IN AUGUST’S ISSUE HOW TO TELL THE DIFFERENCE BETWEEN A BUYERS & SELLERS MARKET DISNEY ISN’T THE ONLY CASTLE IN FL FL HOMEOWNERS GETTING BACK UP AFTER BEING DROPPED
FEATURE
FLORIDA FINDS
IN YOUR CORNER
LIVING LARGE
AUGUST
IN YOUR CORNER FLORIDA HOMEOWNERS GETTING BACK UP AFTER BEING DROPPED
FLORIDA FINDS DISNEY ISN'T THE ONLY CASTLE IN FLORIDA
FEATURE STORY HOW TO TELL THE DIFFERENCE BETWEEN A BUYER'S OR SELLER'S MARKET
LIVING LARGE LAST WORD IN.... WHITE SUBWAY TILE
MARKET UPDATE CURIOUS IF PRICES ARE UP? WHAT’S THE MARKET DOING? WE’VE GOT ANSWERS!
The cover is an image from photographs by Chastity Cortijo.
Florida
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HOMEOWNERS
GETTING BACK Up AFTER BEING
DROPPED
The following is a post by CHELSEA CORNELIUS.
Owning a home in Florida has tremendous benefits, from the gorgeous nature and year-round sunshine to the tax benefits and more spacious square footage, to name a few. For many homeowners in the state, homeowner's insurance has become a headache in recent months. Homeowners' insurance is already, on average, three times higher than in other states. In addition to paying higher prices, Floridians across the state are being dropped by insurance companies left and B right due to these companies experiencing massive losses over the past couple of years. This is due to a combination of big payouts, soaring prices on materials, and more, forcing insurance companies to cut their losses and declare bankruptcy in Florida. Maybe you received the letter in the mail saying something to the effect of, through no fault of your own, your home's insurance will no longer be with such and such company as of such and such date. In that case, take a deep breath; this too shall pass, and be prepared to get back up with the help of your Coldwell Banker Vanguard Agent. Maybe you're one of the lucky ones who hasn't had this letter yet, but either way, it is smart to be aware of the situation and plan ahead. It could happen to you, too. When you're ready start by calling your Coldwell Banker Vanguard Realty Agent. Whether they handled
your last purchase, are helping you find your next one, or are just a good friend, you can trust that they are there to help you through any tough moments in time. They have numerous resources in all areas, including insurance, that can help you get back up and find suitable home insurance before that looming deadline. In addition to calling your Coldwell Banker Vanguard Realty Agent, you can also call your current insurance provider. Find out if they are, in fact, going out of business or if there is a reason you have been dropped. Governor DeSantis passed legislation in May of this year safeguarding homeowners from skyrocketing insurance costs and seemingly unfounded dismissals. "This package represents the most significant reforms to Florida's homeowners' insurance market in a generation," said Governor Ron DeSantis. "These bills will help stabilize a problematic market, help Floridians harden their homes through the My Safe Florida Home Program, and pave the way for more choices for homeowners." This includes relief for homeowners being dropped when they need help after a hurricane and prohibiting companies from denying coverage based on the age of the roof. Additionally, requiring those insurance companies to provide a reasonable explanation for denying coverage or a claim. You are far more protected this year than others have been in the past who were dropped from their insurance with no explanation, whatsoever.
That being said, if the explanation is something that needs to be repaired and fixed, bite the bullet and get it repaired. Think of how it will help proptect your family's safety and you might even get a lower rate at your current insurance company. Your Coldwell Banker Vanguard Realty Agent knows a variety of tradespeople capable of getting the job done professionally and in a timely manner. If the company is simply going out of business, you'll need to find new insurance. To do so, you will need to provide a four-point inspection that was done within the last year. Keep in mind that inspectors across the state are backed up because of this state-wide insurance market crisis (for lack of a better word.) This is where your Coldwell Banker Vanguard Agent comes in handy. They are connected with a great network of real estate professionals across the state that can find you the proper professional you need. Our agents are adept with the knowledge of additional discounts and tips that can help you achieve the best rates available. This includes a wind mitigation inspection. If your home is protected against hurricane-force winds, you can receive a discount on your homeowners' insurance. Now, if you have an inspection done and those who have provided you quotes are either 20% higher than your current insurance or you were unable to get an insurance offer based on the inspection, you have one more avenue to take. This is Citizens Property Insurance Corporation; it is an insurance that is backed by the State of Florida. Essentially they provide insurance to anyone unable to obtain it and are a safeguard for Florida homeowners as a last resort. It generated 2.766 billion last year, so as a not-for-profit agency, it does pretty well because although anyone can get insurance with them, it doesn't mean it is affordable. Regardless of where you get insurance, as a homeowner, you have to have it. Whether you have been dropped or the prices just jumped on you, you're not alone. Your Coldwell Banker Vanguard Realty Agent is here for you for more than just buying and selling homes. Consult your Coldwell Banker Vanguard Realty Agent on what the best course of action is, all of the options available to you, and things you should include in your coverage to safeguard your home.
Photography provided by the following in order of appearance. Nik Shuliahin (A), Andrea PPiacquadio(B), Antoni Shkraba(C), Ron Lach(D), and Mikhail Nilov(E).
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Disney
The following is by Chelsea Cornelius.
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Castle In A
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Owning a place that is your own, no matter the size can make you feel like the king of your castle. Your home is your castle, in a manor of speaking, as the fun real estate puns go, but some visionaries in Florida history have taken this adage to heart and built homes inspired by manmade marvels. Some of you might think there are mega mansions in Miami and Tampa but not true castles except the one owned by the famous mouse in Orlando. You would be mistaken. Let’s take a look at some of the interesting, breathtaking, and unique castles around Florida. St. Augustine is home to two castles on the list, and interestingly enough, both were also inspired replicas of European marvels. Nestled along A1A you will find the intimate castle peaking over the plant life that surrounds it. Castle Otttis(B) was inspired by the Irish castles of the Middle Ages. The interior was created with impeccable craftsmanship that was guided by the Catholic Diocese of Northeast Florida historians. Now, although it was never intended to be anyone’s home, it was an artistic expression built in the manner of an Irish castle and has the atmosphere of an Irish Abbey. The castle received a "creation of a new landmark” Award from the American Institute of Architects in 1992. In Lake County, hidden in the hills, is the Howey Mansion(C) which is a castle from the Golden Age built by William J. Howey. Howey was a Florida Orange businessman who exported them around the world. He commissioned Katherine Cothael Budd to design the Mediterranean Revival Style, and it includes beautiful wrought iron gates and elaborate reliefs along the exterior. There was a great deal of craftsmanship and detail added to the home that reminds you of a Mediterranean castle. Rather than a gaudy imitation, it is refined and elegant. Although abandoned for a time, the Cowherd family took on the task of restoring Howey’s castle to its former glory. Today it is available for private tours, extended stays, and as an event venue.
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Some of you might have seen the documentary, The Queen of Versailles(D). Love it or hate it, how can you make a list about castles in Florida and not include this home? The documentary features an over 85,000 square foot home built in Orange County, Florida, that, when completed, will be one of the largest in the United States. The home is a modern spin on the palace of Versailles and is owned by Jackie and her husband, the Westgate Resorts founder, David Siegel. Much like its namesake, the Florida version of Versailles will probably never be finished during the homeowner’s reign. It’s been under construction for twenty years, and as recently as April of this year, Jackie told reporters she is redoing a lot of it. Solomon’s Castle(E) is a true artist’s castle. Howard Solomon was a modern sculptor who created found object sculptures and was once nicknamed the “DaVinci of Debris.” In addition to found art, he also built a castle and grounds for not only his family to enjoy but also the public. The 12,000-square-foot aluminum castle is three stories and sits undisturbed in the middle of nowhere just outside Arcadia, Florida. This unique castle is a mixture of fun, upcycling, and whimsy. In addition to being a home for him and his family, there is also a bed and breakfast, gallery, workshop, and even a restaurant on the grounds. The Villa Zorayda Museum(F) was once the home of Boston millionaire Franklin Smith, who built his castle inspired by the Alhambra Palace in Spain. It is, in fact, an exact replica of the magnificent palace, except one-tenth of F the original castle in Granada. The beautiful Spanish villa is perfect for St. Augustine, having been founded by Spanish conquistadors and inspired numerous builders throughout the area to embrace the Spanish styles that the city is known for today. After Smith died in 1913, the castle was sold and became a casino and speakeasy for a time. In 1935 it opened as a museum and has continued to be open to the public ever since. Photography provided by the following in order of appearance. Jorge Martinez(A), Castle Otttis website, castleotttis.com, (B), **(C, D, E, and F), and Sharon McCutcheon(G). **Photography provided by the the State Library and Archives of Florida, floridamemory.com or are public domain.
How to Tell the Difference Between A
Buyer's or Seller's
Market
The following is a guest post by VICTORIA KEICHINGER on Blue Matter, the Coldwell Banker Blog. Edited by CHELSEA CORNELIUS.
One important thing to remember about the property market is that it’s always in a state of change. Sometimes the market is favorable to buyers, and sometimes it’s favorable to sellers. We have been in a historical Seller's Market the last couple of years but experts are pointing to a possible market shift taking place. But don’t worry. A knowledgeable Coldwell Banker Vanguard agent can guide you in selling your current home and purchasing your next home, no matter what type of market you’re facing!
What is a Seller's Market? A seller’s market is simply a property market that benefits you as a seller. In a seller’s market, there’s a scarcity of properties, which can drive up the price of homes, especially in desirable locations. Sellers can depend on real estate experts to know what the market is doing, but here are some signs of a seller’s market:
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– Low inventory when compared to previous months and/or years. – Market is often competitive with multiple offer situations. – Less than six months of inventory on the market at one time. – Median sales prices are continually rising month to month. – Less information in real estate ads; just the bare details. Less empahsis is put on marketing when homes are selling before officially hitting the market or before marketing is distributed. – “For Sale” signs don’t stay up long before being replaced with “pending” or “sold.”
What is a Buyer's Market? A buyer’s market is the opposite of a seller’s market. If you’re buying at this time, you’ll be spoiled for choice as the supply of homes on the market exceeds the number of buyers, giving you the chance to score a fantastic deal. A sharp agent will quickly be able to tell you where the market lies, but here are some signs of a buyer’s market:
– Inventory is high compared to previous months and/or years. – Homes are selling more slowly. – More than six months of inventory are on the market. – Sales prices start leveling out and in some cases start decreasing. – Fewer sales are taking place. – Real estate ads are growing in size, giving more details and/or images. – “For Sale” signs are staying longer, meaning the days on the market are longer too.
How Do I Figure out the Months of Inventory in a Market? 1. Look for the total number of active listings for the month prior to the current one. 2. Look for the total number of sold or closed transactions for the same time frame. 3. Divide the total number of listings by the number of sales. This figure represents the number of months of inventory there are.
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For example, let’s say there were 6,500 listings in one month’s time. During that same time, there were also 1,500 properties sold. Divide 1,500 into 6,500, and you arrive at 4.3 months of inventory, meaning that this is a seller’s market. While your savvy Coldwell Banker Vanguard agent is the best resource for this information, other resources include real estate listing websites and/or your local real estate association.
Do All Markets Follow the Same Cycles? Markets are always in a state of flux. At its core, people are the driving force behind the real estate market. For example, as more people move into a location, the more need there is for housing. If the number of properties in the area cannot support the number of people moving in, prices of existing homes will likely rise until more homes can be built. This constant change in the supply and demand in a market is how markets shift back and forth from being more favorable for either buyers or sellers. D
Can I Buy in a Seller’s Market? Absolutely, but it’s not going to be a walk in the park. You’ll need determination, knowledge, and most importantly, someone on your side who knows the market inside and out. Something to consider – you don’t know the seller’s true reasons for wanting to sell. Maybe there’s a divorce pending or another baby on the way, and they need more space fast. Whatever is going on with the seller, a savvy agent will spot opportunities to help you and the seller arrive at a mutually agreeable solution. One key reason it’s vital to engage an agent in a seller’s market is their negotiating skills. While negotiating is always important, a seller’s market calls for serious help to ensure you don’t pay more than you need to.
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Should I Wait to Sell? It depends. Is it mandatory that you sell right now, or could you wait until it’s a seller’s market again? Consult with your Coldwell Banker Vanguard agent for their opinion about your chances of getting what you need or want for the sale of your home. They just might have some options you may not have considered that will help you get out from under your home and get on with your life. Don’t be afraid to sell or buy if you think the market isn’t in your favor. The real estate market can be highly varied, so trust your Coldwell Banker Vanguard agent to help you get the best possible results, no matter what the market looks like. Photography provided by the following in order of appearance. Jean Philippe(A), Curtis Adams (B, C,D, and E), and Ben Mack(F).
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Last Words in ...
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SUBWAY TILE A
It’s ubiquitous in today’s kitchens. Regardless of price point, location, or architectural style, white subway tile fits right in. And, after more than 100 years of gracing American kitchens, there’s a new, pandemic-charged reason to embrace the tile — one that ties back to its origin story. Subway tile debuted in 1904 on the walls of the first New York City subway station. Not only did it bring life and light to the underground spaces, but it also tapped into Victorians’ fixation with good hygiene. Given all the tuberculosis, typhoid fever, and, later, the 1918 pandemic, it’s no wonder subway tile eventually made its way into homes. And it won’t be surprising if the pandemic-induced material shortages and price increases further drive demand.
The following is a guest post by ALYSON PITARRE published in the Coldwell Banker winter 2021 issue of Homes & Estates Luxury Worldwide. A B
“Subway tile was conceived as an attractive and easy-to-clean covering for New York subway tunnels; those two qualities remain true today and go a long way to explain its continued popularity,” Erika Egede-Nissen, Walker Zanger’s director of marketing, tells us. Subway tile owes its enduring appeal, in part, to its versatility. “It’s one of the safest and most enduring choices when tiling a space,” Jamie Chappell, creative director of Fireclay Tile, says. “Subway tile transcends both time and trend, so it works well with any style.” The typical brick-set layout leans traditional, but, as Egede-Nissen notes, additional applications allow homeowners to “put a new spin on this classic product.” More contemporary options include straight-set horizontal or vertical tiles, while herringbone patterns offer a new take on a traditional look. “It’s a flexible product that can fit into almost any design aesthetic; basically, the white subway is the tile world’s ‘little black dress.’” Variations in color and size provide further options. Yes, subway tile is known for its glossy white sheen and 3” x 6” size. But “longer, thinner shapes have a more modern feel,” says Egede-Nissen. “Color blending can be done with similar hues for a more subtle look or by inserting a contrasting color in a random pattern, for a look with more ‘pop.’” Or, you can stick to the traditional pattern and play with scale. “Larger-size tiles tend to look more modern,” says Chappell. “No matter what you do, any iteration of a subway tile is sure to remain a classic.” Photography provided by the following in order of appearance. Tina Witherspoon(A), Chastity Cortijo(B), Luis Ruiz(C) Raquel Navalon Alvarez(D), Sidekix Media(E), and Christa Grover(F). F
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Market Update June 2022
Want the latest market data when it’s available? Ask your agent if they are a part of the MLS MARKET UPDATE program.
Real Estate Experts say although prices rose higher in June, there was tangible evidence that higher mortgage rates and inflation are beginning to put the brakes on the wild ride Central Florida’s housing market has taken over the past two years. This could be good news for all buyers and sellers as we look towards the 2nd half of 2022. Buyers will have more options, with active listings increasing by 36% from May of this year. Sellers are still sitting pretty with a seller’s market holding strong but will need to take the trusted advice of their Coldwell Banker Vanguard Agent on where to set their home’s price as the market starts to shift.
What does this mean for BUYERS?
Contact your Coldwell Banker Vanguard Realty Agent to find out who the experts are you need to talk to and for help finding out what you need to get into your next home. They can also let you know what programs you might qualify for to ease the burden of higher interest rates and soaring home prices.
What does this mean for SELLERS?
Inventory is still low, and you will be in the driver's seat. Raising interest rates are affecting who is able to get a home loan, so make sure your Coldwell Banker Vanguard Agent handles your selling process. They protect their customers and bring you the best offers that ensure the sale goes through with due diligence and care.
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