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

SALES UP 87 PERCENT
Report Shows Inventory Declines 13 Percent

NAPLES, Fla.-September 11, 2009-Buyer conditions couldn’t be better in the Naples area as August culminated in strong sales, according to a report released by the Naples Area Board of REALTORS® (NABOR), which tracks home listings and sales within Collier County (excluding Marco Island).

Overall pending sales, which are a key indicator of buyer activity, increased 87 percent with 862 contracts in August 2009 compared to 461 contracts in August 2008.

The report provides annual comparisons of single-family home and condo sales (via the SunshineMLS), price ranges, geographic segmentation and includes an overall market summary. The statistics are presented in chart format, along with the following analysis:

• Overall closed sales saw a 38 percent increase with 545 sales in August 2009 compared to 395 sales in August 2008.

• Single-family pending sales increased 86 percent with 483 contracts in August 2009 compared to 260 contracts in August 2008.

• Single-family pending sales for properties less than $300,000 saw a 106 percent increase with 344 contracts in August 2009 compared to 167 contracts in August 2008.

• The available inventory decreased 13 percent to 9,163 in August 2009 compared to 10,532 in August 2008.

Condo pending sales increased 89 percent with 379 contracts in August 2009 compared to 201 contracts in August 2008.

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

Labels: naples fl home sales, naples fl real estate, Naples Real Estate Market, Naples Real Estate Statistics

Strong Gain in Existing-Home Sales Maintains Uptrend
Washington, August 21, 2009

For the first time in five years, existing-home sales have increased for four months in a row, according to the National Association of Realtors®.

Existing-home sales – including single-family, townhomes, condominiums and co-ops – rose 7.2 percent to a seasonally adjusted annual rate1 of 5.24 million units in July from a level of 4.89 million in June, and are 5.0 percent above the 4.99 million-unit pace in July 2008. The last time sales rose for four consecutive months was in June 2004, and the last time sales were higher than a year earlier was November 2005.

Lawrence Yun, NAR chief economist, said he is encouraged. “The housing market has decisively turned for the better. A combination of first-time buyers taking advantage of the housing stimulus tax credit and greatly improved affordability conditions are contributing to higher sales,” he said.

The monthly sales gain was the largest on record for the total existing-home sales series dating back to 1999.

“Because price-to-income ratios have fallen below historical trends, there are more all-cash offers. In some recovering markets like San Diego, Las Vegas, Phoenix, and Orlando, the demand for foreclosed and lower priced homes has spiked, and a lack of inventory is becoming a common complaint,” Yun said.

According to Freddie Mac, the national average commitment rate for a 30-year, conventional, fixed-rate mortgage fell to 5.22 percent in July from 5.42 percent in June; the rate was 6.43 percent in July 2008.

An NAR practitioner survey showed first-time buyers purchased 30 percent of homes in July, and that distressed homes accounted for 31 percent of transactions.

NAR President Charles McMillan, a broker with Coldwell Banker Residential Brokerage in Dallas-Fort Worth, said the first-time buyer tax credit is working. “In addition to first-time buyers, we’re also seeing increased activity by repeat buyers. While many entry-level buyers are focused on the discounted prices of distressed homes, they’re also freeing some existing owners to sell and make a move,” he said.

“Realtors® are the best resource for consumers in these changing market conditions because the transaction process has become more complex. Since it’s now taking longer to complete a home sale, first-time buyers who want to take advantage of the $8,000 tax credit should try to make contract offers by the end of September,” McMillan said. “Otherwise, they may miss the November 30 closing deadline.”

Total housing inventory at the end of July rose 7.3 percent to 4.09 million existing homes available for sale, which represents a 9.4-month supply2 at the current sales pace, which was unchanged from June because of the strong sales gain. Raw inventory totals are 10.6 percent lower than a year ago when the number of unsold homes was at a record.

The national median existing-home price3 for all housing types was $178,400 in July, which is 15.1 percent lower than July 2008. Distressed properties continue to weigh down the median price because they typically sell for 15 to 20 percent less than traditional homes.

Single-family home sales increased 6.5 percent to a seasonally adjusted annual rate of 4.61 million in July from a pace of 4.33 million in June, and are 5.0 percent higher than the 4.39 million-unit level in July 2008. The median existing single-family home price was $178,300 in July, which is 14.6 percent below a year ago.

Existing condominium and co-op sales jumped 12.5 percent to a seasonally adjusted annual rate of 630,000 units in July from 560,000 in June, and are 5.9 percent above the 595,000-unit level a year ago. The median existing condo price4 was $178,800 in July, down 18.9 percent from July 2008.

Regionally, existing-home sales in the Northeast surged 13.4 percent to an annual pace of 930,000 in July, and are 3.3 percent higher than July 2008. The median price in the Northeast was $236,700, down 15.0 percent from a year ago.

Existing-home sales in the Midwest jumped 10.9 percent in July to a level of 1.22 million and are 8.0 percent above a year ago. The median price in the Midwest was $157,200, which is 5.9 percent less than July 2008.

In the South, existing-home sales rose 7.1 percent to an annual pace of 1.95 million in July and are 5.4 percent higher than July 2008. The median price in the South was $164,500, down 7.1 percent from a year ago.

Existing-home sales in the West slipped 1.7 percent to an annual rate of 1.13 million in July, but are 1.8 percent above a year ago. The median price in the West was $202,300, which is 28.0 percent below July 2008.

The National Association of Realtors®, “The Voice for Real Estate,” is America’s largest trade association, representing 1.2 million members involved in all aspects of the residential and commercial real estate industries.

# # #
NOTE: Any references to performance in states or metro areas are from unpublished raw data used to analyze regional trends; please contact your local association of Realtors® for more information.
1The annual rate for a particular month represents what the total number of actual sales for a year would be if the relative pace for that month were maintained for 12 consecutive months. Seasonally adjusted annual rates are used in reporting monthly data to factor out seasonal variations in resale activity. For example, home sales volume is normally higher in the summer than in the winter, primarily because of differences in the weather and family buying patterns. However, seasonal factors cannot compensate for abnormal weather patterns.
Existing-home sales, which include single-family, townhomes, condominiums and co-ops, are based on transaction closings. This differs from the U.S. Census Bureau’s series on new single-family home sales, which are based on contracts or the acceptance of a deposit. Because of these differences, it is not uncommon for each series to move in different directions in the same month. In addition, existing-home sales, which generally account for 85 to 90 percent of total home sales, are based on a much larger sample – more than 40 percent of multiple listing service data each month – and typically are not subject to large prior-month revisions.
Single-family data collection began monthly in 1968, while condo data collection began quarterly in 1981; the series were combined in 1999 when monthly collection of condo data began. Prior to this period, single-family homes accounted for more than nine out of 10 purchases. Historic comparisons for total home sales prior to 1999 are based on monthly single-family sales, combined with the corresponding quarterly sales rate for condos.
2Total inventory and month’s supply data are available back through 1999, while single-family inventory and month’s supply are available back to 1982.
3The only valid comparisons for median prices are with the same period a year earlier due to the seasonality in buying patterns. Month-to-month comparisons do not compensate for seasonal changes, especially for the timing of family buying patterns. Changes in the composition of sales can distort median price data. Year-ago median and mean prices sometimes are revised in an automated process if more data is received than was originally reported.
4Because there is a concentration of condos in high-cost metro areas, the national median condo price generally is higher than the median single-family price. In a given market area, condos typically cost less than single-family homes.
Existing-home sales for August will be released September 24. The next Pending Home Sales Index & Forecast is scheduled for September 1; release times are 10 a.m. EDT.
Information about NAR is available at www.realtor.org. This and other news releases are posted in the News Media section. Statistical data in this release, other tables and surveys also may be found by clicking on Research.

Labels: buy naples real estate, naples fl real estate, naples florida home sales, Naples Real Estate, Naples Real Estate Market, real estate, real estate sales trends

Bidding wars break out on low-priced homes
FORT LAUDERDALE, Fla. – July 21, 2009 –

Bidding wars are returning to South Florida’s housing market, as investors and first-time buyers compete for homes and condominiums listed at $200,000 or less.

The race for properties is reminiscent of the boom years from 2000 to 2005, when multiple offers on all types of dwellings helped push prices to record highs.

Back then, a dearth of properties for sale had buyers rushing to scoop up anything they could find, for fear that prices would keep rising. Now, frustrated with a bloated inventory of foreclosed homes in disrepair, buyers go to great lengths when they spot a house or condo in pristine condition.“When they find a good listing, people are pouncing,” said Terry Story, a real estate agent for Coldwell Banker in Broward and Palm Beach counties.

Agents say the heated competition has been building in recent months, a result of low mortgage rates and the $8,000 tax credit for first-time buyers that expires Nov. 30.

Steady sales increases during the past year gradually have worked off the inventory of available homes. Real estate agents are convinced that the overall market has hit bottom or is close to one.

Housing market researchers have a different take.Because of mounting job losses and the lingering recession, the bidding wars are mostly confined to homes offered at deeply discounted prices. Also, housing experts say, the market needs more than investors and first-time buyers taking the plunge for a rebound to occur.Analysts don’t expect across-the-board price increases soon and predict that prices in Broward and Palm Beach counties will keep falling, albeit at a slower rate, through this year and into 2010.

The bidding wars “are a good sign, but I don’t think it’s the sign that we’re at the bottom,” said Brad Hunter, a housing analyst with Metrostudy, a market research firm with an office in West Palm Beach.Rising unemployment is sure to lead to more foreclosures and property sales later this year, which almost certainly will lower prices, Hunter and other analysts say.

Some observers suspect that lenders are holding back the supply of foreclosed homes, promoting bidding wars to increase prices now before the flood of new listings further depresses prices.Banks dispute that notion. They say they’re overwhelmed with foreclosures and try to market them for sale as quickly as possible.“The longer we hold them, the more money it costs us,” said Nancy Norris, a spokeswoman for banking giant Chase.

The bidding wars in South Florida are giving sellers more leverage after three years of buyers calling the shots.Investor Greg Bales bought a three-bedroom home in Lauderdale Lakes three months ago for $65,000 – $1,900 less than what it sold for in 1985.Bales, 41, beefed up the curb appeal with a new paint job, trees and other landscaping. Inside, he installed laminate floors, granite countertops, new kitchen appliances and an alarm system.He put the home back on the market July 10 for $139,900 and fielded 10 offers, three for more than the asking price.

He selected a bid from a first-time buyer for $145,000, and the deal is expected to be complete next month.“We would have had a bunch more offers, but my real estate agent told the people it really wasn’t worth their time if they weren’t submitting a full-price offer,” Bales said.Eric Cormier of Philadelphia is searching for a small home for his sister-in-law in Delray Beach. He offered $120,000 cash for a house listed for $152,000, only to be out-bid by a few thousand dollars.Another home he considered received four offers in one day.

“I was surprised,” said Cormier, 47. “I thought there was a fire sale going on in Florida.”

In some cases, first-time buyers are losing homes because sellers prefer dealing with cash investors who don’t have to fiddle with financing.Meanwhile, some real estate agents are creating “drama pricing” – listing properties for far less than the market value to attract bidders and drive up the eventual selling price.

“It’s like ‘Ta-da’,” said Douglas Rill, an agent for Century 21 America’s Choice in West Palm Beach. “It creates so much of a buzz that it results in a bidding war.”

Drama pricing typically happens with short sales. Those homes aren’t as much in demand because buyers know that it can take months for the deals to close. In a short sale, a lender accepts less than what’s owed on the mortgage and forgives the remaining debt.

Tony Thomas, 44, is looking for a home in the $200,000 range in central Palm Beach County. He made three offers, only to be told each time that another buyer out-bid him.

His agent, Liz Golub, told him to “run like a bunny” to make strong offers as soon as properties come on the market. The strategy paid off recently when the owner of a home near Lantana accepted his offer. But because it’s a short sale, the bank must approve the deal, and that could take months.“It’s frustrating,” Thomas said. “I have not seen the benefits of this buyer’s market right now.”

Labels: buy naples real estate, naples fl foreclosures, naples fl real estate, Naples Real Estate Market

Pending Home Sales Record Fourth Straight Monthly Gain

Washington, July 01, 2009

Pending home sales show a sustained uptrend, rising for four consecutive months with very favorable housing affordability and a first-time buyer tax credit boosting activity, according to the National Association of Realtors®.

The Pending Home Sales Index,1 a forward-looking indicator based on contracts signed in May, increased 0.1 percent to 90.7 from an upwardly revised reading of 90.6 in April, and is 6.7 percent higher than May 2008 when it was 85.0. The last time there were four consecutive monthly gains was in October 2004.

Lawrence Yun, NAR chief economist, cautions that there could be delays in the number of contracts that go to closing. “Closed existing-home sales have improved but are coming in lower than expected because some contracts are delayed or falling through from the application of new appraisal rules for many transactions,” he said. “Rises in contract activity show buyers are becoming more active even as they face much more stringent loan underwriting standards. Speedy clarification of the appraisal rules could smooth a housing market recovery and support the overall economy.”

The Pending Home Sales Index in the Northeast rose 3.1 percent to 80.9 in May and is 6.8 percent above a year ago. In the Midwest the index slipped 1.3 percent to 89.2 but is 11.4 percent above May 2008. The index in the South declined 1.7 percent to 92.6 in May but is 7.9 percent higher than a year ago. In the West the index rose 2.2 percent to 96.9 and is 0.7 percent above May 2008.

NAR President Charles McMillan, a broker with Coldwell Banker Residential Brokerage in Dallas-Fort Worth, said the appraisal issue is complicated. “We see that distressed homes often are selling for 20 percent less than normal homes in the same area, but some appraisals don’t distinguish between traditional homes and distressed property,” he said. “In many cases appraisers from outside the area are being used, but as everyone knows real estate is local and appraisals should be done by an expert with local expertise.”McMillan said sellers shouldn’t hesitate to speak with an appraiser about their home. “Sellers should feel free to tell an appraiser about improvements and renovations to their home, and how it compares with other homes in the neighborhood,” he said.

“Also, if recent sales in the neighborhood were discounted, but not similar to your home in terms of quality or condition, that should be pointed out. It wouldn’t hurt to put all this in writing, especially if an appraiser is not familiar with your area. A Realtor® could offer guidance and information to help you with this process.”

NAR’s Housing Affordability Index2 remains at historic highs. The affordability index fell to 171.6 in May from an upwardly revised 178.8 in April, which was the highest on record dating back to 1970. “Under these conditions the typical family would devote only 14.6 percent of gross income to mortgage principal and interest, which is one of the lowest percentages on record,” Yun said.

The HAI is a broad measure of housing affordability using consistent values and assumptions over time, which examines the relationship between home prices, mortgage interest rates and family income.A median-income family, earning $60,800, could afford a home costing $296,700 in May with a 20 percent downpayment, assuming 25 percent of gross income is devoted to mortgage principal and interest. Affordability conditions for first-time buyers with the same income and small downpayments are roughly 80 percent of what a median-income family can afford. The affordable price was significantly higher than the median existing single-family home price in May, which was $172,900.

The first-time buyer tax credit also is benefiting the market. “Strong activity by entry level buyers is helping to absorb inventory and allow some existing owners to make a trade,” Yun said.Existing-home sales should trend up through the end of the year, with normal local market differences. “The big question is how much the appraisal issue will impact the ability of contracts to go to closing,” Yun said.

“We are currently conducting a study to assess the degree to which new appraisal rules are impacting home sales.”The National Association of Realtors®, “The Voice for Real Estate,” is America’s largest trade association, representing 1.2 million members involved in all aspects of the residential and commercial real estate industries.

1The Pending Home Sales Index is a leading indicator for the housing sector, based on pending sales of existing homes. A sale is listed as pending when the contract has been signed but the transaction has not closed, though the sale usually is finalized within one or two months of signing.The index is based on a large national sample, typically representing about 20 percent of transactions for existing-home sales. In developing the model for the index, it was demonstrated that the level of monthly sales-contract activity from 2001 through 2004 parallels the level of closed existing-home sales in the following two months. There is a closer relationship between annual index changes (from the same month a year earlier) and year-ago changes in sales performance than with month-to-month comparisons.An index of 100 is equal to the average level of contract activity during 2001, which was the first year to be examined as well as the first of five consecutive record years for existing-home sales.2The Housing Affordability Index is a relative index where a value of 100 means that a family with the median income has exactly enough income to qualify for a mortgage on a median-priced existing single-family home, taking into account the relationship between median home price, average effective interest rate for loans closed on existing homes, and median family income. The higher the index, the better housing affordability is for buyers.The calculation assumes a downpayment of 20 percent and a qualifying ratio of 25 percent of gross income for mortgage principle and interest payments. The index is a general gauge with conditions varying widely around the country. Affordability conditions are lower for first-time buyers with smaller downpayments and less income.Monthly publication of the index began in 1981 with annual data calculated back to 1970.Existing-home sales for June will be released July 23; the next Pending Home Sales Index will be on August 4.

Labels: Florida Real Estate, naples fl real estate, Naples Real Estate Market, real estate, real estate sales trends

It’s a buyer’s market!

“We expect first-time homebuyers will be the largest segment next year,” says Ed Forman, president Watson Realty Corp., Jacksonville. “That includes a high percentage of single women buying their first property.”

The same pricing dynamics benefit working-age families in their 30s and 40s who may be moving into a starter home or looking for a move-up with more space for children, according to Mike Pappas, president and CEO, The Keyes Company, Miami. “For these buyers in particular, lower pricing is making Florida homes very attractive,” he says.

In many Florida markets, affluent buyers are picking up luxury properties as primary residences or second-homes – a trend likely to continue. “The high end of the Florida market has held up quite well,” says Brad Hunter, director, South Florida region, MetroStudy in Boca Raton.

International buyers remain an important component of the state’s market, especially in coastal areas like Miami, Fort Lauderdale, Naples and Sarasota, as well as Orlando/Kissimmee. Florida Association of Realtors research studies show buyers from Canada, United Kingdom, Mexico, South America and Europe generate more than 15 percent of residential transactions.

On the other hand, the traditional flow of retiree buyers to Florida remains uncertain in the year ahead. Slower economic conditions in the Northeast and Midwest – two prime feeder markets for Florida – may make it harder for retirees with modest incomes to make the big move to Florida. Many retirees are also faced with less purchasing power due to declines in their investment portfolio and may opt to stay put.

However, the number of Baby Boomers reaching age 65 continues to increase and many of these prospective buyers will be considering Florida when the nation’s economic condition improves.

Labels: naples fl real estate, Naples Real Estate Market

Florida still a prime location for relocation

Long one of the fastest growing states in the nation, Florida continues to benefit from a natural population growth as well as in-migration from other U.S. and international locations. Between 2007 and 2010, Florida is to add an average of 209,000 residents a year, according to Stan Smith, director of the University of Florida’s Bureau of Economic and Business Research. “Although Florida remains a major destination for retirees, far more young and middle-aged people move into the state to find work than their older counterparts arrive to retire,” Smith said.

While Florida’s overall population growth has slowed significantly from the early 2000s, the bureau’s projections show the rate will soon increase again, reaching about 317,000 a year between 2010 and 2020. That would be similar to the peak years of the 1980s and 1990s.
“Florida remains a prime destination for workers seeking new jobs and for the growing wave of baby boomers,” said economist Hank Fishkind, president of Fishkind & Associates in Orlando. His analysis of demographic data indicates Florida enjoyed a net population growth of 350,000 each year from 2000 to 2006. That included about 203,000 people who moved to Florida from other states, about 107,000 migrants from foreign countries and about 47,000 from natural increase (total births minus total deaths). “It’s important to note that this is net growth,” added Fishkind. “The actual number of people who move to Florida each year is far greater.”

On the domestic side, the strongest traditional “sending” states are New York, New Jersey, Illinois, Ohio, Pennsylvania, Georgia, Michigan and California. Among top foreign countries are Venezuela, Puerto Rico, the United Kingdom and Canada.

“Florida has a long history of population growth regardless of the nation’s economic cycle,” said Nancy Riley, a broker with Coldwell Banker Residential Real Estate in Pinellas County and the 2007 president of the Florida Association of Realtors® (FAR).

In fact, the U.S. Census Bureau projects that in 2010 Florida will surpass New York and become the nation's third most populous state. By 2030, the Census Bureau projects the state’s population will reach 28.6 million, an increase of 12.7 million since 2000.

One reason for that growth is that the state’s highly diversified economy continues to attract jobs in tourism, technology, international trade and business services. That brings in individuals, couples and families in their 20s to 50s, primarily to Florida’s larger metropolitan areas.
In addition, Florida traditionally captures a large share of the domestic retiree market, ranging from highly affluent entrepreneurs and executives to moderate-income couples seeking a warm-weather destination with plenty of recreational opportunities.

According to the Census Bureau, there are 76 million baby boomers born between 1946 and 1964. If only 5 percent retire to Florida, that alone would add 3.8 million new residents.
International buyers provide a third stream of migration into Florida, including working-age professionals, retirees and affluent second-home buyers.

As Riley said, “The bottom line is that hundreds of people move to Florida every day. That provides a solid foundation for our state’s residential real estate market.”

Ready to make the move to Naples? Call Today! MARI VESCI REALTORS, Inc. 800-248-3724

Labels: buy naples real estate, naples fl real estate, Naples Real Estate Market

Home sales rise 36 percent over a year ago in Naplea area, NABOR reports
By: NDN Staff
Originally published 12:31 p.m., Friday, June 12, 2009

NAPLES — May home sales in the Naples area increased substantially over May 2008, according to a report released early this afternoon by the Naples Area Board of Realtors (NABOR).

Overall pending home sales in the greater Naples area, which includes the Naples beach area, North Naples, central Naples, East Naples, Immokalee and Ave Maria, saw an increase of 101 percent with 1,029 pending sales in May compared to 511 in May 2008.

The available inventory decreased 10 percent to 10,046 in May compared to 11,175 in May 2008, NABOR reported.

Other findings:

**Overall pending home sales for properties under $300,000 saw a 177 percent increase, with 5,160 pending for the 12 months ending in May compared to 1,860 for the 12 months ending in May 2008.

**The average days on the market decreased 24 percent to 155 in May compared to 203 in May 2008.

**Single-family home sales increased 53 percent with 383 in May 2009 compared to 251 in May 2008; single-family pending home sales saw a 110 percent increase with 603 in May 2009 compared to 287 in May 2008.

**Condo sales saw a 24 percent increase with 313 in May 2009 compared to 253 in May 2008.

**For the year ending in May 2009, the median price for properties over $300,000 decreased only 1 percent to $550,000 compared to $555,000. The median refers to the point where half of the sales are for more, and half for less.


RELATED LINK: www.naplesarea.com

Labels: naples fl real estate, naples florida home sales, Naples Real Estate Market, Naples Real Estate Statistics

The upside of Florida real estate: 15 market positives

Let’s take a look at some of the opportunities for today and the future of Florida’s real estate market....

1. Great prices. Statewide, the existing-home median sales price was $161,200 in the fourth quarter of 2008; a year earlier, it was $216,600 for a decrease of 26 percent.

2. The time is right. Home sales volumes are rising again – a clear signal that today’s “buyers market” may be changing soon. In fourth quarter 2008, statewide sales of existing single-family homes were up 13 percent compared to the same period last year, according to FAR statistics.

3. High inventory levels. Conditions are ideal for buyers to find their dream home. Inventory is still plentiful in all price ranges. But as sales volumes increase, inventory levels are likely to shrink. That reality translates into this advice for buyers: Don’t wait too long.

4. Low mortgage rates. Mortgage rates are still at the lowest levels since the 1960s. Lower rates multiply a buyer’s financial power. Even half a percent can make a sizeable difference. For example, on a $200,000 home, half of 1 percent could save the homeowner about $815 a year. Buyers can get more home for the money, which is a perfect scenario for families looking to upsize.

5. Incentives to buy. Federal, state and local housing programs can help buyers make that big purchase. The U.S. Housing and Economic Recovery Act of 2009 includes an $8,000 tax credit for first-time buyers. President Obama’s 2009 economic stimulus package also identifies and offers incentives to help home buyers with mortgages. Talk to a local mortgage lender about state and federal incentive programs. How to get the $8,000 credit.

6. A long-term-growth state. Long-term economic and demographic trends continue to favor Florida. By 2010 economists forecast that Florida will be the third-most-populated state in the country. Florida’s population is expected to swell about 75 percent by 2030. Florida has been one of the 10 fastest-growing states in the U.S. for each of the past seven decades, and often the state has been in the top four, according to census data. Population growth will continue to provide a foundation for other economic development, such as new jobs and growing incomes. All of these trends are positive indicators for real estate growth.

7. A migration magnet. Even with a slowdown in economic growth nationally, projections call for Florida’s population to return to more normal growth levels of about 317,000 a year between 2010 and 2020, similar to the 1980s and 1990s, said Stan Smith, director of the University of Florida’s Bureau of Economic and Business Research. That’s a lot of new buyers coming into the market.

8. A favored retirement destination. Over the long term, Florida stands to benefit from the migration of the aging Baby Boomer generation, roughly 80 million strong. Demographic studies show that the Sunshine State’s mild climate and outdoor amenities continue to make Florida a top retirement destination.

9. Business-friendly state. Florida has always been a business-friendly state – no state income taxes, plus incentives from local municipalities encourage businesses to set up shop here. Even with the current economic downturn nationwide, Florida leaders continue to keep business needs in the forefront of planning for the state's future. The Milken Institute/Greenstreet Real Estate Partners ranked five Florida communities on its “Best Performing Cities Index 2008,” which ranks U.S. metropolitan areas by how well they are creating and sustaining jobs and economic growth. Florida’s business climate ranked fourth among executives and sixth overall on “Site Selection” magazine’s 2008 Top State Business Climate rankings.

10. Positive investment outlook. Every quarter, the University of Florida’s Bergstrom Center for Real Estate Studies conducts a survey of industry executives, market research economists, real estate scholars and other experts. In the third quarter 2008 survey, the investment outlook for various types of Florida properties remains steady. “People who have responded to our surveys have not lost their faith in Florida as a place to be and a place to invest,” said Dr. Wayne Archer, director. “We have 40 pages of comments from our respondents, and although the dominant theme is the disruption of financing, perhaps the second theme, as one person put it, is people being on the sidelines with full pads and helmets just waiting to jump back in.”

11. Homeownership has value. Realtors believe – and research supports that belief – that homeownership provides a variety of tangible and intangible benefits to the community and homeowners. Studies show that home equity is still the largest single source of household wealth, both for the individual homeowner and for homeowners as a group.

12. Greater sense of well-being. Owning a home leads to increased personal well-being. Research shows that people who own their own homes tend to show higher levels of personal esteem and life satisfaction, which in turn helps to make homeowners and their children more productive members of society.

13. Beneficial for kids. Studies show that children raised in homes owned by their families are more likely to stay in school and more likely to graduate high school. They’re also shown to have a higher lifetime annual income.

14. Community involvement. People who own homes have a strong financial stake in what happens to their community and tend to become more involved in community and civic affairs. Studies show that homeowners also interact more with their neighbors and communities. Compared to renters, homeowners join up to 41 percent more civic and/or nonprofessional organizations, such as the PTA or Scouts; vote in local elections 15 percent more often; enhance their neighborhoods with gardens 12 percent more often; attend church about 10 percent more often; and have a 3 percent greater chance of being interested in public affairs.

15. An unsurpassed lifestyle. Finally, let’s not forget the things that brought people to Florida in the first place, and will continue to attract them – beautiful beaches, fabulous weather and a friendly business climate, with no state income tax. It’s no wonder that Florida’s combination of temperate climate, outstanding recreational amenities and economic opportunity has consistently put Florida in the top three of Harris Poll’s “Most Desirable Places to Live” survey.

Call today to find your piece of paradise, MARI VESCI REALTORS, Inc. 239-566-8989 or email vesci@vesci.com

Labels: naples fl real estate, naples florida home sales, Naples Real Estate Market

NAR: Pending home sales up for third month
WASHINGTON – June 2, 2009 –

Record low mortgage interest rates boosted pending home sales for the third consecutive month, with some benefit now from the first-time buyer tax credit, according to the National Association of Realtors®.

The Pending Home Sales Index, a forward-looking indicator based on contracts signed in April, rose 6.7 percent to 90.3 from a reading of 84.6 in March, and is 3.2 percent above April 2008 when it was 87.5.

“Housing affordability conditions have been at historic highs, but now the $8,000 first-time buyer tax credit is beginning to impact the market,” says Lawrence Yun, NAR chief economist. “Since first-time buyers must finalize their purchase by Nov. 30 to get the credit, we expect greater activity in the months ahead, and that should spark more sales by repeat buyers.”

The Pending Home Sales Index in the Northeast shot up 32.6 percent to 78.9 in April and is 0.8 percent above a year ago. In the Midwest the index rose 9.8 percent to 90.4 and is 11.1 percent above April 2008. The index in the South slipped 0.2 percent to 93.0 in April but is 3.5 percent higher than a year ago. In the West, the index rose 1.8 percent to 94.8 but is 2.9 percent below April 2008.

NAR President Charles McMillan says there are numerous buyer assistance programs around the country. “Some states are offering bridge loans that allow first-time buyers to use the tax credit for downpayment and closing costs, but there are many other local government and nonprofit programs available to buyers, depending on location.

“Just last week, HUD announced that qualifying buyers can use the tax credit for closing costs on FHA loans to buy down the interest rate or make a larger downpayment.”NAR’s Housing Affordability Index (HAI) is in record territory. The index rose to 174.8 in April from an upwardly revised 171.9 in March, and was the second highest monthly reading on record after peaking at 176.9 in January of this year. The HAI is a broad measure of housing affordability using consistent values and assumptions over time, which examines the relationship between home prices, mortgage interest rates and family income. Tracking began in 1970.

A median-income family, earning $60,900, could afford a home costing $296,800 in April with a 20 percent downpayment, assuming 25 percent of gross income is devoted to mortgage principal and interest. Affordability conditions for first-time buyers with the same income and small downpayments are roughly 80 percent of that amount. The affordable price was well above the median existing single-family home price in April, which was $169,800.

Yun cautions that the reporting sample for pending home sales is smaller than that of existing-home sales, so it is subject to greater variability.

“In addition, the relationship between contracts on pending home sales and closings on existing-home sales is taking longer than in the past for several reasons,” Yun says. “Mortgage processing time has increased, it is taking many months to close on those homes requiring short sales with lender approval, and some sales are falling through at the last moment.”

The total number of existing-home sales is expected to improve but with dramatic local market variation in the timing of recovery. “The market has already bottomed in some areas, but this is an unusual housing cycle with some areas improving rapidly while others languish or decline,” Yun says.©

2009 FLORIDA ASSOCIATION OF REALTORS®

Labels: naples fl foreclosures, naples fl real estate, naples real estate for sale, Naples Real Estate Market, Southwest Florida Real Estate Sales

Economic Guru Foresees Slow Recovery

The economy will bottom out in the fourth quarter of 2009 and then begin a slow climb, predicts Mark Zandi, senior economist at Moody’s Economy.com

“The economy won’t come roaring back,” Zandi says. “The sectors that generally lead us out of a recession—housing and vehicles—are flat on their backs and won’t revive rapidly. The economy will kick into high gear in 2011 and 2012.”

The housing market is one of the major factors preventing a faster recovery, he says. “I am expecting the end of the [housing] price decline to occur later this year or early in 2010," he explains. " But that is an assumption.

We need to see the loan modification program work. If it doesn’t work, foreclosures will go up and that will put pressure on consumers because of loss of wealth.”

Do you feel that housing prices in our area have reached thier bottom?

Labels: Naples Real Estate Market

HUD plans to tweak $8,000 tax credit rules so first-time homebuyers can get instant down-payment assistance.

By Les Christie CNNMoney.com staff writer
Last Updated: May 19, 2009: 12:45 PM ETNEW YORK (CNNMoney.com)

Home prices are cheap. Affordability is at a record high. And the market is littered with distressed properties looking for a buyer. But there is one big obstacle for many first-time house hunters looking to take advantage of the market: cash for down payments.

The typical first-time buyer has only saved enough to cover 4% of the purchase price, according to the National Association of Realtors.As part of the stimulus package, Congress created a refundable first-time homebuyers tax credit in hopes of helping on-the-fence buyers to take the home-purchase plunge. But buyers couldn't collect the $8,000 credit until tax time, rather than at closing time - when it's needed.

Now the U.S. Department of Housing and Urban Development is planning to change that.

The agency is working on a plan that will allow Federal Housing Authority-approved lenders to provide buyers with the tax credit cash up front."We all want to enable FHA consumers to access the tax credit funds when they close on their home loans so that the cash can be used as a down payment," said Shaun Donovan, HUD secretary, in a speech last Tuesday before the National Association of Realtors.

Donovan did not reveal many details, but the plan could be modeled after programs in Colorado, Missouri, New Jersey, Pennsylvania, Tennessee and Washington. To quickly infuse cash into their housing markets, these states created "bridge loans" that allow buyers to borrow against the $8,000 credit and then repay it with their tax refunds.The first state to launch such a plan was Missouri, which rolled out its Missouri Housing Development Commission Tax Credit Advance Loan program on January 14 - a month before Congress approved the stimulus package.

Since then, Missouri has approved applications by more than 300 borrowers and closed on 128 of them. Lamar Cherry and his wife, Chrishanna, used the program to augment their down payment when they bought their home in Kansas City.The couple purchased a four-bedroom, three-bath split-level home for $150,000, putting about 6% down. Much of that $9,000 came from the loan program, which they tapped so they wouldn't have to drain their reserves."We had money saved up that we were going to use for the down payment," said Cherry. "Now we can use some of that to buy some things we need for the house."

At closing, the Cherrys, like all buyers in the program, signed for their first mortgage, plus a second mortgage issued by the state. The second note is good for 6% of the price of the home, up to $6,750; there is a $350 set-up fee, but no interest is charged if the debt is repaid by June 2010.

In Missouri, borrowers can only access $6,750 of the $8,000 credit for down payments. "We wanted them to have a cushion below that $8,000 in case other tax liabilities show up," said Greg Spurgeon, the single-family homeownership administrator for the Missouri Housing Development Commission. If borrowers don't pay off the note, it becomes a 10-year fixed-rate mortgage with an interest rate one-half percentage point above that of their first mortgages. For example, borrowers paying 6% on their first mortgages would be charged 6.5% on the second.

So far, Spurgeon said, a significant proportion of participating homebuyers have repaid their loans. He expects most of the others to do the same before the deadline.Cherry has claimed the federal tax credit on his 2008 taxes, but he hasn't gotten his refund yet. He definitely intends to repay the loan before the 2010 deadline because, he said, not doing so would add about $75 a month to his house payments.

How do you feel about the current credits and options available to first time homebuyers?

Labels: first time homebuyer credit, Florida Real Estate, naples fl real estate, Naples Real Estate Market

Made-over condos sell in North Naples
By Christina Cepero
News Press

Along Vanderbilt Beach, condominiums have been selling after a proactive
effort by Bonita Springs-based K2 Design Group to spruce up buildings
and residences up and down Gulfshore Drive.

“So many made good use of a market in pause, and we’re now seeing buyers
walking into condominiums that knock their socks off and they’re buying
them,” explained Mari Vesci, owner of Mari Vesci Realtors, Inc. “For
homeowners as well as sellers, the trend is definitely makeovers.”

Vanderbilt Beach, a 1.3 mile stretch of land between a Ritz-Carlton
Hotel and Delnor-Wiggins State Park, has prime beachfront real estate,
much of it in high-rise towers. Upscale dining in the immediate vicinity
include Baleen at La Playa Beach & Golf Resort and the Turtle Club. The
intimate neighborhood even holds vestiges of Old Florida with Buzz’s
Lighthouse Restaurant and Lighthouse Inn on Vanderbilt Lagoon.

The demographic most attracted to Vanderbilt Beach comprises of empty
nesters in the 50-year age range, Vesci said. Whereas the traditional
buyer has been a second-home buyer, high technology and the virtual
office have paved the way for longer stays.

A perfect example of the what is happening in many of Southwest
Florida’s more mature high-rise condominium communities is found at
Vanderbilt Gulfside Condominium, where exterior common areas as well as
residences are sporting sophisticated new looks.

Flexible living space and innovative storage solutions are high on the
priority list for those wanting to turn dated vacation condos into
year-round residences. In one condominium, the successful transformation
of a two-bedroom layout resulted in two additional remodel contracts for
K2 Design Group, a single-source architectural, interior design and
construction management firm.

“The owners wanted better use of their home,” said Jenny Carter,
president and principal designer of K2 Design Group.

As in the case of many homes, one of the bedrooms was rarely used.
Opening that one room changes the dynamic of the entire home with
increased functionality and stylish looks. To accomplish that, K2 Design
Group expanded the air conditioning onto the lanai at one end of a great
room and created an attractive work space, a beautiful setting to catch
up on e-mail. In the same area, sliding acoustical panel doors allow the
space to convert — with finger-tip ease — to a guest suite for the
occasional visitor.

In the kitchen, which was opened to living areas, glass-walled cabinetry
showcases the homeowner’s handcrafted blown glass collection while
concealing electrical and plumbing.

“This is a dramatic change,” Carter said. “By eliminating the wall that
had previously housed the electrical panel, we gained a view. Glass in
the curio cabinets also allows the Gulf view to be seen from the entry.”
Throughout the home, ceilings were opened and ductwork was moved. The
foyer was opened. In addition to a much-improved interior, the facelift
opened the residence and changed the focus from walls to beautiful views.
Several touches incorporate existing features. A wave ceiling treatment
adds interest and creates the illusion of depth without having to raise
the ceiling. Paneling kitchen appliances with wood skins matching
cabinetry lends an integrated look. Recovered living room furniture
blends with the renewed interior.

“High-rise makeovers take a bit of ingenuity, and K2 Design Group has
completed many,” Carter said. “We won new contracts when residents in
the same building saw everything that we did and appreciated that we
could completely open a two-bedroom unit. Clever adjustments enable
condominium residents to enjoy their homes so much more.”

When they were built in the 1980s, these beachfront residences were not
about high ceilings. The entire ceiling was lowered to the depth of the
duct work.

“We have the technology and skills today to open high-rise spaces and
the impression is dramatic,” Carter said. “Homebuyers do not always have
the vision to imagine what’s possible. For sellers, these makeovers
create interest.”

Celebrating a 15-year anniversary, K2 Design Group has completed upscale
residential and commercial projects in Southwest Florida — from Marco
Island to North Fort Myers — and throughout the United States.
Internationally, the company has completed work in the Bahamas, Canada,
England, Germany, Ireland and Panama.

Sitting on 8.8 acres, the 80s-era high-rise property — 72 residences in
each of two towers — is in the midst of an exterior facelift. Parking
structures, entry gate and porte-cochère have been replaced. Lush
landscaping has been enhanced and is receiving increased attention with
a new irrigation system. Attractive pavers replaced asphalt along the
winding driveway and Italian stone was installed around the pool and
walkway. In addition to fresh paint, exterior balconies, railings and
screens are being upgraded.

Along Vanderbilt Beach, many bought their homes more than 20 years ago
for well under $200,000. In addition, many were bought as vacation
homes. While the real estate appreciated considerably, the common
thinking was that there was no need to spend money to fix what was not
broken, especially when cosmetic improvements would be costly.
Perspectives change in a buyers’ market, Vesci said.

“Potential buyers have certain expectations about the amenities,” she
said. “First impressions count. No matter how nice a condominium is, a
buyer considering the purchase of a condominium might not even come to
look if they hear that the building’s common areas are not scheduled for
some kind of improvement.”

At Vanderbilt Gulfside Condominiums, sellers, homeowners and real estate
agents alike are pleased with a fresh exterior and stylish interiors,
said Pat Gibbs, manager.

“Our residents are thrilled that the exterior is brand new and in
keeping with the upscale nature of the neighborhood,” she said. “And
Realtors love it when they can show a property like this following a
makeover. It generates excitement.”

For more information, visit k2design.net.

http://www.news-press.com/apps/pbcs.dll/article?AID=/20090506/NEWS0102/90506062&template=printart

For all of your real estate needs, call Mari Vesci at 239-269-8889 or email mari@vesci.com

Labels: naples fl real estate, Naples Real Estate, Naples Real Estate Market, real estate sales trends, Southwest Florida Real Estate Sales

Moraya Beach Tower boasts forever views
6:00 a.m., Saturday, April 25, 2009
Contributed by Signature Communities- Naples Daily News

Take one step into the grand entry of the new Moraya Bay Beach Tower on
Vanderbilt Beach, and view a panorama of turquoise and emerald colored
Gulf waters across a lobby as large as the upper deck of an ocean liner.
Architect Van Auken Miller of Naples created a jaw dropping sense of
arrival with splashing fountains, skyrocketing sculptures of water and
fire, and extraordinary curved glass "window walls" and Gulf-front
balconies.

The curvilinear entrance foyer and lobby is an overwhelming space with
an unbroken view of the water's edge to welcome residents and leave
guests with an unforgettable impression.

Giant squares of glass set within flowing curved walls define the
contemporary 11-story tower of luxury residences. The polished stone
floors reflect the colors of the beach and sky. Rich dark woods define
the concierge's desk and station in the tradition of a five-star resort.
Moraya Bay Beach Tower by Signature Communities on Vanderbilt Beach will
open this summer. The tower is located at the northernmost end of Gulf
Shore Drive. The views to the north extend for three miles across state
and county park-protected conservation areas beyond Wiggins Pass to
Barefoot Beach Park.

Signature Communities, who have built over 3,000 luxury residences in
Naples, consider Moraya Bay to be the company's crowning achievement.
Residents are steps away from the beach and can comb it for miles to
Wiggins Pass without passing another condominium.

Moraya Bay Beach Tower is the culmination of two decades of Signature
luxury residences and a history that includes development of prestigious
neighborhoods: Pelican Bay, Pelican Marsh, Regatta and The Dunes.
Residents drive to the elevated motorcourt entry and grand lobby. The
building's plaza level is dedicated to amenities. At the south end, a
glass-surrounded fitness center overlooks the beach and Gulf of Mexico.
At the northernmost end, a private clubroom and lounge command sunset
views of the Gulf.

Residents can take an elevator or outdoor stairways to two tropically
landscaped sundecks, each with a resort-style swimming and lap pool. A
poolside grotto bar is reminiscent of the Cain at the Cove pool deck
within the Atlantis resort on Paradise Island. The dune line between the
pools and the Gulf's shore has been planted with native vegetation.
Private elevators open directly into each residence. A second service
elevator also opens into the owner's service hall. Floor plans are open
and light filled offering up to 4,500 square feet of air-conditioned
space and 5,400 square feet of total living area. Prices range from $2.9
to $4.9 million.

Nine-foot ceiling heights and floor-to-ceiling window walls capture and
accentuate the feeling of openness. Wide and deep covered open air
terraces with glass rails wrap around each residence to create panoramic
vistas. From the grand salon, dining room, kitchen and master bedroom,
residents will view the Gulf and beach.

Those who love to entertain will appreciate their gourmet kitchen and
the adjacent pantry and catering kitchen. These large open spaces
include stainless steel appliances, granite countertops and custom
European cabinetry. GE Monogram appliances include a gas cook top,
icemaker, Advantium combination convection/conventional ovens,
side-by-side refrigerator, and under-counter wine cooler. All kitchens
adjoin catering kitchens which include a full size refrigerator, double
sink, dishwasher, wine coolers and additional counter and storage space.
The baths feature marble countertops, jetted tubs and all-glass showers
and his-and-her water closets. Master bedrooms include room sized
walk-in dressing rooms.

The 06 Residence exemplifies the luxury offered within the tower. The
private elevator doors open to views that expand outward to the Gulf and
beach. Three bedrooms each have private baths.

The beachfront master suite includes a 23-by-9-foot, 6-inch dressing
room. All main living areas - family room, grand salon, dining room and
gourmet kitchen - are focused toward the arch of a window-wall that
opens to a 670-square-foot open terrace.

Floor-to-ceiling window walls capture gulf-front breezes and accentuate
the feeling of openness. Wide and deep covered terraces with glass rails
wrap around each residence to create panoramic vistas.
From the grand salon, dining room, kitchen and master bedroom,
residents will view the Gulf and the beach.

Over half of the 72 tower residences have been sold. Residences are
smart-wired for a variety of advanced technological features for
entertaining and communication.

Glenn Griffin serves as chief marketing officer of Signature Communities.
"Forever views and value best describes the Moraya Bay Beach Tower,"
said Griffin, and potential buyers will find this a most fortunate time
to purchase, as they can tour the nearly finished building, choose their
views and create the home of their dreams."

For additional information on this or other Vanderbilt Beach properties, contact MARI VESCI REALTORS, Inc. today at 239-566-8989

http://www.naplesnews.com/news/2009/apr/25/moraya-beach-tower-boasts-forever
-views/

Labels: Moraya Bay, naples fl real estate, Naples Real Estate Market, Southwest Florida Real Estate Sales, vanderbilt beach

NABOR Reports March 2009 and First Quarter 2009 Real Estate Transactions

SALES OUTPACE NEW INVENTORY

Report Shows Inventory Declines 8 Percent

The increase in sales indicates that the Naples real estate market is making a comeback. An upward swing in the local market has boosted consumer confidence, attracting buyers who had been cautious due to watching national trends.

"Significant increases in the number of buyers actively looking at residential property are being reported by area REALTORS®, noting that realistic pricing adjustments have spurred buyers to get off the fence.The first quarter report provides annual comparisons of single-family home and condo sales (via the SunshineMLS), price ranges, geographic segmentation and includes an overall market summary.

The statistics are presented in chart format, along with the following analysis: Overall home sales for properties under $300,000 saw a 113 percent increase, with 964 sales in the first quarter of 2009 compared to 452 in the first quarter of 2008.Single-family homes sales under $300,000 increased 242 percent with 510 in the first quarter of 2009 compared to 149 in the first quarter of 2008.

The overall median closed price decreased 36 percent to $237,000 for the 12 month ending March 2009 from $370,000 for the 12 month ending March 2008. The median refers to the middle value in a set of statistical values that are arranged in ascending or descending order, in this case prices at which homes were actually sold. It should be noted that in any given period the median could vary greatly if there is an anomaly, a single sale that is significantly higher or lower than other properties in the area.

The inventory in the under $300,000 single-family home market has a current 14 month supply, down from 45.6 months of inventory in March 2008.

Pending sales in the under $300,000 price range continues to lead the way in March 2009 increasing 194 percent with 808 compared to 275 in March 2008.The March report provides annual comparisons of single-family home and condo sales (via the SunshineMLS), price ranges, geographic segmentation and includes an overall market summary.

The average days on the market decreased 14 percent to 159 compared to 185 in March 2008.Overall single-family pending sales saw a 137 percent increase, with 625 in March 2009 compared to 264 in March 2008Condo sales saw a 11 percent increase with 277 in March 2009 compared to 250 in March 2008."

Labels: http://www.naplesarea.com/realtor-issues.asp, Naples Real Estate, Naples Real Estate Market, Naples Real Estate Statistics, Southwest Florida Real Estate Sales

Florida Realtors and Gov. Crist agree: ‘Now’s the time to buy’ a home in Florida

Realtors reported an upswing in existing home sales in the past three to six months, to which the governor responded, “Now is the time to buy, while the deals still exist.”

TALLAHASSEE, Fla. – April 15, 2009 – Ten Realtors from across Florida met with Gov. Charlie Crist this morning to discuss increased home sales and other positive trends in their markets, as well as offer insight into some current issues facing the real estate industry. It’s part of this year’s Great American Realtor Days, April 14-15, when about 1,000 Realtors from throughout the state join forces at the state capital to meet with their legislators and discuss concerns affecting all Florida residents.

Representing markets from Miami to Jacksonville and all points in between, Realtors reported an upswing in existing home sales in the past three to six months, when comparing year-to-year activity and also month-to-month sales figures. John Sebree, vice president of public policy for the Florida Association of Realtors® (FAR), kicked off the Real Estate Roundtable meeting with Gov. Crist by noting that February’s statewide existing home sales rose 20 percent over the same period last year, according to FAR data. He also reported that February’s home sales were about 17 percent higher than January’s statewide sales activity.

Realtors also told the governor about other positive indicators such as: mortgage interest rates under 5 percent; reduced housing inventory levels as buyers take advantage of current, more affordable housing opportunities; and encouraging market reaction to the federal economic stimulus package, especially the new $8,000 first-time homebuyer tax credit.

Upon hearing these reports from around the state, Gov. Crist said, “It doesn’t get much better than this. [Housing] supply and demand is going to come into balance here. Two to three years from now, people will be saying, ‘Back in April 2009 I could have gotten that home for so many dollars’ – so you don’t want to wait.

“Prices have gotten as low as they can. Now is the time to buy, while the deals still exist,” the governor said.

Discussing some of the challenges in today’s market, many Realtors pointed to difficulties with so-called “short sales,” where the bank or lender agrees to accept less money on a home sale than the seller owes on the mortgage. They said that short sales are problematic not only because of how long it actually takes to finalize the sale, but also because of the inconsistencies in information and documents required by lenders. Streamlining the short-sale process and providing consistency in required documentation among the lenders would boost the recovery of Florida’s real estate market.

Solutions to ease lenders’ restrictions on the state’s condo market are also needed, said Edgewater Realtor Robert Clinton. “Not only is the prospective condo buyer having to be approved for a mortgage, but the condo owners association itself has to be approved and qualified, which is causing problems,” he said.

Largo Realtor Alan Riley told Gov. Crist that 50 percent of buyers involved in recent home sales in the Tampa Bay area paid cash for their purchases, a strong indicator that investors have returned to the housing market. “Savvy investors have returned to our market as well,” added Eric Sain, a West Palm Beach Realtor. “But we’re also seeing a lot of young families buying a home to settle down and establish roots in the community. That’s a sign that people aren’t leaving the area, aren’t leaving Florida.” Gov. Crist agreed, saying, “Of course they are [establishing roots] – it’s Florida. Why would they go anywhere else?” Not only is it a great time to buy a home in Florida, it’s also a great time for businesses to move to the Sunshine State, noted Suzanne Sherer, a Fort Myers Realtor. Commercial and business properties are readily available in a range of price options, she said, providing prime opportunities for entrepreneurs. She asked the governor and state leaders to take steps to encourage the relocation of businesses and industries to Florida.

At noon today on the steps of the old Capitol, Gov. Crist addressed the crowd of nearly 1,000 Realtors participating in Great American Realtor Days, applauding their perseverance and dedication to their profession despite challenges posed by the economy and the marketplace. Amid reports of increased home sales and other positive signs, the governor said that the “changing landscape” for Florida’s real estate markets is “nothing short of remarkable.” Other participants in Gov. Crist’s Real Estate Roundtable included: Jacksonville Realtor Millie Kanyar; Fort Lauderdale Realtor Jesse Acevedo; Miami Realtor Carlos Cruz; Port St. Lucie Realtor Scott Wingfield; Panama City Realtor Katie Patronis; and Orlando Realtor Les Simmonds.

© 2009 FLORIDA ASSOCIATION OF REALTORS

Please let us know what you think about this current buyers market? Post your comments below!

Labels: Florida Real Estate, Naples Real Estate Market, Real Estate Prices

Christopher Palmeri, Mara Der Hovanesian and Prashant Gopal
updated 7:43 a.m. ET, Tues., April. 7, 2009

Last year the Cape Coral area of Florida had the highest foreclosure rate in the country. Banks moved to seize more than 1 in 10 residential properties in the Gulf Coast community of 165,000. The reverberations are still being felt. Newly built McMansions sit vacant, dusty monuments to the great real estate boom. Smaller homes have been ransacked. Apartment buildings have been boarded up. Former owners are stripping whatever items they can from their homes before the locks get changed, says Kirsten Prizzi, a local real estate agent at AC Global Realty. "Knobs, appliances. Someone was selling windows."

But a curious thing is happening in this blighted former boomtown: Buyers are swooping in. First-time home-owners are suddenly entering bidding wars with real estate speculators from as far away as Spain and Germany. Sales in February outpaced those at the peak of the boom, with some houses getting more than 50 offers and selling above their asking price. "I look for markets that are downtrodden," says Rich Lehrer, a retiree and self-proclaimed "emerging-market investor" from Wilmington, N.C., who wants to buy several properties in the area. "I'm expecting to get better yields than I would get on my cash."

Cape Coral isn't the only bright spot in housing land. Some of the very regions that led the U.S. housing market into the abyss are beginning to show signs of life. Sales on the Gulf Coast of Florida, California's Inland Empire near Los Angeles, and the Las Vegas metropolitan area surged by more than 80 percent in February vs. the same month last year.

http://www.msnbc.msn.com/id/30032506/

Call MARI VESCI REALTORS, Inc. for a free list of properties & foreclosures in our area, 239-566-8989

Labels: Buy, Foreclosures, Naples Real Estate, Naples Real Estate Market

PENDING SALES AT THREE YEAR HIGH, Report Shows Inventory Declines 7.6 Percent

NAPLES, Fla.-March 13, 2009- In February 2009, the pending sales in the Naples area reached its highest peak in over three years, according to a report released by the Naples Area Board of REALTORS® (NABOR), which tracks home listings and sales within Collier County (excluding Marco Island).

Overall pending sales, which are a key indicator of buyer activity, continued its upward trend in February. Pending sales increased 69 percent with 808 pending in February 2009 compared to 479 in February 2008.

In a pattern that is occurring throughout Southwest Florida, the Marco Island and Ft. Myers areas have followed this same trend, recently reporting a surge in sales and a decrease in inventory.

The report provides annual comparisons of single-family home and condo sales (via the SunshineMLS), price ranges, geographic segmentation and includes an overall market summary. The statistics are presented in chart format, along with the following analysis:

Overall pending home sales for properties less than $300,000 saw a 178 percent increase, with 587 pending in February 2009 compared to 211 in February 2008.

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

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

Labels: February Market Update, Naples Real Estate Market, Naples Real Estate Statistics