Sunday, February 28, 2010

C.R. 901/Vanderbilt Drive Bridge Open!

C.R. 901/Vanderbilt Drive Bridge Open!

The bridge opened to traffic at 10 p.m. tonight. Bicyclists and pedestrians are using a five-foot wide pathway temporarily. Crews will open the full width of the pathway (10-feet) soon – once handrail is installed on the outside bridge wall. Construction crews will complete installation of sod, pedestrian handrail and other items on the bridge in the next few weeks so please use caution when driving through the construction area.

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Wednesday, December 30, 2009

Buyer Tax Credit Could Be Renewed Again

Daily Real Estate News
December 29, 2009

Buyer Tax Credit Could Be Renewed Again

Will the housing tax credit be extended again – past the current April 30 deadline?

Sen. Johnny Isakson, a Georgia Republican and former real estate practitioner, swore in October that there would be no more extensions, but some observers predict that the answer is yes.

Jaret Seiberg, a managing director at research firm Concept Capital, predicts that Congress will choose to phase the credit out over six to 12 months. “We believe a phase-out is most likely because it would benefit housing markets but let Democrats argue they are fiscally responsible because they have designed an exit strategy that weans consumers off the subsidy,” she says.

Source: The Wall Street Journal, James R. Hagerty (12/23/2009)

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Monday, November 9, 2009

Obama Signs Extended Tax Credit into Law

Daily Real Estate News | November 6, 2009

Obama Signs Extended Tax Credit into Law

Expected to contribute approximately $22 billion to the economy, Congress overwhelmingly passed a bipartisan measure this week extending the $8,000 home buyer tax credit to April 30, 2010.

The legislation, which is part of a larger bill that also extends unemployment benefits, was signed into law by President Obama today.

More people are now eligible to take advantage of the law, which includes a $6,500 tax credit for buyers who are current home owners and have lived in their home for five of the past eight years.

Income limits for eligible home buyers were also expanded to $125,000 for single buyers and $225,000 for couples, up from $75,000 for individuals and $150,000 for couples. Qualifying home prices are capped at $800,000.

NAR's Government Affairs Division has compiled facts on the changes made to the current tax credit. NAR members sent more than 500,000 letters to leaders in Congress and made nearly 13,000 telephone calls to Senate offices last weekend to encourage support. So far this year, REALTORS® have spent nearly $14 million lobbying Congress, according to federal campaign finance records compiled by the Center for Responsive Politics.

Sen. Johnny Isakson, a Georgia Republican and a former member of NAR, was key in extending the credit, as well as pushing it through initially. Other prominent boosters include the National Association of Homebuilders and the Mortgage Bankers Association.

Listen to NAR President Charles McMillan's podcast announcement.

NAR economists estimate that approximately 2 million people will take advantage of the tax credit this year.

Sources: NAR and The Associated Press, Julie Hirschfeld Davis (11/06/2009)

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Tuesday, November 3, 2009

Homebuyer Tax Credit Extended

Senators agree to extend homebuyer tax credit
Set to expire at end of November, plan will remain until end of April

updated 6:56 p.m. ET, Wed., Oct . 28, 2009

WASHINGTON - Senators agreed Wednesday to extend a popular tax credit for first-time homebuyers and to offer a reduced credit to some repeat buyers.

The tax credit provides up to $8,000 to first-time homebuyers but is set to expire at the end of November.

Senators agreed to extend the existing tax credit for first-time homebuyers while offering a reduced credit of up to $6,500 to repeat buyers who have owned their current homes for at least five years, said Regan Lachapelle, a spokeswoman for Senate Majority Leader Harry Reid, D-Nev.

The tax credits would be available to homebuyers who sign sales agreements by the end of April. They would have until the end of June to close on their new homes, said a congressional aide, who spoke on condition of anonymity because he was not authorized to publicly discuss the deal.

Senators were still negotiating the expansion of a separate tax credit that lets money-losing businesses get refunds for taxes paid in previous years, providing them with an immediate source of cash.

Senators in both political parties were hoping to add both tax provisions to a bill that would give people running out of unemployment insurance benefits up to 20 more weeks of federal aid. The Senate could vote on the overall bill as early as Thursday, but lawmakers were still haggling over several unrelated amendments Wednesday evening.

Popular bills like the one to extend unemployment benefits often attract amendments that would have a difficult time passing on their own.

Republicans were demanding that they be given a chance to offer amendments to restrict federal aid to the beleaguered community activist group ACORN and on requiring that people receiving unemployment insurance be processed through E-Verify, an Internet-based system that employers use to check on the immigration status of new hires.

Majority Democrats have refused to add the amendments.

Source: Associated Press, http://www.msnbc.msn.com/id/33522046/ns/business-real_estate/

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Wednesday, October 28, 2009

Cubs in Naples?

NAPLES — A group was formed four months ago with the purpose of making Collier County the spring training home for the Chicago Cubs, the Naples Daily News has learned.

And that group already has met with the Cubs – both at their headquarters in Wrigley Field, and earlier this month in Naples for a two-day visit by new owner Tom Ricketts and CEO Crane Kenney.

During that visit, the Cubs toured Collier County looking at potential stadium sites.

“The Chicago Cubs are exploring Naples, Florida, as a potential spring training venue and have been working with Chicago-based Esmark and Naples-based Fifth Avenue Advisors in that regard,” Kenney confirmed in a statement. “Our site visits and discussions confirm that Collier County has a number of suitable locations for a world-class spring training facility.”

Mesa, Ariz., has been the spring training home of the Cubs off and on since the 1950s, and its permanent home since 1979. Earlier this year, the Cubs brought up the possibility of leaving Mesa if its facilities weren’t updated.

Mesa Mayor Scott Smith met with the Cubs most recently in September.

“Our competition is very serious,” Smith told the Arizona Republic last month, referring to Naples. “I think it’s a serious threat. We need to match the competition.”

Smith also told the paper that the Cubs “are going to move through a very quick evaluation between us and interests in Florida to see where they want to focus their efforts. … They have told us they would like by the middle of November to have enough information that they can know whether and how to proceed with Mesa.”

Collier County has never had a spring training team, although it has been courted by several clubs, including the Cleveland Indians and Baltimore Orioles through the years. This summer, the Collier Tourist Development Council agreed to explore the possibility of luring the Cubs.

In June, Lee County commissioners agreed to spend $75 million for a new stadium for the Boston Red Sox for spring training, south of Fort Myers. Since 1992, the Minnesota Twins have trained at the Lee County Sports Complex, south of Fort Myers. The Red Sox moved from Winter Haven to Fort Myers City of Palms Park in 1993.

Fort Myers also recently courted the Orioles as a possible replacement for the Red Sox at City of Palms Park, but the Orioles chose to go to Sarasota.

The visit

Esmark Inc., co-founded by brothers Craig and Jim Bouchard, and Fifth Avenue Advisors, whose partners include Tim Cartwright, a vice president of the Economic Development Council of Collier County, and Naples City Councilman Gary Price, met for two days in Naples earlier this month.

“We were very fortunate to host Tom Ricketts (new owner of the Cubs), his sister, Laura, and Cubs CEO Crane Kenney for a casual dinner,” Craig Bouchard said. “It became clear to me that their objective is to do what is best for Cubs fans. They want to win a World Series. And they want to build the very best organization they can.”

The Cubs spent one morning touring the county in a helicopter to see what locations may be suitable. Bouchard said the Cubs are looking for 120 contiguous acres in an area that “will enhance the development plan of Collier County.”

Bouchard said: “We (the group) will only be interested in sites that are a win for the team, their fans and the future of Collier County.”

The group

Esmark currently has operations in the steel, oil, aviation, health-care and sports management fields. In 2008, Esmark sold its steel business for $1.3 billion. The Sports Management Division of Esmark is a principal sponsor of the Pittsburgh Penguins, and the Bouchards are principal owners of the Naples Tennis Club.

Craig Bouchard’s Chicago roots run deep. An admitted Cubs fan, he still has a home there after a 19-year career at the First National Bank of Chicago which saw him rise to senior vice president.

Fifth Avenue Advisors is a diversified financial firm founded by Cartwright and Craig Lyon, who started their careers in Chicago. They, too, are Cubs fans who fondly recall attending afternoon games at Wrigley Field.

This is Fifth Avenue Advisors’ first venture in the professional sports industry. However, Cartwright and Lyon point to their experience in negotiations, deal structuring, fundraising and project management.

How did Esmark and Fifth Avenue Advisors come together? By chance.

“Craig Bouchard and I did not know each other,” Price said. “We had a mutual friend that had listened to the both of us talk about the idea of bringing the Cubs to Naples. So one day he introduced us. We hit it off and took it from there.”

Cartwright said the summer months were spent unsure if the hundreds of hours that Bouchard and his firm spent on the project would result in an opportunity to attract the Cubs to Collier County.

“We took a dream and turned it into a viable opportunity, which thankfully resulted in us being able to convince the Cubs to take a look at Naples,” Cartwright said.

Funding and economic impact

The group wouldn’t get into specifics as to how the money, which could exceed $80 million, will be raised.

But Cartwright was willing to say how it was not going to be raised.

“We are pursuing every avenue, public and private, to finance this project that does not raise the property or sales taxes of the residents of Collier County.” Bouchard stated. “I committed to Crane (Kenney, Cubs CEO) that Esmark will invest and take a leadership role in the stadium project.”

Not raising sales or property taxes doesn’t rule out other forms of public financing. The Florida Legislature, tired of losing spring training teams to Arizona, recently set aside $7 million to help any Florida city keep or attract a team. Sarasota used that money to lure the Orioles from Fort Lauderdale.

The group could ask the Collier TDC for a hike in its tourist tax on hotel guests. A 1 percent hike from 4 percent to 5 percent would result in more than $3 million annually.

When asked, Bouchard, Cartwright and Price didn’t say they would make such a request of the TDC, but wouldn’t rule it out. They did however strongly express why they are pursuing the Chicago Cubs.

“This is a terrific opportunity to bring real economic impact to this county in terms of increased tourism dollars, jobs and real estate activity,” Price said.

Craig Bouchard takes it a step further.

“This effort will inject $50 million annually into the county, which would contain its spring training site, player rehabilitation, a minor league team, their minor league operations headquarters and a host of other functions year-round,” he said. “We hope to structure a deal that runs a minimum of 30 years. That’s $1.5 billion in economic impact, not counting inflation.”

Arizona’s most recent study said the Chicago Cubs’ direct economic impact to Mesa was $31.1 million annually. The impact for Arizona was figured to be $52.2 million annually.

There is a cost to maintaining stadium facilities year-round. Based on recent Lee County figures, it would cost Collier County $1.5 million to $2 million annually in maintenance expenses.

Covering these costs is often part of the negotiations a city or county has with the team. Costs can be covered through means such as parking, rent, concessions, naming rights to the stadium, and in some cases, a percentage of ticket sales.

“A facility of this type would be an incredible asset for the community, not only a destination attraction for baseball and special events, but a haven for adult and youth sports,” Lyon said.

What are the odds?

The Cubs went West in 1946. They began training in Mesa, Ariz., in the 1950s. Mesa has been the team’s full-time winter home since 1979. What are the odds that the Cubs, after all that time, would leave the Cactus League in Arizona for the Grapefruit League in Florida?

The answer depends on who you talk to.

“We are still a long shot but I agree with the mayor of Mesa that we are a serious threat,” Bouchard said. “We offer an outstanding destination for families, award-winning beaches and a belief that we can put together a proposal that is favored by the Cubs. Sometimes, long shots win.”

The Cubs’ 25-year lease with the city of Mesa expires in 2016. However, the team has an escape clause, allowing them to pay $4.2 million to the city next spring in order to leave Mesa in 2012.

* * * * *

Editor’s note: Dave Moulton is a freelance journalist who writes a Sports opinion column for the Daily News. He has written about his belief that officials in Collier County should pursue bringing the Chicago Cubs here for spring training. He also has advocated that position at a public meeting. The Daily News agreed to publish this freelance article because of its news value, but wishes to remind readers of the author’s public advocacy of this project .

Sports Editor Greg Hardwig contributed to this report

Source: Naples Daily News
http://www.naplesnews.com/news/2009/oct/25/chicago-cubs-execs-visit-collier-scout-spring-trai/

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Sunday, October 25, 2009

Rates on 30-year loans inch up to 5 percent

WASHINGTON – Oct. 23, 2009 – Rates for 30-year home loans have inched up, hitting 5 percent for the first time in nearly a month after bond yields edged up.

The average rate on a 30-year fixed mortgage was 5 percent this week, up from 4.92 percent a week earlier, mortgage company Freddie Mac said Thursday. It was the highest average since the week of Sept. 24, when rates averaged 5.04 percent.

While above the record low of 4.78 percent hit in the spring, rates are still attractive for people looking to buy a home or refinance.

To prop up the housing market and help the economy recover from the worst recession since the 1930s, the Federal Reserve has been engaged in an extraordinary level of support, spending $1.25 trillion on mortgage-backed securities, which has driven down rates on home loans.

Last month, Fed Chairman Ben Bernanke and his colleagues agreed to slow down the pace of the program to buy mortgage securities from Fannie Mae and Freddie Mac. Instead of wrapping up the purchases by the end of this year, the Fed now plans to do so by the end of March.

Despite the government’s effort to support the housing market, qualifying for a loan is still tough. Lenders have tightened their standards dramatically, so the best rates are available to those with solid credit and a 20 percent down payment.

Freddie Mac collects mortgage rates on Monday through Wednesday of each week from lenders around the country. Rates often fluctuate significantly, even within a given day, often in line with long-term Treasury bonds.

The average rate on a 15-year fixed-rate mortgage rose to 4.43 percent, from 4.37 percent last week, according to Freddie Mac.

Rates on five-year, adjustable-rate mortgages averaged 4.4 percent, up from 4.38 percent a week earlier. Rates on one-year, adjustable-rate mortgages fell to 4.54 percent from 4.6 percent.

The rates do not include add-on fees known as points. The nationwide fee for loans in Freddie Mac’s survey averaged 0.7 points for 30-year loans. The fee averaged 0.6 points for 15-year, five-year and one-year loans.

SOURCE: floridarealtors.org, Associated Press

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Tuesday, October 13, 2009

30-year mortgage rates dip below 5 percent

30-year mortgage rates dip below 5 percent
First time in four months, average rate on standard fixed is 4.94 percent


Rates on 30-year home loans dropped below 5 percent for the first time in four months, but still remained above this year's record low, Freddie Mac said Thursday.

The average rate on a 30-year fixed mortgage was 4.94 percent, down from 5.04 percent last week, Freddie Mac said. The last time the 30-year home loan averaged less than 5 percent was the week ending May 28, when it was 4.91 percent.

Rates hit a record low of 4.78 percent hit in the spring, and remain appealing for people interested in buying a home or refinancing.

On Thursday, the National Association of Realtors said the number of signed sales contracts rose for the seventh straight month in August, as homebuyers rushed to take advantage of a tax credit for first-time owners that expires in November.

"Low mortgage rates are helping to stabilize home sales," said Frank Nothaft, Freddie Mac's chief economist.

But borrowers may want to consider the Federal Reserve's announcement last week that it is slowing down a program intended to lower mortgage rates and boost the housing market. Analysts say mortgage rates should remain low for now but could eventually move higher, and homeowners who want to refinance mortgages shouldn't delay.

Freddie Mac collects mortgage rates on Monday through Wednesday of each week from lenders around the country. Rates often fluctuate significantly, even within a given day.

The average rate on a 15-year fixed mortgage fell to 4.36 percent from 4.46 percent last week, according to Freddie Mac. This week's rate on 15-year mortgages was the lowest since Freddie Mac started tracking it in 1991.

Rates on five-year, adjustable-rate mortgages averaged 4.42 percent, down from 4.51 percent a week earlier. Rates on one-year, adjustable-rate mortgages fell to 4.49 percent from 4.52 percent last week.

The rates do not include add-on fees known as points. The nationwide fee for loans in Freddie Mac's survey averaged 0.7 point for 30-year mortgages, and 0.6 point for 15-year and five-year loans. The fee averaged 0.5 point for one-year mortgages.

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