NewsBriefs

Condemn or Not to Condemn Up To Voters

Voters in the State of Florida will be making the decision on just what property should be earmarked for Eminent domain. Lawmakers made sure of that placing the issue on the upcoming November ballot.

The U.S. Supreme Court forced the issue on the state legislature, ruling last year that a local municipal government in Connecticut could condemn private property so it could be sold to developers who would transform it to produce more tax revenue.

The issue has been at the forefront of private property rights ever since. Many areas in Destin and South Walton counties are considered to be under consideration for similar condemnation. Developers are hoping the proposal is passed by the voters against a growing delegation of opponents, who want some of the areas preserved.

Voters are expected to approve a proposal that would allow governments to take property only for traditional uses under their police powers for roads and utility easements. But the proposal, which is expected to be in the form of a State Constitutional Amendment, would not allow condemnation for shopping centers or housing developments.

An informal survey of Destin rental companies by the Destin Real Estate Newsletter shows an increase in seasonal rentals so far this tourist season. Six property management companies were surveyed.

Representatives for all of the companies said rentals are already being booked for late summer in the Destin area, a good sign that the tourist season will be strong this year.

The average increase in bookings so far among the companies is 23%. One of the company’s managers even said his company’s bookings are already up nearly half over last season at this time.

Get ready for a change when you go to apply for your next mortgage. The credit industry is planning on introducing a new way of rating credit worthiness before the end of the year.

The Vantage Score system has been designed to simplify the process for borrowers, making it easier to understand their credit scores.

The three major credit agencies, Equifax, TransUnion and Experian will compete with the Fair Isaac Corporation FICO credit score system with a new numeric range of 501 to 990. Borrowers will also be assigned a letter grade for credit worthiness ranging from A to F, which reminds all of us of the years back in school.