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        <title>Southwest Florida Real Estate Blog</title>
        <link>http://www.findsouthwestfloridahomes.com/blog/</link>
        <description>Southwest Florida real estate blog covering news and information for buying or selling real estate in SW Florida provided by Gulf Coast Associates, Realtors.</description>
        <item>
            <guid>http://www.findsouthwestfloridahomes.com/blog/let-me-speak-to-the-listing-agent-how-you-are-represented-in-florida.html</guid>
            <link>http://www.findsouthwestfloridahomes.com/blog/let-me-speak-to-the-listing-agent-how-you-are-represented-in-florida.html</link>
                        <author>gulfcoastassociates@findsouthwestfloridahomes.com (Benjamin Dona)</author>
                        <title>Let Me Speak to the Listing Agent-How You are Represented in Florida</title>
            <description> <![CDATA[ 
A familiar phone call each week comes in, "I want to speak with the listing agent for property such and such." A very common occurrence in our office as our website lists all active properties for sale in the six major areas that we cover (Bonita Springs, Naples, Fort Myers, Fort Myers Beach, Cape Coral, Sanibel and Captiva Islands – known as the Lee Island and Paradise Coasts). Let's chat a few minutes about representation in Southwest Florida and what you should know before making this inquiry.


You’re in a quandary when on the receiving end, because first and foremost the person on the other end isn't really interested in anything you answer, only whether or not you'll direct them to the listing agent. OK, with thousands of properties listed on our site – I'm always trying to figure out the easiest response since I already know the best one!


Why do you want to speak with the seller's agent? If you're interested in buying a property and want to speak with the seller's agent, then I assume you believe you'll get the property for less because you think the seller's agent will reduce the commission, thus reducing the price of the home. In some cases, that may well be true. My experience is the larger the company, the less likely this occurs. Typically, their policy is if the seller buys another property through them, then they will reduce the commission on that next transaction to the seller – now a buyer for them. But, this is a big but, they don't like working on the "if come" so reducing the commission on a sale, when the seller may not buy, or doesn't close, means the reduced commission is on the "if come" of a buy. Therefore, the buyer asking for a listing agent would receive nothing less than what the seller gave in any case.


More importantly, what does it mean when you, as a buyer, is not represented on a purchase in Florida? Quite simply, the agent representing a seller and a buyer needs written permission changing the relationship to a transaction broker with limited duties to both parties, or they are working as the seller's agent and are not representing the buyer at all. No in-betweens here, either it's limited representation or no representation. You should ask for the disclosure describing how, and who, the agent is representing. The state of Florida assumes all agents are working as Transaction Brokers (limited duties to both parties) unless specified by written agreement. Agents and brokers are required, by Florida law, to give you a disclosure explaining this relationship.  Keeping in mind, transaction brokers owe you a limited financial duty which makes it much harder for you to sue them if they mess it up.



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            <pubDate>Thu, 21 Dec 2017 15:52:00 -0500</pubDate>
        </item>
        <item>
            <guid>http://www.findsouthwestfloridahomes.com/blog/thinking-of-renting-your-second-home-or-condo.html</guid>
            <link>http://www.findsouthwestfloridahomes.com/blog/thinking-of-renting-your-second-home-or-condo.html</link>
                        <author>gulfcoastassociates@findsouthwestfloridahomes.com (Benjamin Dona)</author>
                        <title>Thinking of Renting Your Second Home or Condo?</title>
            <description> <![CDATA[ 
What You Need to Know if You Are Considering Signing Up with VBRO






By Michael Lehnert onAugust 17, 2016


Posted in Condominium, Leasing, Real Estate








Relatively recently, sites like VRBO have revolutionized how people travel. They also have made it easier for the average person to rent out their home without the need for professional assistance.


Are you considering renting your second home or condo during this fast-approaching Southwest Florida tourism season? If so, have you considered that you might be fined if you don’t have a license?


What You Need To Know


Florida law requires anyone in Florida renting a home to guests more than three times a year for stays which are less than 30 days to have a license. This means most of the people listing their homes on VRBO or otherwise advertising their house as available for rent to the public need to get a license from the DBPR- Division of Hotels and Restaurants.


The license fee to rent out a single family home is relatively inexpensive – approximately $250. A copy of DBPR’s fee schedule can be found here. However, while the cost of licensure is low, the fines for violating the law by not having a license, among other things, can be rather steep.


Bottom Line


If you want to be ready to rent your house during this upcoming season, you can find the application for a vacation rental here, or, if that doesn’t apply to you, a list of all of the licenses can be found here.


Make sure you apply for your license early so you can make the most of this upcoming season.


 


Image Courtesy of Gail Lamarche


Reprint by Permission 


 ]]> </description>
            <pubDate>Wed, 17 Aug 2016 17:49:00 -0400</pubDate>
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            <guid>http://www.findsouthwestfloridahomes.com/blog/mortgage-update-interest-rates-loan-amounts-and-debt-relief.html</guid>
            <link>http://www.findsouthwestfloridahomes.com/blog/mortgage-update-interest-rates-loan-amounts-and-debt-relief.html</link>
                        <author>gulfcoastassociates@findsouthwestfloridahomes.com (Benjamin Dona)</author>
                        <title>Mortgage Update - Interest Rates, Loan Amounts and Debt Relief</title>
            <description> <![CDATA[ 
The following is a round-up of recent news affecting mortgage interest rates and lending guidelines for 2015.


Mortgage interest rates have dropped dramatically to start off the new year. In some areas, 30 year fixed rate mortgages are available at 3.75% and 15 year fixed rate mortgages are as low as 3%. Falling oil prices and concerns over Europe's economy have driven the 10 year treasury rate below 2% and mortage interest rates have fallen accordingly.


Fannie Mae and Freddie Mac will now allow 3% down payments for conventional fixed rate loans. Both entities have specific guidelines for using this program. Check with your lender for the specific details and criteria required.


The conforming mortgage loan limit between regular mortgages and jumbo mortgages won't rise in 2015 (currently $417,000 &amp; $625,500 for High Cost areas). Each year, the amounts may rise or fall depending on government guidelines for changes in home values. Note: the maximum amount for High Cost areas varies by location/county. Check with your lender for the maximum limit in your specific area.


The "annual premiums"  on FHA loans, an especially popular source of financing for first-time home buyers, have increased five times since 2010. They jumped from 0.55% of a loan's value to 1.35% in 2014. Those fees will drop to 0.85% towards the end of January.


Short Sales &amp; Mortgage Insurance Debt Relief


Early in December both the Senate and House approved the extension of the Mortgage Forgiveness Debt Relief Act assisting homeowners who take short sales. The extension is only good for the calendar year 2014 - still leaving those homeowners in the process, or planning, a short sale for 2015 unsure of what course might be available to them. By not designating longer times, or identifying qualifying homeowners still suffering from underwater mortgages, both the Congress and Obama leave another entire group of America's homeowners out in the cold.


Although Congress attempted to extend the debt relief for two years, Obama objected due to provisions in the bill that provided permanent status for tax provisions to businesses, unfair in Obama's opinion to low and moderate income homeowners. We are still trying to determine how helping either businesses or homeowners affects one or the other, but there you have it.


Another benefit to the American homeowner is an extension to deduct their mortgage insurance premiums for VA, FHA, rural housing, and private mortgage insurance payments when purchasing, or refinancing their homes. It wasn't that long ago these deductions didn't exist to individuals with mortgages. This tax deduction is also only extended for one year. For mortgage insurance deductions, the last reported figures are that 3.6 million homeowners used it in 2009.


For homeowners utilizing a short sale, there were 27,800 granted by Fannie and Freddie in the first 8 months of 2014. Compared to 87,740 in 2013 and 125,232 in 2012, it's obvious that the supply of mortgages under water is decreasing. And, that's good for everyone, including the economy.


The legislation was originally passed in 2007 and the "forgiving" of the mortgage amount in the short sale was previously treated by the IRS as income to the homeowner/seller. The Act "forgave"  the outstanding amount is a non-taxable even.


The main issue where we fault the legislature and the president is simple, when you leave businesses hanging regarding their fiscal plans for the next year, although businesses obviously need much more lead time for response to future tax consequences (think Obamacare), and homeowners unsure what their issues are if they utilize a short sale, everyone is back to square one and no one benefits, nor does the US economy. Perhaps a Republican controlled Senate and House may now direct legislation so that both businesses and homeowners don't have to wait an entire year again to know their income tax situation. How can anyone plan to grow a business or sell a home when they don't know if the IRS will be hot on their heels demanding monies not required under previous circumstances to other homeowners or businesses that were in the exact situation just a few years ago? It might be a better idea to designate exactly when it will end, or specify the type of homeowner you must be, and stick to it. At least one group might be able to figure out what their options are.


Although our opinion is that you should do your best to honor those obligations you undertook, there are situations where a homeowner had no control over the circumstances forcing them into losing their home. It's also not our opinion as to whether that is honorable or not - refusing to pay a mortgage. However, we do know that homes are in short supply for those investors and buyers wanting to buy, and perhaps this last spasm in housing could be shortened by designating the proper legislation so those homeowners may properly plan a reasonable out to their present financial difficulties.



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            <pubDate>Thu, 08 Jan 2015 14:40:50 -0500</pubDate>
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            <guid>http://www.findsouthwestfloridahomes.com/blog/naples-real-estate-market-sales-report-3rd-quarter-2014.html</guid>
            <link>http://www.findsouthwestfloridahomes.com/blog/naples-real-estate-market-sales-report-3rd-quarter-2014.html</link>
                        <author>gulfcoastassociates@findsouthwestfloridahomes.com (Benjamin Dona)</author>
                        <title>Naples Real Estate Market Sales Report - 3rd Quarter 2014</title>
            <description> <![CDATA[ 
Limited inventory continues to be the story of the Naples area real estate market as we head into season in SW Florida. Demand is definitely outweighing supply. Statistics* released Friday by the Naples Area Board of Realtors (NABOR) for the 3rd Quarter of 2014 showed an 11 percent decrease in closed sales year-over-year and 12 percent drop from August's sales numbers. Pending sales were down 10 percent year-over-year and dropped 4 percent from last month. Overall home prices continued to rise though jumping 13.5 percent to $265,000 year-over-year. For September, the closed sales price was up 1 percent to $262,000 from August's $260,000. Inventory fell 9% and average days on the market (DOM) shrank 45 percent year over year.


Here's the recap of the 3rd Quarter's numbers:






Overall closed sales in the $300,000 to $500,000 category increased 13 percent from 398 in 3rd quarter 2013 to 451 in 3rd quarter 2014.


Overall closed sales in the $1 million to $2 million category increased 14 percent from 91 in 3rd quarter 2013 to 104 in 3rd quarter 2014.


Almost 65 percent of the closed sales were to "all cash buyers."


Overall inventory of Single-Family homes in the $300,000 to $500,000 market increased 15 percent from 422 in 3rd quarter 2013 to 487 in 3rd quarter 2014.


Closed Single-Family home sales in the $300,000 and below range fell 22 percent, due mostly to a dramatically short supply of inventory.


Distressed sales fell to only 7 percent of overall closed sales.


Closed sales in the $1 to $2 million price range rose 14 percent.


Closed Condominium sales in the $1 to $2 million price range rose 36 percent.


The median closed sales price in the $500,000 to $1 Million range rose 2 percent to $650,000.


The median closed sales price in the under $300K range rose 9 percent to $180,000.


The overall median closed sales price in the $1 Million to $2 Million range fell 1 percent to $1,337,000.


The median closed price for Single-Family homes in the $2 million and above category increased 18 percent to $3,400,000.


Total inventory supply stood at 3,702 at the end of September.


The inventory supply of Condominiums was at 1,748 units, down 17 percent versus last year.


The average number of days on the market (DOM) for the quarter was 78, down from 142 a year ago.






While the overall Naples real estate market was great in the 2014 winter season, the on-going shortage of inventory in many price range categories continued to take its toll in the 3rd quarter. Prices are rising at an uncomfortable pace in many of the ranges and buyers are often times finding themselves in bidding wars for the most desirable properties currently available on the re-sale market. The one saving grace is all the new construction that is going on through-out the SW Florida area, especially in the Bonita Springs and Estero real estate markets. Without its availability, pricing pressures could easily get out of hand in no time at all. It will be interesting to see how things go in the 4th quarter as season begins in earnest. Hopefully, we'll see more of the "on the fence" sellers finally listing their properties for sale and things will stabilize a bit more.


As we always find is the case here in SW Florida, only time will tell the tale.


*Sales Data Statistics from NABOR.



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            <pubDate>Mon, 20 Oct 2014 11:07:00 -0400</pubDate>
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            <guid>http://www.findsouthwestfloridahomes.com/blog/floridas-do-not-call-list-revisited.html</guid>
            <link>http://www.findsouthwestfloridahomes.com/blog/floridas-do-not-call-list-revisited.html</link>
                        <author>gulfcoastassociates@findsouthwestfloridahomes.com (Benjamin Dona)</author>
                        <title>Florida's Do Not Call List Revisited</title>
            <description> <![CDATA[ 
It's time for another look at how well Florida's Do Not Call Law is working to curtail one of the most annoying grievances Florida residents regularly complain about having to endure - the dreaded and unwanted phone solicitation.


It was seven years ago that we first blogged about how the state of Florida was getting serious about countering unsolicited phone calls from telemarketers of any sort. At that time (June, 2008), then Florida Agriculture and Consumer Services Commissioner Charles Bronson was happy with having collected $1.5 million in fines and judgements against companies that were found to have inappropriately contacted residents on the list over the first six months of the year.


This past week, now Commissioner Adam H. Putnam announced that violations of the state's Do Not Call laws still topped the list of complaints from residents who called the 1-800-HELP-FLA hotline even though enforcement has been ratcheted up more than ever before.


During the month of July 2014, the agency:




Initiated 273 investigations.


Arrested 6 individuals.


Recovered $523,317 on behalf of Florida consumers. Through July, the total collected was $2,844,497.


Registered 7,126 businesses.


Added 19,913 new telephone numbers to Florida's Do Not Call List. It's free to register your home number!




The Florida Department of Agriculture and Consumer Services is the state's clearinghouse for consumer complaints, protection and information. Consumers who believe fraud has taken place can contact the department's consumer protection and information hotline at 1-800-HELP-FLA (435-7352) or, for Spanish speakers, 1-800-FL-AYUDA (352-9832); or you can visit the Division of Consumer Services website at www.800helpfla.com for more information about the law and to register your phone number.



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            <pubDate>Sun, 17 Aug 2014 12:14:00 -0400</pubDate>
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            <guid>http://www.findsouthwestfloridahomes.com/blog/the-bonita-bay-club-is-growing-again.html</guid>
            <link>http://www.findsouthwestfloridahomes.com/blog/the-bonita-bay-club-is-growing-again.html</link>
                        <author>gulfcoastassociates@findsouthwestfloridahomes.com (Benjamin Dona)</author>
                        <title>The Bonita Bay Club is Growing Again</title>
            <description> <![CDATA[ 


The Bonita Bay Golf Club in Bonita Springs is updating and improving itself once again. Recently the club spent $11.5 million on the golf course and the clubhouse, changing out the pro-shop for a new 4,700 SF open air bar and casual grill. Now, with nearly 2,000 social, sports, and golf members, the association purchased (for $4.25 Million) the 60,000 SF Bonita Bay Medical Centre, located just to the back of the Creekside's golf course and next to The Promenade. The three story building will give the club plenty of room for expanding its services to its members.


Plans for the space, which will be called the Bonita Bay Lifestyle Center, include a new 18,000 SF fitness center with spa and a new high-tech golf training studio. The lifestyle center will take up most of the vacant space at the building, which will continue to be home to the current medical offices tenants. After the renovation is complete, the club is hoping to be able to attract a few more health-related businesses including those focusing on wellness and health services, such as physical therapy, alternative medicine and nutrition.


The purchase of the building is part of a larger improvement project for the Bonita Bay Club. The project (estimated to cost about $12 million) will eventually replace the current fitness center with a new completely revamped tennis facility that will include stadium seating and an on-site bistro for dining.


Residents in Bonita Bay own their club facilities outright and just recently sold out all of their golf memberships. However, some tennis and social memberships are still available.





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            <pubDate>Fri, 15 Aug 2014 12:50:00 -0400</pubDate>
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            <guid>http://www.findsouthwestfloridahomes.com/blog/floridas-economic-outlook-quite-bright-for-growth-jobs-housing.html</guid>
            <link>http://www.findsouthwestfloridahomes.com/blog/floridas-economic-outlook-quite-bright-for-growth-jobs-housing.html</link>
                        <author>gulfcoastassociates@findsouthwestfloridahomes.com (Benjamin Dona)</author>
                        <title>Florida's Economic Outlook? Quite Bright for Growth, Jobs &amp; Housing</title>
            <description> <![CDATA[ 


The following excerpts on economic expansion for the State of Florida come from The College of Business Administration at the University of Central Florida's quarterly economic projection report for July 2014. According to their findings, between now and 2017, it is expected that Florida’s economy will expand at an average annual growth rate of 3.7% and payroll job creation will average an annual pace of 2.6%. Both measures are well above the pace expected for the national economy.


These are some of the highlights of the report with regards to the housing market:




As of May 2014, 41.7 percent of single-family home transactions were cash sales, down slightly from 46 percent one year earlier. It's the fourth year in a row that cash sales were at 40 percent or higher, suggesting that investors continue to play a role in Florida's housing market.


Low inventories and rising sales prices have triggered a surge in new home construction. Housing starts will average 31.3 percent growth during 2014-2017. The most rapid growth will be in 2014 and 2015, when starts are expected to grow at an average rate of 51.6 percent.


Housing starts should more than double their 2013 levels by mid-2017. Total starts will be over 95,200 in 2014, just over 136,000 in 2015, 162,700 in 2016 and 166,200 in 2017. This growth in residential construction activity will catalyze growth in the commercial sector and "push employment growth" in the construction sector into the double-digit level.


Sectors projected to have the strongest average job growth during the period of 2014 to 2017: Construction (11.3 percent), Professional and Business Services (4.6 percent), Trade, Transportation &amp; Utilities (4 percent), Education &amp; Health Services (2.5 percent), and Leisure &amp; Hospitality (2 percent).


Housing prices have made a strong upward movement from the depths to which they plunged during the housing crisis; in 2007, median home prices fell to a low of $122,200, but are now at a level of $180,000 (up 47 percent) as of June, 2014. This upward trend in median price is likely to continue at a sustainable pace and by the middle of 2017 is projected to be up by as much as another 20 percent or more.




On a local SW Florida level, the report's projections for the Naples-Marco Island MSA mimic quite closely many of the business research groups predictions for the four year time period thru mid-2017. In essence, all are projecting the purchase market will continue to suffer from a lack of inventory which should continue to drive prices higher year over year. By the middle of 2017, the median price is likely to rise (from its current level of $282,000) by as much as another 30 percent or more.


Update - 8/8/2014


Forbes Magazine released their study of data from Moody's Analytics and ranked the Naples area as number one out of 200 of the largest metros with an expected job growth rate of 4.1 percent through 2016. Key industries for growth are in housing and retail and of course, in the tourism industry also. Cape Coral came in ranked at the number 10 position in the study.


It is also important to note, that even though Florida is leading the way in construction job growth in the country, SW Florida is currently experiencing shortages in the availability of skilled construction workers. The shortages are so severe in some construction trade categories, that many local builders are now partnering with apprenticeship schools to help those individuals who are looking to become journeyman in fields like plumbing, electricians and finish carpentry.


We highly concur with these projected conclusions. The bottom line is that it is still a good time to buy in Southwest Florida even with the recent rise in prices. By purchasing now, buyers can also anticipate a pretty nice return on their investment over their first few years of ownership. And, for those buyers who just can't find something to their liking in the limited inventory re-sale market, there is a wealth of new construction that is available, most of which is being priced extremely well by the builders.





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            <pubDate>Sun, 03 Aug 2014 13:15:00 -0400</pubDate>
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            <guid>http://www.findsouthwestfloridahomes.com/blog/florida-home-loan-closing-costs-2013-survey-results.html</guid>
            <link>http://www.findsouthwestfloridahomes.com/blog/florida-home-loan-closing-costs-2013-survey-results.html</link>
                        <author>gulfcoastassociates@findsouthwestfloridahomes.com (Benjamin Dona)</author>
                        <title>Florida Home Loan Closing Costs - 2013 Survey Results</title>
            <description> <![CDATA[ 
Bankrate has released its annual survey on home loan closing costs* again. In Florida, the news was actually better than expected. For 2013, the closing costs on a $200,000 home purchase averaged $2,517, a fall of $323 over last year's cost of $2,840. And, while still expensive, Florida's number dropped it from No. 4 in 2012 to No. 9 on last year's list.


The survey found that the national average for origination and third-party fees this year totaled $2,402, up 6% ($138) from $2,264 in 2012. The results indicated the fees charged directly by lenders went up 8.4%, while fees charged by third parties for things such as appraisals and title insurance and title closing fees rose 3.2%.


Most interesting was the main reason given by the lenders for the cost increases - the increase in expenses to implement all the new mortgage regulations imposed by the Consumer Financial Protection Bureau. Go figure on this one!


Guess that just reaffirms what we've always said "buyers need to seriously shop for their mortgage loan and compare more than just interest rate quotes."  Some lenders may also offer you lower closing costs but charge you a higher interest rate and vice versa. One useful tool to compare apples to apples is to look at the APR on the form, or the annual percentage rate. The APR incorporates closing costs into the interest rate you are quoted on the mortgage to show you the annual cost of the loan.


This year's top five states included:




Hawaii - $2,919


Alaska - $2,675


South Carolina - $2,658


California - $2,639


New Mexico - $2,566




The bottom five states included:




Michigan - $2,203


Washington - $2,208


Kansas - $2,193


Missouri - $2,188


Wisconsin - $2,119




The study compared charges for mortgage loan origination and other lender fees, as well as third-party fees for services such as appraisal, credit report and flood certification costs on a single family home purchase with a 20% down payment, good credit, and a 30 year fixed rate mortgage of $200,000. It excluded costs for title insurance, title search, real estate taxes, property insurance, HOA and Condominium association fees, interest and other prepaid items.


Another thing you need to remember if you're buying a home in Florida. The state has additional stamp tax fees that come into play. The first is the Documentary Stamp Tax on Deeds on the purchase of "any"  home or condo. It runs $0.70 per hundred dollars of purchase price. The other two - the Documentary Stamp Tax on Notes ($0.35 per $100 of mortgage amount) and the Intangible Tax on Mortgages ($0.002 per dollar of mortgage amount) come into play if you are getting a mortgage to purchase your home or condo. These fees are part of the reason why Florida is considered a high closing cost state.


*Your total actual closing costs will be much higher as you will have to also add in the costs for the items that were excluded from the survey.


Survey Update - 8/4/2014


Funny how things go sometimes. No sooner do we report the 2013 results, then Bankrate releases their 2014 survey. As they say, timing is everything. So, here are the 2014 home loan closing costs results too.


2014's top five states included:




Texas - $3,046


Alaska - $2,897


New York - $2,892


Hawaii - $2,808


Wisconsin - $2,706




The 2014 bottom five states included:




Washington, D.C. - $2,402


Ohio - $2,392


Missouri - $2,387


Tennessee - $2,366


Nevade - $2,265




The survey found that the national average for origination and third-party fees for 2014 totaled $2,539, up another 6% year over year. The results indicated the fees charged directly by lenders went up 9%, while fees charged by third parties for things such as appraisals and title insurance and title closing fees rose 1%. Lenders were more specific this year in their reason for the cost increases, laying the blame squarely on the the Qualified Mortgage (QM) regulations and the increase in time and man-hours needed to complete the loan approval process under its new guidelines. And again we say, "go figure."


In Florida, the news was worse than expected. For 2014, total closing costs averaged $2,648, a rise of $131.00. Florida's number dropped it from No. 9  to No. 8 on the 2014 list.



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            <pubDate>Thu, 31 Jul 2014 19:04:00 -0400</pubDate>
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            <guid>http://www.findsouthwestfloridahomes.com/blog/naples-real-estate-market-2nd-quarter-2014-sales-report.html</guid>
            <link>http://www.findsouthwestfloridahomes.com/blog/naples-real-estate-market-2nd-quarter-2014-sales-report.html</link>
                        <author>gulfcoastassociates@findsouthwestfloridahomes.com (Benjamin Dona)</author>
                        <title>Naples Real Estate Market - 2nd Quarter 2014 Sales Report</title>
            <description> <![CDATA[ 
The Naples real estate market has cooled somewhat now that the summer season is in full swing in SW Florida. Statistics released yesterday by the Naples Area Board of Realtors (NABOR) for the 2nd Quarter of 2014 showed a 4 percent decrease in sales year-over-year and 1 percent from May's sales numbers. Pending sales were down 8 percent year-over-year and 11 percent from last month. Overall home prices continued to rise though jumping 10 percent to $273,000 year-over-year. For June, they were up 2.5 percent to $282,000 from May's $275,000. Inventory and average days on the market (DOM) shrank substantially year over year and from May to June.


Here's the recap of the 2014 2nd Quarter's numbers*:






Overall closed sales increased 11 percent for homes priced above $500,000.


Almost 65 percent of the closed sales were to "all cash buyers."


Distressed sales fell to only 9 percent of overall closed sales.


Closed single-family home sales in the $300,000 and below range fell 23 percent, due mostly to a dramatically short supply of inventory.


Closed homes sales in the $2 million and up range jumped 42 percent.


Closed Single-family homes in the $2 million and above market rose 44 percent.


Closed Condominiums in the $2 million and above market rose 38 percent.


The median closed sales price in the $500,000 to $1 Million range rose 2 percent to $650,000.


The overall median closed sales price in the $1 Million to $2 Million range fell 4.5 percent to $1,325,000.


The median closed price for single-family homes in the $2 million and above category decreased 15 percent to $3,225,000.


Total inventory supply stood at 3,723 at the end of June, down 14 percent from last year.


The inventory supply of condominiums was at 2,190 units, down 20 percent versus last year.


The average number of days on the market (DOM) for the quarter was 94, down from 162 a year ago.






While the overall Naples real estate market was great this winter season, the on-going shortage of inventory in many price range categories took its toll in the 2nd quarter. Prices are rising at an uncomfortable pace in many of the ranges and buyers are often times finding themselves in bidding wars for the most desirable properties currently available on the re-sale market. The one saving grace is all the new construction that is going on through-out the SW Florida area. Without its availability, pricing pressures could easily get out of hand in no time at all.


It will be interesting to see how things go in the 3rd and 4th quarters. Hopefully, some of the "on the fence" sellers will finally consider listing their properties for sale and things will begin to stabilize a bit more.


As we always find is the case here in SW Florida, only time will tell the tale.


*Sales Data Statistics from NABOR.



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            <pubDate>Sun, 20 Jul 2014 06:59:00 -0400</pubDate>
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            <guid>http://www.findsouthwestfloridahomes.com/blog/bonita-bays-golf-club-set-to-host-florida-open-this-weekend.html</guid>
            <link>http://www.findsouthwestfloridahomes.com/blog/bonita-bays-golf-club-set-to-host-florida-open-this-weekend.html</link>
                        <author>gulfcoastassociates@findsouthwestfloridahomes.com (Benjamin Dona)</author>
                        <title>Bonita Bay's Golf Club Set to Host Florida Open this Weekend</title>
            <description> <![CDATA[ 
The Florida Open golf tournament has not been held in SW Florida since the Florida State Golf Association took over the Florida Open in 2010. That will change this weekend as the Bonita Bay golf club will host the annual event at its Bay Island Course at Bonita Bay in Bonita Springs, and the Cypress Course at Bonita Bay East in North Naples.


The Florida Open dates back to 1942 and has been won over the years by such notables as Bob Murphy, Gary Koch, Bruce Fleisher, John Huston, Dudley Hart, and Bart Bryant.


The three-day, 54-hole tournament will host 156 players and have a cut to the low 60's plus ties after Saturday's second round. The final round will be played on the Cypress Course on Sunday. Locals teeing it up on Friday include: Charles Beauregard, Joshua Brunet, Michael Cox Gene Fieger, Andrew Filbert, McDonnell, Philip Pellerito, and Jackson Stroup of Naples, Bonita Springs’ Joe Allinder, Justin Ream and Justin Smith, Estero’s Dennis Meyer, Mike Andre, Brett Blackburn, Grant Burgess, Justin McCarraher, Adam Meyer, Ric Nalyd, Tommy Stankowski of Fort Myers, and Cape Coral’s Chase Marinell.


According to Bonita Bay Club director of golf E.J. McDonnell, "They took a bit of a chance to bring it to Southwest Florida because of the travel." “This is the first time they’ve done it. It's a great honor and we’re looking forward to it."


McDonnell also said, "When members took over Bonita Bay Club in 2010, they put a lot of money into the club." "The result is we get to show off our club put on an event where the community comes out and embraces it."


We want to offer our congratulations to the Bonita Bay Club for being chosen to host this annual event and wish all the participants the best of luck over the weekend.


For more information about the 2014 Florida Open tournament and tickets visit http://www.fsga.org/



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            <pubDate>Thu, 17 Jul 2014 15:28:45 -0400</pubDate>
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