Anna Maria Island Real Estate Sales Blog

Once again our government fails to act in a timely fashion. Recently, there were a couple of days when getting a loan and closing a transaction were hindered by a lapse in the National Flood Insurance Program. And the 'fix' is only good to March 28.

Read the details from this Florida Realtor information:

National Flood Insurance Program extended one month

WASHINGTON – March 4, 2010 – Late Tuesday, President Obama signed H.R. 4691 into law, extending the National Flood Insurance Program (NFIP) for one month – until March 28, 2010.

NFIP’s expiration date was Feb. 28. Without Congressional extension, the program officially lapsed for almost two days, impacting the issuance of new flood insurance policies until late in the day on March 2.

“Real estate closings can get delayed when mortgage holders require flood insurance, putting the financial security of millions of Americans at risk,” says Mike Becker, director of federal affairs for the National Association of Professional Insurance Agents. “This is only a short reprieve,” he adds.

The one-month extension gives Congress time to consider a broader initiative that would extend NFIP until the end of the year. In a Government Affairs Update, the National Association of Realtors® says it will continue to push for a longer extension to avoid compounding market uncertainty and give Congress sufficient time to enact meaningful long-term reform.

Most observers expect an NFIP extension to be in place by the March 28 deadline, but Matt Brady, a spokesman for the National Association of Mutual Insurance Companies, notes that this is the second time NFIP has been allowed to expire for reasons that have nothing to do with the program itself.

© 2010 Florida Realtors®

Three of my listings, two in Bradenton and one in Holmes Beach, have recently reduced their prices to be more competitive in the eyes of prospective buyers.

They are:

2006 26th St. West, a 3/2/2 home on three lots in Bradenton.

9421 Trinity Circle, a 2/2 condo in Mount Vernon near Cortez Road in Bradenton a couple of miles from the beach.

And 508 72nd Street, a 3/2/1 home on a canal in Holmes Beach.

See if the new prices increase the values in YOUR eyes!

John

An analysis of sales trends for January, 2010 on Anna Maria Island is now available at

www.calltheislanders.com/salesinfo

which reveals that the average price per square foot for single family residences is down 16 percent, condos is down 15 percent and multi-family sales are virtually non-existent at this time.

Call me to discuss how to sell a property in this kind of market. And call me to find out how to get a property you like at a great price.

John van Zandt  Cell 941-685-8822