Deadline for Portability/Homestead March 3rd!

Portability, homestead application deadline is MondayIf you or a client sold and/or bought a homestead in 2007, remember that Mon., March 3, is the deadline to apply for homestead exemption and portability of Save Our Homes tax benefits. Taxpayers who sold a homestead in 2007 and purchased a new home before Jan. 1, 2008, are eligible to apply some or all of their Save Our Homes tax benefits to the new home. The Save Our Homes benefit is the difference between the assessed value and market value of a homestead property due to the annual limit on increases in assessed value. Taxpayers who already applied for a homestead exemption on their new home must complete a separate application by March 3, 2008, to transfer the Save Our Homes benefit to the new homestead. Application forms for portability are available from the local property appraiser and from the Florida Department of Revenue

Panama City among least-affected by market conditions.

Panama City shows 3rd Best in Existing Home Sales, 4th Best in Existing Condo Sales Statewide
Florida Association of REALTORS® (FAR) releases 2007 4th Quarter home/condo resales data

Panama City, Florida, February 18, 2008
Panama City Real Estate Market continues to place well statewide

Florida Association of REALTORS® (FAR) has released sales data for Q4 2007 existing condos and homes, and Panama City continues to stay among those least-affected by the current real estate market conditions.

Statewide, sales of existing condos declined 27 percent (7,923 units closed for Q4 2007 compared to 10,820 for Q4 2006). In contrast Panama City showed a decrease of only 10 percent (81 existing condo units closed in Q4 2007 compared to 90 closings in Q4 2006) for the fourth best showing in the state, tied with Ft. Pierce-Port St. Lucie and surpassed only by Fort Walton, Sarasota and Marco Island .

In sales of existing single-family homes, Q4 2007 shows a statewide decline of 31 percent (26,130 units closed in Q4 2007 compared to 37,879 in Q4 2006) while Panama City shows a net decrease of only 15 percent (269 units closed in Q4 2007 versus 315 units closed in Q4 2006). This places Panama City in third best position statewide, only to Fort Walton Beach and Sarasota .

Existing single-family home and condominium prices in Panama City continue to see a market correction, with existing homes seeing a 4% reduction in Q4 2007 versus Q4 2006 and existing condos seeing a 17% reduction for the same period. Statewide sales figures continue to show that those areas embracing efforts to educate sellers about realistic expectations, while pointing toward a ‘buyers market’, remain least-affected by the current real estate market conditions.
For information on the Bay County Association of REALTORS® or the ‘Gotta Buy Panama City’ campaign, contact Paul Goulding at 850-625-6888, the Bay County Association of REALTORS® (Jan Cox, President) at 850-814-2252 or visit www.GottaBuyPanamaCity.com.
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