Three models open in Cobalt Cove at the Quarry

Three designer-decorated models have opened in the single-family home neighborhood of Cobalt Cove at The Quarry, a gated Centex Homes golfing community in northern Naples. The models are the Catamaran, Meridian and Windjammer.

Five floor plan designs range from 2,153 to 2,776 air-conditioned square feet and from 3,151 to 3,538 total square feet. Cobalt Cove residences are all one-story with a two-car garage and they offer pool and spa options. Pre-construction prices begin in the high $500,000s. However, two homes are currently available for immediate move-in with numerous upgrades included at below market summer clearance pricing with below-market interest rates.

The Sundance is the smallest plan with 2,153 square feet of air-conditioned living space and 3,151 total square feet. It has two bedrooms, two baths, a den, a separate dining room and a great room. This model features the largest standard Cobalt Cove screened lanai at 428 square feet.

The Pebblestone has 2,261 air-conditioned square feet and 3,291 total square feet. It includes two bedrooms, two baths, a living room and a separate formal dining area. This model also includes a family room next to the breakfast area and double doors from the family room open into a den.

The Windjammer has 2,450 air-conditioned square feet and 3,190 total square feet encompassing three bedrooms, and 3.5 baths. It also features a den, a great room and an adjacent formal dining room area with two arched openings.

The Catamaran encompasses 2,562 air-conditioned square feet and 3,345 total square feet. It includes three bedrooms, 2.5 baths, a den, great room and an octagonal formal dining area marked by three arched entryways. The kitchen features a walk-in pantry while the master bath has an island tub set in front of a walk-in shower with entrances on either side of the tub.
The Meridian is the largest Cobalt Cove plan with 2,776 square feet of air-conditioned living space and 3,538 total square feet. It includes three bedrooms, three baths, and a den. An elegant dining room has arched openings on two sides and is accented with graceful columns. A family room with an optional built-in media center has direct access to the covered lanai and is adjacent to the breakfast area. The kitchen in this plan features an island prep station and a dedicated pantry closet.

Features in the kitchens include Whirlpool Gold stainless steel appliances, raised wood panel cabinets and granite counter tops. Bathrooms feature cultured granite vanity tops and sinks, raised wood panel cabinets, mirrors over vanities, ceramic tile showers and tub walls and a garden-style soaking tub with a deck mount faucet in the master bath.

Ceramic tile is standard in the entry, kitchen/nook, all bathrooms and the laundry room with carpeting in the other rooms. The laundry room includes a large capacity washer and dryer, a utility sink with countertop and storage cabinets.

The Quarry sales center is at 9425 Immokalee Road, approximately five miles east of Interstate 75.

Source: NaplesNews.com

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Short Sales

As most people are well aware by now there are many short sale and foreclosure listings in our market. I am always being asked the question "what's a short sale".

Basically, a short sale is where one owes more money to a lender than the amount the home will sell for. For example; say you have a mortgage for $200,000 and you have an offer for purchase at $180,000, this would be a short sale of $20,000, you would owe your lender $20,000. If you have more than one loan on the home, then the first position lender will be paid first and the second position lender next, and so on. Other factors which need to be added are taxes, homeowner and condo fees, Realtor® fees etc, as part of the sale.

At the time of writing, you would be given a 1099 and Uncle Sam would also want you to pay taxes on the amount of the shortfall - this however, is about to change and we will have to wait to see what transpires in 2008 in this regard. However, please consult a qualified CPA to discuss fully the repercussions of a short sale and the effect it might have on your taxes and credit.

When there is a short sale, some lenders will give you a new loan for the "short" amount and you will pay this back over an agreed time period. Each lender has different guidelines. The position may also be changed if you own more than one property and the short sale is not on your primary home.

Things to consider when selling your home

When you need to list your home for sale and you believe it will be a short sale, then you need to speak to a Realtor® who knows and understands the process. He/she will be able to walk you through the process and advise on market activity, pricing etc in your neighborhood. When listing the home there are many factors which need to be considered and the correct advice and documentation is crucial. Please call a short sale/foreclosure specialist if you feel that you may be in a short sale position. There are no stupid questions and we are always happy to give advice and support.

If you are in difficulty making payments on your loan, please speak to your lender to let them know that you are have trouble making payments. Do not wait until you can't make a payment before contacting your lender!

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