Coconut Grove Landmark Home SOLD

SOLD!
3710 DeGarmo Lane
http://www.villadegarmo.com/
VILLA DEGARMO
Coconut Grove
$2,975,000.
Walter DeGarmo, Architect
Built in 1921, gated community, 19,770 sq’lot 7761 sq’
Laura Mullaney 305 790-1000

HOME SALES UP AS PRICES STABILIZE

According to the Miami Herald on Tuesday, January 26, home prices are up and prices are stabilizing particularly in Coral Gables and the Roads Section of Miami. According to the Herald article, the National Association of Realtors predicts the housing recovery will gain momentum in the second half of 2010. The influence of historically low mortgage interest rates, plummeting prices and the various home-buyer tax credits such as the $8000.00 first time home-buyer tax credit are cited as the main reason for the recovery.

Qualified buyers who have signed a real estate contract to buy a primary residence by April 30 have until June 30th to close the purchase to be eligible for up to $8000.00 for first time buyers and $6,500.00 for repeat buyers.

Fannie Mae changes for Florida CONDOS

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STATEWIDE:
Fannie Mae Relaxes Florida Condo Standards

Fannie Mae is seeking to prop up Florida's ravaged real estate market by reviewing hundreds of condo projects in the state that currently don't qualify for its loans. The mortgage finance company said Thursday that buildings deemed stable after the review will be given a special approval lasting up to 18 months. If they are approved, lenders will be allowed to offer mortgages to homebuyers and sell those loans to Fannie Mae, which pools them into bonds and sells them to investors SOURCE AP