What are you waiting for?

If you are waiting for prices to go down I don’t see it happening. The median home price in Jacksonville in 2015 was around $180,000 in 2016 median prices were $195,00 and 2017 they were $210,000. Now we are almost half way through 2018 with a median home price of $225,000.

So tell me:

  • What’s holding you back?
  • What are you waiting for?
  • How can I help?

Thinking about selling your home?  Click here to receive your free, no obligation home valuation

PAULA WYNN – REALTOR® at EXIT Real Estate Gallery (904) 502-9432. Paula services the entire northeast Florida area which consists of Jacksonville, Argyle Forest, Orange Park, Green Cove, Middleburg, Lake Asbury, Jacksonville Beaches, and surrounding areas. With Paula Wynn, your real estate transaction is always a win!

 

Did you know…

A CDD is a Community Development District. The CDD Fee pays for the cost of the new roads, road improvements, schools, etc. Basically, the fee covers infrastructure improvements.

The builder puts the cost of the infrastructure improvements such as roads, maintainence, sidewalks, sewer, schools, parks, community pools, tennis courts etc. into a BOND. The bond is split amongst the homeowners until it is paid off, generally, 25-30 yrs.

The bank, where the municipal bonds are purchased and held, work directly with the CDD Management company to provide information (investor information/individual contribution/etc), balance/sum of the bonds, refinancing, etc. Therefore, your best bet would be to contact the CDD management company.

A common misconception is that once the municipal bonds are paid off; the homeowner no longer has to pay CDD fees – this is not correct. CDD Fees are comprised of O&M (Operation & management fees), Municipal Bond Fees (the portion that is allocated toward repayment of the actual municipal bonds), and county taxes. Therefore, once the Municipal Bonds are paid in full (typically a time frame between 20-35 years -unless there is a refinance), the homeowner’s CDD fees will be the sum of O&M and county taxes (their payment will no longer include the previous amount allocated for repayment of the Municipal Bonds).

For example: A homeowner’s annual CDD fees = $4,000.00. $2000 is allocated for county taxes, $1000 is allocated toward O&M, and $1000 is allocated toward repayment of Municipal Bonds. Once the Municipal Bonds have been paid in full (and providing in this example that taxes and O&M costs remain the same), the homeowner’s annual CDD fees would reduce to $3000.00 (since they no longer have to pay the $1000 previously allocated toward the repayment of the municipal bonds).

PAULA WYNN – REALTOR® at EXIT Real Estate Gallery (904) 502-9432. Paula services the entire northeast Florida area which consists of Jacksonville, Orange Park, Green Cove, Middleburg, Lake Asbury, Jacksonville Beaches, and surrounding areas. With Paula Wynn, your real estate transaction is always a win!