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Jacksonville Florida Real Estate Blog

Get latest news and real estate development in Jacksonville, Florida. A real estate blog by Will Vasana, Realtor.

March 26, 2006

St. Johns Town Center to Open Second Phase

Serious shoppers know that there's only one place in Northeast Florida that you can find an Apple Store, Sephora and Swoozie's: at the St. Johns Town Center in Jacksonville.

The presence of such "one-in-a-market" boutiques have fueled sales at the 107-store Southside plaza since it opened March 2005, luring customers from as far as Tallahassee and Savannah, Ga. Lines to eat at The Cheesecake Factory or Maggiano's Little Italy still are common for dinner, and new businesses (like a ProntoWash franchise in the middle of the mall's parking lot) have opened within the year.

Ben Carter Properties and Simon Property Group own the center, whose 110 or so stores include about 40 retailers new to town. Construction of the open-air mall's second phase of 50 stores will start on May 1, with tentative opening dates scheduled for August 2007. Carter and Simon plan to bring in 48 new retailers along with four new upscale restaurants. Carter won't confirm the names that are circulating: Tiffany & Co., Louis Vuitton, Urban Outfitters, Kenneth Cole, Cole Haan, BCBG, Burberry and Brooks Brothers.

St. Johns Town Center can fit at least two more department stores, and Carter said last week that he remains "very focused" on Nordstrom and Neiman Marcus. He said they're interested, but busy in other areas. "We are probably the last market they would do in Florida," he said.

High-end was a niche that needed filling in the area, said Ed Jankowski, chief operating officer of Solstice. Solstice sells designer sunglasses that you probably shouldn't bother with if you need to look at the price tag before buying something. Jankowski said the St. Johns Town Center Solstice had the highest volume of first-year sales than any of the company's other 55 stores in the country. He said another Jacksonville store is set to open in June at The Avenues, also a Simon-owned mall.

"Jacksonville was so under-penetrated," Jankowski said. "From a retailer's point of view, it's just a tremendous center. It's like a mecca [for shopping.]"

Source: Florida-Times Union

March 24, 2006

Florida's existing home sales ease in February

Rising inventory levels and still-low mortgage rates continued to affect Florida's housing market, which is adjusting to a better balance between buyers and sellers following a five-year run of record-pace sales. Statewide, sales of single-family existing homes totaled 13,539 in February compared to 16,916 homes a year ago, for a 20 percent decrease, according to the Florida Association of Realtors® (FAR).

Realtors from across the state report that the supply of homes available for sale in their markets is improving, offering buyers more housing opportunities. The statewide median price for single-family existing homes last month was $244,200, up 24 percent from the February 2005 statewide median of $197,700.

In February 2001, the statewide median sales price was $118,200, which shows an increase of about 106 percent over the five-year period, according to FAR records. The median is a typical market price where half the homes sold for more, half for less.

In California, the statewide median resales price in January 2006 was $551,300; in New York, it was $319,000; in Maryland, it was $290,776; and in North Carolina, the average resales price was $206,788. Nationally, the median sales price for existing single-family homes in January was $210,500, up 13.1 percent from January 2005.

Sales of existing condominiums in Florida also decreased last month, with a total of 4,342 condos sold statewide compared to 5,643 in February 2005 for a 23 percent decline, according to FAR. The statewide median sales price for condos rose 11 percent to $218,700 last month; a year ago, it was $197,000. The national median existing condo price was $216,900 in January 2006.

Along with the University of Florida Real Estate Research Center, the Florida Association of Realtors began compiling data on closed condo sales for comparison purposes in 2005; the condo data series began in January 2006.

Favorable mortgage rates continued to spark buyers' interest in markets across the state. Last month, interest rates for a 30-year fixed-rate mortgage averaged 6.25 percent, up from the 5.63 percent average rate in February 2005. FAR’s sales figures reflect closings, which typically occur 30 to 90 days after sales contracts are written.

Among the state’s larger markets, the Jacksonville Metropolitan Statistical Area (MSA) reported a total of 1,200 single-family existing homes sold in the area in February compared to 1,218 homes a year ago for a 1 percent decrease. The median sales price rose 14 percent to $196,200; a year ago, it was $171,800.

Kay Seitzinger, president of the Northeast Florida Association of Realtors and assistant manager with Watson Realty Corp. in Ponte Vedra, says a convenient location, employment opportunities and appealing lifestyle attract people to the Jacksonville area.

"The continued strong market we are having here in Northeast Florida is considerably influenced by our area's stable economy," she says. "With our diverse business base and positive job outlook, people continue to relocate to the greater Jacksonville area. Add to that our great quality of life -- with so many arts and leisure activities, who wouldn't want to live here?"

As for smaller markets in Florida, the Tallahassee MSA, reported strong resales activity last month with a total of 330 single-family homes changing hands compared to 298 homes a year ago for an increase of 11 percent. The area's median sales price rose 15 percent to $185,800; a year ago, it was $161,300.

Kenny Ayers, president of the Tallahassee Board of Realtors and new-home specialist with Heritage Homes Realty of Tallahassee representing Turner Heritage Homes, notes that the area's changing seasons and friendly community appeal to many homebuyers.

"As the state capital, we have a lot of job opportunities with the government and state offices, plus three big universities and colleges," he says. "The Tallahassee area is convenient to the coast and offers a nice mix of art and cultural activities along with a laid-back, friendly lifestyle."

Source: Florida Association of Realtors

March 16, 2006

Flagler County is fastest growing once again

Flagler County, located along the Atlantic Coast between Daytona Beach and Jacksonville, was the fastest-growing county in the nation for the second year in a row with a 10.7 percent population increase from July 1, 2004, to July 1, 2005, according to estimates released today by the U.S. Census Bureau. Flagler, with 76,410 residents, also led the nation with a 53 percent population increase since Census 2000. Florida has 14 of the 100 fastest-growing counties from 2004 to 2005, according to the estimates, even though four hurricanes struck the state in 2004. Along with Flagler, those counties are: Osceola, Lake, St. Johns, St. Lucie, Pasco, Walton, Lee, Wakulla, Collier, Santa Rosa, Clay, Hernando and Sumter.

For more information, go to http://www.census.gov/Press-Release/www/releases/archives/population/006563.html


March 15, 2006

Villa Medici, New Southside Condo

Villa Medici will be a new 379-unit condominium community that fronts Butler Boulevard and stretches north, straddling a portion of Gate Parkway West that will connect to Belfort Road. Villa Medici condos will feature an Italian architectural theme beginning with a central four-story building that will have 150 units and an elevator. Three-story buildings will surround it on either side, with six other buildings of carriage homes (two-unit buildings with one common wall and two garages) nearby. Amenities will include walking trails, a meditation garden, a pool and a clubhouse. Unit prices are expected to range from the mid-$100,000s to the mid-$200,000s.

Register now and take advantage of the exciting pre-sale event on May 6th-7th by appointment only. No one will be allowed to attend the event without an appointment. To register, you need to send in a check for reservation fee of $1,000 (fully refundable) to the developer and complete the Mortgage Pre-qualification application with one of builder's preferred lenders. Then, you will be eligible for an appointment on a first-come-first-serve basis to participate in the Villa Medici pre-sale event to receive the best and lowest pricing (below pre-construction and grand opening prices) as well as the best home selection that will be available. All before the general public!

Please contact me if you are interested in having an independent REALTOR® who does not work for the developer represents you at Villa Medici. There is no cost to you for my professional service.

Big Growth, Small Towns

Brookings Institution demographer William Frey says a growing number of retirees are choosing small towns over big cities, as they look to escape high home prices, smog, congestion and crime. Many retirees want to stay close to family, work part time, start a small business, participate in community activities or focus on their hobbies. An examination of U.S. Census Bureau data from 2000 to 2004 by Frey found that the most popular small towns among retirees were Gillette, Wyo.; Silverthorne, Colo.; Juneau, Alaska; Edwards, Colo.; and Jackson, Wyo. Rounding out the top 10 were Bozeman, Mont.; St. Marys, Ga.; Rock Springs, Wyo.; Taos, N.M.; and Evanston, Wyo. No cities in the traditional retirement havens of Florida and Arizona made the top 10, but Palm Coast, Fla., claimed the 11th slot.

Source: U.S. News World Report

Housing Market Readjusting to Normal Balance

A lower level of home sales expected this year will create a more level playing field for buyers and sellers on the heels of a five-year sellers’ market, according to the National Association of Realtors® (NAR).

David Lereah, NAR’s chief economist, says the number of homes on the market has been improving nicely. "The cooling from overheated sales conditions in recent months is helping to bring inventory levels up to the point where buyers have more choices than they’ve seen in the last five years," Lereah says. "Annual price appreciation is still running at double-digit rates, but the cause of those sharp increases is going away. As the market readjusts, price appreciation should return to more normal rates of growth this year."

The national median existing-home price for all housing types is projected to rise 5.8 percent in 2006 to $220,300. The median new-home price should increase 5.4 percent this year to $250,200.

Existing-home sales are expected to fall 5.7 percent to 6.67 million in 2006 from the record 7.08 million last year. At the same time, new-home sales are forecast to decline 7.7 percent to 1.18 million from a record 1.28 million in 2005 -- each sector would be at the third highest year following the tallies for 2005 and 2004. Housing starts are likely to total 1.98 million this year, down 4.3 percent from 2.06 million in 2005.

NAR President Thomas M. Stevens says some homebuyers and sellers have unrealistic expectations. "Some sellers in markets that have had rapid appreciation are listing the price of their home too high, but those homes are just languishing on the market," says Stevens. "At the same time, some buyers who have believed hype about a housing bubble are hoping prices will drop, but that’s not happening either.

"Consumers need professional assistance to understand and negotiate the current market realities. Sellers should listen to their agent’s advice to competitively price and show the home, and buyers may want to choose a buyer’s agent to represent their interests and help them negotiate favorable terms. Today’s market has changed a lot from the conditions we’ve seen during the last five years."

The 30-year fixed-rate mortgage should increase gradually to 6.9 percent in the fourth quarter.

Inflation as measured by the Consumer Price Index is projected at 3.3 percent this year. Inflation-adjusted disposable personal income is expected to grow 3.7 percent in 2006.

Growth in the U.S. gross domestic product is forecast at 3.5 percent in 2006, while the unemployment rate is seen to average 4.8 percent this year.


Staging Your Home

Homeowners don't have to spend a fortune on decorating to impress potential buyers. Los Angeles decorator Jonathan Fong says there are many easy and affordable ways to transform a home from dull to dashing. For those on a tight budget, he offers these four decorating ideas that are sure to boost the "wow" factor of any home:

• Eliminate those white walls. The bolder, the better. And don't forget to paint the ceiling. Carrying the color scheme throughout the house makes the rooms look bigger.

• Place a new area rug over an existing carpet or floor. Remnant pieces from carpet or home work just fine.

• Light up the room. Make sure it shines day and night with lamps, wall lights, hanging fixtures or a combination. A ceiling fan with a light kit will be selling point for some buyers.

• Don't underestimate the power of accessories. Votive candles, plants and even colorful switch plates for lights can add a flourish to a plain room.

Source: Associated Press

Mexico Attracts U.S. Vacation-Home Buyers

A growing number of U.S. vacation-home buyers and retirees are seeking cheaper waterfront properties in Mexico. In addition to lower property prices, buyers are drawn to the warm climate, low cost of living and laid-back lifestyle.

The country has relaxed its real estate laws for foreigners in recent years, enabling outsiders to purchase coastal properties through Mexican bank trusts. The trusts usually are for 50 years, providing owners the chance to extend the agreement for an additional 50 years. The owners can legally transfer the title and improve the properties, provided that they comply with local zoning laws. The properties must be resold through a trust, after which the owner can pocket the equity.

However, realty transactions are not regulated in Mexico; and agents and brokers are not required to have licenses. As a result, those interested in making home purchases south of the border should take the phrase "let the buyer beware" to heart.

Source: Planet Realtor

March 14, 2006


You may have heard of Zillow.com, a free home valuation tool created by Rich Barton (the founder and ex-CEO of Expedia.com) and his crew. Zillow is a beta site launched to a media frenzy with its free valuation data for 40-60 million homes, including a property's sales history, comparable sales info, aerial views and basic data. While Zillow cannot possibly know the value of every home in America, it intelligently uses both the MLS as well as public data in determining market value and price range of any given homes. I test drive Zillow.com and found it to be 'premature' at this stage. For example, I ran a search on my home and the 'Zestimator' came back with an estimated value that is $30K below market. As Realtor, I have a pretty good idea of my home. What Zillow lack is the understanding of the nuances of the real estate industry. Provided that the service is free and Zillow has inadequate data that covers only certain parts of the country, there is much more work to be done for the site to become more accurate and reliable.

Do-it-yourself home inspections

Today, 85 percent of homebuyers choose a home inspection compared to a mere 5 percent in the 1980s, according to the National Association of Home Inspectors. Inspectors typically charge $150 to $600 for their services, with the exact price calculated using an hourly rate or the home's square footage. Although experts agree that inspections are important, some buyers are conducting inspections themselves to save money. Many use professional guidelines as spelled out on Web sites. Freddie Mac's "Consumer Home Inspection Kit" is available for free on its Web site, and America's Doorstep offers a similar kit for $19.95. Buyers who choose to have a professional look over the home should select an inspector based on recommendations, qualifications, references and association membership.

Source: Copley News Service

March 7, 2006

Single Women Buy More Houses

Call it a sign of the times. Women today are not waiting for Mr. Right to start the American dream. Last year, single women snapped up one of every five homes sold. That's nearly 1.5 million, if you're counting — more than twice as many as single men bought, according to the National Association of Realtors.

This rise of single-women homeowners is part of a greater social and economic shift that is reshaping American life. The trend is striking, because in 1981, the number of single women and single men home buyers was virtually the same. Since then, the percentage of buyers who are single women has almost doubled, while the percentage of single men buyers slipped 1 percentage point to 9% last year.

This trend is forcing changes in real estate. For the complete story: www.usatoday.com/money/2006-02-14-women-houses-usat_x.htm

March 4, 2006

Credit Score Variances

When it comes to your credit score, what most people don’t know is the scoring formulas, criteria and, most importantly, the range of scores is different for a mortgage than for other types of credit. Particularly credit scores generated on the Internet which are notoriously high to cleverly please the person who just paid $30 for it. There are over ten different scoring models from Experian alone that have varying applications in the world of lending. In other words the score a consumer gets on the Internet, at a car dealership, a mortgage company or a credit card are all different because they are not generated by the same software. While they all have similarities, they evaluate and weigh varying information differently, and most importantly have a different scoring scale. And if those discrepancies weren’t enough, consider that the term "credit score" is generically used by Experian and Trans Union because they do not use the FICO scores for their Direct-to-Consumer product. This has misled millions when purchasing their credit reports from these two bureaus. The "credit scores" from these two bureaus are based on completely different models than the FICO score and can differ as much as 100 points in some cases. For example a score of 720 on an Experian Direct-to-Consumer report is of very little use to mortgage lenders who must rely on the findings of the FICO score to qualify a borrower which will undoubtedly be lower. Keep in mind that the bureaus make millions off of their credit scores and do everything feasible to cloud this issue. If you need help with financing, please feel free to contact me. I can put you in touch with Watson Mortgage and can assist you in the process.

Florida Attracts 85 Million+ Visitors; Fuels Demand for Real Estate

Commercial and residential Realtors with a market niche based on the state's tourism industry were not disappointed in 2005. The preliminary number of visitors to the state recently released showed a record number of tourists, which fueled demand for single-family homes used for short-term rentals, hotels or related service industries. According to Gov. Jeb Bush, a new record-high of 85.8 million visitors in 2005 represents an increase of 7.6 percent over the same period in 2004, based on research from Visit Florida, the state's official source for travel planning. It also marks the first time annual visitation to Florida has exceeded the 80 million mark. Domestic travel to Florida increased 7.7 percent to more than 79 million in 2005 with domestic visitors representing 92 percent of total visits. Internationally, an estimated 2.1 million Canadians visited Florida in 2005, an 8.2 percent increase from 2004. Overseas travel to Florida increased by as much as 6.3 percent over 2004, to 4.7 million in 2005.

Florida's Housing Market Shows Strong Price Gains in January While Sales Ease Off Record Pace

Coming off several years of blistering home sales at a record pace, Florida's housing sector followed the national trend in January and showed signs of market adjustments, with a statewide total of 12,815 existing single-family homes sold for a 19 percent decline, according to the Florida Association of Realtors (FAR). Statewide condo sales also slipped, registering an 18 percent decrease from the previous January. Statewide, median prices for existing single-family homes continued to climb. In Jacksonville, home sales in January 2006 dropped 2 percent while median sales price for existing single-family homes rosed 17 percent over a year ago. However, Jacksonville condo sales went up 8 percent in January 2006 and median sales price rose 8 percent from last year. See report.

Housing industry analysts nationwide noted it may take a while for home price growth to cool, following a long period of short supply and sellers accustomed to exceptional price gains. Realtors from across the state report that more homes are available for sale, improving what had been tight inventories in many markets. 2006 FAR President Mike Dooley notes that the market is coming into better balance between buyers and sellers. "For years, many areas in Florida reported tight inventories of homes available for sale," he says. "Now that buyers are seeing more choices, it's even more important for both buyers and sellers to seek advice from real estate professionals. With the expertise and services that Realtors bring to the table, they help to bridge any differences between buyers and sellers that may arise during the sales process and work to keep the transaction going smoothly for everyone involved."

Last month, interest rates for a 30-year fixed-rate mortgage averaged 6.15 percent, up from the average rate of 5.71 percent in January 2005. FAR's sales figures reflect closings, which typically occur 30 to 90 days after sales contracts are written.

Source: Florida Association of Realtors

March 3, 2006

Condo Market

For many, condos have been a remarkable investment in the last few years. Condo prices rose 106 percent between January 2000 and October 2005, even higher the average 56 percent climb of single-family homes over the same period. However, some owners looking to sell today may have difficulties due to restrictive condo bylaws. Condo rules tend to be nitpicky, in part because condo owners share more common space. Detailed rules designate parking privileges and the placement of satellite dishes, even the hours that residents can wash their cars, explains Paul Grucza, past president of the Community Association Institute, an advocacy group for homeowners associations. And while they may seem innocuous, even little rules can sabotage a sale. Potential buyers walk away from rules that prevent pets or require carpeting. In some slowing markets, the difficulties of selling have increased enough to encourage lifting some restrictions. But in many places, the rules are still tough -- and getting tougher to the extent that they are beginning to sour sales.

Source: SmartMoney

February 28, 2006

New Home Sales Fall in January

Sales of new homes fell for the second time in three months in January, providing further evidence that the nation's five-year housing boom is slowing. The Commerce Department reported Monday that sales of new single-family homes dropped by 5 percent to a seasonally adjusted annual rate of 1.233 million units last month. That was a bigger drop than analysts had been expecting, after setting sales records for five straight years, is slowing under the impact of rising mortgage rates. Despite the fall in sales, the median price of a new home was up in January to $238,100, compared with $229,000 in December. Mortgage rates have been rising gradually for a number of months with the 30-year mortgage now at 6.26 percent, according to the latest Freddie Mac survey. Many analysts believe that 30-year mortgages will rise to between 6.5 percent to 7 percent by the end of this year. They think that increase will be enough to trim sales of both new and existing homes and slow the double-digit gains in prices seen in recent years. The National Association of Realtors reported earlier this month that a record 72 metropolitan areas saw double-digit gains in home prices in the final three months of 2005 compared to the price levels at the end of 2004. Some economists have expressed concerns that once home sales start to slow, the big price increases of recent years could turn into sharp declines in a similar pattern to how the speculative bubble in stocks burst in 2000. But new Fed Chairman Ben Bernanke has said the most likely outcome is for a slowing in housing activity rather than a severe crash. Despite the fall in sales, the median price of a new home was up in January to $238,100, compared with $229,000 in December.

Source: Associated Press

February 25, 2006

Florida Metro Areas Tops in U.S. Job Gains

For the second year in a row, Florida metro areas dominate the top rankings of the Milken Institute Best Performing Cities Index, a measurement of where jobs are being created in America. For 2005, Palm Bay-Melbourne-Titusville ranks No. 1, followed by Cape Coral-Fort Myers at No. 2 and Naples-Marco Island in third place. The 2005 winners have similar characteristics: strong and growing service sectors, a robust recovery in tourism, growing populations and an increase in the number of retirees. As evidence, six metros in the top 20 come from the Southwest, including three in California (Riverside, Santa Barbara and Santa Ana) and two in Arizona (Tucson and Phoenix). The other is Las Vegas.

By comparison, the Midwest has none. The top-rated Midwest metro is Madison, Wis., at 35th. Nine of the bottom 10 spots on the index were from the Midwest -- five from Michigan and four from Ohio -- reflecting the region’s troubled manufacturing sector. Flint, Mich., is at the bottom at No. 200.

The top 10 performers (with 2004 rankings in parentheses) of the 200 largest metros:

1. Palm Bay-Melbourne-Titusville, Fla. (31); 2. Cape Coral-Fort Myers, Fla. (1); 3. Naples-Marco Island, Fla. (15); 4. McAllen-Edinburg-Mission, Texas (18); 5. Deltona-Daytona Beach-Ormond Beach, Fla. (5); 6. Orlando-Kissimmee, Fla. (29); 7. Washington-Arlington-Alexandria, DC-Va.-Md.-W.Va. (11); 8. Fayetteville-Springdale-Rogers, Ark.-Mo. (7); 9. Fort Lauderdale-Pompano Beach-Deerfield Beach, Fla. (9); and 10. Riverside-San Bernardino-Ontario, Ca. (8).

Source: Milken Institute at http://www.milkeninstitute.org

Oil & Gas Related Properties for 1031 Exchanges

Real estate investors engaging in a 1031 tax deferred exchange transaction may want to consider acquiring oil and gas related properties in the energy sector rather than the more typical real estate investment property. As explained below certain rights in oil, gas and mineral interests are "like kind" to a fee interest in investment real estate. For example, a "royalty" interest in an oil and gas lease represents an interest in the underlying land that would be considered like kind to a fee interest in real estate. Other interests in minerals, such as "working interests", may not qualify as like kind to real estate. A royalty is part of the mineral title to a defined parcel of land and represents ownership of a percentage of the gross revenue from the production of oil and gas on that property. Unlike a working interest, which bears the expense of drilling wells and the liabilities associated with operating those wells, a royalty interest does not involve the expense or risk associated with production, but shares in the mineral reserves.

Exchanging into oil and gas royalties can present investors with an opportunity to diversify their portfolio by adding properties whose performance does not necessarily correlate with the performance of traditional real estate. Ownership of royalties can produce attractive cash flow and provide diversification. As with any new investment, investors should consult with knowledgeable tax and/or legal advisors to determine the suitability of this type of investment.


In the event someone defined as an “accredited investor” cannot complete an exchange and they receive the exchange proceeds from the Qualified Intermediary, they may be interested in exploring other tax-advantaged programs within the energy sector. Many of these programs allow investors to write off all or most of their investment against ordinary income in the current tax year plus they experience continued cash flow and tax benefits during the life of the program.

Section 263(c) of the tax code allows an investor the option to deduct, as expenses, intangible drilling and development costs (IDC) involved with oil and gas wells. IDCs are costs that cannot be recovered from the operation. An investor with a failed exchange can use IDCs to eliminate taxes that would otherwise be a consequence of a failed exchange. These investments are typically structured as limited partnerships, where most investors typically participate as a general partner during the drilling phase of the program.

After that phase, the investors interest is converted to limited partner status with the driller/operator remaining as the general partner in the program. In addition to the IDC benefits, investors may be able to obtain additional tax advantages. Similar to the depreciation of real estate, under Section 613 of the tax code, the IRS allows for a standard 15% depletion allowance for all income earned from the program. As a result, investors can deduct 15% against the income earned from the program for any given year.

New Listing in Wyngate Forest MLS 285674

I just listed a new executive home in Wyngate Forest, a terrific neighborhood with homes built for the future. Here you can find the home of your dreams in one of the most popular Southside neighborhoods. Conveniently located on Touchton Road just west of Southside Blvd., Wyngate Forest is a new gated community with pool, playground and basketball court. With close proximity to Tinseltown, you are close to everything and are just minutes to the area’s hottest beaches, premier shopping, fine dining and entertainment. Built in 2003 by Centex Homes, one of the nation's largest home builders and most admired company, this beautiful home is almost 2,400 square feet and has 4 bedrooms, 3 baths and 3 car garages. Enjoy well-appointed features and many upgrades including custom interior paint, full stucco, 12' ceiling, ceramic tile floor, spacious master suite with walk-in closet, Jacuzzi tub, surround sound system, CAT-5 wiring, gourmet kitchen with externally vented range hood, 42” upper cabinets, side-by-side refrigerator, water softener, water filtration system, full-size washer and dryer, covered lanai, window treatments, ceiling fans, exterior double flood lights, alarm system, separate irrigation meter, termite bond, and one-year home warranty.