Look below for one really cool idea that one of the brokers for Prudential Chaplin Williams came up with. I plan on participating and just hope that I can make it all the way!!!!!! You can look it up on Facebook if you are interested in finding out more details! See you on the beach!

1st Annual Amelia Island Beach Walk

Basic Info
Type:
Just for Fun - Totally Random
Description:
Ever wanted to walk the "whole" beach...all the way from the fort to the south end? On June 20th, 2009 at 8:00 am we're departing from Fort Clinch and making our way to the bridge! The tide is perfect for a long beach walk....high tide is 6:44 am...so it will be going out as we make our way south.

We are going to line up strategic stops at main beach / Sandy Bottoms, Sliders, The Surf & Carleton Dunes and hopefully a last stop at AIP. At Carleton Dunes we plan on grilling hot dogs and having snacks and drinks...then head back out to finish the trek...I can't wait! Let us know if you are interested...everyone is invited!

Revised Bank Policy For Short Sales

This article written by Bob Tedeschi for the New York Times may be of value to homeowners who are in distress.

Bank of America revises short sale policy

NEW YORK – May 19, 2009 – Bank of America, one of the country’s largest mortgage lenders, says it is loosening its policies on short sales in response to the U.S. Treasury Department’s announcement last week that it would increase incentives for lenders to work out short sale deals.

The government’s plan is a boon to banks, says David Sunline, BofA’s real estate management executive, because it provides guidance when there are multiple liens, a potentially litigious issue for lenders.

In the past, the bank followed Fannie Mae’s policy of giving second lien holders about 10 percent of the second mortgage balance in a short sale. Now when it holds the second lien, BofA will accept 5 percent of the net proceeds of the short sale, Sunline says. When it is the first lien holder, it will offer 5 percent to the holder of the second lien.

Sunline says homeowners considering short sales should contact the bank within five days of getting an offer on the home and expect its cooperation as long as the offer is within the range of other sales in the area and the borrower can demonstrate financial hardship.

Source: The New York Times, Bob Tedeschi (05/15/2009)

Real Estate Sales Update

Florida existing home sales:
(month-to-previous-year comparison)

• 30%
  

Florida existing condo sales:
(month-to-previous-year comparison)

• 25%
  

Florida existing home median price:

• $141,300
  

Florida existing condo median price:

• $108,700
  

Florida consumer confidence:

• 71
  

National existing home sales:
(month-to-previous-month comparison; all housing types)

• -3%
  

National existing home median price

• $175,200
  

National (Freddie Mac) mortgage rate
(all housing types)

4.84%

Under Contract!

This charming home on the island was listed and under contract in one week!

To learn more about the Amelia Island/Fernandina Beach Real Estate Market give me a call!
(904) 557-3227