neutral paint and ceramic tile thoughout. Spacious lay out, No appliances, Nnutral bathrooms in geat condition. Beautiful private Moon Bay community is located on the bay side with dockage, pool, tennis courts, and close proximity to everything you need."

For more info and pics. please contact me at 305-393-0923
or Wiebkewestedt@aol.com

Foreclosed properties

These properties have been foreclosed on and are now owned by the bank. They are priced at 'distress sales prices' and are great investments. If you are looking for a deal and investement take a look at these: Click here

To purchase a REO (Real Estate Owned property) you must be pre qualified for financing in the amount of your offer or show 'proof of funds' if you are making a cash offer.
If you are interested in any of these or other properties in the keys please contact me at 305-393-0923 or Wiebkewestedt@aol.com

November Activity Summary

Upper Keys:
New on the market: Click here
Price changes: Click here
Pending: Click here
Closed: Click here

Middle and Lower Keys:
New on the market: Click here
Price changes: Click here
Pending: Click here
Sold: Click here

If you are interested in buying or selling property in the Keys please contact me at 305-393-0923 or Wiebkewestedt@aol.com

Long weekend - take a look what's on the market

Waterfront homes:
Key Largo:
Buccaneer Point

Key Largo Ocean Shores

Lake Surprise

Largo Sound

Lime Grove Estates

Ocean Isle Estates

Pirates Cove

Port Largo

Riviera Village

Sexton Cove

Silver Shores

Stillwright Point

Sunset Acres

Sunset Point

Sunset Waterways

Tavernier Ocean Shores

Twin Lakes

Winston Waterways

Islamorada:
Indian Waterways

Kahiki Harbor

Lake Harbor

Lyseloma

Pearl City

Plantation Lake

Plantation Key Colony

Plantation Shores

Plantation Lake Estates

Sunshine Estates

Tavernaero

Treasure Harbor

Tropical Atlantic Shores

Venetian Shores

Condos:

Beacon Reef

Buttonwood Bay

Coral Harbor

Executive Bay Club

Future Yacht Club

Harbor92

Kawama Tower


Landigs of Largo

Mariners Club


Moon Bay


Ocean Harbor


Ocean Pointe


Port of call


Rock Harbor

Seagulls


Sunset Hammock

Tamarind Bay


The Palms
The Sanctuary

If you are interested in buying or selling Real Estate in the Keys please contact me at 305-393-0923 or Wiebkewestedt@aol.com

The biggest sellers

in the current market are the lowest priced canal front homes. They make great vacation homes and are a good investment. Canal front houses are popular as vacation and annual rentals; if you are handy, there are quite a few homes that just need some TLC and could turn a profit within months even in this market.

These are the lowest canal front homes currently on the market:
Click here

Season is almost here and these will fly off the shelves; please contact me if you are intrested in any of these or other properties in the Keys: 305-393-0923
Wiebkewestedt@aol.com

New on the market! This is perfect for the avid boater

I just listed this property and it's a great buy! The home sits on three lots (over 18000SF!) directly on Adams cut with the larget cut in boat slip I have ever seen in the Keys. This is perfect if you have a large boat. Ocean and bay access is immediate. You can add on to the existing CBS home and add a pool. There is plenty space. Listed at 1,2 Million.
If you are interested in this or any other properties in the Keys please contact me 305-393-0923 or Wiebkewestedt@aol.com

Some more great deals

There has been a lot of activity in the MLS in the last 24 hours including some great deals. Here they are.
If you are looking for something for less than 125K; this is a great opportunity: A 2 bedroom, 2 baths condo: Click here
A canal front house; here is one for less than 330K; it is a short sale but has been approved by the bank: Click here
A canal front house in Venetian Shors. It is also a short sale and not approved but one heck of a deal at 799K: Click here
If you have a cash and are looking for a 'cheap' canal front property; this mobile home is a good deal under 300K (You cannot get financing for this hence the cash):
Click here
Please let me know if you are interested in this or any other Real Estate in the Keys: Wiebkewestedt@aol.com or 305-393-0923

Best deals

Following are what I consider the best deals on the market (Based on asking price).

Condos/Townhomes under 500K : Click here

Condos/Townhomes over 500K: Click here

Canal Front Homes under 700K:: Click here

Canal Front Homes 700K to 1 Million: Click here

Open Water Front Homes: Click here

Dry Lot Homes: Click here

If you are interested in any of these or other properties please contact me at 305-393-0923 or Wiebkewestedt@aol.com

October Activity Summary

Upper Keys

New listings
Price reductions
Under contract
Sold

Lower and Middle Keys
Price reductions
Under contract
Sold

If you are interested in Real Estate in the Keys please contact me at 305-393-0923
or Wiebkewestedt@aol.com

REO investment opportunity for 212K Under contract

This is the perfect property if you have been looking for a vacation/rental property. Seagulls is located in Tavernier and offers: Tennis Courts, sandy beach, pool, clubhouse and gym. This is a 2 bedroom unit with fantastic views for 212K.
Please email Wiebkewestedt@aol.com or call me 305-393-0923 for any more info

Why private financing

Private real estate financing has been around since land has been bought and sold. When banks don’t lend on certain properties for many different reasons, private financing is an excellent alternative. It is a win win for all involved. The private investor (person or institution lending the money) gets a much higher return on their money than it sitting in a bank, the seller gets to sell his property and the buyer obtains financing he would otherwise not be able to.

Today the main reason private financing has been getting so popular is due to the tightening of underwriting guidelines such as credit and income requirements. Basically if you don’t have fairly good credit or can verify the right amount of income, you may not qualify for a loan irrelevant of the size of your down payment.

In comes the private investor. Yes, the rate is higher and so are the fees but it allows the buyer to acquire the property they want now and work on the issues to be able to refinance into a better loan later. The average private loan is paid off within three years. The requirements are usually 35-50% down payment and rates from 8-14% depending on the scenario and property.

The first place to look for a private loan is your friends and relatives. If they have the funds you are seeking sitting in a bank at 2% you can offer them a much higher return with the property securing the loan. The title agent or attorney can draw up all the paper work needed and help with all the details.

Many times the best route to go is trying to get the current seller to hold the note for the first 3-5 years. The seller should be motivated by not only by selling his property but also by making interest on the sale of his property. In today’s real estate lending environment this option has become more popular than ever before for the obvious reasons.

Never give up on trying to find the right financing for the home or property of your dreams. There are many different options to explore in the creative financing world.

By; Frank Lazcos
Mortgage Banker
Home Financing Center
frankl@homefinancingcenter.com

Fantastic deal! REO condo 315K

If you are in the market for a condo; this is the one to buy! Assigned Dockage (please contact me for details), a view and over 12000 SF living space. This unit is in Tamarind Bay, Key Largo, Mile Marker 103. Amenities are: 2 Pools, tennis courts, gazebo on the bay and great dockage. Tamarind Bay is immaculately kept!

This is the view from the unit.
If you are interested in this unit or other Real Estate in the Keys please contact me at 305-393-0923 or Wiebkewestedt@aol.com

The lowest priced everything

These are the lowest priced properties in each category.

Canal Front Homes: Click here

Dry lot homes: Click here

Condos/Townhomes: Click here

Open water front homes (Bay front or Ocean Front):: Click here

If you are interested in buying or selling Real Estate in the Keys please contact me at 305-393-0923 or Wiebkewestedt@aol.com

All water front homes for sale listed by neighborhood

Key Largo:
Buccaneer Point

Hammar Point

Key Largo Ocean Shores

Lake Surprise

Largo Sound

Lime Grove Estates

Ocean Isle Estates

Pirates Cove

Port Largo

Riviera Village

Sexton Cove

Silver Shores

Stillwright Point

Sunset Acres

Sunset Point

Sunset Waterways

Tavernier Ocean Shores

Twin Lakes

Winston Waterways

Islamorada:
Indian Waterways

Kahiki Harbor

Lake Harbor

Lyseloma

Pearl City

Plantation Lake

Plantation Key Colony

Plantation Shores

Plantation Lake Estates

Sunshine Estates

Tavernaero

Treasure Harbor

Tropical Atlantic Shores

Venetian Shores
If you are interested in buying or selling property in the Keys please contact me at 305-393-0923 or e-mail me at Wiebkewestedt@aol.com

Great REO deal in Key Largo $346,500 Under contract

This is a 3 bedroom, 2 baths house on a canal in Key Largo with a great view over the bay. Don't wait; this won't last!

Please call me at 305-393-0923 or e-mail me to Wiebkewestedt@aol.com

Summary of September activity

Upper Keys
New listings
Price reductions
Sold
Pending

Middle and Lower Keys
New listing
Price reductions
Closed
Pending

If you are interested in Real Estate in the Keys please contact me at 305-393-0923 or e-mail me to Wiebkewestedt@aol.com

Canal front homes under 600K - Not many left

Canal front homes are selling the fastest in the current market. There are not many left under 600K. These are all canal front homes in the Upper Keys listed under
600K: Click here

These are currently under contract under 600K: Click here

If you are in the market for a water front home, you should buy very soon; activity and solds indicate that the 'botttom' came and went.

If you are interested in any of these properties or other Real Estate in the Keys please contact me at 305-393-0923 or e-mail me to: Wiebkewestedt@aol.com

All condos for sale in each complex

By the way: These links get updated automatically. If you are interested in one particular complex you can come back and visit the link to see if there are any new listings or price reductions etc.
Beacon Reef

Buttonwood Bay

Coral Harbor

Executive Bay Club

Future Yacht Club

Harbor92

Kawama Tower


Landigs of Largo

Mariners Club


Moon Bay


Ocean Harbor


Ocean Pointe


Port of call


Rock Harbor

Seagulls


Sunset Hammock

Tamarind Bay


The Palms
The Sanctuary

If you are interested in buying or selling Real Estate in the Keys please contact me at 305-393-0923 or Wiebkewestedt@aol.com

Have you seen these?

Under Contract
The REOs are not always the best deals. These are two excellent deals:
This house is located on Lower Matecumbe on a large corner lot with direct ocean access. 3bd/2ba upstairs, large wrap-around porch, screened room downstairs, huge storage area, covered parking, concrete dock and davits and great fishing location.
Asking price 425K

This is a brand new waterfront home in Key Largo! New custom-built all concrete 2BR/3BA home with a roof-top terrace offering views of the bay. Gorgeous kitchen cabinets with granite countertops and stainless steel appliances. Beautiful tiled floors, impact windows and doors, brick pavers. Easy boating access from 45 feet of concrete dock with 15000lbs boat lift. Excellent homeowners parks with boat ramps, sandy beach area, chickee hut, volleyball area, and temporary boat dockage and trailer storage. Asking price: 595K

Please let me know if you'd like more info and pics on these properties or if you are interested in other Real Estate in the Keys. 305-393-0923 or Wiebkewestedt@aol.com

New REO on the market Under contract

This Reo just came on the market. All offers must be in by this coming Wednesday.

It is priced at $371,250 was built in 2007. It is a canal front stilt home in the heart of Key Largo. 3 bedrooms/2 bath up with den area and one bath down. Garage, concrete dockage, tiled living area. Most windows impact resistant.


If you'd like more info please contact me at 305-393-0923 or Wiebkewestedt@aol.com

Two great Townhouse deals

If you have a boat and want a water view these are two great deals!



This unit is located in Harbor 92 and is the lowest priced and nicest unit in the complex: Click here



and this unit is in Buttonwood Bay; it is also the lowest priced unit in the complex: Click here

If you are interested in buying or selling Real Estate please call me at 305-393-0923 or e-mail me to Wiebkewestedt@aol.com

August Activity Summary

Upper Keys

New listings
Price reductions
Pending / Under contract
Sold

Middle and Lower Keys

New listings
Price reductions
Pending / Under contract
Sold

If you are interested in buying or selling Real Estate in the Keys please contact me at 305-393-0923 or Wiebkewestedt@aol.com

Best deals

These are what I consider to be the best deals (Based on the asking price)on the market today:

Condos/Townhomes: Click here

Non water front homes: Click here

Canal front homes: Click here

Open water front homes: Click here

If you are interested in buying or selling Real Estate in the Keys please contact me at 305-393-0923 or Wiebkewestedt@aol.com

Can you finance a condo in the current market? By Frank

Condo Financing
In this article I will be explaining the difference in financing a condo versus a single family residence. The first and most obvious difference is that each unit shares a building with the other units. In order to maintain the structure that houses all these units there must be an association as established by Florida Law. The rules and guidelines set by the association is for the benefit of all unit owners. This includes the payment of a monthly condo fee to maintain and pay common area repairs and upkeep such as landscaping.

In a condo you have limited rights as opposed to fee simple ownership (Single Family Residence) which gives you 100% ownership of the land and all the improvements. Each form of ownership poses different issues for lenders and mortgage insurance companies. Fee simple is the least riskiest for lenders. In a condo the additional condo fee expense is calculated into the borrowers mortgage expenses to qualify for their loan. This fee must be paid every month by the unit owner or the association has the right to foreclose on the property posing another risk to the lender.

Should a percentage of owners stop paying the condo fees, the remaining owners would be responsible and may see an increase in the fee to make up the difference. Another item that adds to the risk of lenders are unforeseen repairs such as replacing a roof. The replacement of a roof on a condo structure may run in the hundreds of thousands of dollars and should the association not have enough capital reserves the unit owners would be assesed a special assesment that is an unexpected expense for unit owners.

Due to these issues and many others lenders are very careful as to which condos qualify for financing. Fannie Mae the largest investor in the mortgage industry publicizes a list of which condos it will not lend on. This list is constantly being updated. Before a lender approves a loan on a condo they request a condo questionaire to the association or management copmpany that runs that association.

This form answers questions the lender needs to know in order to approve the condo for financing such as reserve requirements, percentage of investor properties and if involved in any litigation. Due to the flood of recent foreclosures many condos are no longer qualified for conventional financing and due to that the buyer may need to come up with a substancial down payment and incure higher cost and rates.

Should you want to check if a specefic condo is approved for conventional financing you can do so by visiting Click here . Should you have any further questions please feel free to contact me. frankl@homefinancingcenter.com

Automatically updated list of REO's in the upper Keys

Even though REOs are not always the best deals, many times they are. We do not have a lot of them in the Keys; here are the ones that are currently listed:
Click here
This link gets automatically updated when the properties go under contractt, new ones come on the market etc. So come back and check this list.
A few pointers regarding REOs: They are always 'as is', the bank will make no repairs.
When making an offer you need to be preapproved if getting financing; if it is a cash offer the bank requires 'proof of funds' (Bank statements, letter from the bank etc.).
If you are interested in Real Estate in rthe Keys please contact me at 305-393-0923 or Wiebkewestedt@aol.com

Check out the facts - what has gone under contract and sold in the last three weeks

This gives you a great idea about the Real Estate acitivity in the Upper Keys.
Click here to see all properties that have gone under contract in the past three weeks (and keep in mind that there are more; many Realtors wait to change the status to pending until all contingencies have been removed).
These have closed thus far.
If you are looking to buy or sell Real Estate in the Keys please contact me at 305-393-0923 or Wiebkewestedt@aol.com
I'll find you a great deal that suits your needs and wants!

All Water Front Homes listed by neighborhood in Key Largo

Buccaneer Point

Hammar Point

Key Largo Ocean Shores

Lake Surprise

Largo Sound

Lime Grove Estates

Ocean Isle Estates

Pirates Cove

Port Largo

Riviera Village

Sexton Cove

Silver Shores

Stillwright Point

Sunset Acres

Sunset Point

Sunset Waterways

Tavernier Ocean Shores

Twin Lakes

Winston Waterways

If you are interested in selling or buying Real Estate in the Keys please call me at 305-393-0923 or e-mail me to: Wiebkewestedt@aol.com

Waterfront homes in Islamorada/Plantation Key - sorted by neighborhoods

Indian Waterways

Kahiki Harbor

Lake Harbor

Lyseloma

Pearl City

Plantation Lake

Plantation Key Colony

Plantation Shores

Plantation Lake Estates

Sunshine Estates

Tavernaero

Treasure Harbor

Tropical Atlantic Shores

Venetian Shores

If you are interested in buying or selling property in the Keys please contact me at 305-393-0923 or e-mail me at Wiebkewestedt@aol.com

Inventory is decreasing

If you are seriously in the market of buying property in the Keys: Don't wait too long! The good deals are going and the inventory is decreasing. If you have missed a good deal and are waiting for the next one to come around and you are in "no hurry" you might miss the boat. Almost every 'good deal' property that I have shown to customers in the past few weeks is under contract and as properties are selling the supply is shrinking and the demand increasing. It is still a buyer's market, make sure to buy while that is the case. I'd love to help you locate the prefect property for you. You can reach me at 305-393-0923 or Wiebkewestedt@aol.com

Two Condo REO's

There are currently two REO's in condos and both of them are great deals:
One is in Moon Bay; it is a 2 bedrooms, 1,5 baths unit on the second floor with a DEEDED boat slip for $239,900 This unit is perfect for an investment/vacation property. Moon Bay permits weekly and rentals and produces good rental income especially when dockage is available. Take a look at this listing: You will easily break even on this condo:
Moon Bay

This is a 2 bedroom 2 baths condo in Tamarind Bay for $384,000 It has a great view of the bay and is a ground floor unit. This is perfect if you have little kids; they can walk to the pool etc. This is a great investment. You will not net as much in rentals but the future appreciation makes up for that. Dockage is assigned, Square footage is 1360 SF, every room has a view.
Please contact me for more pics. etc.
Tamarind Bay

Please contact me if you are interested in buying or selling Real Estate in the Keys:
305-393-0923 or Wiebkewestedt@aol.com

Another REO canal front in Key Largo for 310K Under contract

This is a unique home: a one bedroom home house with 1500SF living space. The top floor is one large master bedroom suite. It's a great deal, that's for sure.
If you'd like more info please contact me at 305-393-0923 or Wiebkewestedt@aol.com

Summary of July activity

Sorry, I just realized that I forgot to post my monthly summary for July.

Here it is:

Upper Keys
New listings
Price reductions
Under contract
Sold

Middle and Lower Keys:
New listings
Price reductions
Pending
Sold

If you are interested in buying or selling Real Estate in the Keys please contact me at 305-393-0923 or Wiebkewestedt@aol.com

Another REO (Bank Owned) CBS Canal Front on Lower Matecume for 499K under contract

Here is another great deal on Lower Matecumbe (MM76) on the Ocean side. The house is CBS; there are 2/2 upstairs and 1/1 downstairs. The downstairs is on the tax rolls which shoul indicate that it is legal. (in the process of being confirmed).

For more info please contact me at 305-393-0923 or Wiebkewestedt@aol.com

320K Canal Front House You will have to hurry on this one Under Contract

This house just came on the market. It is a 2 bedroom/2 baths frame stilt home with a cut in boat slip. It is an REO (that stands for Real Estate owned)which means that it is owned by the bank. You will either have to have proof of funds if you are making a cash offer or you'll need to be pre approved by the bank that owns the property (which you can do while making the offer). If you are interested please give me a call at 305-393-0923 or e-mail me at Wiebkewestedt@aol.com
I wish I could buy this!

Condo Townhouse Deals

There are some great condo deals out there and they can make for very good investments.
If you have dreamt of a house in the Keys but don't want to spend as much as a canal front house costs, a condo could be an alternative for you. Condos make great vacation homes: The grounds and buildings are kept up by the association and ammenities like tennis courts, pools,dockage, beaches, clubhouses etc. are at your disposal.
These are the best deals under 300K (in my opinion): Click here

Best deals beteen 300 and 500K: Click here

Best deals between 500 and 700K: Click here

Best deals between 700 and 900K: Click here

If you are interested in buying or selling Real Estate in the Keys please contact me at 305-393-0923 or Wiebkewestedt@aol.com

What I would buy in Single Family Homes

Following are what I consider the best buys.

Canal Front homes under 700K: Click here

Canal Front homes between 700K and 1 Million: : Click here

Open water front homes: : Click here

If you are seeking luxury and money really isn't the issue:: Voila

If you are looking to buy or sell Real Estate in the Keys please contact me at :305-393-0923 or Wiebkewestedt@aol.com

Good deals you might overlook

A lot of good deals get overlooked because they weren't good deals when they came on the market. Since they weren't good deals they didn't sell. They sat and sat and as they sat the sellers of these properties chased the market, lowering their price continuously but never low enough. Many of these properties get forgotten; Some have been on the market for years and nobody pays attention to them anymore. (If it has not sold in two years what can possibly be good about it?).
Some sellers maybe did not have to sell two years ago but circumstances might have changed and now they do have to sell. Don't overlook those properties! As a matter of fact most of my sales thus far this year were that kind of property.
REO's fly off the shelf when they get listed because they are priced right when coming on the market. There are other properties that are price as competitively as REOs.
If you would like a list of those properties please e-mail me to Wiebkewestedt@aol.com or call me at 305-393-0923

How to find the best deal in todays market

Everybody wants a good deal especially in today's market. First you should determine what your priority is. Are you purchasing an investment, a vacation or primary home?
Here are the aspects you should consider:

If you are looking for an investment you will most likely rent the property out. Is it more important that you break even with the rental income or is the appreciation of the property more important? How much do you want to spend? Are you willing/able to spend more if the future appreciation is greater with a more expensive piece of property? How much does it cost you to own a piece of property in the Keys? If you purchase a condo you will have monthly association fees but that includes insurance and upkeep of the grounds. If you purchase a single family home and get financing you will have to carry wind and flood insurance (and content if the property is furnished). Are you planning to rent the property on an annual or on a seasonal basis? Many condo complexes do not permit weekly rentals and have a 28 day minimum for rentals. It is important that you know the rental policies if you are planning to rent the property seasonally. How long are you going to own the property? If you are looking to purchase a house, is it better to buy a watefront home or a dry lot home? What is the difference in rental income of the two and what will appreciate at a greater percentage?
Does it make sense to buy an investment in the Keys?

If you are looking for a vacation home you should ask yourself what you want in a vacation property. Do you have kids, are there things to do for the children? Do you prefer to be in a gated community, will you rent the property out while you are not using it? Do you prefer a house or a condo? Condos make sense if you are an absentee owner because there is not much upkeep with a condo. Can you keep your boat on the property when you are not there? How long will you keep the property? Many people are buying now to get their foot in the Real Estate market; That way they can upgrade later. How far is the propery to the nearest airport? If you hate abiding to rules and regulation you might not want to purchase a condo. Condo rules and regulation serve a good purpose but are not for everybody.
How will you take care of the property when you are not there? How much do property management companies charge etc.

If you are buying a primary home you should ask yourself how long you will live here? Forever? Is future appreciation more important than finding the house you love? Are you retiring or will you work in the Keys?
Do you prefer to live in a neighborhood that is mostly full time residents? Do you have children that will go to school here? If you buy a property with a downstairs enclosure can you rent the downstairs out? (Only if it zoned multi residential).
Are you a boater? Do you want to live on the Ocean or the Bay side? What is better for you? Are you willing to buy a fixer upper?

Once you know the answers to these questions it is time to call me and tell me what you are looking for. I will then help you to find the very best deal for you!
It is wiser to find properties that suit you and proceed by making offers. There is still a large inventory out there and many motivated sellers. The only way to find out how much a seller is willing to take is by making offers.
Don't shy away from the perfect property because the asking price is too high.
Lately many buyers have said to me "I would have bought it for that much" once they saw the actual sales price of a property. Many sellers are hesitant to drop their asking price but it's a different story when they see an actual offer (accompany that with a pre approval for a loan or make it a cash offer and you are in the driver's seat!).
Call me 305-393-0923 or e-mail me to Wiebkewestedt@aol.com if you are serious about buying property in the Keys. I look forward to finding your deal!

All condos for sale in each complex

By the way: These links get updated automatically. If you are interested in one particular complex you can come back and visit the link to see if there are any new listings or price reductions etc.
Beacon Reef

Buttonwood Bay

Coral Harbor

Executive Bay Club

Future Yacht Club

Harbor92

Kawama Tower


Landigs of Largo

Mariners Club


Moon Bay


Ocean Harbor


Ocean Pointe


Port of call


Rock Harbor

Seagulls


Sunset Hammock

Tamarind Bay


The Palms
The Sanctuary

If you are interested in buying or selling Real Estate in the Keys please contact me at 305-393-0923 or Wiebkewestedt@aol.com

Thank you!

I want to thank all my customers for choosing me as their Realtor. The numbers for 2009 thus far came out on the Corporate site and I am the Nr. One producer for all of Century21 in the entire Florida Keys as well as the Nr. Eight in the entire Southwest Region of all C21 agents in the state of Florida. There are a lot of Realtors to choose from and I sincerely appreciate your trust in me. If you are not working with me yet; please give me call and the opportunity to assist you with your purchase or sale in the Florida Keys. In this market it is especially important that you work with a Realtor who is knowledgeable with TODAYS market. You can reach me at 305-393-0923 or Wiebkewestedt@aol.com

Bank approved short sale for 200K

The biggest problem with short sales is that they take forever to get approved by the bank. By the time the bank reaches a decision most buyer have grown impatient and walked away from the deal. That is exactly what happened with this property: The bank finally approved the sale but the buyer walked from the deal.
This is a great deal in Executive Bay Club. EBc is located in Islamorada adjacent to Founders park. There is first come first serve dockage (Plenty of it), a big pool, two tennis courts and even a beach (which is a rarety in the Keys). The units are 1360 SF large. This is a great investment or vacation home.

Please take a look and contact me at 305-393-0923 or Wiebkewestedt@aol.com if you interested in buying or selling property in the Keys.

How much should you offer on a property

A lot of my customers ask me how much they should offer on a property. Some buyers are looking for an average percentage of how much less of the asking price most properties have sold over the past few months. That is not a good way to figure out how much you should offer on a property. (at least not in the Keys).
Many listings here are still overpriced. That is due to the fact that there are not as many distressed sellers as there are in other areas.
Your offer should be based on the current market value of the property and not on the asking price nor on the asking prices of other homes in the neighborhood. Market value is for how much likewise properties have sold over the past three months. This is information that a Realtor can provide you.
The Real Estate market has picked up greatly in the last few months and you can now find recent comparable sales in almost every neighborhood. Many listings have been on the market for over a year and some sellers have no idea that the value of their property is nowhere close to what they think (hope might be a better word).
Other sellers stay abreast the local Real Estate market and lower their listing price to where it should be.
A fair offer for an overpriced listing might be 30% less than the asking price, yet another fair offer might be 5% less than the asking price if the property is priced right.
If you are a cash buyer it is very important that you are aware of the current market value in an area. You might think that you got a great deal because you are purchasing a property for 30% less than the asking price. As a cash buyer you are not required to get an appraisal and might overpay if you are not aware that a likewise house next door sold last week for 100K less than the house you are purchasing. It is therefore advisable to order an appraisal yourself and make your offer contingent upon the appraisal coming in at the purchase price.
Here is another scenario: You find an REO property (Real Estate owned meaning it has already been foreclosed on and is now owned by the bank). REO properties in general are priced very competitively. The bank usually has an appraisal done and asks for how much the property will sell within 30 days in the current market. The bank then lists the property for that suggested price and most REOs sell within 30 days very close to the listed price (sometimes even a bit higher). Every Real Estate buyer wants to negotiate. Hardly any Real Estate sells at the full asking price but REOs are different case. If you find an REO that is priced right as a distressed sale, it is wise to make a full price offer because it is very likely a great deal at the full asking price. This is where a Realtor can advice you.
I check updates in the MLS (Multiple listing service) several times a day and always know what has sold recently and I advice my customers to make offers according to the recent solds. In this market it is very important that you work with a Realtor who is abreast of every day happenings in the Real Estate market. Real Estate is a large investment and the Keys a unique market. Please contact me if you are looking to buy in the Keys, you can rest assured that I have the knowledge and experience to help you realize your dream and get a good deal. You can reach me at 305-393-0923
or Wiebkewestedt@aol.com

Canal Front Houses under 600K

That is the best seller in the current market: The lowest priced canal front houses.

If that is what you are looking for, here are
all canal front houses listed under 600K in the upper Keys:: Click here

In case you are curious: These are all canal front houses under 600K currently under contract: Click here

and these are all canal front houses listed under 600K that sold in the past three months: Click here

If you are interested in buying or selling Real Estate in the Keys please contact me at 305-393-0923 or at Wiebkewestedt@aol.com

All waterfront homes on Plantation Key sorted by neighborhoods

Indian Waterways

Kahiki Harbor

Lake Harbor

Lyseloma

Pearl City

Plantation Lake

Plantation Key Colony

Plantation Shores

Plantation Lake Estates

Sunshine Estates

Tavernaero

Treasure Harbor

Tropical Atlantic Shores

Venetian Shores

If you are interested in buying or selling property in the Keys please contact me at 305-393-0923 or e-mail me at Wiebkewestedt@aol.com

Water Front Homes in Key Largo sorted by Neighborhood

Buccaneer Point

Hammar Point

Key Largo Ocean Shores

Lake Surprise

Largo Sound

Lime Grove Estates

Ocean Isle Estates

Pirates Cove

Port Largo

Riviera Village

Sexton Cove

Silver Shores

Stillwright Point

Sunset Acres

Sunset Point

Sunset Waterways

Tavernier Ocean Shores

Twin Lakes

Winston Waterways

If you are interested in selling or buying Real Estate in the Keys please call me at 305-393-0923 or e-mail me to: Wiebkewestedt@aol.com

Finance tip by Frank

15 Year Mortgages
The Positives and the Negatives
Let’s pay this mortgage off quickly, let’s get a 15 year mortgage. We would all love to be able to say that but considering the difference, is it really worth it? We will study this example:
$300,000.00 Mortgage Amount
15 Year Payment at 4.75% = $2,333.50 for 180 months = $420,030.00
30 Year Payment at 5.25% = $1,656.61 for 360 months = $596,379.60
WOW! A monthly savings of $676.89 & total savings of= $176,349.60
You would think the 15 year mortgage is a no-brainer, however most financial advisers recommend the 30 year for various reasons. The main reason is due to emergency events we have no control over and need those funds to cover them such as loss of job or medical expenses. Here is what I advise my customers and it is so simple anyone can do it.
On a mortgage with no prepayment penalty you are allowed to make principle payments without any penalty. Here is the secret formula. Obtain a 30 year mortgage but make your 15 year payment at the same rate. The lender cannot say no and you have all the flexibility you need should something unexpected arise. The lender applies the difference to principle thus reducing the interest on the loan and the time for it to be paid off.
If income is good, make the larger payment always knowing you can go to the lower payment anytime you wish without any penalties. It feels real good to have that option that you would not have with a 15 year mortgage. Sure the difference in the rate would give you a payment of $2, 411.63 on the 15 year but it is so good to know I can pay $1,656.61 if needed. For more creative ideas on financing, please feel free to reach me at frank@equityoptionscorp.com
If you are looking to buy or sell Real Estate in the Keys please contact me at Wiebkewestedt@aol.com or 305-393-0923

Summary of June Activity

Upper Keys

New listings
Price reductions
Pending/Under contract
Closed

Middle and Lower Keys
New listings
Price reductions
Pending/Under contract
Sold

If you are looking to buy or sell Real Estate in the Keys please contact me at Wiebkewestedt@aol.com or 305-393-0923

You never know .....

Sometimes I show properties and buyers do not want to make an offer because the asking price is so much higher than they are willing to spend. Don't be afraid to make low offers. Today I closed on this house in Venetian Shores. It was originally listed at $1,395,000, after several months the price was reduced to 1,1 and thereafter to $989,000. The house sold for 810K today! This was not a distress sale!
This is a buyers market and there are some great deals out there. Make an offer ... you never know ....
If you are looking to buy or sell Real Estate please contact me at Wiebkewestedt@ao.com or call me at 305-393-0923

Best Deals

Following are the best deals in my opinion.

Condos/Townhomes under 350K:
Click here

Condo/Townhomes from 350K to 550K:
Click here

Condo/Townhomes from 550K to 800K:
Click here

Dry lot homes under 300K:
Click here

Canal front homes under 600K:
Click here

Canal front from 600K to 800K:
Click here

Best Venetian Shores deals:
Click here

Best Port Largo deals:
Click here

Open water front best deals:
Click here

If you are looking to buy or sell please call me at 305-393-0923 or e-mail me to Wiebkewestedt@aol.com

Venetian Shores in Islamorada

Venetian Shores is a beautiful neighborhood in Islamorada. The canals are 100ft wide and very deep (this is important if you have a large boat, a lot of canals in the Keys are too shallow to accomodate a large vessel or sailboat). It is also one of the most favored boating communities due to its immediate access to Bay AND Ocean (via Tavernier Creek).

These are all properties currently listed in Ventian Shores (listed by price):
Click here

Of those properties these are currently the best deal (in my opinion):
Click here

Here are the houses that are currently under contract in Venetian Shores:
Click here

If you are considering a purchase in Venetian Shores; This is the time: there is a large inventory and many motivated sellers. Take advantage while comparable sales are those from a depressed market. Venetian Shores is a prime neighborhood in a choice area. As a primary or second home this neighborhood is a great investments.
If you have any interest in buying or selling please contact me at 305-393-0923 or at Wiebkewestedt@aol.com

Great deal! Brand new listing

This just came on the market: a 2 bedroom, 2 bath ocean front condo in Seagulls for 250K.
Please take a look:



See the detail sheet here


If you are interested in buying or selling please contact me at 305-393-0923 or at
Wiebkewestedt@aol.com

All condos for sale in each complex

Beacon Reef

Buttonwood Bay

Coral Harbor

Executive Bay Club

Future Yacht Club

Harbor92

Kawama Tower


Landigs of Largo

Mariners Club


Moon Bay


Ocean Harbor


Ocean Pointe


Port of call


Rock Harbor

Seagulls


Sunset Hammock

Tamarind Bay


The Palms
The Sanctuary

Incredible Deal REO

If you don't mind having to do work and can spend 700K; this is the one! A DIRECT bayfront property with a cut in canal with protected dockage.
Sorry, I won't give out the link/adress on this property; if you are not working with another agent please call me at 305-393-0923 or e-mail me at Wiebkewestedt@aol.com and I'll provide you with more info.
Thanks and have a great day!

May Sales Summary

Upper Keys

New Listings
Price Reductions
Pending
Sold


Middle and Lower Keys:

New Listings
Price reductions
Pending
Sold

If you are looking to buy or sell please call me at 305-393-0923 or you can e-mail me at Wiebkewestedt@aol.com

Deals Deals Deals

This is the lowest priced piece of Real Estate in the Upper Keys, a condo for 56K:
Click here

A great deal in Venetian Shores; this is the lowest priced CBS house on an opem canal VS:
Click here
Under Contract!

Here are the three lowest priced canal front homes: Click here

Canal front homes under 700K: Click here

Lowest priced direct bayfront homes: Click here

Lowest priced Ocean Front Listing: Click here

Best Value/deal Condos/townhouses: Click here

If you are interested in Real Estate please call me at 305-393-0923 or e-mail me at Wiebkewestedt@aol.com

New listing in Buttonwood Bay

Please take a look at this beautiful new Buttonwood Bay Unit:



Also take a look at these listings as well:

Ocean Harbor

Gulfview Dr.

Harbor92

The Sanctuary

If you have any questions regarding Real Estate in the Keys please call me at
305-393-00923 or e-mail me at Wiebkewestedt@aol.com

What's for sale

Following links to all properties listed in that category:

Canal Front houses under 800K: Click here

Canal front houses from 800K to 1 Million: Click here

1 Bedroom condo: Click here

Condos/townhouses up to 400K: Click here

Condo Townhouses from 400 to 800K: Click here

Open water front homes under 2 Million: Click here

If you are looking to buy or sell in the Keys please call me at 305-393-0923 or Wiebkewestedt@aol.com
Have a great day!

Going once ... going twice .... sold

It is a buyers market! True! The deals are selling! Also true!
If you are seriously looking to buy: this is the time to make offers! Almost every property that I have featured as a great deal is under contract.
I do not feature all properties that are great deals on my blog because I give my customers first bid on them. Some buyers will search the internet for listings, then drive by and if they like the property they call the listing agent (whose sign is in the front yard). There is no benefit to the buyer to work with the listing agent. The seller pays the same commission. When I see a great deal I contact MY customers first. If none of my customers are ready to make an offer on the property I feature the listing on my blog. Sometimes I don't feature a great deal because the asking price is not that great of a deal but I know that the seller is very motivated. (Inside info)
There are great deals in the current market and they are listed by many agents.
All Realtors in Monroe County have access to all listings in the MLS (Multiple listing system). I gather the deals from that source and not just from my listings.
If you choose to work me as your Real Estate agent you can rest assured that you will know first about the best deals. Right now it is especially important that you work with a seasoned local Realtor who knows the market inside out and who is as involved in the market today as they were 5 years ago. It is essential that your Realtor knows off the top of their head what is selling NOW. Not 6 months ago, not 2 years ago but NOW. An involved Realtors will know figures that are not published yet and in this market that knowledge can save you a lot of money!
I have three properties under contract and just closed on one that came directly from readers of this blog. All of them are purchasing properties below the current market value! If you are ready to buy NOW this is the time to contact me at 305-393-0923 or Wiebkewestedt@aol.com If you are watching the market for a while before making a purchase please continue to read my blog; I provide you with all the facts and data to become an educated buyer. Thanks for reading my blog!

Finance info by Frank

The Home Valuation Code of Conduct

As of May 1st 2009 the mortgage industry has experienced major changes in the way we conduct business. The HVCC reqiuirement for conventional loans reads as follows.
No employee, director, officer or agent of the lender or any other third party acting as joint venture partner , independent contractor, appraisal management company or partner on behalf of the lender shall influence or attempt to influence the development , reporting, result or review of an appraisal through coercion, extortion, collusion, compensation, instruction, inducement, intimidation, bribery, or any other manner.
Basically the lender or broker can no longer have direct contact with an appraiser but can only order an appraisal through a management company that will then contact the appraiser and place the order.
The purpose is to avoid any potential fraud. Here are the basic changes:
*CMA's and Comp Requests will not be allowed.
*Mortgage brokers will not be allowed to order appraisals.
*Mortgage brokers or loan officers cannot request specific appraisers.
*COD payment for appraisals will not be allowed.
*Value pressure on appraisers will not be allowed.
*Owner's values or hoped for values cannot be communicated
*Blacklisting" cannot be done without notice to the appraiser
*"Value Shopping" by the lender is not allowed.
*Withholding timely payment is prohibited.
*Borrowers must be supplied a copy of any appraisal.
*Required 10% re-appraisal or review of reports.
*Lenders will be held accountable for appraisal quality.
*LENDERS will be REQUIRED to report appraisers to State Boards of Real Estate Appraisers if appraiser misconduct is suspected.
And, finally, the lender MUST provide a copy of the appraisal to the borrower not less than 3 (three) BUSINESS days prior to closing.
Should you need a copy of the HVCC requirements please email me at frank@equityoptionscorp.com

What is selling and what to buy

If you check my daily updates on the right hand side you already know that Real Estate is really starting to move in the Keys.The best deals are selling of course.
Inventory is slowly starting to decrease. A lot of buyers I am working with have been watching the RE market for quiete some time and are confident that this is the right time to buy.

Following are the lowest priced properties in each category from MM74 to MM110:

Canal Front homes under 700K: Click here

Condos under 300K: Click here

Lowest priced condos with a view: Click here

Lowest priced condos/townhouses with deeded/assigned dockage: Click here

Dry lot homes under 300K: Click here

If you are interested in property in the Keys please give me call: 305-393-0923 or e-mail me: Wiebkewestedt@aol.com
I look forward to working with you!

Ocean Harbor

Please take a look at my new listing in Ocean Harbor. Ocean Harbor has it all:
Dockage, Tennis Courts, Pool, Beach, Fuel on site, Trailer storage, play ground, Tiki huts ...... please take a look:

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For info on this or any other property please contact Veepka at 305-393-0923 or Wiebkewestedt@ao.com

Financing Info By Frank

Frank is a Mortgage broker many of my cutsomers have used. He is good, competetive and communicates extremely well with all involved parties during a Transaction. I asked Frank to contribute some Finacing facts to my blog every so often.

Here is Frank:
Second Homes
In order to qualify for a second home loan there are a few parameters to look at. Lenders look at three main factors :Capacity, Credit, and Collateral.
Capacity
One needs to show the income or capacity to repay the loan. Present mortgage, credit debts such as credit cards, car loans and the new mortgage for the second home must not exceed 36% of your income. There is some flexibility if your credit and liquid assets are strong compensating factors. Also one needs to show assets sufficient for the down payment as well as monthly reserves of at least 3 months.
Credit
The credit score requirements on most second home loans are at a minimum of 680. After checking all 3 credit repositories the lender drops the high and the low score and uses the middle score. Apart from the score being good there must not be any recent lates ,especially not on your current mortgage. The higher the score the better the terms.
Collateral
If the property your are buying is in fairly good shape and has no outstanding violations this should not be a problem.
An appraisal report will indicate most of what the property entails and give the bank the collateral it needs. The lender requires a condo questionnaire form from the condo association to find out if there is any pending litigation or poor mismanagement that could cause the values to be affected.
The lenders do have plenty of money to lend and will do so gladly if the borrower qualifies correctly.
Frank Lazcos is a mortgage broker with Equity Option. If you have any questions regarding financing please give Frank a call: 305-525-258
or visit his website: Click here

Canal front home in Islamorada under 440K If I could I'd buy it! Under Contract!

Wow this is a great deal! This property is an REO located in Plantation Key Colony on an oversized lot on a wide canal. If I could buy something right now: This would be it!
It is a three bedroom, 2 baths Concrete home listed at $435,900
If you have any questions regarding this property or would like to make an appointment to view it please call me at 305-393-0923 or e-mail me at Wiebkewestedt@aol.com .
Don't wait too long. This won't last!

Summary of April Activity

Here is the proof: Real Estate is picking up in the Keys!

Upper Key:
Sold
Pendings
Price reduction
New listings

Middle and Upper Keys
Sold
Pending
Price changes
New listings

If you are looking to buy or sell Real Estate in the Keys please call me at 305-393-0923 or Wiebkewestedt@aol.com

Happy first of May!