Real Estate News

THE EXPANDED HOMEBUYER TAX CREDIT

Friday, January 8th, 2010 at 6:33pm. 147 Views, 0 Comments.

The Homebuyer Tax Credit has created a lot of buzz since becomming law and now the extended or Expanded Tax Credit could help to cure the winter blues for many first time home buyers.

Ken Trepeta the Director of Real Estate Services at RISMEDIA, the leader in real estate information systems, yesterday wrote a very informative article detailing the expanded home buyer tax credit. For those considering buying a home for the first time, it is well worth investigating, but time is of the essence because a binding contract must be written by 30 April, 2010 and it must be closed by 1 July, 2010.

The article can be found by clicking HERE.

SALES CONTINUE TO SURGE

Thursday, January 7th, 2010 at 6:52pm. 112 Views, 0 Comments.

The Fall sales Market Data Report showed a surge in sales from the same period one year ago that is continuing as we begin to get into 'high season'.

Overall pending sales showed an increase of over 100% again compared to the same period last year. Leading the way, as it has for many months was the $300,00 and under segment of the market. Yet from $300,000 to $500,000 sales increased by 150%. The available inventory showed a decrease of 14% and moved under the 10,000 level, something not seen in several years.

The market is driven by savy buyers moving back in, as well as the fact that the sellers realize that the only way that their properties will sell is if they aggresively price them at or below current market values.

To see the current Market Data…

THE FORECLOSURE PROCESS: ALTERNATIVES AND CONSEQUENCES

Friday, January 1st, 2010 at 12:44pm. 197 Views, 0 Comments.

Will Dukes from our own Summit Mortgage Company here in Naples, sent an email around to real estate agents about foreclosures, short sales and deeds-in-lieu. His email included an article written by a prominent Naples attorney on the subject.

There has been much written about the three different subjects, and yet many of the buyers and sellers still know little about the process. As a realtor, I feel that the more we can help to educate the potential customers that are interested in the subject, the better off we will be.

The article will have blue highlighted areas that were added by Will Dukes.

You can view the articlke HERE.

FINALLY...MEDITERRA CLUBS WHERE THEY BELONG!

Saturday, December 5th, 2009 at 8:51am. 75 Views, 0 Comments.

It was nice to see that Mediterra's beach and golf clubs are finally in the hands of where they belong...theirs members!

Yesterday marked the end of a lengthy six month struggle as members finalized the purchase from the developer, financially strapped Bonita Bay Group. They are hoping to sell off all of their club and golf course holding as part of a restructuring plan to avoid bankruptcy.

The deal for Mediterra cost the members $6.8 million in cash and they assumed a $15 million in debt for the CDD (Community Development District) bond which the developer originally set up to cover the costs of the infrastructure, road and other costs for services. The members raised enough cash from the sale of golf, sports and social memberships to complete the…

SALES CONTINUE THEIR UPWARD CLIMB

Friday, November 13th, 2009 at 1:27pm. 168 Views, 0 Comments.

Overall pending home sales increased at least 100 percent in October 2009 compared to October 2008 in each price category under 2 million, 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).

“The number of contracts written in October 2009 (904 contracts) was more than twice the number of contracts written in October 2008 (409 contracts). The volume of activity is significant at what is usually a slow time of year,” acknowledged Mike Hughes, Vice-President of Downing-Frye Realty.

The properties in the under $300,000 market have led the way in sales for the past few months. However, the market recovery is now working its way up to the higher priced…

FORECLOSED PROPERTIES DOWN IN SOUTHWEST FLORIDA

Thursday, October 15th, 2009 at 7:56pm. 148 Views, 0 Comments.

An article in the Naples Daily News Thursday reported that foreclosures had slowed down in Southwest Florida.

In September, there were 1,068 filings in Naples/Marco Island which translated to one in every 180 households. The figure was down 6.07% from the month prior and 18.47% from one year ago. Collier County was sixth nationally for the forclosure rate, with Lee County ranking 2nd.

Florida along with California, Nevada, Illinois and Michigan made up more than 60% of the total activity in the third quarter. Those five states accounted for 579,541 filings in the quarter. Nevada continues to reman atop the nation in filings with one in every 23 households.

The continued decline in filings is bound to help further stabilize prices in Southwest Florida and…

REAL ESTATE WEBMASTERS SUMMIT A HIT

Thursday, August 6th, 2009 at 7:59pm. 151 Views, 0 Comments.

Marlene Suarez and myself did the lengthy trek up to Nanaimo Vancouver Island, Canada to attend the annual RealEstateWebmasters Summit. I must say that Marlene was quite a sport since the final leg of the journey consisted of a seaplane ride to the island and she really isn't big on traveling in small planes, but she managed like a trooper.

While there for the two day conference, we toured the RealEstateWebmasters offices and spoke with the many programmers that they employ. I found it fascinating that programmers live virtually in a world of darkness, sometimes in front of multiple monitors as light serves as a distraction to them. I also was astounded at how young a majority of them were, but then again it might just be because I must be getting old.…

IS BANKRUPTCY A SOLUTION FOR SOME ASSOCIATIONS?

Tuesday, July 14th, 2009 at 7:36pm. 220 Views, 0 Comments.

Is filing bankruptcy a viable option for those condominium associations who have an abundance of foreclosed properties and many in short sale situations and headed that way? That is the question facing some associations primarily located on the other coast of Florida, (to date there have been 7 filings), and although it could be a possibility here as well, there are no real signs of it.

But the real question seems to be whether associations who have filed to form a shield from creditors can actually emerge from bankruptcy protection reorganized and healthy. Not only that, but the price to file in many cases is very costly and with many members not paying their monthly assesments, how will the bill get paid. Just like any corporation who eventually files,…

TAX CREDIT WITHIN THE STIMULUS BILL...

Monday, February 16th, 2009 at 7:09pm. 438 Views, 1 Comments.

The scale-down of the tax credit within the stimulus package is rather steep having been reduced from the former level of $15,000 to $8,000 or 10% of a home's value for first-time home buyers. This will apply for those home buyers who purchase from the first of the year and will run through the end of November. If you receive a credit and sell the home within three years, you will have to pay it back, as it will now become a loan, otherwise it will revert to being a gift.

Couples will not be eligible if they are making an income in excess of $150,000, nor will single people making $75,000 or more. 

The home builders across the nation were looking for far more and most economic analysts say that with the reduction, any boost will be modest at…

NEW TAX CREDIT PLAN MOVING FORWARD...

Saturday, February 7th, 2009 at 12:07am. 243 Views, 0 Comments.

The other night, the US Senate added a significant homebuyer tax credit to the housing stimulus plan. Here are the key elements of the credit:

1. The tax credit is in the amount of $15,000 or 10% of the purchase price (whichever is less), with the option to utilize all in one year or spread it out over two years. The credit does not have to be paid back!

2. The tax credit is available to all purchases of any home from the date of enactment for one full year - no longer just a first time home buyer.

3. You will be able to claim the credit against your 2008 tax return.

4. Buyers must occupy the home for two years as their principle residence.

5. The credit includes a two year recapture provision (if you leave the home within two years, you lose the credit).

6.…