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Coastal Barrier Resources Act of 1982

4/18/2012

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Are you planning to purchase a home using a VA or FHA loan in the Destin or Miramar Beach area?  If so you need to know that not all properties in the area will be elgible for these types of loans, according to the Coastal Barrier Resources Act of 1982.

The Coastal Barrier Resources Act (CBRA) of 1982 along with amendments established the John H. Chafee Coastal Barrier Resources System (CBRS) and removed the Federal government from financial involvement associated with building and development in undeveloped portions of designated coastal barriers. These areas were mapped and designated as Coastal Barrier Resources System units or Otherwise Protected Areas (OPA). They are commonly referred to as COBRA zones.  The CBRA banned the sale of NFIP flood insurance for structures built or substantially improved on or after the specified date of  the zone. For the initial CBRA designation, this date is October 1, 1983. For  all subsequent designations, this date is the date the CBRA zone was identified.  CBRA zones and their identification dates are shown on Flood Insurance Rate Maps  (FIRMs). Walton County has four areas that are designated as CBRS areas and one  area that is an OPA.

Communities may permit development in these areas even though no Federal assistance, such as flood insurance, provided that the development meets NFIP requirements.  Verify whether your property is located within a CBRA prior to obtaining a Building Permit. If you own property near one of the designated areas, check with the Floodplain Manager or a Planner to verify whether you property is  affected. Removing your property from a CBRA requires approval by Congress.

To map the location of the properties that will not qualify for FHA and VA loans in the area, click on this link and scroll down to click on the P32 maps.  If you need more information please feel free to call me for more information.
http://www.co.walton.fl.us/index.aspx?NID=721

Bev Dudley, Realtor
Fleur de Lis Reatly
http://www.luxurygulfproperties.com/
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The Sandestin Wine Festival 2012

4/17/2012

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Sandestin Wine Festival
 at
Baytowne Wharf April 26-29, 2012

It is coming soon the Sandestin Wine Festival of 2012!!  Mark your calander for April the 26th through the 29th, 2012 and attend the Sandestin Wine Festival.  The festival takes place at Baytowne Wharf with 800 wines just for the tasting.  Learn about wines, meet the makers of wines and most of all taste these wonderful wines from vinyards all over the world.  There will be live music, plenty of food and great entertainment.  Do not miss this event, see you there!!

Bev Dudley, Realtor
Fleur de Lis Realty
 
http://www.luxurygulfproperties.com/
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Three Short Sale Contracts....Three Skeptical Buyers

4/12/2012

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Recently I have been working with three different buyers; they have all elected to purchase a short sale and all currently have an effective contract. 

Short sale #1:  We received approval from the first mortgage holder, but the second lien holder, after another month, has not given us written approval for the short sale.  Buyer #1 informed me today, she is ready to start looking for other homes and to see what her options are.  

Short Sale #2, the short sale process is going quickly and once the buyers gave notice to the landlord that they would be moving, the landlord has decided she would like to sell the rental house, now buyers #2 want to make an offer on the rental that they are currently living in, today we received a counter offer from the short sale lender, we now have until 4-18-12 for the buyers to make a decision.  

Short Sale #3:  Just got a call from buyer #3 that they are interested in another home after being under contract for about 3 weeks…the new property is also a short sale…if they cannot wait on approval for the current short sale, will they be able to wait on approval for the next one?  It is doubtful!


We are currently transitioning from one market to another, we have been in a buyers’ market for over 5 years and now it is clearly becoming a sellers’ market.  I hope buyers’ understand you can risk losing both properties if you are not careful, please do not second guess your original decision just because you see something new hit
the market; it may not be a better deal than what you have under contract.

Bev Dudley, Realtor
Fleur de Lis Realty    
http://www.luxurygulfproperties.com/

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Happy Hour Sunset at 790 on the Gulf Destin Florida

4/9/2012

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Enjoy Happy Hour at 790 on the Gulf!  Destin Florida

Looking for the perfect spot for your Happy Hour?  Look no futher, 790 on the Gulf is the perfect place to catch a romantic sunset while enjoying cocktails and appetizers.  790 on the Gulf offers a full service bar and great appetizers with Louisiana flare.  Stay for dinner, go for lunch, it will be your favorite place for Sunday brunch!   790 on the Gulf is a locals favorite and a tourist surprise.  Located at the south end of Crystal Beach Drive in Destin Florida, see you there! 

Bev Dudley, Realtor
Fleur de Lis Realty
http://www.luxurygulfproperties.com/
 
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