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Purchasing Real Estate in Florida as a foreign national

October 27th, 2011

There are a lot of myth floating around the internet in regards of foreign nationals purchasing properties in Florida.

Here are some facts:

1) Foreign Nationals can purchase property in Florida the same way any American Citizen can. No Visa, no Greencard, no social security number is required. However purchasing a property will not have any influence on your immigration status. You can come to the US on vacation – even multiple times a year – as you were able before. To see how long you can stay in the US you might need to check on the rules for your individual county. For most countries the 90 day rule applies. If you are interested in staying longer there are several visa options open to you. You might want to contact an immigration attorney who can discuss those options with you.

2) There are NO special taxes if a Foreign National purchases properties in Florida. The property you are purchasing in Florida will be your second home and treated as a second home as well. You will not be able to apply for Homestead Exemption (which is a property tax exemption for primary residents only), but American Citizens who are purchasing a second home can not do that either

3) If you sell your property in Florida, you will have to follow Firpta rules: http://www.irs.gov/businesses/small/international/article/0,,id=105000,00.htmlwhich has quiet a few exceptions: http://www.irs.gov/businesses/small/international/article/0,,id=102254,00.htmlIf the property you are selling in the US and it should not qualify for any of the exceptions (most of them will qualify so), you will be able to file a tax return and get most of your money back that way – it just will take a few month.

4) A Foreign National can finance a home in Florida. Normally there is a 25 – 35 % Down payment required, proof of income, reference letters from the home country (for example tax accountant, bank, …), 6 month bank statements and for some countries also a copy of a credit report from the home country if available. Not all banks will finance foreign nationals but a few have good foreign national programs again. TIB Bank and Busey Bank will do foreign national loans and Kirstin Paul is a mortgage broker who is specialized in foreign national loans and can go “mortgage shopping” for the best program for you : http://www.financingforeignnationals.com/?locale=en_US

5) You can purchase insurance in Florida which covers Hurricanes and Flood. Costs vary but they are NOT astronomical expensive.

Before you buy please be aware that there are certain costs in connection with the property (like in any other country)

Electric/Power:

In Florida you have to run the Air condition pretty much all year around. The AC is not only to cool the property, but mainly it will take the humidity out of the air and will avoid mold build up. Also if you have a pool, the pool pump has to run as well. Even for the time you are not here, you can not disconnect the power.

Lawn Care

In Florida everything growth fast and that includes your lawn. Specially in the summer month you will have to have your lawn cut once a week.

Pool Service

If you home has a pool, you will have to have a pool service to check chemicals and clean once a week, unless you have a salt water system. A salt water system pool does not require intensive care

Property Taxes

Property Taxes are paid once a year. Taxes vary in area, age and size of the house

Insurance

You can purchase Home Owners Insurance which will include Wind/Hurricane. In addition you can purchase flood insurance depending on the area your property is located in.

Property Manager/Home Watch

If you are not here, you will need a property manager or a home watch company to look after your property

Phone/TV/Internet

There are a few companies who offer vacation home services, that means you can turn it on when you are here and turn it off when you leave. With that you don’t have to pay for the service while you are gone. Comcast and Prism offer those vacation services in SW Florida

What else you might want to know

- Real Estate commission in SW Florida is being paid by the seller for both agents (seller’s agent and buyer’s agent)

- All Realtors have access to the MLS System (Central Data Base) where all available properties are searchable. That means all Realtors have access to all properties no matter which company has the properties listed. With this said, you can pick an Agent you like and this Agent can help you to find your Dream Home. You do not have to go from Agent to Agent.

- Most of the closing costs (except your finance costs) are being paid by the seller. (Unless otherwise agreed on)

Please let me know if you have any questions

Hello from sunny Florida

Monika Wilson

CIPS (Certified international property specialist)

Century 21 Sunbelt Realty

725 Cape Coral Parkway West, Cape Coral, Florida, 33914

mwilson@spotfloridarealestate.com

http://www.spotfloridarealestate.com

http://www.floridaisforyou.com

Tags: Cape Coral, Century 21, Florida, foreign nationals, Monika Wilson, Real Estate, sw florida, usa
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Are you tired of bad News? – I am

August 10th, 2011

Tired of bad news?
Watching the news, reading the paper, reading the headline news online. Nothing but bad news. I am tired of it.

Here are some good news for you:

The Feds keep the interest rates at almost 0% for at least until 2013. Interest Rates for a 30 year fixed mortgage dropped from 4.45% to 4.37%

Florida kept its AAA Credit Rating

Price per Barrel of Oil dropped to $ 84.00

And here are some current housing numbers for SW Florida:

From January to June 2011 we sold (6 Month)

8,337 Single Family Homes and

2,315 Condos

From January to December 2005 (12 Month) (Real Estate Boom!!) we sold

9,842 Single Family Homes and

3,675 Condos

From January to December 2006 (12 Month) (Real Estate Boom!!) we sold

8,144 Single Family Homes and

2,618 Condos

The Median Price in June 2011 is $ 101,500

The Median Price in June 2010 was $ 93,000

In June 2011 we sold 1,233 Homes and only 1,013 Homes were newly listed

June 2011 we sold 1,233 homes

Out of those 1,233 homes were 318 Bank Foreclosures, 241 Short Sales and 674 conventional sales.

Monika Wilson

Century 21 Sunbelt

2378 Surfside Blvd

Cape Coral, Florida 33991

http://www.spotfloridarealestate.com

http://www.floridaisforyou.com

http://www.cipsglobalrealtors.com

Tags: Century 21, Florida, Monika Wilson, Real Estate, Real Estate Market, Sunbelt, trends, usa
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Moving with Pets to SW Florida, Health Risks, Tips, dog friendly parks, beaches and restaurants

July 22nd, 2011

My German Shepherds

A lot of you guys are thinking about moving to SW Florida and
some of you will bring their pet (s). I have 3 German Shepherds and 3 Cats
myself and I would like to share some tips with everyone.

Florida is sub tropic and with that there are a few things pet
owners need to know.

1) Heat: Specially in summer time it can get hot, pets need a
lot of water, shady places to go and should never stay in a parked car, not
even with the windows open. There are cooling vests available if you take your
dog for a longer hike or training.

2) Heart Worms: is a deadly disease which is being transferred
by mosquitoes. It is very important to have your pet on preventive medicine,
like heart guard, revolution or others http://www.placervillevet.com/canine%20heartworm.htm

3) Pythiosis: is a fungi like illness which is being transferred
to the pet through fresh water plants. Most dogs are immune against this
disease but some are not, Pythiosis is most of the time deadly for the animal.
There are tests and immunization available. http://www.pythiosis.com

4) Alligators, snakes and frogs. There are Alligators, snakes
and poisonous frogs in Florida. Most of the time they will leave you and your
pet alone. Best tip, “use common sense”.

5) Flees and Ticks are very common in Florida as well, good
preventive medication is always helpful. In choosing a tropical preventive
medication, your pet should be able to stay without those nasty parasites.

I thought everyone might want to know where to go with their dogs. Here is a list of Lee
County dog parks and beaches:

http://www.leeparks.org/pdf/Dog-friendly-facilities-for-web.pdf

Plus the brand new Dog Heaven Park at the Shell Factory:

Shell
Factory site of dedication to new

Dog friendly
Restaurants:

http://www.bringfido.com/restaurant/city/cape_coral_fl_us/

Monika Wilson

Century 21 Sunbelt

http://www.spotfloridarealestate.com

Tags: beaches, Cape Coral, Century 21, dog friendly, Florida, health risks, Monika Wilson, nature, parks, pets, restaurants, se florida, Sunbelt, usa
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Pending HOme Sales Turn Around in May 2011

June 29th, 2011

Pending Home Sales Turn Around in May Washington, DC, June 29, 2011

Pending home sales rose strongly in May with all regions experiencing gains from a year ago, pointing to higher housing activity in the second half of the year, according to the National Association of Realtors®. The Pending Home Sales Index,* a forward-looking indicator based on contract signings, rose 8.2 percent to 88.8 in May from an upwardly revised 82.1 in April and is 13.4 percent higher than the 78.3 reading in May 2010. The data reflects contracts but not closings, which normally occur with a lag time of one or two months. This is the first time since April 2010 that contract activity was above year-ago levels, and the monthly gain was the strongest increase since last November when the index rose 10.6 percent. Lawrence Yun, NAR chief economist, said the improvement bodes well for home prices. “Absorption of inventory is the key to price improvement, and this solid gain in contract signings implies that home values in many localities are or will soon be stabilizing as inventories get absorbed at a faster pace,” he said. “Some markets have made a rapid turnaround, going from soft activity to contract signings rising by more than 30 percent from a year ago, including areas such as Hartford, Conn.; Indianapolis; Minneapolis; Houston; and Seattle.” Pending home sales have trended up unevenly since bottoming last June, rising in seven of the past 11 months. “Home sales still could be 15 to 20 percent higher,” Yun said. “If banks would simply return to normal sound underwriting standards and begin lending to more creditworthy borrowers, we’d get a much faster recovery in the housing sector.” “In addition, a nonsensical situation has developed recently in some states with HUD unable to complete foreclosure deals because of insufficient funds to pay attorney fees at closing, even with buyers offering the full listing price,” Yun added. The PHSI in the Northeast rose 7.3 percent to 69.2 in May and is 4.4 percent above a year ago. In the Midwest the index jumped 10.5 percent to 82.8 and is 17.2 percent higher than May 2010. Pending home sales in the South increased 4.1 percent to an index of 95.0 in May and are 14.6 percent higher than a year ago. In the West the index surged 12.9 percent to 100.6 and is 13.5 percent above May 2010. Yun cautioned that healthy job creation is necessary to ensure a solid recovery in both housing and the overall economy. “The job market has sputtered recently, and because variations in local job creation impact housing demand, markets will recover unevenly around the country,” he said. The National Association of Realtors®, “The Voice for Real Estate,” is America’s largest trade association, representing 1.1 million members involved in all aspects of the residential and commercial real estate industries. # # # *The Pending Home Sales Index is a leading indicator for the housing sector, based on pending sales of existing homes. A sale is listed as pending when the contract has been signed but the transaction has not closed, though the sale usually is finalized within one or two months of signing. The index is based on a large national sample, typically representing about 20 percent of transactions for existing-home sales. In developing the model for the index, it was demonstrated that the level of monthly sales-contract activity parallels the level of closed existing-home sales in the following two months. An index of 100 is equal to the average level of contract activity during 2001, which was the first year to be examined as well as the first of five consecutive record years for existing-home sales; it coincides with a level that is historically healthy. NOTE: Existing-home sales for June will be reported July 20 and the next Pending Home Sales Index will be released July 28; release times are 10:00 a.m. EDT. Information about NAR is available at www.realtor.org. This and other news releases are posted in the News Media section. Statistical data in this release, other tables and surveys also may be found by clicking on Research. REALTOR® is a registered collective membership mark which may be used only by real estate professionals who are members of the NATIONAL ASSOCIATION OF REALTORS® and subscribe to its strict Code of Ethics. Not all real estate agents are REALTORS®. All REALTORS® are members of NAR.

Tags: Cape Coral, market trends, outlook, Real Estate Market, statistics, sw florida, usa
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Early 10 Turnaround Towns

May 12th, 2011

Top 10 Turnaround Towns (Realtor.com 04/26/2011)

Cape Coral/Fort Myers is in the top five group of a recent
study by realtor.com. Behind Buffalo Niagara Falls and Los Angeles, Ca, Cape Coral/Fort
Myers came in third, followed by Dallas, Tx and Boston, Mass.

“ 3. Fort
Myers-Cape Coral, FL: If you’re
looking for a vacation home here, you’ll be paying much more than you would
have a year ago. Median list prices increased 24.12% this March, which was the
highest median price increase across the country. The market has experienced a
high number of distressed sales, much like the rest of Florida, and prices are
still 60% off compared to 2006’s highs. Inventory counts are lower than the
national trend, though listings are spending more time on Realtor.com compared
to the national average. “

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Real Estate Markte in SW Florida – March 2011 Statistics

April 19th, 2011

Good Evening,

the new numbers for 2011 just came out. I have published them on my web site at: http://www.spotfloridarealestate.com . It is very interessting to see, that the bank foreclosure sales are not the majority of sales anymore. The aborbation rate dropped again. All in all I see very positive signs about the recovery of the housing market in our area.

Beside those statistics I think everyone who is in the market of purchasing a home right now is experiencing that the market is “hot”. Good priced properties are coming on the market and often are gone within days – sometimes even for a higher price than the actual asking price.

There are reports about the still “looming” large number of bank foreclosures – currently the number of bank foreclosures on the market is going down. Yes I am sure that the banks still have quiet a few foreclosures in their book, however it seems that they are holding off putting them on the market. I think that they will hit the market eventually, but I don’t think they will hit the market in a “bulk” as we have seen in the past. I strongly feel they will enter the market piece by piece and to a higher price – adjusted to current market value. Banks are trying to minimize their losses, rather than “getting rid” of their inventory to “any price”. – This is my personal impression about the current market situation.

Even so the prices are still low, I can see some signs of a turning market – from a buyers market back to a sellers market. Nothing major yet – but still there are signs pointing in this direction.

Please visit my web site and blogs for more information about our market and our area (in English and German)

Please let me know if you have any question.

As always – I will be there for you
Monika

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Monika Wilson has gone mobile

March 11th, 2011

Monika Wilson, Century 21 Sunbelt has gone mobile!

I want to tell you about a great new way you can search for homes – right from your mobile phone. I have partnered with Smarter Agent, the nation’s leader in mobile real estate technology, to provide this mobile search capability to ALL of my clients!

My tool will allow you to search homes for sale anytime, anywhere – right from your cell phone!

Wherever you are, driving, or walking around looking at properties, you’ll have access to all of the MLS information on the homes for sale around you, with just one touch of a button on your cell phone. Hit “Call to See” and you will be put right in touch with ME, ready and waiting to serve all of your real estate needs.

It’s so easy to do! Just text M4461 to 87778, and the application will be sent to your phone by text message. Just click on it and the application downloads right away. Some cell phone providers require to call them (*2) to unblock “87778” before you can download the app. App does not work with international cell phone numbers (yet)

I know you will love this great new way to look for homes. So don’t delay – start searching for your dream home TODAY!

Always at your service,

Monika Wilson

Century 21 Sunbelt

2378 Surfside Blvd, Cape Coral, Florida 33991

Phone: 239 558 2010

http://www.spotfloridarealestate.com

http://mobile.smarteragent.com/c21/monikawilson/

Tags: beaches, Buyers market, canals, Cape Coral, Century 21, direct access, Florida, fresh water, gulf coast, immobilien, immobilienmakler, mls, mobile, mobile search, Monika Wilson, North Fort Myers, Real Estate, Real Estate Market, resourcesoil rig explosion, salt water, search engines, South West Florida, southern exposure, Sunbelt, turning market, usa, waterfront
Posted in cape coral, Century 21 Sunbelt, florida, Mobile MLS Search, Monika Wilson, Real Estate, Uncategorized | No Comments »

Big News for Cape Coral and SW Florida

February 1st, 2011

Hello from sunny Florida,

after all the bad news about the Real Estate and Economy during the last few years, the media are reporting quiet a few good news now. There is a major increase in permits pulled for new constructions for both – residential and commercial properties, the number of bank foreclosures and short sales is decreasing the the number of properties sold is increasing. Actually we are selling more properties than we did in the high market of 2005 and 2006. Our market is very fast since prices are still good and a lot of buyers and investors just know – now is the time to buy.

The news tonight reported about big news for Cape Coral. Please read article below:

CAPE CORAL, Fla. – The Army is making plans to move into Cape Coral.

On Tuesday, the city announced the Army has chosen a 15-acre site near Corbett Road and Diplomat Parkway for a new Army Reserve Center.

“It’s going to provide immediate jobs for construction people, which is a good thing right now, we need that,” said city council member Bill Deile, who led the push for the new center.

A retired Army Colonel himself, Deile expects the facility will provide space for around 300 Army personnel and a handful of civilian jobs.

“It’ll be a training site on weekends for the reservists that come in,” Deile said. “During a week, it’ll be a workplace for the civilians that man the center.”

The site is an area the city has dubbed the “Veterans Investment Zone.” A new VA Outpatient Clinic is already under contstruction next door. The city is also trying to line up hotels, restaurants and other businesses in the zone for the influx of people from the two new facilities.

“They’re going to require other services, particularly people that come from out of town, they’re going to be looking for a place to stay,” Deile said.

The Army is now working on a land deal with private owners for the training center.

Deile says word of their decision is already great news for the future of the Cape.

“It keeps the momentum going up in that area,” Deile said.

http://www.winknews.com/Local-Florida/2011-02-01/Army-chooses-Reserve-Center-site-in-Cape-Coral#ixzz1CltJIUR4

Please let me know if you have any questions. As always, I will be there for you.

Monika

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Real Estate outlook for 2011

January 19th, 2011

2011 Outlook For Florida Real Estate Markets

The following is my personal opinion. I am a Realtor in SW Florida since almost 20 years and I have seen the market coming and going. Out of my experience Florida is on the way to a fairly fast recovery.

Yes, there are still so many negative news in regards of Florida and the Real Estate Market. However there are a lot of positive signs as well.

Florida still ranks among the top Foreclosure filings but banks are reporting that the number of foreclosures is declining. A lot of buyers and investors are experiencing the very fast market. Homes come on the market and if priced fairly they are selling within days.

Florida is different from other parts of the country. Our big advantage and largest positive is the tropical Florida. While people up north get tired of snow shoveling, ice scratching in freezing temperatures, they think about the nice, sunny, warm Florida. – The sunshine State.

Snowbirds- (the phenomenon of migrating northerners every winter to Florida) bring money to the area, buying second homes, retirement homes and spend money in restaurants and stores. Also Baby Boomers are getting close to retirement age and they are welcome here in Florida.

The prices are low and more people can afford to buy a home.

What is good for some is bad for others. Some people are losing their homes to a short sale or a foreclosure and those homes are making it possible for other people to fulfill their dream of their own home

But beside the weather, the nice and friendly people and the beaches, Florida has a lot to offer. Did you know that Florida has no state income Tax? – What about the state or country you come from? – Florida has no Tax on food, we have homestead exemptions for primary residents and Florida is an asset protection state.

Our new governor Scott is starting to run the state like a business. He is cleaning up the “waste” and he is recruiting businesses to come to Florida to create jobs and with that opportunities for everyone. It seems he is quiet successful already.

He is talking about getting rid of the corporation tax, reducing or eliminating impact fees for businesses and other programs to make doing business in Florida attractive.

There is a lot of sunshine on its way to sunny Florida.

Monika Wilson

Century 21Sunbelt Realty

Cape Coral, Florida

Http://www.spotfloridarealestate.com

Tags: 2011, Century 21, Florida, Monika Wilson, outlook, Real Estate, Sunbelt
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