BREAKDOWN OF PENSACOLA BEACH & SANTA ROSA ISLAND
OF THE 18%
80% Single Family Homes
20% Condo, Hotel, Business
Low Density for Quiet Beach Living
NAR-backed condo legislation passes Senate and signed into Law by President
"Realtors have reason to celebrate today as legislation easing restrictions on FHA financing for condominiums is finally signed into law," says NAR President Tom Salomone, president of NAR and broker-owner of Real Estate II Inc. in Coral Springs, Florida. "This is a long-awaited victory for NAR and for homebuyers for whom condos are an important and affordable option."
The bill will make the Federal Housing Administration's (FHA) recertification process "substantially less burdensome" and will lower FHA's owner-occupancy requirement from 50 percent to 35 percent. The bill also requires FHA to replace an existing policy on transfer fees with a less-restrictive model that has already been in place at the Federal Housing Finance Agency (FHFA).
This legislation offers relief to well-qualified potential homebuyers who have been facing tight housing inventories, rising home prices and strict mortgage credit underwriting guidelines, Salomone says.
"Condominiums often represent an affordable option that's just right for first-time and low-to-moderate income homebuyers," Salomone said in a statement after the Senate approved the bill in July. "Overly burdensome restrictions on condo financing have for too long put that option out of reach for many creditworthy borrowers. This legislation meets those restrictions head on, putting the dream of homeownership back in reach for more Americans."
Source: Realtor Magazine
© 2016 Florida Realtors®
Vacation sales accounted for 12 percent of all transactions in 2016 – the lowest share since 2012 (11 percent) and down from 16 percent in 2015. The portion of investment sales remained unchanged for the third consecutive year at 19 percent, and owner-occupied purchases increased to 70 percent (65 percent in 2015).
Slightly more investment and vacation buyers planned to rent their property for less than 30 days.: 44 percent of investors (42 percent in 2015) and 29 percent of vacation buyers (24 percent in 2015) did or tried to rent their property last year and plan to do so in 2017. 21 percent of investment buyers and 15 percent of vacation buyers did not rent their home for short-term purposes last year but plan to try it in 2017.
Vacation buyers typically earned $89,900 ($103,700 in 2015), while investment buyers had a household income of $82,000 ($95,800 in 2015). Both were most likely to purchase a single-family home in the South, with vacation buyers preferring a beach location and investors choosing a suburban area.The top two reasons for buying a vacation home were to use for vacations or as a family retreat (42 percent) and for future retirement (18 percent), while investors mostly bought a home to generate income through renting (42 percent) and for potential price appreciation (16 percent).
The 2017 Investment and Vacation Home Buyers Survey can be ordered online or by calling 800-874-6500. The report is free to NAR members and accredited media and costs $149.95 for non-members.
© 2017 Florida Realtors
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