Advantages of Construction to Perm Loans

1) Construction Perm loan is a "One Time Closing" saving on dual closing costs

2) The lender protects the customer's interest as lender inspects property before

each draw by the builder - thereby protecting you against lien waivers

3) You pay interest only on outstanding balance as loan is drawn down

4) You pay the doc stamps on deed which are based on the land ONLY

5) Don’t need to sell your house for 12 – 18 months and can live in current

home while new home is being built, making only ONE move

6) LOCK IN rate at current market rates with the option to modify to fixed at completion

7) Can pay mortgage down at Certificate of Occupancy

8) Qualify using debt ratios based on new home ONLY

9) Use "ADDITIONAL COLLATERAL" program to fund up to 100% of purchase price

proving there is enough equity in current home. (Call for details)

10) Build now at today’s prices

11) Money can still be earning in Stock Market or on other investments

12) Often pay taxes on land only during first year of ownership

13) Insurance is very low

Tips to Avoid Fraud by Building Contractors

Some of these tips were published in the Herald-Tribune on Sunday, May 13, 2007

These issues will be of no concern to you when dealing with Premier Communities Inc. and The Villas of Turnberry Trace.

• Avoid offers that seem too good to refuse
• Ask to see the contractor's license; all state-issued licenses come with a card
• Verify a contractor's license by contacting the Florida Department of Business and Professional Regulation at (850) 487-1395 or www.MyFloridaLicense.com
• Check with local building supply companies about the contractor's reputation or ask the contractor for references and CHECK them
• Ask for some past customer references
• Read your contract carefully
• Ensure that there are no blank spaces on the contract before signing
• Do not pay in cash
• Do not sign a completion certificate until all work has been done to your satisfaction

Feds hold rates once again

Once again the Feds hold rates unchanged. This is good and bad news, as the Feds also said the inflation was still a concern, which will put pressure on the bond market, causing rates to inch up. However, the rates are still "low" according to Georges Lussier of Liberty Savings Bank:

30 year fixed on existing homes and spec homes 6.125% with 0 points
15 year fixed 5.75% with 0 points, this is a great refinancing rate.

3/1 ARM 5.75% with 0 points (Lowest rate)
5/1 ARM 6.00% with 0 points

Construction loan rates - one time closing 3/1 CP ARM 5.875% with 0 points
5/1 CP ARM 6.125% with 0 points.

All these rates are for loan amounts up to $650,000

Look beyond cost per square foot

Katherine Salant wrote any interesting article in the Herald Tribune on April 14, 2007. She said that we ooh and ah about the floor plan, the room sizes, the kitchen countertops etc, but in the end, it all comes down to price. We want the most space for the least amount of money, because after all, we're a nation of bargain hunters!

"Unfortunately, home buyers' insistence on evaluating quality in cost-per-square-foot terms has had consequences that they don't appreciate, said Ron Jones, editor of Green Builder magazine. He elaborated on this point at some length, "Buyers value the dollar per square foot, and (some) builders respond by delivering as many square feet of conditioned space as possible for $X. If he can deliver 100 more square feet than the competition, most buyers think it's a better value."

"But the problem with this is that the more square feet that are added for a given price, the less concentration of quality per dollar for performance of the house. The quality of finishes, appliances, mechanical systems and building envelope suffers. Remember that the value depends on what is in the square foot."

North Port Social Services

The Herald Tribune reported recently that "although land hasn't even been cleared yet that the city's new 8,000 square foot social services building will be housing 10 agencies dedicated solely to social services. It will provide a one-stop shop for residents looking for services. Located on Pan American Drive, the building's exterior will look similar to a ranch-style home with a wrap-around porch. "

"It will house agencies such as Coastal Behavioral Healthcare, Sarasota County Technical Institute, The Jewish Family & Children's services, the Women's Resource Center of Sarasota County, Domestic Abuse Safe House and the Healthy Start Coalition., along with North Port's own social services department. The building is designed for a second floor in case it needs to expand. " This is great news for the residents of North Port, The Villas of Turnberry Trace and the surrounding area!

Maintenance Free Living

Come and visit our new 60 home community. We have one luxury attached villa building completed and we are adding another 6 plex. "Think Quality".

Why move to this part of South West Florida? Because, we who live here, think of it as “paradise”. North Port is a mid-sized town with a population of approximately 50,000. Located just off I 75 and a short drive to Sarasota, Tampa, Orlando and Ft. Myers, it is also just minutes away from beautiful beaches, Charlotte Harbor and the blue waters of the Gulf of Mexico. There are two airports nearby in Sarasota and Ft. Myers, convenient for flying north to see the family.

NOW is the time to buy?

The Herald Tribune has an interesting column in the paper today. "Grant Thrall, a University of Florida land economist, believes the state's real estate market is poised to rebound in the not-too-distant future. But first, Florida's Legislature has to get its act together on taxes and insurance."

He goes on to say, "Now there is a large inventory of unsold homes hanging over the market, but he thinks that inventory will be depleted quickly as baby boomers start thinking about retirement again and seeking a place in the sun" His summary is, "So anyone who wants a good deal on a house, had better buy before that massive wave of buyers gets geared up again".