Flippers snap up foreclosures, remodel and resell for a profit

By KATY BISHOP
Posted April 17, 2010 at 7:10 p.m.

NAPLES — Stephen Campolo watched as his former neighbors tore apart their houses, carting away cabinets, tiles and toilets in U-haul trucks.

He wondered who would buy a toilet ripped out of someone else’s bathroom. Worse, he worried that no one would buy the three foreclosed houses across the street.

Weeks passed and the grass grew knee-high in front of the homes in the gated, Golden Gate Estates neighborhood of Valencia Lakes. But recently, things started looking up: An investment company bought one of the houses and contractors started arriving to throw out trash and fix up the house.

Flippers are buying beat-up, damaged properties, remodeling them and then reselling them for profits of 10 percent to 12 percent of the final sale price. It’s happening in gated and non-gated communities in Naples, Golden Gate, Golden Gate Estates and Naples Park.

They were blamed for driving prices sky-high during the bubble, but so far, residents, homebuyers and experts say these next-generation flippers are serving an important purpose. They’re paying cash for properties that nobody else wants — properties that often aren’t eligible for financing for typical buyers — and making them into homes people want to buy.

It’s changing neighborhoods across Southwest Florida, street by street.

“This is a non-financeable house, so unless an investor bought it and fixed it up, it would sit here and rot,” said Mike Conte, with MFC Investments, standing inside a foreclosure his company recently purchased.

It was Conte’s first time inside the house in Valencia Lakes, and he picked his way gingerly around the kitchen, feet crunching on shattered glass and sugar on the floor. He examined broken cabinets and eyed chewed-on chicken bones in a take-out container on the counter.

The company paid about $150,000 for the 4-bedroom, 2,724-square-foot house at an auction and will probably put about $40,000 into it, Conte said. They’ve listed it on their Web site for $215,900, noting that it will be completely remodeled.

Because the company can’t get inside foreclosed homes before purchasing them, they often don’t know quite how much damage a house has when they bid on it at auction, Conte said.

This house had more extensive damage than he expected, so their profit may be less than he had hoped. They’ll have to completely rebuild the kitchen and the bathrooms, and replace all the fixtures.

Conte’s target profit is 10 percent to 12 percent of the purchase price, so if it sells for the listed price of $215,900, that would be $21,590 to about $25,900. But with at least $190,000 invested in the property before Realtor commission and recording fees, that probably isn’t realistic.

Risk is all part of the game, Conte said.

After buying the property, Conte’s company usually turns around the house in less than 45 days. They have flipped about 100 houses in Naples since the beginning of 2009.

“We are increasing the value of the property and increasing the integrity of the neighborhood,” Conte said. “There are certain streets where we’ve renovated many properties and they look different. For example, Coconut Circle (in East Naples), where we’ve purchased a few properties and they’ve gone from boarded-up properties to fixed-up properties with people living in them.”

Foreclosures have an increasingly negative impact on the property values of the houses surrounding them, said Shelton Weeks, real estate professor with Florida Gulf Coast University’s Lutgert College of Business.

Each foreclosure within one-eighth-mile of a single-family house reduces that house’s property value by 0.9 percent to 1.136 percent, according to a study done in Chicago in the late 1990s that combined foreclosure data with property transactions.

So, say your house was worth $300,000, and your next-door neighbor forecloses. Your property values would decrease only by about $2,700 to $3,408. But if there are five foreclosures within one-eighth-mile of your house, your property values decrease by $13,500 to $17,040.

For example, on 25th Court Southwest in Golden Gate, a street that’s about a quarter-mile long, there have been a handful of foreclosures and short sales recently. Each sat vacant for a time, but many were purchased by investors.

Sylvia Martinez, 53, bought a house on the street in August 2009, and after that noticed a lot of activity in neighboring houses: Construction, and then “for sale” signs going up and new neighbors moving in.

“There’s been a lot of movement since I purchased,” she said. “In the beginning, I was very afraid to move to Golden Gate city, but I’m a single mom and I’m paying everything for myself, and the only opportunity that I had to buy was in this area. Now, I feel very different. The street that I live on is very quiet, and I like it. It’s nice to have neighbors instead of empty houses.”

Often foreclosed properties aren’t eligible for financing, especially with strict Federal Housing Authority loans, because they lack appliances, air conditioners, water pumps or have torn-up kitchens or bathrooms, said Brenda Fioretti, real estate agent and president of the Naples Area Board of Realtors.

Fioretti called the remodelers “investors” _ not flippers _ and agreed that they are serving an important market function right now.

“When you see people come into your neighborhood and fix up and buy properties and immediately try to flip them, it makes people a little apprehensive,” said Shelton Weeks, real estate professor with Florida Gulf Coast University’s Lutgert College of Business. “But when (a house) goes into foreclosure it’s as if it’s sort of fallen off the grid. The only thing that’s going to get that back into the system is a (buyer) who is going to do all the work themselves or a company that’s going to fix it up and get it back on the market.”

Olivia Hernandez, 45, needed a house that was in good condition for her family of five, and she had heard horror stories about buying foreclosures from banks. When she stepped into a move-in ready, five-bedroom house in Golden Gate Estates and saw that it had a huge family room, she knew it was perfect for her four kids.

Hernandez bought the 2,280-square-foot house for $143,000 in December 2009, three months after an investment company purchased it as a foreclosure for $121,100.

“I don’t know if it was remodeled,” she said. “All I know is that when we saw it, it was ready to move in. All the walls are white. It was just move in and paint the walls the colors that I wanted to make it my own.”

Asked whether the flippers and investors eventually might drive up property values and create another real estate bubble, Weeks, the FGCU real estate professor, said no.

“There’s so much inventory and the financing landscape is so much different than it was during the bubble,” Weeks said. “The chance of a secondary bubble resulting from this is minuscule. Swings in real estate markets tend to happen over very long periods of time.”

SOURCE: NAPLES DAILY NEWS, http://www.naplesnews.com/news/2010/apr/17/theyre-backflippers-snap-foreclosures-remodel-and-/

Labels: naples fl foreclosures, naples fl home sales, NAPLES FL INVESTMENT PROPERTIES, naples fl real estate

New Fannie Mae, Freddie Mac Structures Should Ensure Availability of Mortgage Capital and Protect Taxpayer Dollars, Says NAR

Washington, March 23, 2010

Government-sponsored enterprises (GSEs) Fannie Mae and Freddie Mac should be restructured as government-chartered, non-shareholder owned authorities, the National Association of Realtors® said in congressional testimony today.


“We want to ensure a flow of capital into the mortgage market regardless of the state of the market or economy,” Vince Malta, NAR vice president and liaison to government affairs, testified to the House Financial Services Committee. “The new Fannie and Freddie must ensure there is always mortgage capital available for creditworthy buyers and that taxpayer dollars are protected.”


In outlining NAR’s proposal, Malta cautioned Congress and the administration about moving too quickly in restructuring the GSEs. “The housing recovery is still too fragile for the government to completely step away, and any disruption in the marketplace now by doing something too radical would be harmful,” he said. “Our goal is to help Congress and our industry design a secondary mortgage model that will serve America’s best interest today, and in the future.”


Neither a fully privatized entity nor a fully nationalized structure for the secondary mortgage market giants effectively addresses the critical issues of loan availability and taxpayer protection, he said. A fully private entity would foster mortgage products more aligned with business goals rather than the nation’s housing policy for consumers. “In difficult markets, like today’s, private lenders have not been willing to make loans without government backing,” said Malta.


A fully federal structure would put taxpayers at risk. “We want to eliminate any scenario that would place taxpayers on the hook to protect these entities. And to combine the two, or merge them with Ginnie Mae, would remove competition in the secondary market, and the new entity could lose focus on it missions to serve low- and moderate-income families and maintain liquidity in the mortgage markets,” he said.



The new authorities should be subject to tighter regulations on products, profitability and minimal, retained portfolio practices in a way to ensure protection of taxpayer monies. The new entities would also concentrate on standard mortgage products that are the foundation of the housing finance market.


“While that might curtail some private participation and alternative products in this market, we believe privates will offer innovations that meet consumer needs. The new entities would focus on safe mortgage products, including 15- and 30-year fixed rate mortgages and traditional adjustable rate mortgages.”


Malta also submitted a list of further recommendations.


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.

SOURCE: www.realtor.org

Labels: naples fl home sales, naples fl mortgages, naples fl real estate

April 10-11, 2010, is the first-ever statewide open house weekend!
Florida Realtors aren't the only ones showcasing properties during that
weekend -- state and local associations across the country have also
designated April 10 & 11 as Open House Weekend. From coast to coast,
Realtors will showcase thousands of open houses. It's a buyer's dream!

The timing couldn't be better for buyers. Interest rates are low.
There's a supply of homes at all price points. And the Florida Open
House Weekend is two weeks before the April 30 deadline for the
homebuyer tax credit. Take time now to prime move-up and first-time
buyers to go to contract that weekend

Labels: naples fl real estate, open house naples

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/

Labels: first time homebuyer credit, naples fl real estate

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

NABOR: Homes sales up almost 70 percent from a year ago
By I.M. STACKEL
Posted August 14, 2009 at 1:31 p.m. , updated August 15, 2009 at 8:15 a.m.

NAPLES — With an economy that is moving the right direction, there are going to be some celebratory brunches.

Naples Area Board of Realtors released its numbers Friday, and the statistics have many smiling: overall home sales increased by 67 percent in July, compared with the same period one year ago.

Comparing July 2009 to the previous year, there’s also been a 12 percent decrease in inventory, a positive sign that the “buy now” message is getting out, say leaders in the real estate industry.

Especially heartening: the number of people asking to look at property and pending sales. Desire for properties costing less than $300,000 increased by 165 percent compared with this period last year. In hard numbers, that was 682 pending sales last month as compared with the 257 pending sales NABOR reported in July 2008.

Condo sales increased by 61 percent with 283 in July 2009, compared to 176 in July 2008.

Labels: buy naples real estate, naples fl real estate, naples florida home sales

2Q existing-home sales rise in most states, says NAR

ORLANDO, Fla. – Aug. 12, 2009 – Sales of existing single-family homes in Florida rose 23 percent in second quarter 2009 compared to the same period a year earlier, according to the latest housing statistics from the Florida Association of Realtors® (FAR). A total of 43,125 existing homes sold statewide in 2Q 2009; during the same period the year before, a total of 35,008 existing homes sold. It marks the fourth consecutive quarter that Florida has seen higher existing year-to-year home sales, according to FAR.

Sales of existing condominiums statewide in the second quarter rose 29 percent compared to the same time the previous year. This marks the third consecutive quarter for increased statewide sales in both the existing home and condo markets compared to year-ago levels.

Statewide sales activity in 2Q 2009 also increased over 1Q 2009’s sales figure in both the existing home and existing condo markets, FAR records show. For 2Q 2009, statewide sales of existing homes rose 37.2 percent over the 1Q 2009 figure; existing condo sales statewide in 2Q 2009 increased 45.3 percent over the 1Q 2009 level.

“In spite of the challenges with the economy, most people – 83 percent – still believe that buying a home is a good financial decision, according to a recent survey from the National Association of Realtors® (NAR),” says 2009 FAR President Cynthia Shelton, CCIM, CRE, a broker and director of investment sales with Colliers Arnold in Orlando. (CCIM stands for Certified Commercial Investment Member and CRE is the Counselor of Real Estate designation). “Many homebuyers are realizing that this is the time to buy – with a good selection of housing inventory, affordable pricing and low mortgage rates.

“In fact, three-fourths of those responding to the 2009 National Housing Pulse Survey said they think now is a good time to purchase a home, a number that has increased steadily the past two years,” she says. “However, providing solid financing options for homebuyers is key to returning stability to the housing market, and buyers also need programs that help with downpayment and closing costs. That’s why the federal $8,000 first-time homebuyer tax credit and other programs enabling eligible buyers to access that tax credit for downpayment or closing costs are so important – programs like the Florida Homebuyer Opportunity Program.”

Sixteen of Florida’s metropolitan statistical areas (MSAs) reported increased sales of existing homes in the second quarter compared to the same three-month period a year earlier, while 12 MSAs showed gains in condo sales.

The statewide existing-home median sales price was $143,600 in the second quarter; a year earlier, it was $203,200 for a decrease of 29 percent. The 2Q 2009 statewide existing-home median sales price was 1.8 percent higher than 1Q’s statewide existing-home median sales price of $141,000. According to industry analysts with the National Association of Realtors® (NAR), sales of foreclosures and other distressed properties continue to downwardly distort the median price because they generally sell at a discount relative to traditional homes. The median is a typical market price where half the homes sold for more, half for less.

In the year-to-year quarterly comparison for condo sales, 14,742 units sold statewide for the quarter compared to 11,459 in 2Q 2008 for a 29 percent increase. The statewide existing-condo median sales price was $111,100 for the three-month period; in 2Q 2008, it was $179,800 for a decrease of 38 percent. The 2Q 2009 statewide existing-condo median sales price was almost 1 percent higher 1Q’s statewide existing-condo median sales price of $110,100.

Continuing low mortgage rates remain another favorable influence on the housing sector. According to Freddie Mac, the national commitment rate for a 30-year conventional fixed-rate mortgage averaged 5.03 percent in 2Q 2009; one year earlier, it averaged 6.09 percent.© 2009

FLORIDA ASSOCIATION OF REALTORS

Labels: Florida Real Estate, naples fl real estate, Southwest Florida Real Estate Sales

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.

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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

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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

Bernanke: Economy on pace for ‘09 turnaround

WASHINGTON – June 5, 2009 –

The pace of economic contraction is slowing, indicating the economy could bottom out and then turn up later this year, Federal Reserve Chairman Ben S. Bernanke told the House Budget Committee on June 3. He cited recent reports, including a flattening out of the decline in consumer spending and signs of a bottom in the housing market.

Bernanke said the economy “has contracted sharply since last fall, with real gross domestic product [GDP] having dropped at an average annual rate of about 6 percent during the fourth quarter of 2008 and the first quarter of this year,” Bernanke told the committee. He said 6 million jobs have been lost since the downturn began, and recent labor market information “suggests that sizable jobs losses and further increases in unemployment are likely over the next few months.”

Bernanke said consumer spending, which dropped sharply in the second half of 2008, has been “roughly flat” so far in 2009, and “consumer sentiment has improved.” He also said the Obama Administration’s economic stimulus could boost spending. However, the Fed chairman said a weak job market, the loss of housing wealth, and tight credit conditions could hamper consumer spending, which would be a key component of any recovery.

“Making Progress”

The Fed chairman said businesses “remain very cautious and continue to reduce their workforces and capital investments. On a more positive note, firms are making progress in shedding the unwanted inventories that they accumulated following last fall’s sharp downturn in sales.”

Bernanke said the Fed continues to believe economic activity will turn up later this year, based on improvements in consumer spending and housing demand supported by fiscal and monetary stimulus and stabilization in foreign economic activity. Inflation is likely to remain low over the next year, Bernanke said.

However, he warned that the forecast is dependent on continuing improvement in credit markets, and he said that “even after a recovery gets under way, the rate of growth of real economic activity is likely to remain below its longer-run potential for a while, with unemployment continuing to rise even after the economy turns around.

Concerns about the job market were heightened by Wednesday’s release of the ADP National Employment Report. The private sector report, which has become more closely watched in recent months, said employment decreased by 532,000 in May, vs. a revised decline of 545,000 jobs in April.

While the ADP report showed a slight improvement, it was “another in a list of ‘less bad’ economic reports,” said Alan Gayle, senior investment strategist at RidgeWorth Capital Management. “We do believe that the market expectations are shifting from simple survival to sustainability, so less bad is not good enough.”

Copyright © 2009 The McGraw-Hill Cos., Business Week Online, Phil Mintz. All rights reserved. The Associated Press contributed to this report.

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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

Details of FHA’s $8K downpayment advance released

WASHINGTON – May 29, 2009

The U.S. Department of Housing and Urban Development (HUD) released more details today about its program to help first-time homebuyers use a tax credit as part of a downpayment.

HUD announced the program on May 12 at the National Association of Realtors® Housing Summit. In the interim, HUD posted an announcement and then immediately took it down, leading to speculation that the program would be pulled. In response, HUD said the rules had simply not been finalized, and the original announcement had been posted in error.

“We’ve been eager for word from the federal government since the new FHA downpayment assistance plan was announced, and even more so after the program details were first published and then quickly pulled,” says John Sebree, FAR vice president of public policy. “Luckily, that turns out to be a minor setback and there will be a federal downpayment program to complement the $30 million we were successful in securing in the Florida budget.”

The most significant change involves the amount of downpayment required by qualified first-time homebuyers. FHA mortgages require a 3.5 percent downpayment, and the $8,000 tax credit cannot be used to override that requirement. Once the 3.5 percent downpayment requirement has been met, however, the tax credit can be applied to additional costs, including a higher downpayment, paying points to lower the mortgage rate, and/or closing costs. Lenders will treat the tax credit money as a second lien on the home until it’s paid back.

“Mortgage industry leaders have indicated that this type of product may not be immediately available to consumers,” says Sebree. Since lenders will oversee the tax credit loan, they must create internal programs to handle the process.Lenders have some flexibility on payback requirements for the upfront loan of the tax credit, though HUD also created rules to protect homebuyers from onerous terms.

To read the complete overview in Mortgagee Letter 2009-15, go to: http://portal.hud.gov/pls/portal/docs/PAGE/FHA_HOME/LENDERS/MORTGAGEE_LETTERS/2009_MORTGAGEE_LETTERS/09-ML-15%20USING%20FIRST-TIME%20HOMEBUYER%20TAX%20CREDITS.PDF

Labels: $8000 down payment assistance, buy naples real estate, naples fl real estate, naples real estate for sale

April existing home sales rise by 2.9 percent
Buyers are taking advantage of a steep drop in prices

updated 10:37 a.m. ET, Wed., May 27, 2009 WASHINGTON -

Sales of previously occupied homes rose modestly from March to April as buyers who were brave enough to dive into the market took advantage of prices that were 15.4 percent below year-ago levels.

The National Association of Realtors said Wednesday that home sales rose 2.9 percent to an annual rate of 4.68 million last month, from a downwardly revised pace of 4.55 million in March.
The results slightly beat economists' forecasts. Sales had been expected to rise to an annual pace of 4.66 million units, according to Thomson Reuters.

The median sales price plunged to $170,200, down from $201,300 in the same month last year. That was the second-largest price drop on record after January, when prices fell 17.5 percent.
The number of unsold homes on the market at the end of April rose almost 9 percent from a month earlier to nearly 4 million. That's a 10-month supply at the current sales pace.

"We still need a continuing and consistent rise in home sales to get the inventory down," said Lawrence Yun, the group's chief economist. Only then, economists say, will prices stabilize and eventually recover. Another big problem, Yun noted, is the lack of activity at the higher-end of the housing market, among properties priced at $750,000 or higher.

Interest rates are much higher for loans above $730,000 that cannot be purchased by Fannie Mae or Freddie Mac. And that's sapping demand for expensive properties.

"It's just stalled. completely stalled," Yun said. The Realtors group is pushing for the Federal Reserve to start buying up those loans, even if they are not backed by Fannie and Freddie. It also wants the higher loan limits to apply to the whole country, not just expensive areas like California and New York.
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There are plenty of great buys still out there! Call today for a free list of properties of foreclosures in the Naples area 239-566-8989

Labels: naples fl foreclosures, naples fl real estate, Real Estate Prices, real estate sales trends

INVENTORY DECLINES 16 PERCENT FOR PROPERTIES OVER $300,000

Report Shows Overall Pending Sales Increase 87 Percent

NAPLES, Fla.-May 15, 2009- Inventory continues to diminish in Collier County as buyers take advantage of favorable sales prices, according to a report released by the Naples Area Board of REALTORS® (NABOR), which tracks home listings and sales within Collier County (excluding Marco Island).

The overall available inventory for properties over $300,000 declined 16 percent to 5905 in April 2009 compared to 7088 in April 2008. The average days on the market decreased 15 percent to 165 in April 2009 compared to 195 in April 2008.

The April 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 in the greater Naples Area, which includes Naples Beach, North Naples, Central Naples, South Naples, East Naples, Immokalee, and Ave Maria, increased 20 percent, with 582 in April 2009 compared to 486 in April 2008.

Overall pending home sales for properties under $300,000 saw a 199 percent increase, with 792 pending in the April 2009 compared to 265 in April 2008.

Single-family home sales increased 46 percent with 304 in April 2009 compared to 208 in April 2008; single-family pending home sales in the less than $300,000 category saw a 298 percent increase with 446 in April 2009 compared to 112 in April 2008.

Condo sales saw a zero percent increase with 278 in April 2009 compared to 278 in April 2008; however, pending condo sales increased 66 percent with 468 in April 2009 compared to 282 in April 2008.

Overall pending home sales increased 87 percent to 1088 in April 2009 compared to 583 in April 2008.

To view the entire April report, go to www.Naplesarea.com or click to view the statistics: http://www.naplesarea.com/realestate_news/Statistics_2009_April_Naples_Market_Statistics_Price_Area.pdf

Call MARI VESCI REALTORS, Inc. for all of your real estate needs, 239-566-8989

Labels: naples fl real estate, Naples Real Estate Statistics, Southwest Florida Real Estate Sales

NAPLES — The hotly debated issue of mandatory inspections for foreclosed and vacant homes couldn’t be resolved Tuesday, and will be brought back to Collier County commissioners again. This much commissioners had decided as of Tuesday, however: The inspections will be mandatory but will be performed by private contractors, not county government workers. And the local law to be brought back to commissioners will legally define “foreclosed” and “vacant.”

After a long debate Tuesday, Collier commissioners unanimously decided to continue the discussion June 23 before making a final decision. That’s when county employees will come back to commissioners with an ordinance that requires mandatory inspections of foreclosed and vacant homes. The proposal was prompted by a large percentage of abandoned or foreclosed homes -- condominiums, single-family houses, townhouses and duplexes -- that were found to have plumbing problems, electrical violations and mold. Inspections would reassure future home buyers that the buildings comply with county codes.

“I’m here just to throw this out to you all,” said Joe Schmitt, administrator of the county’s Community Development and Environmental Services department. About 20 speakers turned out at Tuesday’s commission meeting to comment on the staff’s proposal. Tom Lykos, president of The Lykos Group and president of the Collier Building Industry Association, said voluntary inspections won’t work. Furthermore, he said, home inspection isn’t an industry that is licensed by the state. Lykos recommended inspections by county government inspectors instead of private ones. John Barlow also advocated mandatory inspections. Barlow is with an organization called Housing Opportunities Made For Everyone (H.O.M.E.)

Many of the homes on the market are unhealthy and unsafe to live in, Barlow said, showing pictures to support his argument. Problems include decrepit wiring, overloaded breaker boxes and roofs that are crumbling. Barlow recommended inspecting only foreclosed homes. H.O.M.E. board member Gina Downs stressed the number of electrical fires caused by improper installation, improper use and overloaded circuits, all egregious health and safety issues. Furthermore, Downs said, the problem is growing.

“More than 11 percent of our homes will be foreclosed by next year,” Downs said. She expressed concern about flippers who have no interest in the greater Naples area. Flippers refers to those who buy property for investment purposes, fix them up and then resell them. “Collier County has a nightmare of a problem, and it is a growing problem,” Downs said. North Naples Fire Chief Orly Stoltz supports the measure because safety is of concern for firefighters during a structural fire. It would be better if electrical problems were identified, Stoltz said. Among the various speakers, from real estate agents to builders to electrical contractors, many focused on home safety.

But some stressed a private market solution, not government involvement. They said they’ve all seen unpermitted additions to structures and unlicensed electrical improvements. Contractor Bob Hahn talked about illegal connections of water heaters, which he called a bomb waiting to go off. “It’s not that we’re looking for work. We’re not even charging full rates to homes,” he said.

“Everyone’s working hard to clean these (properties) up, not at a big profit.” Bill Poteet, vice president of the Naples Area Board of Realtors, credited Collier Code Enforcement Director Diane Flagg with bringing the issue to the organization’s attention. Poteet said his organization believes in inspections. NABOR members looked at the proposed ordinance, and concluded this problem can be solved by private market solutions, Poteet said. The NABOR board is committed to resolving this issue, Poteet said, adding, “We will get the message out to the Realtors.” Jeff Jones, chairman of NABOR’s task force on the issue, said the majority of homes his organization’s members are involved with are inspected. The proposed inspections shouldn’t only apply to foreclosed homes, he said.

Jones reiterated a point Poteet had made earlier: that code compliance issues appear in all structures, not just foreclosed homes. County Attorney Jeff Klatzkow has expressed concern that only one segment of an industry is being targeted, namely foreclosure or vacant homes. “We ask that you give the voluntary process a chance,” Jones said. Give the industry a crack at solving the problem before it becomes a government program, Jones said. Wes Kunkle, president of Kunkle Realty, has more than 25 years of investment experience. He specializes in vacant land brokerage and investment properties.

“The private inspections work. Don’t overload government. There are 4,400 Realtors aware of this,” Kunkle said. Debates over using private inspectors rather than county government inspectors may be moot next year. According to Schmitt, the state will require property inspectors to be licensed in 2010. Some commissioners are concerned about the government fee that Collier County would charge for inspections, an issue in these bad economic times. The original proposed fee was $50 to $100, but anecdotal information has led them to believe that the fees could be as expensive as $400. Lykos said the meeting was intriguing.

“It was interesting to watch the commissioners weigh the public’s best interest with allowing private enterprise to work,” Lykos said. “I’m sure the county staff can create an ordinance that will allow for quick absorption of the foreclosed home inventory and still provide for thorough inspections to protect future homeowners.”

What do you think about the prospect of required inspections?

Labels: naples fl foreclosures, naples fl real estate

Interest in purchasing foreclosed homes rises

SAN FRANCISCO – May 21, 2009 –

Consumers appear to be more willing to buy foreclosures, with 55 percent of U.S. adults indicating that they are at least somewhat likely to consider a foreclosed home in the future, compared to the 47 percent of U.S. adults who indicated the same in November 2008, according to a new study. Harris Interactive conducted the survey for Trulia.com and RealtyTrac.

In the current market, adults in the U.S. believe foreclosed properties offer an even greater bargain opportunity than before, the study found. Forty percent expect to pay at least 50 percent less for a foreclosed home, compared to only 31 percent of U.S. adults surveyed in November 2008.

The May 2009 survey also found that 74 percent of U.S. adults familiar with President Barack Obama’s mortgage relief program are at least somewhat confident it will give homeowners the incentive to renegotiate with mortgage lenders in order to prevent their homes from going into foreclosure.

While overall consumer interest in buying foreclosed homes has increased, the current wave of the study also found higher levels of negative sentiment about forecloses. In November 2008, 80 percent of U.S. adults felt that there were negative aspects to purchasing a foreclosed home. In the current survey, the number of U.S. adults concerned with negative aspects rose to 85 percent.

Among the 85 percent, 71 percent cite hidden costs as their top concern, 46 percent believe the process is risky and 31 percent are concerned that the home will lose value. Not surprisingly, consumers expect hefty discounts on foreclosed homes, with 83 percent believing they should pay at least 25 percent less for a foreclosed property, perhaps to compensate for perceived risks.

“As interest in purchasing foreclosed homes increases, competition is heating up with traditional sellers competing with bank-owned prices,” said Pete Flint, co-founder and CEO of Trulia. “Across the U.S., 24 percent of existing homes for sale on the market have seen at least one price reduction in order to stay competitive, creating a tremendous opportunity for consumers to buy homes at significantly lower prices. Competition amongst sellers, along with the newly created economic incentives, has created the most significant discounts that we’ve seen in decades, presenting opportunities for first-time homebuyers and families looking to trade up to a bigger home.”

“Although consumers are aware that there may be some challenges involved in purchasing a foreclosed home, they are very interested in the bargain opportunities available in the foreclosure market,” said Rick Sharga, senior vice president of RealtyTrac. “People want the best deals they can find and they are willing to go outside their comfort zones if it means they can buy more home for less money. Consumers who educate themselves on the opportunities available will likely be rewarded.”

Most likely to buy foreclosures:

• Two-thirds of U.S. adults between the ages 18-44 (66 percent) would consider purchasing a foreclosed home, compared to a little more than one-third of those ages 55 and older (38 percent). Respondents aged 45-54 fell in between, with 53 percent indicating that they would be at least somewhat likely to consider a foreclosed property.

• Current renters (68 percent) are more likely to consider purchasing a foreclosed home than current homeowners (49 percent).

• U.S. adults with children under 18 living in their household also show an increased likelihood to consider foreclosure properties, with 66 percent indicating they would be at least somewhat likely to purchase one, compared to 49 percent of those without children under 18 in the household.Confidence in mortgage relief plan

• 74 percent of U.S. adults familiar with President Obama’s mortgage relief program are at least somewhat confident it will give homeowners the incentive to renegotiate with mortgage lenders in order to prevent their homes from going into foreclosure.

• U.S. adults aged 18-34 familiar with the program have the highest confidence level in the mortgage relief program.

• 84 percent are least somewhat confident in the plan, compared to 71 percent of those aged 35-44, 69 percent of those aged 45-54, and 71 percent of those aged 55-plus.

• Interestingly, women familiar with the program are more likely to be at least somewhat confident in its ability to give homeowners the incentive to renegotiate with their mortgage lender in order to prevent their home from going into foreclosure than men familiar with the program (79 percent vs. 69 percent, respectively).

The May 2009 survey was conducted online within the United States by Harris Interactive via its QuickQuery online omnibus service on behalf of Trulia between May 1-5, 2009 among 2,397 U.S. adults aged 18 years and older

If you are interested in receiving a list of foreclosures or discussing properties for sale in the Naples area please call MARI VESCI REALTORS, Inc. at 800-248-3724

Labels: florida foreclosures, naples fl foreclosures, naples fl real estate, Southwest Florida Real Estate Sales

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