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/

Labels: chicago cubs coming to naples, chicago cubs spring training, naples florida

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

Labels: mortgage rates, real estate

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.

Labels: mortgage rates, real estate

A Historic Time to Buy

Young people just starting to invest and buying their first homes are potentially the winners in this recession.

First-time homebuyers, most between the ages of 25 and 45, accounted for about 45 percent of home sales from January through July 2009, according to the National Association of REALTORS®

"This is a historic time," says George Jaramillo, a 35-year-old business analyst in Atlanta, who recently bought three homes, two of them foreclosures. "It's a great opportunity to make some great gains in the future."

A study by investment company T. Rowe Price points out that investing when prices are low can result in amazing gains. For instance, between 1970 and 1990, the annualized rate of return for the S&P 500 was 11.5 percent.

"We need to be shouting from the rooftops that this is not the time to get out of the market if you're young," says Christine Fahlund, a senior financial planner with T. Rowe Price. "This is the time to be in the market."

Source: The Associated Press, Chip Cutter (10/05/2009)

Labels: buy real estate, Naples Real Estate Market

Pending home sales jump 6.4 percent
Seventh straight month of gains is highest since March 2007


updated 12:39 p.m. ET, Thurs., Oct . 1, 2009

WASHINGTON - Aspiring homebuyers rushed to take advantage of a tax credit for first-time owners that expires in November, driving up the number of signed sales contracts for the seventh straight month in August.

Construction spending also rose unexpectedly in August on the biggest jump in housing activity in nearly 16 years, another sign the real estate market is recovering from its four-year slump, data Thursday showed.

Sales and homebuilding are being fueled by a tax-credit of up to $8,000, low mortgage rates and cheap foreclosures. In some of the most hard-hit areas, like Phoenix and Las Vegas, there are bidding wars for deeply discounted properties. And in all but a few cities, home prices are slowly starting to rise, reversing their three-year descent.

To make sure first-time buyers can complete their purchases by the Nov. 30 deadline, real estate agents "have been pushing buyers to sign a contract at least a couple months in advance" according to Abiel Reinhart, an economist with JPMorgan Chase.

More than a dozen bills have been introduced in Congress to extend the credit, but it's unclear if lawmakers want to continue to subsidize the market.

The National Association of Realtors said Thursday its index of sales agreements rose 6.4 percent from July to 103.8, beating forecasts. It was the highest since March 2007 and 12 percent above a year ago. Economists surveyed by Thomson Reuters expected the index would rise to 98.6.

Typically there is a one- to two-month lag between a contract and a done deal, so the index is a barometer of future sales. However, new rules for home appraisals and rigid lending standards have scuttled many sales agreements recently. In addition, the index may also double-count some buyers who agree to purchase other homes after the first deal falls through.

These factors have made the index a less reliable gauge for completed sales. Despite a steady increase in the number of signed contracts this summer, for example, completed sales actually took an unexpected 2.7 percent dip in August.

"Perhaps the real question is how many transactions are being delayed in the pipeline, and how many are being canceled," Lawrence Yun, the Realtors' chief economist, said in a statement. "Without historic precedents, it's challenging to assess."

Pending sales were up 16 percent in the West and 8 percent in the Northeast. They were up 3 percent in the Midwest and nearly 1 percent in the South.

Home prices, meanwhile rose 1.2 percent from June to July, according to the Standard & Poor's/Case-Shiller home price index of 20 major cities. On a seasonally adjusted basis, prices rose in all but three metro areas, Las Vegas, Detroit, and Seattle.

Housing experts, however, remain divided on whether the price gains signal a definite bottom to the worst housing downturn in decades or just a brief respite from plummeting prices.

SOURCE: ASSOCIATED PRESS






http://www.msnbc.msn.com/id/33116385/ns/business-real_estate/

Labels: real estate, real estate sales trends