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.
Friday, October 30, 2009
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
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