The Florida Association Realtors just released the FAR/BAR V 3.  Click the link to see the red lined document.  Only 2 changes being a clarification as to who pays for the municipal lien search and the Flood Zone Elevation Certificate section.  Specifically, in Paragraph 9…

In the 2013 version, municipal lien search was included in the definition of Owner’s

Policy and Charges in Paragraph 9(c). The original intent for including this search

within this definition was to specify which party was responsible to pay for this search, if

the search was actually performed. These searches are regularly conducted in some

parts of Florida, while in other parts of the state they are not performed.

Reference to municipal lien search has been deleted from the definition of Owner’s

Policy and Charges in Paragraph 9(c) in the 2014 revision. Now you will find municipal

lien search as a cost to seller under Paragraph 9(a) or buyer under Paragraph 9(b). If

Paragraph 9(c)(i) is checked indicating seller is to pay for title, then seller is also to pay

for a municipal lien search if a municipal lien is performed. Conversely, if Paragraph 9

(c)(ii) is checked, then buyer is to pay for a municipal lien search if performed.

Remember, the costs itemized in Paragraph 9(a) and (b) are not required to be

absorbed by the party specified unless the item is part of the transaction.

(Note- municipal lien searches are regularly performed in Miami-Dade and Broward. If

Paragraph 9(c)(iii) [Miami-Dade/Broward Regional Provision] is checked, a municipal

lien search is to be performed. This isn’t new. What is new is the municipal lien search

is reflected as a seller’s cost in Paragraph 9(a), where Paragraph 9(c)(iii) is checked.)

And, in Paragraph 10(d)…

Language was added to and deleted from Paragraph 10 to update the flood disclosure.

The 2013 version of the contract provided that buyers could terminate the contract if

flood insurance was not available through the NFIP. The 2014 change allows the buyer

to terminate if flood insurance is not available through NFIP or private flood insurance.

The 2013 version provided that NFIP may phase in actuarial ratings for nonprimary

residential structures (second homes). The 2014 version changes this by referencing

that NFIP may assess additional fees and premiums for non-primary structures

according to the most recent changes to flood program. The 2013 version defined nonprimary

structure as a residential structure in which the insured or spouse does not

reside for at least 80%. This percentage has been changed to 50% of the year,

consistent with NFIP current regulations. The 2013 version referenced the federal flood

law Biggert Waters -12. This reference was eliminated since new flood insurance

legislation passed Congress.

 

 

The Harbourside development in Jupiter is nearing completion.  For more information check out the developers web site…

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The Riverwalk Pointe development is underway at 1044 South US Highway 1 in Jupiter, FL 33477 .  The site is owned by Mangrove Bay LLC which owns and operated the Mangrove Bay Assisted Living facility adjacent to the site.  These units will be age restricted 55+ rental apartments.  Tenants will be allowed pets under 40 lbs with the payment of a $400 pet fee.  Note that the townhome style units behind this building adjacent to Riverwalk CAN BE PURCHASED.   These are terrific product featuring 2 bed, 2 baths and a 1 car garage in a CBS home with impact windows and doors.  Residents can use some of the assisted living conveniences with the basic maintenance fee or pay more to use more.

Mangrove Bay

 

The site at the corner of Donald Ross & Prosperity Farms Road (2700 Donald Ross Rd) is finally being developed as Azure.  The site is owned by FW Yacht Club, who paid 10M for the 14.5 acre site adjacent to Loggerhead Marina.  The site is being developed for 113 units from 900k per unit and up.

Please call or email us for floor plans and pricing information.

Bass Pro Shops will open its first Palm Beach County store at the old Carls Furniture Plaza in North Palm Beach.  No word yet on an opening date but in August they closed the land sale for 5.5M.  The preliminary site plan shows renovating the 6-acre site on the east side of U.S. 1 for 58,500 square feet of retail, 5,000 square feet of warehouse and 5,000 square feet for boat sales space. Specific site plans still face further hearings by the commission.

 

I just these stats on the PB County Clerk’s web site….

Palm Beach County’s new foreclosures down 17 percent from previous year

The number of new foreclosures in Palm Beach County decreased in August, according to the latest statistics from the Clerk & Comptroller, Palm Beach County.

There were 480 new cases in August, a 9.9 percent decrease from 533 cases filed in July and a 17 percent decrease from 578 cases filed in August 2013.

Foreclosure Sales Results

There were 722 properties sold at foreclosure auction in August. Of those, 572 were sold back to the plaintiff – typically a bank or mortgage company – in the foreclosure proceeding, and 150 were sold to a third party.

There were 449 foreclosure sales canceled in August, out of 1,171 scheduled for sale. The cancellation rate was 38.3 percent, compared with 34 percent in July.