By Michael Parnell, News-Leader
Above is a conceptual plan for the cruise terminal proposed at Mayport Fishing Village as provided by Jaxport.
It may be wishful thinking, but city officials have entertained the notion of having a cruise ship terminal on the north end of Amelia Island.
That would depend on Jaxport or the city of Jacksonville giving up on locating a terminal at Mayport because of public opposition there.
Public opposition also could be expected here - at least two city commissioners have discouraged the idea - but the mayor hails the possibility as a major economic boost for Fernandina Beach and Nassau County.
"People's major objection is that cruise ships don't bring in business. ... But that's not true," Fernandina Beach Mayor Bruce Malcolm said.
"It would have an enormous effect on the downtown," he said.
Three island sites have been mentioned for a cruise ship terminal - the Port of Fernandina, the former pogy plant adjacent to Fort Clinch State Park and Smurfit-Stone Container Corp. property.
Malcolm admitted that a cruise ship terminal here may be "in the realm of fantasy right now."
Nassau County Commissioner Mike Boyle, a member of the Tourist Development Council, described the prospect as "fanciful."
"About a month ago, I heard a rumor that if the plans for a cruise terminal in Mayport fell apart, that they might consider Fernandina Beach. I don't think there's much chance of that happening," he said.
"I said to the person telling me, 'This sounds like leverage to try to get the Duval people to pass the Mayport thing,' because there's many, many obstacles in Fernandina Beach that would make it impractical."
"There were no details, and that's why I didn't give it a lot of credibility," Boyle said. "I tended to discount it as just a fanciful rumor. ... It hasn't even be mentioned on the TDC, and I haven't heard anything else since that one time somebody spoke to me about it."
"I think there's been some people looking around for alternatives if the Mayport deal doesn't go through, but . . . I haven't talked to anybody from Jaxport," said Gil Langley, president & CEO of the Amelia Island Convention and Visitors Bureau,
Nassau County Coordinator Ed Sealover said he is unaware of specific conversations with Jacksonville officials about it. "I don't know of any formal contact. I've heard folks talk about the old pogy plant being the location of the new cruise ship (terminal)," he said.
Steve Reich, executive director of the Nassau County Economic Development Board, said, "Nobody has called me officially about any project like that." He said he would wait to see what Jacksonville does before considering the prospect.
Nancy Rubin, director of communications and public relations for Jaxport, said Fernandina Beach has been considered in the past but, "There has been no official Jaxport contact with either Nassau County or Fernandina Beach leaders on the subject of a potential cruise terminal" recently. She said Jaxport is focusing on the Mayport proposal.
Malcolm said the possibility was broached with him at a meeting in St. Augustine about a month ago where he was told there was "a rumor going around" about a possible cruise ship terminal at the Port of Fernandina.
Malcolm said he mentioned the conversation to City Manager Michael Czymbor the next morning. He said as far as he knows, nobody at City Hall has been in contact with Jacksonville or Jaxport officials about locating a cruise terminal in Fernandina Beach.
The matter came up Tuesday at the city commission meeting when Commissioner Ron Sapp said he discussed the matter with Czymbor.
Czymbor told commissioners alternative sites to Mayport included the Port of Fernandina, the former pogy plant and property at Smurfit-Stone Container Corp.
Sapp has concerns, and Commissioner Susan Steger "encouraged the city manager to be discouraging about the cruise ship" locating here.
Jacksonville city officials are expected to vote Jan. 27 on locating a new $60 million terminal in Mayport. The present cruise terminal on the St. Johns River will be part of Hanjin Shipping Co.'s new container terminal, requiring the move to be completed by mid-2010.
But the Mayport Civic Association on Monday rejected the terms of a proposed settlement offered by Jaxport to settle a lawsuit challenging construction of the cruise ship terminal in the historic fishing village.
The settlement was rejected because of unresolved concerns over shore power sources and compatibility with the village's shrimping and fishing industry, said Michelle Baldwin, president of the association.
"A terminal, with all its pollution, environmental damage, crime and Homeland Security issues, simply cannot be placed right in the middle of a residential neighborhood," Baldwin said.
The cruise industry has expanded in Jacksonville. Carnival Cruise Lines replaced the 1,486-passenger Celebration with the 2,052-passenger Fascination last year. A 2006 study determined the smaller ship's presence created 400 jobs and had a $40 million annual impact on Northeast Florida.
Reporters Angela Daughtry and Ryan Smith and Community Newspapers reporters in Jacksonville Beach contributed to this story.
Interested in local property for sale on Amelia - Click Here
Wednesday, January 14, 2009
Monday, January 12, 2009
2008 Nassau County MLS Wrap-up
For the year 2008, there were 660 sold properties in the MLS in Nassau County. The total sales volume was about 201 million dollars and the average sales price was about $305k. This is a drop compared to MLS sales for 2007 in Nassau County in which we saw a sales volume of about 379 million, 1028 total properties and an average sales price of about $369k.
For Amelia Island Sales (areas #1-6),our Prudential Office was the number one single office for sales dollars and continues to perform well on both the listing and selling side of transactions.
Improved affordability spurs buyer traffic.
Buyer traffic improved slightly in December. While most potential buyers are “hesitant to enter the housing market based on financial and job market security concerns,” improved affordability has attracted investors and some first time buyers seeking bargains. “Both lower interest rates and declining home prices account for the traffic increase,” comments one agent.
Financing remains tough.
The financing environment remains tough, with “changes in lending criteria discouraging buyers despite the lower rates” and banks requiring bigger down payments for entry level buyers. Appraisals are coming in at “unexpectedly low” values given what a number of agents attribute to “a lack of good comps.”
Rising inventories pressure home prices.
Home prices continued to fall in December. Despite the lack of new construction, the increase in inventory levels continued in December, largely stemming from a growing number of foreclosures. Rising inventories have further pressured prices, as distressed sales make up a sizable proportion of homes on the market. Expect bloated inventories to continue to pressure home prices in the coming months.
John Holbrook - REALTOR Prudential Chaplin Williams Realty Amelia Island, Fernandina Beach, Yulee FL 32034 904-415-0171 holbrook66@msn.com Search the entire MLS at www.nassaumls.net
Search the Local MLS
For Amelia Island Sales (areas #1-6),our Prudential Office was the number one single office for sales dollars and continues to perform well on both the listing and selling side of transactions.
Improved affordability spurs buyer traffic.
Buyer traffic improved slightly in December. While most potential buyers are “hesitant to enter the housing market based on financial and job market security concerns,” improved affordability has attracted investors and some first time buyers seeking bargains. “Both lower interest rates and declining home prices account for the traffic increase,” comments one agent.
Financing remains tough.
The financing environment remains tough, with “changes in lending criteria discouraging buyers despite the lower rates” and banks requiring bigger down payments for entry level buyers. Appraisals are coming in at “unexpectedly low” values given what a number of agents attribute to “a lack of good comps.”
Rising inventories pressure home prices.
Home prices continued to fall in December. Despite the lack of new construction, the increase in inventory levels continued in December, largely stemming from a growing number of foreclosures. Rising inventories have further pressured prices, as distressed sales make up a sizable proportion of homes on the market. Expect bloated inventories to continue to pressure home prices in the coming months.
John Holbrook - REALTOR Prudential Chaplin Williams Realty Amelia Island, Fernandina Beach, Yulee FL 32034 904-415-0171 holbrook66@msn.com Search the entire MLS at www.nassaumls.net
Search the Local MLS
New Listings on Amelia Island
I recently had a chance to preview some properties on Amelai Island. Each of these properties has something unique to offer and each of them would be great for a second home or weekend get-away.
Sandcastles on Amelia Island Plantation - $460,000
Corner end unit located on the fourth floor with spectacular views of the Atlantic Ocean. Steps away from the beach and short stroll to the Amelia Island Plantation Shops. Beautifully furnished, recent upgrades include new heating/AC (2005), carpets/drapes, appliances, televisions and entertainment systems. Ability to rent short term, excellent rental history. Lifestyle experience with championship caliber golf, multiple tennis facilities. Fantastic ocean view from the LR, MBR and balcony.
Eventide Court - $1,150,000
Fantastic home built to Miami Dade standards. Reminiscent of Rosemary Beach. First of 28 single family homes to be built in this community. Steps from the ocean, 3rd floor crows nest. Second floor library/sitting area with wet bar & refrigerator. Elevator for first and second floor. A perfect home for the discerning buyer. 3 large covered porches (22X8) with ocean view on second floor. Become one of the first to live the good life at The Surf! New construction , all the bells and whistles!
First Avenue - $238,500
Walk across the street to the beach! This unit has been remodeled with new kitchen cabinets, baseboards, windows, wood flooring downstairs and a new deck. 2 car garage with storage space. Maintenance fee pays for exterior insurance, pool, lawn and pest service. Great location for weekend get-away or rental property.
If you would like more information about these properties or any others in the Fernandina Beach, Amelia Island or Yulee areas please contact John Holbrook at (904)415-0171.
Sandcastles on Amelia Island Plantation - $460,000
Corner end unit located on the fourth floor with spectacular views of the Atlantic Ocean. Steps away from the beach and short stroll to the Amelia Island Plantation Shops. Beautifully furnished, recent upgrades include new heating/AC (2005), carpets/drapes, appliances, televisions and entertainment systems. Ability to rent short term, excellent rental history. Lifestyle experience with championship caliber golf, multiple tennis facilities. Fantastic ocean view from the LR, MBR and balcony.
Eventide Court - $1,150,000
Fantastic home built to Miami Dade standards. Reminiscent of Rosemary Beach. First of 28 single family homes to be built in this community. Steps from the ocean, 3rd floor crows nest. Second floor library/sitting area with wet bar & refrigerator. Elevator for first and second floor. A perfect home for the discerning buyer. 3 large covered porches (22X8) with ocean view on second floor. Become one of the first to live the good life at The Surf! New construction , all the bells and whistles!
First Avenue - $238,500
Walk across the street to the beach! This unit has been remodeled with new kitchen cabinets, baseboards, windows, wood flooring downstairs and a new deck. 2 car garage with storage space. Maintenance fee pays for exterior insurance, pool, lawn and pest service. Great location for weekend get-away or rental property.
If you would like more information about these properties or any others in the Fernandina Beach, Amelia Island or Yulee areas please contact John Holbrook at (904)415-0171.
Thursday, January 8, 2009
Homeowners make dash for low interest rates
MIAMI – Dec. 19, 2008 – Homeowners in South Florida and across the nation rushed to contact their mortgage brokers on Wednesday to take advantage of the Federal Reserve’s decision the day before to cut its key interest rate to nearly zero.
“They’re calling big-time,” said Louis Spagnuolo, vice president of mortgage banking for WCS Lending in Boca Raton.
Brokers said rates on 30-year, fixed mortgages were below 5 percent, and some borrowers with good credit were locking in at 4.5 percent. Rates on home equity lines of credit were near 3 1/4 percent.
“Pretty phenomenal,” said Jim Sahnger, a vice president with Palm Beach Financial Network.
The national average rate on 30-year, fixed mortgages was 5.06 percent on Wednesday, according to financial publisher HSH Associates – the lowest since the 1960s and down from 5.3 percent Tuesday.
The Fed’s announcement was the best news in months for anyone looking to buy or refinance. But it’s not expected to be a cure-all, and borrowers already in danger of foreclosure or those who don’t have equity in their homes probably won’t be able to take advantage.
“It’s a call to action for homeowners looking to get out of adjustable-rate mortgages,” said Greg McBride, senior financial analyst at Bankrate.com in North Palm Beach. “Unfortunately, it’s not an equal-opportunity party.”
Mortgage rates are the top variable in housing affordability, and the Fed’s action this week was unprecedented, said Chris Lafakis, a economist covering Florida for Moody’s Economy.com.
Still, Lafakis and other analysts say South Florida’s housing market faces serious challenges, especially now as job losses mount. The picture here won’t improve until the excess supply of homes is sold off. And that might not be until 2010.
An estimated 12 million Americans owe more on their home loans than their properties are worth, and foreclosures are soaring.
“I think it’s a stretch to say that this is a panacea for the housing market and the economy, but it’s nothing to scoff at, either,” Lafakis said.
Besides lowering the interest on fixed-rate mortgages, rates should come down on adjustable-rate home equity loans. Those are tied to the prime lending rate, and banks and lenders began lowering the rate immediately after the Fed’s move Tuesday.
The Federal Reserve also plans to buy up mortgage debt and is considering buying long-term Treasury bonds that are closely tied to mortgage rates, so analysts expect rates to drop even further.
As a result, some people are asking whether they should wait to apply for a mortgage or refinance, said Spagnuolo of WCS.
“If you can find a rate that you’re comfortable with, pull the trigger now because you don’t know what the future holds,” he said.
For homeowners who haven’t been able to sell their houses, the lower rates represent an opportunity to at least save some money. And if they have enough equity in their homes, they can still pull out money to make improvements, albeit at a higher interest rate.
Tony Jabon had an e-mail in to his mortgage broker by 10 a.m. Wednesday.
The 35-year-old environmental consultant in Charlotte, N.C., had heard about the Federal Reserve’s decision to cut its key interest rate to nearly zero and wanted to refinance to something lower than 5.5 percent.
Within hours, he had locked in a rate of about 4.6 percent. He’ll save about $160 on his monthly payment. “Any time you can save a dollar,” he said, “why not?”
Copyright © 2008 Sun Sentinel, Fort Lauderdale, Fla., Distributed by McClatchy-Tribune Information Services. The Associated Press contributed to this report.
MIAMI – Dec. 19, 2008 – Homeowners in South Florida and across the nation rushed to contact their mortgage brokers on Wednesday to take advantage of the Federal Reserve’s decision the day before to cut its key interest rate to nearly zero.
“They’re calling big-time,” said Louis Spagnuolo, vice president of mortgage banking for WCS Lending in Boca Raton.
Brokers said rates on 30-year, fixed mortgages were below 5 percent, and some borrowers with good credit were locking in at 4.5 percent. Rates on home equity lines of credit were near 3 1/4 percent.
“Pretty phenomenal,” said Jim Sahnger, a vice president with Palm Beach Financial Network.
The national average rate on 30-year, fixed mortgages was 5.06 percent on Wednesday, according to financial publisher HSH Associates – the lowest since the 1960s and down from 5.3 percent Tuesday.
The Fed’s announcement was the best news in months for anyone looking to buy or refinance. But it’s not expected to be a cure-all, and borrowers already in danger of foreclosure or those who don’t have equity in their homes probably won’t be able to take advantage.
“It’s a call to action for homeowners looking to get out of adjustable-rate mortgages,” said Greg McBride, senior financial analyst at Bankrate.com in North Palm Beach. “Unfortunately, it’s not an equal-opportunity party.”
Mortgage rates are the top variable in housing affordability, and the Fed’s action this week was unprecedented, said Chris Lafakis, a economist covering Florida for Moody’s Economy.com.
Still, Lafakis and other analysts say South Florida’s housing market faces serious challenges, especially now as job losses mount. The picture here won’t improve until the excess supply of homes is sold off. And that might not be until 2010.
An estimated 12 million Americans owe more on their home loans than their properties are worth, and foreclosures are soaring.
“I think it’s a stretch to say that this is a panacea for the housing market and the economy, but it’s nothing to scoff at, either,” Lafakis said.
Besides lowering the interest on fixed-rate mortgages, rates should come down on adjustable-rate home equity loans. Those are tied to the prime lending rate, and banks and lenders began lowering the rate immediately after the Fed’s move Tuesday.
The Federal Reserve also plans to buy up mortgage debt and is considering buying long-term Treasury bonds that are closely tied to mortgage rates, so analysts expect rates to drop even further.
As a result, some people are asking whether they should wait to apply for a mortgage or refinance, said Spagnuolo of WCS.
“If you can find a rate that you’re comfortable with, pull the trigger now because you don’t know what the future holds,” he said.
For homeowners who haven’t been able to sell their houses, the lower rates represent an opportunity to at least save some money. And if they have enough equity in their homes, they can still pull out money to make improvements, albeit at a higher interest rate.
Tony Jabon had an e-mail in to his mortgage broker by 10 a.m. Wednesday.
The 35-year-old environmental consultant in Charlotte, N.C., had heard about the Federal Reserve’s decision to cut its key interest rate to nearly zero and wanted to refinance to something lower than 5.5 percent.
Within hours, he had locked in a rate of about 4.6 percent. He’ll save about $160 on his monthly payment. “Any time you can save a dollar,” he said, “why not?”
Copyright © 2008 Sun Sentinel, Fort Lauderdale, Fla., Distributed by McClatchy-Tribune Information Services. The Associated Press contributed to this report.
Monday, December 22, 2008
Amelia Island Plantation Opportunities
Recently I had the opportunity to preview some properties for sale on Amelia Island Plantation. The Plantation is located on the south end of the island with numerous ammeniteis. Shops, restaurants, 3 golf courses, pools, tennis courts and more make this community a wonderful place to call home. Here is a sampling of some of the properties I recently visited:
Unit 3201 Fairway Oaks Villas - $273,000 This villa is the least expensive property on Amelia Island Plantation. The unit is being sold furnished and comes with some very nice additions like granite countertops in the kitchen, bathrooms and wet bar and new tile floors.
Unit 2029 Beach Wood Villas - $329,000 If you are looking for a weekend get-a-way this villa will be of interest to you. The unit, which is being sold furnished, has recently undergone some renovations to include a remodeled kitchen, new windows, sliding glass doors and new HVAC system.
Unit 2216 Linkside Villas - $549,000 This quaint villa has a beautiful view of the golf course and lake and is spacious enough to be considered for a primary residence. Besides the view, the owner of this property will enjoy close proximity to the beach, and ammenities of the Plantation.
Unit 1744 Dunes Club Villa - $1,705,000 Wow, this upscale villa with an incredible view of the ocean is a must see. If you are in the market for a luxury home with upgrades galore then this is the place for you.
Unit 6532 Spyglass II - $2,450,000 The newest oceanfront villa complex has it all. Views of the ocean from bedrooms, living room, dining room and kitchen.
These properties are offered by co-operating brokers and I would be happy to give you a full tour of the Amelia Island Plantation. You can also view homes at www.nassaumls.net
Thanks for reading - John Holbrook - Realtor
Unit 3201 Fairway Oaks Villas - $273,000 This villa is the least expensive property on Amelia Island Plantation. The unit is being sold furnished and comes with some very nice additions like granite countertops in the kitchen, bathrooms and wet bar and new tile floors.
Unit 2029 Beach Wood Villas - $329,000 If you are looking for a weekend get-a-way this villa will be of interest to you. The unit, which is being sold furnished, has recently undergone some renovations to include a remodeled kitchen, new windows, sliding glass doors and new HVAC system.
Unit 2216 Linkside Villas - $549,000 This quaint villa has a beautiful view of the golf course and lake and is spacious enough to be considered for a primary residence. Besides the view, the owner of this property will enjoy close proximity to the beach, and ammenities of the Plantation.
Unit 1744 Dunes Club Villa - $1,705,000 Wow, this upscale villa with an incredible view of the ocean is a must see. If you are in the market for a luxury home with upgrades galore then this is the place for you.
Unit 6532 Spyglass II - $2,450,000 The newest oceanfront villa complex has it all. Views of the ocean from bedrooms, living room, dining room and kitchen.
These properties are offered by co-operating brokers and I would be happy to give you a full tour of the Amelia Island Plantation. You can also view homes at www.nassaumls.net
Thanks for reading - John Holbrook - Realtor
Tuesday, December 16, 2008
We are the catalyst
We Are the Catalyst To view this article, Click Here
Brian S. Wesbury - Chief Economist
Robert Stein, CFA - Senior Economist
Date: 12/15/2008
Many observers are pessimistic about the economy because they believe a vicious downward cycle has taken hold, where less spending leads to fewer jobs, which reduces purchasing power, leading to even more job losses. Many just can’t see how this vicious cycle will stop.
We are frequently asked; “what is the ‘catalyst’ for a recovery?” What force (external or internal) will break the downward cycle of job losses? How does it ever end?
Taking this thought process to its conclusion clearly shows that something is missing. If job losses beget less spending and more job losses, then recessions would never end. On the other hand, if job gains beget more spending and more job gains, then expansions would never end.
But, a cursory look at history shows that this can’t be true. Since 1854, the US economy has gone through 32 business cycles (recessions and recoveries). In other words, the direction of economic activity eventually changed. Many times in these past cycles, the economy started to recover well before employment turned up.
There are a number of reasons for why this is true. The first reason is that the combined decisions we make as independent members of a free society tend to generate economic growth. When people lose their jobs, it does not mean they lose their ability to be productive. It may take time for them to find a new position that matches their skill set, but as long as they have worthwhile abilities, they will eventually get another chance to produce.
In the meantime, companies can use layoffs to increase efficiency, laying the groundwork for future increases in profits and wages for their remaining workers. What that means is that a 1% loss in jobs results in a smaller than 1% loss of production. And using assets more productively frees up resources to do “new” things. We have lost millions of farming jobs over the decades and centuries, but the nation as a whole is more prosperous as a result, not less.
In addition, if a recession is partly caused by over-investment in a particular sector, two forces drive down jobs in that sector, but one is temporary. For example, home building exceeded demand, and those extra jobs were unnecessary. But, by reducing inventories of homes, employment will fall even further. Once excess inventories are worked off, the industry will be adding jobs, even if it does not ramp up to the previous peak in production.
Nonetheless, some still look for a catalyst to end the panic that started this Fall. Consumers and businesses have pulled back, basically hoarding cash, to the point of driving down the T-bill interest rate to zero. Part of this was because many people lost faith in the banking system, but the end result was a sharp decline in the velocity of money. Only once in history has something like this spread in a long-term downward spiral and that was in the Great Depression.
But, in the Depression, the real problem was that the Fed let the money supply collapse, which in turn shut down aggregate demand. This is not happening now. The Federal Reserve is making sure a persistent deflation will not take hold and is adding liquidity to the system as rapidly as it can. As a result, we expect both money growth and a turnaround in velocity to start healing in the months ahead. In fact, given the unexpected increase of 0.5% in “core” retail sales in November, this may already be happening.
In other words, the catalyst for recovery is attached to the very eyes that are looking for it. As long as human beings attempt to better themselves and improve standards of living, and as long as policy-makers don’t compound problems, the natural course of growth will return in its magical and mysterious way.
Brian S. Wesbury - Chief Economist
Robert Stein, CFA - Senior Economist
Date: 12/15/2008
Many observers are pessimistic about the economy because they believe a vicious downward cycle has taken hold, where less spending leads to fewer jobs, which reduces purchasing power, leading to even more job losses. Many just can’t see how this vicious cycle will stop.
We are frequently asked; “what is the ‘catalyst’ for a recovery?” What force (external or internal) will break the downward cycle of job losses? How does it ever end?
Taking this thought process to its conclusion clearly shows that something is missing. If job losses beget less spending and more job losses, then recessions would never end. On the other hand, if job gains beget more spending and more job gains, then expansions would never end.
But, a cursory look at history shows that this can’t be true. Since 1854, the US economy has gone through 32 business cycles (recessions and recoveries). In other words, the direction of economic activity eventually changed. Many times in these past cycles, the economy started to recover well before employment turned up.
There are a number of reasons for why this is true. The first reason is that the combined decisions we make as independent members of a free society tend to generate economic growth. When people lose their jobs, it does not mean they lose their ability to be productive. It may take time for them to find a new position that matches their skill set, but as long as they have worthwhile abilities, they will eventually get another chance to produce.
In the meantime, companies can use layoffs to increase efficiency, laying the groundwork for future increases in profits and wages for their remaining workers. What that means is that a 1% loss in jobs results in a smaller than 1% loss of production. And using assets more productively frees up resources to do “new” things. We have lost millions of farming jobs over the decades and centuries, but the nation as a whole is more prosperous as a result, not less.
In addition, if a recession is partly caused by over-investment in a particular sector, two forces drive down jobs in that sector, but one is temporary. For example, home building exceeded demand, and those extra jobs were unnecessary. But, by reducing inventories of homes, employment will fall even further. Once excess inventories are worked off, the industry will be adding jobs, even if it does not ramp up to the previous peak in production.
Nonetheless, some still look for a catalyst to end the panic that started this Fall. Consumers and businesses have pulled back, basically hoarding cash, to the point of driving down the T-bill interest rate to zero. Part of this was because many people lost faith in the banking system, but the end result was a sharp decline in the velocity of money. Only once in history has something like this spread in a long-term downward spiral and that was in the Great Depression.
But, in the Depression, the real problem was that the Fed let the money supply collapse, which in turn shut down aggregate demand. This is not happening now. The Federal Reserve is making sure a persistent deflation will not take hold and is adding liquidity to the system as rapidly as it can. As a result, we expect both money growth and a turnaround in velocity to start healing in the months ahead. In fact, given the unexpected increase of 0.5% in “core” retail sales in November, this may already be happening.
In other words, the catalyst for recovery is attached to the very eyes that are looking for it. As long as human beings attempt to better themselves and improve standards of living, and as long as policy-makers don’t compound problems, the natural course of growth will return in its magical and mysterious way.
Thursday, December 11, 2008
Starlight Lane in Yulee
For those looking for a starter home in the Yulee area, I have listed 2 properties in the Heron Isles community. Both homes are 3 bedrooms and 2 baths. One is priced at $159,900 and the other is $159,800. There are several state bond programs available for first time home buyers as well as 100% FHA programs for qualified buyers. These homes are in excellent condition and close to local shopping and schools. Yulee recently built a new middle school as well as a new high school. The MLS numbers for these homes are 47462 and 48143. They can be viewed at www.nassaumls.net
Thanks for reading the blog!
John Holbrook - Realtor 904-415-0171
Thanks for reading the blog!
John Holbrook - Realtor 904-415-0171
Golfside South at Summer Beach
One of the better buys that I saw recently on the MLS for Nassau County was a home in Golfside South at Summer Beach. The neighborhood is on the south end of Amelia Island and within walking distance to the Ritz Carlton and Atlantic Ocean. It is a 3 bedroom home that has been totally renovated with a modern flair. It is currently priced at $535,000 and is just over 2000 square feet. The MLS number is 46917 and can be viewed at www.nassaumls.net
John Holbrook - Realtor 904-415-0171
John Holbrook - Realtor 904-415-0171
Friday, December 5, 2008
Mortgage rates drop to lowest level since January
WASHINGTON – Dec. 5, 2008 – Rates on 30-year mortgages plunged this week to the lowest level since January after the government launched a sweeping new effort to aid the U.S. housing market.
Mortgage finance giant Freddie Mac reported Thursday that average rates on 30-year fixed-rate mortgages dropped to 5.53 percent in the largest one-week drop in 27 years. That was down from 5.97 percent last week, and the lowest since the week of Jan. 24, when it was at 5.48 percent.
Further drops could be on the way if the government launches an industry-backed plan to lower the rate on a 30-year mortgage to 4.5 percent by spending hundreds of billions to buy mortgage-backed securities issued by Fannie Mae and Freddie Mac.
That would follow an effort announced last week by the Federal Reserve, which is planning to purchase up to $600 billion of mortgage-backed securities and other debt issued by Fannie and Freddie and the Federal Home Loan Banks. Those institutions don’t make loans directly to consumers, but provide money to the mortgage market by packaging loans into investments.
The Fed’s move caused rates to immediately drop by about a half-point, and many in the real estate industry hope rates will keep dropping as the government increases efforts to battle the credit crisis.
Rates “are now almost a full percentage point lower since the last week in October,” Freddie Mac Chief Economist Frank Nothaft said in a statement.
Bringing mortgage rates down is positive, but it “doesn’t help people that currently have unaffordable mortgages because it doesn’t help them refinance,” Sheila Bair, chairman of the Federal Deposit Insurance Corp., said Thursday. “Low interest rates help some consumers, but the ones that really need help and can’t refinance are not helped.”
Meanwhile, Federal Reserve Chairman Ben Bernanke said the government can take steps to improve the functioning of the mortgage market, which would allow more people to secure home loans and help stabilize the housing market. Currently, he said, “the mortgage market is dysfunctional.”
Mortgage rates are sinking as Treasury yields, some of the most sensitive barometers of investor sentiment, have dropped to record lows this week as a torrent of bad economic news continues. But as investors send yields down, they’re also influencing the economy – driving interest rates so low that savers get punished and borrowers get a break.
Treasury buying has picked up and sent yields down because the economy is in a recession that investors believe will be long and deep.
Consumers already are taking advantage of the situation. New mortgage applications more than doubled last week, according to the Mortgage Bankers Association’s weekly survey released Wednesday. Refinance volume more than tripled, and made up nearly 70 percent of all applications.
Rates on other types of mortgages also fell, according to Freddie Mac’s survey. For 15-year, fixed-rate mortgages, rates averaged 5.33 percent, down from 5.74 percent last week.
Rates on five-year, adjustable-rate mortgages dipped to 5.77 percent, compared with 5.86 percent last week. Rates on one-year, adjustable-rate mortgages dropped to 5.02 percent, from 5.18 percent last week.
The rates do not include add-on fees known as points. The nationwide fee for 30-year and 15-year mortgages averaged 0.7 point last week. The fee on five-year, adjustable-rate mortgages averaged 0.6 point, while the fee on one-year adjustable-rate mortgages averaged 0.5 point.
A year ago, the nationwide average rate on 30-year mortgages stood at 5.96 percent, 15-year mortgage rates averaged 5.65 percent, five-year adjustable-rate mortgages were at 5.75 percent, and one-year adjustable-rate mortgages stood at 5.46 percent.
The rate on Fannie Mae 30-year mortgage-backed securities fell to about 4.25 percent Thursday, said Kevin Giddis, managing director of fixed income at Morgan Keegan. That is down from about 5.5 percent in mid-November.
Fears of a protracted recession are slamming Treasury yield, which is good for borrowers with mortgage rates tied to Treasurys, but bad for people invested in money market funds that have been buying up Treasurys for safety.
Treasury prices fell again on Thursday, sending rates to new record lows, as the Dow Jones industrial average fell more than 200 points. The 10-year Treasury note yielded 2.56 percent, down from 2.67 percent late Wednesday, while the 30-year Treasury bond yielded 3.07 percent, down from 3.17 percent.
WASHINGTON – Dec. 5, 2008 – Rates on 30-year mortgages plunged this week to the lowest level since January after the government launched a sweeping new effort to aid the U.S. housing market.
Mortgage finance giant Freddie Mac reported Thursday that average rates on 30-year fixed-rate mortgages dropped to 5.53 percent in the largest one-week drop in 27 years. That was down from 5.97 percent last week, and the lowest since the week of Jan. 24, when it was at 5.48 percent.
Further drops could be on the way if the government launches an industry-backed plan to lower the rate on a 30-year mortgage to 4.5 percent by spending hundreds of billions to buy mortgage-backed securities issued by Fannie Mae and Freddie Mac.
That would follow an effort announced last week by the Federal Reserve, which is planning to purchase up to $600 billion of mortgage-backed securities and other debt issued by Fannie and Freddie and the Federal Home Loan Banks. Those institutions don’t make loans directly to consumers, but provide money to the mortgage market by packaging loans into investments.
The Fed’s move caused rates to immediately drop by about a half-point, and many in the real estate industry hope rates will keep dropping as the government increases efforts to battle the credit crisis.
Rates “are now almost a full percentage point lower since the last week in October,” Freddie Mac Chief Economist Frank Nothaft said in a statement.
Bringing mortgage rates down is positive, but it “doesn’t help people that currently have unaffordable mortgages because it doesn’t help them refinance,” Sheila Bair, chairman of the Federal Deposit Insurance Corp., said Thursday. “Low interest rates help some consumers, but the ones that really need help and can’t refinance are not helped.”
Meanwhile, Federal Reserve Chairman Ben Bernanke said the government can take steps to improve the functioning of the mortgage market, which would allow more people to secure home loans and help stabilize the housing market. Currently, he said, “the mortgage market is dysfunctional.”
Mortgage rates are sinking as Treasury yields, some of the most sensitive barometers of investor sentiment, have dropped to record lows this week as a torrent of bad economic news continues. But as investors send yields down, they’re also influencing the economy – driving interest rates so low that savers get punished and borrowers get a break.
Treasury buying has picked up and sent yields down because the economy is in a recession that investors believe will be long and deep.
Consumers already are taking advantage of the situation. New mortgage applications more than doubled last week, according to the Mortgage Bankers Association’s weekly survey released Wednesday. Refinance volume more than tripled, and made up nearly 70 percent of all applications.
Rates on other types of mortgages also fell, according to Freddie Mac’s survey. For 15-year, fixed-rate mortgages, rates averaged 5.33 percent, down from 5.74 percent last week.
Rates on five-year, adjustable-rate mortgages dipped to 5.77 percent, compared with 5.86 percent last week. Rates on one-year, adjustable-rate mortgages dropped to 5.02 percent, from 5.18 percent last week.
The rates do not include add-on fees known as points. The nationwide fee for 30-year and 15-year mortgages averaged 0.7 point last week. The fee on five-year, adjustable-rate mortgages averaged 0.6 point, while the fee on one-year adjustable-rate mortgages averaged 0.5 point.
A year ago, the nationwide average rate on 30-year mortgages stood at 5.96 percent, 15-year mortgage rates averaged 5.65 percent, five-year adjustable-rate mortgages were at 5.75 percent, and one-year adjustable-rate mortgages stood at 5.46 percent.
The rate on Fannie Mae 30-year mortgage-backed securities fell to about 4.25 percent Thursday, said Kevin Giddis, managing director of fixed income at Morgan Keegan. That is down from about 5.5 percent in mid-November.
Fears of a protracted recession are slamming Treasury yield, which is good for borrowers with mortgage rates tied to Treasurys, but bad for people invested in money market funds that have been buying up Treasurys for safety.
Treasury prices fell again on Thursday, sending rates to new record lows, as the Dow Jones industrial average fell more than 200 points. The 10-year Treasury note yielded 2.56 percent, down from 2.67 percent late Wednesday, while the 30-year Treasury bond yielded 3.07 percent, down from 3.17 percent.
Monday, December 1, 2008
Amelia Island Holdiay Events
Here are a few of the upcoming holiday events going on around the island. To find out more visit the Amelia Island,Fernandina Beach, Yulee Chamber of Commerce Web Site at www.aifby.com
December 1, 2008 06:00 PM - 09:00 PM
A Place of Peace Festival
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December 5, 2008 07:00 PM
Nutcracker Ballet
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December 6, 2008 11:00 AM
Shells of the Talbot Shores
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December 7, 2008 01:00 PM
Talbot Stings
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December 13, 2008 09:00 AM - 04:00 PM
Yulee Holiday Festival and Parade
December 1, 2008 06:00 PM - 09:00 PM
A Place of Peace Festival
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December 5, 2008 07:00 PM
Nutcracker Ballet
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December 6, 2008 11:00 AM
Shells of the Talbot Shores
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December 7, 2008 01:00 PM
Talbot Stings
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December 13, 2008 09:00 AM - 04:00 PM
Yulee Holiday Festival and Parade
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