July 16, 2010
The new proposed budget received by the Hernando County Commission included a 6% property tax rate increase. According to the Hernando County’s budget director, George Zoettlein, due to the fall in property values the increase would still ensure that 70% of the county’s homeowners with the homestead exemption would see a decrease in their property taxes.
However, Hernando County Commissioners, Jim Adkins and Dave Russell agree that the current rate when compared to the past tax rate shows that county is where it needs to be and will not support the tax increase. Other commissioners are in limbo with the idea and will only look to a tax increase as a last resort.
The first of the two budget hearings are scheduled for September 14, 2010 at 5:00.
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July 13, 2010
A proposal for an 80-acre housing development in Hernando County, Florida has been approved by Hernando planners. The housing development will be a combination of nearly 252 multi-family units as well as 12 estate homes on about 5 acres each.
The new development has become a controversy with the Hernando County Planning and Zoning Commission as well as residents at the neighboring Hernando Oaks development. Many neighboring residents declare that the new development is too big for the area, in turn lowering their home values. The Hernando County Planning and Zoning Commission has required the new developer to provide 80 feet of road frontage right of way as well as land for utilities and drainage, as access into the development has become an issue.
Despite the controversy the proposal has been approved and the planning commissioners have voted to recommend re-zoning to the county commission.
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May 14, 2010
Existing home sales in Hernando County showed an incline during the first quarter this year, bringing hope back into the real estate market. According to Hernando County Association of Realtors (HCAR), 528 existing homes were sold during the first quarter of 2010, up from 450 the first quarter of 2009.
Economists believe that it was the upcoming expiration of the government programs, including the Homebuyer Tax Credit, in the spring that sent potential homebuyers scrambling to get in on the deals, before they missed their chance. According to the Chief Economist at the National Association of Realtors (NAR), “The tax credit has been very effective in drawing down excess inventory, with about one million additional sales resulting directly from the stimulus.”
In addition, the Hernando County Building Department issued a total of 50 single family home permits during the first quarter this year, up from 48 compared to last year at this time.
The incredible low home prices as well as the low interest rates are drawing the attention of potential homebuyers. The median home price for Hernando County is $105,000 and the mortgage rates for a 30-year fixed mortgage were 5% last week, according to mortgage giant, Freddie Mac.
What better time to buy?
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April 8, 2010
Two permits for new construction were pulled last week at Cascades at Southern Hills in Brooksville, Hernando County, Florida. These were the first new construction permits pulled in over two years at the community and Lew Chandler, Brooksville building official, views this as a good sign. “I’m happy to see it,” Chandler said. “Hopefully, it’s a signal things are getting better.”
Single family building permits have been slow business in Hernando County, as the county issued only 17 in the month of February and 13 in January. It’s the foreclosures and distressed homes that have made up a majority of the real estate sales, since the financial crisis took a foot hold.
Cascades at Southern Hills, a 55 and over community, was purchased in August of 2009 by CaSHP Homes after Levitt & Sons, former developer of the community, filed Chapter 11. Home builder, Lennar Homes has acquired 120 of the sites in the community with plans to construct villa-style homes ranging from 1,350 to 2,000 sq ft., featuring amenities such as modern appliances and brick paved walks and drives.
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May 21, 2009
According to the Hernando County Association of Realtors (HCAR), home sales have increased by 28% this quarter! Brokers and agents have found themselves busy again with multiple offers and in some cases, even the bidding wars have begun!
Over half of the home sales have been foreclosures or short sales bringing the median price of the homes sold in Hernando County, Florida to just a touch over $100,000. The current market provides an opportunity to purchase your very own dream home in Florida for a record low price!
First-time home buyers are taking advantage of the $8,000 tax credit, investors are buying again and who can blame them? With record low interest rates and home prices, amazing incentives and opportunities, purchasing a home in today’s market is smarter than investing in the stock market!
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May 4, 2009
Looking for something fun to do this FRIDAY May 8 from 6pm-9pm? How about a Las Vegas Nite at your local Hernando County Association of REALTORS® office, 7321 Sunshine Grove Road, Brooksville (open to public).
The $25 entry fee includes:
• $2,500 Gaming Money
• Table games including Black Jack & Texas Hold ‘em and Slots
• Chorus Girls
• Free Food, Beer & Wine
• Chance to Win Great Prizes!
• With a Pit Boss, you’ll think you’re really in Vegas!
• Additional $2,500 Gaming Money available for $20.00
Enter the Black Jack Tournament and Win a Great Prize!
*Separate Entry Fee Required
*All proceeds to benefit RPAC
For more information and registration please contact Hernando County Association of REALTORS 352-799-1971
7321 Sunshine Grove Rd., Brooksville, FL 34613
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April 1, 2009
Hernando County is in the hopes of having a plan by June 1, 2009 in place to aid in making the dream of home ownership a reality for some low income residents! The Neighborhood Stabilization Plan is part of the Housing and Economic Recovery Plan which brought $4.3 million to Hernando County in 2008.
The money is to be used in the neighborhoods that project the largest amount of foreclosures in the county, which, in this case, would land the money into the Spring Hill area.
The funds are planned to be used to:
1. Put contractors to work, by renovating the foreclosed homes.
2. Provide a plan for low-income residents to acquire a home.
3. Provide rental properties for low-income residents.
The plan will now be placed on the desk of the Florida Department of Community Affairs for approval.
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February 10, 2007
David Lereah, Chief Economist for the National Association of REALTORS, is looking for a steady rise in existing-home sales. Mr. Lereah stated this past week, “after reaching what appears to be the bottom of the fourth quarter of 2006, we expect existing-home sales to gradually rise all this year and well into 2008. New-home sales should continue to slide, but we look for that sector to turn around later in the year. When you put it all together, home sales may appear weak in comparison with the record surge in 2005, but they will be sustained at historically high levels that are in line with long-term demand.”
For more information on current housing trends you can visit www.realtor.org.
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January 30, 2007
It is true that our local market has shown a decline in average sales, however we are still far above the national average. I believe this to be because even in a depressed market, buyers still realize that our market is still a value for them.
Our area is well placed for the Tampa/St.Pete commuters. We offer a delightful difference.
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