Treasure My Home Real Estate Blog

Contractor / Remodel

2010-09-27T09:24:00.000-07:00

DeZign Home Inc
www.dezignhomes.com

We Specialize in custom homes but we also do a full line of contracting - additions, re-models, kitchens and baths. We also have a professional design and decorator service available with full complement of vendors and sub-contractors to handle all of your needs.

Contact
Jerry Wells
jwells@dezignhomes.com
Office: 239-432-0690
Cell 239-247-2957

Paying Off the House in 15 Years

2010-09-09T13:20:00.000-07:00

Source: The Wall Street Journal online
MARKETWATCH
AUGUST 29, 2010
By AMY HOAK

A growing number of homeowners are choosing to pay down their mortgages at a faster rate--even if it means a substantial jump in their monthly payments.

Between January and June, 26% of homeowners who refinanced chose a 15-year fixed-rate mortgage, according to data from CoreLogic, a provider of financial, property and consumer information. During all of 2009, 18.5% of borrowers who refinanced opted for a 15-year term.

Andy Rash

What's prompting the shift to shorter loans? Historically low interest rates for fixed-rate mortgages.

Homeowners are doing the math and realizing that rates have fallen enough so the increase in payment between a new 15-year mortgage and their current loan is no longer unbearable for their budgets, says Bob Walters, chief economist at online lender Quicken Loans.

The average rate on a 15-year fixed-rate mortgage was 3.86% for the week ending Aug. 26, according to Freddie Mac's weekly survey of conforming mortgage rates.

A Change in Thinking
The financial situation of those capable of refinancing today is a factor in the shift, Mr. Walters says. These people typically are homeowners with the best credit and the most equity -- and, therefore, most suited for a shorter-term loan.

But there might be some other psychology at work. "We're seeing a different view on debt than maybe we've seen in the past," he says. Today, homeowners are saying, "I really want to pay this off. I'm going to bite the bullet and take the payment and work toward paying this down."

A 15-year mortgage also acts as somewhat of a forced savings account for homeowners, says Leif Thomsen, chief executive of Mortgage Master, a privately owned lender, given that the higher payments help a borrower pay down the principal at a quicker clip.

This is a huge shift in borrower thinking. "There was a drive a couple of years ago to take out the biggest mortgage that you could and use all of the money you would have otherwise had in the house and put it into stocks and bonds--to think of your house and mortgage as part of your entire investment portfolio," says Amy Crews Cutts, deputy chief economist for Freddie Mac.

"That worked for people who do investment finance for a living and are good at managing accounts," she says. "But for the average person, debt is a drag on their psyche as well as their overall budget." Many Americans have reverted to the goal of paying off their house and getting rid of their mortgage, Ms. Cutts adds.

Doing the Math
Refinancing into a shorter-term mortgage isn't a strategy for everyone, however.

Choosing a shorter term usually means you'll get a better rate--and you'll pay much less interest over the life of the loan--but a shorter time frame ramps up monthly mortgage payments.

For example, with a 4.5% interest rate on a 30-year fixed-rate mortgage of $200,000, you would have a monthly payment of $1,015, including principal and interest, Ms. Cutts says. The monthly payment jumps to about $1,480 with a 4% interest rate on a 15-year fixed-rate loan.

Of course, if the refinancing borrower's current 30-year loan has a higher rate, the difference between the monthly payments could be lower. Still, you should count on some increase in monthly payments.

In general, Mr. Walters says, those who choose 15-year fixed-rate mortgages are older and have more equity and less debt than other folks. They also earn higher incomes and don't have some of the added expenses that younger homeowners typically do.

"People who are taking these loans are financially stable and can afford the payments, but at the same time are planning on staying in their home for an extended period of time," Mr. Thomsen says.

Mr. Walters says you shouldn't take on a 15-year fixed-rate mortgage unless you have substantial savings, including at least a year's worth of living expenses in liquid accounts.

Also, he recommends having a debt-to-income ratio below 35%. So if you have a gross salary of $5,700 per month, for instance, your monthly debt--including any mortgage payments, taxes, insurance, homeowners-association dues as well as auto and student loans and credit-card debt--would have to be a max of $1,995 to get a 35% ratio.

Make That Extra Payment
Borrowers who don't meet those standards, or are worried about future loss of income, might be better served taking a longer-term mortgage but making extra payments on the principal to pay off the loan faster, says Mr. Walters.

For instance, if you refinance a $200,000 mortgage into a 30-year loan with a 4.5% rate, and then apply $100 of the savings to the principal payment each month, you'd save $31,700 in interest over the life of the loan, Ms. Cutts says. And you would pay off the mortgage in 25 years, instead of 30, she adds.

What's more, you would have the flexibility of not paying that $100 in months when money gets tight. "Maybe today you're feeling flush with money. Maybe you're worried in the future that income might change," Ms. Cutts says. With a 30-year mortgage, you have more flexibility. "Shortening to 15 years is a pretty big bump in payment."

A Great Fishing Charter

2010-09-09T13:12:00.000-07:00

Just wanted to tell you about a great fishing charter company out of Naples.. Captain Mike Bailey owns and operates Sport Fishing and Eco Tours from Port-O-Call Marina in south Naples. He took my son, Grant, and my dad out today for a fishing charter, for my son’s birthday. What a day!!! They first netted some live bait, then proceeded to a wreck just a few miles from the coast, and caught a whole cooler of fish to bring home for dinner! Not to mention, in addition to TWO HUGE Goliath Groupers – talk about excitement for a pre-teen!! The first one weighed about 70 lbs. and the second weighed about 40+ lbs. If you are considering a day of fishing, or just want to take in the beautiful Naples scenery, please contact Mike Bailey today – tell him Heather, the Realtor, sent you!! Mike Bailey – 239-825-4292, or www.Fishinnaples.com

The American Home is Shrinking

2010-09-09T07:35:00.000-07:00

NEW YORK (CNNMoney.com) -- The American home is shrinking. Toll the bell for the McMansion.

After years of growth, the Census Bureau recently reported that median new home size fell to 2,135 square feet in 2009 after peaking at more than 2,300 earlier in the decade.

"Home buyers are asking for less, cutting back on options and reducing square footage," said Steven Pace of the North Carolina-based Pace Development Group, which builds both custom and tract houses ranging in price from below $250,000 to more than $2 million.

"They're saying, 'Maybe we don't need that 5,000 square footage;" he said. "'Maybe our bath doesn't need to be big enough for our whole family and all our neighbors to take a shower at the same time.'"

Kermit Baker, chief economist for the American Institute of Architects, pointed out that consumers don't ask for as much for spaces devoted to single purposes, such as media rooms for watching videos and game rooms for shooting pool. Instead, the requests are for rooms with shared uses.

"We continue to move away from the 'McMansion' chapter of residential design," he said.

QUIZ: Do you have an All-American house?

Now, the typical U.S. owner-occupied home has six rooms, with three of them being bedrooms, according to the Census Bureau's annual American Housing Survey. The most common number of baths is two or more.

For those who remember the days of long, hot summers. Those are over, too. Nearly 90% of all new homes now have central air conditioning. And 63% of all homes are now cooled.

These are a big increases from even 10 years ago, when only 52% of owner-occupied homes -- i.e. non-rental properties or second homes -- boasted central air.

Newbie homebuyers go small
More than three-quarters of all homeowners now load up dishwashers, up from 65% a decade ago. And garbage disposals can be found in nearly half of owner-occupied homes, up from 46%.

On a broader scope, the survey revealed that, despite the recent hoopla about the new urbanism and return to cities, most Americans still lead a "Leave it to Beaver" lifestyle.

Of the more than 76 million owner-occupied homes in 2009, 63 million were traditional detached, single-family residences. And city dwellers, you're outnumbered: Far more homeowners live in the suburbs than in cities.

Regionally, the South, held the largest number of owner-occupied units, followed by the Midwest, then the West and finally the Northeast

New Lisitng in Bonita Springs Florida

2010-08-27T13:06:00.001-07:00

Listing #210028692

24950 Divot Dr
Bonita Springs, FL 34135

$229,900

Tucked away on a quiet street in a gated community this gem is a must see. Pull up on the paver driveway and walk into the formal living/dining room with volume ceilings. The large kitchen has granite counters, tile backsplash, walkin pantry, an island with a sink and lots of cabinet space. The kitchen is open to the breakfast nook & family room. There are sliders all around for a great view of the pool/spa and to let in plenty of light. The master bedroom is large with a tray ceiling & 2 walk in closets. The master bath has duel sinks, a jetted tub and a separate tiled shower. The other 3 bedrooms are on the opposite side of the house. The 4th bedroom is large enough and could easily be converted into a den or office. There is a full size bathroom with a door to the pool. Step out onto the large screened lanai and enjoy the peace and quiet of the wooded area behind you. The home is done in all neutral colors and the tile is on the diagonal. This is a short sale.

To see this listing and other listing in the Fort Myers / Naples area please visit our
website at www.TreasureMyHome.com

John R Wood ranked 89th in Nation

2010-08-24T10:18:00.000-07:00

NAPLES, FL, July 28 – REALTOR Magazine, in its annual
report of the nation’s top 100 companies, today announced that
John R. Wood Realtors ranked 14th in closed sales per agent.
Compiled for the year 2009, the report gave the company an
overall ranking of 89th in the nation with $942 million in sales,
regardless of company size, number of agents, or geographic
location.

“And that number is only for closed sales,” noted Phil Wood,
president. “When we include those sales not yet closed at year
end, our 2009 total was $1.1 billion, just shy of a three percent
increase over last year.”
Wood cited their award-winning sales and administrative
staff for the firm’s “excellent performance in a tough market,”
but also credited the company’s ongoing enhancements to its
numerous websites and its presence on social media sites such
as Facebook and YouTube.

“Buyers need to be able to search all properties, see all open
houses, and set up automatic notifications when a hot property
comes on the market.”

Founded in 1958, John R. Wood Realtors is Southwest
Florida’s oldest real estate firm. The company represents over
2,000 clients annually through its 250 agents and its 100 staff
in eight offices, which allow them to serve the areas from
Marco Island to Sanibel/Captiva. In addition, the company’s
Research Department delivers current market statistics,
analysis and projections through its monthly statistical reports
to interested parties throughout the nation. Reports are public
and are available on request by Emailing customer service at
jrw@JohnRWood.com.

Visit www.TreasureMyHome.com to all of the areas current listings.

New listing in Bonita Springs

2010-08-02T10:55:00.000-07:00

26711 Little John Ct #48
Bonita Springs FL 34135
Listing #210025710
$80,000

Cute as a button, this 2nd floor end residence has 2 bedrooms, 2 baths, and covered parking. It has many windows so you have plenty of light. The terrace overlooks a preserve area for lots of privacy. The community has a screened pool and club area. Its a great location to the YMCA, Coconut Point and Bonita Beach. This is NOT a short sale or foreclosure.

To see this and all of the listing available in our area, visit our website www.TreasureMyHome.com

Wondering where the oil is going?

2010-07-11T12:15:00.000-07:00

Our beaches are clean here is South West Florida and according to NOAA they should stay that way. Click here for more information and a map that shows the projected areas that will be affected.

If you are interested in Real Estate, please visit our website www.TreasureMyHome.com for all of the listing in the Naples / Fort Myers area.

Buffalo Sabres owner donates $5 million to The Children's Museum of Naples

2010-05-16T12:37:00.000-07:00

Source: news-press.com • May 3, 2010

Tom Golisano, the owner of the Buffalo Sabres and founder of Paychex, Inc., donated $5 million Monday to help get The Children’s Museum of Naples (C’mon) off the ground.

As the lead donor to the C’mon Campaign with a $5 million challenge grant, Golisano hopes to inspire other philanthropists to support the worthwhile campaign to bring the new Museum to completion.

“The Children’s Museum of Naples will fulfill an underserved need in the area by providing children with a place to learn that is also fun and stimulating,” said Golisano. “As a long-time advocate of services for children I am pleased to help make this dream become a reality.”

The Golisano Children’s Museum of Naples is currently under construction at the North Collier Regional Park in Naples and is scheduled to open in 2011.

The Museum will celebrate the natural curiosity of children by offering an educationally dynamic space with 13 exhibits that encourage exploration and discovery.

“The C’mon Campaign has already raised more than $21 million toward the $25 million goal for the Museum,” said C’mon Past Chair Julie Koester. “Mr. Golisano’s $5 million challenge grant will help C’mon in reaching out to new donors and inspire a deeper commitment from current donors.”

First Time Homebuyer Tax Credit Ends April 30th

2010-04-25T10:51:00.000-07:00

As part of economic stimulus efforts, Congress and President Obama have extended and expanded the $8,000 tax credit for first-time homebuyers. First-time buyers now have until April 30, 2010, to sign a home purchase contract and qualify for the credit. Plus, many existing homeowners also qualify for a tax credit of up to $6,500 on a home purchase.

First-time Homebuyers
Most details for first-time homebuyers remain the same. The maximum tax credit is still $8,000 ($4,000 for married individuals filing separately), and anyone
who has not owned a home within three years is considered a “first-time buyer.”
• A purchase must be under contract by April 30, 2010, and must close no later than June 30, 2010. The maximum home value purchased cannot exceed $800,000.
• After Dec. 1, 2009, income limits rise to $125,000 for singles and $225,000 for married couples; up from the previous limits of $75,000 for singles and
$150,000 for married couples. The tax credit phases
out incrementally at each $20,000 increase in
income.

Current Homeowners
An existing homeowner who purchases another home may now claim a tax credit of up to $6,500. To qualify,that owner must have owned and used the same residence as a principal residence for any consecutive five-year period in the previous eight years.
• Personal income limits, maximum home value, and contract/closing deadlines are the same as those for first-time homebuyers. The tax credit does not have to be repaid if the buyer stays in the home at least three years. If the home is sold before that, the entire amount of the credit is recaptured on the sale.

Click Here for more information.

To see the news piece, click here

To see homes in SW Florida for sale please visit our website at http://www.TreasureMyHome.com

Lee County foreclosure auctions finally online

2010-04-13T06:01:00.000-07:00

Source: News-press online: BY PAT GILLESPIE • pgillespie@news-press.com • April 4, 2010

Sitting in a bathrobe, sipping coffee may be the new way to buy a foreclosed Lee County house. Starting Monday, you can do just that. That's when they will be sold online through an auction process similar to eBay. Starting Monday, you can do just that.

That's when they will be sold online through an auction process similar to eBay. The Web site — www.lee.realforeclose.com — has a calendar of each day's foreclosure sales along with links to the property's information on the Clerk of Court, Property Appraiser and Tax Collector Web sites and photos, if available.

By expanding Lee County's houses to a global audience, Lee County Clerk of Court Charlie Green believes it could help the value of available properties.
"Hopefully, it'll generate more money for the seller or bank," he said. "It should increase the value of properties with additional bidders."

Charles Cosby, a real estate investor who owns The Foreclosure Team, said there are positive and negative consequences to going online. People who might not know the pitfalls of a house, such as it having Chinese drywall, existing liens and vandalism, could lose money if they don't do research.
"The more accessible it is for the average Joe, the more potential for hurt," Cosby said. "A lot of people don't know the process."

Until now, bankers, buyers and others working on behalf of investors invaded the Lee County Justice Center to bid on houses one by one. With the increase in foreclosure cases in the last few years, as many as 2,500 filed a month, the bidders became so numerous they were moved to a room on the second floor to avoid disruption.
Though foreclosures have decreased in recent months - about 1,100 were filed last month - Green now will get people scouring the properties out of the building altogether.

"This is something we needed to do," Green said. "This is a big deal for Lee County."
After target dates of January and March came and went, Green's main hang-up was that Realauction.com, the company that would be hosting foreclosure sales, would be collecting and transferring the millions of dollars used to buy the houses purchased daily at the courthouse. Green said he now feels confident in the process based on a change in bidder payment options.

Lloyd McClendon, CEO of the Fort Lauderdale-based company, said that as of Friday, 935 bidders had registered on the site and $1.5 million had been deposited.
"We're ecstatic," he said. "For us, we're excited to bring in a client that was so large. It was a long time coming."

Users create names and passwords and deposit money into an online account on the Web site. After winning a bid on a foreclosed house, users must pay 5 percent of the winning bid and then the remaining balance and fees within 24 hours.

Registry fees are 3 percent of the first $500 and 1 percent of the remaining sale price. Other fees apply.

Don't Foreclose - Do a Short Sale

2010-03-29T10:54:00.000-07:00

Source: CNN Money.com Les Christie, staff writer March 29, 2010: 3:46 AM ET

NEW YORK (CNNMoney.com) -- Short sales are the hottest thing going in the distressed-property market, and the trend is expected to get even hotter in coming weeks, when the government starts handing out cash to encourage lenders to close these deals.

"Banks have ramped up short sale approvals," said Duane Legate of House Buyer Network, which connects short sellers with buyers. "They're hiring a lot of the people who once worked in the mortgage-lending industry and moved them over to short sales."

These transactions, where lenders allow homeowners to sell their houses for less than they owe, accounted for 17% of all residential real estate sales in February, up from nearly 13% in November, according to a monthly real estate market survey by Campbell/Inside Mortgage Finance.

And Bank of America (BAC, Fortune 500), the country's largest mortgage servicer, has more than doubled the number of short sales it processed in recent months.

Elizabeth Weintraub, a Sacramento, Calif.-area real estate agent who handles many short sales, was amazed at how quickly a recent deal went through. "Bank of America approved it in 24 days," she said. "That flipped me out."

This is a huge change from even just six months ago when the short-sale market was stalled and most people would describe the process has real estate hell. Because lenders stand to lose so much on these transactions, they have been reluctant to make short sales happen, often waiting months before getting back to potential buyers.

Beware: You lost your house but still have to pay
"In the past, many short sales would never come to fruition and the ones that did averaged over half a year to complete," said Chris Saitta, CEO of Equator, which produces short sale software.

"Things would just fall into a black hole and not come out again," added Weintraub.

And even when banks did agree to the sale, the process could be further complicated if the original owner had a second mortgage.

In most cases, the first lender is repaid in full before any money flows to a second-lein holder. And because most distressed borrowers are severely underwater, there's usually nothing left to send on. As a result, second-lein holders are left holding the bag and have been killing many deals.

But that has been changing. For one thing, banks realize that they make out far better financially with a short sale than a foreclosure. "The lenders lose 50% on a foreclosure and only 30% on a short sale," said Glenn Kelman, founder of the real estate Web site Redfin. "And short sales offer a way to get distressed properties off their books quickly."

And on April 5, lenders and mortgage investors will have even more incentives to offer troubled borrowers short sales instead of foreclosing.

Under the new Home Affordable Foreclosure Alternatives program, borrowers will earn a $3,000 "relocation incentive" and servicers will get $1,500 for handling a short sale.

The investors who actually own the mortgage notes will get $2,000 in exchange for sharing proceeds of the short sales with any second-lien holders. And, finally, those second lien holders will receive up to $6,000 for releasing their claims.

Lenders participating in the program must also determine the market values of properties early on and inform the owners of just what price they're willing to accept. Then, if owners come back to the lenders with bonafide offers, they have to be accepted within 10 days.

Equator's Saiita anticipates a short sale explosion in response to the new program. "The challenge will be handling all the volume," he said.

The company has already tweaked its software, which 58 servicers use, to handle the new HAFA rules. And that should help reduce the time it takes to execute a sale, which currently averages 88 days.

The boom in short sales may accelerate the end to the foreclosure crisis by cleaning out the overhang of borrowers in distress and replacing them with more stable homeowners.

Plus, these sales are better for distressed borrowers because their credit scores suffer less. Going through a foreclosure can knock 200 points off a FICO score, twice as much as the penalty for a short sale

Naples area home sales up 50%

2010-03-18T07:30:00.000-07:00

Source: By Haley Hinds, WINK News
Story Updated: Mar 14, 2010 at 12:48 AM EDT

COLLIER COUNTY, Fla. - More positive signs for southwest Florida's housing market. According to a new report, home sales have doubled.

This time last year, "down" would have been an understatement to describe the local housing market. But fast forward to 2010, and the only number that's down according to the Naples Area Board of Realtors, is the inventory. Home sales are up, pending condo sales are up, and buyers are not afraid to spend the big bucks.

"The markets between $300,000 and $500,000, $500,000 and 1 million, 1 million and 2 million, all those markets were up between 60% and 65% in February," said Brett Brown, 2009 NABOR President

This time last year, for the 12 months ending in February, overall home sales were at 4,951 compared to an astounding 7,426 this year. The overall median closed price dropped only 3% from $185,000 in 2009 to $179,000 in 2010.

Another new trend realtors and developers in both Lee and Collier are seeing is homebuyers coming down from foreign countries, especially our neighbors to the north.

"Last year, there were a lot more lookers and nobody was buying," said local developer Ray Ambrozy. "Since January, I've probably had a half a dozen other Canadian couples come through which seems to be the people with the money looking for a wonderful winter residence."

More sales mean fewer for sale signs - a welcome sight for local homeowners. "Absolutely, it's good we're having a high turnover of sales, that's great," said Ron Nash.

With dropping inventory and the First Time Homebuyer Credit expiring at the end of April, realtors say the stage could be set for a continued upswing. "It's a bright sign for us to look at to see things start to come around," said Brown.

10 Best Places for Second Homes

2010-03-18T07:25:00.000-07:00

Source: Wall Street Journal online March 9, 2010
Written by: Steven M Sears

At long last, the market for luxury real estate is coming back to life.

Prices for primary residences, which plunged at least 20% from the peak in 2007, appear to have bottomed. In some of the snappiest locations, scattered bidding wars are breaking out and prices are turning upward.

In Greenwich, Conn., realty brokers say, the final months of 2009 were almost record-setters for sales volume, as two years of pent-up demand was unleashed. Even the megadeal is back. In Beverly Hills, film producer Jeffrey Katzenberg just plunked down $35 million for an 8,700-square-foot home on six acres.

There's nothing like a stabilized economy and a huge rebound in stocks to send folks looking for the perfect manse. The return of hefty Wall Street bonuses hasn't hurt, either.

With all that in mind, and with summer just around the corner, Barron's sized up the market for upscale second homes, one of the greatest luxuries of all. We scoped out dozens of deluxe enclaves across the country, speaking with brokers, homeowners and others.

Prices are way down–40% off the peak in some locations. Seemingly at or near bottom, they are starting to attract the first wave of bargain hunters–and not just families in need of R&R. Hard-nosed investors also are on the prowl, says Jan Reuter, head of residential real estate at U.S. Trust Bank of America Private Wealth Management: "We've seen an uptick in buying in just the last couple of months."

To help you in the hunt, Barron's has selected the 10 best places in America for second homes. These alluring locales have it all: gorgeous houses, spectacular views, world-class golf, fishing and skiing, fine dining and great shopping. You'll find the complete range of lifestyles, from peaceful and easy to vigorously social.

Some warnings: 1) Our selections are every bit as subjective as tastes in homes themselves. 2) The prices cited are based mainly on conversations with locals, because hard data isn't available. 3) Your plush new retreat may take some time to rise in value. Serious appreciation will require a better economy and, quite possibly, another big rally in stocks.

But hey, you could do worse than marking time in paradise.

1. Maui Consistently rated the "Best Island in the World" by travel experts, this Hawaiian beauty underwent a growth spurt during the past decade that some critics bemoaned as excessive. But the southern coast, anchored by the hamlet of Wailea, has weathered it all well. One of the first master-planned resort communities in the nation, it's a balanced blend of understated gated communities, luxury resort hotels, three excellent golf courses, a tennis center and, of course, several crescent sandy beaches. Wailea has 500 single-family homes, and their views are stunning: lush, verdant hills, brilliantly blue ocean and, after the steamy sun showers, rainbows over the horizon.

Median Price: $1.5 million

Drop From Peak: 27%

Neighbor: Oprah Winfrey

2. Kiawah Island, S.C. Languid elegance defines South Carolina's coast, and Kiawah, just off Charleston, may be its ideal expression. The island has one developer, Kiawah Development Partners, and an architectural review board that protects the 4,500 or so properties from the excesses often seen when wealth meets water. It has 10 miles of hard-sand beaches and abundant wildlife: bobcats, gray foxes, loggerhead turtles and more. Its Ocean Course has long been favorite of golfers; it hosted the 2007 Senior PGA Championship. Want to tee up some culture? Charleston is just 45 minutes away.

Median Price: $1.4 million

Drop From Peak: 21%

Neighbor: Dan Marino

3. The Hamptons Long the favored retreat of high-powered New Yorkers, the Hamptons are a just now experiencing a fresh jump in home sales, realty brokers say. Credit the revival in Wall Street bonuses. Southampton, bastion of old money, is known for its grand estates, but lovely homes can be found in what not long ago were potato fields. In chic East Hampton, the choicest real estate is on Georgica Pond. Alas, most of the area's finest properties never come to market. Once you own a home in the Hamptons, you own it forever.

Median Price: $1.5 million

Drop from Peak: 30%

Neighbor: Steven Spielberg

4. Park City, Utah Skiers love Park City for its powdery winters, but homeowners relish the summers, too. The crowds thin out, life slows down and the tall aspens lining the nearby Wasatch range shimmer in the breeze. The one-street Old West downtown is dotted with classic Victorian houses, while Deer Valley, an understated year-round resort community, sits on the eastern edge. Its namesake ski hill has been crowned by readers of Ski Magazine as North America's top ski resort for three years running. For $100,000, you can join the nearby Talisker Club, with links designed by PGA Tour Champion Mark O'Meara. Bonus: Salt Lake City International Airport, a Delta Air Lines hub, has direct flights to the East and West Coasts.

Median Price: $1 million

Drop From Peak: 45%

Neighbor: Robert Redford

5. Aspen, Colo. Aspen isn't just a year-round playground; it's also a cultural oasis, the home to the Aspen Institute think tank, a world-class symphony, and dance and art festivals. The four major ski hills speak for the themselves. The Maroon Creek Club includes a challenging golf course designed by Tom Fazio. The city's West End has a mix of 19th-century Victorians and modern abodes not far from the "beachfront"–downtown neighborhoods within walking distance of the lift. The posh shopping is so good that some folks never find their way up to the trails.

Median Price: $5.6 million

Drop From Peak: 6%

Neighbor: Jack Nicholson

6. Pebble Beach, Calif. Golfer Jack Nicklaus once said that if he had one last round to play before he died, it would be at Pebble Beach. The site of four U.S. Opens, The Links are rated the No. 1 public course in America by Golf Digest for 2009-10. There are several other public and private golf courses within the guarded gates of the verdant Del Monte Forest, which surrounds the community of Pebble Beach. Stunning estates not far from the first tee offer sweeping views of Monterey Bay. Duffers who buy in can play the Golden Bear's dream course every day.

Median Price: $1.1 million

Drop Since Peak: 20%

Neighbor: Clint Eastwood.

7. Palm Beach This Florida island hovers above reality, and at $30 million-plus, so do its finest pads. Oodles of socialites and tycoons wouldn't have it any other way. Neither would Jimmy Buffett, Rush Limbaugh and too many other boldface names to mention. In addition to the never-ending social whirl, residents like the shopping on Worth Avenue and the beauty of Addison Mizner's Mediterranean-style architecture. Mortals can enjoy the town by buying "over the moat"– in Jupiter, North Palm Beach, Palm Beach Gardens and Delray Beach.

Median Price: $3.5 million

Drop From Peak: 11%

Neighbor: Henry Kravis

8. Captiva/Sanibel Island, Fla. Sitting off the coast of Fort Myers, a nerve center of America's foreclosure crisis, the barrier islands of Captiva and Sanibel are the very picture of laid-back living. Linked by a bridge at Sanibel's northern point, the islands are renowned for their pristine beaches and abundant seashells. Then there are the hiking trails; half the island is a nature preserve. The late Robert Rauschenberg is, even in death, one of the largest landowners. His 35-acre spread, complete with studio, is intact on Captiva's northern end.

Median Price: $3.5 million

Drop From Peak: 40%

Neighbor: Ted Koppel

Journal Community
· discuss

“ I think the only way I can get near this list of places is to be like George Costanza and have an imaginary house in the Hamptons. ”

—Henry Grimmelsmen

9. Asheville, N.C. Nestled in the mountains of North Carolina, Asheville offers a four-seasons lifestyle with just enough culture and good restaurants to keep urban-withdrawal pangs at bay. Some homebuyers come from the Northeast, and many come from Florida to beat the heat. The locals call them "halfbacks," since Asheville is halfway up the East Coast. The town has a university and a thriving art scene. We like the 1920s-vintage Tudor homes in the Biltmore Forest district, once part of the adjacent Biltmore Estate. The funky Grove Park neighborhood is also worth a look.

Median Price: $700,000

Drop From Peak: 38%

Neighbor: Andie McDowell

10. Gasparilla Island, Fla. Katherine Hepburn used to rent a beach house here, and it's easy to see why. The small island off Florida's southwest coast has been lovingly preserved: The Gasparilla Act, a state law passed in 1980, put a tight lid on population density, building heights and commercial development. Golf carts -- some customized to resemble '57 Chevys -- are the favored mode of transportation. The historic downtown has gracious homes, and the waters around the island are renowned for tarpon fishing. To check it out, check into the plush Gasparilla Inn.

Median Price: $1.8 million.

Drop From Peak: 18%

Neighbor: Harrison Ford, frequent visitor.

Florida Appliance Rebates

2010-03-18T07:21:00.000-07:00

The State of Florida will implement a mail-in rebate program to help residents replace older,
inefficient appliances with ENERGY STAR® qualified appliances. The program is tentatively
scheduled to begin in April 2010 and is scheduled to last two weeks. The program is timed to
coincide with Florida's Earth Day Activities.

Eligible products include

Refrigerators
Freezers
Clothes washers
Dishwashers
Room air conditioners
Gas tankless water heaters
Florida will offer residents a 20% rebate off the price of a new ENERGY STAR qualified
appliance. Consumers may also receive an additional rebate with proof of having recycled
the old appliance.

Contact: Florida Energy & Climate Commission

Total Funding: $17,585,000

Program information subject to change. Rebates may be offered for a limited time only. Before purchasing a product, check with your program sponsor to ensure rebates are available, and to confirm product eligibility and program requirements. Products purchased must meet efficiency criteria as established by the state.

Our New Fort Myers Beach Listing

2010-03-01T11:01:00.000-08:00

Listing # 210006563 and 201008848

$775,000

4182 Bay Beach Lane #776
Fort Myers Beach FL 33931

3 bedroom, 2 bath, 7th floor condo, Never lived in

Newest building in Waterside-Manatee Bay- 7th floor corner-NEVER lived in. West Corner with wrap around views-southern views to the Gulf, northern views to the bay, western views to the golf course and GULF-WOW!!! Priced $200K LESS than Seller paid!! This home has the works-granite counters in the kitchen AND baths, window coverings, new appliances, and VIEWS, VIEWS, VIEWS!!! Building has phone entry system, social room, fitness room, pool, hot tub, semi-private elevators, under building parking and storage. Community amenities include tennis courts, fishing pier, boat slips for purchase/lease, deeded BEACH access, gated entrance with manned guard, and MORE! Why pay the high prices for SPECTACULAR VIEWS and NEW construction?!? Take advantage of the buyer's market and make it your today!

Our New Naples Listing

2010-03-01T10:57:00.000-08:00

Listing # 210007774 and 201010451
75 East Ave
Naples FL 34108

$1,920,000

6-8 bedrooms, 5 baths, 6600 square feet of living space

FABULOUS describes BRAND NEW home built in addition to RENOVATED original home and PRICED TO MOVE! Two homes joined-take as ONE spectacular enclave, or easily separate into TWO for more privacy! NEW home is over 5000 sf w/5 bedrooms, 3 baths & RENOVATION home has 3 bedrooms/2 baths w/appr. 1600 sf - both w/FULL kitchens,dining, laundry areas,& ALL opening onto beautiful shared pool/courtyard area. Total 6 bedrooms downstairs w/2 additional upstairs. New home warranty provided by builder, Lykos Construction. Impact glass windows/doors on the WHOLE structure so, great insurance rates! COUNTY water/sewer (one of the very few homes in Pine Ridge), w/ bonus irrigation on well/lake water). Other details include propane gas for TWO fireplaces & pool/spa heater, stainless steel appliances, granite kitchen counters,2 separate water heaters,4 separate a/c units,2 sets of laundry areas,3 car garage and MORE. Make your appointment today to see this light and bright BEAUTY of a home!!

I just found a property and wanted to share it with you!

2010-02-01T13:53:00.001-08:00

I just found a property and wanted to share it with you!

Posted using ShareThis

Price: $479,000
ML#: 210003569
Status: A-Active
Address: 230 DONORA BLVD (GEO) Area: FB03
FORT MYERS BEACH, Florida 33931-3604
Subdivision: ZIMMERS ADD-SHELL MOUND PK
County: Lee
Development: ZIMMERS ADD-SHELL MOUND PK
Price/SqFt: $230.95
Furnished: Negotiable

Property Information:
BOATER COME HERE!!! Here is great opportunity to own a home with boating in the backyard. Elevated home on the highest part of the island, so you can enjoy views and gulf breezes-you'll probably never need your A/C. Main living is upstairs with additional lower level family and kitchenette, for extra friends and family. Great outdoor patio and shell landscape design, so you have very little outdoor maintenance-plenty of room to add a private pool. Biking in the area is a breeze, and the location of the home is near to all the action in Fort Myers Beach.

Homebuyer Tax Incentives - First Time and Repeat

2010-01-17T17:45:00.000-08:00

Source: Nick DiLorenzo, Mortgage Consultant
Element Funding

First Time Homebuyer Tax Credit Extended Into 2010!
Plus...A New Tax Credit for Certain Existing Home Owners!

It's official. President Obama has signed a bill that extends the tax credit for first-time homebuyers (FTHBs) into the first half of 2010. This program had been scheduled to expire on November 30, 2009.

In addition to extending the tax credit of up to $8,000 through June 30, 2010, the extension measure also opens up opportunities for others who are not buying a home for the first time.

So Who Gets What?
The program that has existed for FTHBs remains intact with the one exception that more people are now eligible based on an increase in the amount of income someone may now earn.

Additionally, the program now gives those who already own a residence some additional reasons to move to a new home. This incentive comes in the form of a tax credit of up to $6,500 for qualified purchasers who have owned and occupied a primary residence for a period of five consecutive years during the last eight years.

Deadlines
In order to qualify for the credit, all contracts need to be in effect no later than April 30, 2010 and close no later than June 30, 2010.

Higher Income Caps in Effect
The amount of income someone can earn and qualify for the full amount of the credit has been increased.

Single tax filers who earn up to $125,000 are eligible for the total credit amount. Those who earn more than this cap can receive a partial credit. However, single filers who earn $145,000 and above are ineligible.

Joint filers who earn up to $225,000 are eligible for the total credit amount. Those who earn more than this cap can receive a partial credit. However, joint filers who earn $245,000 and above are ineligible.

Maximum Purchase Price
Qualifying buyers may purchase a property with a maximum sales price of $800,000.

First-Time Homebuyer Tax Credit – Frequently Asked Questions
Here are answers to some commonly asked questions about the tax credit.

What is a tax credit?
A tax credit is a direct reduction in tax liability owed by an individual to the Internal Revenue Service (IRS). In the event no taxes are owed, the IRS will issue a check for the amount of the tax credit an individual is owed. Unlike the tax credit that existed in 2008, this credit does not require repayment unless the home, at any time in the first 36 months of ownership, is no longer an individual's primary residence.

What is the tax credit for first-time homebuyers (FTHBs)?
An eligible homebuyer may request from the IRS a tax credit of up to $8,000 or 10% of the purchase price for a home. If the amount of the home purchased is $75,000, the maximum amount the credit can be is $7,500. If the amount of the home purchased is $100,000, the amount of the credit may not exceed $8,000.

Who is eligible for the FTHB tax credit?
Anyone who has not owned a primary residence in the previous 36 months, prior to closing and the transfer of title, is eligible. This applies both to single taxpayers and married couples. In the case where there is a married couple, if either spouse has owned a primary residence in the last 36 months, neither would qualify. In the case where an individual has owned property that has not been a primary residence, such as a second home or investment property, that individual would be eligible.

As mentioned above, the tax credit has been expanded so that existing homeowners who have owned and occupied a primary residence for a period of five consecutive years during the last eight years are now eligible for a tax credit of up to $6,500.

How do I claim the credit?
For those taking advantage of the tax credit in 2009, you may choose to either apply for the credit with your 2009 tax return or you may apply for the credit sooner by filing an amended 2008 tax return with Form 5405 (http://www.irs.gov/pub/irs-pdf/f5405.pdf).

Can you claim the tax credit in advance of purchasing a property?
No. The IRS has recently begun prosecuting people who have claimed credits where a purchase had not taken place.

Can a taxpayer claim a credit if the property is purchased from a seller with seller financing and the seller retains title to the property?
Yes. In situations where the buyer purchases the property, even though the seller retains legal title, the taxpayer may file for the credit. Examples of this would include a land contract, contract for deed, etc. According to the IRS, factors that would demonstrate the ownership of the property would include: 1. the right of possession, 2. the right to obtain legal title upon full payment of the purchase price, 3. the right to construct improvements, 4. the obligation to pay property taxes, 5. the risk of loss, 6. the responsibility to insure the property and 7. the duty to maintain the property.

Are there other restrictions to taking the credit?
Yes. According to the IRS, if any of the following describe your situation, a credit would not be due.

You buy your home from a close relative. This includes your spouse, parent, grandparent, child or grandchild.
You do not use the home as your principal residence.
You sell your home before the end of the year.
You are a nonresident alien.
You are, or were, eligible to claim the District of Columbia first-time homebuyer credit for any taxable year. (This does not apply for a home purchased in 2009.)
Your home financing comes from tax-exempt mortgage revenue bonds. (This does not apply for a home purchased in 2009.)
You owned a principal residence at any time during the three years prior to the date of purchase of your new home. For example, if you bought a home on July 1, 2009, you cannot take the credit for that home if you owned, or had an ownership interest in, another principal residence at any time from July 2, 2006, through July 1, 2009.
Can you buy a home from a step-relative and be eligible for the credit?
Yes. Provided the person you are buying a home from is not a direct blood relative, the purchase would be allowed.

Can parent(s) who will not live in the property cosign for a mortgage for their child and the child that is a qualifying FTHB still be eligible for the credit?
Yes.

Can a separated spouse who has not owned a home for four years qualify for the FTHB tax credit if the spouse has owned a property anytime in the last three years?
No. However, the spouse may be eligible for the repeat buyer credit. The best path to take in any situation regarding income taxes is to speak with a professional tax preparer or CPA.

Please consult your tax accountant for more information.

Reverse Mortgages Gain Popularity

2010-01-17T17:31:00.000-08:00

Source: Nick DiLorenzo, Mortgage Consultant

Baby Boomers Retire
Reverse Mortgages Gain Popularity

Born between 1946-1964, the generation known as the Baby Boomers will begin to retire in large numbers, substantially shrinking the labor force in the US. As a result, Social Security, Medicare, and other government programs will be significantly affected over the next several years. In fact, the Social Security Advisory Board (SSAB) estimates that, by 2030, about 20% of the American population will be 65 years old or older.

With rising costs of living and a dwindling budget to accommodate the elderly and disabled, we will see increased usage of the reverse mortgage. This loan allows equity to be taken out of the home to meet day-to-day expenses, and was designed in the late 1980s to help those who owned property, but lacked sufficient income to live on. However, there are benefits and disadvantages to be considered before going into this type of loan.

In most loan scenarios a home will go into foreclosure if payment is not made. If payments are made, the debt decreases and equity increases. The opposite holds true for a reverse mortgage; equity is taken out of the home to sustain the family, causing debt to increase while equity decreases. There is an exception - if the actual value of the home increases, less equity will be lost overall.

Most reverse mortgages are set up so there is no monthly payment as long as the owner resides in the home. There are no minimum income requirements, and the money can be used for any purpose. Equity disbursed from this type of loan is tax-free. Depending on the type of plan, reverse mortgages will usually allow the owner to retain the title to the property until they have lived in a different residence for 12 months, sold the property, died, or the end of the loan term has been reached.

On the flip side, reverse mortgages can be more costly than a normal equity loan. Interest is added to the principal balance each month, and the amount of interest owed is compounded over time. The interest will not be tax deductible until the loan is paid off, in part or in full. Also, since the reverse mortgage uses equity in the property, this constitutes a loss of assets one could pass on to heirs.

The Federal Trade Commission warns of abuse with this type of loan, as they have received reports of predatory lenders taking advantage of the elderly. It is best for the individual interested in a reverse mortgage to research and obtain counsel from reputable sources.* HUD does not recommend consulting an estate planning service to obtain a referral to a lender. HUD provides this information free to the public. Even if the home loan was not originally an FHA loan, the reverse mortgage can be federally secured.

*Visit the HUD page on this subject at http://www.hud.gov/offices/hsg/sfh/hecm/rmtopten.cfm,
consult AARP (American Association of Retired Persons) at http://www.aarp.org,
and the National Center for Home Equity Conversion at http://www.reverse.org.

The Home Affordable Modification Program, or HAMP.

2010-01-17T17:25:00.000-08:00

Part of the Federal Government’s economic stimulus plan, HAMP is an option that has yet to pick up a head of steam. It’s possible that it hasn’t gotten the necessary publicity, which is a shame, because keeping homeowners in their homes is vital not just to their well-being, but to the well-being of our economy.

Here’s how HAMP works:

Not a refinance, which replaces your loan with a brand-new mortgage, a loan modification happens when your lender reworks the terms of your existing loan. Generally speaking, this lowers payments and makes the home more affordable for you. Often, the lower payments are the result of a lower interest rate, an extension in the loan term, a reduction in principal, or any combination thereof.

If your home is your primary residence and the balance of your first mortgage is less than $729,750, then you may qualify for the program. Additionally, you’ll have to demonstrate that you’re facing hardships that are affecting your ability to make payments on your mortgage. From there, your lender will ask for documentation about your income, bank statements, as well as other financial data. You’ll also be asked to complete a Hardship Affidavit, in which you’ll describe extenuating circumstances with which you’re dealing.

Every Dog Loves a Treat

2010-01-17T17:11:00.000-08:00

WOOF GANG BAKERY

Specialty Dog Bakery & Boutique in the heart of Estero

Every dog has his day. Make it special with a treat from Woof Gang Bakery!

Woof Gang Bakery specializes in hand-made, gourmet dog treats in an assortments of tasty flavors. Our treats are baked to perfection using fresh, healthy, wholesome ingredients.

Dogs savor the tantalizing tastes and enticing aromas of peanut butter, pumpkin,
cinnamon, cheddar cheese, parmesan cheese and real bacon -
and never any added salt, sugar or preservatives.

Tail Wagging treats includes Snickerpoodles, Nutty Squirrels, Paw Lickin' Chickens, Bacon Cheddar Bones, Beef Stew Stars, Pumpkin Pie Fire Hydrants and custom Woof Gang Bakery Bones. Also available are Birthday Bones, seasonal selections and special hand-dipped and decorated treats using carob, yogurt and the finest dog-friendly ingredients.

At Woof Gang Bakery, health and happiness go hand in paw! We proudly offer premium pet foods for dogs and cats, treats and nutritional supplements.

Products include: EVO, Innova, California Natural, Merrick, Wellness, Canidae, Taste of the Wild, Natural Balance and more!

We will Special Order your particular food at no additional cost.
Unleash your dogs style in our Boutique!

Woof Gang Bakery carries unique accessories, collars, leashes, bowls,
toys, canine spa products and much more to pamper you precious pooch.

At Woof Gang Bakery, we know that dogs are a part of our families, dogs are our faithful companions, dogs bring us joy. We will help you show your appreciation for their unconditional love and devotion.

Located in The Shoppes at Grande Oak - across from Miromar Outlets corner of Ben Hill Griffin Pkwy. & Corkscrew Rd.

John & Pam Borrisove
Woof Gang Bakery Estero
20301 Grande Oak Shoppes, Ste. 114
Estero, FL 33928
239-949-WOOF
estero@woofgangbakery.com

"Resolve" to Stop Wasting Money"

2010-01-04T09:45:00.000-08:00

Source: Nick DiLorenzo of Element Funding, Bonita Springs Florida. Jan. 2010

The New Year is the perfect time to take a look at your spending habits and "resolve" to avoid wasting money where you don't have to. Here are some main areas that many of us waste money unnecessarily...and some simple steps to ensure a bright financial 2010.

Meals at the Workplace
Working Americans spend an average of $6 when they buy their lunch at work. The average cost drops to $2 when we bring our lunch from home. That's a difference of $4 a day, or $20 a week, or over $1,000 a year. Consider adding this savings to your savings account, and after just a few months you'll really see the difference add up.

Utilize the Public Library
By obtaining a library card, you can save on books, magazines, and especially DVD rentals. If you average 3 DVD rentals a month, you're spending approximately $144 a year. That's $144 that could be deposited into your bank account. For every book you check out, find out what it would have cost if you'd bought it. Deposit that amount into your account, too.

Don't be Afraid to Ask for Discounts
If you're paying bills or buying items such as airline tickets based solely on the price you're quoted, you could be wasting money. Many companies provide discounts on goods and services but only for those customers who request them. It never hurts to ask so start asking.

Save Gas
Consult the owner's manual of your car and learn about the manufacturer's recommendations for optimal gas mileage. Put the suggestions into action and see what happens. After a month, you should be able to see if you're spending less on fuel. Take the savings and stash it away.

Sell Your Junk
Come Springtime, go through your closets, garage, and CD collection. Figure out which items you no longer use. You can either hold a garage sale or locate stores which buy and sell used merchandise, and sell the items to them.

Do Away with Disposable
From razors and batteries to paper towels and plastic bags, your home is filled with products which are meant to be thrown away. Most of these disposable items have either a permanent or semi-disposable counterpart. Switching over to these more durable items can yield a savings of $4 a week or $200 a year.

Get the Most Out of Your Utilities
Many of us are overspending on our utility bills for no other reason than our own apathy. If you haven't already switched over to low-flow shower heads and toilets it's probably time to do so. Also, get into the habit of turning off lights when not in use. Did you know that most utility companies offer a free online energy audit? This way you can see exactly where you're wasting money.

Here's to a bright financial future in 2010!

It's a Great Time to Buy

2010-01-04T09:42:00.000-08:00

WSJ - time is right to buy

Brett Arends of the Wall Street Journal has an interesting argument he pulled together using the latest Case-Shiller data, and double checked against Census data. In short, now is a good time to buy a home. Real estate has now fallen 30% from its 2005 peak, at the same time as mortgage rates have also plummeted. In 2006 you had to pay an average of about 6.4% on a 30-year fixed loan, according to the Federal Reserve. Right now you can get deals for about 5%. On average, buying a home now is as cheap as it was in the mid-1990s, when houses were an absolute steal. But what about waves of mortgage resets coming in the next two years? What about all the unemployment? And the foreclosures?

Arends says these are all valid arguments for refusing to buy homes when they are expensive, or even averagely priced. But the whole point about markets is that they adjust. Prices are now cheap. They reflect this bad news, and more. If you have a stable income, and you can get a 30-year mortgage at 5% or so, and you are willing to drive a hard bargain on a home in this market, this is your time. Arends continues: "Over and over again, history suggests that the best investments are the ones no one wants–gold when it was $260 an ounce, Amazon.com when it fell below $10 in 2002, Hong Kong shares during the SARS "crisis" in 2003, and so on. If an investment feels comfortable, it's should make you nervous. If it makes you really nervous, that's probably good."

NAR - The Decade in Real Estate

2010-01-04T09:38:00.000-08:00

The National Association of Realtors (NAR) has put together a retrospective of the real estate market for the last decade. Notable developments: In 1999, buyers who went online in search for a home were in the minority – only 37 percent of buyers used the Internet in their home search. Today, 90 percent of buyers are searching online. Despite the current price declines, median home values over the past decade have increased more than 25 percent, from $137,600 in November 1999 to $172,600 in November 2009. Fewer people are buying detached, single family homes – 82 percent in 1999 compared to 78 percent in 2009 – but more people are buying homes in suburban neighborhoods – 46 percent in 1999 compared to 54 percent today.

Married couples comprised 68 percent of all home purchases at the beginning of this century but only represent 60 percent of all buyers today. Single men and women have made up the difference – single men purchased 10 percent of all homes last year, compared to only 7 percent 10 years ago. Single women now represent more than one-fifth of all home buyers – 21 percent, up from 15 percent in 1999. Other things haven’t changed. The median age for home buyers last year was 39, just as it was in 1999. Neighborhood quality, affordability, and convenience to work and school have consistently been top priorities for both past and present buyers. And eight out of 10 recently surveyed consumers believe that owning a home is an investment in their future. “... one constant during [the last 100 years] has been the persistence of homeownership as the American Dream,” says NAR president Vicki Cox Golder.

2010 A Great Year To Buy

2010-01-04T09:34:00.000-08:00

Based on the article below, 2010 just might be a better time to buy than in 2009!!

Home prices to fall in 2010 - foreclosures coming

Fiserv Lending Solutions, a financial analytics firm, forecasts that prices will fall in all but 39 of the 381 markets it covers, with an average drop of 11.3%."We've seen recent price stabilization because of low mortgage interest rates and the impact of the first-time homebuyers tax credit," said Pat Newport of IHS Global Research. "But there are really good reasons to think prices will now start going down." There are three main reasons for the reversal: a coming flood of foreclosures, rising interest rates and the eventual end of the tax credits. According to Gus Faucher, the director of macroeconomics for Moody's Economy.com, the huge number of foreclosures that remain in the pipeline is the big problem. In fact, Moody's upped its estimate of defaults recently because of shortcomings of the government-led mortgage modification programs. Trial workouts are not being made permanent and completed modifications are redefaulting at high rates. "There are going to be fewer [successful] modifications than we thought." However, he says most of the price decline has already occurred and Moody's forecast is for only another 8% drop. The worst-hit markets will be the ones suffering the most foreclosures, places like Arizona, California, Florida and Nevada. Some analysts, according to Newport, also think rates for a 30-year mortgage will pass 6% next year as the government curtails housing market support. Finally, many economists see the end of the tax credit in April as a significant brake on home prices.

Happiest U.S. States Pinned Down

2009-12-29T10:19:00.000-08:00

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

Move Up / Repeat Home Buyer Tax Credit

2009-12-29T09:58:00.000-08:00

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

I just found a property and wanted to share it with you!

2009-12-24T12:26:00.001-08:00

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!

2009-12-24T12:25:00.001-08:00

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.

New Listing in Waterside at Bay Beach

2009-12-10T11:47:00.001-08:00

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

2009-12-10T11:44:00.000-08:00

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

New Listing on Fort Myers Beach

2009-12-08T06:32:00.000-08:00

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

I just found a property and wanted to share it with you!

2009-11-27T11:17:00.001-08:00

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.

New Listing on Fort Myers Beach

2009-11-17T12:20:00.000-08:00

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

October Market report for Napes, Bonita and Estero

2009-11-10T10:42:00.000-08:00

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

Glass Slipper Ball - Fundraiser for Victims of Domestic Abuse

2009-11-05T11:16:00.000-08:00

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.

Stoneybrook in Estero, Florida - JUST SOLD!!

2009-11-01T11:38:00.000-08:00

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/.

September Market Shows More Good News

2009-10-30T12:00:00.000-07:00

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.

Small home fixes with big impact: Palm Beach County experts offer tips

2009-10-19T11:46:00.000-07:00

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.

Foreclosures: 'Worst three months of all time'

2009-10-19T11:32:00.000-07:00

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

New Cinema Opens at Mercato

2009-10-05T13:17:00.001-07:00

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

Defaults Help Lee County Home Sales Soar Past Record

2009-10-05T13:11:00.000-07:00

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

How to Beat the $8K Tax Credit Deadline

2009-09-28T12:48:00.000-07:00

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)

Lee County Seeks UK Tourists

2009-09-26T07:58:00.000-07:00

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.

September Newsletter

2009-09-25T12:44:00.000-07:00

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

Market report for July

2009-08-22T05:16:00.000-07:00

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

There’s Value in Real Estate, if You Find Your Florida

2009-08-22T05:06:00.000-07:00

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.

Existing Home Sales Soar in Lee County

2009-08-03T14:08:00.000-07:00

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

Home prices up for 1st time in 3 years

2009-08-03T14:03:00.000-07:00

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

Great Hotel Rates for My Customers

2009-07-20T10:32:00.000-07:00

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.

Do You Have the Courage to Buy into this Housing Market?

2009-07-20T10:27:00.000-07:00

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

Bonita Springs Beaches voted #7 in the Country

2009-07-20T10:23:00.000-07:00

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!

Determining Your Offer Price

2009-06-29T12:00:00.000-07:00

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

2009-06-29T11:46:00.000-07:00

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.

Foreclosures Fall in May

2009-06-19T09:59:00.000-07:00

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.

Million Dollar-Plus Market Shows Signs of Life

2009-06-18T14:21:00.000-07:00

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

May Market Report for Naples, Bonita Springs and Estero

2009-06-10T11:44:00.000-07:00

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

International Home Buyers

2009-06-10T11:42:00.000-07:00

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

Free Coupons for Local Restaurants and Business

2009-06-10T11:02:00.000-07:00

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.

Home affordability tops with buyers

2009-06-08T10:49:00.000-07:00

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

Citizens Property Insurance Rates

2009-06-08T10:47:00.001-07:00

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.

Forecasters say recession nearing end

2009-05-29T11:55:00.000-07:00

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)

Preparing Your Home To Sell

2009-05-26T13:26:00.000-07:00

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

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.

Repair

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.

Refresh

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

Show Time!

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.

Good Advice For Sellers

2009-05-20T11:19:00.000-07:00

We frequently tell sellers what they should do to sell their home.

Considering the things I’ve encountered while showing homes lately, I thought perhaps some advice about what they shouldn’t do is warranted as well. I’ve come up with a hit list.

Sellers, if you really are committed to selling your home, here are some things you shouldn’t do.

1. Don’t stay at home during an open house. Visitors will more than likely avoid the room you are in altogether and not give it a thorough look. It may be uncomfortable for your agent as well.

2. Don’t linger inside during showings. If you can’t be away (pets, babies) then at least step outside or into the garage while your visitors are there. They won’t feel comfortable checking out closet space and cabinet storage with you observing.

3. Don’t skimp on the heating or air conditioning when buyers are coming by. They won’t want to fiddle with your controls, but may leave thinking there are temperature problems.

4. Don’t leave dirty dishes in the sink. If your family is on the go that often and clean up just won’t get finished, consider paper plates and cups for those early morning meals before you dash out to work for the day.

5. Don’t let a dark home scare someone away. If your home is on the market in the winter months, consider an outside motion detection light. If there are no lights on, it can be pretty tricky to find the lockbox on the side of the house on the water pipe when it’s pitch black outside.

6. Don’t expect that everyone will remove their shoes, even if you have a sign asking them to do so. Ask your agent to place a basket with paper booties by the door. Some shoes aren’t so easy to remove, and folks might not comply. This will be an easier option for them and save wear and tear on your floors.

7. Don’t assume your home smells fresh and clean. We often can’t smell odors we are accustomed to from pets or strong spices and foods. Have a trusted friend or neighbor let you know that it literally passes the smell test.

8. Don’t overprice your home, assuming that someone will always offer less than you’ve asked. That may be true in some cases, but more than likely they won’t come to see it, or they’ll come but won’t make an offer.

9. Don’t expect to gain value for that unpermitted addition you have. Many people will see it as a liability and won’t want to pay more for it.

10. Don’t neglect the swimming pool! I’ve seen too many homes with lovely yards, but a murky, green, or leaf-strewn pool in back. You’re selling the pool too, right? Make it sparkle.

11. Don’t forget to look up when cleaning your home for showings. Dirty ceiling fans and light fixtures don’t show your home in its best light.

12. Don’t hold back information about the property’s condition. If a buyer learns about it after their inspections, they’ll be more likely to ask for a price adjustment. If it’s known in advance, they are more apt to consider that the deficiency is reflected in the asking price.

13. De-cluttering the home. Now that summer is here it's a good time for yard/garage sales.

14. Be very careful with scented candles. What smells good to you can trigger an immmediate negative opinion of the buyer. Vanilla is usually okay but stray away from the rest.

15. Don't smoke in the house.

Considering the buyer’s point of view now may help your work through this transaction more realistically.

Short Sales may be getting easier

2009-05-20T11:06:00.000-07:00

Bank of America revises short sale policy

NEW YORK – May 19, 2009 – Bank of America, one of the country’s largest mortgage lenders, says it is loosening its policies on short sales in response to the U.S. Treasury Department’s announcement last week that it would increase incentives for lenders to work out short sale deals.

The government’s plan is a boon to banks, says David Sunline, BofA’s real estate management executive, because it provides guidance when there are multiple liens, a potentially litigious issue for lenders.

In the past, the bank followed Fannie Mae’s policy of giving second lien holders about 10 percent of the second mortgage balance in a short sale. Now when it holds the second lien, BofA will accept 5 percent of the net proceeds of the short sale, Sunline says. When it is the first lien holder, it will offer 5 percent to the holder of the second lien.

Sunline says homeowners considering short sales should contact the bank within five days of getting an offer on the home and expect its cooperation as long as the offer is within the range of other sales in the area and the borrower can demonstrate financial hardship.

Source: The New York Times, Bob Tedeschi (05/15/2009)

A New Fear: Chinese Drywall

2009-05-14T12:31:00.000-07:00

There is a new fear here is SW Florida about Chinese Drywall. You may have heard about it, it's all over the news. Rest assured that there are more homes than not WITHOUT Chinese drywall. Read below about some on the many inspections and things you can do to make sure your home is safe and to relieve that fear.

The following is taken from the Radon and Mold Professionals newsletter dated May 2009.

Chinese Drywall Inspections

"Chinese Drywall" inspections are now part of the Indoor Air Quality services offered by Radon and Mold Professionals board Certified Indoor Environmentalists.
**************************************************************
On the Florida Dept. of Health website under "Frequently Asked Questions" is the following:
How do I know if I have "Chinese drywall"?
Unfortunately, there is no easy answer to this question. The most definitive method to date is finding a "made in China" marking on the back of sheet of drywall. DOH observed some drywall in several homes with no discernable markings. The origin of the unmarked drywall is unknown. DOH observed that homes with marked Chinese drywall also contained drywall marked as made in USA. Remember that we do not know how many sheets of the suspect drywall can cause problems. DOH did observe at least one home with marked Chinese drywall with none of the associated corrosion or odor problems. The bottom line is we think the question should really be "Does my house have corrosion problems?"
http://www.doh.state.fl.us/Environment/community/indoor-air/drywallFAQ.html

Our "Chinese Drywall" inspection is as FL. DOH suggests. The question we can answer for you, without expensive and inconclusive testing is:

Does your home have a corrosion problem?
The following criteria are currently used by the FL. DOH to determine whether or not existing conditions in your home meet the case definition of the presence of Chinese/odorous drywall in your home:
1) Black or charcoal corrosion on copper wiring
2) Black or charcoal corrosion on copper refrigerant lines and coils in the HVAC system
3) A drywall stamp indicating country of origin and/or the manufacturer
4) Black or charcoal corrosion on copper plumbing lines
5) Expensive repair or replacement of the air conditioner's evaporator coils due to breakdown
6) Sulfur like odor in one or more rooms in the home that is known to be not sourced in the water

For homes built after January 1st, 2004, the FL. DOH states that if you answered yes to two or more of these conditions, your home meets the case definition. If built before January 1st, 2004 and you answered yes to three or more of these conditions, you meet the case definition.

Of the 62 inspections we have performed in the last month, twenty three met the case definition of having "Chinese drywall" present in their home.

http://www.radonmoldhelp.com/id118.html

Chinese Drywall Inspections

An American Board of Industrial Hygiene (ABIH) "Certified Industrial Hygienist" or a AmIAQC board "Certified Indoor Environmentalist" (CIE) is qualified to perform a Chinese Drywall assessment.

The Inspector should have Errors & Omissions Insurance for "Chinese Drywall"

Your Home Inspectors "Standard of Practice" does not cover "Chinese Drywall" example: http://www.nachi.org/sop.htm

Your Home Inspectors E&O does NOT cover "Chinese Drywall" inspections.

Why would you hire an inspector without E&O?

May 7, 2009

"The lawyer for environmental professionals stressed repeatedly that the inspector should / must have Errors and Omissions insurance that covers Odorous / Chinese drywall assessment." (Indoor Air Quality Seminar at Atlantic Coast University)
http://www.radonmoldhelp.com/id118.html

Chinese Drywall cause for leaving home:
http://www.cnn.com/2009/US/05/06/florida.chinese.drywall.family/index.html

"PARKLAND, Florida (CNN) -- Yorelle Haroush fled a million-dollar South Florida home this week, chased out, she said, by drywall made in China that's emitting vapors that smell like rotten eggs.

"I said, 'you can't stay there anymore, because you're sick every minute,'" the family's longtime physician, Dr. Ross Nochimson, told CNN. "They're sick on a weekly basis. Ear aches, sore throat. I give them something, and they're sick again."

Other News:

Is Your Mold Inspector Really "Certified"?

http://www.naplesmoldinspection.com/id47.html

Washington D.C. ..... New American National Standard 1100 (IAQ certifications)approved by the American National Standard Institute (ANSI) March 9, 2009

Radon & Mold Professionals

Office: (239) 498-4619 toll free: (800) 881-3837

www.radonmoldhelp.com

www.naplesmoldinspection.com

John Cosgrove, CIE, CRMI Senior Inspector

Doug Wall, CIE, CRMI

Rob Martin, CIE

3 AmIAQC Board Certified Indoor Environmentalists

$1,000,000 Liability
Professional Liability: $1,000,000 / $1,000,000 limit /claims made
Microbial Consulting Coverage: $1,000,000 / $1,000,000 limit /claims made

Note:
Professional Liability, E&O that covers Chinese Drywall assessments and Preliminary mold inspections / testing.
Microbial Consulting Coverage, E&O that covers MOLD Post remediation inspection/testing (Clearance).

Mold inspections - Mold Tests - Radon Tests - Allergen Screening -

VOC Testing - "Chinese" Odorous Drywall Inspections

Naples International Film Festival

2009-05-07T09:53:00.000-07:00

Information from the Naples Florida Weekly April 16, 2009

Naples International Film Festival set for November at Mercato cinema

The Naples International Film Festival has announced its inaugural event will take place Nov. 5-8 at Silverspot, the luxury cinema slated to open later this year at Mercato. The festival will screen full-length feature films, shorts and documentaries from around the world, with a special focus on Southwest Florida's filmmakers.

Silverspot will offer NIFF moviegoers the finest cinematic accommodations and will also host a number of events associated with the festival. The location was announced recently along with the newly appointed NIFF advisory board, whose members are Phil Wood, Charlene Rooney, Brenda O'Connor, Maggie McCarty, Maury Dailey, Dick Munro, Bob Encarnacion, Jim Griffith, Bill Young, Janice Kemp, Stephen Gray-Blancett, Elizabeth D'Onofrio, Nicole Angelo and Mayela Rosales. The announcements were celebrated at Six Degrees Exhibitions with food, dancing and the screening of two short films and a NIFF commercial.

The Naples International Film Festival board of directors. NANCY NEAL / FLORIDA WEEKLYStarting April 16, the NIFF will hold pre-screenings at 7 p.m. every Thursday at Six Degrees Exhibitions. The public is invited to join the judging committee to see and rate films in consideration for the festival. Discussion with the judging panel and local filmmakers, actors and directors follows each film.

For more information, visit http://www.naplesfilmfest.com/, e-mail eric@naplesfilmfest.com or call 331-2678.

Entertainment in May

2009-05-01T10:44:00.000-07:00

Southwest Florida Symphony's "European Tour Part 2"
The Southwest Florida Symphony, the Symphony Chorus and the Sarasota Key Chorale present Morton Lauridsen's "Lux Aeterna." The performance is a preview of the concert the choruses will perform in Italy this summer, 7:30 p.m., $18. Faith United Methodist Church, 15690 McGregor Blvd., south Fort Myers. 418-1500.

George Vega's Tales of Early Life, Law and Laughter
Hear tales of the early Naples attorney who worked for Lester Norris who spearheaded the Southwest Florida Conservancy, 4-5 p.m., free. Naples Backyard History Mini Museum, 1300 3rd St. S., Suite 103, Naples. 594-2978 for reservations.

Latin Art Show
The Sidney & Berne Davis Art Center presents work by Latin American artists such as Romero Britto, Juan Diaz and Cesar Aguilera. Opening reception 6-9 pm. Show through May 29. Gallery hours noon to 7 p.m. Monday-Friday. Call 337-1933 or visit fl-arts.org.

Greater Fort Myers Dog Club's Spring Show
Official American Kennel Club event from 8 a.m.-7 p.m. Saturday and 8 a.m.-5 p.m. Sunday. Lee Civic Center, 11831 Bayshore Road, North Fort Myers. 945-2776.

"Colors in Sound" Concert
Southwest Florida Symphony's Youth Orchestra finale conducted by Michael Hall and featuring the Concerto Competition winner, 7 p.m., $7. Fort Myers High School, 2653 Cortez Blvd., Fort Myers. 418-0996.

One-Woman Show "Mother Load"
Written and performed by Amy Wilson and directed by Julie Kramer, "Mother Load" is a mix of motherhood, comedy and true confession and is appropriate for ages 12 and older. The laugh-out-loud show is an expose of the fruitless and ever-challenging quest to be the "perfect" mom, 7 p.m., $35. Philharmonic Center For The Arts, 5833 Pelican Bay Blvd., Naples. 800-597-1900.

Guinness World Book of Records "World's Funniest Man" Performs
Largo comedian G. David Howard got into Guinness by cracking jokes for 16 hours straight. 8 p.m., $15. Knights of Columbus San Carlos Council 2596, 4040 Princeton St., Fort Myers. 940-3800 or 910-8243.

Miracle Fireworks
Enjoy Memorial Weekend fireworks, a special fireworks tribute to servicemen and women following the Miracle game, which begins at 7:05 p.m. Hammond Stadium, 14400 Six Mile Cypress Parkway, south Fort Myers. 768-4210 or miraclebaseball.com.

A Romantic Night To Remember
Naples Players' ETC presents a classic comedy of the sexes, "Cecile, or School for Fathers." Last show of the season. Performance at 7:30 p.m. in Tobye Studio, $10. Sugden Community Theatre, 701 5th Ave. S., Naples. 263-7990.

Celtic Woman
The international Irish sensation comes to Fort Myers with the new show, "Isle of Hope." Features the five women of Celtic Woman singing brand-new, heart-stirring songs, plus many Celtic Woman classics. 7:30 p.m. Wednesday and Thursday. $36-$66. Barbara B. Mann Performing Arts Hall, 13350 Edison Parkway, Fort Myers. 481-4849.

"Pose Down" Screening
An independent film shot in Fort Myers will be screened for the first time with a meet-and-greet reception afterward with the creators. 6:30 p.m., Alliance For The Arts / Foulds Theatre, 10091 McGregor Blvd., Fort Myers. 939-2787.

"Journey through Motion"
The Naples Philharmonic Orchestra's final Family Fare concert of the season will send audiences on a musical adventure to outer space, the high seas, the Grand Canyon and South America. Featured selections include "Flight of the Bumblebee" and "Nimbus 2000.," 3 p.m., $15, adults; $10, students. Philharmonic Center For The Arts, 5833 Pelican Bay Blvd., Naples. 597-1900 or 800-597-1900.

The Caloosa Catch and Release
Over $30,000 in cash and prizes will be awarded at the 20th annual fishing tournament. Anglers of all skill levels, ages and genders will compete over two fishing days for snook, redfish, trout and a daily mystery fish on a catch-and-release basis. Live auction with dinner and an open bar is open to the public. Public weigh station open from 3-5 p.m. Primary beneficiary of the Caloosa Tournament Series is the Florida Gulf Coast University Athletic Scholarship program. Visit caloosacatchandrelease.com for information, 671-9347 or 850-1707.

"Jim Gaffigan Live!"
As seen on Comedy Central's special, "King Baby," and in his role on TBS' comedy, "My Boys.," 8 p.m., $35, $42. Barbara B. Mann Performing Arts Hall, 13350 Edison Parkway, Fort Myers. 481-4849.

Dog Daze
The Miracle host the second of four Dog Daze of Summer games at 7:05 p.m. All dogs are admitted free. Hammond Stadium, 14400 Six Mile Cypress Parkway, south Fort Myers. 768-4210 or miraclebaseball.com.

Biggest Gains in 12 Months

2009-05-01T09:56:00.000-07:00

HOME SALES SHOW SIGNIFICANT IMPROVEMENT IN MARCH
COMPARED TO MARCH 2008 WITH BIGGEST SINGLE MONTHLY GAINS
IN LAST 12 MONTHS

March 2009 results showed for the first time that housing sales are starting to gain traction in all regions across the country. March 2009 housing sales were down only 5.8 percent compared to March 2008 which is best performance on a year over year basis in the last 18 months. While the average price of homes sold fell 14.7% in March 2009 from March 2008, this was also the best price performance in six months.

April 14, 2009 – Denver, CO - Home sales showed significant improvement in all regions in March 2009. The results were a welcome surprise in light of other economic news that shows continued weakness in retail sales and employment. While unit sales were down 5.8% from March 2008 to March 2009 that compares very favorably with February numbers that showed sales down 18.1% from February 2008 to February 2009. Also prices of sold homes were down only 14.7 percent from March 2008 compared to the February report that showed closed sales prices being down 22.2 percent.

The best region for sales units was the western region where unit sales continued their run of increased housing activity. Unit sales in the western region were up 18.7 percent compared to March 2008. Other regions saw sales decrease of between 10.3 and 16.2 percent with the Northeast region having the largest unit decline compared to last year. Housing sales improved in every region in March 2009

Prices continue to be soft but improved measurably from the January and February reports. The national average price of homes sold was down 14.7 percent from a year ago. The western region showed the affects of a large number of foreclosure sales with the average price of homes sold being down 23.0 percent but this was nearly a 50% improvement from the January and February 2009 report.

The best region for prices was the south where prices were down only 7.9 percent. Every region had improved price performance from the prior months. “March 2009 results show that low interest rates, soft home prices and high levels of affordability are countering other more negative news in the economy.

Home prices which have been under pressure for three years now are starting to firm somewhat a trend that may continue in the months ahead. The economic picture obviously will
continue to have an impact on homebuying. Even with near record low interest rates, rising unemployment will continue to put a break on how fast housing can recover,” said Steve Murray, editor of REAL Trends. “As we said in our last report, there are several factors that will subdue housing sales in 2009. However, it appears that consumers are shaking off the other bad news and returning to the purchase of homes that fit their personal needs.
Doubtless, the first-time home buyer tax credit, the loosening of underwriting guidelines for FHA mortgages and the Fed’s intervention to lower rates are all factors assisting with the housing recovery.

New Home for Red Sox

2009-05-01T09:53:00.000-07:00

BY GLENN MILLER • GMILLER@NEWS-PRESS.COM • APRIL 30, 2009
Daniels Parkway Wins OUt for Red Sox
In the end, Lee County commissioners selected the least controversial site - the site with the fewest permitting and environmental issues - for the Boston Red Sox new spring training complex and stadium.The board voted Wednesday afternoon to place the new facility, scheduled to open in 2012, at the Watermen-Pinnacle site on Daniels Parkway, a little more than a mile east of Interstate 75.

The backup choice, if negotiations between county staff and the developer falter, is the University Highland site just north of Germain Arena in Estero.

The selection was good news for Watermen principal Eddy Garcia.

"It was nerve-wracking, to say the least," Garcia said. "We felt we had all the dynamics going."
All five commissioners had Watermen-Pinnacle in their top two. Tammy Hall and Frank Mann listed it first. Bob Janes and Ray Judah had it second. Brian Bigelow had Watermen and University Highland in no particular order, but was leaning toward Watermen.
The most controversial of the four sites, Edison Farms, did not make the cut.

"While we are disappointed with the news from the Lee County commission and had hoped for a different outcome, we remain very proud of our team and the vision we proposed," Edison Farms spokeswoman Heather Mikes wrote in an e-mail Wednesday night to The News-Press.
"We believe Edison Farms' vision for Fenway South was unlike the other proposals, in that it would have provided a number of public benefits to the region without imposing additional tax burdens on the residents of Lee County."

The Edison Farms site was criticized by environmental groups all through the process and again during the public comment session of Wednesday's meeting in the commission chambers.
"It seems incredible to me that the board can select a site that is so environmentally sensitive," Estero resident Phil Douglas said during the meeting.

Commissioners Ray Judah and Frank Mann were intrigued, though, by the potential of the site. Edison Farms president Jason Wagner told the commission he was raising the company's offer of land for preservation from 1,280 acres to 2,000 acres.

Pending Sales at a Three Year High

2009-05-01T09:41:00.000-07:00

Contacts: Brett Brown, NABOR, President, 239/948-4292 Marcia Albert, NABOR, Manager of Events & Marketing, 239/216-4148

PENDING SALES AT THREE YEAR HIGH
Report Shows Inventory Declines 7.6 Percent NAPLES, Fla.-March 13, 2009- In February 2009, the pending sales in the Naples area reached its highest peak in over three years, according to a report released by the Naples Area Board of REALTORS® (NABOR), which tracks home listings and sales within Collier County (excluding Marco Island). Overall pending sales, which are a key indicator of buyer activity, continued its upward trend in February. Pending sales increased 69 percent with 808 pending in February 2009 compared to 479 in February 2008.

“This is the first time since 2005 that we are seeing multiple offers on numerous properties. This is shaping up to be the best season we have had in the past 4 years,” stated Mike Hughes, Vice-President of Downing-Frye Realty.

John Steinwand, President of Naples Realty Services, acknowledges that, “Inventory continues to decline due to the increase in sales. The available inventory decreased 7.6 percent to 11,427 in February 2009 compared to 12,377 in February 2008.”

In a pattern that is occurring throughout Southwest Florida, the Marco Island and Ft. Myers areas have followed this same trend, recently reporting a surge in sales and a decrease in inventory. The report provides annual comparisons of single-family home and condo sales (via the SunshineMLS), price ranges, geographic segmentation and includes an overall market summary.

Single-family pending home sales increased 131 percent overall, with 450 in February 2009 compared to 195 in February 2008.

Overall condo pending sales increased 26 percent, with 358 in February 2009 versus 284 in February 2008; and pending condo sales under $300,000 increased 77 percent with 266 in February 2009 compared to 150 in February 2008.

“For the 12 months ending February 2009, pending sales for single-family homes under $300,000 increased 362 percent,” stated Jo Carter, President of Jo Carter & Associates.

“With current low interest rates and home prices buyers are motivated and the momentum is continuing,” stated Bill Coffey, Branch Manager of Coldwell Banker Residential Real Estate.

To view the entire February report, go to www.Naplesarea.com

The Naples Area Board of REALTORS® (NABOR) is an established organization (Chartered 1949) whose members have a positive and progressive impact on the Naples community. NABOR is a local board of REALTORS® and real estate professionals with a legacy of nearly 60 years serving 5,000 plus member-customers. NABOR is a member of the Florida Association of REALTORS® and the National Association of REALTORS®, which is the largest trade association in the United States with more than 1.3 million members and over 1,400 local boards of REALTORS® nationwide. NABOR is structured to provide programs and services to its membership through various committees and the NABOR Board of Directors, all of whose members are non-paid volunteers.