Novus Property Manager “Best Property Managers in Hollywood”.

Novus Propert Manager

NOVUS Realty LLC is a real estate company providing property management services to residential and commercial rental property owners in the Hollywood area. The firm specializes in managing homeowner associations, condominiums, and timeshares. It uses advanced market data to list properties at the optimal rent rate. Its property managers handle maintenance requests and property emergencies on a 24/7 basis. Additionally, NOVUS Realty hosts an online portal for owners to view property-related information.

12280 Miramar Blvd #4
Miramar, FL 33025

Best Places to Retire? 13 of the ‘Top 25’ Are in Florida.

new floridaU.S. News & World Report’s latest ranking of top retirement communities could have almost said, “Pick any town in Fla.” Seven Fla. metros are in the top 10: Sarasota (No. 1), Fort Myers (2), Port St. Lucie (3), Naples (4), Ocala (6), Miami (9) and Melbourne (10).

WASHINGTON – U.S. News & World Report unveiled its 2020-2021 Best Places to Live and Best Places to Retire in the United States. The new lists evaluate the country’s 150 most populous metropolitan areas based on affordability, job prospects and desirability.

In the “Best Places to Retire” category, Florida metro areas stood out with seven out of the top 10 slots and 13 of the top 25 slots.

“After a prolonged period of staying at home, people are taking a critical look at where they live, and many are looking to find a place they can feel happier, afford more or pursue new opportunities,” says Devon Thorsby, real estate editor at U.S. News. “The Best Places rankings can help people examine the details they consider important in a larger community.”

This year, U.S. News increased the number of metropolitan areas evaluated for both sets of rankings from 125 to 150, to provide a broader and more accurate reflection of where Americans can live and retire.

Best places to retire

U.S. News & World Report’s announcement of top retirement destinations says it’s “dominated by Florida metro areas, largely due to affordable homes, low taxes and high ratings for happiness and desirability.”

An increase in Desirability and Job Market scores lifted Sarasota from No. 2 last year to No. 1 this year – but it overtook another Florida city, Fort Myers, which became No. 2. And while Port. St. Lucie’s Housing Affordability score decreased slightly, increases in Desirability, Job Market and Health Care scores helped it jump two places to No. 3.

Miami also saw a decrease in Housing Affordability, but it broke into the top 10 this year, jumping five places to No. 9 thanks to Desirability and Job Market score increases.

The top 25 places to retire also includes three Texas communities, and two places each in Michigan, North Carolina and Tennessee.

“Moving to a new place for retirement can reduce your cost of living and improve your quality of life,” says Emily Brandon, U.S. News senior editor for retirement. “The Best Places to Retire includes information about housing costs, access to quality hospitals and the strength of the job market, which can help you find a retirement spot that will meet your needs.”

The 2020-2021 Best Places to Retire were determined based on a methodology that factored in happiness, housing affordability, health care quality, retiree taxes, desirability and job market ratings. These measures were weighted based on a public survey of individuals across the U.S. who are nearing retirement age (ages 45-59) and those who are of retirement age (60 or older) to find out what matters most when considering where to retire. Data sources include the U.S. Census Bureau and the Bureau of Labor Statistics, as well as U.S. News rankings of the Best Hospitals.

2020-2021 Best Places to Retire – Top 25

  1. Sarasota
  2. Fort Myers
  3. Port St. Lucie
  4. Naples
  5. Lancaster, Pa.
  6. Ocala
  7. Ann Arbor, Mich.
  8. Asheville, N.C.
  9. Miami
  10. Melbourne
  11. Myrtle Beach, S.C.
  12. Nashville, Tenn.
  13. Jacksonville
  14. Manchester, N.H.
  15. Daytona Beach
  16. Orlando
  17. Dallas-Fort Worth, Texas
  18. Lakeland
  19. Chattanooga, Tenn.
  20. Tampa
  21. Grand Rapids, Mich.
  22. Houston, Texas
  23. Charlotte, N.C.
  24. San Antonio, Texas
  25. Pensacola

U.S. News & World Report is a global leader in quality rankings that empower people to make better, more informed decisions about important issues affecting their lives.

© 2020 Florida Realtors®

PPP Loans: Do You Qualify? Should You Apply?

news media

While a lifeline to struggling businesses, PPP loans also created confusion – but new easy-to-understand guidelines cover applying, second-draw loans and PPP forgiveness.

WASHINGTON – Paycheck Protection Program (PPP) loans created under federal programs to help businesses weather the coronavirus pandemic offer a lifeline to businesses struggling to make it through the downturn and thrive once it ends.

However, the loans have created some confusion, and many businesses who could benefit have been slow to apply. To help simplify the process, the National Association of Realtors® (NAR) created a series of one-page information guides that make it easier for real estate professionals and other business owners to understand whether they’d benefit from a PPP loan, which may be forgivable.

In addition to info on applying for a PPP loan, the one-page guides also answer questions about second-draw loans, forgiveness, and PPP for 501(c)(6).

NAR guides

The first COVID-19 relief package passed in April 2020, the “Coronavirus Aid, Relief, and Economic Security Act” (CARES Act), had some strong provisions aimed at helping small businesses. It included more than $360 billion for new Small Business Administration (SBA) programs, the 7(a) Paycheck Protection Program (PPP) loans and the Economic Injury Disaster Loans (EIDL) advance grants program.

Since that time, Congress has appropriated even more funds, most recently in the Dec. 21, 2020, COVID-19 relief bill and omnibus spending package, which added $284.45 billion for PPP and $20 billion for EIDL advance grants.

The new law added a streamlined forgiveness process for loans less than $150,000 and gave some hard-hit small businesses access to second-draw PPP loans. It also corrected an IRS ruling and now business expenses paid with forgiven PPP loan money are now tax-deductible.

Both loan programs were extended until Sept. 30, 2021.

NAR offers more information about loan programs on its website. Applicants seeking a PPP loan also have a simplified access application called “EZ Application.

© 2021 Florida Realtors®

Americans on the move: Florida among top eight states for inbound migration

Aerial panorama of skyline at waterfront of South Florida

Aerial panorama of skyline at waterfront of South Florida

Americans are leaving the Northwest and Midwest in favor of the warmer Southeast and Southwest, according to a new report.

The 2020 U.S. Moving Migration Patterns Report from North American Moving Services shows Illinois, New York, California, New Jersey and Maryland to be the top five states for outbound moves among people relocating. For inbound movers, the top states were Idaho, Arizona, South Carolina, Tennessee and North Carolina.

Illinois had 31% of people moving into the state and 69% moving out. For New York, it was 35% in and 65% out. California, New Jersey and West Virginia each saw 36% inbound and 64% moving out. Michigan had 60% moving out and 40 percent moving in, while Pennsylvania recorded 59% leaving compared to 41% inbound. The leading metropolitan areas for outbound migration were New York City, Chicago and in California; Anaheim, San Diego and Riverside.

Idaho led the inbound relocation states with 70% moving in to 30% moving out, followed by Arizona with 64% inbound and 36% outbound. Tennessee and South Carolina both had 63% moving in and 37% moving out, while North Carolina showed 61% moving in and 39% leaving.

Florida, Texas and Utah rounded out the top eight states for inbound moves. In Florida, 57% of moves were inbound and 43% were outbound. Texas recorded 55% inbound moves and 45% outbound, while Utah had 54% moving in and 46% moving out.

Cities attracting the most inbound moves were: Phoenix, Houston, Dallas, Atlanta and Denver.

The Northwest led all regions of the United States for outbound migrations. Harsh winters, job availability and the high cost of living in some of the region’s cities were listed as contributing factors.

The Midwest saw the second-highest rate of outbound migration. Harsh winters are likely a factor across the region, while more specific reasons may be leading people to leave certain states. The report cited the difficulty of finding jobs in Michigan after the collapse of the auto industry and public policy in Michigan as potential contributing factors in those states.

The report cited climate, job growth and the availability of open space as reasons for relocating to southern states.

Additionally, Florida, Tennessee and Texas do not collect state income tax. Arizona, North Carolina and South Carolina do each have a state income tax, but the rates remain relatively low. As for Idaho, it remains a fast-growing state due to its relative affordability and a slower pace of life, according to the report.

 

FHFA Extends Forbearance, Foreclosure and Eviction Moratoriums

foreclosure

WASHINGTON, D.C. – The Federal Housing Finance Agency (FHFA) announced that mortgages held by Fannie Mae and Freddie Mac have extended their moratoriums on single-family foreclosures and real estate owned (REO) evictions until March 31, 2021.

The foreclosure moratorium applies to single-family mortgages and only those backed by Fannie and Freddie. The REO eviction moratorium applies to properties they’ve acquired through foreclosure or deed-in-lieu of foreclosure transactions. The current moratoriums were set to expire on Feb. 28, 2021.

Forbearance

Mortgage borrowers with a loan backed by Fannie Mae or Freddie Mac may also be eligible for an additional forbearance extension of up to three months.

Under forbearance, homeowners financially harmed by the pandemic can postpone payments that can then be paid at the time the home is sold, refinanced or at mortgage maturity. Foreclosures aren’t expected to pick up significantly until forbearance ends, and the government hopes most homeowners in forbearance will be able to return to work before then.

Eligibility for the forbearance extension is limited to borrowers who are already on a COVID-19 forbearance plan as of Feb. 28, 2021, and FHFA says other limits may apply.

With the just announced extension, the COVID-19 Payment Deferral allows borrowers with a Fannie or Freddie-backed mortgage to cover up to 15 months of missed payments.

FHFA projects that the program will cost Fannie and Freddie $1.5 to $2 billion for the COVID-19 foreclosure moratorium and its extension.

© 2021 Florida Realtors®

News and Media

news and mediaFewer Listings, Less Time on Market: Buyers Should Prepare

A realtor.com report finds that active site listings for Fla. metro areas are down as much as 56% year-to-year in Jacksonville, 53% around Tampa and 31% in Central Fla.

ORLANDO, Fla. – For current homebuyers, spring will likely be fiercely competitive. Real estate professionals should prepare their house hunters for record low inventories and rapidly rising home prices based on a realtor.com study of listings on its website.

In one of the four Florida metro areas listed by realtor.com, Jacksonville, the inventory of homes for sale is down 56% year-to-year. Even in the metro area with the smallest year-to-year drop, Miami-Fort Lauderdale-West Palm Beach, active inventory on realtor.com fell 25.8%.

“Demand for housing was already strong coming into the year and we don’t see that slowing down with millennials reaching prime home-buying age, and many remote workers still in the market for more space,” says Danielle Hale, realtor.com’s chief economist.

“At the same time, sellers failed to materialize in January, which has pushed the number of homes for sale to new lows and suggests that our new normal of rising prices and brisk sales is here to stay at least through the first half of the year,” she adds. “Those thinking of getting into the market this spring should brace themselves for a competitive season, especially in the market for existing homes.”

In January the number of homes for sale nationwide plunged 42.6% year-over-year, a new low, according to realtor.com’s records. New listings (ones added to all active listings) in the 50 largest U.S. metros were down by the largest amounts in Cleveland; Jacksonville, and Memphis, Tenn., which posted drops at 37.1%, 36.9% and 32.6%, respectively, according to realtor.com’s January Housing Trends Report.

Median national home listing prices on realtor.com increased by 15.4% compared to a year earlier, reaching $346,000 in January. The nation’s median listing price per square foot grew by 17.5% in January compared to a year ago, realtor.com’s report shows.

Florida metros – Active listings year-to-year – Change in days on market

  • Jacksonville – down 56.1% – down 20 days
  • Tampa-St. Petersburg-Clearwater – down 53% – down 9 days
  • Orlando-Kissimmee-Sanford – down 30.8% – down 2 days
  • Miami-Fort Lauderdale-West Palm Beach – down 25.8% – up 5 days

© 2021 Florida Realtors®

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Giving Notice When a Lease Ends: How? When? Who?

A lease is about to end. Does Fla. law mandate that a tenant give the landlord 30-days notice? 60-days notice? Any notice? And flip the question around: Under Fla. law, is a landlord obligated to tell a tenant a lease won’t be renewed? Give any kind of warning?

ORLANDO, Fla. – Recently, there has been an uptick in calls to Florida Realtors® Legal Hotline regarding termination of a lease and how much notice one side needs to give the other if they’re vacating or not renewing.

These callers have a vast range of assumptions as to what “the rule is” for notification as parties approach the end of a lease. Let’s break down how this actually works:

Caller #1: “The tenant isn’t renewing their lease but never let the landlord know. Isn’t the tenant obligated to notify the landlord they’re leaving?”

Answer: I know this is your favorite one, but it depends. Here is how you determine the answer though – look to the lease.

Does the lease require a certain number of days notification by the parties in the event they aren’t renewing and/or leaving the property? If not, then the lease ends when the lease ends. In legalese, this is called a tenancy of a specific duration. Example? The parties have a lease that starts on Oct. 1, 2020, and ends on Sept. 30, 2021. There is nothing in the lease that mentions anything about notification as to non-renewal or vacating the premises. As such, the lease ends on Sept. 30, 2021 – and neither side has a legal obligation to notify the other.

Caller #2: “The law requires the tenant to give at least 60 days’ notice to the landlord that tenant is vacating the premises.”

Answer: This is a common misconception likely based on the language in Chapter 83, Part II, of the Florida Statutes, most commonly referred to as the Landlord/Tenant Act. Specifically, section 83.575(1) states, in pertinent part, that “a rental agreement with specific duration may contain a provision requiring the tenant to notify the landlord within a specific period before vacating the premises at the end of the rental agreement … However, a rental agreement may not require more than 60 days’ notice …

Let’s take a closer look at this one. First, it’s important to note that it says the rental agreement may contain a notification requirement. This means it doesn’t have to, but it could. So if the lease says nothing (see Caller #1 above), then there is no requirement.

Second, it says that if the agreement does contain this notification requirement, then it cannot require notice that is further out than 60 days. So this could mean there is a 25 day notice, a 30 day notice or a 58 day notice. It just can’t exceed 60 days. There is no generic rule of law that demands a 60-day notice.

Caller #3: “The tenant happened to run into the landlord, who said he would call him about a doing a walk through next week since the lease was ending. The tenant is panicking – he had no idea the landlord didn’t intend to renew the lease and didn’t intend to move out.”

Answer: As stated in the first example, look to the lease. If there is no notification requirement within the lease, then the tenant made a large assumption about being able to stay.

As I said before, the lease ends when the lease ends. Additionally, Florida Statute 83.575(1) states that if the lease requires notification from the tenant to the landlord as to vacating, there must be an equal requirement by the landlord to notify the tenant if the rental is not to be renewed. So once again, if the lease is silent on this issue, then there is no requirement for notification.

What to take away from this article? While the lease may contain a notification requirement by the parties, communication is still key. A “best practice” for property managers: Create a calendar reminder that a lease is ending soon. This gives you time to reach out to the landlord to inquire about interest in renewing so you can discuss this with the tenant. Maybe the landlord didn’t like that the tenant paid several rental payments late and never paid late fees. As such, the landlord has no interest in renewing with that tenant.

A wise property manager would convey the landlord’s intention of moving on with a new tenant and remind the current tenant that they’re expected to be out of the property by the end of the lease. This should be done early enough that the tenant has time to make alternate arrangements and move out. Calling a tenant the day before a lease ends isn’t the best way to handle this scenario.

It’s also recommended that a tenant interested in renewing a lease communicate that with the landlord before the end of the lease. Is the landlord willing to renew? If so, great. Get a new lease together for the parties to execute or enter into a month-by-month tenancy.

Regardless, it’s imperative for the parties to communicate even if the lease does not legally require it. Otherwise, you could have a situation where the tenant assumed they’d be able to stay, the landlord has no intention of renewing and, in fact, has signed a new lease with a new tenant to start next week. In short, a mess.

Meredith Caruso is Associate General Counsel for Florida Realtors

© 2020 Florida Realtors®