Winter Park dedicates $325,000 to new program offering cash for long-term leases

Winter Park hopes to roll out an emergency program that will pay short-term rentals to convert to workforce housing as soon as next week after town council approved the program details on Tuesday.

During the regular council meeting, Winter Park Town Manager Keith Riesberg presented the Short-Term Fix program, which aims to pair local short-term rentals or second homeowners with Winter Park businesses.

Each business and property owner can negotiate a lease for housing employees for six months or one year, with the town paying the property owner for their participation. Incentives are on top of any revenue collected through leasing.

Council approved $325,000 for the program, which expires at the end of 2021. The goal is for that money to help house 40 workers.

“The Short-Term Fix program is being proposed as a means for the town to create housing for the upcoming ski season and is not intended to be an ongoing program,” Riesberg said. “The date I’m pushing for (to launch) is Sept. 15 … but like everything, there may be challenges or technical issues.”

Based on town staff’s estimates, a studio apartment or one-bedroom unit would receive $5,000 for a six-month lease or $10,000 for a year-long lease. Similarly, for two or three bedroom homes, a six-month lease would be worth $10,000 in incentives and a year-long lease would be $20,000.

Riesberg noted that the exact incentives could be negotiable depending on a home’s amenities.

“We’ve received strong interest in the program from the property owners, and we’re starting to hear from businesses that may be interested,” he said.

The money would be paid to homeowners once they submitted a finalized lease with an eligible business for the town. Winter Park will reserve the right to audit any participants to make sure the lease agreements are being carried out.

Only businesses in the town with fewer than 50 employees are eligible for the program.

The program would target units in the Fraser Valley Metropolitan Recreation District and property owners would have to show evidence that any previous short-term rental operation was in good standing.

Second homes that are not currently being short-term rented may also be eligible with a valid lease.

Additionally, the town is using its existing definitions for accessory dwelling units, so the rentals will have to meet certain requirements for eligibility.

In partnership with the Winter Park Fraser Chamber of Commerce, the town will launch a website with program details, links to connect participants, and master and sample leases.

While the program is temporary, council could reinstate the incentives next year by appropriating funds in the budget. Riesberg added that town staff think it’s possible that some of the units that participate in the program will continue to long-term rent even without the incentive.

“What happens at the end of the (lease) is, unfortunately, a case by case situation, but we’re hopeful that some property owners realize that long-term renting worked well for them,” he said.

In other business:

• Two ordinances regarding annexing and zoning the Rogers property along US Highway 40 at Village Drive, near the Beaver Village Condominiums, were tabled until the Oct. 5 meeting.

• Council amended a memorandum of understanding between the town and Xcel Energy, as well as passing a nine month construction license for Xcel. The amendment rerouted the six-inch reinforcement pipeline Xcel plans to construct to fix natural gas capacity issues in the Fraser Valley. An Xcel representative said the goal was to complete construction before the end of the winter, which would end the current moratorium for new customers.

• Council approved special-event permits for Fall Fest from noon to 5 p.m. on Saturday at Hideaway Park and the Plein Air at Altitude event on Friday and Saturday at Hideaway Park.

Get more Winter Park news on SkyHiNews.com

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The 3 Words on a Real Estate Listing That Can Cause Your Home to Sell for Less

According to a 2021 Zillow survey, “self-described fixer-upper homes fetched 12.9 percent less than expected” and home listings that “admitted needing some “TLC” brought in 11.1 percent less.”

Not to mention that listings with the mention of “‘investment’ prospects sold for 4.5 percent less than expected,” explains Zillow’s senior economist, Jeff Tucker. But what do these words truly signal to buyers (and why would they affect your listing’s value, if you're just being honest about the state of the place)? See below for a breakdown of each term, plus two other words you should probably avoid.

1. “FIXER UPPER”

While we all love Chip and Joanna Gaines, there’s only one thing sellers envision when they hear the term ‘fixer-upper’: This house is gonna need some work. And, if we’ve learned anything from ‘Pandemic Greed,’ it’s that we’re living in a seller’s market, and buyers are particularly wary of overspending right now. Which may make them even more cautious around a term that suggests major renovations are in order—especially among Millennial buyers. They are more likely to empty their pockets for a move-in ready home, if it means forgoing the costs of additional renovations, repairs and upgrades. Don’t believe us? Just check out this Sims to real-life home trend that has ‘Millennial homebuyer’ written all over it.

2. “TLC”

Most of us know TLC as “tender, loving care” (or the epic rap/R&B group), but If you ask any realtor what ‘TLC’ means, they’ll probably tell you that it’s a delicate way of saying you’ll actually need a sh*t load of money to make the house you’re about to buy beautiful. Clare Trapasso of Realtor.com says, “If you’re not handy, you may not think of your TLC bargain with either tender or loving care when you have to replace the toilet, or maybe the entire bathroom floor.” And, as we mentioned before, ain’t nobody got time for that (well, nobody under the age of 35). If you’re looking to get top-dollar on your home, swap out the term “TLC” for something, uh, less lethal to your listing.

3. “INVESTMENT”

This one’s not as black and white. While your listing should absolutely highlight the finer points of the home, you want to avoid bombarding potential buyers with exactly how much money was spent on each improvement. There’s a big difference between playing up the kitchen’s brand new colored quartzite counters and repeatedly using them to justify other, less appealing areas of the property (i.e., that run-down guest bathroom you conveniently “forgot” to include in the listing’s photos). Buyers can smell desperation like a shark can smell blood, and if you’re fighting too hard to justify the price, they’ll wonder whether the home is priced too high for the neighborhood.

OTHER WORDS TO AVOID

As much as we adore our newly adopted pandemic puppies and relish our family bike rides, listings that used the term “pet-friendly” experienced a 2.2-percent discount and “Bike parking” was associated with a 2-percent negative premium. “This could be because these features were correlated with small indoor spaces in large multifamily buildings, which otherwise underperformed larger single-family homes in 2020,” Tucker explains.

Learn more on Pure Wow.

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Behr Paint Announces “Breezeway” as Its 2022 Color of the Year

Photo courtesy of Behr

Plus, find out which shades made the Color Trends Palette!

Drum roll, please! Behr Paint has announced its official Color of the Year for 2022, and you’re definitely going to want to incorporate it in your own home. According to the popular paint brand, Breezeway is a “silvery green shade with cool undertones." The versatile color is inspired by the beauty of the earth, and it’s similar to the look of a dreamy pastel sea glass you might find on a salty beach.

“We’ve spent more time in our home than ever before, so when we were tasked with deciding on the 2022 Color of the Year, we wanted something that excited us and brought on a sense of renewal and restoration for the adventures ahead,” Erika Woelfel, the vice president of color and creative services at Behr Paint Company, tells House Beautiful. “Breezeway represents the intention to move forward, bringing you from one place to another.”

Plus, it's extremely versatile: Breezeway can be the “star color” of your bedroom, living room, or hallways, as well as doors, cabinetry, and furniture, says Woelfel. “It pairs exceptionally well with colors like creamy white, taupe, softened black, nuanced pink and terra cotta red,” she explains.

Breezeway is now available for purchase at Home Depot stores nationwide as part of the Behr Dynasty line—meaning it’s a four-in-one product that can easily be used by everyone from DIYers to professional painters to design aficionados. Best of all, it boasts the most stain-repellent, scuff-resistant, and fast-drying ingredients, all in one can!

Behr has also announced 20 colors selected for its new Color Trends palette, including hues like Whisper White and Perfect Penny, an earthy orange-red. Naturally, the palette colors all complement Breezeway, meaning selecting a new color scheme just got a whole lot easier.

Keep reading.

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If there is a home that you would like more information about, if you are considering selling a property, or if you have questions about the housing market in your neighborhood, please reach out. We’re here to help.

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Do you still need a 20% down payment to buy a house?

When it comes to saving for and buying a home, most Americans rely on the general rule of thumb that they need to have 20% of the home price saved for the down payment. 

But the 20% down payment is “the biggest myth that’s out there,” said Jessica Lautz, vice president of demographics and behavioral insights at the National Association of Realtors (NAR). 

Last year, the median down payment for first-time homebuyers was just 7%, and it hasn’t risen above 10% since 1989, Lautz told Fortune. In fact, 72% of first-time homebuyers put down less than 20% for their down payment this year. 

That’s because there are actually a lot of first-time homebuyers who take advantage of low down-payment programs and assistance, such as the Chenoa Fund, the HomeReady and Home Possible mortgages, as well as a variety of federally backed loans through the U.S. Department of Housing and Urban Development and state programs.

“Unfortunately there are potential homebuyers who are out there and not aware these programs exist, and maybe could enter homeownership significantly faster,” Lautz said.

Redfin chief economist Daryl Fairweather agrees, saying that a 20% down payment is not always necessary. “You may be able to put as little as 3% down, though most buyers put down more,” Fairweather told Fortune.

But both Lautz and Fairweather said that in today’s competitive market, it can be an advantage to come in with a higher down payment, or even better, an all-cash offer. Nearly a quarter of homebuyers, 23%, submitted an all-cash offer for a home this year, according to NAR’s research. “Buyers should research how competitive the market is for the type of home they want to buy in their area,” Fairweather said. 

It’s also worth noting that homebuyers who put down less than 20% will likely have to pay for private mortgage insurance, which is an added housing expense that doesn’t help with building home equity. “If you can afford it, offering to put down at least 20% is ideal, especially in a competitive market like this one where you’ll likely compete against other well-financed buyers in bidding wars,” Fairweather said. “When sellers can choose from multiple offers, they usually prefer higher down-payment amounts.”

Those who are looking to put down less than 20% for their down payment do have options, however, Lautz said. Although they may be competing with all-cash offers, she noted that sometimes sellers can be swayed by things like being flexible with closing dates or putting more money toward the so-called earnest money check, which is a good faith deposit that typically ranges from 1% to 3% of the home price. If the sale goes smoothly, that money can typically then be applied to help cover closing costs or to the down payment.

There’s also nothing stopping homebuyers from getting preapproved for a mortgage with a 20% down payment, then switching to a lower down payment during escrow, Fairweather said. “That can be a good option if you have the savings for a 20% down payment but you don’t feel comfortable putting your entire life savings on the line,” he added. 

Want to talk about how much you would have to put down to buy your dream home? Contact us, we’d love to help!

Read more financial advice on Fortune.com.

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Everything You Need to Know About Painting Your Shed

A fresh dose of color can breathe new life into this outdoor storage spot.

Your shed needs a fresh layer of paint every once in awhile. Fortunately, this job is a much smaller undertaking than re-coating a larger structure, like a house. With that being said, painting your shed will still require careful attention to detail and expert workmanship, which is why we talked to a professional painter about successfully executing this project. Consider this a handy guide to painting your shed; put in a little legwork now, and it will look as good as new before you know it.

Choose your paint.

When it comes to painting any exterior space, use the same type of paint you would on the outside of your house, says Terry Koubele, the owner of Five Star Painting of Federal Way and Tacoma, a Neighborly company. The formula is important, since your shed's paint plays more than just an aesthetic role. "The real purpose is to protect the structure from moisture and other weather-related impacts," he says. Since many of these structures lack protection from the elements, Koubele advises using a paint with a satin sheen. "The darker the color, the higher the product level should be," he adds. "Higher-end products tend to have more color fading resistance technology built into the paint."

Prep your shed.

For the best results, do a little prep work. Koubele recommends gathering your materials (like a brush for oil priming, a nine-inch roller for painting the body of your shed, a mini roller for the trim, masking tape, and plastic or a tarp to place on the ground below the siding). "If there are any raw wood areas, these should be primed with an oil-base primer," he explains. You should also tape off any windows, door handles, hinges, and hardware before you begin the coating process. "Your paint can will indicate the size of the roller you need," Koubele adds, noting that a nine-inch roller with a 3/8-inch nap is standard.

Consider the grounds.

Your shed isn't the only area that needs some attention before you get started—Koubele says you should also protect the plants and structures around your shed. "Always cut back any plants about one-foot from the building," he says. "They carry moisture and can damage your paint." He also suggests placing paint cans and trays on a tarp, to avoid spilling product onto your lawn or the dirt around your shed. "Getting paint into your soil makes it very difficult to clean up," he notes.

Avoid French-cutting the trim.

Koubele says that many homeowners like to start painting along the edges of their trim—this is called French cutting—but it's not a method he recommends. "Painting the sides' trim looks nice, but is time consuming. It can be difficult to create straight lines," he says. "As a standard, trim is only painted on the face of the trim board. French cutting calls for a professional painter, since the edge must be cut in with a brush."

Get creative.

Your shed is the perfect place to get creative, says Koubele. "Paint your door a different color than the rest of the shed," he suggests, adding that you should still stick with hues in the same family or use the manufacturer's recommended trim and accent shades. "Typically, sheds match the color scheme of the house, but they don't have to." After all, he says, it's just a shed—if you don't like the color, it's easy to paint again.

Read more on Martha Stewart.

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