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<!--Generated by Squarespace Site Server v5.11.81 (http://www.squarespace.com/) on Fri, 24 Feb 2012 14:26:12 GMT--><feed xmlns="http://www.w3.org/2005/Atom" xmlns:dc="http://purl.org/dc/elements/1.1/"><title>Latest News</title><subtitle>Latest News</subtitle><id>http://cjoelyoung.com/latest-news/</id><link rel="alternate" type="application/xhtml+xml" href="http://cjoelyoung.com/latest-news/"/><link rel="self" type="application/atom+xml" href="http://cjoelyoung.com/latest-news/atom.xml"/><updated>2012-02-24T01:18:13Z</updated><generator uri="http://www.squarespace.com/" version="Squarespace Site Server v5.11.81 (http://www.squarespace.com/)">Squarespace</generator><entry><title>Home Sales on the Rise: Ready for Spring Buying Season?</title><id>http://cjoelyoung.com/latest-news/2012/2/23/home-sales-on-the-rise-ready-for-spring-buying-season.html</id><link rel="alternate" type="text/html" href="http://cjoelyoung.com/latest-news/2012/2/23/home-sales-on-the-rise-ready-for-spring-buying-season.html"/><author><name>C Joel Young</name></author><published>2012-02-24T01:15:32Z</published><updated>2012-02-24T01:15:32Z</updated><content type="html" xml:lang="en-US"><![CDATA[<p>Daily Real Estate News | Thursday, February 23, 2012</p>
<p>Existing-home sales rose 4.3 percent in January to a seasonally adjusted annual rate of 4.57 million, marking the third gain for home sales in the last four months, the National Association of REALTORS&reg; reports. &nbsp;</p>
<p>&ldquo;The uptrend in home sales is in line with all of the underlying fundamentals &ndash; pent-up household formation, record-low mortgage interest rates, bargain home prices, sustained job creation and rising rents,&rdquo; NAR&rsquo;s Chief Economist Lawrence Yun says.</p>
<p>While sales ticked up, inventories of for-sale homes also continued to show improvement, NAR reported. At the end of January, total housing inventory fell 0.4 percent to 2.31 million existing homes for sale, which represents a 6.1-month supply at the current sales pace.&nbsp;</p>
<p>&ldquo;The broad inventory condition can be described as moving into a rough balance, not favoring buyers or sellers,&rdquo; Yun says. &ldquo;Foreclosure sales are moving swiftly with ready home buyers and investors competing in nearly all markets. A government proposal to turn bank-owned properties into rentals on a large scale does not appear to be needed at this time.&rdquo;</p>
<p>Unsold listed inventory has steadily dropped since reaching a peak of 4.04 million in July 2007. It now is 20.6 percent below where it was a year ago, NAR reports.&nbsp;</p>
<p><strong>Housing Affordability Improves</strong></p>
<p>As home prices have fallen and mortgage rates at all-time record lows, housing affordability is at some of its highest levels on record.&nbsp;</p>
<p>&ldquo;Word has been spreading about the record high housing affordability conditions and our members are reporting an increase in foot traffic compared with a year ago,&rdquo; says NAR President Moe Veissi. &ldquo;With other favorable market factors, these are hopeful indicators leading into the spring home-buying season. We&rsquo;re cautiously optimistic that an uptrend will continue this year.&rdquo;</p>
<p>The national median existing-home price for all housing types in January was $154,700, which is down 2 percent year-over-year.&nbsp;</p>
<p>Distressed sales, which tend to sell at steep discounts, continue to hamper home prices nationwide. Foreclosures and short sales accounted for 35 percent of all January home sales, which is up slightly from 32 percent in December.&nbsp;</p>
<p>Still, &ldquo;home buyers over the past three years have had some of the lowest default rates in history,&rdquo; Yun said.&nbsp; &ldquo;Entering the market at a low point and buying at discounted prices have greatly helped in that success.&rdquo;</p>
<p><strong>Breakdown by Housing Type</strong></p>
<p>Here&rsquo;s a closer look at how home sales fared by housing type in January:&nbsp;</p>
<p><strong>Single-family home sales:</strong> increased 3.8 percent to a seasonally adjusted annual rate of 4.05 million in January from 3.90 million in December. They are 2.3 percent above the 3.96 million-unit pace a year ago.&nbsp;Median price: $154,400 in January, down 2.6 percent from January 2011.</p>
<p><strong>Existing condominium and co-op sales:</strong> rose 8.3 percent to a seasonally adjusted annual rate of 520,000 in January from 480,000 in December. They are 10.3 percent lower than the 580,000-unit level in January 2011.&nbsp;Median price: $156,600 in January, up 2 percent from a year ago.</p>
<p><strong>Home Sales by Region</strong></p>
<p>The following is a breakdown of existing-home sales in January by region:&nbsp;</p>
<ul>
<li><strong>Northeast: </strong>increased3.4 percent to an annual pace of 600,000 in January and are 7.1 percent above a year ago.&nbsp;Median price: $225,700, which is 4.2 percent below January 2011.</li>
<li><strong>Midwest: </strong>increased 1 percent in December to a level of 980,000 and are 3.2 percent higher than January 2011.&nbsp;Median price: $122,000, down 3.9 percent from a year ago.</li>
<li><strong>South: </strong>rose 3.5 percent to an annual level of 1.76 million in January but are unchanged from a year ago.&nbsp;Median price: $134,800, which is 0.3 percent below January 2011.</li>
<li><strong>West: </strong>increased 8.8 percent to an annual pace of 1.23 million in January but are 3.1 percent below a spike in January 2011.&nbsp;Median price: $187,100, down 1.8 percent from a year ago.</li>
</ul>
<p><strong>Contract Delays, Cancellations Remain High</strong></p>
<p>Twenty-one percent of NAR members in January reported delays in contracts, and 33 percent said contracts fell through, according to NAR. The number of contract cancellations remains mostly unchanged from December.&nbsp;</p>
<p>The increase in the past year of contract cancellations or delays has been blamed on more lenders declining mortgage applications from stricter underwriting standards and low appraisals coming in under the agreed upon contract price.&nbsp;</p>
<p><em>Source: National Association of REALTORS&reg;</em></p>]]></content></entry><entry><title>SOUTH FLORIDA TOLL ROADS</title><id>http://cjoelyoung.com/latest-news/2012/2/23/south-florida-toll-roads.html</id><link rel="alternate" type="text/html" href="http://cjoelyoung.com/latest-news/2012/2/23/south-florida-toll-roads.html"/><author><name>C Joel Young</name></author><published>2012-02-23T14:33:32Z</published><updated>2012-02-23T14:33:32Z</updated><content type="html" xml:lang="en-US"><![CDATA[<p>Every day at&nbsp;our Visitor Centers we deal with confused and worried tourists having just run the Sunpass lanes and not knowing what to do. I know that many of you now have to answer the same questions from those confused by the new system.&nbsp; Below is some information that may help you.</p>
<p><strong>Toll by Plate option&hellip;..www.tollbyplate.com</strong></p>
<p>The Sunpass transponder works everywhere in south Florida where there is electronic tolling from Tampa south to Miami to include the turnpike and I-95, ect...</p>
<p>Toll by plate is an option that only works on the Turnpike and the expressways around Miami&hellip;.it does not include I-95 or where there would be sunpass parking lots (like at the airports) ect&hellip;&nbsp; Most importantly, where there are still toll booths on the turnpike and on the 836, the toll by plate does not work at these locations.&nbsp; This customer must stop and pay.</p>
<p>Advantage:&nbsp; When you run a toll, the picture of your car plate takes about 24 hours to process.&nbsp; Once it has processed the picture, then the system checks to see if you have an account.&nbsp; In about 2 hours after an account is set up on tollbyplate.com, &nbsp;your vehicle is active, meaning when the system checks and finds your account, no violation is sent to the car rental company.&nbsp; You are safe if you set up an account within 24 hours of running your first toll in your rental car.</p>
<p>Advantage:&nbsp; you can set up your rental car on this system,&nbsp; add money via a credit card or debit and never have to worry about the car rental administrative policies or per-day rate, and you will not fall into any violation with the car rental company&hellip;.however, remember the use area restrictions mentioned above.&nbsp; With&nbsp;Toll-by-plate they must stop and pay wherever there is still a Toll booth.</p>
<p>How to set Up.&nbsp; Go to <a href="http://www.tollbyplate.com/"></a><a href="http://www.tollbyplate.com">www.tollbyplate.com</a></p>
<p>Click top button:&nbsp; &ldquo;Create Account&rdquo;</p>
<p>Then click:&nbsp; &ldquo;Create Personal Account&rdquo;</p>
<p>Then fill out basic account information</p>
<p>Next page:&nbsp; security question</p>
<p>Last page:&nbsp; vehicle registration which would be the information about the car being rented and it also asks for a start and end date for the lease.</p>
<p>Final page: add money</p>]]></content></entry><entry><title>Biscayne National Park Readies for Lobster "Mini-Season"</title><id>http://cjoelyoung.com/latest-news/2011/7/18/biscayne-national-park-readies-for-lobster-mini-season.html</id><link rel="alternate" type="text/html" href="http://cjoelyoung.com/latest-news/2011/7/18/biscayne-national-park-readies-for-lobster-mini-season.html"/><author><name>C Joel Young</name></author><published>2011-07-19T00:27:58Z</published><updated>2011-07-19T00:27:58Z</updated><content type="html" xml:lang="en-US"><![CDATA[<p>Biscayne News Release</p>
<p>July 18, 2011</p>
<p>During the July 27 and 28 Spiny Lobster Sport Season, Biscayne National</p>
<p>Park rangers will be actively patrolling both Biscayne Bay and the outer reefs to ensure both public safety and legal lobster harvest. At the same time, park biologists will be stationed at popular boat launching sites to complete surveys on the quantity, size, sex and harvest locations for lobsters. The surveys provide scientists with important information which help them monitor and better understand the Park&rsquo;s lobster populations.</p>
<p>Harvesting lobsters in the Biscayne Bay-Card Sound Lobster Sanctuary (whose boundaries overlap the Park&rsquo;s boundaries) is prohibited year-round. The lobsters can live and breed safely year-round to provide a replenishment zone to surrounding areas. The Sanctuary includes all of Biscayne Bay and Card Sound from a line connecting Matheson Hammock to the southern tip of Key Biscayne all the way south to Pumpkin Creek and the Card Sound Bridge. The Sanctuary&rsquo;s eastern boundary conforms to the high water line on the east side of the Keys, including all natural and artificial tidal creeks and channels in that area.</p>
<p>In Biscayne National Park and in Monroe County, recreational harvesters with a valid Florida recreational saltwater fishing license and lobster permit can take up to 6 legal-sized lobsters (3&rdquo; carapace length) per person, per day during the Sport Season. Outside Biscayne National Park and Monroe County, the legal limit is 12 lobsters per person, per day during the Sport Season. During the Regular Spiny Lobster Season that opens August 6 and runs through March 31, 2012, licensed harvesters can take six animals per person per day, regardless of where the legal harvesting takes place. The taking of egg-bearing female lobsters and the use of spearguns or otherhook-type instruments is prohibited. All lobsters must remain in whole condition until returned to the mainland.</p>
<p>Superintendent Mark Lewis reminds all participants that if they are at all in doubt as to the location of the sanctuary boundaries, they should err on the side of caution and move further out.&nbsp; He also stresses that safety is a priority during lobster season.&nbsp; The use of a 20" x 24" dive flag is required to be displayed on vessels used by divers and snorkelers. Boats must stay at least 300 feet from any boat displaying a dive flag unless at idle speed. Use and display dive flags properly.&nbsp; Look for dive flags while operating a vessel and exercise caution near them. Diving in or within 100 feet of a marked channel is prohibited in Biscayne National Park. To help ensure safety and protection of the resource and visitors, a unified team of National Park Service Rangers, working in conjunction with the Florida Fish and Wildlife Conservation Commission, and other enforcement agencies, will be out on the water in both marked and unmarked vessels during the entire two-day event, including nighttime hours.</p>
<p>All harvesters should take special precautions against unintentional interactions with poisonous lionfish, which tend to hide in the same habitats as lobsters. The taking of lionfish anywhere in Florida is not regulated, and the species are considered a delicacy. The Reef Environmental Education Foundation (REEF) has published a cookbook that details safe harvesting and preparation methods, and the book is available in the bookstore at Biscayne National Park&rsquo;s Dante Fascell Visitor Center.</p>
<p>A downloadable lobster brochure, including a map of the Biscayne Bay-Card Sound Lobster Sanctuary and information on how to properly measure a lobster, is available by going online at <a href="http://www.nps.gov/bisc" target="_blank">www.nps.gov/bisc</a> then clicking on the "Fishing &amp; Lobstering" Quick Link. For further information, please call the park at 305-230-7275, or get updates year-round by following @BiscayneNPS on Twitter.</p>
<p>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; -NPS-</p>
<p>EXPERIENCE YOUR AMERICA</p>
<p>The National Park Service cares for special places saved by the American people so that all may experience our heritage.</p>]]></content></entry><entry><title>Mile Markers in the Florida Keys</title><id>http://cjoelyoung.com/latest-news/2011/6/27/mile-markers-in-the-florida-keys.html</id><link rel="alternate" type="text/html" href="http://cjoelyoung.com/latest-news/2011/6/27/mile-markers-in-the-florida-keys.html"/><author><name>C Joel Young</name></author><published>2011-06-27T16:05:00Z</published><updated>2011-06-27T16:05:00Z</updated><content type="html" xml:lang="en-US"><![CDATA[<p><strong>By Jerry Wilkinson</strong></p>
<p>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mile Markers (MM) is a relative location of a site in reference to the number of miles north of Key West. The business center of unincorporated Key Largo is at about MM 100; therefore, about 100 miles northeast of Key West. The Florida DOT tries to maintain small rectangular green with white number mile marker signs every mile on both sides of the highway. <br />&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Generally except Marathon, addresses along the highway is the MM expressed as a four, five or six digit number. For example, a business with an address of 100511 Overseas Highway would located at about MM 100.5. If the extreme right digit (least significant) number is an even number, it is on the west or Bay/Gulf side. If an odd number it is on the east of ocean side. <br />&nbsp;&nbsp;&nbsp;&nbsp;Subtracting two MM's gives the approximate number of miles between two known locations. <br />&nbsp;&nbsp;&nbsp;&nbsp;If the MM's are getting smaller, one is traveling south or southwest. These are listed from north to south. Note: the farther south in the Keys one is, the more east and west the highway runs. <br />&nbsp;&nbsp;&nbsp;&nbsp;Business/commercial location may change or even disappear. This was compiled early 2003. <br />&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;I assume this practice began with Henry Flagler who numbered every mile of railroad beginning at Jacksonville and ending at Key West. They were white and black concrete Mile Post signs along the railroad track and on the printed timetables. <br />&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This list of MM's are approximate as I have recorded them. <br />&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Items listed in italics are historical locations and may not still physically exist.</p>
<p><strong><span style="color: #336666;">127.5</span></strong><span style="color: #336666;"> = Florida City - Junction with Fla. Turnpike and U.S. 1.. <br /><strong>126.5</strong> = Junction U.S. 1 with CR-905 to/from Card Sound Bridge and Ocean Reef Club, Oceanside. Also an alternate route,&nbsp; $1.00 bridge toll, if southbound.&nbsp; <br /><strong>126.0</strong> = End/Begin two-lane "18 Mile Stretch." If southbound, please drive carefully. <br /><strong>123.5</strong> = Florida Sand and Gravel site, Oceanside <br /><strong>123.0</strong> = Dade Correctional Institution, gulfside <br /><strong>118.0</strong> <strong>to 121.0</strong> = Four-lane passing zone <br /><strong>119.5</strong> = Dirt road turn-off, gulfside <br /><strong>116.3</strong> = C-111 Aerojet canal <strong>bridge</strong>&nbsp; <br /><strong>114.1</strong> = to 116.0 Four-lane passing area. <br /><strong>114.0</strong> = South Dade Marina &amp; boat storage, Oceanside <br /><strong>112.5</strong> = MONROE COUNTY LINE - Leave Dade County if southbound. <br /><strong>110.8</strong> = FKAA Water Pump Station, Oceanside. Little Black Water Sound Boat Ramp, gulfside <br /><strong>109.3</strong> = Osprey bird nest, Oceanside <br /><strong>108.0</strong> = Osprey nest, Oceanside.&nbsp; <br /><strong>107.2</strong> = Jewfish Creek <strong>drawbridge</strong>. Exit/enter Key Largo. Begin "18-Mile Stretch." If northbound, please drive carefully.<br /><strong>106.6</strong> = Lake Surprise&nbsp; <br /><strong>106.5</strong> = Card Sound Bridge turnoff to/from Ocean Reef via CR 905 Oceanside. Also an alternate route, $1.00 bridge toll, northbound to Homestead.<br />&nbsp;&nbsp;&nbsp;&nbsp; If taking CR905, the following MM's apply and are labeled "C". At C-5 soundside is the solid waste transfer facility. At C-7 oceanside is the former Carysfort Campground. At C-7.5 soundside was the former Nike missile launch site. At C-8.5 oceanside is the remains of the Nike missile radar site. At C-9.25 is a three way stop. <span style="text-decoration: underline;">Straight</span> goes to the Anglers and Ocean Reef Clubs gated communities. <span style="text-decoration: underline;">Left</span> goes across the Cardsound toll bridge to Homestead. At C-11 to the left is the Angler's Club and straight ahead is the Ocean Reef Club. Now back to MM's.<br /><strong>106.0</strong> = Key Largo Chamber of Commerce, gulfside;&nbsp; FKEC Power sub-station oceanside <br /><strong>105.9</strong> = County Animal shelter, oceanside <br /><strong>105.6</strong> <em>The location of the railroad depot and the center of the community of Key Largo from about 1910 to 1940. The depot was in the highway median. The community was gulfside.</em> <br /><strong>105.5</strong> = St. Justin Catholic Church, gulfside <br /><strong>105.4</strong> = Winn-Dixie Shopping Center, gulfside <br /><strong>105.3</strong> = Stillwright Point community entrance, gulfside <br /><strong>104.8</strong> = Key Largo Elem. School, oceanside&nbsp; <br /><strong>104.5</strong> = Taylor Creek Village, oceanside; Tamarind Park, gulfside&nbsp; <br /><strong>104.1</strong> = Caribbean Club, gulfside. <em>The set for the 1948&nbsp; movie Key Largo was modeled for this location</em>. <br /><strong>104.0</strong> = Jimmy Johnson's Big Chill, gulfside <br /><strong>103.5</strong> = The 1920s Key Largo Rock Castle, End of Oceana Drive, Oceanside. <br /><strong>103.4</strong> = Marvin Adams Waterway <strong>Bridge</strong> (The Cut), a canal that connects Atlantic to Florida Bay <br /><strong>103.8</strong> = Central (Pink) Plaza Shop Center, gulfside <br /><strong>102.8</strong> = John Pennekamp State Park entrance, oceanside&nbsp; <br /><strong>102.0</strong> = Telephone microwave towers, gulfside <br /><strong>101.5</strong> = Tarpon Basin Road, Key Largo Library, Tradewinds Shopping center, oceanside <br /><strong>101.2</strong> = Hibiscus Park, Oceanside. <em>The was the center of the 1880s community of Newport.</em>&nbsp; <br /><strong>99.8 = </strong>Key Largo Post Office- ZIP 33037, gulfside <br /><strong>99.5</strong> = Waldorf Plaza,&nbsp; oceanside. <br /><strong>98.0</strong> = Landings of Largo, gulfside; Moose Lodge oceanside; Everglades Park Ranger Station, gulfside. <br />1st Baptist Church, oceanside; Shell World (center road); Rock Harbor Club, gulfside. <br /><strong>95 to 100</strong> = This was the early community of Rock Harbor. A small railroad depot was also here. <br /><strong>97.0</strong> =&nbsp;Hilton Hotel, gulfside <br /><strong>96.0</strong> = Silver Shores community, oceanside; Winken Blinkin and Nod Estates, oceanside. Buttonwood Bay gulfside&nbsp; <br /><strong>95.3</strong> = Key Largo Ocean Resorts, oceanside. Key Largo Prof. Center., gulfside. <br /><strong>95.2</strong> = Florida Keys National Marine Sanctuary building. <br /><strong>94.8</strong> = Seaside community, oceanside. <em>The 1900s Thompson line packing house was in this area.</em> <br /><strong>94.0</strong> = Red Cross Center, gulfside; Glander Boats oceanside, Sunset Hammock, gulfside. <br /><strong>93.8</strong> = Wild Bird Center, gulfside <br /><strong>93.1</strong> = Hammer Point community, WFKZ Radio tower and offices, gulfside. <br /><strong>92.9</strong> = Jewish Center, oceanside <br /><strong>92.8</strong> = Burton Memorial United&nbsp; Methodist Church, oceanside <br /><strong>92.6</strong> = Burton Drive, Harry Harris Park oceanside. The early community of Planter included the park area, but the community center was about 1,000 feet south. <br /><strong>92.2</strong> BPOE Lodge, Bank of America, gulfside; Driftwood Trailer Park, oceanside <br /><strong>91.9</strong> Old Tavernier Post office; Old Settlers Park, oceanside Tavernier Hotel, oceanside. This was the center of the early community of Tavernier. Its depot was in the median just south of the post office. <br /><strong>91.8</strong> = Reporter Newspaper; FKEC Power Station, Oceanside; FKAA, gulfside&nbsp; <br /><strong>91.3</strong> = Tavernier Town Shopping Center, Mariners Hospital, Post Office - ZIP 33070, gulfside&nbsp; <br /><strong>91.0</strong> = Tavernier Creek <strong>Bridge</strong>; enter Islamorada; Tavernier Creek Marina, Plantation Marina, gulfside <br /><strong>90.8</strong> = Turek Building, gulfside <br /><strong>90.1</strong> = Plantation Key Colony community entrance, gulfside; Immanuel Lutheran Church, oceanside. <em>A large Indian mound existed in the center of the subdivision.</em> <br /><strong>90.05</strong> = End 4-lane highway if going south. <br /><strong>90.0</strong> = Coral Isles Church; Coral Shores High School, Oceanside; Plantation Key Elementary School <br /><strong>89.5</strong> = San Pedro Catholic Church, gulfside <br /><strong>88.5</strong> = Plantation Key Government Center, Sheriff, Courthouse, Building/Zoning/Tax Collector/ Assessor; Convalescent and Children's Center; Old Mariner's Hospital, gulfside <br /><strong>88.0</strong> =&nbsp; Futura Yacht Club, gulfside; Plaza 88; Plantation Key Professional Building, oceanside <br /><strong>87.5</strong> = St. James Fisherman Episcopal Church, Executive Bay Club, Gulfside <br /><strong>87.0</strong> = Founders Park (Plantation Yacht Harbor), gulfside <br /><strong>86.8</strong> = Rainbarrel, gulfside <br /><strong>86.0</strong> = Weigh station for trucks, oceanside WXOS Radio station and tower, Venetian Shores subdivision&nbsp; <br /><strong>85.5</strong> = Snake Creek Draw <strong>Bridge</strong>; Coast Guard Station, gulfside Enter Windley Key <br /><strong>85.3</strong> = Windley Key State Fossil Reef Geological Site, gulfside <br /><strong>84.3</strong> = <em>This was the center of the community of Quarry that thrived during the construction of the railroad.</em> <br /><strong>84.2</strong> = Theater of the Sea; Holiday Isle Resort oceanside.&nbsp; <br /><strong>84.0 = </strong>Whale Harbor Bridge. <br /><strong>83.4</strong> = Island Christian School, gulfside; Whale Harbor Inn, oceanside <br /><strong>82.6</strong> = Islamorada Post Office- ZIP 33036, oceanside <br /><strong>81.5</strong> = Islamorada Library and park, gulfside; Hurricane Memorial; Cheeca Lodge, Oceanside. <em>The library was constructed as a Hurricane Refuge School after the 1935 Hurricane.</em> During construction, <em>the Florida Keys Memorial, know as the Hurricane Monument,</em> was also constructed and dedicated. <br /><strong>81.2</strong> = Worldwide Sportsman; gulfside<br /><strong>81.3</strong> = Green Turtle Inn; Oceanside. P<em>art of the structure survived the 1935 Hurricane.</em> <br /><strong>80.0</strong> = Roadside park, gulfside <br /><strong>79.8</strong> = Tea Table Relief <strong>Bridge</strong>. Papa Joe's Marina, gulfside; Bud and Mary's, oceanside. <em>The north&nbsp;</em> <br /><em>approach washed out during Hurricane Donna, 1960.</em> <br /><strong>79.1</strong> = Tea Table Channel <strong>Bridge</strong> <br /><strong>78.0</strong> = Indian Key <strong>Bridge</strong>. Lignumvitae Key Botanical Site (State) gulfside in distance. Lignumvitae Key Boat Ramp gulfside; Indian Key Archaeological Site, San Pedro Underwater State Park and Alligator Lighthouse, oceanside at a distance. This is area is of historic significance. <em>The islands of Indian Key, Lignumvitae Key and Alligator Lighthouse are prominent artifacts.</em> <br /><strong>77.1</strong> = Lignumvitae <strong>Bridge</strong>&nbsp; <br /><strong>77.0</strong> = Robbie's Marina, gulfside; Star of the Sea motel, oceanside&nbsp; <br /><strong>74.0</strong> = Angelo's Country Store, Port Antigua community, gulfside <br /><strong>74.3</strong> = Safety Harbor community entrance, gulfside <br /><strong>73.6</strong> = Boy Scouts Sea Base, gulfside; Calusa Cove Marina. Oceanside. <em>Gulfside was the location of Camp 3 for the WW-1 veterans. Many perished in the 1935 hurricane.&nbsp;</em> <br /><strong>73.4</strong> = Anne's Beach, Oceanside. Gulfside is Veteran's Island, which is the grown over approach to the veteran's bridge piers. <br /><strong>73.0</strong> = <em>Off shore on the gulfside can be seen the remains (8) of the concrete bridge piling built by the WW-1 veterans.</em> <br /><strong>72.8</strong> = Apogee of Channel #2 <strong>bridge</strong> <br /><strong>71.8</strong> = Craig Key. <em>Rowland Craig built his resort of Craig at the north end of this railroad fill. The drawbridge tender for the Channel 5 railroad bridge lived at the south end.</em> <br /><strong>71.4</strong> = Apogee of Channel #5 <strong>bridge</strong> <br /><strong>70.0</strong> = Fiesta Key&nbsp;campground and FKAA pumping station <br /><strong>68.9</strong> = Tower, oceanside <br /><strong>68.5</strong> = Layton, Long Key Post Office - ZIP 33001 <br /><strong>68.0</strong> = Solid waste transfer station <br /><strong>67.5</strong> = Long Key State Park, Oceanside <br /><strong>66.0</strong> = Outdoor Resorts camp ground <br /><strong>65.8</strong> = <em>Henry Flagler's Long Key Fishing Camp occupied the southwest end of Long Key. American author, Zane Grey, vacationed and wrote while at this location in the early 1900s.</em> <br /><strong>64.0</strong> = Middle of Long Key <strong>Bridge</strong>, If southbound, entering the Middle Keys. <br /><strong>62.9</strong> = Conch Key, fire station <br /><strong>62.2</strong> = Walker's Island (Little Conch Key) <br /><strong>61.2</strong> = Tom's Harbor Cut <strong>Bridge</strong> <br /><strong>61.1</strong> = Entrance to Duck Key; Hawk's Cay resort, Oceanside <br /><strong>60.6</strong> = Tom's Harbor Channel <strong>Bridge</strong> <br /><strong>59.9</strong> = Enter/leave City of Marathon <br /><strong>58.9</strong> = Grassy Key, Dolphin Research Center <br /><strong>56.2</strong> = Curry Hammock State Park <br /><strong>54.6</strong> = Coco Plum <br /><strong>54.5</strong> = Begin/end 4-lane <br /><strong>53.5 </strong>= Entrance to Village of Key Colony Beach, Oceanside <br /><strong>53.1</strong> = Vaca Cut <strong>Bridge</strong>, entering the business district of Marathon next 8 miles. <br /><strong>52.0</strong> = Marathon County Airport, bayside <br /><strong>50.0</strong> = Museum of Natural History, Crane Hammock, gulfside; Shopping; High School; Sombrero Beach, oceanside <br /><strong>48.7</strong>&nbsp; = Fisherman's Hospital, Oceanside; Library, Sheriffs substation, Oceanside; Fla Highway Patrol, FKAA bayside; <br /><strong>48.3</strong> = Post Office ZIP 33050 oceanside. <br /><strong>48.0</strong> = Coast Guard, gulfside; turnoff to Boot Key. <br /><strong>47.5</strong> = Knight's Key <br /><strong>47.0</strong> = Begin/end of Seven Mile Bridge, Marathon City limits. To Pigeon Key (<em>old 7-Mile Bridge</em>), gulfside. Pigeon Key visitor's center <br /><strong>44.8</strong> = Pigeon Key, gulf side <br /><strong>43.9</strong> = Moser Channel, apogee of Seven-Mile <strong>Bridge</strong>. Sombrero Light House seen at a distance, oceanside <br /><strong>41.7</strong> = <em>End of original steel truss railroad bridge and begin concrete arch bridge</em> <br /><strong>40.0</strong> = End/begin Seven Mile Bridge <br /><strong>39.9</strong> = Veterans Memorial Park, oceanside <br /><strong>39.5</strong> = Missouri-Little Duck Channel <strong>Bridge</strong>&nbsp; <br /><strong>39.0</strong> = Ohio-Missouri Channel <strong>Bridge</strong> <br /><strong>38.8</strong> = Sunshine Key Trailer Park <br /><strong>38.7</strong> = Ohio- Bahia Honda Channel <strong>Bridge</strong> <br /><strong>37.0</strong> = Begin/end a short section of 4-lane highway. <br /><strong>36.8</strong> = Bahia Honda State Park entrance, oceanside. <br /><strong>36.0</strong> = Bahia Honda <strong>Bridge</strong> (4-lanes) <em>old railroad camelback bridge</em>, ocean <br /><strong>35.0 </strong>= End/begin 4-lane&nbsp; <br /><strong>34.7</strong> = Steel Tower <br /><strong>34.5</strong> = Translator TV tower site, gulfside. <br /><strong>34.5</strong> = Girl Scout Camp, oceanside. <br /><strong>34.1</strong> = Camp Sawyer, Boy Scouts, oceanside. <br /><strong>34.0</strong> = West Summerland Key <br /><strong>33.0</strong> = Spanish Harbor <strong>Bridge</strong> west end. This potion cut away for good cross-section view.&nbsp; <br /><strong>31.0 </strong>= Lower Keys Chamber of Commerce, <em>Old F.E.C. railway marker, oceanside</em> <br /><strong>30.2</strong> = Big Pine Key traffic stop light; gulf to Key Deer Rd. and Wilder Road. Shopping Ctr, Prison, Preserve, No Name Key turnoff, gulfslde. Continue to No Name Pub, if you can find it. Bogie Channel Bridge (Old Wooden Fishing Bridge) Camp Big Pine Fishing Lodge on oceanside before bridge. <br /><strong>30.0</strong> = USPO- ZIP 33043 <br /><strong>29.3</strong> = North Pine Channel <strong>Bridge</strong> <br /><strong>28.1</strong> = Little Torch Key.&nbsp; <br /><strong>28.0</strong> = Torch Channel <strong>Bridge</strong> <br /><strong>27.9 = </strong>Middle Torch Key. Entrance to Big Torch Key, turnoff gulfside. <br /><strong>27.7</strong> = Torch-Ramrod Channel <strong>Bridge</strong>&nbsp; <br /><strong>27.0</strong> = Aqueduct Authority on Ramrod Key, oceanside <br /><strong>26.6</strong> = South Pine Channel Bridge, east end of <strong>bridge</strong>, oceanside&nbsp; <br /><strong>27.0</strong> = Ramrod Key. <br /><strong>26.0</strong> = Niles Channel <strong>Bridge</strong>, middle. <br /><strong>25.5</strong> = East end of bridge, oceanside. <br /><strong>25.0 - 24.0</strong> = Summerland Key community <br /><strong>24.8</strong> = Summerland Key Post Office - ZIP 33042 <br /><strong>24.0</strong> = Summerland Key Sea Base <br /><strong>23.5</strong> = Kemp Channel <strong>Bridge</strong>,&nbsp; east end of bridge, oceanside. <br /><strong>21.5</strong> = Cudjoe Key Transfer station <br /><strong>21.0</strong> = Cudjoe Key Subdivision on oceanside. U.S. Navy "Fat Albert" site, gulfside <br /><strong>20.2</strong> = Bow Channel <strong>Bridge</strong> to Sugarloaf Key. <br /><strong>20.0</strong> = Mangrove Momma's gulfside, KOA Campground oeeanside <br /><strong>19.3</strong> = Crane Blvd. to gulfside, Sugarloaf School&nbsp; <br /><strong>18.6</strong> = Upper Sugarloaf Key <br /><strong>18.8</strong> = Park Channel <strong>Bridge</strong> <br /><strong>18.5</strong> = Park Key Landfill <br /><strong>17.8</strong> = North Harris Channel <strong>Bridge</strong>&nbsp; <br /><strong>17.6</strong> = Harris Gap Channel <strong>Bridge</strong> <br /><strong>17.5</strong> = Lower Sugarloaf Key <br /><strong>17.0</strong> = Blinking light, Sugarloaf Blvd ocean, gulfside; Sugarloaf Airport and Bat Tower. <br />Before blinking 1 light, Gulfside to Sugarloaf Lodge, USPO-ZIP 33040; Fire station. <br />Sugarloaf Vol. Fire Dep't, Gulfside. <br /><strong>16.3</strong> = Harris Channel <strong>Bridge</strong> <br /><strong>15.8</strong> = Lower Sugarloaf Channel&nbsp; <strong>Bridge</strong> <br /><strong>15.0</strong> = Gate on gulfside to old U.S. Army transmitter site. Now Radio Marti. Bay Point Park. <br /><strong>14.6</strong> = Saddlebunch #2 <strong>Bridge</strong>, Bay Point Subdivision entrance, Oceanside <br /><strong>14.3</strong> = Saddlebunch #3 <strong>Bridge</strong>, Saddlebunch Shrs./Bluewater Dr., ocean. <br /><strong>13.1</strong> = Saddlebunch #4 <strong>Bridge</strong> <br /><strong>12.8</strong> = Saddlebunch #5 <strong>Bridge</strong> <br /><strong>11.4</strong> = Shark Channel <strong>Bridge</strong> <br /><strong>11.2 =</strong> Shark Key <br /><strong>11.0</strong> = Big Coppitt Boat Ramp, oceanside. <br /><strong>10.5</strong> = Seaside Park, Fire house; SR 941 AKA Old Boca Chica Road, Ocean, to Geiger Key. <br /><strong>10.4</strong> = Porpoise Point entrance, gulfside <br /><strong>10.0</strong> = Big Coppitt Key <br /><strong>9.7</strong> = Rockland Channel <strong>Bridge</strong> <br /><strong>9.2</strong> = East Rockland Key <br /><strong>8.5</strong> = Tourist welcome center <br /><strong>8.4</strong> = Begin/end 4-lanes <br /><strong>8.0 = </strong>NAS Boca Chica Overpass, entrance to N S, ocean. Turnoff from both directions US-1.&nbsp; <br /><strong>7.0</strong> = Back gate to NAS, closed, oceanside <br /><strong>6.1</strong> = Boca Chica bridge, middle <br /><strong>5.2</strong> = Key Haven, ocean turnoff <br /><strong>5.0</strong> = Stock Island, gulf turnout to Jr. College Road: Dump, FKMH, FKCC, Golf Course, jail <br /><strong>4.1</strong> = Cow Key Channel <strong>Bridge</strong> and bear right for&nbsp; <br /><strong>3.9</strong> = Traffic light. End/begin 4-lane.&nbsp; Bear left for Flagler Street; Airport; Martello Towers, Higgs Beach and Casa Marina. Bear right for N. Roosevelt; Truman Avenue, Fort Taylor <br /><strong>3.0</strong> = Sears Town shopping plaza <br /><strong>2.3</strong> = Salt Run <strong>Bridge</strong>, N. Roosevelt, Key West <br /><strong>1.7</strong> = Palm Ave; U.S.C.G. Group; NAS Trumbo <br /><strong>1.0</strong> = About South Street <br /><strong>0.0</strong> = Jackson Sq. County Seat; Key West Post Office-ZIP 33040. </span></p>]]></content></entry><entry><title>First-time Buyers Prepare for Best Market in Recent History</title><id>http://cjoelyoung.com/latest-news/2011/3/24/first-time-buyers-prepare-for-best-market-in-recent-history.html</id><link rel="alternate" type="text/html" href="http://cjoelyoung.com/latest-news/2011/3/24/first-time-buyers-prepare-for-best-market-in-recent-history.html"/><author><name>C Joel Young</name></author><published>2011-03-25T00:48:31Z</published><updated>2011-03-25T00:48:31Z</updated><content type="html" xml:lang="en-US"><![CDATA[<p>CAMPBELL, Calif. &ndash; March 22, 2011 &ndash; Inexperienced first-time buyers may not know if the time is right to make a move into real estate.<br />&ldquo;It&rsquo;s not about timing the market. It&rsquo;s about time in the market,&rdquo; says Steve Berkowitz, chief executive officer at Move Inc., the online company that oversees operation of Realtor.com. &ldquo;Once you know how long you expect to own a home, look at the historical value performance of properties in the neighborhood. Be confident about your own job security, downpayment resources and tolerance for upkeep, as well as the lifestyle you want today and in the near term. Today&rsquo;s housing market, especially for first-time buyers, makes it almost impossible not to think about the possibilities.&rdquo;<br />To help first-time buyers decide if they&rsquo;re ready, Move created a &ldquo;reality checklist.&rdquo;<br />Get your financial house in order<br />Before you decide to buy a home, make sure your credit is in good shape and repair any damage previously done. Know your credit score: Thirty-five percent of successful buyers recently reported they didn&rsquo;t know their credit score when they went house shopping, according to a national survey fielded for MortgageMatch.com. Having enough money set aside for a downpayment is a key component. Also, don&rsquo;t put all your money in the downpayment as other fees or unexpected expenses often arise after closing.<br />Don&rsquo;t fall in love with a house you can&rsquo;t buy<br />Find out how much you can afford, including how much money will be required for a downpayment and closing costs. Look for special loans available from FHA and government-sponsored loans for first-time homebuyers that reduce the amount of money required to get into a home.<br />Learn the lingo<br />Since first-time buyers are new to the market and will finance a significant portion of their purchase, it&rsquo;s important to get familiar with the processes and terminology associated with home buying. Here are a few key terms from MortgageMatch.com:<br />&bull; Bait Rate: Misleading mortgages with low rate promises and no contingencies generally for those with extraordinary credit. Rates are based on: credit, debt-to-income and loan-to-value ratios, the size and type of loan, property location and the day you lock your rate, etc. The loan isn&rsquo;t locked until the application is accepted. By then, it may be too late to find a better rate from another lender.<br />&bull; Basis Point: A term used in the mortgage industry, which simply means 1/100th of 1 percent.<br />&bull; Closing Costs: The fees required to process and close your loan. They&rsquo;re a cash obligation running from three to five percent of the purchase price. Motivated sellers might pay a portion of these costs.<br />&bull; FHA: Federal Housing Administration, the federal government agency that oversees the U.S. housing market. FHA loans are loans insured by the U.S. Department of Housing and Urban Development.<br />&bull; FRM and ARM: A fixed-rate mortgage loan (FRM) is a loan where your interest rate stays the same for the life of the loan. ARMs are adjustable rate mortgages with variable interest rates that fluctuate based on an agreed-upon index.<br />&bull; GFE: The Good Faith Estimate (GFE) is a document explaining all costs involved in getting a loan.<br />&bull; TIL: The Federal Truth-in-Lending Form is a document that spells out the costs and fees of the loan.<br />&bull; Lis Pendens: An official notice that there is a pending lawsuit over real estate.<br />&bull; Per Diem Interest: Interest you pay per day, from the day you close to the last day of the month.<br />&bull; Underwriting and Underwriting Fees: Underwriting is a process the lender performs to qualify a borrower for a loan, and the fee is what you pay the lender at closing to cover evaluating the risk involved with loaning you money.<br />&bull; Warranty Deed: A legal document guaranteeing the seller has a right to sell a property, which is very important if you are considering a distressed or discounted property.<br />If now isn&rsquo;t the right time, prepare for your future purchase<br />If now isn&rsquo;t the right time to buy a home, make a plan with a target date for when you expect to be ready. Improving your credit, paying down debt, stabilizing your work history and calculating exactly how much you can afford, are the best ways to prepare for your future home purchase. It&rsquo;s also important to refrain from making any new large purchases or applying for new credit.<br /><br />&copy; 2011 Florida Realtors&reg;</p>]]></content></entry><entry><title>HAPPY NEW YEAR!!!</title><id>http://cjoelyoung.com/latest-news/2010/12/31/happy-new-year.html</id><link rel="alternate" type="text/html" href="http://cjoelyoung.com/latest-news/2010/12/31/happy-new-year.html"/><author><name>C Joel Young</name></author><published>2010-12-31T19:45:31Z</published><updated>2010-12-31T19:45:31Z</updated><content type="html" xml:lang="en-US"><![CDATA[<p><span class="full-image-block ssNonEditable"><span><img style="width: 350px;" src="http://cjoelyoung.squarespace.com/storage/Happy%20New%20Year%202011.jpg?__SQUARESPACE_CACHEVERSION=1293825979437" alt="" /></span></span></p>]]></content></entry><entry><title>MERRY CHRISTMAS!</title><id>http://cjoelyoung.com/latest-news/2010/12/22/merry-christmas.html</id><link rel="alternate" type="text/html" href="http://cjoelyoung.com/latest-news/2010/12/22/merry-christmas.html"/><author><name>C Joel Young</name></author><published>2010-12-23T04:39:45Z</published><updated>2010-12-23T04:39:45Z</updated><content type="html" xml:lang="en-US"><![CDATA[<p><span class="full-image-block ssNonEditable"><span><img src="http://cjoelyoung.squarespace.com/storage/ACRE%20Christmas%20Postcard.jpg?__SQUARESPACE_CACHEVERSION=1293079627624" alt="" /></span></span></p>]]></content></entry><entry><title>No Foreclosures Over the Holidays</title><id>http://cjoelyoung.com/latest-news/2010/12/8/no-foreclosures-over-the-holidays.html</id><link rel="alternate" type="text/html" href="http://cjoelyoung.com/latest-news/2010/12/8/no-foreclosures-over-the-holidays.html"/><author><name>C Joel Young</name></author><published>2010-12-08T14:05:44Z</published><updated>2010-12-08T14:05:44Z</updated><content type="html" xml:lang="en-US"><![CDATA[<p>Daily Real Estate News&nbsp;&nbsp;<strong>|&nbsp;&nbsp;</strong>December 6, 2010&nbsp;&nbsp;<strong>|</strong><br /><span style="font-family: Arial; font-size: x-small;">Fannie Mae and Freddie Mac are freezing all foreclosure evictions on the mortgage loans they own or back from Dec. 20 through Jan. 3.</span><br /><span style="font-family: Arial; font-size: x-small;">"If the property is occupied, our foreclosure attorneys will suspend the eviction to provide a greater measure of certainty to families during the holidays," says Anthony Renzi, executive vice president of single family portfolio management at Freddie Mac.</span><br /><span style="font-family: Arial; font-size: x-small;">Most of the large banks, including Bank of America, J.P. Morgan Chase, and Wells Fargo, already observe a moratorium through the New Year, unless the foreclosure involves an investor who chooses not to observe the holiday policy. </span><br /><br /><em><span style="font-family: Arial; font-size: x-small;">Source: CNNMoney, Les Christie (12/03/2010)</span></em></p>]]></content></entry><entry><title>HAPPY THANKSGIVING</title><id>http://cjoelyoung.com/latest-news/2010/11/22/happy-thanksgiving.html</id><link rel="alternate" type="text/html" href="http://cjoelyoung.com/latest-news/2010/11/22/happy-thanksgiving.html"/><author><name>C Joel Young</name></author><published>2010-11-23T02:34:19Z</published><updated>2010-11-23T02:34:19Z</updated><content type="html" xml:lang="en-US"><![CDATA[<p><img style="width: 500px;" src="http://cjoelyoung.squarespace.com/storage/Thanksgiving.jpg?__SQUARESPACE_CACHEVERSION=1290480211102" alt="" /></p>]]></content></entry><entry><title>To rent or buy? How to weigh it out</title><id>http://cjoelyoung.com/latest-news/2010/9/13/to-rent-or-buy-how-to-weigh-it-out.html</id><link rel="alternate" type="text/html" href="http://cjoelyoung.com/latest-news/2010/9/13/to-rent-or-buy-how-to-weigh-it-out.html"/><author><name>C Joel Young</name></author><published>2010-09-14T01:23:01Z</published><updated>2010-09-14T01:23:01Z</updated><content type="html" xml:lang="en-US"><![CDATA[<p>WEST PALM BEACH, Fla. &ndash; Sept. 9, 2010 &ndash; West Palm Beach resident and Realtor Laura Pearlman is selling her historic, Spanish-style home, and &ndash; gasp &ndash; considering renting.<br />It may go against every instinct for a Realtor to tout the benefits of renting over buying, but from about 2005 until just recently, it&rsquo;s made more financial sense in many markets to rent as housing prices skyrocketed.<br />Now, following the epic housing crash and with interest rates at record lows, economists and financial planners say it might be time to rip up that annual rental lease for a more long-term, at least eight-year, commitment to buy.<br />But the decision often has as much to do with personal circumstance as real estate&rsquo;s financial ups and downs, and individuals have many issues to weigh when considering the benefits of buying over renting.<br />Of course, it&rsquo;s also all predicated on whether a potential buyer can even get financing from banks still struggling with bad boom-time loans.<br />In Pearlman&rsquo;s case, the rigors of keeping up an 84-year-old home have become a burden, and she and her husband eventually want to move west to Wellington where they hope to find a larger piece of land.<br />An unsure market, however, is also a driving force in making the couple renters again.<br />Pearlman said the argument against renting is always &ldquo;you&rsquo;re throwing money away&rdquo; while earning no equity, but she figures there&rsquo;s no harm in renting for a year to see where the market settles out.<br />&ldquo;My husband wants to rent because he just doesn&rsquo;t want to take a chance right now,&rdquo; Pearlman said. &ldquo;Look, you can get a nice house for $1,250 a month, no homeowners association payment, no property taxes, no lawn care, no responsibility.&rdquo;<br /><strong>Doing the math</strong><br />Andres Carbacho-Burgos, a Moody&rsquo;s economist, said there&rsquo;s little doubt that renting in South Florida was a better bet during the peak years of 2005 and 2006.<br />&ldquo;What has happened since then is the housing prices have come down by a lot more than the costs to rent an apartment,&rdquo; he said.<br />To illustrate that, Carbacho-Burgos looks to a price-rent ratio that considers the buy-versus-rent question in a more mathematical way. The ratio is calculated by taking the median cost to buy a home and dividing it by the annual cost to rent.<br />A price-rent ratio less than 20 is generally considered a sign that it is better to buy.<br />For example, if the annual rent on a three-bedroom, one bathroom home is $15,000, and a similar home is selling for $200,000, the rent ratio is 13, favoring buying as the better option.<br />According to Moody&rsquo;s, the average price-rent ratio using apartment rents in 2006 in Palm Beach County peaked at 31 but was down to 18 in the first quarter of this year.<br />But that number isn&rsquo;t perfect. Theoretically, the calculation should use home rental rates, which aren&rsquo;t easily available in a uniform format for specific areas.<br />Also, the 18 ratio is based on using median home prices from the National Association of Realtors, which can be fickle and quick to change depending on the volatility of the market.<br />Carbacho-Burgos said if the S&amp;P/Case-Shiller home price index is used, Palm Beach County&rsquo;s price-rent ratio today is about 15. The S&amp;P/Case-Shiller index calculates prices monthly using a three-month moving average. It also uses data on properties that have sold at least twice in order to capture the true appreciated value of each home.<br />&ldquo;I can&rsquo;t answer the question in absolute terms, but the ratio is much closer to the norm now than at the peak of the housing market bubble,&rdquo; Carbacho-Burgos said.<br />A more complex evaluation of whether it&rsquo;s better to rent or buy in today&rsquo;s market can be completed using one of many online calculators. Most of these calculators consider mortgage rates, down payments, tax breaks and closing costs when figuring the ratio. Some go as far as calculating annual maintenance on a home, monthly rental insurance and your personal rate of savings.<br />At Lendingtree.com, the calculation favors buying a $200,000 home as opposed to renting at $1,100 a month under the following circumstances: the buyer puts 20 percent down on a 30-year loan with a fixed 4 percent interest rate, and plans to stay in the home for at least five years.<br /><strong>Thinking long term</strong><br />While the total cost to own the home in the first year far exceeds the rental payments, after five years the net cost to own is about $51,000 compared with paying $66,900 to rent.<br />&ldquo;You should look at a house as something you want to live in, not a get rich quick thing,&rdquo; said Barry Rabinowitz, a certified financial planner and principal of BER Financial Group, LLC in Plantation.<br />Rabinowitz recommends buying a home now if a person plans to stay in it for five to eight years.<br />&ldquo;The days of houses going up in value 25 to 30 percent is not realistic, but neither is the other extreme of them going down that much either,&rdquo; he said.<br />In July, Palm Beach County&rsquo;s median sale price for a single-family home was $226,000, an 8 percent decrease from July last year, but down 42 percent compared with the price in 2006 of $390,100.<br />Rabinowitz&rsquo;s recommendation is also based on itemizing deductions on a tax return, which allows a homeowner to claim mortgage interest and property taxes.<br />The mortgage-interest tax deduction doesn&rsquo;t eliminate the cost of borrowing money, but it does reduce it.<br />&ldquo;When you rent a house, nothing is deductible,&rdquo; Rabinowitz said.<br />How much can be deducted depends on the mortgage interest paid each year. It is also important to consider what your standard deduction is for the year depending on age, marital status and income bracket. For example, the standard deduction for married couples in the 25 percent tax bracket and filing a joint return is $11,400 for 2010. If your mortgage interest was $11,520, for example, you get a slightly higher deduction, but you have to pay $11,520 in interest to receive it. The standard deduction for single filers for 2010 is $5,700.<br /><strong>House vs. condo</strong><br />Answers to the rent vs. buy question also vary dramatically depending on whether it is a condominium or single-family home.<br />Peter Zalewski, a principal with Miami research and brokerage firm Condo Vultures, said you can buy an average condominium today in Palm Beach County for about as much as it would cost to rent it.<br />Single-family homes in neighborhoods on the upswing, however, are going to be more expensive in the first several years.<br />&ldquo;If a buyer is looking at a five- to eight-year hold and understands different neighborhoods, buy today,&rdquo; Zalewski said. &ldquo;The likelihood is that single-family homes will recover quicker than a condo.&rdquo;<br />And contrary to what conventional wisdom might say, Zalewski and Pearlman agreed that owners are not so desperate that they are offering rock-bottom rates on rental properties.<br />Renters should expect rates to go up between 3 percent and 5 percent each year, something that doesn&rsquo;t happen with a fixed interest rate mortgage.<br />&ldquo;If a tenant squeezes a landlord when the market is down, when it recovers, that landlord is going to squeeze back,&rdquo; Zalewski said.<br />Copyright &copy; 2010 The Palm Beach Post, Fla., Kimberly Miller. Distributed by McClatchy-Tribune Information Services.</p>]]></content></entry></feed>
