Emerald Coast Real Estate

CHARDONNAY ESTATES, NICEVILLE FLORIDA REAL ESTATE

Chardonnay Estates is located just across the mid-bay bridge in the prestigious Bluewater Bay Community.  With 80 Mediterranean Homes Built after 2002, Chardonnay Estates has become one of the most popular neighborhoods in the Bluewater Bay area.

Unique Features of Chardonnay Estates

·         Convenient to everything

·         Great Schools

·         Family and Retiree Neighborhood

·         All Homes are Relatively New

·         Mediterranean Theme

About Chardonnay Estates Homes

·         2000-2600 square foot homes

·         Stucco exteriors

·         Landscaped Yards

·         10-12 ft. ceilings

·         Fireplaces

·         Low Homeowners Fees

Amenities

·         None

Schools

·         Elementary – Bluewater

·         Middle – Destin or Ruckel

·         High – Niceville

For the past couple of years, we have all been talking about the correlation between property taxes and individuals ability to afford homes along the Emerald Coast.  After a couple of years of heated debate, Amendment 1 was put to a vote this week.  The amendment passed overwhelmingly this week as most residents want their tax bills lowered. 

The Key Points of Amendment 1 Are:

1. It doubles Florida’s Homestead Exemption to $50,000 for non-school taxes.  The previous exemption was $25,000
2. It Provides Portability.  This means that homesteaders can transfer $500,000 worth of the non-taxed value they’ve accumulated over the years to their next home.
3. It does not take away the Save Our Homes Cap of 3%.
4. Businesses receive a $25,000 exemption from the intangible tax.

Opponents of the Amendment are concerned that vital services will need to be scaled back.

This is a good first step but more still needs to be done.  Our property taxes have nearly doubled in the last 5 years and this relief will only benefit the average property owner about $240 per year. 

Flying under the radar though has been insurance rates.  We continue to read daily about the high cost of insurance in our state but the reality is that rates have dropped dramatically in the last 18 months.  There are some categories of properties that are expensive to insure but justifiably so.  If you build a house in a low area or on the water, you should expect to pay higher rates. 

The insurance on my home is almost back to the levels of 2003.  That’s good news for me.

So what does this all mean?  Well the overall cost of property ownership is decreasing, although more slowly than we like. 

Insurance and taxes are relative in nature.  For those of us that live here, we complain, mainly because the increase was significant and occured over a relatively short time.  I had a client from Texas in town today.  They had a walk-through on a condominium that they had purchased.  They told me that the property taxes on their Texas home with a market value of $150,000 were higher than those on the new $300,000 condominium they had just purchased.

I’m glad I live along the Emerald Coast….At least we have beautiful beaches, great weather, great schools, great public services, and our taxes are less than Texas.

Ok, we’ve spent countless hours discussing your needs and wants for your dream home or condo.  You have looked at dozens of listings that fit your criteria.  We have spent several days together looking at those properties.  We have researched prices, written offers, and negotiated “The Best Deal” for you. 

Now what happens?

Unfortunately, in too many instances, I see buyer’s that have worked so hard to get the best deal only to give it all up with their financing.  This is a shame considering that mortgages are the easiest component to negotiate.  How do you keep this from happening to you?  Follow a few simple rules:

1.      Get at least 3 quotes.  Every person has a “financial” profile.  This includes your income, debt, assets, credit scores and other pertinent information.  Your rate and the amount you qualify for is based on this profile.  All mortgage companies are looking at the same information and for the most part trying to put you in the same types of programs.

2.       Get quotes from lending institutions or mortgage brokers in the local area of your real estate purchase.  Out of state lenders just do not have the experience dealing with investment properties, second homes, and vacation properties along the Emerald Coast.  There are nuances with Florida Coastal Properties and you don’t want to lose your dream home because your local bank didn’t come through.

3.       Make sure the quote includes, at a minimum; 1) A good Faith Estimate 2) The interest Rate 3)The Lenders Charges 4)Disclosure of any pre-payment penalties

The person that initially works with you on your loan will have little to do with the loan after closing.  Customer service is important but if you choose reputable local companies, you will most likely be getting equivalent service from all of them.

When you call and ask for a quote, make sure to let each know that you will be soliciting quotes from them as well as two of their local competitors.  This will insure that you get the best rates right out of the gate.

Many lenders, either intentionally or accidentally, underestimate insurances and taxes on the good faith estimate.  This will make their quotes look better in comparison to more accurate estimates.  The insurance and taxes are based on property valuations and in the end, will be the same regardless of the lender.

Let me know if you have any questions.  I look at dozens of good faith estimates each year and can help you decipher each quote.