If you decide to purchase a Short Sale property, the chances of getting it under contract before the deadline are very slim. (See article Short Sales – Are They Worth It). However, there are many affordable conventional sales available, and quite a few bank owned properties on the market.

Here are some links to help you understand more about the homebuyer tax
credit and take advantage of it:

IRS First-Time Homebuyer Credit Q & A
 

IRS Form 5405 (to take the tax credit)

Frequently asked questions about the $8,000 first-time home buyer tax
credit

Frequently asked questions about the $6,500 tax credit for repeat home buyers

Some key points for prospective home buyers

Pensacola Military: Since we have such a high military presence in
Pensacola (thank goodness, what would we do without you great men and
women), the link below is very important to members of the military who
are looking for Pensacola Homes For Sale before the tax credit deadline.

Special rules that apply to members of the military, the foreign service and the intelligence community

To see all current Pensacola Homes for Sale in Manchester, simply click the link below:

Pensacola Homes For Sale In Manchester

Manchester is located in SouthWest Pensacola. Manchester is accessible from U.S. Highway 98, just west of Dogtrack Road.

Manchester is a relatively new subdivision, with most homes being built in 2006 or later.  Homes in Manchester were built by Adams Homes Builders.

Below you can find summary information on Manchester.

Escambia County School Districts for Manchester Subdivision:
Elementary: Blue Angel
Middle: Bailey
High: Escambia

Homes in Manchester generally fall into the following categories:

Age of Homes: 2006 and later
Number of Homes in Subdivision: 80 (approximate)
Construction: Contemporary style
Average Square Footage: 2454
Bedrooms: 3 to 5
Bathrooms: 2 to 3
Garages: Mostly 2 Car (some 3-car)
Lot Sizes: .20-.30 acres
Waterfront? None
Homeowners Association: $86 per year mandatory

Approximate travel times to popular Pensacola destinations:

Downtown Pensacola: 20-25 Minutes
Cordova Mall / Pensacola Airport / Pensacola Junior College: 35-40 minutes
Interstate 10: 25-30 Minutes
Pensacola Beach : 40-45 minutes
Perdido Key Florida: 15 minutes or less from beautiful Perdido Key beaches
University Of West Florida: 45 minutes
Pensacola Naval Air Station (NAS) (Home of the Blue Angels): 10-15 minutes to back gate
Saufley Field Naval Base: 15 minutes
Corry Field Naval Base: 10 minutes

The table shows Pensacola Real Estate data for Manchester subdivision. The numbers in the table are created using data from the Pensacola MLS and are deemed reliable but not guaranteed. These numbers do not include sales by Pensacola FSBOs.

Notice in the table that Manchester homes have held their value very will since 2007. The unusually high average price in 2006 is simply attributable to the fact that only 2 homes sold in that year, and both were in the upper price range for that subdivision.  Days on market has dropped since 2008, although it is still fairly high at 154.  These figures should make a buyer comfortable that their home will retain its value in Manchester subdivision.

Related Pensacola Real Estate Articles on other SouthWest Pensacola Subdivisions:

Coral Creek
Herons Forest
Southbay
Emerald Shores

The Pensacola Ice Flyers are partnering with Pensacola’s Upside2Downs to raise awareness and funds for Down syndrome. Upside2Downs and their supporters are selling tickets to the March 25 Ice Flyers game with part of the proceeds going directly to families affected by Down syndrome. The goal is to sell 2,000 tickets, thereby raising $10,000 for families in need.

Fred Gilliard, the director of Upside2Downs, knows that the money will directly change peoples lives. “We want to provide for families in the community that are struggling with a child that has Down syndrome. The money we raise will go directly to those families who are really in need. Normally when you see a child, you think that they are happy, they are smiling; and they are. But at the same time there are medical conditions you have to deal with. There are therapies you have to deal with. There’s the cost of transportation to go from hospital to hospital.”

The community is already offering support. Linda Sonshine Moorer, the Midday Diva on Magic 106.1 is spreading the word. I’m asking everybody to help out. I’ve got a link to the program on our website. If we come together we can make a difference.

Tony Sikes, a DJ on Cat Country 98.7, is equally optimistic. When you look at what Upside2Downs and the Ice Flyers are trying to do for these people in need, its a great thing. Every ticket makes a difference, and it directly benefits families in need.

Upside2Downs is an organization that works to include people with Down syndrome into everyday American life. By equipping families with knowledge and support, Upside2Downs helps children with Down syndrome experience the same opportunities as other children their age.

To purchase tickets please contact:

Fred/Ailyne Gilliard
phone: 850-293-1367
email:   upside2downs@gmail.com

Game Date: March 25, 2010
Time:    7:05 P.M.
Where:  Pensacola Civic Center
Ticket Prices:  $14 corner seats, $16 center ice
Teams: Pensacola Ice Flyers vs Lousiana Ice Gators

UPside2Downs is putting a twist on the dreary imaginations put on our children and adults that have Down Syndrome.  We are an organization that is going to aid and include those with Down Syndrome into society, and not as second class citizens.  We are equipping our families with the knowledge to know how to allow their children to have every opportunity that everyone else has.  When you involve the community and local agencies, we belive that acceptance and inclusion will blend into one. Believe me, there is an UPside to Down Syndrome.

Related Articles On Pensacola Real Estate News:

UWF Student Shares Her Love With Children In Need

The answer is elusive. There are many factors involved that make it hard to determine what impact the tax credit has had on local real estate sales.  One report released on March 1st, 2010 indicated that the extension of the tax credit has had very little impact on real estate sales on a national level.

Congress extended the first time homebuyer tax credit of $8000 through June 2010. In addition, they added a tax credit of $6500 for existing homeowners who decide to purchase another home (it must be their primary residence).

The report  I read through the Florida Association of Realtors indicated that so far, people are staying put.  The results of the report are based on nationwide real estate sales and interviews with real estate agents around the country.

Why isn’t the homebuyer tax credit working as expected?

High Unemployment Rate

The unemployment rate is still near 10 percent and consumer confidence is falling. During periods of high unemployment and low consumer confidence, buyers tend to wait it out, not run out and buy a home.

Many Homeowners are Upside Down

While many homeowners would love to sell right now, their mortgage is higher than the value of their home. They are stuck where they are.

Harsh Winter Weather

Since we have had an unusually cold winter, many would-be buyers are not out house shopping. Even Pensacola has been unseasonably cold this winter.

Tax Credit Just Not Big Enough

It appears the tax credit is just not enough to entice buyers out into the real estate market. When people’s confidence is low, they are more likely to play it safe and stay put, even if they have the ability to move.  And the amount of the tax credits is not even enough to cover moving and closing costs if selling an existing home to purchase a new one is even an option.

I checked the Pensacola Real Estate Market sales for February 2010 (full report coming soon) and was pleasantly surprised to find that Pensacola Real Estate sales are on par to match or exceed last year’s February home sales. February already has 259 home sales, which is 50 more than January of this year (see January Pensacola Real Estate Market Report).

As of this writing, February is over and we’re into March. However, there are still real estate agents who have not entered their sold listings from February into the Pensacola MLS. To get the most accurate real estate market data, I usually have to wait a week to 10 days after the end of the month to check the local market statistics. (Personal pet peeve, which I won’t get on a soapbox about at this time).

Tax Credit Qualification

To qualify for the $6,500 credit, buyers must have owned and lived in the same home for five consecutive years out of the past eight. They must sign a contract by April 30 and close before June 30. The home’s purchase price can’t exceed $800,000, and it must be used as a main residence. The income limit for single taxpayers is $125,000; for a married couple, it’s $225,000.

The same rules above apply to first-time homebuyers, except that the tax credit is $8000 and the buyer must not have owned a home for the previous 3 years.

The National Flood Insurance Program is essentially the only place anyone can buy flood insurance. Almost every local insurance agent across the country uses the program to cover homeowners during a flood.  The program is normally renewed every year by Congress, but now right now the flood insurance program is tied up in the Senate as part of the same legislation that is being opposed by Republican Senator Jim Bunning of Kentucky.

Fortunately for the  Pensacola area, this is not the season we really worry about flooding. Once this issue gets worked out in the Senate, it is likely the flood insurance program will be back in effect. Fortunately for home buyers, this little Senate glitch is not likely to delay many real estate closings, and if so, only for a few days.

UPDATE – March 4, 2010: The U.S. Senate had reauthorized the National Flood Insurance Program after a legislative stalemate halted new policies and renewals on Sunday.  The Senate approved stopgap legislation late Tuesday night that extended funding for a host of programs, including jobless benefits and the flood insurance program.

Pensacola Real Estate News Related Articles:

Just Because You Are Not In A Flood Zone Doesn’t Mean You Don’t Need Flood Insurance

How To Determine The Cost Of Flood Insurance

It has been a very unusual winter for Pensacola. The Pensacola Real Estate Market has also been very cold in January 2010. Read the Pensacola Real Estate News January Market report for the numbers. It’s not just Pensacola. Real estate sales around the country have seen very low numbers for the beginning of 2010. When you get down about the cold weather, and think it will never end, remember how cold it was in early January in Pensacola. Here are some pictures to jog your memory. It was COLD!!!!

Frozen Fountain at Seville Square in Downtown Pensacola. More beautiful Frozen Pensacola Fountain Pictures

Animal cruelty? Left out in the cold. I hope PETA doesn’t find  out about this.

Sitting out on these lawn chairs would add literal meaning to the term “freezing your butt off”.

Just park your cab next to a lawn sprinkler and get a day off work. Even with all that cold weather, there was no snow in January. However, just a month later, south Alabama was blessed with a day of the white stuff. I took a trip up to Brewton Alabama to experience the fun.  Click on The Gulf Coast Snow Storm of 2010 for more pictures.

Can you spot 3 snowmen in this one picture? They were snow-crazy in Brewton Alabama this year.

To see all current Pensacola Homes for Sale in Coral Creek, simply click the link below:

Pensacola Homes For Sale In Coral Creek

Coral Creek is located Southwest Pensacola.  Coral Creek is accessible from Blue Angel Parkway and  Sorrento Road (a.k.a. Gulf Beach Highway). Coral Creek’s location is convenient to the Perdido Key beaches, Pensacola Naval Air Station and Corry Field Naval Base.

Anyone who works on Pensacola NAS would find Coral Creek to be one of the most convenient subdivisions to NAS.

If you have younger children, the Perdido Kids Park is just a few miles down the road, along with the Big Lagoon State Park. And the Perdido Key beaches are just 10 minutes away. If you are in the military and stationed at Naval Air Station (NAS) Pensacola, Coral Creek is just about 2-3 miles from the back gate entrance to the naval base.

Summary information for Coral Creek is provided below.

Escambia County School Districts for Coral Creek Subdivision:
Elementary: Pleasant Grove
Middle:  Bailey
High:  Escambia

Homes in Coral Creek generally fall into the following ranges:

Age of Homes: Homes in Coral Creek  were generally built between 1990 and 2006
Number of Homes in Subdivision: 443 (approximate)
Square Footage:  1300-2300 range
Avg Sq. Footage:  1760
Bedrooms: 3 mostly, with some 4 bedroom homes
Bathrooms:  2
Garages:  2 Car
Lot Sizes: .2 – .5 acre
Waterfront? None
Home Owners Association: Coral Creek has a HOA. Dues are $30  per year (cost per year not confirmed).

Approximate travel times to popular Pensacola destinations:

Downtown Pensacola: 25 Minutes
Cordova Mall / Pensacola Airport / Pensacola Junior College : 30-35 minutes
Pensacola Beach : 45 minutes
Perdido Key: Under 15 minutes
University of West Florida: 35-40 minutes
Pensacola Naval Air Station (Home of the Blue Angels ): Under 10 minutes

The table below shows Pensacola Real Estate data for Coral Creek subdivision for the past 6 years. The numbers in the table are created using data from the Pensacola MLS and are deemed reliable but not guaranteed. These numbers do not include sales by Pensacola FSBOs.

Notice that prices have dropped from the 2005-2008 levels and Coral Creek is back near the 2004 price level.  Notice also that days on market in 2009 are almost a month lower than in 2008.  The close proximity to Pensacola NAS is a key feature that makes Coral Creek a popular Southwest Pensacola neighborhood.

Related Pensacola Real Estate Articles on other SouthWest Pensacola Subdivisions:

Emerald Shores
Herons Forest
Southbay
Previous Report On Coral Creek

Foreclosure properties are already owned by the bank. Short sales are still owned by the homeowner, but are destined for foreclosure if they cannot be sold at a price lower than the amount owed to the bank. See the article Short Sales – Is It Really Worth It?

A couple of interesting real estate foreclosure stories have surfaced this week that I thought were worth noting. Fortunately, no one got so frustrated that they flew a plane into a bank building, as in the case of the Joe Stack who piloted his plane into the Austin Texas IRS building.

However, a man in Ohio bulldozed his home in retaliation of a bank’s plans to foreclose on his home.  Apparently, Terry Hoskins only owed $160,000 on the home, which was valued close to $350,000. He was already in hot water with the IRS in relation to his businesses. Then the bank refused to stop foreclosure proceedings even though he indicated that he had a buyer who would pay off the balance of the mortgage. As the story goes, the bank wanted to foreclose so they could resell the home for more than the balance owed and actually profit from the deal. There is always more to  a story than you read in the news, so I’m not sure of all the details.  Either way, the home is now a mound covered by snow. 

Terry has now become somewhat of a hero to those who resent how banks have been so generously treated by the government with bailout money while still giving out large bonuses to employees.  Ronnie Ray Jenkins even wrote a song called the Ballad of Terry Hoskins. Check out the video below. Here are some teaser lyrics:

There were no bailouts for Terry
There were no bonuses to spend
So he grabbed the keys to his dozer
It was the beginning of the end

Thanks for the great song Ronnie!

In an unrelated story, Bank Of America foreclosed on a home that was owned by a couple who had paid cash for it. Yes, they owned the home outright.

The couple filed a lawsuit on January 20 that alleges Bank of America seized the house, removed the belongings, and changed the locks on the their home.  The bank had an incorrect address on foreclosure documents. The house it meant to seize was across the street and about 10 doors down. But the couple and a Realtor employed by Bank of America were unable to convince the bank that it had the wrong house. The couple are seeking unspecified damages from Bank of America, including negligence, trespassing, emotional distress, defamation, libel, and a tarnished reputation.

When the media made an inquiry to the bank regarding this situation, here is the email response they received.  ”We have reached out to the Cardosos’ representatives and hope to have the opportunity to work with them to properly assess and address their allegations”. “We are reviewing the allegations in the lawsuit, the actual events that led to them and the causes of those events, and will consider any hardship that resulted.”

Talk about legal speak. After the travesty perpetrated by the bank, you would think they could show a little more compassion and understanding when dealing with these sensitive situations. With the money they have, I would think they could hire some PR people that could do a much better job of publicly addressing this embarrasing mistake.

These are pretty extreme stories, but foreclosures are so common today that these types of situations do not come as a big surprise to me. Look for me to publish an article shortly detailing some important things you need to know about foreclosure.

Gerrymandering

By Bill Stockland

MOVING TO A NEW CONGRESSIONAL DISTRICT?

I’m sure that in the long history of real estate transactions, there have been people who have selected or rejected a property because of its political district. However, it’s a fact that your property could be in one district today, and an entirely different one next year.

There are 435 United States Congressional Districts spread across the 50 states.  The 2000 Census set our population at 281,000,000. With a little simple math, we can figure that each district should contain approximately 647,000 people.  Each state is guaranteed at least one US Congressional District.  Apportionment of districts is done by the House of Representatives.  It becomes tricky when you consider some states  have less than 647,000 people but still get a seat in the House of Representatives.  In addition, no state has a population that is divisible exactly by 647,000.  Congress must then apportion the available seats among the states in as equitable fashion as possible.

I imagine you can see what’s coming.  While the apportionment can be done with a computer, redrawing the resulting districts can become a nightmare as states lose and gain representatives.  The state legislatures (Read: The party in power.) are responsible for redrawing the districts within their borders.  Ah yes, partisan politics rears its ugly head in this process, and has from the beginning.  Parties in power tend to use the power to redistrict to further their political advantage through a process called Gerrymandering.

States gain and lose population continually and the main role of the Census is to track this as an aid to apportionment of representatives in the US Congress.  When I was receiving my Political Science degree, Florida had 12 representatives,  Today, we have 25.  During the same period, New York has shrunk from 41 representatives to 29.  California has grown from 38 to 53 representatives.  Ohio has lost 6 representatives while Texas has gained 9.  Alaska, Wyoming, North Dakota and Vermont still have fewer than 647,000 people each, but their representation remains at the minimum number of 1.  They have 1 statewide district each.

The largest congressional district (In land area) is the First (and only) Congressional District in Alaska.  It contains over 663,000 square miles.

The smallest congressional district is New York’s Fifteenth Congressional District.  It contains over 647,000 people, however it is about 10 square miles in size.

Pensacola is in Florida’s First Congressional District.

GERRYMANDERING

In 1812, Governor Elbridge Gerry of Massachusetts led the redrawing of his Congressional districts in such a wild and unfair way; a newspaper political cartoonist described the districts as  GERRYMANDERS because they represented salamanders in shape.

Since then, the major parties have taken turns redrawing districts to increase their political position.

For the sake of discussion, let’s imagine a new state has entered the union.  The 2010 Census will reveal it has 5,200,000 people and is thus entitled to 8 representatives.  It is shaped almost square and is equally split between Republicans (Red) and Democrats (Blue).

If non-partisan politicians draw the boundaries, they could come up with a plan that would favor Reds in 3 districts, Blues in 3 districts and would leave 2 districts as toss-ups.

The fair district arrangement might look like this:

This appears fair and eliminates the task of making each district competitive.  It also maintains some geographic unity.  Granted, only Wyoming is close to being square in shape but the principle is reasonable.

Now look what happens if we allow Red to draw the districts:

Here is an exploded view.

As you can see, Red has only 50 % of the population but that party now has a solid majority in 6 of the 8 districts!  Note the strange and impractical shapes.

Of course, Blues will eventually come back to power and the districts will look like this:

An exploded view:

As you can see, Blue now has the strong majority in 6 of the 8 districts.  Just as with Red’s plan, half of the population now has little or no voice in legislative  activity because they will be in the minority in what has become largely a partisan exercise by each party in control.

The concept of Gerrymandering districts is now used in both state and local levels of government today.  Both political parties practice it when they have the opportunity.

Other articles from Bill Stockland on Pensacola Real Estate News:

Don’t Tread On Me

To see all current Pensacola Homes for Sale in Emerald Shores, simply click the link below:

Pensacola Homes For Sale In Emerald Shores

Emerald Shores is located in SouthWest Pensacola.   Emerald Shores is accessible from Old Gulf Beach Highway, just west of Blue Angel Parkway.

If you have younger children, the Perdido Kids Park is just a mile or so down the road, along with the Big Lagoon State Park. And Perdido Key is just 10 minutes away. If you are in the military and stationed at Naval Air Station (NAS) Pensacola, Emerald Shores is literally around the corner from the back gate entrance to the naval base.

Below you can find summary information on Emerald Shores.

Escambia County School Districts for Emerald Shores Subdivision:
Elementary: Helen Caro
Middle:  Bailey
High:  Escambia

Homes in Emerald Shores generally fall into the following ranges:

Age of Homes: Built between 1997 and 2004
Number of Homes in Subdivision: 316 (approximate)
Construction: Contemporary style
Average Square Footage:  1763
Bedrooms: 3 to 4
Bathrooms:  2 to 3
Garages:  Mostly 2 Car
Lot Sizes: .12-.25 acres
Waterfront? None

Approximate travel times to popular Pensacola destinations:

Downtown Pensacola: 20-25 Minutes
Cordova Mall / Pensacola Airport / Pensacola Junior College: 35-40 minutes
Interstate 10: 25-30 Minutes
Pensacola Beach : 30-35 minutes
Perdido Key Florida: 10 minutes or less from beautiful Perdido Key beaches
University Of West Florida: 45 minutes
Pensacola Naval Air Station (NAS) (Home of the Blue Angels): 5 minutes to back gate
Saufley Field Naval Base:  15 minutes
Corry Field Naval Base: 15 minutes

The table shows Pensacola Real Estate data for Emerald Shores subdivision for the past 5 years. The numbers in the table are created using data from the Pensacola MLS and are deemed reliable but not guaranteed. These numbers do not include sales by Pensacola FSBOs.

Notice that although prices dropped from the 2005-2007 levels, there was no drop in Average price from 2008 to 2009. In addition, days on market in 2009 was almost half of what it was in 2008. This shows that Emerald Shores is now holding it’s value, and homes in this neighborhood are in demand. The close proximity to Pensacola NAS is a key feature that makes Emerald Shores such a popular Pensacola neighborhood.

Related Pensacola Real Estate Articles on other SouthWest Pensacola Subdivisions:

Coral Creek
Herons Forest
Southbay
Previous Report On Emerald Shores