Dubbed as a “new town”, The Quarry Preserve has been planned for nearly five years with state, local and regional planners in an effort to acknowledge every nook and cranny of the proposal. The need for additional residential structures in Hernando has been questioned as well as the water provisions for the development.  The developer of the project has responded with a planned well field that would provide enough water for the project as well as additional water for Hernando County.

Many residents remain up in arms over the new development, with concerns over the struggling subdivisions currently standing that have not been built out. Many question the need for more housing throughout the county and the costs that would ensue.  However, according to Jake Varn, representative for the developer, the agreement states that the developer must bring in a set amount of business in order to keep developing the residential parts of the project.  In addition, the developer is paying for many of the infrastructure costs, including the $62 million set to widen US 98 from the Suncoast Parkway to Cobb Rd.

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.

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.

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?

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.

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!

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

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.

For more information on current housing trends you can visit www.realtor.org.

Our area is well placed for the Tampa/St.Pete commuters. We offer a delightful difference.