destin

Resort Casino at Sandestin?

A Sandestin town hall meeting is scheduled for 2:00 p.m. January 10th at the Linkside Conference Center’s Grand Ballroom.  Only  Sandestin  Resort owners may attend, according to Sandy Matteson who serves as executive director of the Sandestin Owners Association (SOA).  Northwest Florida Daily News seems to have taken offense at the fact that news media is not invited to the event.

 

According the SOA website, Sandestin CEO  Tom Becnel will present his ideas to the homeowners.  Ideas with regard to opening a “small entertainment-based gaming facility” just west of the Marriott Courtyard on Highway 98.

 

This may all be moot as Florida Senate president Don Gaetz has stated in no uncertain terms that he does not support the bill in the Florida Legislature that would create a State Gaming Commission.  The bill is structured in such a manner so as to possibly/eventually  license up to five gambling casinos in Florida but again, passage seems unlikely.

File your insurance claim with a mobile app?

According to Florida Trend, some national insurers now have mobile apps to enable policy holders to file claims via a smart phone. Only one Florida based company has jumped on the bandwagon so far, that being Security First Insurance down in Ormond Beach. Just imagine … If you are involved in a fender-bender, you can file your claim and upload the accident photos immediately  while waiting in your car!  The apps can also be used for things like obtaining quotes and making payments. With more than fifty percent of all cell phone users expected to own smart phones within the next several years, we expect to see many more insurers stepping up to the plate in the near future.

Casinos in Florida?

Once again, state leaders are discussing their options with regard to Las Vegas-style resort casinos in Florida. According to the Miami Herald, “South Florida voters have grown accustomed to, and tolerant of, gambling.” Florida is already in the gaming business say proponents. And at nearly $2 billion annually, gaming is already a huge industry in Florida. In fact, Florida is considered the fifth largest gaming state in the U.S. The industry employs nearly 8,800 people in Miami-Dade and Broward counties alone.

During the late 40’s through early 50’s gambling thrived in Okaloosa County. At the time, Okaloosa was said to have “more neon than any other place east of the Mississippi”. No one except some fisherman and shrimpers wanted to live in Destin back then.Most notable of the area casinos was the Shalimar Club on Eglin Parkway just north of Fort Walton Beach. Easily accessible from the gate at Eglin AFB, business was said to have been “robust”. At any rate, adverse publicity (eminating from the Tampa Tribune) eventually forced then governor Fuller Warren to remove the Okaloosa Sheriff from office for failure to enforce anti-gaming laws.

While there seems to be little support for legalized gaming in Northwest Florida, with state coffers reeling from a weakened economy, we expect to be hearing more about this over the course of the coming year.

Call Ed and Terri Smith at RE/MAX Coastal Properties for more!  850-837-5500 x1 or via email at smith@realtor.com  or vist  http://www.DestinFloridaRealEstate.com

New rules could speed short sales of distressed homes

WASHINGTON – Jan. 12, 2010 – The federal government is setting guidelines for short sales of homes, giving lenders a 10-day limit to respond to offers, freeing borrowers from debt and providing financial incentives to lenders.

The new rules seek to address the many criticisms of short sales and figure to play a significant role in South Florida, where distressed properties dominate the market as the housing slump meanders into a fifth year.

“The cloud could be lifted,” said Domenic Faro of the Fort Lauderdale Real Estate firm. “This could bring us back to some normalcy.”

In a short sale, the homeowner unloads the property for less than what’s owed on the mortgage, and the lender forgives the difference. Nearly half of all single-family mortgage holders in Palm Beach, Broward and Miami-Dade counties are “under water,” meaning they owe more than their homes are worth, according to third-quarter data from Zillow.com, a Seattle-based real estate firm.

While short sales are considered the perfect solution for “underwater”

homeowners on the verge of foreclosure, the deals often drag on as lenders take weeks or months to respond to offers. Frustrated buyers walk away during the delays. In some cases, lenders insist that borrowers share in the financial loss, holding up the transactions even longer.

To speed up the process, the U.S. Treasury is calling for lenders to respond to short sale offers within 10 business days. Sellers are eligible for $1,500 moving allowances, and they will not be on the hook for repayment of any debt.

Also, lenders will get $1,000 to cover administrative and processing costs, while investors owning the mortgages will receive a maximum $1,000 for allowing up to $3,000 in short sale proceeds to be distributed to less senior lenders. Loan servicers participating in the Obama Administration’s Home Affordable Modification Program are required to follow the guidelines.

The rules do not specifically apply to loans guaranteed by Fannie Mae or Freddie Mac, which represent about half of all U.S. mortgage debt. The two government-run mortgage companies are working to finalize their own guidelines.

The Treasury plan, which must be implemented by lenders no later than April, is meant to help sellers like Dawn Sclafani, who has been waiting since October for her lender to approve a short sale offer on her Margate home. A buyer has offered $155,000, and she owes $233,000.

Sclafani, a 50-year-old psychologist, said she’s eager for the bank to approve the deal so she can put the experience behind her.

“I want to move on … but I can’t until somebody gives me permission to,”

she said. “I’ve heard that this is a horrendous process. The banks are just not very cooperative. I do believe these new rules will help.”

U.S. Rep Ron Klein, D-Boca Raton, agrees, saying the guidelines are meant to make short sales “a more usable tool.” Klein points out the rules provide standardized paperwork for all short sales and give buyers and sellers a more reasonable time frame for whether or not the sales will happen.

But Klein and others say the government may have to increase the financial incentives. The $3,000 cap on short sale proceeds is not sitting well with second lien holders, who have been demanding more money from sellers, the first lenders and real estate agents in exchange for releasing their claims and allowing the short sales to proceed.

“This is a great program if all these mortgages had only one lien holder,”

said Travis Hamel Olsen, chief operating officer for Loan Resolution Corp., an Arizona company that helps lenders complete short sales. “But many of these properties have two liens.”

Meanwhile, some local real estate agents remain skeptical of the guidelines.

 

Broward County agent Ron Rosen, who urged Klein last summer to push for new regulations, said he thinks “the banks will still play their little games with people and make life difficult for everyone.”

Edward Goldfarb of RE/MAX PowerPro Realty in Davie doubts the Treasury will enforce the new rules. “There’s no teeth to them,” he said.

A spokeswoman for the Treasury says it will hand down “substantial”

penalties to lenders that don’t comply. They can include the withholding or reduction of payments and requiring improperly rejected loans to be modified.

Lenders have blamed short sale delays on the complicated nature of the transactions, sheer numbers of deals and on borrowers who don’t submit proper paperwork in a timely manner.

In many cases, the banks are not to blame, said Ward Kellogg, chief executive of Boca Raton-based Paradise Bank. Still, he thinks the guidelines are necessary to force lenders to clear the market of so many distressed properties.

“I think the pressure on (the banks) is a good thing,” Kellogg said.

Copyright C 2010 Sun Sentinel, Fort Lauderdale, Fla., Paul Owers.

Distributed by McClatchy-Tribune Information Services.