Source: LiveScience.com
By Jeanna Bryner, Managing Editor
posted: 17 December 2009 02:00 pm ET
A new study found that a person's self-reported happiness matches up with objective measures of state-level happiness.
The results are based on an examination of two data sets, one that included personal reports of happiness for 1.3 million Americans and the other that included objective measures, such as how crowded that state is, air quality, home prices and other factors known to impact quality of life.
Click here to learn more about the survey and what it means.
Here are the 50 U.S. states (and the District of Columbia) in order of their well-being:
1. Louisiana
2. Hawaii
3. Florida
4. Tennessee
5. Arizona
6. Mississippi
7. Montana
8. South Carolina
9. Alabama
10. Maine
11. Alaska
12. North Carolina
13. Wyoming
14. Idaho
15. South Dakota
16. Texas
17. Arkansas
18. Vermont
19. Georgia
20. Oklahoma
21. Colorado
22. Delaware
23. Utah
24. New Mexico
25. North Dakota
26. Minnesota
27. New Hampshire
28. Virginia
29. Wisconsin
30. Oregon
31. Iowa
32. Kansas
33. Nebraska
34. West Virginia
35. Kentucky
36. Washington
37. District of Columbia
38. Missouri
39. Nevada
40. Maryland
41. Pennsylvania
42. Rhode Island
43. Massachusetts
44. Ohio
45. Illinois
46. California
47. Indiana
48. Michigan
49. New Jersey
50. Connecticut
51. New York
Tuesday, December 29, 2009
Move Up / Repeat Home Buyer Tax Credit
The Worker, Home ownership, and Business Assistance Act of 2009 has established a tax credit of up to $6,500 for
qualified ed move-up/repeat home buyers (existing home owners) purchasing a principal residence after November 6, 2009
and on or before April 30, 2010 (or purchased by June 30, 2010 with a binding sales contract signed by April 30, 2010).
The following questions and answers are from www.federalhousingtaxcredit.com and provide basic information about
the tax credit. If you have more specif c questions, we strongly encourage you to consult a qualified ed tax advisor or legal
professional about your unique situation.
Who is eligible to claim the $6,500 tax credit?
Qualified move-up or repeat home buyers purchasing any kind of home are
eligible to claim this credit.
What is the definition of a move-up or repeat home buyer?
The law defines a tax credit qualified move-up home buyer (“long-time
resident”) as a home owner who has owned and resided in a home for at
least five consecutive years of the eight years prior to the purchase date.
For married taxpayers, the law tests the home ownership history of both
the home buyer and his/her spouse. Repeat home buyers do not have
to purchase a home that is more expensive than their previous home to
qualify for the tax credit.
How is the amount of the tax credit determined?
The tax credit is equal to 10 percent of the home’s purchase price up to a
maximum of $6,500. Purchases of homes priced above $800,000 are not
eligible for the tax credit.
Are there any income limits for claiming the tax credit?
Yes. The income limit for single taxpayers is $125,000; the limit is $225,000
for married taxpayers filing a joint return. The tax credit amount is reduced
for buyers with a modified adjusted gross income (MAGI) above those
limits. The phaseout range for the tax credit program is equal to $20,000.
That is, the tax credit amount is reduced to zero for taxpayers with MAGI
of more than $145,000 (single) or $245,000 (married) and is reduced
proportionally for taxpayers with MAGIs between these amounts.
How is this home buyer tax credit different from the tax credit that Congress enacted in July of 2008? How is this different than the rules established in early 2009?
The previous tax credits applied only to first-time home buyers and were
for different amounts of money.
How do I claim the tax credit? Do I need to complete a form or application?
Are there documentation requirements?
You claim the tax credit on your federal income tax return. Specifically,
home buyers should complete IRS Form 5405 to determine their tax credit
amount, and then claim this amount on line 67 of the 1040 income tax form
for 2009 returns (line 69 of the 1040 income tax form for 2008 returns). No
other applications are required, and no pre-approval is necessary.
HUD is now allowing "monetization" of the tax credit. What does that mean?
It means that HUD allows buyers using FHA-insured mortgages to apply
their anticipated tax credit toward their home purchase immediately rather
than waiting until they file their 2009 or 2010 income taxes to receive a
refund. These funds may be used for certain downpayment and closing
cost expenses. Under HUD’s guidelines, non-profits and FHA-approved lenders are
allowed to give home buyers short-term loans of up to $8,000. The
guidelines also allow government agencies, such as state housing finance
agencies, to facilitate home sales by providing longer term loans secured
by second mortgages.
Frequently Asked Questions About the Move-Up/Repeat Home Buyer Tax Credit
Please see www.FederalHousingTaxCredit.com for more detailed answers and more FAQ.
Source: www.FederalHousingTaxCredit.com
Information accessed: 11/8/09
qualified ed move-up/repeat home buyers (existing home owners) purchasing a principal residence after November 6, 2009
and on or before April 30, 2010 (or purchased by June 30, 2010 with a binding sales contract signed by April 30, 2010).
The following questions and answers are from www.federalhousingtaxcredit.com and provide basic information about
the tax credit. If you have more specif c questions, we strongly encourage you to consult a qualified ed tax advisor or legal
professional about your unique situation.
Who is eligible to claim the $6,500 tax credit?
Qualified move-up or repeat home buyers purchasing any kind of home are
eligible to claim this credit.
What is the definition of a move-up or repeat home buyer?
The law defines a tax credit qualified move-up home buyer (“long-time
resident”) as a home owner who has owned and resided in a home for at
least five consecutive years of the eight years prior to the purchase date.
For married taxpayers, the law tests the home ownership history of both
the home buyer and his/her spouse. Repeat home buyers do not have
to purchase a home that is more expensive than their previous home to
qualify for the tax credit.
How is the amount of the tax credit determined?
The tax credit is equal to 10 percent of the home’s purchase price up to a
maximum of $6,500. Purchases of homes priced above $800,000 are not
eligible for the tax credit.
Are there any income limits for claiming the tax credit?
Yes. The income limit for single taxpayers is $125,000; the limit is $225,000
for married taxpayers filing a joint return. The tax credit amount is reduced
for buyers with a modified adjusted gross income (MAGI) above those
limits. The phaseout range for the tax credit program is equal to $20,000.
That is, the tax credit amount is reduced to zero for taxpayers with MAGI
of more than $145,000 (single) or $245,000 (married) and is reduced
proportionally for taxpayers with MAGIs between these amounts.
How is this home buyer tax credit different from the tax credit that Congress enacted in July of 2008? How is this different than the rules established in early 2009?
The previous tax credits applied only to first-time home buyers and were
for different amounts of money.
How do I claim the tax credit? Do I need to complete a form or application?
Are there documentation requirements?
You claim the tax credit on your federal income tax return. Specifically,
home buyers should complete IRS Form 5405 to determine their tax credit
amount, and then claim this amount on line 67 of the 1040 income tax form
for 2009 returns (line 69 of the 1040 income tax form for 2008 returns). No
other applications are required, and no pre-approval is necessary.
HUD is now allowing "monetization" of the tax credit. What does that mean?
It means that HUD allows buyers using FHA-insured mortgages to apply
their anticipated tax credit toward their home purchase immediately rather
than waiting until they file their 2009 or 2010 income taxes to receive a
refund. These funds may be used for certain downpayment and closing
cost expenses. Under HUD’s guidelines, non-profits and FHA-approved lenders are
allowed to give home buyers short-term loans of up to $8,000. The
guidelines also allow government agencies, such as state housing finance
agencies, to facilitate home sales by providing longer term loans secured
by second mortgages.
Frequently Asked Questions About the Move-Up/Repeat Home Buyer Tax Credit
Please see www.FederalHousingTaxCredit.com for more detailed answers and more FAQ.
Source: www.FederalHousingTaxCredit.com
Information accessed: 11/8/09
Thursday, December 24, 2009
I just found a property and wanted to share it with you!
I just found a property and wanted to share it with you!
Posted using ShareThis
MLS #209043584 and 200920602
$675,000
Fort Myers Beach Florida
Waterside at Bay Beach - Dolphin Pointe
Dolphin Pointe-the name of the building speaks for itself!! From this 9th floor beauty at the point of Bay Beach, you can see dolphins, and much, much more. Enjoy the "traffic" of Big Carlos Pass-manatees, dolphins, herons, boats, and kayaks. Priced to sell, and way below the neighbors, this residence is decorated and ready for you to get here and enjoy the winter in Florida. Hurricane shutters make locking up and leaving a snap, and the amenities are so accommodating-social room, fitness, guest suites are right inside the building, while outside are the pool, tennis courts, DEEDED BEACH ACCESS, and PUBLIC golf course. This home is easy to show, easy to love, easy to buy-make it yours today!!
I just found a property and wanted to share it with you!
I just found a property and wanted to share it with you!
Posted using ShareThis
MLS #209043126 and #200959957
$175,000
Bonita Springs Florida
This is a Short Sale subject to existing Lender's Approval, which may result in delays. Take this opportunity to own acreage and room to move at a great price & in town location. Near shopping, dining, schools & more. Home has comfortable size yard to run & play.
Thursday, December 10, 2009
New Listing in Waterside at Bay Beach
4191 Bay Beach Ln 252
Fort Myers Beach, FLORIDA 33931
Price: $489,900
2 Bedrooms, 2 Bathrooms
1445 Square Ft.
Listing # 200957852
Water as the eye can see-and from EVERY room in your home!! Super view and value come together in this waterfront beauty! Spectacular Estero Bay views offer opportunities to watch nature all day long-see dolphins leap and play, manatees meander by, and boaters going in and out on their journeys. Water, water, water...and boating beaching, shopping, dining, walking, biking-it's ALL here!! Take an opportunity to live in a luxury, gated, waterfront community for an off water price. Furnishings included, so you can come on in, and get on out to the fun! Great contemporary style, in a non-cluttered design focuses your attention on the views! Make it yours today, so you can use it THIS winter. This Seller has a boat slip at Hibiscus Pointe available for additional purchase, & boat slips are available for all sizes up to 60' for additional purchase. Boat here-beach here-shop-golf here-you'll NEVER want to leave here! Easy to show-easy to own-make it your before the winter is here!!
Bathrooms: 2 Bedrooms: 2
Amenities: BBQ - Picnic,Beach Access,Community Pool,Community Room,Exercise Room,Extra Storage,Fishing Pier,Golf Course,Sauna,Sidewalk,Streetlight,Trash Chute
Total SqFt: 1445
Assessment Fees: Yes
Boat/Water Access: Dock Purchase
Cable Available: Yes
Carport: Attached
Condo Fee: 1885.00
Condo Frequency: Quarterly
Community Type: Boating,Gated
Construction: Concrete Block,Stucco Siding
Cooling: Ceiling Fans,Central Electric
Den: No
Dining Description: Breakfast Bar,Dining - Living
Equip/Appliance Included: Dishwasher,Disposal,Dryer,Microwave,Range,Refrigerator,Smoke Detector,Washer
Elevator: Common
Exterior Features: Shutters Electric
Furnished: Furnished
Flooring: Carpet,Tile
Foreclosed/REO: No
Guest House: No
Gulf Access: Yes
Heating: Central Electric
Interior Features: Fire Sprinkler,Smoke Detectors,Walk-in Closet,Window Coverings
Irrigation: City
Lanai: 11x10
Maintenance Includes: Cable,Irrigation Water,Lawn/Land Mainten,Manager,Master Assn Fee Incl,Pest Control Exter,Sewer,Streel Lights,Street Maintenance,Water
Master Bath Description: Dual Sinks,Jetted Tub,Separate Tub/Shower
Master Bedroom: 17x13 Level:
Carports Spaces: 1
Parking: 1 Assigned,Covered,Deeded,Under Bldg Open
Pet Comments: LIMITS
Possession: At Closing
Private Pool: No
Private Spa: No
Rear Exposure: NE
Restrictions: Deeded
Additional Rooms: Great Room,Laundry in Residence,Screened Porch/Lanai
Roofing: Built-Up or Flat
Security: Entry Phone,Entry TV,Gated,Guard at Gate
Sewer: Central
Special Info: Deed Restrictions,Title Ins Provided
Short Sale: No
Total Tax Bill: 5685.86
Total Floors: 11
Units in Building: 58
Units in Complex: 400
Unit Floor: 5
View: Bay,Water
Water: Central
Windows: Picture,Single Hung
Waterfront: Yes
Waterfront Description: Bay,Navigable
Single Family Type: High Rise (8+)
Building Description: End Unit
Year Built: 1998
Tax credit to boost winter home sales
CHICAGO — House shopping usually slows down in the winter, as people put their home searches on hold to trim the tree, buy presents to put under it and avoid the chilly weather.
This winter, however, might be different, thanks to the extended — and expanded — first-time home-buyer tax credit.
“We’re going to see far more interest in the fourth quarter than we generally do because of the tax credit,” said Heather Fernandez, vice president of Trulia.com, a real estate search engine. Traffic surged on the site on Nov. 5, the day Congress approved the credit extension, she said.
The new law extends the tax credit for first-time home buyers and opens it up to some existing homeowners as well: The credit is now 10 percent of the home price, up to $8,000 for first-time buyers and up to $6,500 for repeat buyers.
All buyers must have a binding contract on a house in place on or before April 30. The sale must close on or before June 30.
To be considered a first-time home buyer, an individual must not have owned a home in the past three years. And to be eligible, existing homeowners need to have lived in the same principal residence for five consecutive years during the eight-year period that ends when the new home is purchased. The credit is only for principal residences.
Income limits have risen as well. According to the IRS, the home-buyer tax credit now phases out for individuals with modified adjusted gross incomes between $125,000 and $145,000, and between $225,000 and $245,000 for people filing joint returns.
The inclusion of move-up buyers might inspire homeowners to take action and list their house if they’ve been putting it off, said Carolyn Warren, a Seattle, Wash.-based mortgage broker and banker and author of the book “Homebuyers Beware.”
“If somebody loves their home, it’s not going to entice them to sell. If they’ve had it on the back of their minds and really would like to move up, it might push them into doing it sooner than later,” Warren said.
The credit isn’t expected to have as large of an effect on move-up buyers as it has on first-time buyers, according to the Campbell/Inside Mortgage Finance Monthly Survey of Real Estate Market Conditions. The maximum tax credit is about 4 percent of the average purchase price for first-time buyers, but about 2 percent of the average purchase price for move-up buyers.
“We estimate that the first-time home-buyer tax credit will result in a 10 percent increase in home sales from March through November of 2009,” said Thomas Popik, research director for Campbell Surveys, in a news release. “We’d expect the effect of the proposed tax credit for current homeowners to be about half as large — from December until the tax credit expiration in the spring of next year, it might be 5 percent of 3 million transactions, or about 150,000 incremental home sales. Incremental sales to first-time home buyers could be an additional 300,000, for a total of 450,000 incremental sales due to the tax credit extension.”
Source: McClatchy News Service • November 22, 2009
This winter, however, might be different, thanks to the extended — and expanded — first-time home-buyer tax credit.
“We’re going to see far more interest in the fourth quarter than we generally do because of the tax credit,” said Heather Fernandez, vice president of Trulia.com, a real estate search engine. Traffic surged on the site on Nov. 5, the day Congress approved the credit extension, she said.
The new law extends the tax credit for first-time home buyers and opens it up to some existing homeowners as well: The credit is now 10 percent of the home price, up to $8,000 for first-time buyers and up to $6,500 for repeat buyers.
All buyers must have a binding contract on a house in place on or before April 30. The sale must close on or before June 30.
To be considered a first-time home buyer, an individual must not have owned a home in the past three years. And to be eligible, existing homeowners need to have lived in the same principal residence for five consecutive years during the eight-year period that ends when the new home is purchased. The credit is only for principal residences.
Income limits have risen as well. According to the IRS, the home-buyer tax credit now phases out for individuals with modified adjusted gross incomes between $125,000 and $145,000, and between $225,000 and $245,000 for people filing joint returns.
The inclusion of move-up buyers might inspire homeowners to take action and list their house if they’ve been putting it off, said Carolyn Warren, a Seattle, Wash.-based mortgage broker and banker and author of the book “Homebuyers Beware.”
“If somebody loves their home, it’s not going to entice them to sell. If they’ve had it on the back of their minds and really would like to move up, it might push them into doing it sooner than later,” Warren said.
The credit isn’t expected to have as large of an effect on move-up buyers as it has on first-time buyers, according to the Campbell/Inside Mortgage Finance Monthly Survey of Real Estate Market Conditions. The maximum tax credit is about 4 percent of the average purchase price for first-time buyers, but about 2 percent of the average purchase price for move-up buyers.
“We estimate that the first-time home-buyer tax credit will result in a 10 percent increase in home sales from March through November of 2009,” said Thomas Popik, research director for Campbell Surveys, in a news release. “We’d expect the effect of the proposed tax credit for current homeowners to be about half as large — from December until the tax credit expiration in the spring of next year, it might be 5 percent of 3 million transactions, or about 150,000 incremental home sales. Incremental sales to first-time home buyers could be an additional 300,000, for a total of 450,000 incremental sales due to the tax credit extension.”
Source: McClatchy News Service • November 22, 2009
Tuesday, December 8, 2009
New Listing on Fort Myers Beach
4141 Bay Beach Lane #472 MSL # 209040984 / 200956899
Waterfront living with views to spare!! Enjoy back bay vistas of Estero Bay, from this 7th floor residence-see boats, dolphins, manatees, and more from the comfort of your home. Huge terrace is the whole width of the home, so you can let the breezes and light in! Largest floor plan in the building has room to move and entertain. Master suite has the great terrace and water views, while the two guest bedrooms have their own private suite area with bathroom. Separate family and living rooms make entertaining easy! Kitchen is centrally located to all gathering areas. Gated enclave of Waterside has manned guarded entrance, deeded beach access, private boat slips (for additional purchase), fishing pier, tennis courts, social room, fitness center, in-building guest suite, under building parking and storage, and more! Community amenities of Bay Beach also include a golf course that is open to the public or offers memberships. More Information Schedule Showing Printable Version Share PropertyMap Location Calculator Virtual Tour Basic Features:
Area: FB05
City Name: FORT MYERS BEACH
County Name: Lee
State: FLORIDA
Subdivision: WATERSIDE AT BAY BEACH
Zip: 33931-1903
Bathrooms: 2
Bedrooms: 3
Square Feet: 2119
Additional Features:
Amenities: BBQ - Picnic,Beach Access,Bike And Jog Path,Bike Storage,Clubhouse,Community Pool,Exercise Room,Extra Storage,Guest Room,Sauna,Sidewalk,Streetlight,Tennis Court,Trash Chute,Vehicle Wash Area,Community Room,Fishing Pier
Application Fee: 100
Approval: Application Fee,Buyer
Total SqFt: 2618
Bedroom Description: Split Bedrooms
Building Number: 4
Boat Access: Dock Purchase,Gulf Access
Community Type: Boating,Gated,Golf Course
Condo Fee: 1673
Condo Fee Frequency: Quarterly
Construction: Concrete Block,Stucco
Cooling: Central Electric
Development Name: WATERSIDE AT BAY BEACH
Dining Description: Breakfast Bar,Dining - Living
Dining Room Dimensions: 11x10
Directions: Estero Blvd to Bay Beach Lane (on south end of island)go on Bay Beach to end of street to guard house. after proceed through guard gate, go to 3rd bldg on left (4141), 7th floor.
Days On Market: 9
Elevator: Common
Equipment: Dishwasher,Disposal,Dryer,Microwave,Range,Refrigerator,Smoke Detector,Washer
Exterior Features: None
Family Room Dimensions: 12x10
Flooring: Carpet,Ceramic Tile
Furnished Description: Furnished
Garage Description: Attached
Great Room Dimensions: 25x14
Heating: Central Electric
HOA Description: Mandatory
Interior Features: Fire Sprinkler,Cable Prewire,Laundry Tub,Smoke Detectors,Walk-In Closet,Window Coverings
Irrigation: City
Kitchen Dimensions: 13x11
Maintenance: Cable,Irrigation Water,Lawn/Land Maint,Manager,Master Assn. Fee Included,Pest Control Exterior,Rec Facilities,Trash Removal,Water,Sewer,Street Lights,Street Maintenance
Master Bath Description: Dual Sinks,Separate Tub And Shower
Master Bedroom Dimensions: 16x15
Master HOA Fee: 570
Master HOA Fee Frequency: Quarterly
Total Floors: 11
Units in Building: 58
Property SubType: Condo
Parking: 1 Assigned,Covered
Pets: Limits
Possession: At Closing
Price Per SqFt: 283.15243039169
Private Pool: No
Private Spa: No
Property Location: Not Applicable
Rear Exposure: NW
Restrictions: Deeded
Roofing: Built-Up or Flat
Rooms: Den - Study,Family Room,Great Room,Screened Lanai/Porch,Laundry Room in Residence,Guest Bath,Guest Room
Second Bedroom Dimensions: 12x11
Sewer: Central
Taxes: 7337.05
Tax Description: City And County
Tax Year: 2008
Terms: Buyer Finance/Cash
Third Bedroom Dimensions: 15x11
Unit Floor: 7
Units in Complex: 400
View: Bay,Landscaped Area,Pool/Club,Water
Waterfront Description: Bay,Gulf Access,Navigable,Salt Water
Year Built: 2003
Foreclosure: No
Short Sale: No
Property Map
Friday, November 27, 2009
I just found a property and wanted to share it with you!
I just found a property and wanted to share it with you!
Posted using ShareThis
MLS #209040420
Courtyard home with casual elegance galore & space to move!! Collins & Dupont designer palette in the updated tropical hues that will make you happy to stay awhile! Tropical open air patio & pool area, w/lush landscaping & rock waterfalls that make you feel you are in a secluded destination. Contrary to its private setting, you are sitting in a convenient location to shopping, dining & can enjoy all the amenities & luxuries that the Bonita Bay lifestyle offers. Main home has master suite & den downstairs & guest suite & bath upstairs. Separate Cabana w/bedroom & bathroom is great for guests and family. Every room has great walls of glass to offer open breezes and views of the pool, golf course, lake and more! Recently updated glass doors have hurricane rated glass. Custom built-ins and storage give you the room to put everything in its place. Home is furnished and ready to enjoy NOW-exclusions are wall hangings, personal items, pictures. Exclusion list available with contract.
Tuesday, November 17, 2009
New Listing on Fort Myers Beach
Sunshine MLS# 209039357
Rappatoni MLS# 200954444
4141 Bay Beach Lane #433 Fort Myers Beach Florida 33931
$474,900
Super view and value come together in this waterfront beauty! Water, water, water.. and boating, beaching, shopping, dining, walking, biking – it’s ALL here!! Take an opportunity to live in a luxury, gated, waterfront community for an "off water" price. Neutral backgrounds and un-cluttered home await your decorating style. Make it your today, so you can get it ready for use THIS winter. This Seller has a boat slip at Hibisicus Pointe available for additional purchase, and boat slips are available for all sizes up to 60’ for additional purchase. Boat here-beach here-shop here-golf here-you'll NEVER want to leave here! Easy to show – easy to own – make it yours before the winter is here!!
Detailed Property Information
Building Desc: Split Bedrooms
Building #: 4
Elevator: Common
Ownership Desc: Condo Community Type: Boating, Gated Rear Exp.: NW
Building Design: High Rise (8 or more)
Year Built: 2003
Bedrooms: 2+Den
Unit Floor: 3
Approx. Living Area: 1,713
Full Baths: 2 Half Baths: 0
Carport Spaces: 1 - Attached
Parking: 1 Assigned
Security: Entry Phone, Gated, Guard At Gate Construction: Concrete Block, Stucco, Piling
Waterfront Desc.: Bay, Gulf Access, Navigable, Salt Water
Boat Access: Dock Purchase, Gulf Access
Flooring: Carpet, Ceramic Tile
View: Bay, Landscaped Area, Pool/Club, Water
Dining: Breakfast Bar, Breakfast Room Water:
Master Bath: Separate Tub And Shower
Rooms: Screened Lanai/Porch, Laundry Room in Residence
Interior Features: Fire Sprinkler, Foyer, Laundry Tub, Smoke Detectors
Exterior Features: Storage
Equipment: Dishwasher, Disposal, Dryer, Microwave, Range, Refrigerator
Amenities: BBQ - Picnic, Beach Access, Bike And Jog Path, Community Pool, Exercise Room, Extra Storage, Golf Course, Sauna, Sidewalk, Streetlight, Tennis Court, Trash Chute, Vehicle Wash Area, Community Room, Fishing Pier
Maintenance: Irrigation Water, Lawn/Land Maint, Manager, Master Assn. Fee Included, Pest Control Exterior, Trash Removal, Water, Sewer, Street Lights, Street Maintenance
Visit our website for more information: www.TreasureMyHome.com
Or contact us
Heather 239-450-1891 or hwightman@johnrwood.com
Ginny 239-948-9103 or gnobbe@johnrwood.com
Tuesday, November 10, 2009
October Market report for Napes, Bonita and Estero
Pended sales continue to soar, and all price ranges (with one exception) continue to show inventory decreases over prior year. The properties that are moving are the ones that are priced to the current market. As Cindy Carroll told us a couple of weeks ago (Carroll & Carroll Appraisers), a short sale or foreclosure IS a comparable, and most definitely will affect market value of other homes in an area. 2005 and 2006 are gone forever, but there is immense opportunity in the new market!
The following link will enable you to access a print quality version of the report.
http://www.myjrw.com/documents/Forms/MarketReportOCT2009.pdf
Dottie Babcock, CCIM, CRB
Chief Operating Officer
John R. Wood Realtors
The following link will enable you to access a print quality version of the report.
http://www.myjrw.com/documents/Forms/MarketReportOCT2009.pdf
Dottie Babcock, CCIM, CRB
Chief Operating Officer
John R. Wood Realtors
Thursday, November 5, 2009
Glass Slipper Ball - Fundraiser for Victims of Domestic Abuse
The Zonta Club of Bonita Spring is hosting the first annual Glass Slipper Ball to benefit victims of domestic abuse. The evening will take place at the Hyatt Coconut Point ballroom on Friday November 20th at 7 p.m. Evening events include tasting of wonderful delicacies prepared by the areas top chefs, dancing to the tunes of the High Voltage Band, a silent auction and a live auction. Tickets are on sale now for $100 per person. Visit our website www.zontabonitasprings.org
The live auction promises to be fantastic:
Want to win a fabulous trip to the San Francisco wine country, travel to Tuscany to attend a cooking school, spend a glitzy weekend with the professional dancers behind Dancing With The Stars or reinvigorate your life with a week at an adult boot camp held at a beach-side luxurious spa? Then don’t let the gavel fall without having the chance to bid on these and other up-scale items that will be featured as part of a live auction being held during the Zonta Club of Bonita Springs’ inaugural Glass Slipper Ball Featuring the Best of the Chefs set for November 20th at the Hyatt Regency Coconut Point.
“The live auction will certainly add excitement to the Ball. I think our guests will be thrilled with the top notch items we are auctioning to raise funds to help fight the crisis of domestic violence in our community. To make sure the auction moves along at a lively pace, we are limiting it to a small number of lavish items that the lucky winners will definitely be overjoyed to take home.” said Y’Vonne Murray, Club President.
The couple who wins the San Francisco wine trip will jet to the “City by the Bay” for a great escape, spending four days/three nights in the lap of luxury at the Embarcadero Hotel. While there, they will enjoy the breathtaking scenery, winery tours in the famous Napa Valley and watch the sun slip into the Pacific on a sunset cruise.
Ball guests who walk away with the Tuscany trip will learn to cook in the heart of classic Italy. This seven day/six night package for two includes round trip air to Florence, Italy. From Florence, they will head for the villas and vineyards of Tuscany where the cooking course will surely whet their appetite to explore the surrounding region, visit hilltop towns like Siena and Pisa and enjoy the best shopping in all of Italy in San Gimigiano.
Sunday, November 1, 2009
Stoneybrook in Estero, Florida - JUST SOLD!!
Welcome new neighbors to the community!! On Friday, October 30, our listing at 21679 Windham Run in Stoneybrook, Estero, Florida, closed in less than ONE quarter on the market. We can sell yours too! We know this area, the houses in it, and what it takes to sell homes. So, if you would like to have experienced, full-time, hard working professional real estate agents working for you, call us. For information on the properties we have listed or other real estate opportunities, please feel free to contact us - Ginny Nobbe is at gnobbe@johnrwood.com and Heather Wightman is at hwightman@johnrwood.com. You can also sign up to receive market updates about your community at http://www.treasuremyhome.com/.
Friday, October 30, 2009
September Market Shows More Good News
The September market posted more good news as pended sales units reached an all-time high! With most news sources now promoting our area as one of the most undervalued markets in the nation, we are definitely experiencing increased buyer interest and activity. Pended sales in September are the highest for any September during the 10 years for which we have data. The $1 million and up category was up 26% over September 2008. This is the second consecutive month to show such an increase. With this positive news, it is anticipated that this will be an active season in which it is likely that inventories in some areas will return to historically normal or below normal levels.
Another sign that the market is continuing to recover is the decreasing inventory. The number of new listings taken during September as well as year-to-date continue to show a decrease over the prior year.
September 2009 proved to be a record-setting month especially since pended sales were up 70% over September 2008. Another encouraging sign the market is recovering is the number of closed sales. The closed units for the month of September are up 35% over September 2008 and the highest of any September since 2005. See full report here.
Another sign that the market is continuing to recover is the decreasing inventory. The number of new listings taken during September as well as year-to-date continue to show a decrease over the prior year.
September 2009 proved to be a record-setting month especially since pended sales were up 70% over September 2008. Another encouraging sign the market is recovering is the number of closed sales. The closed units for the month of September are up 35% over September 2008 and the highest of any September since 2005. See full report here.
Monday, October 19, 2009
Small home fixes with big impact: Palm Beach County experts offer tips
Source: October 2009 The Palm Beach Post, Fla. Distributed by McClatchy-Tribune Information Services.
WEST PALM BEACH, Fla. – Oct. 19, 2009 – When Randy Bianchi couldn’t find a tenant for one of his rental homes, he realized the house needed an edge to lure a renter in an overcrowded market. He made some interior repairs, then hit on the idea that finally attracted a tenant.
For $1,100, Bianchi built a patio with enough room for a small dining table, then framed it with palm trees.
The new tropical oasis reinforced a lesson the West Palm Beach real estate agent has learned from a market saturated with short sales and foreclosures.
“You have to offer something better than the competition,” said Bianchi, who owns Paradise Properties.
Often, a few inexpensive fixes such as a pretty patio or a freshly painted interior are all that’s needed to make a house stand out in the crowd.
We asked Bianchi and two other professionals – a contractor and an interior designer – for simple ways to upgrade our homes for less than $2,000.
Each said the most important upgrade is also the least expensive: a thorough cleaning and de-cluttering. Busy people with jobs and kids may find the hardest task is keeping the house clean and tidy for weeks or months while it’s for sale, but it is essential, say our experts.
“Leave your home every morning thinking it might be shown that day,” Bianchi says.
Here are some more expert tips.
Randy Bianchi, Paradise Properties, West Palm Beach
The basics: Your home always should be spotless, and that includes the windows and carpet. If floors are worn, cover them with a new area rug. Have tile grout professionally cleaned. Do whatever it takes to make your house look fresh.
If you can’t paint the entire interior, paint an accent wall in a main room. Outside, enhance curb appeal with neatly trimmed grass and shrubs. Add some fresh mulch.
“You want to give the appearance of a house that’s been well-maintained, even if it’s dated,” Bianchi says.
Kitchens and baths sell houses, Bianchi says, so spend your money there, particularly on new counters. He recommends Silestone as a less expensive alternative to granite, but even new laminate counters will help.
“If you’ve got 20-year-old Formica, refinish it with a new color or pattern, but keep it neutral,” Bianchi advises.
Standout move: Give prospective buyers an outdoor spot to enjoy our subtropical climate. An al fresco entertainment area also yields one of the best returns on investments of all home improvement projects.
Don Cameron, contractor and HomeVestors owner, West Palm Beach
The basics: “We visit a tremendous amount of homes in a week, and most homes are so cluttered you can’t get a good view of the house,” says Cameron, who says he buys 75 to 100 houses a year and sells them within three or four weeks, after a quick rehab.
After removing the clutter, invest in a few quick upgrades that Cameron says always attract buyers. Install new faucets in the kitchen and bathrooms, then change interior doorknobs to new lever-style door openers to give a home “a little pizzazz.”
Keep walkways swept and the front door clean and freshly painted. When Cameron and his partners are ready to market a house, they always install two things: plug-in deodorizers and a new welcome mat.
Standout move: Offer a one-year home warranty to give buyers peace of mind, particularly first-time home buyers. According to Cameron, a warranty that insures a home’s major appliances as well as electrical and plumbing systems against failure costs $300 to $400 for an average-size house.
Gil Walsh, Gil Walsh Interiors, Riviera Beach
The basics: “Warm up your house with color,” instructs veteran interior designer Walsh. “Paint rooms soft neutrals such as celadon greens, taupes and creamy whites to outline the shape of windows and make everything look fresh and clean.”
Get rid of dingy old carpet. Replace it with creamy white or beige cut-pile commercial carpet, available from big box stores, then layer it with colorful area rugs from discounters or consignment stores. Rugs also will hide damaged wood or tile floors.
“Layering elements adds richness and depth,” Walsh says.
Give your kitchen cabinets a face-lift with new or re-faced doors, but don’t get too elaborate, Walsh warns. Opt for a simple raised or recessed paneled door, or, if your house is contemporary, a flat door style.
Nothing says “out of date” like old light fixtures. Update chandeliers and wall fixtures with newer styles.
Standout move: Hire a consulting interior designer to give you professional advice, which Walsh says should cost about $100 to $150 an hour.
“In one to two hours, the designer can give you a list of what needs to be done, then you can take care of it yourself,” Walsh says.
WEST PALM BEACH, Fla. – Oct. 19, 2009 – When Randy Bianchi couldn’t find a tenant for one of his rental homes, he realized the house needed an edge to lure a renter in an overcrowded market. He made some interior repairs, then hit on the idea that finally attracted a tenant.
For $1,100, Bianchi built a patio with enough room for a small dining table, then framed it with palm trees.
The new tropical oasis reinforced a lesson the West Palm Beach real estate agent has learned from a market saturated with short sales and foreclosures.
“You have to offer something better than the competition,” said Bianchi, who owns Paradise Properties.
Often, a few inexpensive fixes such as a pretty patio or a freshly painted interior are all that’s needed to make a house stand out in the crowd.
We asked Bianchi and two other professionals – a contractor and an interior designer – for simple ways to upgrade our homes for less than $2,000.
Each said the most important upgrade is also the least expensive: a thorough cleaning and de-cluttering. Busy people with jobs and kids may find the hardest task is keeping the house clean and tidy for weeks or months while it’s for sale, but it is essential, say our experts.
“Leave your home every morning thinking it might be shown that day,” Bianchi says.
Here are some more expert tips.
Randy Bianchi, Paradise Properties, West Palm Beach
The basics: Your home always should be spotless, and that includes the windows and carpet. If floors are worn, cover them with a new area rug. Have tile grout professionally cleaned. Do whatever it takes to make your house look fresh.
If you can’t paint the entire interior, paint an accent wall in a main room. Outside, enhance curb appeal with neatly trimmed grass and shrubs. Add some fresh mulch.
“You want to give the appearance of a house that’s been well-maintained, even if it’s dated,” Bianchi says.
Kitchens and baths sell houses, Bianchi says, so spend your money there, particularly on new counters. He recommends Silestone as a less expensive alternative to granite, but even new laminate counters will help.
“If you’ve got 20-year-old Formica, refinish it with a new color or pattern, but keep it neutral,” Bianchi advises.
Standout move: Give prospective buyers an outdoor spot to enjoy our subtropical climate. An al fresco entertainment area also yields one of the best returns on investments of all home improvement projects.
Don Cameron, contractor and HomeVestors owner, West Palm Beach
The basics: “We visit a tremendous amount of homes in a week, and most homes are so cluttered you can’t get a good view of the house,” says Cameron, who says he buys 75 to 100 houses a year and sells them within three or four weeks, after a quick rehab.
After removing the clutter, invest in a few quick upgrades that Cameron says always attract buyers. Install new faucets in the kitchen and bathrooms, then change interior doorknobs to new lever-style door openers to give a home “a little pizzazz.”
Keep walkways swept and the front door clean and freshly painted. When Cameron and his partners are ready to market a house, they always install two things: plug-in deodorizers and a new welcome mat.
Standout move: Offer a one-year home warranty to give buyers peace of mind, particularly first-time home buyers. According to Cameron, a warranty that insures a home’s major appliances as well as electrical and plumbing systems against failure costs $300 to $400 for an average-size house.
Gil Walsh, Gil Walsh Interiors, Riviera Beach
The basics: “Warm up your house with color,” instructs veteran interior designer Walsh. “Paint rooms soft neutrals such as celadon greens, taupes and creamy whites to outline the shape of windows and make everything look fresh and clean.”
Get rid of dingy old carpet. Replace it with creamy white or beige cut-pile commercial carpet, available from big box stores, then layer it with colorful area rugs from discounters or consignment stores. Rugs also will hide damaged wood or tile floors.
“Layering elements adds richness and depth,” Walsh says.
Give your kitchen cabinets a face-lift with new or re-faced doors, but don’t get too elaborate, Walsh warns. Opt for a simple raised or recessed paneled door, or, if your house is contemporary, a flat door style.
Nothing says “out of date” like old light fixtures. Update chandeliers and wall fixtures with newer styles.
Standout move: Hire a consulting interior designer to give you professional advice, which Walsh says should cost about $100 to $150 an hour.
“In one to two hours, the designer can give you a list of what needs to be done, then you can take care of it yourself,” Walsh says.
Foreclosures: 'Worst three months of all time'
Source: Les Christie, CNNMoney.com staff writer
Despite signs of broader economic recovery, number of foreclosure filings hit a record high in the third quarter - a sign the plague is still spreading.
Last Updated: October 15, 2009: 7:34 AM ET
NEW YORK (CNNMoney.com) -- Despite concerted government-led and lender-supported efforts to prevent foreclosures, the number of filings hit a record high in the third quarter, according to a report issued Thursday.
"They were the worst three months of all time," said Rick Sharga, spokesman for RealtyTrac, an online marketer of foreclosed homes.
During that time, 937,840 homes received a foreclosure letter -- whether a default notice, auction notice or bank repossession, the RealtyTrac report said. That means one in every 136 U.S. homes were in foreclosure, which is a 5% increase from the second quarter and a 23% jump over the third quarter of 2008.
Nevada continued to be the worst-hit state with one filing for every 23 households. But even tranquil Vermont, where the foreclosure crisis has barely brushed the housing market, saw foreclosure filings jump nearly 170% compared with the third quarter of 2008. Still, that resulted in just one filing for every 5,023 households in the state -- the best record in the country.
The RealtyTrac report also unveiled the results for September, and it found that there was slight relief from foreclosure filings. Last month, notices totaled 343,638, down 4% compared with August. Unfortunately, that total accounts for 87,821 homes that were repossessed by lenders.
That deluge contributed significantly to the quarter's record 237,052 repossessions, a 21% jump from the previous three months. So far this year lenders have taken back 623,852 homes.
"REO activity increased from the previous quarter in all but two states and the District of Columbia, indicating that lenders may be starting to work through some of the pent-up foreclosure inventory caused by legislative delays, loan-modification efforts and high volumes of distressed properties," James Saccacio, RealtyTrac's CEO, said in a statement.
Most disturbing is that all foreclosures -- not just repossessions -- are rampant despite efforts to corral them. Not only has the Obama administration's Making Home Affordable foreclosure prevention program taken a bite out of REOs but lenders themselves have scaled back repossessions over the past few months to give the program time to work.
And in some low-price markets, lenders simply aren't following through on foreclosures, according to Jim Rokakis, treasurer for Cuyahoga County, Ohio, which includes Cleveland.
"They'll even set the date for the sheriff's sale, but they don't file the final papers," he said. "They hold it in abeyance and let the residents stay in the house."
In ever more frequent cases, delinquent borrowers want out of the mortgage worse than the lenders. There are no firm statistics for it, but many industry watchers claim the percentage of REOs caused by borrowers voluntarily walking away from their homes is skyrocketing.
A study of the trend by the Chicago Booth School of Business and the Kellogg School of Management determined that when home price declines drop home values 10% below the mortgage balances, people start to give up their homes. When "negative equity" approaches 50%, 17% of households default, even when they can still afford their mortgage payments.
No end in sight
The foreclosure crisis may not diminish anytime soon. "The fastest growing area is in the 180 days late-plus category, the most seriously delinquent borrowers," Sharga said. "It's going to be a lingering problem."
Plus, the RealtyTrac statistics may understate the depth of the foreclosure mess because lender and government actions have delayed many filings. As a result, some delinquencies have not been counted on the foreclosure tallies. That means the crisis may not end quickly.
And because there are so many delinquent borrowers, Sharga predicts the banks will be slow to take back their properties and put the repossessed homes back on the market.
"It's hard to envision [the banks] putting millions on properties up for sale and cratering prices," he said. "Recovery will be slow and gradual. I don't see home prices getting much better until 2013."
First Published: October 15, 2009: 3:39 AM ET
Despite signs of broader economic recovery, number of foreclosure filings hit a record high in the third quarter - a sign the plague is still spreading.
Last Updated: October 15, 2009: 7:34 AM ET
NEW YORK (CNNMoney.com) -- Despite concerted government-led and lender-supported efforts to prevent foreclosures, the number of filings hit a record high in the third quarter, according to a report issued Thursday.
"They were the worst three months of all time," said Rick Sharga, spokesman for RealtyTrac, an online marketer of foreclosed homes.
During that time, 937,840 homes received a foreclosure letter -- whether a default notice, auction notice or bank repossession, the RealtyTrac report said. That means one in every 136 U.S. homes were in foreclosure, which is a 5% increase from the second quarter and a 23% jump over the third quarter of 2008.
Nevada continued to be the worst-hit state with one filing for every 23 households. But even tranquil Vermont, where the foreclosure crisis has barely brushed the housing market, saw foreclosure filings jump nearly 170% compared with the third quarter of 2008. Still, that resulted in just one filing for every 5,023 households in the state -- the best record in the country.
The RealtyTrac report also unveiled the results for September, and it found that there was slight relief from foreclosure filings. Last month, notices totaled 343,638, down 4% compared with August. Unfortunately, that total accounts for 87,821 homes that were repossessed by lenders.
That deluge contributed significantly to the quarter's record 237,052 repossessions, a 21% jump from the previous three months. So far this year lenders have taken back 623,852 homes.
"REO activity increased from the previous quarter in all but two states and the District of Columbia, indicating that lenders may be starting to work through some of the pent-up foreclosure inventory caused by legislative delays, loan-modification efforts and high volumes of distressed properties," James Saccacio, RealtyTrac's CEO, said in a statement.
Most disturbing is that all foreclosures -- not just repossessions -- are rampant despite efforts to corral them. Not only has the Obama administration's Making Home Affordable foreclosure prevention program taken a bite out of REOs but lenders themselves have scaled back repossessions over the past few months to give the program time to work.
And in some low-price markets, lenders simply aren't following through on foreclosures, according to Jim Rokakis, treasurer for Cuyahoga County, Ohio, which includes Cleveland.
"They'll even set the date for the sheriff's sale, but they don't file the final papers," he said. "They hold it in abeyance and let the residents stay in the house."
In ever more frequent cases, delinquent borrowers want out of the mortgage worse than the lenders. There are no firm statistics for it, but many industry watchers claim the percentage of REOs caused by borrowers voluntarily walking away from their homes is skyrocketing.
A study of the trend by the Chicago Booth School of Business and the Kellogg School of Management determined that when home price declines drop home values 10% below the mortgage balances, people start to give up their homes. When "negative equity" approaches 50%, 17% of households default, even when they can still afford their mortgage payments.
No end in sight
The foreclosure crisis may not diminish anytime soon. "The fastest growing area is in the 180 days late-plus category, the most seriously delinquent borrowers," Sharga said. "It's going to be a lingering problem."
Plus, the RealtyTrac statistics may understate the depth of the foreclosure mess because lender and government actions have delayed many filings. As a result, some delinquencies have not been counted on the foreclosure tallies. That means the crisis may not end quickly.
And because there are so many delinquent borrowers, Sharga predicts the banks will be slow to take back their properties and put the repossessed homes back on the market.
"It's hard to envision [the banks] putting millions on properties up for sale and cratering prices," he said. "Recovery will be slow and gradual. I don't see home prices getting much better until 2013."
First Published: October 15, 2009: 3:39 AM ET
Monday, October 5, 2009
New Cinema Opens at Mercato
On September 11, 2009 the 11-screen, 1,300-seat Silverspot Cinema opened
at Mercato. When you step into Silverspot Cinema, you will instantly know you have arrived at a theater
unlike any other. The generic interiors, boisterous crowds, long ticket lines,
and uncomfortable seats of today's
movie houses have been replaced with
a sophisticated, luxurious intimate ambiance that is truly fitting of a night out in Naples.
Seats in each auditorium will be numbered so customers can purchase their seat of choice in advance through the box office or online. A state-of-the-art kitchen, serves an array of delicious entrees, desserts, even a creatively inspired children's menu. Now serving wine and beer, soon a full bar will complement and enhance this decadent venue. Silverspot also has a concession stand offering all of the customary goodies one would expect, including popcorn, soft drinks and the ubiquitous Dots, Milk Duds, and candy favorites. In yet another reflection of the theater's sophistication and modern sensibility, Silverspot's popcorn is cooked in healthier coconut oil. They've also added fun snacks such as edamame and nuts.
A full roster of the latest Hollywood blockbusters as well as a smattering of independent and foreign films will be shown on Silverspot's screens.
Source: Premier e-news Oct 2009
at Mercato. When you step into Silverspot Cinema, you will instantly know you have arrived at a theater
unlike any other. The generic interiors, boisterous crowds, long ticket lines,
and uncomfortable seats of today's
movie houses have been replaced with
a sophisticated, luxurious intimate ambiance that is truly fitting of a night out in Naples.
Seats in each auditorium will be numbered so customers can purchase their seat of choice in advance through the box office or online. A state-of-the-art kitchen, serves an array of delicious entrees, desserts, even a creatively inspired children's menu. Now serving wine and beer, soon a full bar will complement and enhance this decadent venue. Silverspot also has a concession stand offering all of the customary goodies one would expect, including popcorn, soft drinks and the ubiquitous Dots, Milk Duds, and candy favorites. In yet another reflection of the theater's sophistication and modern sensibility, Silverspot's popcorn is cooked in healthier coconut oil. They've also added fun snacks such as edamame and nuts.
A full roster of the latest Hollywood blockbusters as well as a smattering of independent and foreign films will be shown on Silverspot's screens.
Source: Premier e-news Oct 2009
Defaults Help Lee County Home Sales Soar Past Record
Driven by foreclosures, sales of single-family homes in Lee County this year have already blasted past the record set at the height of the buying frenzy in 2005.
And sales of all residential properties in the county this year will set a record once the September figures are released next week.
Through August, the last month for which data is available, 11,178 homes were sold with the assistance of Realtors, according to statistics from the Realtors Association of Greater Fort Myers and the Beach.
That’s well past the 9,842 for all of 2005, the previous high-water mark.
At the present pace, it would take about five months to run through the roughly 11,000 single-family homes listed for sale, according to association statistics.
If anything, the numbers understate the current pace of sales, said Jeff Tumbarello of Steelbridge Realty
Partners, noting that more than 300 foreclosed houses a month are being sold at county auctions on the courthouse steps.
Suzanne Sherer of Re/Max Realty Team, who is president of the Realtor Association of Greater Fort Myers and the Beach, said the houses are selling so fast because “the prices are in line with incomes in the area.”
There are even bidding wars for some houses that are up for sale, and buyers should be aware they might have to offer more than the listing price, she said.
“Any buyer in today’s market, if they see a house and it’s $20,000 less than everything else, other buyers do, too,” Sherer said.
Driving the supply of inexpensive houses is a record number of foreclosures, with lenders still filing more than 1,600 a month, although the pace has slowed in recent months.
Still, some of the most desirable types of houses have stabilized and even increased in price.
“At this time last year you could buy a sailboat-access house that needs some work for $150,000 or $200,000 in Cape Coral,” Tumbarello said. “Now they’re $250,000.”
Kenny and Kate Champagne bought a foreclosed southwest Cape Coral home in August for $261,000, according to the Lee County Property Appraiser site.
The three-bedroom, 21⁄2-bath home has a caged pool and a boat dock with a lift.
“It’s got all the things we looked for, and then some,” said Kenny Champagne, 52, a customer service representative for Southwest Airlines who went home-shopping with Century 21 Sunbelt Realty.
Dwight Bessette, 68, moved from Princeton, N.J., to Fort Myers in June.
The retired salesman visited a few areas of Florida in February, settling on Lee County.
He paid $138,000 for a two-bedroom, two-bath home at Colonial Country Club. The home sold for $224,600 in September 2005, according to the Lee County Property Appraiser site.
“I got such a good deal on what I really wanted in Fort Myers,” Bessette said. “It was the clear choice for me, given what I was looking for and what I wanted to spend.”
By DICK HOGAN • dhogan@news-press.com • October 3, 2009
And sales of all residential properties in the county this year will set a record once the September figures are released next week.
Through August, the last month for which data is available, 11,178 homes were sold with the assistance of Realtors, according to statistics from the Realtors Association of Greater Fort Myers and the Beach.
That’s well past the 9,842 for all of 2005, the previous high-water mark.
At the present pace, it would take about five months to run through the roughly 11,000 single-family homes listed for sale, according to association statistics.
If anything, the numbers understate the current pace of sales, said Jeff Tumbarello of Steelbridge Realty
Partners, noting that more than 300 foreclosed houses a month are being sold at county auctions on the courthouse steps.
Suzanne Sherer of Re/Max Realty Team, who is president of the Realtor Association of Greater Fort Myers and the Beach, said the houses are selling so fast because “the prices are in line with incomes in the area.”
There are even bidding wars for some houses that are up for sale, and buyers should be aware they might have to offer more than the listing price, she said.
“Any buyer in today’s market, if they see a house and it’s $20,000 less than everything else, other buyers do, too,” Sherer said.
Driving the supply of inexpensive houses is a record number of foreclosures, with lenders still filing more than 1,600 a month, although the pace has slowed in recent months.
Still, some of the most desirable types of houses have stabilized and even increased in price.
“At this time last year you could buy a sailboat-access house that needs some work for $150,000 or $200,000 in Cape Coral,” Tumbarello said. “Now they’re $250,000.”
Kenny and Kate Champagne bought a foreclosed southwest Cape Coral home in August for $261,000, according to the Lee County Property Appraiser site.
The three-bedroom, 21⁄2-bath home has a caged pool and a boat dock with a lift.
“It’s got all the things we looked for, and then some,” said Kenny Champagne, 52, a customer service representative for Southwest Airlines who went home-shopping with Century 21 Sunbelt Realty.
Dwight Bessette, 68, moved from Princeton, N.J., to Fort Myers in June.
The retired salesman visited a few areas of Florida in February, settling on Lee County.
He paid $138,000 for a two-bedroom, two-bath home at Colonial Country Club. The home sold for $224,600 in September 2005, according to the Lee County Property Appraiser site.
“I got such a good deal on what I really wanted in Fort Myers,” Bessette said. “It was the clear choice for me, given what I was looking for and what I wanted to spend.”
By DICK HOGAN • dhogan@news-press.com • October 3, 2009
Monday, September 28, 2009
How to Beat the $8K Tax Credit Deadline
CHICAGO – Sept. 28, 209 – It’s not too late for a determined first-time home buyer to take advantage of the $8,000 federal tax credit, which expires Nov. 30.
Scott Voak, a San Diego practitioner specializing in first-time buyers, helps potential buyers target homes that can close quickly. To identify those properties without touring them, he suggests contacting the listing agent with blunt but important questions that aren’t usually addressed in the listing. These can include:
• Is there mold?
• Does the home need extensive repairs?
• Does the home have aging systems or appliances?
• Are there any troublesome neighbors?
Buyers should factor in these questions before making an offer:
• How long has the property been on the market?
• Have there been any price reductions?
• Are there any offers written on the property?
• Do the home owners need to move by a specific date?
Other recommendations include:
• Provide buyers with as much information about financing as possible.
• Encourage buyers to begin the process right away.
• Make sure buyers understand who is responsible for closing costs.
Source: Move.com, Scott Voak (09/23/2009)
Scott Voak, a San Diego practitioner specializing in first-time buyers, helps potential buyers target homes that can close quickly. To identify those properties without touring them, he suggests contacting the listing agent with blunt but important questions that aren’t usually addressed in the listing. These can include:
• Is there mold?
• Does the home need extensive repairs?
• Does the home have aging systems or appliances?
• Are there any troublesome neighbors?
Buyers should factor in these questions before making an offer:
• How long has the property been on the market?
• Have there been any price reductions?
• Are there any offers written on the property?
• Do the home owners need to move by a specific date?
Other recommendations include:
• Provide buyers with as much information about financing as possible.
• Encourage buyers to begin the process right away.
• Make sure buyers understand who is responsible for closing costs.
Source: Move.com, Scott Voak (09/23/2009)
Saturday, September 26, 2009
Lee County Seeks UK Tourists
From The News Press - Fort Myers, Fla. Author: LAURA RUANE
Local airport leaders are stepping up their courtship of the United Kingdom.
Late Sunday, Lee County Commission Chairman Ray Judah and two airport staffers returned from a trip to Dublin and London, where they paid visits to representatives from three airlines and several tour operators.
Of the estimated 275,000 UK residents who come each year to the Sunshine State, only about 11 percent arrive at Southwest Florida International, according to data from Visit Florida and the U.S. Department of Transportation.
"Obviously, most of these travelers are visiting the mouse first, and then driving over here," Judah said, alluding to Disney theme parks in Orlando. "We want them to have a direct path to Southwest Florida International."
The airport has no direct or nonstop flights to the United Kingdom, but has had scheduled service to Germany since 1994.
This has gained the region not only European tourists, but part-time residents who buy homes and support commerce here, Judah said. He thinks the area also is a sure bet for the Irish and the British, because of its affordable homes, "quality of life and ease of travel."
In June, an estimated 8,270 guests from the United Kingdom stayed in paid lodgings in Lee County, according to research for Lee County Visitor & Convention Bureau. That's up 24.4 percent over June of 2008. UK guests comprised 4 percent of the county's total lodging users in June, just one percent more than a year ago.
Direct or nonstop flights between the UK and Fort Myers "would be fantastic," said Glyn Raven, who hails from Manchester, England, but who now lives in the Verandah community east of Fort Myers.
Raven flies to U.S. hub airports in Chicago, New York, Atlanta and Philadelphia for direct flights to his hometown. Unless the new service were to Manchester, he's not sure he'd use it much.
It might make it easier to get his octogenarian parents here for visits, Raven said, adding airport leaders "are thinking more about getting people here from the UK."
The three airlines the Lee County delegation visited were Aer Lingus, Ryanair and British Airways, Judah said. His travel companions were Carol Obermeier and Brian Solis of Lee County Port Authority aviation market development. In London, they teamed up with the county visitor bureau's U.K.-based employee.
Airlines didn't commit to new service, "but we have determined how we can get creative with airlines that have an open mind," Judah said.
The Lee County Port Authority is picking up the tab for the nine-day trip. It cost about about $5,000 per person, including airfare, ground transportation, lodging and meals, said Victoria Moreland, airport spokeswoman. The airport authority derives its income from rents and fees charged tenants and a portion of concessionaire sales.
Obermeier and her staff travel frequently in the United States and abroad, working to entice new air service. It's far less common for Judah, who estimated he's made fewer than five international business trips during his 21 years as county commissioner.
"When you talk to an airline, it's nice to have an elected government official along, especially someone with Ray's experience," said Obermeier, aviation market development director.
On Sept. 14, Judah and colleagues on the commission will vote on an amended air service incentives package that would broadly expand the potential for temporarily lifting landing fees for carriers offering new nonstop international flights to and from Fort Myers.
Local airport leaders are stepping up their courtship of the United Kingdom.
Late Sunday, Lee County Commission Chairman Ray Judah and two airport staffers returned from a trip to Dublin and London, where they paid visits to representatives from three airlines and several tour operators.
Of the estimated 275,000 UK residents who come each year to the Sunshine State, only about 11 percent arrive at Southwest Florida International, according to data from Visit Florida and the U.S. Department of Transportation.
"Obviously, most of these travelers are visiting the mouse first, and then driving over here," Judah said, alluding to Disney theme parks in Orlando. "We want them to have a direct path to Southwest Florida International."
The airport has no direct or nonstop flights to the United Kingdom, but has had scheduled service to Germany since 1994.
This has gained the region not only European tourists, but part-time residents who buy homes and support commerce here, Judah said. He thinks the area also is a sure bet for the Irish and the British, because of its affordable homes, "quality of life and ease of travel."
In June, an estimated 8,270 guests from the United Kingdom stayed in paid lodgings in Lee County, according to research for Lee County Visitor & Convention Bureau. That's up 24.4 percent over June of 2008. UK guests comprised 4 percent of the county's total lodging users in June, just one percent more than a year ago.
Direct or nonstop flights between the UK and Fort Myers "would be fantastic," said Glyn Raven, who hails from Manchester, England, but who now lives in the Verandah community east of Fort Myers.
Raven flies to U.S. hub airports in Chicago, New York, Atlanta and Philadelphia for direct flights to his hometown. Unless the new service were to Manchester, he's not sure he'd use it much.
It might make it easier to get his octogenarian parents here for visits, Raven said, adding airport leaders "are thinking more about getting people here from the UK."
The three airlines the Lee County delegation visited were Aer Lingus, Ryanair and British Airways, Judah said. His travel companions were Carol Obermeier and Brian Solis of Lee County Port Authority aviation market development. In London, they teamed up with the county visitor bureau's U.K.-based employee.
Airlines didn't commit to new service, "but we have determined how we can get creative with airlines that have an open mind," Judah said.
The Lee County Port Authority is picking up the tab for the nine-day trip. It cost about about $5,000 per person, including airfare, ground transportation, lodging and meals, said Victoria Moreland, airport spokeswoman. The airport authority derives its income from rents and fees charged tenants and a portion of concessionaire sales.
Obermeier and her staff travel frequently in the United States and abroad, working to entice new air service. It's far less common for Judah, who estimated he's made fewer than five international business trips during his 21 years as county commissioner.
"When you talk to an airline, it's nice to have an elected government official along, especially someone with Ray's experience," said Obermeier, aviation market development director.
On Sept. 14, Judah and colleagues on the commission will vote on an amended air service incentives package that would broadly expand the potential for temporarily lifting landing fees for carriers offering new nonstop international flights to and from Fort Myers.
Friday, September 25, 2009
September Newsletter
August 2009 sets new records
Earlier this year, we reported that the million dollar-plus market was beginning to show signs of life as buyers’ expressed a renewed interest in luxury properties. In August, however, that interest became a reality as pended sales in the $1 million and up category were up 29% over August 2008. This is the first month in 2009 to report such an increase. And while this is positive news, it remains to be seen if this trend will continue. If showings and buyer interest continues at the current pace, similar results could be expected throughout the remainder of the year.
Another encouraging sign that the market is recovering is the decreasing inventory. All price segments in both single-family homes and condominiums showed decreases with the exception of condos in the $2 million to $5 million range, where product actually increased over last year by 10%. Overall, August 2009 turned out to be a record-setting month, particularly with regard to pended sales which were the highest for any August on record since 2000. Pended sales units year-to-date are up 71% over the same period for 2008, and new sales pended during the month of August were up 69% over August 2008.
See full report here.
http://www.johnrwood.com/documents/MarketReportAugust2009.pdf
Florida first in price haggling
CNNMoney.com recently reported that Florida is one of the “easiest” states in the nation to haggle over the price of a home. Vero Beach topped the list with buyers negotiating prices down by 10.2%, which resulted in a savings of $23,500. Rounding out the top spots were Sarasota with an 8.2% discount, Naples with a 7.8% discount, and Daytona Beach with a 7.5% discount.
Throughout the country, the dollar size of the discount between last listing price and final sales price was the biggest in Stamford, Conn., where the median discount of 5.9% resulted in $32,099. In Naples, Fla. that median discount of 7.8% translated into $27,233 in savings.
Read the entire article here.
http://cnnmoney.printthis.clickability.com/pt/cpt?action=cpt&title=Best+place+to+haggle+your+home+price%3F+Florida+-+Sep.+10%2C+2009&expire=-1&urlID=410319950&fb=Y&url=http%3A%2F%2Fmoney.cnn.com%2F2009%2F09%2F10%2Freal_estate%2Fnegotiating_home_prices%2Findex.htm&partnerID=2200
Don’t forget about the $8,000 tax credit
Time is running out to take advantage of the $8,000 tax credit incentive available to first-time homebuyers. December 1, 2009 will be here before you know it and then it will be too late.
Published by John R Wood September 1, 2009
Earlier this year, we reported that the million dollar-plus market was beginning to show signs of life as buyers’ expressed a renewed interest in luxury properties. In August, however, that interest became a reality as pended sales in the $1 million and up category were up 29% over August 2008. This is the first month in 2009 to report such an increase. And while this is positive news, it remains to be seen if this trend will continue. If showings and buyer interest continues at the current pace, similar results could be expected throughout the remainder of the year.
Another encouraging sign that the market is recovering is the decreasing inventory. All price segments in both single-family homes and condominiums showed decreases with the exception of condos in the $2 million to $5 million range, where product actually increased over last year by 10%. Overall, August 2009 turned out to be a record-setting month, particularly with regard to pended sales which were the highest for any August on record since 2000. Pended sales units year-to-date are up 71% over the same period for 2008, and new sales pended during the month of August were up 69% over August 2008.
See full report here.
http://www.johnrwood.com/documents/MarketReportAugust2009.pdf
Florida first in price haggling
CNNMoney.com recently reported that Florida is one of the “easiest” states in the nation to haggle over the price of a home. Vero Beach topped the list with buyers negotiating prices down by 10.2%, which resulted in a savings of $23,500. Rounding out the top spots were Sarasota with an 8.2% discount, Naples with a 7.8% discount, and Daytona Beach with a 7.5% discount.
Throughout the country, the dollar size of the discount between last listing price and final sales price was the biggest in Stamford, Conn., where the median discount of 5.9% resulted in $32,099. In Naples, Fla. that median discount of 7.8% translated into $27,233 in savings.
Read the entire article here.
http://cnnmoney.printthis.clickability.com/pt/cpt?action=cpt&title=Best+place+to+haggle+your+home+price%3F+Florida+-+Sep.+10%2C+2009&expire=-1&urlID=410319950&fb=Y&url=http%3A%2F%2Fmoney.cnn.com%2F2009%2F09%2F10%2Freal_estate%2Fnegotiating_home_prices%2Findex.htm&partnerID=2200
Don’t forget about the $8,000 tax credit
Time is running out to take advantage of the $8,000 tax credit incentive available to first-time homebuyers. December 1, 2009 will be here before you know it and then it will be too late.
Published by John R Wood September 1, 2009
Saturday, August 22, 2009
Market report for July
Click the link below to view the Market Report for July.
http://www.myjrw.com/documents/Forms/MarketReportJuly2009.pdf
It is interesting to note that median sales price dropped slightly from the level it has held since January (less than 3%), due to the fact that there were over 3,000 closings in the price segment under $250,000.
Although properties priced under $250,000 continue to dominate the market, the $1,000,000 - $2,000,000 price category posted a 35% gain over July 2008. We will continue to monitor all segments over $1,000,000 to see if this signals the beginning of a trend for the upper end market.
Available inventory continues to fall with single family homes showing a 24% decline from July 2008 levels, and condominiums dropping by 12%.
August, traditionally one of the slower months for pended sales, is substantially outpacing August 2008 through the first week. We expect this trend to continue throughout the month and to strengthen as we approach “season”. Price is still king in terms of attracting buyers, and properties priced to the current market are once again creating multiple offer situations in many cases.
Information provided by:
Dottie Babcock, CCIM, CRB
Chief Operating Officer
John R. Wood Realtors
http://www.myjrw.com/documents/Forms/MarketReportJuly2009.pdf
It is interesting to note that median sales price dropped slightly from the level it has held since January (less than 3%), due to the fact that there were over 3,000 closings in the price segment under $250,000.
Although properties priced under $250,000 continue to dominate the market, the $1,000,000 - $2,000,000 price category posted a 35% gain over July 2008. We will continue to monitor all segments over $1,000,000 to see if this signals the beginning of a trend for the upper end market.
Available inventory continues to fall with single family homes showing a 24% decline from July 2008 levels, and condominiums dropping by 12%.
August, traditionally one of the slower months for pended sales, is substantially outpacing August 2008 through the first week. We expect this trend to continue throughout the month and to strengthen as we approach “season”. Price is still king in terms of attracting buyers, and properties priced to the current market are once again creating multiple offer situations in many cases.
Information provided by:
Dottie Babcock, CCIM, CRB
Chief Operating Officer
John R. Wood Realtors
There’s Value in Real Estate, if You Find Your Florida
Article taken from the New York Times
By PAUL SULLIVAN
Published: August 7, 2009
THE last thing most people are thinking of investing in right now is real estate. The collapse of residential values stung almost all homeowners. And the commercial market, from offices to shopping malls, is full of uncertainty as unemployment rises and consumer spending continues to be weak.
“Florida is in a storm right now,” said Greg Rand, managing partner at Better Homes and Gardens Rand Realty. “It’s overdeveloped, overspeculated and overleveraged.”
Wealth Matters
Paul Sullivan writes about strategies that the wealthy use to manage their money and their overall well-being.
Yet there are those who argue that this is a once-in-a-generation opportunity to buy property. Greg Rand, managing partner at Better Homes and Gardens Rand Realty, a brokerage in the suburbs north of New York, even has a theory to guide investors. He calls it “house rich.”
Simply put, the days of buying almost anything and watching it appreciate are over. Those who want to make money in real estate now will have to do extensive research and expect to hold the property for at least a decade.
The crux of the idea is not buying a distressed property but “finding your Florida.” By that he means investing in a piece of real estate, be it residential or commercial, in a hard-hit place that has to rebound. “Florida is in a storm right now,” Mr. Rand said. “It’s overdeveloped, overspeculated and overleveraged.” Yet, with 78 million baby boomers expected to retire in the next two decades, the state’s long-term prospects are solid: a good proportion of them will want to be someplace warm and sunny when they stop working.
Mr. Rand is not alone in this. Some of the biggest players in real estate see opportunity around the country. “We are now looking at one of those rare opportunities to invest in commercial real estate,” said Hessam Nadji, managing director at Marcus & Millichap, a commercial real estate investment adviser based in Encino. Calif. “There are plenty of properties in the $5 million to $20 million range, whether they’re apartments or shopping centers, that are located in places where supply is constrained.” He added that these otherwise solid properties were for sale now because losses elsewhere were forcing their owners to raise money.
While many investors may not believe that real estate is returning as a steady, performing asset, the following criteria can guide those ready to re-enter the market. DUE DILIGENCE Investing in real estate has always carried risk. But where many people went wrong was in taking a house vanity approach — they bought their dream home without knowing how its price compared to either historical levels or the prices in nearby neighborhoods.
Mr. Rand tells the story of the Trump Tower, in White Plains, which he represents. When the sales office opened during construction, buyers focused on the penthouse condominiums with views of Long Island and New York City. At that time in 2004, the going price for 2,200 square feet on a high floor was around $1.8 million, he said. That would seem to be a deal for a buyer in Manhattan, 30 miles south, but in White Plains, few single-family homes had ever sold for that much.
He said investors who bought units on lower floors — priced closer to $700,000 — did much better. The reason was that their fixed costs — mortgage, fees and taxes — were lower, which meant they could attract a larger pool of renters to cover their investment.
The lesson here was that anyone who really knew the White Plains market would have been more hesitant in buying a $2 million apartment as an investment. “The key is due diligence over sex appeal,” he said. THE COSTS What makes or breaks any real estate investment is fixed costs. Investors need to know how they are going to cover the amount they have to pay, whether the property is rented or not.
In Trump Tower, the monthly fixed costs for the penthouse apartment were $11,100 with an expected rent in 2005 of $8,000, Mr. Rand said. On the lower floors, the costs and expected rent were the same, both about $5,000. Any experienced real estate investor will tell you there are times when even the best properties, whether apartments or shopping centers, have vacancies and that means some of those costs fall on the investor.
This sounds obvious, but from 2005 until early last year, there were plenty of amateur investors who only realized this after their tenants left. What signals a return to understanding that basic principle is a return of savvier investors. “A lot of people who are coming back into the market that I’ve known for decades are saying the market is normalizing again,” said Harvey E. Green, president and chief executive at the commercial real estate brokerage Marcus & Millichap, and a 40-year veteran of the real estate market. The years “2005, 2006, and 2007 were the frothiest part of the marketplace, and these people stepped out on the sidelines.”
In other words, the smart money is back after years of watching.
YOUR GOALS Consider the South Florida market again. Many people who got caught had visions of renters covering all the costs on properties they bought. When renters became scarce and values plummeted, these investors did not have a backup plan. A better way is to set a goal for the investment. Do you want to add to your cash flow immediately or can you afford to take a longer view of 10 to 15 years?
If your goal is to make money now, you will probably have to buy an older property and fix it up. This requires a more active role, and still, the return will not be what it was at the peak.
Mr. Nadji said investors in Class B commercial real estate — solid but not marquee properties — can expect returns in the high single digits. But most of those properties are not likely to appreciate in value for two or three years.
With a longer view, the options change. Ruth Trettis, a broker at Premier Properties in Naples, Fla., said one investor bought nine homes, worth more than $32 million, in the last year in Port Royal, the town’s most affluent neighborhood. Another investor bought three homes in Port Royal worth $14 million over a single weekend in May and a fourth one last month for $13.5 million (it was listed at $19.9 million).
So far, she said, neither buyer has done anything with the properties. Even though both bought these houses at steep discounts, the costs of just holding them are immense. But they clearly have a long-term goal and a belief in the area.
THE RISKS Real estate is like every investment today. Experts and amateurs alike have strong opinions on what will work and what won’t. The message within the real estate market itself is mixed. Last week’s report on flat home sales from April to May seemed to be heartening, but it was misleading. Homes sell better as the weather warms up. The better indicator of a bottom will come when year-on-year numbers are flat, and those have yet to appear.
The one upside is inflation, or at least the fear of inflation. Hard assets like real estate historically do well when there is inflation. What this means is the longer your time horizon for investing in property, the better your chance of achieving real returns.
“Real estate was never a short-term investment,” Mr. Green said. “It was just in that frothy market.” In this sense, the one certainty is that the age of the flipper is behind us.
By PAUL SULLIVAN
Published: August 7, 2009
THE last thing most people are thinking of investing in right now is real estate. The collapse of residential values stung almost all homeowners. And the commercial market, from offices to shopping malls, is full of uncertainty as unemployment rises and consumer spending continues to be weak.
“Florida is in a storm right now,” said Greg Rand, managing partner at Better Homes and Gardens Rand Realty. “It’s overdeveloped, overspeculated and overleveraged.”
Wealth Matters
Paul Sullivan writes about strategies that the wealthy use to manage their money and their overall well-being.
Yet there are those who argue that this is a once-in-a-generation opportunity to buy property. Greg Rand, managing partner at Better Homes and Gardens Rand Realty, a brokerage in the suburbs north of New York, even has a theory to guide investors. He calls it “house rich.”
Simply put, the days of buying almost anything and watching it appreciate are over. Those who want to make money in real estate now will have to do extensive research and expect to hold the property for at least a decade.
The crux of the idea is not buying a distressed property but “finding your Florida.” By that he means investing in a piece of real estate, be it residential or commercial, in a hard-hit place that has to rebound. “Florida is in a storm right now,” Mr. Rand said. “It’s overdeveloped, overspeculated and overleveraged.” Yet, with 78 million baby boomers expected to retire in the next two decades, the state’s long-term prospects are solid: a good proportion of them will want to be someplace warm and sunny when they stop working.
Mr. Rand is not alone in this. Some of the biggest players in real estate see opportunity around the country. “We are now looking at one of those rare opportunities to invest in commercial real estate,” said Hessam Nadji, managing director at Marcus & Millichap, a commercial real estate investment adviser based in Encino. Calif. “There are plenty of properties in the $5 million to $20 million range, whether they’re apartments or shopping centers, that are located in places where supply is constrained.” He added that these otherwise solid properties were for sale now because losses elsewhere were forcing their owners to raise money.
While many investors may not believe that real estate is returning as a steady, performing asset, the following criteria can guide those ready to re-enter the market. DUE DILIGENCE Investing in real estate has always carried risk. But where many people went wrong was in taking a house vanity approach — they bought their dream home without knowing how its price compared to either historical levels or the prices in nearby neighborhoods.
Mr. Rand tells the story of the Trump Tower, in White Plains, which he represents. When the sales office opened during construction, buyers focused on the penthouse condominiums with views of Long Island and New York City. At that time in 2004, the going price for 2,200 square feet on a high floor was around $1.8 million, he said. That would seem to be a deal for a buyer in Manhattan, 30 miles south, but in White Plains, few single-family homes had ever sold for that much.
He said investors who bought units on lower floors — priced closer to $700,000 — did much better. The reason was that their fixed costs — mortgage, fees and taxes — were lower, which meant they could attract a larger pool of renters to cover their investment.
The lesson here was that anyone who really knew the White Plains market would have been more hesitant in buying a $2 million apartment as an investment. “The key is due diligence over sex appeal,” he said. THE COSTS What makes or breaks any real estate investment is fixed costs. Investors need to know how they are going to cover the amount they have to pay, whether the property is rented or not.
In Trump Tower, the monthly fixed costs for the penthouse apartment were $11,100 with an expected rent in 2005 of $8,000, Mr. Rand said. On the lower floors, the costs and expected rent were the same, both about $5,000. Any experienced real estate investor will tell you there are times when even the best properties, whether apartments or shopping centers, have vacancies and that means some of those costs fall on the investor.
This sounds obvious, but from 2005 until early last year, there were plenty of amateur investors who only realized this after their tenants left. What signals a return to understanding that basic principle is a return of savvier investors. “A lot of people who are coming back into the market that I’ve known for decades are saying the market is normalizing again,” said Harvey E. Green, president and chief executive at the commercial real estate brokerage Marcus & Millichap, and a 40-year veteran of the real estate market. The years “2005, 2006, and 2007 were the frothiest part of the marketplace, and these people stepped out on the sidelines.”
In other words, the smart money is back after years of watching.
YOUR GOALS Consider the South Florida market again. Many people who got caught had visions of renters covering all the costs on properties they bought. When renters became scarce and values plummeted, these investors did not have a backup plan. A better way is to set a goal for the investment. Do you want to add to your cash flow immediately or can you afford to take a longer view of 10 to 15 years?
If your goal is to make money now, you will probably have to buy an older property and fix it up. This requires a more active role, and still, the return will not be what it was at the peak.
Mr. Nadji said investors in Class B commercial real estate — solid but not marquee properties — can expect returns in the high single digits. But most of those properties are not likely to appreciate in value for two or three years.
With a longer view, the options change. Ruth Trettis, a broker at Premier Properties in Naples, Fla., said one investor bought nine homes, worth more than $32 million, in the last year in Port Royal, the town’s most affluent neighborhood. Another investor bought three homes in Port Royal worth $14 million over a single weekend in May and a fourth one last month for $13.5 million (it was listed at $19.9 million).
So far, she said, neither buyer has done anything with the properties. Even though both bought these houses at steep discounts, the costs of just holding them are immense. But they clearly have a long-term goal and a belief in the area.
THE RISKS Real estate is like every investment today. Experts and amateurs alike have strong opinions on what will work and what won’t. The message within the real estate market itself is mixed. Last week’s report on flat home sales from April to May seemed to be heartening, but it was misleading. Homes sell better as the weather warms up. The better indicator of a bottom will come when year-on-year numbers are flat, and those have yet to appear.
The one upside is inflation, or at least the fear of inflation. Hard assets like real estate historically do well when there is inflation. What this means is the longer your time horizon for investing in property, the better your chance of achieving real returns.
“Real estate was never a short-term investment,” Mr. Green said. “It was just in that frothy market.” In this sense, the one certainty is that the age of the flipper is behind us.
Monday, August 3, 2009
Existing Home Sales Soar in Lee County
From the News-press July 23, 2009
The number of single-family homes sold with the assistance of a Realtor in Lee County in June soared to a record high of 1,705 — more than twice the 719 recorded a year earlier, according to statistics released today by the Florida Association of Realtors.June’s number was well above the 1,417 sold in May and the previous record of 1,468 in April.
Meanwhile, the median price of homes sold in June dropped to $87,900, off 49 percent from June 2008’s $172,400 and down less than 1 percent from May’s $88,500. Statewide, the number of sales was 15,850, up 28 percent from 12,339 a year earlier and up from 13,921 in May. The median statewide price was $148,000, down 28 percent from $205,300 a year earlier and up from $144,400 in May.
In a separate report also released today, the National Association of Realtors announced that sales of previously occupied homes rose for the third month in a row in June. The association said home sales rose 3.6 percent to a seasonally adjusted annual rate of 4.89 million last month, from a downwardly revised pace of 4.72 million in May. Home sales haven’t risen nationally for three straight months since early 2004, during the housing boom.
Prices, however, are expected to keep falling well into next year because of a backlog of foreclosures that have yet to come on to the market. The median sales price was $181,800 in June, down 15 percent from year-ago levels but up slightly from $174,700 in May. It was the highest level of sales since last October and beat economists’ expectations. Sales had been expected to rise to an annual pace of 4.84 million units, according to Thomson Reuters. Sales of foreclosures and other distressed properties made up about a third of all transactions last month, down from nearly half earlier this year.
The Associated Press also contributed to this report
The number of single-family homes sold with the assistance of a Realtor in Lee County in June soared to a record high of 1,705 — more than twice the 719 recorded a year earlier, according to statistics released today by the Florida Association of Realtors.June’s number was well above the 1,417 sold in May and the previous record of 1,468 in April.
Meanwhile, the median price of homes sold in June dropped to $87,900, off 49 percent from June 2008’s $172,400 and down less than 1 percent from May’s $88,500. Statewide, the number of sales was 15,850, up 28 percent from 12,339 a year earlier and up from 13,921 in May. The median statewide price was $148,000, down 28 percent from $205,300 a year earlier and up from $144,400 in May.
In a separate report also released today, the National Association of Realtors announced that sales of previously occupied homes rose for the third month in a row in June. The association said home sales rose 3.6 percent to a seasonally adjusted annual rate of 4.89 million last month, from a downwardly revised pace of 4.72 million in May. Home sales haven’t risen nationally for three straight months since early 2004, during the housing boom.
Prices, however, are expected to keep falling well into next year because of a backlog of foreclosures that have yet to come on to the market. The median sales price was $181,800 in June, down 15 percent from year-ago levels but up slightly from $174,700 in May. It was the highest level of sales since last October and beat economists’ expectations. Sales had been expected to rise to an annual pace of 4.84 million units, according to Thomson Reuters. Sales of foreclosures and other distressed properties made up about a third of all transactions last month, down from nearly half earlier this year.
The Associated Press also contributed to this report
Home prices up for 1st time in 3 years
Index of 20 major cities rises on a monthly basis for the first time since July 2006, hinting that the worst of the declines may be over.
[Video: http://www.youtube.com/watch?v=Ay10JwkHKG0&feature=player_embedded ]
NEW YORK (CNNMoney.com) -- The value of U.S. homes grew on a monthly basis in May for the first time in nearly three years, according to 20-city index released Tuesday. The month-over-month increase was 0.5%, according to the report from financial data company Standard & Poor's and economists Case-Shiller. It was the first increase in the monthly index since July 2006.
On an annual basis, home prices in the 20 cities fell 17.1%, but it was the fourth straight month that the year-over-year decline lessened. Builders hope for a piece of the pie. "This could be an indication that home price declines are finally stabilizing," said David Blitzer, chairman of the index committee S&P, in a prepared statement. While acknowledging that the report was good news, Mark Zandi, chief economist for Moody's Economy.com, downplayed the importance of a single month's statistics. "I think it's a temporary respite," he said. "It reflects the recent decline in foreclosure sales, and prices will continue to fall over the next several months."
Robert Shiller, the Yale economist who co-founded the index and who's famous for warning that the housing boom was, in fact, a bubble, said the decrease in foreclosure sales does show up in the index statistics as a plus for home prices. That's one reason he did not want to sound too optimistic; foreclosures could take off again. "And we could get more economic bad news, but it does look encouraging," he said. He added that he thought that Washington's efforts have boosted the nation's spirits, an important factor for the housing market.
"The government has done a lot to support the housing market," he said. "Confidence has improved. People are talking about 'green shoots.' People are thinking it's time the recession came to an end. The stock market is up."
The improvement was as broad as it was deep, with 13 metro areas showing gains, compared with eight in April. Two, New York and Tampa, Fla., showed no change. The biggest winner was long-suffering Cleveland, where prices rose 4.1%. The city still falling the most was Las Vegas, where prices declined 2.6%. The report added to the list of positive housing market indicators. These include rising new home sales, increased home building and increased pending sales.
Washington's goal: Stabilizing the housing market has been a primary goal of Washington policy makers. Congress has tried to stimulate homebuying by creating a temporary tax credit of $8,000 for people who have not owned a home for at least three years.
The administration has also tried to tackle the foreclosure problem, creating a program to help mortgage borrowers avoid defaulting on their loan payments and losing their homes.
Zandi added that lenders are still figuring out the administration's foreclosure prevention plan, and have suspended the foreclosure process for many borrowers in default. That means fewer distressed properties, which tend to bring in lower prices, than usual. One of the most positive things the government has done, according to Shiller, was to take control of the failing mortgage companies Fannie Mae and Freddie Mac. These were government sponsored enterprises that guaranteed a flow of mortgage lending by buying or backing mortgages in the secondary market. Without government backing up these companies, mortgage lending would have dried up, which would have devastated home sales. Lower prices: Prices have also fallen so far in so many places that it's drawing people back into the market.
In Las Vegas, prices are off about 53% from their peak, set in August 2006. Phoenix prices are down 54%. Overall, the 20-city index is down more than 32% from its high. Interest rates were very low in May, which also could have helped the housing market. The rate for a 30-year mortgage was well below 5% during the month, which encouraged buyers and drove up demand.
Zandi is hopeful that the market is stabilizing. "It feels like the cycle is winding down," he said. "I think it depends on how well the mortgage modification plan will work and I'm guessing it will work reasonably well."
First Published: July 28, 2009: 9:05 AM ET
http://money.cnn.com/2009/07/27/real_estate/May_Case_Shiller/?postversion=2009072810
[Video: http://www.youtube.com/watch?v=Ay10JwkHKG0&feature=player_embedded ]
NEW YORK (CNNMoney.com) -- The value of U.S. homes grew on a monthly basis in May for the first time in nearly three years, according to 20-city index released Tuesday. The month-over-month increase was 0.5%, according to the report from financial data company Standard & Poor's and economists Case-Shiller. It was the first increase in the monthly index since July 2006.
On an annual basis, home prices in the 20 cities fell 17.1%, but it was the fourth straight month that the year-over-year decline lessened. Builders hope for a piece of the pie. "This could be an indication that home price declines are finally stabilizing," said David Blitzer, chairman of the index committee S&P, in a prepared statement. While acknowledging that the report was good news, Mark Zandi, chief economist for Moody's Economy.com, downplayed the importance of a single month's statistics. "I think it's a temporary respite," he said. "It reflects the recent decline in foreclosure sales, and prices will continue to fall over the next several months."
Robert Shiller, the Yale economist who co-founded the index and who's famous for warning that the housing boom was, in fact, a bubble, said the decrease in foreclosure sales does show up in the index statistics as a plus for home prices. That's one reason he did not want to sound too optimistic; foreclosures could take off again. "And we could get more economic bad news, but it does look encouraging," he said. He added that he thought that Washington's efforts have boosted the nation's spirits, an important factor for the housing market.
"The government has done a lot to support the housing market," he said. "Confidence has improved. People are talking about 'green shoots.' People are thinking it's time the recession came to an end. The stock market is up."
The improvement was as broad as it was deep, with 13 metro areas showing gains, compared with eight in April. Two, New York and Tampa, Fla., showed no change. The biggest winner was long-suffering Cleveland, where prices rose 4.1%. The city still falling the most was Las Vegas, where prices declined 2.6%. The report added to the list of positive housing market indicators. These include rising new home sales, increased home building and increased pending sales.
Washington's goal: Stabilizing the housing market has been a primary goal of Washington policy makers. Congress has tried to stimulate homebuying by creating a temporary tax credit of $8,000 for people who have not owned a home for at least three years.
The administration has also tried to tackle the foreclosure problem, creating a program to help mortgage borrowers avoid defaulting on their loan payments and losing their homes.
Zandi added that lenders are still figuring out the administration's foreclosure prevention plan, and have suspended the foreclosure process for many borrowers in default. That means fewer distressed properties, which tend to bring in lower prices, than usual. One of the most positive things the government has done, according to Shiller, was to take control of the failing mortgage companies Fannie Mae and Freddie Mac. These were government sponsored enterprises that guaranteed a flow of mortgage lending by buying or backing mortgages in the secondary market. Without government backing up these companies, mortgage lending would have dried up, which would have devastated home sales. Lower prices: Prices have also fallen so far in so many places that it's drawing people back into the market.
In Las Vegas, prices are off about 53% from their peak, set in August 2006. Phoenix prices are down 54%. Overall, the 20-city index is down more than 32% from its high. Interest rates were very low in May, which also could have helped the housing market. The rate for a 30-year mortgage was well below 5% during the month, which encouraged buyers and drove up demand.
Zandi is hopeful that the market is stabilizing. "It feels like the cycle is winding down," he said. "I think it depends on how well the mortgage modification plan will work and I'm guessing it will work reasonably well."
First Published: July 28, 2009: 9:05 AM ET
http://money.cnn.com/2009/07/27/real_estate/May_Case_Shiller/?postversion=2009072810
Monday, July 20, 2009
Great Hotel Rates for My Customers
2 new hotels very close to the airport have/will be opening soon. They are offering a Realtor Rate to my customers. If you are coming in for a visit or are wanting to look at property check them out.
The Homewood Suite is now open and has a rate of $94 plus tax
Make your reservation today for either hotel:
Tel:239-210-7300
Fax: 239-210-7301
www.fortmyersairportfgcu.homewoodsuites.com
The Hilton Garden is scheduled to open October 2009. The rate will be $84 plus tax.
www.fortmyersairportfgcu.hgi.com
Homewood Suites &
Hilton Garden Inn
Fort Myers Airport/FGCU
"Realtors Rate"
Features for Homewood Suites:
Complimentary Shuttle service available upon request within a 5 mile radius of hotel
Hot breakfast buffet served daily
Welcome Back reception served Monday thru Friday (light meal & beverages)
Complimentary High-Speed Internet
State of the art fitness room
Outdoor heated pool
BBQ grills available for personal use
Personal grocery shopping service
Coin & Valet laundry services
On site convenience Suite Shop
Features for Hilton Garden:
Complimentary Shuttle service available upon request within a 5 mile radius of hotel
Great American Grille offers breakfast, lunch, dinner and full service bar.
Complimentary High-Speed Internet
State of the art fitness room
Outdoor heated pool and spa
Pavilion Pantry available 24 hours a day
1,700 sq. ft of flexible meeting space
EVEN FURTHER REDUCED RATES IN THE MONTHS OF AUGUST & SEPTEMBER OF 2009!
The brand new Homewood Suites and Hilton Garden Inn Fort Myers Airport/FGCU are your homes away from home.
We are strategically located at the corner of Ben Hill Griffin Parkway and Alico Road, just two miles from Southwest Florida International Airport, east of I-75, adjacent to Gulf Coast Town Center Mall at Exit 128.
The Homewood Suite is now open and has a rate of $94 plus tax
Make your reservation today for either hotel:
Tel:239-210-7300
Fax: 239-210-7301
www.fortmyersairportfgcu.homewoodsuites.com
The Hilton Garden is scheduled to open October 2009. The rate will be $84 plus tax.
www.fortmyersairportfgcu.hgi.com
Homewood Suites &
Hilton Garden Inn
Fort Myers Airport/FGCU
"Realtors Rate"
Features for Homewood Suites:
Complimentary Shuttle service available upon request within a 5 mile radius of hotel
Hot breakfast buffet served daily
Welcome Back reception served Monday thru Friday (light meal & beverages)
Complimentary High-Speed Internet
State of the art fitness room
Outdoor heated pool
BBQ grills available for personal use
Personal grocery shopping service
Coin & Valet laundry services
On site convenience Suite Shop
Features for Hilton Garden:
Complimentary Shuttle service available upon request within a 5 mile radius of hotel
Great American Grille offers breakfast, lunch, dinner and full service bar.
Complimentary High-Speed Internet
State of the art fitness room
Outdoor heated pool and spa
Pavilion Pantry available 24 hours a day
1,700 sq. ft of flexible meeting space
EVEN FURTHER REDUCED RATES IN THE MONTHS OF AUGUST & SEPTEMBER OF 2009!
The brand new Homewood Suites and Hilton Garden Inn Fort Myers Airport/FGCU are your homes away from home.
We are strategically located at the corner of Ben Hill Griffin Parkway and Alico Road, just two miles from Southwest Florida International Airport, east of I-75, adjacent to Gulf Coast Town Center Mall at Exit 128.
Do You Have the Courage to Buy into this Housing Market?
Source: ContrarianProfits Monday July 20, 2009
Almost half of all American adults no longer believe that home ownership is a realistic way to build wealth. That’s according to Gail Cunningham of the National Foundation for Credit Counseling, quoted in Barron’s this week.
Given that home ownership is a cornerstone in almost every wealth-building plan, this is astonishing. Even if the days of selling a house for an enormous profit are over, building equity in a home beats the pants off paying rent.
Of course, home ownership is not always better than renting, but in most cases, it still is. And even if home prices are flat, building a little bit of equity makes it worth the cost of ownership, especially when you add in the tax breaks associated with owning a home.
To read the full article follow this link:
http://www.contrarianprofits.com/articles/do-you-have-the-courage-to-buy-into-this-housing-market/18681
Almost half of all American adults no longer believe that home ownership is a realistic way to build wealth. That’s according to Gail Cunningham of the National Foundation for Credit Counseling, quoted in Barron’s this week.
Given that home ownership is a cornerstone in almost every wealth-building plan, this is astonishing. Even if the days of selling a house for an enormous profit are over, building equity in a home beats the pants off paying rent.
Of course, home ownership is not always better than renting, but in most cases, it still is. And even if home prices are flat, building a little bit of equity makes it worth the cost of ownership, especially when you add in the tax breaks associated with owning a home.
To read the full article follow this link:
http://www.contrarianprofits.com/articles/do-you-have-the-courage-to-buy-into-this-housing-market/18681
Bonita Springs Beaches voted #7 in the Country
And that's one ahead of Wailea, Hawaii!
The following is an excerpt from the CNN Travel page.
---
7. Bonita Springs, Florida
Calling all beachcombers! Our judges rated this town, which is midway between Naples and Fort Myers, as having the best sand anywhere. "It's like talcum powder," Howes says. "Your feet feel like they're getting a spa treatment when you walk on it. I could go for miles and miles."
If you have kids with you, stick around for high tide in the afternoon, when seashells wash ashore. Families can take a guided canoe excursion, swim in the calm Gulf waters, or explore the area's parks (1,500 acres of them). You have to look a little harder for healthy-food options. One spot our judges liked: Crispers, which offers healthy salads, even for kids.
Stay here: Hyatt Regency Coconut Point Resort and Spa ... has its own climbing wall, around-the-clock fitness center and volleyball games. If you don't need all that, opt for Bonita Beach Resort Motel ..., where you get a kitchen, too.
---
In previous years we have also seen Naples Beach and Vanderbilt Beach ranked in the top ten by different surveys and polls. What are you waiting for? Come visit!
The following is an excerpt from the CNN Travel page.
---
7. Bonita Springs, Florida
Calling all beachcombers! Our judges rated this town, which is midway between Naples and Fort Myers, as having the best sand anywhere. "It's like talcum powder," Howes says. "Your feet feel like they're getting a spa treatment when you walk on it. I could go for miles and miles."
If you have kids with you, stick around for high tide in the afternoon, when seashells wash ashore. Families can take a guided canoe excursion, swim in the calm Gulf waters, or explore the area's parks (1,500 acres of them). You have to look a little harder for healthy-food options. One spot our judges liked: Crispers, which offers healthy salads, even for kids.
Stay here: Hyatt Regency Coconut Point Resort and Spa ... has its own climbing wall, around-the-clock fitness center and volleyball games. If you don't need all that, opt for Bonita Beach Resort Motel ..., where you get a kitchen, too.
---
In previous years we have also seen Naples Beach and Vanderbilt Beach ranked in the top ten by different surveys and polls. What are you waiting for? Come visit!
Monday, June 29, 2009
Determining Your Offer Price
When you prepare an offer to purchase a home, you already know the seller’s asking price. But what price are you going to offer and how do you come up with that figure?
- Determining your offer price is a three-step process.
First, you look at recent sales of similar properties to come up with a price range. - Then, you analyze additional data, such as the condition of the home, improvements made to the property, current market conditions, and the circumstances of the seller. This will help you settle on a price you think would be fair to pay for the home.
- Finally, depending on your negotiating style, you adjust your "fair" price and come up with what you want to put in your offer.
Comparable Sales
The first step in determining the price you are willing to offer is to look at the recent sales of similar homes. These are called "comparable sales." Comparable sales are recent sales of homes that compare closely to the one you are looking to purchase. Specifically, you want to compare prices of homes that are similar in square footage, number of bedrooms and bathrooms, garage space, lot size, and type of construction.
If the home you are interested in is part of a tract of homes, then you will most likely find some exact model matches to compare against one another.
There are three main sources of information on comparable sales, all of which are easily accessed by a real estate agent. It is somewhat more difficult for the general public to access this data, and in some cases impossible. Two of the most obvious information sources are the public record and the Multiple Listing Service.
Information provided by realestateabc.com
Mortgage Rates flat
The 30-year fixed-rate mortgage averaged 5.42 percent with an average 0.7 point for the week ending June 25, 2009, up from last week when it averaged 5.38 percent, according to Freddie Mac. Last year at this time, the 30-year FRM averaged 6.45 percent.
Friday, June 19, 2009
Foreclosures Fall in May
Information provided by RealtyTrac, June 2009
Foreclosure filings fell 6% in May from April, according to RealtyTrac, a provider of foreclosure data. "A total of 321,480 properties received a default or auction notice or were repossessed in May, up 18% from a year earlier," said RealtyTrac in a statement. The 18% rise is the smallest annual gain since mid-2006. Foreclosure filings have crossed 300,000 in each of the 3 months until May, and according to experts the total number of foreclosure filings may cross 1.8 million in the first half of this year.
Nevada had the highest foreclosure rate with one in every 64 households, more than six times the national average. California ranked second at one in 144 households and Florida had the third-highest rate at one in 148 households. The national average is 1 in 398 households. With unemployment reaching a 25-year high, economists do not expect any reduction in foreclosures in the near-future. "The foreclosure bucket is filling faster than it's emptying," said Jay Brinkmann, chief economist of the Mortgage Bankers Association. "It will continue through next quarter at least." According to analysts at JPMorgan Chase & Co., home foreclosures in the U.S. will total 6.4 million by mid-2011, and inventories of foreclosed homes awaiting sale will peak in mid-2010 at 2 million properties.
Foreclosure filings fell 6% in May from April, according to RealtyTrac, a provider of foreclosure data. "A total of 321,480 properties received a default or auction notice or were repossessed in May, up 18% from a year earlier," said RealtyTrac in a statement. The 18% rise is the smallest annual gain since mid-2006. Foreclosure filings have crossed 300,000 in each of the 3 months until May, and according to experts the total number of foreclosure filings may cross 1.8 million in the first half of this year.
Nevada had the highest foreclosure rate with one in every 64 households, more than six times the national average. California ranked second at one in 144 households and Florida had the third-highest rate at one in 148 households. The national average is 1 in 398 households. With unemployment reaching a 25-year high, economists do not expect any reduction in foreclosures in the near-future. "The foreclosure bucket is filling faster than it's emptying," said Jay Brinkmann, chief economist of the Mortgage Bankers Association. "It will continue through next quarter at least." According to analysts at JPMorgan Chase & Co., home foreclosures in the U.S. will total 6.4 million by mid-2011, and inventories of foreclosed homes awaiting sale will peak in mid-2010 at 2 million properties.
Thursday, June 18, 2009
Million Dollar-Plus Market Shows Signs of Life
NAPLES, FLORIDA (June 4, 2009) — According to John R. Wood Realtors, there is a renewed
interest among buyers in the luxury home market as sales of properties priced above $1 million
become more prevalent. After seeing sales in this sector considerably drop off late last year, the Wood Company reported increased activity in 2009, with 74 sales so far this year. While the majority of the sales are between $1 and $4 million, two were well above $10 million, and several are in the $5 to $10 million dollar range.
There is no denying that strong buyer activity exists throughout the low end of the real estate
market, but with bargains to be found all along Southwest Florida’s coast, the luxury home
segment in Naples, Bonita Springs and Estero is coming back to life. Sunshine MLS shows homes priced at $1 million and up drawing little activity during the third and fourth quarters of 2008, reporting less than 120 pending sales during each quarter. However, first quarter 2009 saw a signifi cant increase in pendings within this sector with Sunshine MLS reporting 184 units became pending sales.
When compared with the same time last year, pendings still fall a bit short from the 250 total of
fi rst quarter 2008, but the increase is promising, in part because a good portion of the sales
occurred after the traditional “end of the season”. Neighborhoods to note include the affl uent
area of Port Royal which has suddenly sparked motivation among buyers as 10 pending sales
were reported during April 2009 alone. This even surpasses the number of pendings back in
April 2005, when the market was considerably stronger. Even Bay Colony, a million-dollar-plus market that has been reporting one pending sale monthly since mid-2005, recently shows two and sometimes three pendings per month.
Regardless of price, it is important to note that residential pending sales are at their highest
levels in four years. In April 2009, 1,441 units went pending, a signifi cant increase over the
same time last year which had 929. In fact, since November 2008, pendings have constantly
increased every month.
John R. Wood Inc., Realtors has eight offices throughout Collier and Lee counties and
approximately 300 agents. After 50 years in business, this oldest major Naples real estate
firm still focuses on legendary customer service, innovative marketing, and superior use of
emerging technologies.
Reprinted from Florida Weekly, June 11th
interest among buyers in the luxury home market as sales of properties priced above $1 million
become more prevalent. After seeing sales in this sector considerably drop off late last year, the Wood Company reported increased activity in 2009, with 74 sales so far this year. While the majority of the sales are between $1 and $4 million, two were well above $10 million, and several are in the $5 to $10 million dollar range.
There is no denying that strong buyer activity exists throughout the low end of the real estate
market, but with bargains to be found all along Southwest Florida’s coast, the luxury home
segment in Naples, Bonita Springs and Estero is coming back to life. Sunshine MLS shows homes priced at $1 million and up drawing little activity during the third and fourth quarters of 2008, reporting less than 120 pending sales during each quarter. However, first quarter 2009 saw a signifi cant increase in pendings within this sector with Sunshine MLS reporting 184 units became pending sales.
When compared with the same time last year, pendings still fall a bit short from the 250 total of
fi rst quarter 2008, but the increase is promising, in part because a good portion of the sales
occurred after the traditional “end of the season”. Neighborhoods to note include the affl uent
area of Port Royal which has suddenly sparked motivation among buyers as 10 pending sales
were reported during April 2009 alone. This even surpasses the number of pendings back in
April 2005, when the market was considerably stronger. Even Bay Colony, a million-dollar-plus market that has been reporting one pending sale monthly since mid-2005, recently shows two and sometimes three pendings per month.
Regardless of price, it is important to note that residential pending sales are at their highest
levels in four years. In April 2009, 1,441 units went pending, a signifi cant increase over the
same time last year which had 929. In fact, since November 2008, pendings have constantly
increased every month.
John R. Wood Inc., Realtors has eight offices throughout Collier and Lee counties and
approximately 300 agents. After 50 years in business, this oldest major Naples real estate
firm still focuses on legendary customer service, innovative marketing, and superior use of
emerging technologies.
Reprinted from Florida Weekly, June 11th
Wednesday, June 10, 2009
May Market Report for Naples, Bonita Springs and Estero
Follow the link below to view the May Market Report for Naples-Bonita Springs-Estero areas. You can access a print quality version of the report via the following link:
http://www.myjrw.com/documents/forms/marketreportMay2009.pdf
Please remember that all comments about the numbers are at the bottom of the report.
Of particular note this month is the increase in pended sales in the $1,000,000 - $2,000,000 price segment. This is the first month this year that we have seen an increase over prior year in the over $1,000,000 category. Based on recent increases in showing activity, this could signal the beginning of a return to a more normal market for sales of luxury properties in this price range.
New listings and inventory levels continue to decrease over prior year, while pended and closed sales continue to post gains. Pended sales for the month of May are the highest for the month since May 2005.
Information is power, and with the right information, you can make informed buying and selling decisions that fit your objectives.
Information provided by
Dottie Babcock, CCIM, CRB
Chief Operating Officer
John R. Wood Realtors
http://www.myjrw.com/documents/forms/marketreportMay2009.pdf
Please remember that all comments about the numbers are at the bottom of the report.
Of particular note this month is the increase in pended sales in the $1,000,000 - $2,000,000 price segment. This is the first month this year that we have seen an increase over prior year in the over $1,000,000 category. Based on recent increases in showing activity, this could signal the beginning of a return to a more normal market for sales of luxury properties in this price range.
New listings and inventory levels continue to decrease over prior year, while pended and closed sales continue to post gains. Pended sales for the month of May are the highest for the month since May 2005.
Information is power, and with the right information, you can make informed buying and selling decisions that fit your objectives.
Information provided by
Dottie Babcock, CCIM, CRB
Chief Operating Officer
John R. Wood Realtors
International Home Buyers
I came across this interesting article the other day...
Here's the excerpt about SW Florida:
"In summary, Florida real estate and, in particular the Southwestern Florida areas of Sarasota - Bradenton and Fort Myers - Naples, are benefitting from an influx of international home buyers. This bodes well for future Florida real estate activity. It suggests that even as U.S. buyers may still be uncertain whether or not it is time to step up to the plate and buy a home or condominium in Florida, international clients are showing more confidence in an early Florida real estate market recovery. It further suggests that those who delay buying their dream home in Florida may soon find that they have to pay considerably more for the same property in just a few months."
Here's the full article:
http://www.glgroup.com/News/Foreign--Domestic-Investors-Positioning-For-Florida-Distressed-Real-Estate-Deluge-40111.html
Here's the excerpt about SW Florida:
"In summary, Florida real estate and, in particular the Southwestern Florida areas of Sarasota - Bradenton and Fort Myers - Naples, are benefitting from an influx of international home buyers. This bodes well for future Florida real estate activity. It suggests that even as U.S. buyers may still be uncertain whether or not it is time to step up to the plate and buy a home or condominium in Florida, international clients are showing more confidence in an early Florida real estate market recovery. It further suggests that those who delay buying their dream home in Florida may soon find that they have to pay considerably more for the same property in just a few months."
Here's the full article:
http://www.glgroup.com/News/Foreign--Domestic-Investors-Positioning-For-Florida-Distressed-Real-Estate-Deluge-40111.html
Free Coupons for Local Restaurants and Business
Here is a new local coupon website that has great deals for Naples' restaurants and businesses.
http://www.thesavingspost.com/
It's Free and easy-to-use. You can print the coupon or text message the coupon to your cell phone. Just put in your zip code and the coupons will come up. They are mostly for Naples right now, but there are a few in Ft. Myers too.
http://www.thesavingspost.com/
It's Free and easy-to-use. You can print the coupon or text message the coupon to your cell phone. Just put in your zip code and the coupons will come up. They are mostly for Naples right now, but there are a few in Ft. Myers too.
Monday, June 8, 2009
Home affordability tops with buyers
When it comes to finding a home, affordability beat out location as a top requirement for Americans when searching for a new home, according to a study by Roost.com. A wave of practicality driven by harsh economic times has forced location-the former No. 1 home-buying factor-to take a back seat in the process, and has created nationwide consensus when it comes to this emotionally-charged activity.
In an Opinion Research poll, the No. 2 consideration was finding a home in the right location or community. This can be compared to a survey conducted by Kelton Research in 2005, prior to the recent economic downturn, in which a full three out of four Americans (72 percent) stated that when looking at available property, the neighborhood was more important than the house itself. The survey also revealed that on average, homebuyers spend a significant amount of time researching potential homes to buy online - a full eleven and-a-half hours per week, a number that is even higher for women. This is no surprise for those familiar with the industry. Homebuyers in the Northeast spend the most time researching prospective homes at 15.2 hours per week.
Source: REAL Trends #1109. June 5 2009
In an Opinion Research poll, the No. 2 consideration was finding a home in the right location or community. This can be compared to a survey conducted by Kelton Research in 2005, prior to the recent economic downturn, in which a full three out of four Americans (72 percent) stated that when looking at available property, the neighborhood was more important than the house itself. The survey also revealed that on average, homebuyers spend a significant amount of time researching potential homes to buy online - a full eleven and-a-half hours per week, a number that is even higher for women. This is no surprise for those familiar with the industry. Homebuyers in the Northeast spend the most time researching prospective homes at 15.2 hours per week.
Source: REAL Trends #1109. June 5 2009
Citizens Property Insurance Rates
Governor Crist signed an insurance bill yesterday which will increase Citizens Property Insurance rates.
HB 1495 by Rep. Bryan Nelson gradually ramps up premiums for policyholders in the state-run insurance pool to put it back on more solid footing. The bill allows Citizens to gradually raise rates by 10 percent per year until they are considered actuarially sound.
Lawmakers repealed a requirement that sellers of property located in a wind-borne debris region, with an insured value on the structure of $500,000 or more, must provide prospective buyers the structure’s windstorm mitigation rating. The change is effective Jan. 1, 2010.
HB 1495 by Rep. Bryan Nelson gradually ramps up premiums for policyholders in the state-run insurance pool to put it back on more solid footing. The bill allows Citizens to gradually raise rates by 10 percent per year until they are considered actuarially sound.
Lawmakers repealed a requirement that sellers of property located in a wind-borne debris region, with an insured value on the structure of $500,000 or more, must provide prospective buyers the structure’s windstorm mitigation rating. The change is effective Jan. 1, 2010.
Friday, May 29, 2009
Forecasters say recession nearing end
More than 90 percent of economists think the recession is nearing its end, but they don't expect the economy to soar anytime soon. Nearly 75 percent of economists, surveyed by the National Association for Business Economics, say that the recession will end in the third quarter. Another 19 percent think the turnaround will come in the fourth quarter. The rest are betting on the first quarter of 2010.
Americans seem to believe that things are getting better too. The Conference Board's Consumer Confidence Index rose 14.1 points in May to 54.9, the second month in a row in which there has been an increase. Forecasters say that home sales will bottom out in the second quarter, an important stabilizing factor.
Source: The Associated Press, Jeannine Aversa (05/27/2009)
Americans seem to believe that things are getting better too. The Conference Board's Consumer Confidence Index rose 14.1 points in May to 54.9, the second month in a row in which there has been an increase. Forecasters say that home sales will bottom out in the second quarter, an important stabilizing factor.
Source: The Associated Press, Jeannine Aversa (05/27/2009)
Tuesday, May 26, 2009
Preparing Your Home To Sell
Preparing Your Home For Sale
Things to Do
The other man’s grass may be greener!
Unlike a few years ago, there is no shortage of homes on the market. Buyers are now in the driver’s seat, and have many options when looking for a home to purchase. If you are reluctant to put the work in, be prepared for your home to get little exposure, and even fewer showings. So, spend a few hours at open homes in your area, and check out the competition. Seeing the condition of other homes in your neighborhood may give you the inspiration, ideas and motivation you need to get going.
EXTERIOR:
House
- Power-wash siding and roof – but not so hard that paint peels off
- Wash windows, inside and out. Consider window boxes with flowers.
- Clean deck or patio. Refurbish if necessary, and accessorize
- Replaced tired looking exterior lighting
- Keep your garage door closed.
Yard and Gardens
- Remove any vehicles not in use, such as cars, boats, RV’s and store them off site
- Cracked or damaged walkways. If they’re on your property, make any reasonable repairs. If they are on city property, call and ask if they can be repaired.
- Weed, and mulch garden beds
- Mow lawn, trim edges, rake
- Prune shrubs and trees
- Sweep sidewalks, clear weeds from cracks
- Once yards have been manicured, keep them fresh with regular watering and fertilizing.
- Add some seasonal annuals for a nice burst of color.
- Keep newspapers and pet litter picked up
Front Entry
- Clean porch. Repaint if needed. Accessorize with a new mailbox, potted flowers, stylish outdoor furniture, wall plaque or sculpture.
- Clean the surface of the front door, including glass, and door hardware.
- If scratched or scuffed, repaint or refinish
- Make sure knob, lock and doorbell work, and door does not stick
- If screen door is not steel or tempered glass, remove it
- Put out the welcome mat! Make sure it's not worn or damaged, and is kept clean.
- If your mailbox has seen better day, consider giving it a makeover. It is one of the first things potential buyers will see as they approach your home.
INTERIOR:
Organize!
- Pare back on personal effects. Box up and store excess books, photographs and knick knacks. Potential buyers need to be able to visualize their belongings in your home. This is more easily accomplished when they are not surrounded by family photos and memorabilia.
- Clean out the closets – you’ll need to do this anyway as you prepare to move. Neatly organized cupboards and closets will appear larger.
- Invest in a large toy box with a lid, this will make for a great place to hide toys and make a kids room (or family room) look much more appealing!
- Simplify – remove excess pieces of furniture. Remember you’re selling the space, not your things. Make sure buyers can see the potential in each room.
- Consider staging for the ‘wow factor’.
- Clean woodwork, hardwood floors, with special attention to bathrooms. They should sparkle!
- Make sure beds are always made and dishes are not in the sink.
- Professionally steam clean carpets, or replace if badly worn.
- Make sure fireplaces, microwave ovens, stove tops and ranges are clean.
- If you will be living in the home while it’s on the market, consider a regular housekeeping service to insure it’s picture perfect for viewing.
- Look up! Don’t forget light fixtures and ceiling fans.
- Replace damaged blinds or window screens. Clean window and door tracks.
- Repair any dripping faucets or noisy toilets. Many buyers will check these out!
- Re-caulk showers, tub and sink areas, and tile counters if needed.
- Little things matter – check for loose cabinetry knobs, doors and drawers that stick.
- Inspect every door in your home and make sure they open and close smoothly. Replace any door hardware that does not work properly. Apply machine oil to any squeaky hinges. A stuck door can stick in the in of a potential buyer.
- Brighten up rooms by letting the sunshine in. Avoid heavy or dark window coverings.
- Freshen paint. Choose neutral, and lighter colors if repainting. Replace worn or cheap curtains with treatments that look stylish from both sides of the window.
- Replace all burned out light bulbs.
Prepare for visitors
- If you have smokers or pets in the household, invest in professional services to deodorize carpets and furnishings.
- Consider professional staging if you really want your home to impress.
- It’s preferable to keep pets out of the house, or at least out of the way during showings.
- Keep valuables out of site, and locked up.
- Keep counter tops cleared
- No dirty dishes in the sink
- No laundry in the washer/dryer
- Turn on lights and open blinds and draperies in all rooms.
- Climate control – have the heat or AC on for your guest’s comfort
- Do your best to be away when a prospective buyer comes to your home, or at least take a short walk or wait in the yard while they tour your home.
- A mildly scented candle burning, or light potpourri can lend a homey touch.
- Turn off the television, and have soft background music playing.
- Bake some fresh cookies for your guests.
This list was compiled from various Realtors.
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