IN AUGUST’S ISSUE HOW TO TELL THE DIFFERENCE BETWEEN A BUYER'S & SELLER'S 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!
KID’S CORNER BACK TO SCHOOL: TIPS FOR CREATING A MORNING ROUTINE
CBV CARES LEADING THE WAY IN OUR COMMUNITIES
The cover is an image from photographs by Chastity Cortijo.
Florida
A
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.
isn't the only
Castle In A
Florida B
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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).
www.CBVHomesearch.com
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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
JUNE 2022
$369,229 JUNE 2021
$300,000
Want the latest market data when it’s available? Ask your agent if they are a part of the MLS MARKET UPDATE program.
According to a recent NEFAR press realease, 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 Northeast Florida’s housing market has taken over the past two years. “This is good news for both buyers and sellers as we move into the third and fourth quarters of 2022,” said 2022 NEFAR President Mark Rosener. “It’s encouraging for buyers, as they now have more homes from which to choose. On the flip side, while we still have a significant “seller’s market” at just 1.8 months’ supply, sellers need to heed the counsel of their REALTORS® to price their homes accordingly.”
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.
www.CBVHomesearch.com
A
BACK TO SCHOOL:
TiPS FOR
CREATING A MORNING ROUTINE The following is a guest post by LINDSEY LISTANSKI on Blue Matter, the Coldwell Banker Blog.
"School Year's Eve" can be a tough night for families. It is a rude awakening that another summer has passed, and the countdown until summer vacation has been reset. Our best advice for a smooth transition…be a fan of the plan. Remove the chaos from getting ready for school each morning by creating a routine and staying organized.
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Create Your Own Morning Routine
I may not be a mom yet, but as the oldest of 12 cousins, I have been around enough children to know kids need a schedule and often look forward to it. By creating a morning routine, you help yourself and your children to get out of the house in a happy and timely manner. From keeping a consistent wake-up time to developing a morning ritual of tasks, you will have a better chance of getting out of the door without morning tears or feeling like you got up from the wrong side of the bed. Each family is different so, make sure your routine works best for you and your family. We love the idea of including lunch/school work/backpack as reminders for the important things to remember in the morning. An idea for an order for your morning to do list is breakfast first and brush your teeth second, 1) Your kids will have cleaner teeth for the day, and 2) Spills happen! Let them eat in their pj's and THEN get dressed for school! You'll save an extra outfit change on more than one occassion. C
Create a Lunch Menu
As expected, Martha Stewart is the go-to woman for easy DIY ideas for home, and this one is great for back to school. According to Martha, "A kid may be more likely to enjoy their lunch if they help choose the menu." Create a visual menu in the kitchen to map out their meals for the week, "it saves time and helps make grocery shopping easier." We think this is a great idea for so many reasons! First and foremost, it is fun for your children but educational at the same time. This map allows them to create a nutritionally balanced meal and allows you to teach them a lunch must include a sandwich or something similar, fruit/vegetable, and snack. By providing options they chose, there D is a greater chance that their lunchbox isn't coming back full of food they didn't like. Make their lunch extra special by including a note or small gift. My husband still talks about how his mom left him baseball cards in his lunchbox, and I still have notes saved from my mom. A simple "Hope you are having a great day" means the world to a child and is your way of letting them know you are thinking about them mid-day. E
Create an Outfit Organizer Lucky for my mom, I went to private school from preschool to eighth grade, so there was no room for discussion about what to wear each morning. We did get a small taste of what it was like to plan outfits on "dress-down days," and I completely understand why it could be a nightmare for parents in the morning.
BLUE MATTER
A former coworker used to entertain me with stories of her 8-year-old daughter trying to dress herself in the morning, and by the look of her face by 9 AM, I learned there's nothing like a morning argument over what to wear. It just ruins the day. Bottom line…a tutu over leggings is NOT an acceptable outfit for school! Having outfits ready to go will keep the morning running smoothly and help you to get out the door on time without your child looking like they are off to a Halloween costume contest rather than school. By the way, if you are thinking to yourself, "Wow, self…I could really use this to help me get organized for the week" I am right there with you, so don't feel alone!
Photography provided by the following in order of appearance: Mikhail Nilov(A, F), Vanessa Loring(B, E), Norma Mortenson(C), Rodnae Productions(D), and Matilda Wormwood(G).
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“Everything
good, everything magical happens between the months of June and August." -Jenny Han Summer has flown by, and our agents have been working hard to help their customers buy and sell in the Northeast Florida communities dear to their hearts. While doing so, several were able to help make summers a little sweeter for local charities, too. Including providing things, we wouldn't think twice about, as simple as clean underwear every day, can be magical to a family dealing with homelessness. While other kids simply love the theatre and would give anything to fill their summer days with others who share their passion. The Fleming Island / Oakleaf Offices donated funds to The Island Theatre this past month. The Island Theatre is a non-profit
community theater that provides theatrical education by conducting educational workshops for youth and adult participants and facilitating social awareness, education, and change by producing quality live theatrical events and supporting charitable organizations connected to the arts. The Fleming Island/ Oakleaf Offices funds are going to help the summer camp programs the theatre provides. These programs include Teen and Youth Summer Camps for kids with all levels of experience with the arts. The Ponte Vedra-Beaches Office found a wonderful group providing support to the homeless in our downtown area, The New Dawn Outreach. They assisted The New Dawn Outreach with a CBV Cares donation that went towards their housing efforts. The affordable housing initiatives provide a safe and cool place to stay during our sweltering summer months and are a Godsent to all those who need a helping hand. In addition to helping The New Dawn Outreach housing Initiative, the Ponte Vedra-Beaches Office also has an "Undy Mondays" collection in place at the office in support of efforts in the care of the homeless by The New Dawn Outreach Ministry. Most donation sites do not accept used underwear, and why it is a simple comfort that The New Dawn Outreach recognizes those suffering from homelessness can often go without. The New Dawn Outreach is also currently looking for school supplies in conjunction with their "Undy Sundays" drive (the center continuously runs "Undy Sundays") to help the kids from homeless families get what they need for the coming school year. To nominate a favorite charity or organization that is near and dear to your heart, contact your CBV agent for more information.
A COPY OF THE OFFICIAL REGISTRATION AND FINANCIAL INFORMATION MAY BE OBTAINED FROM THE DIVISION OF CONSUMER SERVICES BY CALLING TOLL-FREE (800) 435-7352) WITHIN THE STATE. REGISTRATION DOES NOT IMPLY ENDORSEMENT, APPROVAL, OR RECOMMENDATION BY THE STATE. The State of Florida registration number for CBV Cares, Inc. is CH61481.
Closing Bear is a fast-paced title company that offers title insurance and closings for anyone buying or selling real estate. Simply put, Closing Bear does all the paperwork when someone buys or sells property...but they do it better than anyone else.
OUR PROMISE We will take the stress out of your transaction and your closing will be a celebration, not a relief. We will add education to each customer so that you leave your transaction knowing every detail, and not asking “what did I just sign?” We will communicate with every party in the transaction in real time, clearly, and effectively. We will work harder than any title company you’ve ever seen.
ABOUT US “Closing Bear launched in June, 2019, and has quickly become the fastest growing title company in Jacksonville. By infusing modern technology and practices into an age-old industry, Closing Bear has positioned itself as the most innovative company in its market.” —Innovate Jacksonville
Chip Lynn, CEO/Managing Attorney • Chip@ClosingBear.com • (904) 738-1672 • www.closingbear.com