Coming soon to Port St. Lucie is an all new master-planned community called Wylder. This gated community is expected to take over 1,970 acres that will include 3,400 home sites and 600 multi-family units, featuring resort-style amenities as well as an 18-hole golf course and plenty of nature trails.

Builders in Brystol at Wylder will include Lennar Homes and Meritage Homes . Currently Lennar Homes has 55 homesites planned. Meritage Homes will feature the Signature Series and the Reserve Series starting from 1,654 sq. ft. to 2,830 sq. f.t. with single and two-story homes.

According to GreenPointe Developers, LLC., the first phase of construction will include a clubhouse, swimming pool, tennis and pickleball courts, sports field, dog park, playground, and event lawn.

Wylder will be located between Midway Road and Glades-Cutoff roads, just east of Copper Creek Community by Lennar and Allapattah Flats K-8 St. Lucie County Public School. Nearby services include Cleveland Clinic Hospital, shopping, restaurants, & business centers.

Also coming soon to the area is a 1.1 million-square foot Amazon fulfillment center and the nation's largest "Wavegarden," a simulated surfing park in Fort Pierce, Florida.

For more information on Brystol at Wylder, visit Wylder.

Contact the Huber Real Estate Group of Florida at 772-301-8524.

New Construction Home Builders in Port St. Lucie, Florida Reacting to Low Buyer Demand

November 2, 2022

Port St. Lucie is one of the fastest growing cities in Florida over the more recent years. As families continue to move to the area, the demand has increased for new construction homes. However, since the Fed continues to increase the interest rates to curve inflation, there has been a slowdown in buyer demand.

Not only are sellers feeling it, but also new construction home builders. Where it was almost impossible to find a move-in ready home just a few months ago, there are now new homes available all throughout the city of Port St Lucie and Tradition communities. And in order to sell these brand new homes, the builders have to get savvy with their incentives. So here are some options local builders are offering to entice customers to buy a home:

1. Discounting the purchase price. Some builders are reducing the price by $10,000 plus and ADDITIONAL $10,000 if the home is near completion.
2. Accepting offers. Thats right. You can now put in your offer on a new construction home and see if the builder will accept.
3. Locked In Interest Rate. If you use the builder's preferred lender, you can get a locked in interest rate without the worry of the rate creeping up higher by the time you close on the new home.
4. Money to buy down the interest rate. Lenders are offering up to $10,000 to buy down the interest rate.
5. Closing Cost Assistance. This is a popular incentive in general, but builders are paying all closing costs (minus prepaids and title insurance fees).
6. HOA fees covered. There are some 55+ active adult communities offering to pay one full year of HOA fees if lock in a contract by a certain time.
7. Discounts off design upgrades. Certain builders in communities are taking 50% off design upgrades.

As you can see, these are major incentives being offered that you would not have seen just a short year ago. If you want to take advantage of these incentives, reach out to the Huber Real Estate Group of Florida by calling 772-301-8524. We are your trusted Realtors who keep up to date with the real estate market and happenings on the Treasure Coast. Having an agent represent you can allow you to find the best deals for you and negotiate with the builder for you.

Watch the video below to take a tour of a popular breakfast spot for St Lucie residents as well as a new construction home tour that will tell you all about the incentives being offered.

Search new construction homes available for sale at The Huber Group.

Mortgage Rates On The Rise Hitting 6.92% This Week

October 14, 2022

At its September meeting, the Fed increases interest rates and is expected to push mortgage-rates even higher.

This week, the average long-term mortgage rate in the United States rose to its highest level in more than 20 years. Given that the Federal Reserve has all but promised additional rate rises in its fight against persistent inflation, the rate of increase is expected to continue.

According to a report released by mortgage buyer Freddie Mac on Thursday, the benchmark 30-year rate increased to 6.92% from 6.66% the previous week. The rate was 3.05% at this time last year.

The typical rate on 15-year fixed-rate mortgages, which are popular among house buyers looking to refinance, increased from 5.9% to 6.09% last week. For the first time since the 2008 property market meltdown, it has surpassed 6%. The 15-year rate was 2.3% a year ago.

As average mortgage rates have more than quadrupled this year, many potential buyers have been forced off the market.

In an effort to rein in the economy and control inflation, the Federal Reserve raised its benchmark borrowing rate by another three-quarters of a point late last month. This was the Fed’s fifth hike this year and third straight increase of 0.75 percentage points.

There is not much indication that the Fed’s strategy is effective at this point.

Another government study released on Thursday revealed that consumer inflation, at 8.2%, remained far too high. Most economists anticipate another another significant hike when the Fed meets early in November, in addition to the 8.5% inflation rate at the wholesale level published on Wednesday.

Outside of the start of the pandemic, the housing industry has been hot for years, but the Fed’s strong action has tripped it up. Sales of existing homes have decreased for seven consecutive months as more people are unable to afford homes due to increased borrowing costs.

According to Freddie Mac, for a typical mortgage, borrowers who locked in during the previous year at the upper end of the rate range would pay several hundred more than borrowers who signed contracts at the lower end of the range.

Mortgage rates typically follow the yield on the 10-year Treasury note rather than necessarily reflecting Fed rate rises. This is affected by a number of variables, such as investor expectations for future inflation and the demand for US Treasury securities abroad.

The Fed increases borrowing costs, making it more expensive to get a mortgage, a vehicle loan, or a business loan. After that, it is likely that people and businesses would borrow less and spend less, which will limit inflation and cool the economy.

The government estimates that the U.S. economy contracted at a 0.6% annual rate in the second quarter that ended in June, despite a labor market that is still quite strong.

For information regarding real estate in Port St. Lucie, Florida, visit The Huber Group.

Tradition Florida

Tradition is located in Port St Lucie and along the Treasure Coast of Florida. It is a large, master-planned community comprised of several neighborhoods, each offering it's own unique lifestyles and amenities. Tradition Port St Lucie opened in 2003 and is one of the fasted growing areas Florida has to offer. There is over 8,300 acres of land featuring mostly gated communities, beautiful parks, walking trails along fountain lakes, retail shopping, grocery stores, restaurants, schools and medical offices & hospital.

Communities

Homes in Tradition include communities suitable for families of all ages as well as active adult 55+ communities. Communities such as Riverland's Valencia Walk, Telaro by Mattamy Homes, Esplanade by Taylor Morrison and Del Webb at Tradition offer new construction, single family homes all with lifestyle amenities suited for the active adult. Mattamy Homes has contributed to the growth of Tradition by adding new communities such as Manderlie, Emery and coming soon will be Cadence and Kenley at Tradition.

Common amenities that can be expected to be offered at these communities include: clubhouses, fitness centers, resort style swimming pools, tennis and pickleball courts and social activities & events managed by a lifestyle director. 

Shopping, Dining & Medical

Tradition offers pedestrian-friendly walkways throughout the town where Tradition Town Center is within a close proximity to residential communities. Residents love to ride bikes, walk/run, or take their golf cart into town for errands or for leisure. There are unique restaurants, medical offices, UPS Store, Bagel Bros & Publix supermarket.

The Landing is a 79-acre retail development that features Target, TJ Maxx, Old Navy, Ross, Burlington, Carter's, Petsmart and BellaLani Nail Salon. Restaurants include Olive Garden & Longhorn Steakhouse, Panda Express & Culvers.

Cleveland Clinic Tradition Hospital has expanded in 2017, featuring 177 patient rooms and was recognized in Neurology & Neurosurgery departments as "High Performing" by U.S. News & World Report's 2021-22 Best Hospitals" metro area ranking. Conveniently located nearby, are medicaloffice buildings, Tradition HealthPark One and Two, that feature Martin Health Physician Group practices, pharmacy, wound care center and an outpatient surgery center. Tradition also has an Ortho Injury Walk-In Clinic, South Florida Orthopaedics, offering regularly scheduled appointments, as well as physical therapy and occupational therapy.

Unique Features

The new TIM AV Shuttle started in December 2020 as a shuttle service for commuting through out Tradition Town Square to the Talk in the Park and the Indigo Route connects Tradition Town Square to the Landing Shopping Plaza. This is the Autonomous Shuttle service without a human driving you around town!

The T trail is the extensive Tradition Trail that connects over 300 acres of parks and allows residents to explore the outdoors on the bike or leisurely walk. 

Social Activities & Events

Tradition Town Square is the center of where all of the events happen for meeting up with friends. TraditionFl has a schedule of events with weekly activities ranging from fitness classes, food truck events, live bands, outdoor activities for the kids such as bounce houses and train rides, and neighborhood market. There is always a holiday event held, makings this the perfect place for kids and families to gather around.

Schools

Education is a huge part of Tradition. Chesterbrook Academy Preschool and Primrose School of Tradition provide educational daycare and pre-school for three and four year olds. Renaissance Charter School at Tradition is a tuition-free public charter school serving students K-8th grade. Tradition Prep High School is part of Renaissance, also tuition-free serving students from 9th-12th grade. Palm Pointe Educational Research School is a charter, lottery-based school for Kindergarten through 8th grade and is part of FAU. Keiser University offers associate, bachelor's and graduate degree programs in the fields of business, criminal justice, education, health care, information technology, law and more.

Nursing Homes

The Brennity at Tradition Senior Living in Port St. Lucie, Florida offers cottages, independent living, assisted living and memory care. Ardie R. Copas State Veterans' Nursing Home is a one of only seven Veterans Nursing Homes in the state of Florida. It opened in 2022 with 120 beds for veterans. Transitioning from independent living to a nursing home faces a lot of challenges. This senior nursing guide is a helpful resource for individuals who may need to sell their home and explore nursing home options.

Currently there, are more than 2,400 residence in Tradition Florida. To explore communities, click on the buttons below. 

If you are interested in living in Tradition Port St Lucie, contact Huber Real Estate Group of Florida at 772-301-8524. 

School's Out For The Summer!!

On Sunday, June 12th, people of all ages were invited to the Gazebo at Tradition to celebrate the start of summer break. Several activities were planned for children and adults including food trucks, Kona Ice, children's games, bounce houses and even train rides!

We took our two daughters, ages 8 and 4, and they had a blast! There was face painting, glitter tattoos, and fairy hair. Unique jewelry and toy items were available for sale. Sweet Cakes by Nicole had cake pops, cake jars and cookies to die for! The girls enjoyed the bounce houses and playing under the gazebo where there was a live DJ and entertainment sponsored by Helping People Succeed.

The highlight was the Kona Ice Truck, familiar to our 8 year old, as they stop by her school once a month and she can get a King Kona! 

We stopped by the splash pad in the square at Tradition where kiddos had their swimsuits on running and splashing around!

As if the girls didn't have enough fun, they had to stop by Aileen's Treehouse Park to go down the slides and play on the swings.

There is so many fun things to do and events held all year round in Tradition. It's the perfect place for families. With so many new developments underway, the housing market is continuing to explode, attracting more people to Port St. Lucie, Florida.

Check out the calendar of events and see what's happening next to get the family out and explore Tradition, Florida.

Visit Tradition Port St Lucie to search homes and new construction communities for sale.

Port St. Lucie Florida Map Guide

Port St. Lucie is the 7th largest city in Florida with an estimated 204,851 residents as per the United States Census Bureau. It has become a more popular city as the housing market has shifted with skyrocketing prices. South Florida residents from Miami, Fort Lauderdale and Palm Beach as well as northerners from New York and New Jersey are looking for affordable homes, yet still live in a desirable area. Despite these increased prices, Port St. Lucie continues to have the inventory available for resales and new construction with more affordable prices.

With the addition of new lifestyle communities in the master planned development of Tradition, many people are deciding to build new construction.  Others are looking to retire in the resort style 55+ communities, who offer daily activities for social and physical aspects, where they really have no need to leave except for local dining & shopping. 

Your Guide to Port St. Lucie

So what is in Port St. Lucie? You may want to move for the affordability, but where do you go shopping? Where do you go out to eat? Are there hospitals? What about schools? Below is a map to break down where businesses are located by shopping, dining, parks and recreation, beaches, education, golf, and medical. When you are trying to understand just where everything is, this map will help you understand and get more of an idea of Port St. Lucie's location and what it has to offer.

Buying a Home in Port St. Lucie

When it comes to buying a home in Port St. Lucie, you need to know there are homes in gated communities with HOA fees as well as neighborhoods that are non-gated with NO HOA. There are new builds in both gated communities and non gated. The Huber Group has all of the knowledge and experience to help you choose whether a resale or new build is right for you and what builders to go to. Search homes available for sale in Port St. Lucie. Call us today to talk about getting started with your home search. 772-301-8524.

What is a Home Appraisal, And What Happens If It Comes In Low?

When you purchase, sell or refinance a home, the term "appraisal" is bound to pop up at some point in the process. Anytime you are dealing with a lender, you can expect to have a home appraisal to find out how much the home is worth.  Both the buyer and seller are affected by the appraisal. So let's find out what exactly a home appraisal is! 

What is a home appraisal?

A home appraisal provides an estimate of how much a home is actually worth based on comparable sales in the area, market trends, and a comprehensive inspection of the property in terms of value. A licensed appraiser is typically hired through the lender, who orders the appraisal. This is done to ensure the home's value is unbiased and accurate. It is required to make sure the lender is not lending more money than what the home is worth.

Home appraisals cost around $300-$600 and are paid by the buyer, but keep in mind, they're ordered by the lender. It may take anywhere from a few days to two weeks for the final appraisal report to be completed. The lender may receive the report, but need an additional few days to review and verify the values are correct.

Is a home appraisal the same as a home inspection?

No. A home inspection is typically ordered first, prior to having a home appraisal completed. The buyer has a right to choose and pay for their own home inspector to look for any problems in the home and determine whether certain areas need repairs. This usually include the four point home inspection, including plumbing, electric, A/C and roof. A WDO (or termite) inspection is common and required by certain lenders and homeowners insurance companies. Pool inspections are also considered part of home inspections. 

A home appraisal is a much more in-depth process that considers all factors that can affect a property's value. This includes condition of the property, any upgrades or additions made, the size of the lot, age of the property, number of bedrooms, bathrooms and garage spaces, and recently sold properties of comparable size and condition (aka "comps") in the same geographical location.

What happens if the home appraises less than the offer price?

The appraisal process can be extremely nerve-wracking. In a seller's market, where sellers price their homes especially high, it's important to be realistic with current market trends to avoid a major gap between purchase prices and appraised value. You may have heard the term "appraisal gap." Buyers are now removing the appraisal contingency, fully aware that if the appraised value of the home is less than the purchase or offer price, they are willing to pay the difference out of pocket. 

If you do have an appraisal contingency in your contract and the appraised value falls short of the purchase price, there are a few options:

1. Pay the difference in price.

Even with an appraisal contingency, you can still make up the difference. Just know that you will need to pay out of        pocket. The lender can decrease the loan amount and you will need to increase your down payment to cover the difference between your new loan amount and the agreed upon price.

2. Request the seller to lower the purchase price.

If the seller is realistic and understands the home is valued at a certain price and willing to lower the purchase price, you should be extremely happy. Let's face it, people wants to see a monetary gain from their investment and having to lower the prices is not always likely, but it can absolutely happen. 

3. Renegotiate the price with the seller.

Again, this is shot in the dark, but it never hurts to try. The buyer can agree to pay a certain amount and the seller can agree to lower the purchase price to meet somewhere in the middle. For example, if the appraisal is $10,000 short, the seller may agree to lowering the purchase price by $5,000 and the buyer will make up for the other $5,000.

4. Dispute the appraisal.

Request to look over the appraisal report. Check for any discrepancies. If you notice anything on the report that doesn't justify the value in comparison with the other sold homes, let your Realtor or lender know and they may be able to correct any deficiencies.

5. Cancel the transaction.

If the buyer and seller can not come to an agreement, meaning the seller is unwilling to renegotiate the purchase price and the buyer does not want to pay the difference out of pocket, the appraisal contingency allows the buyer to cancel the transaction. The good thing about the appraisal contingency is that it allows the buyer to receive their earnest money deposit back.

Buying a home? Search all homes for sale in Port St. Lucie, Florida.

What is Earnest Money Deposit?

An earnest money deposit (aka good faith deposit) is like a promise to the seller that you are committed to purchasing the home. It lets the seller know that you are serious about buying their property, and by doing so they are taking the listing off the market or listing is as 'pending' status until sold. 

Where does this earnest money deposit go?

Typically, the deposit goes to a third party company such as a title company or attorney. They hold the money until closing, where it can go towards the closing costs. 

How much money should I deposit?

There is no standard amount of money required. It is what the buyer is willing to offer. A general rule of thumb is 1% of the purchase prices. For example, if the purchase price is $200,000, your earnest money is going to be $2,000. However, in a seller's market, sellers want to know you're serious so they don't have to put the house back on the market. The more money you are able to put down, the stronger the offer will be. 

What happens if I end up backing out and cancel the contract?

In the state of Florida, the As-Is Contract is used and fully protects the buyer to allow a 100% refund on their deposit, given that they are still in inspection period or they are unable to meet the conditions of their loan approval.

How else can I put in a strong offer besides putting down a huge initial deposit?

In this competitive market, something that might get you a leg up on other buyers is offering to add more money once inspection period has passed. It may not make the most sense to the buyer, because they've passed inspection period and ready to move on with the deal. However, they're are old school agents that educate sellers that this is a more serious buyer wanting their home and it works! So if you want to sweeten the deal, let them know you WANT this house!

Have more questions about earnest money deposit? Feel free to email us at teamhuber1@gmail.com.

Call us today to help you find a home in Port St. Lucie, Florida or South Florida. 772-301-8524

The Seller Accepted My Offer! Now What?

You have started the home buying process. Maybe you went through the whole application process to apply for a mortgage with a lender or bank, shopped around for the best rate. You reached out to a Realtor to take you around and look at homes. Perhaps you have put in multiple offers, yet to be accepted by a cash buyer $20,000 over asking with no contingencies. 

Finally you put an offer in and the seller accepts!! Congratulations! This is a huge stepping stone in the home buying process. So what happens next? There are still more in-depth steps to be taken to get you to the finish line. Let’s dive in and discuss what you can expect to happen after the seller accepts your offer. 

1. Transfer Initial Deposit

In the state of Florida, you are required to deposit the agreed earnest deposit in the first three business days after the contract was signed by both parties. Typically the initial deposit is about 1-3% of the home price. There may be an additional deposit required after inspection period or later, if stated on the contract. 

2. Schedule any inspections.

You will have a specified amount of days for inspection period as stated on the contract. It is best to have the inspections completed as soon as possible so that you have time to look over the report and request for any repairs or credit if necessary. This includes the home inspection, wind mitigation, wdo (termite) inspection, pool inspection or anything pertaining to the home that can be inspected on.

3. Appraisal

The lender will order an appraisal, usually once inspection period has passed and all parties are in agreement to proceed. The appraisal can take anywhere from a few days to 2 weeks to be reported. The seller and listing agent typically will not be told the specific value, but will know if it came in good or low. 

4. Loan Processing & Underwriting

Your lender will verify income and assets, along with employment. During this time, be sure not to make any larger purchases, like a vehicle or furniture for the new home. Also DO NOT open any lines of credit or co-sign for a borrower. The underwriters review the borrower’s credit history and capacity to repay the loan. They will either approve or reject the loan. It is common for the lender to approve the loan with conditions, such as requesting explanation for late payments. Once all conditions are satisfied, you will receive a clear to close.

5. Title Search 

The assigned title company will order a title search and examine public records including deeds, liens, mortgages, divorce settlements, wills and other documents affecting title to the property. 

6. Set up homes insurance and utility services.

Shop around to get quotes from multiple home insurance carriers. If you are getting a home loan or live in a homeowners association, homeowner’s insurance is required. Remember to set up an account for electricity, water, sewer and waste management. 

7. Final Walkthrough

The walk-through will be scheduled where you can confirm any repairs agreed on have been made and the house is in good standing since your last visit.

8. Sign and Transfer Funds

Three days before closing, you will be given a closing disclosure statement telling you what fees will be due at closing. You will wire all funds for closing. 

9. Closing Day

The day has finally arrived for you to sign and be given the keys to your new home! This can be done at a title company or a closing agent can come to your home to sign your documents.

There is a lot of behind the scenes work involved during the home buying process that, to the buyer, seems like a long drawn out waiting period.

Having an experience and knowledgeable Realtor on your side will help update and guide you through each of these steps.

If you are looking to purchase a home in Port St. Lucie, Florida or surrounding areas in South Florida, contact The Huber Group today to help get you started! 772-301-8524