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
Showing posts with label Fort Myers Beach. Show all posts
Showing posts with label Fort Myers Beach. Show all posts
Monday, September 27, 2010
Thursday, September 9, 2010
Paying Off the House in 15 Years
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."
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."
The American Home is Shrinking
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
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
Tuesday, August 24, 2010
John R Wood ranked 89th in Nation
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.
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.
Sunday, July 11, 2010
Wondering where the oil is going?
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.
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.
Tuesday, April 13, 2010
Lee County foreclosure auctions finally online
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.
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.
Monday, March 29, 2010
Don't Foreclose - Do a Short Sale
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
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
Thursday, March 18, 2010
Naples area home sales up 50%
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.
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
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.
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
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.
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.
Monday, March 1, 2010
Our New Fort Myers Beach Listing
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!
Monday, February 1, 2010
I just found a property and wanted to share it with you!
I just found a property and wanted to share it with you!
Posted using ShareThis
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.
Sunday, January 17, 2010
Reverse Mortgages Gain Popularity
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.
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.
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.
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.
Monday, January 4, 2010
It's a Great Time to Buy
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."
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."
2010 A Great Year To Buy
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.
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.
Tuesday, December 29, 2009
Happiest U.S. States Pinned Down
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
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
The Worker, Home ownership, and Business Assistance Act of 2009 has established a tax credit of up to $6,500 for
qualified ed move-up/repeat home buyers (existing home owners) purchasing a principal residence after November 6, 2009
and on or before April 30, 2010 (or purchased by June 30, 2010 with a binding sales contract signed by April 30, 2010).
The following questions and answers are from www.federalhousingtaxcredit.com and provide basic information about
the tax credit. If you have more specif c questions, we strongly encourage you to consult a qualified ed tax advisor or legal
professional about your unique situation.
Who is eligible to claim the $6,500 tax credit?
Qualified move-up or repeat home buyers purchasing any kind of home are
eligible to claim this credit.
What is the definition of a move-up or repeat home buyer?
The law defines a tax credit qualified move-up home buyer (“long-time
resident”) as a home owner who has owned and resided in a home for at
least five consecutive years of the eight years prior to the purchase date.
For married taxpayers, the law tests the home ownership history of both
the home buyer and his/her spouse. Repeat home buyers do not have
to purchase a home that is more expensive than their previous home to
qualify for the tax credit.
How is the amount of the tax credit determined?
The tax credit is equal to 10 percent of the home’s purchase price up to a
maximum of $6,500. Purchases of homes priced above $800,000 are not
eligible for the tax credit.
Are there any income limits for claiming the tax credit?
Yes. The income limit for single taxpayers is $125,000; the limit is $225,000
for married taxpayers filing a joint return. The tax credit amount is reduced
for buyers with a modified adjusted gross income (MAGI) above those
limits. The phaseout range for the tax credit program is equal to $20,000.
That is, the tax credit amount is reduced to zero for taxpayers with MAGI
of more than $145,000 (single) or $245,000 (married) and is reduced
proportionally for taxpayers with MAGIs between these amounts.
How is this home buyer tax credit different from the tax credit that Congress enacted in July of 2008? How is this different than the rules established in early 2009?
The previous tax credits applied only to first-time home buyers and were
for different amounts of money.
How do I claim the tax credit? Do I need to complete a form or application?
Are there documentation requirements?
You claim the tax credit on your federal income tax return. Specifically,
home buyers should complete IRS Form 5405 to determine their tax credit
amount, and then claim this amount on line 67 of the 1040 income tax form
for 2009 returns (line 69 of the 1040 income tax form for 2008 returns). No
other applications are required, and no pre-approval is necessary.
HUD is now allowing "monetization" of the tax credit. What does that mean?
It means that HUD allows buyers using FHA-insured mortgages to apply
their anticipated tax credit toward their home purchase immediately rather
than waiting until they file their 2009 or 2010 income taxes to receive a
refund. These funds may be used for certain downpayment and closing
cost expenses. Under HUD’s guidelines, non-profits and FHA-approved lenders are
allowed to give home buyers short-term loans of up to $8,000. The
guidelines also allow government agencies, such as state housing finance
agencies, to facilitate home sales by providing longer term loans secured
by second mortgages.
Frequently Asked Questions About the Move-Up/Repeat Home Buyer Tax Credit
Please see www.FederalHousingTaxCredit.com for more detailed answers and more FAQ.
Source: www.FederalHousingTaxCredit.com
Information accessed: 11/8/09
qualified ed move-up/repeat home buyers (existing home owners) purchasing a principal residence after November 6, 2009
and on or before April 30, 2010 (or purchased by June 30, 2010 with a binding sales contract signed by April 30, 2010).
The following questions and answers are from www.federalhousingtaxcredit.com and provide basic information about
the tax credit. If you have more specif c questions, we strongly encourage you to consult a qualified ed tax advisor or legal
professional about your unique situation.
Who is eligible to claim the $6,500 tax credit?
Qualified move-up or repeat home buyers purchasing any kind of home are
eligible to claim this credit.
What is the definition of a move-up or repeat home buyer?
The law defines a tax credit qualified move-up home buyer (“long-time
resident”) as a home owner who has owned and resided in a home for at
least five consecutive years of the eight years prior to the purchase date.
For married taxpayers, the law tests the home ownership history of both
the home buyer and his/her spouse. Repeat home buyers do not have
to purchase a home that is more expensive than their previous home to
qualify for the tax credit.
How is the amount of the tax credit determined?
The tax credit is equal to 10 percent of the home’s purchase price up to a
maximum of $6,500. Purchases of homes priced above $800,000 are not
eligible for the tax credit.
Are there any income limits for claiming the tax credit?
Yes. The income limit for single taxpayers is $125,000; the limit is $225,000
for married taxpayers filing a joint return. The tax credit amount is reduced
for buyers with a modified adjusted gross income (MAGI) above those
limits. The phaseout range for the tax credit program is equal to $20,000.
That is, the tax credit amount is reduced to zero for taxpayers with MAGI
of more than $145,000 (single) or $245,000 (married) and is reduced
proportionally for taxpayers with MAGIs between these amounts.
How is this home buyer tax credit different from the tax credit that Congress enacted in July of 2008? How is this different than the rules established in early 2009?
The previous tax credits applied only to first-time home buyers and were
for different amounts of money.
How do I claim the tax credit? Do I need to complete a form or application?
Are there documentation requirements?
You claim the tax credit on your federal income tax return. Specifically,
home buyers should complete IRS Form 5405 to determine their tax credit
amount, and then claim this amount on line 67 of the 1040 income tax form
for 2009 returns (line 69 of the 1040 income tax form for 2008 returns). No
other applications are required, and no pre-approval is necessary.
HUD is now allowing "monetization" of the tax credit. What does that mean?
It means that HUD allows buyers using FHA-insured mortgages to apply
their anticipated tax credit toward their home purchase immediately rather
than waiting until they file their 2009 or 2010 income taxes to receive a
refund. These funds may be used for certain downpayment and closing
cost expenses. Under HUD’s guidelines, non-profits and FHA-approved lenders are
allowed to give home buyers short-term loans of up to $8,000. The
guidelines also allow government agencies, such as state housing finance
agencies, to facilitate home sales by providing longer term loans secured
by second mortgages.
Frequently Asked Questions About the Move-Up/Repeat Home Buyer Tax Credit
Please see www.FederalHousingTaxCredit.com for more detailed answers and more FAQ.
Source: www.FederalHousingTaxCredit.com
Information accessed: 11/8/09
Thursday, December 24, 2009
I just found a property and wanted to share it with you!
I just found a property and wanted to share it with you!
Posted using ShareThis
MLS #209043584 and 200920602
$675,000
Fort Myers Beach Florida
Waterside at Bay Beach - Dolphin Pointe
Dolphin Pointe-the name of the building speaks for itself!! From this 9th floor beauty at the point of Bay Beach, you can see dolphins, and much, much more. Enjoy the "traffic" of Big Carlos Pass-manatees, dolphins, herons, boats, and kayaks. Priced to sell, and way below the neighbors, this residence is decorated and ready for you to get here and enjoy the winter in Florida. Hurricane shutters make locking up and leaving a snap, and the amenities are so accommodating-social room, fitness, guest suites are right inside the building, while outside are the pool, tennis courts, DEEDED BEACH ACCESS, and PUBLIC golf course. This home is easy to show, easy to love, easy to buy-make it yours today!!
Thursday, December 10, 2009
New Listing in Waterside at Bay Beach
4191 Bay Beach Ln 252
Fort Myers Beach, FLORIDA 33931
Price: $489,900
2 Bedrooms, 2 Bathrooms
1445 Square Ft.
Listing # 200957852
Water as the eye can see-and from EVERY room in your home!! Super view and value come together in this waterfront beauty! Spectacular Estero Bay views offer opportunities to watch nature all day long-see dolphins leap and play, manatees meander by, and boaters going in and out on their journeys. Water, water, water...and boating beaching, shopping, dining, walking, biking-it's ALL here!! Take an opportunity to live in a luxury, gated, waterfront community for an off water price. Furnishings included, so you can come on in, and get on out to the fun! Great contemporary style, in a non-cluttered design focuses your attention on the views! Make it yours today, so you can use it THIS winter. This Seller has a boat slip at Hibiscus Pointe available for additional purchase, & boat slips are available for all sizes up to 60' for additional purchase. Boat here-beach here-shop-golf here-you'll NEVER want to leave here! Easy to show-easy to own-make it your before the winter is here!!
Bathrooms: 2 Bedrooms: 2
Amenities: BBQ - Picnic,Beach Access,Community Pool,Community Room,Exercise Room,Extra Storage,Fishing Pier,Golf Course,Sauna,Sidewalk,Streetlight,Trash Chute
Total SqFt: 1445
Assessment Fees: Yes
Boat/Water Access: Dock Purchase
Cable Available: Yes
Carport: Attached
Condo Fee: 1885.00
Condo Frequency: Quarterly
Community Type: Boating,Gated
Construction: Concrete Block,Stucco Siding
Cooling: Ceiling Fans,Central Electric
Den: No
Dining Description: Breakfast Bar,Dining - Living
Equip/Appliance Included: Dishwasher,Disposal,Dryer,Microwave,Range,Refrigerator,Smoke Detector,Washer
Elevator: Common
Exterior Features: Shutters Electric
Furnished: Furnished
Flooring: Carpet,Tile
Foreclosed/REO: No
Guest House: No
Gulf Access: Yes
Heating: Central Electric
Interior Features: Fire Sprinkler,Smoke Detectors,Walk-in Closet,Window Coverings
Irrigation: City
Lanai: 11x10
Maintenance Includes: Cable,Irrigation Water,Lawn/Land Mainten,Manager,Master Assn Fee Incl,Pest Control Exter,Sewer,Streel Lights,Street Maintenance,Water
Master Bath Description: Dual Sinks,Jetted Tub,Separate Tub/Shower
Master Bedroom: 17x13 Level:
Carports Spaces: 1
Parking: 1 Assigned,Covered,Deeded,Under Bldg Open
Pet Comments: LIMITS
Possession: At Closing
Private Pool: No
Private Spa: No
Rear Exposure: NE
Restrictions: Deeded
Additional Rooms: Great Room,Laundry in Residence,Screened Porch/Lanai
Roofing: Built-Up or Flat
Security: Entry Phone,Entry TV,Gated,Guard at Gate
Sewer: Central
Special Info: Deed Restrictions,Title Ins Provided
Short Sale: No
Total Tax Bill: 5685.86
Total Floors: 11
Units in Building: 58
Units in Complex: 400
Unit Floor: 5
View: Bay,Water
Water: Central
Windows: Picture,Single Hung
Waterfront: Yes
Waterfront Description: Bay,Navigable
Single Family Type: High Rise (8+)
Building Description: End Unit
Year Built: 1998
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