The Gate Arty Blog - April 2008 Archive

First Friday - May

Monday, April 28, 2008 - By Gate Arty

This Friday, May 2nd, is yet another signature local event. First Friday is a celebration of historic Downtown Lakeland that occurs . . . .you guessed it, the first Friday of every month.  Local artists & musicians are featured along the local streets & storefronts. All shops & restaurants stay open late during the event. The streets are closed to thru-traffic, so get there early! A classic car show is held on Tennessee Avenue. Every month features new & fresh feature events, so be sure to mark every First Friday on your calendar.

Also on the agenda is the Spring Art Festival that will be held in conjunction with the Downtown Farmers Curb Market this Saturday.  The market is located on the corner of Pine Street & Tennessee Avenue.

See you there!

Share or bookmark this article:
   del.icio.us   Reddit   Facebook

Swan Lake or Swan Derby?

Tuesday, April 22, 2008 - By Gate Arty

It looks like a new signature Lakeland event has been born. Friday the 25th of April will mark the inaugural Lakeland Derby! What is the The Lakeland Derby? Well, simply put it's a race. You may think that a "derby" held a week prior to the prestigious Kentucky Derby must involve horses. You would be wrong! This race involves our adopted mascot, the elegant Lakeland swan. Ten "hand-crafted swans" will race along the waters of Lake Mirror. The proceeds will support Lakeland Volunteers in Medicine, a local charity that provides free primary health care to the working uninsured Lakeland residents.

Other events scheduled are:

4:30 PM    Davenport School of the Arts Pan-A-Maniac Steel Drum Band

5:00 PM    Running of the Ducks

6:00 PM    Parade to the Post

6:30 PM    The Lakeland Derby

7:20 PM    Harrison School of the Arts

9:00 PM    Fireworks

See you there!

Share or bookmark this article:
   del.icio.us   Reddit   Facebook

Midnight train to . . . . Downtown Lakeland??

Tuesday, April 22, 2008 - By Gate Arty

Today, about a stone's throw away from my office window, an anti-CSX demostration was held in Downtown Lakeland at Munn Park. The hotly-contested topic of increased rail traffic through downtown Lakeland is finally gaining increased momentum. The proposed 61-mile CSX commuter rail service east of Polk County will result in more and longer freight trains creeping through downtown - potentially bringing South Florida Avenue to periodic standstills. Although it would appear that local legislators have been out-manuvered at all levels of the legislative process, city officials believe that their fight is not yet over. Many civic leaders are optimistic that an amendment filed to the commuter rail funding bill in the state House by Rep. Seth McKeel. This amendment, an attempt to end piecemeal creation of commuter rail services, would require a statewide study that would include examining the effects of shifted or increased rail traffic, and would require the Orlando commuter rail system to be continued another 80 miles west, to Tampa.

More on this issue to come!

Share or bookmark this article:
   del.icio.us   Reddit   Facebook

Winner of the Parade of Homes

Monday, April 21, 2008 - By Gate Arty

Tyler Homes and Gate Arty & the Group are pleased to announce that their Parade of Homes entry, the Reno, won its category! The winners were chosen by a panel of professionals in the construction industry. The Reno is available for viewing in North Lakeland (off of Duff Road) in the Saratoga subdivision. Saratoga is a gated community adjacent to Huntington Hills Golf Course with prices starting in the 170's. There is also a Reno model available in South Lakeland (off of Shepherd Road) in Glenbrooke Chase. Prices in Glenbrooke Chase begin in the 150's. During the Spring Parade of Homes, the builder is offering numerous exclusive incentives.  You can, of course, build and design this model (& many other models) according to your own specifications.

Share or bookmark this article:
   del.icio.us   Reddit   Facebook

Spring Parade of Homes

Sunday, April 20, 2008 - By Gate Arty

The Spring Parade of Homes, hosted by the Polk County Builder's Association, begins Saturday April 19th and runs thru April 27th. Entries of the Parade of Homes offer up a diverse price range, starting as low as $113,990 to as high as $2,000,000! Need a home with a 2-lane bowling alley & basketball court? Well, perhaps the Grande Floridian is the type of home you require. Whether home shopping or simply browsing the Parade is a terrific opportunity to see the products of the premier builders in Central Florida.

Share or bookmark this article:
   del.icio.us   Reddit   Facebook

What about taxes?

Saturday, April 19, 2008 - By Gate Arty

Those of you that like to do your research on-line know that you can look up real estate tax information at the Polk County Property Appraiser website. Were you also aware that you could estimate taxes? For example, if you were considering purchasing a home for a value in excess of its current "tax accessed value," you could input the property location & new price & thus arrive at an approximate tax range. This would be extremely helpful for those trying to stay on a tight budget. Knowing what taxes will be, will give you an idea of what to expect come tax time, or what you will need to escrow (along with insurance) in your mortgage. Also consider that you may also file for exemptions that will reduce your tax liability. For a list of these exemptions go to this site: Exemption Eligibility

Here are some additional links that will assist you in the area of real estate taxes:

Save our Homes

Glossary

Tangible Tax

Assessment

Share or bookmark this article:
   del.icio.us   Reddit   Facebook

Debt Forgiveness

Friday, April 11, 2008 - By Gate Arty

In my last post, I described the short sale process. Some have expressed concerns about the effect the resulting debt-forgiveness of a short sale has on your tax situation. In prior years, any form of debt-forgiveness on a mortgage was considered earned income. Now, however, the Mortgage Forgiveness Debt Relief Act of 2007 allows a 3-year window for homeowners to refinance their mortgage with no tax penalty on any debt relief that is received. This act will increase the incentive for borrowers & lenders to work together to refinance loans , and realtors to negotiate short sales to avoid foreclosure.  This act only applies to principal (homestead) property.

Click here for more information on the Mortgage Forgiveness Debt Relief Act.

Share or bookmark this article:
   del.icio.us   Reddit   Facebook

What is a short sale?

Wednesday, April 09, 2008 - By Gate Arty

A "short sale" or "pre-foreclosure" occurs when a bank (or lien-holder) agrees to accept a discounted pay-off of a mortgage. In other words, the bank(s) will release the lien(s) that is secured on the real estate, upon receipt of LESS money than is actually owed. Why would any bank accept less than what is owed? Well, it must make financial sense for this to occur. Here's a scenario . . .assuming there is an offer, of course!

First off, the mortgage(s) in question is typically in some stage of default. The bank, faced with a mortgage that is not being paid, must decide whether selling at a discount makes better financial sense than actually going through a long & costly foreclosure process. In our current real estate climate (because of the increasing alarming rate of bank foreclosed properties), most institutions are deciding that short sales are a viable route. Remember, banks and other lending institutions are not in the business of owning real estate. They want good mortgages. Foreclosures are not only time-consuming, but they are expensive.

The bank will not accept just any offer, however. They will have the property appraised to establish approximate market value. If they can negotiate a sales price "close" to that figure, a short sale may then be consummated. If the short-sale offer is not considered valuable enough, then they may opt to foreclose, and eventually sell the property on the retail market once they obtain "possession."  This is what we know of as a foreclosure property.

Short sales represent a tremendous purchase opportunity for buyers and especially investors. Since most transactions occur on a distressed level, many sales prices occur below appraised value giving the buyer "instant equity."

Share or bookmark this article:
   del.icio.us   Reddit   Facebook