Naples Real Estate Vanessa Franklin 239.290.5627

New HARP Rules for Borrowers Underwater

2012-01-10T14:31:00.000-05:00

The federal government has announced changes to the HARP (Home Affordable Refinance Program) to make it easier for borrowers to refinance their loans. Some sources say March 1st 2012 is when homeowners will be able to start applying.

Changes include:

No Loan to Value (LTV) ratios

No refinancing fees if borrowers shorten terms of their mortgages to 20 years or less

No Appraisals will be required in many cases

Florida Homestead - Time is Running Out

2011-12-29T17:39:00.000-05:00

HOMESTEAD ALERT- TIME SENSITIVE

If you plan on making Florida your homestead you had better do it by December 31st 2011 to get the tax benefits in 2012. To apply you will need a driver's license, vehicle registration as well as a voter's registration.

The March 1st deadline does not apply it must be done before year end.

Here's the tax office link with contact numbers.

Happy New Year to all our customers and friends who have helped to make 2011 a wonderful year in real estate for our family.

Courtesy of Ronald Webster.
Congratulations to Ron on receiving “Affiliate of the Year” from the Marco Island Association of Realtors for the year 2011.

Cleaning those Darn Gutters!

2011-12-22T09:54:00.001-05:00

I showed a beautiful home yesterday but the roof had leaked due to poor maintenance of the gutters.

Maintaining gutters is the most important thing you can do to prevent water damage to your home.

Luckily, most common gutter problems are easy for homeowners to fix themselves. And it's worth the effort. "Gutters are one of those things where routine maintenance and inspecting them can really prevent bigger problems down the road," says Jason Stutzman, director of home maintenance and repair for Brothers Redevelopment in Denver.

Here are the gutter problems that the pros see most often, and the recommended solutions.

Unclog those gutters
This is the most common problem of all. Left untended, gutters and downspouts get so clogged with debris that they're rendered useless. The excess weight of leaves, twigs, and standing water can also make them sag and pull away from the fascia.

Clean them at least once a year, and twice a year if you have a lot of trees nearby. Gary Mindlin, managing partner of New York City-based Top Hat Home Services, schedules gutter maintenance four times a year, with additional checks after big storms.

Another option for dealing with chronically clogged gutters is to outfit them with gutter covers. These include mesh screens, clip-on grates, and porous foam. They still need regular maintenance, though, and the cost can be more than the gutters themselves.

Plug the Leaks and holes

Leaky gutter joints can be sealed by caulking the joint from the inside with gutter sealant, says John Eggenberger, vice president of training and corporate development for the Mr. Handyman franchise of home repair companies. A tube costs about $5. Very small holes can be filled with gutter sealant. Larger holes will require a patch. If you can't find a gutter patching kit at the hardware store, you can make a patch from metal flashing.

Improperly pitched gutters

Gutters need to be pitched toward the downspouts for the water to flow properly. You want at least a quarter inch of slope for every 10 feet. Get on a ladder after a rainstorm and look in the gutter; if there's standing water, it's not pitched properly.

Downspouts draining too close to the foundation

Downspouts need to extend several feet from the house, or they'll dump right into the basement. Gutter extensions attached to the bottom of the downspout will discharge water well beyond the foundation. They're inexpensive and easy to install. "I like the downspout material extended four or five feet and screwed on," says Reggie Marston, president of Residential Equity Management Home Inspections in Springfield, Va. Cost: less than $20 per downspout.

In Florida many homes do not have gutters as the tropical rain is so forceful. It's a good idea though to place gutters at the front entrance and garage so you don't get went on entering or exiting your home.

Courtesy of Pat Curry

Insrance Policy Traps! Are you CLUEless?

2011-12-14T15:40:00.002-05:00

Did you know the insurance companies share a database on your claim history and each of us has a CLUE report?

The CLUE report and the insurance scoring system are tools insurers use to decide your risk profile, that is, how likely you are to file a claim against your policy. Insurers feed information about paid claims - perhaps even your inquiries about coverage that do not result in a claim - into a national database for use by insurers. Information included in the database, along with your insurance score, makes up your risk profile. Insurers use the profile to decide whether you get new insurance. At renewal time, your current insurer will probably review your claims history as well as your current insurance score to set your premiums - even to decide if you get to keep the insurance you have. When you shop for new insurance, the company may order a CLUE report. If information is inaccurate, you can be left without insurance while you work to correct the errors.

Knowledge is Power - take time to visit the link below:

Check out the Privacy Rights Clearinghouse to read all about CLUE and what it means to you.

Insurance Trap!

Standard policy forms by Insurance Services Office were once used by insurers but now some are writing their own and tweaking the wording which could mean trouble for some homeowners. Some policies include mold and lead coverage and other not, according to a study to be published early next year by the University of Chicago Law Review. Homeowners could find their claims denied when a disaster occurs.

Remember to ask questions before purchasing a policy such as:

Is Wind Damage covered and is there a deductible?
Is Flood Damage covered and is there a deductible?
Will items be paid at replacement value or actual cash value?
What exclusions or limitation are there in the policy?

Get ready now for your insurance renewal - don't forget to shop around!

Source: “A Home-Insurance Trap?” The Wall Street Journal (Dec. 3, 2011)

Naples Real Estate Vanessa Franklin 239.290.5627: Fannie Mae has a heart afterall....

2011-12-01T14:15:00.000-05:00

Naples Real Estate Vanessa Franklin 239.290.5627: Fannie Mae has a heart afterall....: The Holidays are coming and evictions for single families and two to four unit properties are being suspended between December 19th 2011 thr...

Fannie Mae has a heart afterall....

2011-12-01T14:00:00.001-05:00

The Holidays are coming and evictions for single families and two to four unit properties are being suspended between December 19th 2011 through January 2, 2012.

“No family should have to give up their home during this holiday season.” said Terry Edwards Executive VP of Credit Portfolio Management for Fannie Mae. “The holidays are meant for families to spend time together, especially if they’ve gone through the stress of financial challenges and foreclosure,”

Many families will be spending a LOT of time together PAST the holiday season when they lose their home after January 2, 2012 and have to move back in with mum and dad!

So eat, drink and be merry, for tomorrow...... you'll be spending a lot more quality time with the in-laws.

Let's hope we see more jobs in 2012 to stop these foreclosures. The banks need work faster with the loan modifications to keep those with jobs and families in their homes and out of foreclosure.

Under Contract in 48 hours!

2011-11-17T09:23:00.000-05:00

Just closed on the darling house in Waterways Naples Fl.

Listed for $186,500 and under contract within 48 hours this home was hot property!

896 Grand Rapids Way Naples Fl

If you need help in selling your home, please give me a call, I need homes to sell! I have buyers waiting. Inventory is at an all time low and prices are rising so I will get the best price possible for your home.

Go to my website and ask for a Free Home Value Report to see what your home might be worth or call me and I will personally give you a comparable market analysis. Absolutely free and confidential service.
Call me 239 290 5627 or visit my website IWantNaples.com.

10 Cities Where List Prices Are Rising the Most

2011-11-08T15:39:00.003-05:00

Naples is third on this list where median list prices have increased the most.

Based on 146 markets, the median list prices have risen 1.60 percent to $190,000 nationally, according to year-over-year listing data by Realtor.com from September 2011. However, here in our part of the country, we don't like to compare ourselves with the national figures as the Naples market is far different to those nationally.

Cities in Florida, including Naples and Ft Myers are seeing some of the largest rebounds in list prices.

Here are the 10 cities that have seen the largest percentage increases in median list prices based on year-over-year data from September:

1. Fort Myers-Cape Coral, Fla.
Year-over-year median list price increase: 34.46%
Median list price: $215,000

2. Miami, Fla.
Year-over-year median list price increase: 25.63%
Median list price: $250,000

3. Naples, Fla.
Year-over-year median list price increase: 23.41%
Median list price: $369,000

4. Sarasota-Bradenton, Fla.
Year-over-year median list price increase: 16.53%
Median list price: $233,000

5. Punta Gorda, Fla.
Year-over-year median list price increase: 14.07%
Median list price: $169,000

6. Shreveport-Bossier City, La.
Year-over-year median list price increase: 12.22%
Median list price: $176,750

7. Lakeland-Winter Haven, Fla.
Year-over-year median list price increase: 11.93%
Median list price: $129,500

8. Fort Wayne, Ind.
Year-over-year median list price increase: 11.77%
Median list price: $112,000

9. Daytona Beach, Fla.
Year-over-year median list price increase: 11.32%
Median list price: $178,000

10. Boise City, Idaho
Year-over-year median list price increase: 10.58%
Median list price: $150,000

Naples and surrounding areas inventory is so low right now. We have the lowest number of homes for sale since they were first recorded. We are just waiting for the foreclosures which the banks have told us to expect for the last eighteen months. Contracts are numerous on each property and multiple offer situations abound.

If you are thinking about selling your home, now and just before season kicks in, might be a good time.

Selling Your Home? Request a Free Home Value Report
Check out my newest Facebook Resources page
Search for a Home

Source: By Melissa Dittmann Tracey, REALTOR® Magazine Daily News

The Naples International Film Festival isOn!

2011-11-04T18:24:00.000-04:00

The Naples International Film Festival kicks off their 3rd annual festival with the Florida Premiere of EAST FIFTH BLISS, an independent comedy/drama starring Michael C. Hall (Dexter, Six Feet Under) , Lucy Liu (Charlie’s Angels) and Peter Fonda (Easy Rider).

Directed by Michael Knowles, the film tells the story of Morris Bliss (Michael C. Hall), an immature 35-year-old who is stuck in a rut on Manhattan’s lower east side until an awkward relationship with a precocious 18-year-old shakes up his static world. Filmmakers will be in attendance for a discussion immediately following the film.

Saturday Night Party at The Bay House

After the movies end, the party begins! Join NIFF movie goers at The Bay House on Saturday, November 5 from 9:30 PM -1:00 AM. Eat, drink, mix and mingle with visiting filmmakers as we celebrate the 3rd Annual Naples International Film Festival weekend!

Visit NIFF website for full details. See you there!

Selling a Home? Prices are Rebounding! See which cities top the list

2011-09-26T08:17:00.001-04:00

Home prices in Florida have had the largest year over year increases in average list prices, according the latest date from Realtor.com.

Ft Myers and Cape Coral is number 2 on the list, with Naples number 7 showing an increase of 15.13%.

Lawrence Yun NAR chief economist said “Some of the improvement in August may result from sales that were delayed in preceding months, but favorable affordability conditions and rising rents are underlying motivations.” “Investors were more active in absorbing foreclosed properties. In additional to bargain hunting, some investors are in the market to hedge against higher inflation.”

Nationwide, the average list price is $320,325, up 2.36 percent year-over-year.

If you've been waiting to buy but weren't sure whether the time is right, these figures might help you decide. We already have lists of people trying to purchase in Naples and surrounding but we cannot find the right home due to the all time low inventory. If you were thinking of selling your home, give us a call as we really need homes for our customers.

Here are the top 15 cities boasting the highest percentage of year-over-year increases in average list prices.

1. Miami

Average list price: $640,332
Year-over-year increase: 27.4%

2. Fort Myers-Cape Coral, Fla.

Average list price: $443,570
Year-over-year increase: 26.27%

3. Central-Fla.-RSA

Average list price: $405,809
Year-over-year increase: 19.41%

4. Punta Gorda, Fla.

Average list price: $267,066
Year-over-year increase: 16.37%

5. Macon, Ga.

Average list price: $193,520
Year-over-year increase: 15.98%

6. Sarasota-Bradenton, Fla.

Average list price: $466,785
Year-over-year increase: 15.86%

7. Naples, Fla.

Average list price: $713,087
Year-over-year increase: 15.13%

8. West Palm Beach-Boca Raton, Fla.

Average list price: $591,895
Year-over-year increase: 14.68%

9. Ocala, Fla.

Average list price: $193,360
Year-over-year increase: 12.07%

10. Lakeland-Winter Haven, Fla.

Average list price: $181,409
Year-over-year increase: 11.48%

11. Orlando, Fla.

Average list price: $319,419
Year-over-year increase: 10.56%

12. Portland-Vancouver, Ore.-Wash.

Average list price: $314,537
Year-over-year increase: 10.52%

13. Boise City, Idaho

Average list price: $212,588
Year-over-year increase: 10.43%
14. Springfield, Illinois

Average list price: $174,537
Year-over-year increase: 9.12%

15. Shreveport-Bossier City, La.

Average list price: $211,414
Year-over-year increase: 8.34%

By Melissa Dittmann Tracey, REALTOR® Magazine Daily News

DAILY REAL ESTATE NEWS

Florida - A Great State to Pay Low Taxes

2011-09-20T10:14:00.000-04:00

What state tax issues should I consider when deciding where to retire?

If you are thinking about retiring Naples, Marco Island, Bonita Springs or Estero Fl might be a good choice for you. Property prices are currently stable, although we have seen some uptick in price in a few neighborhoods.

Florida is a no-income-tax state along with six others in the country.

Naples Beach

Ask your tax specialist how Florida treats Social Security and retirement income.

Request a Listingbook account and see what properties are for sale and see for what price they are selling. Daily updates can be sent to your email inbox every morning. This is a great way to start keeping tabs on our local real estate market. Click the link below to get started.

Get my Listingbook Account Now

If you need to sell a home first, call me and I can recommend a real estate professional who can help you in your area.

Start looking now and beat the "season". Snowbirds will be back very soon. Don't forget to ask about "super summer deals" on new construction too.

Hope to see you soon.

Vanessa

My website
Email me

Source:
Piedmont Investment Advisors, LLC is an investment advisor registered with the Securities and Exchange Commission.

Prepared by Broadridge Investor Communication Solutions, Inc. Copyright 2011.

Short Sales are on the rise in some markets but what about Naples Fl?

2011-08-29T17:35:00.000-04:00

As I'm sure most homeowners know by now, a short sale occurs when a lender allows a borrower to sell their home for less than the outstanding mortgage. Nationwide short sales accounted for 12 per cent of home sales nationwide in the second quarter, up from 10% the same period 2010 according to RealtyTrac. BofA expects to complete more than 100,000 short sales this year and that's double what it did in 2009.

Wells Fargo Vice President J.K. Huey indicated short sales are “steady to slightly up” in recent months because there are fewer bank-owned houses for sale in some markets.

It’s better for neighborhood values when short sales occur over foreclosures, as homes often remain occupied until closing day.

Nationally, in the second quarter, short sale homes sold at a 21 percent discount to non-foreclosure homes, while bank-owned homes went at a 40 percent discount, RealtyTrac says. Short sales may also reduce losses for loan owners because they avoid full foreclosure costs. Borrowers may qualify for new mortgages sooner after a short sale than after a foreclosure.

In Naples Fl, 2nd quarter 2010 there were 421 closed short sales and 491 foreclosed properties across all categories. During the 2nd quarter 2011, 404 short sales were closed and 428 foreclosures. Non-distressed sales in the Naples Fl market for the 2nd quarter 2010 were 1674 and for 2011 non-distressed closed sales stood at 1871.

Regarding inventory, 12-14 month’s supply is a healthy resale market - Naples Fl is at a low of 8.83 months.

See NABOR's comments on inventory below:

Since March 2007, NABOR's inventory has been reduced by over 5,000 units.
In April of 2007, NABOR started tracking the months of inventory. In the first month of tracking, April 2007, NABOR reported 34.78 months of inventory. Since the first month of tracking, the inventory has been reduced substantially over the years and demand has picked up. As a result, as of July 31, 2011, NABOR is reporting 8.83 months of inventory, which is the lowest since we started tracking months of inventory."

In the past we have lost buyers and of course sellers have been inconvenienced due to the lack of response from banks and the short sale process taking far too long. Now banks are getting their heads around short sales with faster turn around and better tracking systems, such as the Bank of America Equator system.

Check with your bank and ask about the HAFA and HAMP programs.

If you are thinking about short selling your home now might be a good time with such a short supply of homes in Naples Fl. Call Realtors Vanessa and Neil Franklin 239 290 5627 or visit our website www.IWantnaples.com and email us from there if you would like to talk about your particular situation. And remember if you stop paying your mortgage you could lose your home to foreclosure!

Thinking of Buying a Condo? HomeSteps Condo Cash Can Help

2011-08-17T08:37:00.000-04:00

Just like the HomeSteps incentives buyers were given in recent years, Freddie Mac's HomeSteps division is now offering cash to buyers who purchase a foreclosed condo.

HomeSteps Condo Cash property purchasers can receive up to $1500 for standard home owner association dues. Offers have to be submitted between August 15 and November 15 2011 and close before December 30th 2011. Homes must have been on the market for at least 120 days and are for owner-occupants only.

Go get your Naples Fl condo!

NAR Chief Economist Lawrence Yun on the Downgrade of the US Credit Rating

2011-08-08T22:39:00.000-04:00

Take a minute to watch this short video from NAR Chief Economist Lawrence Yun. Basically he's saying the world already knew the situation and it was no surprise to investors.

Watch the Video

Always a calming influence Dr Yun is very well respected in the industry and many of his predictions have come to fruition, both good and bad!

Read the rest of the Washington Post article

Source: The Washington Post

NABOR Statistics are Out. SINGLE FAMILY HOME MEDIAN CLOSED PRICE JUMPS SIX PERCENT!

2011-06-17T10:42:00.000-04:00

Report Shows Overall Inventory Declines 14 percent

NAPLES, Fla.-June 17 2011- Momentum is picking up and summer is emerging as a season of 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).

The overall available inventory decreased to 7,705 properties in May 2011 down from 9,006 properties in May 2010. “The decrease in inventory is having a positive effect on overall prices and is driving the median closed price up,” said Steve Barker, REALTOR® with Amerivest Realty.

The median closed price for single-family homes for the 12 months ending May 2011 increased 6 percent to $210,000 compared to $199,000 for the 12 months ending May 2010. The overall median closed price for single-family homes increased 15 percent to $242,000 in May 2011 compared to $210,000 in May 2010.

“With its strong market and rising prices, Naples is the exception to the two-thirds of the country experiencing real estate challenges, just as predicted by Dr. Lawrence Yun, Chief Economist of the National Association of REALTORS®,” said Phil Wood, President of John R. Wood REALTORS.

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

- Overall pending sales increased 8 percent in May 2011 with 955 contracts compared to 887 contracts in May 2010.

- Overall closed sales increased 4 percent in May 2011 with 838 sales compared to 803 sales in May 2010.

- Single-family home pending sales increased 8 percent in May 2011 with 515 contracts compared to 477 contracts in May 2010.

- Condo sales increased 9 percent with 450 sales in May 2011 compared to 412 sales in May 2010.

According to Brenda Fioretti, NABOR President, and Managing Broker of Prudential Florida Realty, “The increase in sales is found in the traditional market, not short sales or foreclosures which now make up less than 30 percent of the properties sold.”

“For the 12 months ending May 2011, condo sales increased 19 percent and the $1 million to $2 million category had an astounding increase of 164 percent, with 18 more units sold for the 12 months ending May 2011 than in the 12 months ending May 2010,” said John Steinwand, President of Naples Realty Services.

See the latest NABOR stats here

If you are still on the fence about buying Naples, Bonita Springs or Estero property you had better buy soon, and definitely before start of season 2012. Call Vanessa Franklin 239 290 5627 or Neil Franklin 239 370 0391, or visit their website http://www.iwantnaples.com/. We'll be waiting for your call.

Earthday 2011

2011-05-02T09:50:00.000-04:00

Amerivest Realty agents help to facepaint at the 2011 Earthday event at the Conservancy in Naples Florida. Apart from one of our party drawing a really, really bad cat's face on a small child and making her cry, everything went off wonderfully!

BIG thanks to Tim Scott, Sue Cohen and Lynn Bower.

Posted by Vanessa Franklin, Amerivest Realty, Naples Fl

Join me to Celebrate Earth Day at the Conservancy of Southwest Florida

2011-04-16T07:34:00.000-04:00

Come and join us today at the Conservancy to celebrate Earth Day.

The FREE Earth Day Festival at the Conservancy of Southwest Florida is an area tradition!

Follow this link for the official site.

Earth Day Festival 2011 - Presented by Fifth/Third Bank

Saturday April 16

The earth-friendly event will run from 9 AM – 3 PM and feature an organic farmer’s market, special environmental exhibits, vendors, children’s carnival, face-painting, educational presentations, live entertainers and guest speakers. Additional support provided by Amerivest.

Due to continuing renovations at the Conservancy Nature Center, no on-site parking is available. However, free parking and free bus shuttle service will be available at the SW corner of Goodlette-Frank Road and Fifth Avenue South, across from Bayfront. Guests are asked to carpool and take advantage of the free shuttle service. The first 100 guests arriving via shuttle will receive a free Earth Day Festival t-shirt, compliments of Fifth Third Bank, presenting sponsor of the festival.

Click here for Earth Day flyer and parking map.

April 16 Earth Day Festival Scheduled Program of Events (subject to change)9 AM Kids' Carnival until 3 PM

Parking Lot Area
9:30 AM Electric Boat Cruises hourly until 3:30 PM

Boat Dock/Lagoon Area

10 AM Natural Café: Puppet show featuring the American Alligator

Auditorium
11 AM Kids' Sing-a-Long and Fun - Rosie Emery of WGCU's "Curious Kids"

Auditorium

11 AM Live Music until 2 PM

Parking Lot

11:30 AM Gordon B. Eagle Appearance

Nature Center/Commons Deck

12 PM Raptor Rapture! Featuring a live red-tail hawk.

Auditorium

12:30 PM Gordon B. Eagle Appearance

Nature Center/Commons Deck

1 PM The Living Gulf Coast – Author Charles Sobszak

1:30 PM Gordon B. Eagle Appearance

Nature Center/Commons Deck

2 PM Nature Photography - Tips from local photographer Gordon Campbell

Auditorium

3 PM Rambunctious Reptiles - Featuring live turtles, baby alligator and snakes.

Auditorium

3.30pm Final Electric Boat Cruise

Rental market swings back in favor of landlords - Tips on Buying Rental Property

2011-04-13T17:21:00.000-04:00

The outlook for renters is expensive. Analysts expect apartment vacancies to shrink and rents to rise all the way through 2013 as the economy recharges and the labor market improves.

Read the whole article with tips on purchasing rental properties here:

http://www.msnbc.msn.com/id/42557802/ns/business-real_estate/

By JANNA HERRON The Associated Press

Fannie Mae Offers 3.5% Toward Closing Costs

2011-04-13T17:06:00.000-04:00

Tuesday, April 12, 2011

To spark more interest in its massive holdings of foreclosed properties, Fannie Mae is offering to cover up to 3.5% of closing costs for homeowners who can close by June 30.

"Fannie Mae wants to help more buyers afford to purchase their new home. That is why we are offering up to 3.5% in closing cost assistance for HomePath properties," the GSE said on Twitter.

Through its HomePath program, Fannie provides low-downpayment financing on sales of REO properties with no requirements for mortgage insurance or appraisals.
Fannie offered closing cost assistance during the fourth quarter of last year for the first time, but the GSE said it still ended up with an inventory of nearly 162,500 REO properties as of December 31.
In the fourth quarter, Fannie recouped 55% of the unpaid principal balance on the defaulted mortgages through the REO sales.

Fannie sells most its REO properties through HomePath, which also provides financing for second homes and investment properties.

Buyers receiving closing cost assistance must certify that they will be owner occupants.

Source: Brian Collins, National Mortgage News and Source Media, Inc.

4863 HAMPSHIRE CT #206 Naples Lakes Country Club - Community Open House

2011-04-06T16:58:00.000-04:00

On Sunday, April 17, 2011 from 12-4 p.m., Naples Lakes Country Club will be hosting a Community Open House. The Community Open House is being conducted in cooperation with NLCC Management, the Board of Directors and Realtors.

Upon arrival on April 17th, Guests will receive at the front gate a letter from Board President Dick Novak inviting them to come to the Clubhouse where they will be greeted by NLCC Staff, Board Members and Residents. Refreshments will be served in the Lounge. All Guests will receive a packet of information about Naples Lakes which includes a list of all the open houses and a map of the Community. Guests will have an opportunity to participate in a raffle for free rounds of golf, bottles of wine, and Golf Shop credits.

Please come and see us at 4863 HAMPSHIRE CT #206 on that day. Good luck with the draw!!

My Open Houses this weekend 3/26/2011

2011-03-26T10:12:00.000-04:00

Saturday - 3/26/2011 1-3 pm

4702 Oak Leaf Drive, Naples, Fl 34119 - Quail Creek Estates - 3 Bedrooms Plus Den Pool Home $798,000

Sunday 3/27/2011 2-4pm

419 Egret Avenue, Naples, Fl 34108 - 3 Bedrooms pool home plus other-in-law suite, Dock and Boat Lift in Connors

$595,000

Naples Rises From Florida Housing Swamp as Wealthy Buyers Return to Market

2011-03-25T09:06:00.000-04:00

Naples on the Rise! Don't wait to buy your dream home. Call me today to help you find your perfect home away from home.

Sales in the Naples area last year rose 10 percent, the first annual increase in at least five years, while the median price for homes listed at $300,000 or more gained 4 percent to $544,000, according to data compiled by the Naples Area Board of Realtors. About half of the properties in the market are second homes, and discounts from 2006 peak prices average about 25 percent, said Brenda Fioretti, president of the group.

http://www.bloomberg.com/news/2011-03-23/naples-rises-from-florida-housing-swamp-as-wealthy-buyers-return-to-market.html

5 Bedroom Estate Home on 5 Acres Golden Gate Estates

2011-03-25T08:51:00.000-04:00

Bring your horses and other toys to this beautiful 5 acre estate. Custom built with custom woodwork throughout. Call Vanessa Franklin Amerivest Realty for more information. 239.290.5627

Golden Gate Estates Home with outdoor Gazebo/kitchen

2011-03-03T20:16:00.001-05:00

Immaculate and lovingly kept home in beautiful Golden Gate Estates so close to White Blvd and Pine Ridge. This home boasts tile throughout, spa bath and bidet in the master, remodelled kitchen with granite counters, money saving tankless water heater, generator ready, whole yard sprinker system to water the Queen and Royal palms and fruit bearing citrus trees, concrete driveway to the front with plenty of parking space and side access to the rear where you will find a cleared lot with gazebo with kitchen ready for outdoor entertaining. The upgraded air conditioner is jsut one year young and the list goes on. This is a short sale but please come out and take a look. This little beauty is worth the wait while the experienced short sale negotiation team gets the job done.

See the Listing or Take the Tour

You Want Water? You Got It! Direct Gulf Access in Connors

2011-03-03T20:14:00.000-05:00

Cute little pool home on a wide canal in beautiful Conners, Vanderbilt Beach. This is a boater's and fisherman's paradise. The home comes complete with a boat dock, which has a new cement walkway, boat lift, snook lights, everything you need to fish and access the best water in the world. Just one bridge, and out to the Gulf of Mexico. The home comes complete with transferable roof warranty, generator, pool with screened lanai and plenty of parking on a beautiful street in Connors close to Delnor Wiggins Pass State Park. Mother-in-law apartment has rented for around $750 pm annually, dock rents for $300-500 p/month. Imagine sitting on your dock watching the best sunsets in the world. Cast your line in the water and wait for the snook, jack or mangrove snapper to bite. Haul 'em in, grille beside the pool and sit down to eat the freshest fish ever! Ahh, life doesn't get much better than this. Not a foreclosure or a short sale just a great buy.

See listing details here. Take the Tour.

Quail Creek Estates - New Listing 3 Bedroom Pool Home on 1 acre site in Golfing Community

2011-03-03T20:00:00.001-05:00

This immaculately kept pool home in beautiful Quail Creek Estates is nestled amongst lush mature landscaping. Cathedral volume ceilings and the large open floor plan make this home light and airy, just perfect for year round or seasonal living. Sliding doors open across the back of the home and bring the outside in, where you can entertain or sit back and sip your morning coffee, looking over the expansive lake and golf course views. The home boasts a huge west facing lanai, propane gas fireplace and grill hookup, whole house hot water circulating system, replaced roof and much more. This lifestyle can be yours, no waiting and ready to go. Please take the attached tour.

See the listing. Check out the Tour.

Price Reduced 2/2 Condo in Heritage Bay now $179,000 Turnkey Furnished

2011-03-03T19:51:00.000-05:00

Bundled Golf Condo in Heritage Bay. Take the tour here

Beautiful Home for Sale Golden Gate Estates

2011-03-03T19:40:00.004-05:00

My Latest Listing, 5 acres, complete with Wine Room! See the Tour here

A magnificent custom renovated pool home which comes complete with TWO guest suites - one with its own entry. The home boasts a great room, formal dining, wine room, library, office/den, family room, loft, media room and 3 car garage all on 5 beautiful acres of prime real estate. Enjoy watching the wild turkey, deer, birds and other Florida wildlife from the ample patio which has a full working fireplace. Please note the siding on the home is NOT vinyl it's harwearing cementatious material. Cable or satellite TV ready, lawn irrigation to front and back of the home and impact resistant windows on the upper level. Situated close-in, just 5 minutes from Collier Blvd in the sought-after Wilson Estates neighborhood. The home has a country cottage feel not duplicated anywhere, and a nice departure from the cookie-cutter style homes which are to be found in Golden Gate Estates. This estate is certainly one to place on your must see list.

Steps to Take Before Buying a Home and How Much Mortgage You Can Afford

2011-01-18T08:13:00.000-05:00

4 Tips to Determine How Much Mortgage You Can Afford
By knowing how much mortgage you can handle, you can ensure that home ownership will fit in your budget. Read
7 Steps to Take Before You Buy a Home
By doing your homework before you buy, you’ll feel more content about your new home. Read

Visit houselogic.com for more articles like this.

What Every Canadian Buying US Real Estate Should Know

2010-12-28T19:22:00.000-05:00

Exchange rates are at historical favorable levels and prices are low making it extremely attractive for our neighbors to the north to purchase real estate in Florida. It is important for our Canadian friends to understand the implications of their purchase. Below is an overview of what every Canadian buyer should know.

THE CANADIAN FLORIDA LAND TRUST

The Most Versatile and Beneficial way for Canadian Citizens to hold Title to Real Estate in the State of Florida.

TITLE CONCERNS

Transferring funds to purchase a home or condominium is a simple process for Canadian buyers, however, many foreign buyers often overlook the consequences of their purchase. The acquisition of U.S. real estate by a Canadian citizens poses significant issues including but not limited to U.S. estate tax, capital gains tax, incapacity issues, complex Florida probate rules and creditor protection issues. Proper cross-border planning for Canadian Citizens must address all of these issues. A deep analysis is required to find the best solution. There is no simple answer or one size fits all. However, as a general rule, the vast majority of concerns can best be addressed by creating and taking title in a Canadian Florida Land Trust which is considerably more advantageous then owning property in a buyer’s individual or corporate name or even a Canadian Trust.

INTRODUCING THE FLORIDA LAND TRUST

This vehicle often referred to as an “Illinois Land Trust” because of its origin is a unique legal entity. This form of ownership is unfamiliar to most U.S. Lawyers and tax advisors due to the fact that Illinois and Florida are the only states that have a specific nearly identical land trust statute. This form of ownership is so far removed from classic trust law that calling it a trust can be misleading. The land trust is very versatile and differs from conventional trusts in many ways.

A land trust is a legal arrangement whereby the trustee holds legal title to the property, yet all ownership interest in the property lies with the beneficial owners of the trust. The trustee takes action, solely upon the direction of the beneficiaries. Among countless list of benefits to holding property in a Florida Land Trust is:

The interest of the beneficiaries are not disclosed except upon choice, upon sale or upon order of the court.

The beneficial interest is deemed personal property and avoids expensive and lengthy probate requirements.

Provisions can be made in cases of disability which negate guardianship proceedings which otherwise may be required.

It serves as a substitute for a will and provides planning providing direction for distributing the property upon death.

It can serve as a substitute for a partnership agreement and outline the various partners rights and interest in the property.
Transferring interest within a land trust is simple and not subject to state imposed documentary transfer tax.

In the event of sale, provided the property has been held for one year or longer, favorable individual capital gain rates of 15% apply rather than the regular corporate rate of 34%. In Florida there is further a state income tax for corporations, but not for individuals which can push the effective combined rate to 40%.

When creating the land trust you can determine who will serve as trustee. Typically, in a Canadian Florida Land Trust this is the owner, though it does not need to be. Trustees serve a ministerial role as the beneficiaries direct the trustee on how they wish to manage the property. Trustees are the individuals whose name is made public and is the individual who signs deeds or mortgages at the direction of the beneficial owners. Successor Trustees can be listed and set forth in the event of death or incapacity of the initial trustee.

AVOID COMMON PITFALLS THROUGH A FLORIDA LAND TRUST

In contrast, if title to real estate is placed in the buyers’ individual names there are a host of issues to be concerned with:

1. PROBATE. Although a will, valid in Canada, will be recognized in Florida, unfortunately the will is not exempt from the costly and time consuming complicated probate process to transfer title in Florida. A Canadian Florida Land Trust can be created at the time of purchase and title can be placed in the name of the trust. Should the property owner pass away, provided title has been placed in the land trust, probate and related expenses will be avoided. Even though the property owner passed away, the land trust continues and the provisions within the trust set forth the order of the contingent beneficiaries (typically the surviving spouse and then the children).

2. INCAPACITY. Another advantage of Canadian Florida Land Trust is that it not only avoids probate and seeks to marginalize estate tax but it also acts as an excellent tool in the event of incapacity. If the property owner becomes incapacitated mentally or otherwise provisions are contained within the trust to provide for successor trustee(s) thereby avoiding the timely and costly process of Florida guardianship proceedings.

3. CREDITOR PROTECTION. Unlike owning property in your individual name, the interest of the beneficiaries do not need to be made public in a Canadian Florida Land Trust. As a result, third party creditors cannot place a lien or seize the property as it remains confidential who the true owner is.

4. ESTATE TAX CONCERNS. Estate taxes are of paramount concern when Canadians own property in the U.S.

A. Unlike their U.S. counterparts, Canadians may only pass sixty thousand dollars (U.S) ($60,000.00) tax free to their spouse or beneficiaries. If title is in a couples individual name, the surviving spouse may be hit with a significant estate tax that starts at 26% and climbs all the way to 45% based on the value of the estate. If properly drafted, shares within the land trust not need to be revealed until the time of death thereby making it possible to artfully manipulate the reported interest of the deceased and hopefully avoid estate tax.

B. Another tool to avoid or minimize estate tax is to make children beneficiaries at the time of purchase thereby increasing the number of $60,000.00 exemptions by the number of individuals possessing an interest in the land trust. There is no gift tax in Canada. If the funds are gifted to the children in Canada and transferred for closing there is no taxable event. However, if the property is located in the United States, a subsequent transfer of property to children will trigger a gift tax owed to the U.S.

C. Yet another technique to reduce exposure to the U.S. estate tax is to split interest ownership within the Land Trust. Under such an arrangement, an individual may acquire a life interest in the land trust share and his children could acquire the remainder interest in the property. Upon the death of the individual, there would be no estate tax on the life interest, since the life interest would have no value upon death. However one caveat: Should the children die while holding a remainder interest, the estate tax would be assessed on the value of the remainder interest. As a practical matter, children can obtain term life insurance at lower costs (due to their age) to protect them from estate tax exposure.

LESS FAVORABLE ALTERNATIVES

Other options to owning real estate individually is to take title in a Canadian corporation or to create a Canadian trust sometimes referred to as a Cross Border Trust. Below is an overview of both.

OWNERSHIP BY A CANADIAN CORPORATION

In years past Canadian corporations were frequently used to own U.S. property. The corporation, if properly structured, was considered to eliminate U.S. estate tax on the death of the shareholder and the shareholder benefit issues did not arise due to an administrative provision of Canada Revenue. This type of corporation was referred to as a single purpose corporation. However, Canada Revenue withdrew this policy effective January 1, 2005. As a result a taxable shareholder benefit is created if the property held by a corporation was made available for the personal use of the shareholder.
The value of the taxable benefit is determined by either, the fair market rent approach or the imputed rent approach. Under the fair market rent approach the taxable benefit will be the fair market value rent for the property less any consideration paid by the shareholder to the corporation for the use of the property. Under the imputed rent approach, the taxable benefit is calculated by the greater of the cost and the fair market value of the property X the Canada Revenue Agency’s prescribed interest rate, the operating costs related to the property paid by the corporation, less any consideration paid by the shareholders for the use of the property. As a result, it is no longer desirable to own property intended for personal use inside a Canadian corporation.

OWNERSHIP BY A CANADIAN TRUST

A Canadian trust many times referred to as a “cross Border Trust” may also be used to own a U.S. property. If properly established, the trust may avoid any exposure to U.S. estate tax. In particular, the trust must be set up before the purchase of the U.S. property and the person who provides the funds to the trust for the purchase must not be a trustee or a beneficiary of the trust. The most common structure is where one spouse creates the trust (the grantor) while the other spouse and their children are named the beneficiaries of the trust. The grantor’s spouse and their children can then use the property rent-free during their lifetimes. The property held by the trust would not be included the grantor’s estate for U.S. estate tax purposes, nor will it be included in the spouse’s estate for U.S. estate tax purposes on his or her death.

Using a Canadian trust to own U.S. property does have its disadvantages. If the grantor’s spouse predeceases the grantor, the grantor must pay fair market value rent to the trust for the property to be excluded from his or her estate for U.S. estate tax purposes.

The only potential benefit that may result in creating a “Cross Border Canadian Trust” is that special wording may be put in the trust to preserve foreign credits in Canada under the Canada/U.S. tax treaty regarding capital gains tax. If properly structured, the seller may receive credit for the 15% United States I.R.S. Capital Gains Tax upon sale which otherwise would not be possible. However, in my opinion this potential benefit is pale in comparison to the potential estate tax which could otherwise be due if the wrong spouse dies first.

OTHER TAX CONSIDERATIONS TO BE AWARE OF

RENTAL INCOME. Canadian snowbirds who rent out their Florida real estate are subject to a withholding tax of 30% of the gross amount of rental income. One way for Canadians to avoid the 30% gross withholding tax is to file a U.S. tax return and pay tax on the net rental income. The Canadian Citizen is then entitled to a refund for any taxes withheld to the extent the withholding amount exceeds to the tax which is payable.

TAXES UPON SALE. Whenever a foreign citizen sells his or her interest in real estate in the United States it is a requirement to comply with FIRPTA (Foreign Investment Real Property Tax Act). At the time of sale 10% of the gross sale proceeds must be held in escrow until a determination can be made if a profit were realized upon sale. All of your initial acquisition costs together with any capital improvements are totaled to create your “basis”. All expenses of sale are subtracted to determine your net proceeds. If your net proceeds are greater than your basis you will be taxed on the profit in the United States. This tax rate varies at the present rate of 15% if the property is individually held or held in a Land Trust to as high as 34% if held in the name of the corporation. In addition, there are further tax consideration upon the sale that could result in a double whammy when the profit is reported in Canada.

GET IT RIGHT THE FIRST TIME!

This means when purchasing property you need to title it correctly from the outset. If a decision is made to transfer the real property at a later date, Revenue Canada requires the value needs to be determined at the time of transfer to see if capital gain applies. Further, when a foreign investor transfers existing U.S. real estate by gift, he or she will be subject to U.S. gift tax. Again, this is the case even where an estate and gift tax treaty applies. There is no gift tax credit available to a transferor who is neither a citizen of nor resident in the United States (other than a limited annual exclusion of $13,000.00).

Interestingly, a Land Trust will allow the gifting of shares up to $13,000.00 annually so that it is possible to gift away your interest over an extended period of time utilizing a Land Trust. Otherwise, if gifted out right the gift tax of the fair market value would apply which is the same graduated rate that applies to estate tax.

At the end of the day, there may be unique facts and circumstances particular to your case that may warrant further investigation. As indicated above when it comes to proper planning there is no panacea or one size fits all, however, most common pitfalls can be avoided and countless benefits obtained by creating a Canadian Florida Land Trust at the time of purchasing property.

Courtest of:
Law Offices of Ronald S. Webster
985 N. Collier Blvd
Marco Island, FL 34145
239-394-8999 Phone
239-394-3511 Fax

Had it with the Snow Yet? Reserve this Beautiful Condo Naples, Fl for the 2011 Season

2010-12-27T20:08:00.000-05:00

Enjoy your Florida vacation in this darling condo situated just 4 miles from downtown 5th Avenue with its upscale shops, restaurants and bars. Rent $2000 per month, available Jan-Apr 2011, 3 month minimum rental.

Beautiful Napoli has fantastic facilities with a large pool, fitness, tennis and everything you need to take advantage of the warm Florida sunshine. Immaculately kept, lovely furnishings, super clean, neat and tidy. You will not be disappointed arriving at this great home away from home where you will make Florida friends for life. Sandy white beaches are just minutes away.

Sorry only three month rental minimum - per condo rules. Available Jan-mid April. $2000 per month. Small dog allowed under 15lbs, no cats owner is allergic. $250 pet deposit.

Take the Tour Here

Design Your Mom Cave for 2011

2010-12-27T19:43:00.000-05:00

Just after the millennium, a new decorating phenomenon reared its masculine head above the normally feminine practice of designing the family home.
Suddenly, the special, male-only spaces which were historically known as “garages,” took on a more prominent role in the household. The basement, a spare bedroom or den began to take on a much more macho look with sports themes, giant televisions and video game entertainment centers. These rooms became commonly known as “the man cave.”

However, recently the women of the house have started to catch on to the idea of having a secluded and quiet space of their own, prompting the birth of the "mom cave.”

Check out the whole article here to help design your new Mom Cave.

Oh, and don't forget the lock for the door and the headphones with LOUD music to drown out the sound of the kids running loose in the house because your partner is not watching them while you are in your Mom Cave :)

I suppose at some point we must stop to think, is it worth going in the Mom Cave 'cause there's going to be a whole load of cleaning up when we come out!

Thanks to Kelly Roncace/Gloucester County Times and Staci Greenberg, owner of imc: Interior Design Services

Marbella Lakes Clubhouse Opens

2010-12-03T20:31:00.000-05:00

Take a minute to check out the new clubhouse at Marbella Lakes, Naples, Fl. A fine GL Homes community with Single Family and Carriage Homes starting at $199,900.

Take the Tour

Be Sure to tell them Vanessa Franklin, Amerivest Realty sent you!

Foreclosed Purchases…There is no free Lunch!

2010-11-09T11:46:00.000-05:00

“Here is a simple but powerful rule…always give people more than they expect to get” – Nelson Boswell

Foreclosed Purchases…There is no free Lunch!

I am certain most everyone is familiar with the age old adage “if it sounds too good to be true…” yet buyers purchasing foreclosures are falling for this trick every day.

Just because the lender/seller is offering to provide a free title policy does not mean the buyer is protected! Many times there is a reason for it. Would you put the fox in charge of the hen house? Yet every day countless buyers are getting slaughtered with excessive closing fees, useless title policies and many times deeds signed where there is a complete lack of visible authority of the individual signing.

If you are buying, be sure of what you are getting. If the bank did not have the authority to foreclose, they clearly do not have the authority to convey clear title. According to Bloomberg Financial News, Fidelity National Title shares dropped 10 percent last month and First American dropped 5 percent as direct result of increased title claims. In fact American Land Title Association reports there has been a 14 percent increase in the title claims this past year alone.

The only way to truly protect a buyer and assure them they will receive a clear title is to have an independent title search and review of the foreclosure file. The potential for mistakes are plentiful ranging from improper service upon the previous mortgage holder, invalid or improper mortgage assignments, errors in legal descriptions just to name a few.

Today, many new title companies utilized by the banks have sprung up. They are not household names like Chicago Title, Old Republic, First American, Fidelity Title, etc. The policies they offer provide little protection as they are often riddled with countless exceptions (exclusions) which are glaringly missed by an untrained eye.

Insurable title does not necessarily mean marketable title and all Bank/Seller Addendums simply mandate the bank is only responsible to deliver insurable title. Insurable title may come with a host of defects. However, despite these defects, a title insurance underwriter weighs the risks involved and allows the title agent to issue a title policy even though there may be blemishes and potential problems down the road. Ironically, should the value of the property increase dramatically, the buyer is only protected to the extent of the original purchase price.

Another issue to be aware of is that many times bank controlled title companies charge excessive settlement fees. Banks seek to lure buyers in the door by offering to pay for the cost of title insurance. I recently had a closing where the title insurance was approximately $600.00 however, the bank’s title company charged the buyer in excess of $750.00 in search fees, settlement fees, escrow fees and related expenses. Buyers need to be willing to challenge these companies on “exorbitant fees.” Many times when challenged, the bank’s title company will reduce their fees dramatically.

Mistakes on the closing statement to an unfamiliar eye can be plentiful. Ironically these mistakes never seem to benefit the buyer. Recently, I reviewed a closing statement whereby the title company provided a credit of slightly over $1,000.00 for a tax proration for a closing scheduled to occur in November. (However on page two of the closing statement they attempted to collect nearly $2,500.00 from the buyer to pay the 2010 taxes).

In a time when foreclosures are looked upon with great scrutiny from the concern of the wide use of MERS(Mortgage Electronic Registration System) and whether they actually own the mortgage and have the ability to enforce it to the issue of robo signers involving temporary help signing off on foreclosure affidavits to title policies from an unknown underwriter filled with exclusions of coverage, it would be insane not to have an independent examination before closing.

Whatever the search and review fees a buyer may encounter would be less than the title insurance they typically would be buying in a third party transaction. A few dollars spent now may save your buyer thousands of dollars in headaches. Protect your buyer, protect yourself and don’t let your buyers kid themselves into thinking because the Bank/Seller is providing a free title policy to accept it. There are no free lunches and it may be time to look at other choices on the menu.

Law Offices of Ronald S. Webster
985 N. Collier Blvd
Marco Island, FL 34145
239-394-8999 Phone
239-394-3511 Fax

Holding Off a Foreclosure.

2010-10-25T10:24:00.000-04:00

Despite the fact that the media has indicated there is a temporary moratorium on short sales by various lenders, this message is misleading. Foreclosure sales are not being scheduled, however, these same banks are continuing to pursue these cases and are posturing themselves to pull the trigger whenever the freeze is lifted.

Many individuals are under the false impression (and perhaps hope) that if they have a pending short sale contract there is no need to avoid or defend a foreclosure action. Unfortunately, a short sale in progress as a general rule, does not slow down the foreclosure process. If you have a contract for sale on your home or are are behind in payments, below are a few suggestions to avoid or prolong the foreclosure process to enable one to wait until they have a very serious offer to submit to the bank as a short sale.

1. Make random payments. If you cannot make payments try confusing the bank. If you are two payments behind, submit a payment the third month if possible. Thereafter, skip a month and make payments every other month. Inform the bank you are trying to make good on your mortgage. This simple tactic will generally buy a borrower/seller a great deal of time before a foreclosure action is commenced. Banks do not know how to process this behavior. Typically, if payments are 120 days late after the fourth payment is missed, the bank will accelerate the loan and may commence a foreclosure action.

2. Fight the foreclosure. Ironically, studies have shown approximately 85% of all foreclosures in the State of Florida go uncontested. If no action is taken uncontested foreclosures only take 120 to 150 days from start to finish. Engage an attorney (which typically is less than the cost of a mortgage payment) to raise defenses and request the bank to prove their case and entitlement. By fighting a foreclosure typically it will take a lender a minimum of a year and hopefully longer to prevail. By buying this time, sellers can patiently wait until the right offer comes along to present to the bank as a short sale.

3. Participate or request mediation. As of July 15, 2010 all foreclosures of homestead properties located in Collier, Lee and Charlotte Counties are required to be referred to Residential Mandatory Mediation. Previously, mediation was available however, it typically took a knowledgeable attorney to file a motion with the court for mediation to occur. The purpose of mediation is for the parties to communicate to see if foreclosure can be avoided through a mortgage workout or modification. The lender is responsible for the cost of the mediator and mediation must be scheduled no less than 60 days and no more than 120 days from the date the foreclosure action is filed. Although only mandatory in cases of homestead, a request for mediation is typically looked upon favorably for all properties which may be in foreclosure.

At the end of the day, from a Seller’s perspective, foreclosures should be avoided whenever and wherever possible. The key is to become proactive in seeking to avoid it before it begins with staggered payments or become reactive with seeking to defend the action once the process is commenced. Unfortunately, many people wait until the 11th hour to respond and in those cases the genie is already out of the bottle.

Law Offices of Ronald S. Webster
985 N. Collier Blvd
Marco Island, FL 34145
239-394-8999 Phone
239-394-3511 Fax

New Listing in Beautiful Copper Oaks, Estero

2010-10-19T10:01:00.006-04:00

WOW! So many builder upgrades are in this four bedroom/three bath beautiful home. TWO master suites, one upstairs and one down, crown molding, 20" tile in all but wet areas, tasteful granite, an extra 600 sq ft on the family room, upgraded bedroom carpets, the list goes on. Pride of ownership is obvious in this home which affords a wonderful lifestyle in the great Copper Oaks subdivision. Wildlife of all kinds can be viewed on the lake and preserve to the rear of the home which is on a pie shaped lot. Great for FGCU easy access. Placed just right for shopping and restaurants in north Naples all the way to s. Ft myers, with Coconut Pt and Town Center shopping malls close-by. Miromar Outlets and Germain Arena for ice skating, sporting events and concerts are minutes away. This home is a short sale but an experienced short sale specialist has been employed to get the job done and we will work diligiently toward a quick close. Schedule an appointment today and don't miss out on this beautiful home.

Visit 20637 E Silver Palm Dr, Estero, Fl
Call me to set up an appointment to view.

Visit my website: IWantNaples.com

Buyers: Find Your Title Insurance Certificate

2010-10-19T09:05:00.002-04:00

Buyers who purchased a foreclosed property in the last three years should check their title insurance to make sure that it would cover them if there were a claim on the property from the former owner.

Former owners are likely to seek payment instead of reinstatement and those claims will go to the title insurer, attorneys say.

"If you're a bona fide purchaser with title insurance and no knowledge of any irregularities in the transaction, courts are going to be extremely loath to set aside the sale," says Diane Thompson, an attorney with the National Consumer Law Center.

The situation isn’t as clear for buyers who paid cash and didn’t bother with title insurance. "Potentially, you face a legal battle in that situation." says Tim Dwyer, CEO of Entitle Direct Group, the holding company for EnTitle Insurance Co., an Ohio title insurer.

Source: Associated Press, Dave Carpenter (10/15/2010)

Help for Underwater Home Owners - maybe? FHA Short Refinance Option

2010-09-09T14:01:00.003-04:00

FHA short refinance option now available.

WASHINGTON – Sept. 8, 2010 – In an effort to help responsible homeowners who owe more on their mortgage than the value of their property, the U.S. Department of Housing and Urban Development (HUD) now provides a new refinancing option for underwater borrowers. Originally announced in March, the enhancement of a Federal Housing Administration (FHA) refinance program offers non-FHA borrowers the opportunity to qualify for a new FHA-insured mortgage. To qualify, the homeowner must be current on his existing mortgage and lien holders must agree to write off at least 10 percent of the unpaid principal balance.

The FHA Short Refinance option is targeted to people who owe more on their mortgage than their home is worth because the local market saw large declines in home values. The Obama Administration hopes the change, as well as other programs that have been put in place, will help up to 4 million struggling homeowners through the end of 2012.

Participation in FHA’s short refinance program is voluntary and requires the consent of all lien holders. To be eligible for a new loan, the homeowner must also qualify under standard FHA underwriting requirements. The property must be the homeowner’s primary residence and the borrower’s existing first lien holder must agree to write off at least 10 percent of their unpaid principal balance. In addition, the existing loan to be refinanced must not be an FHA-insured loan, and the refinanced FHA-insured first mortgage must have a loan-to-value ratio of no more than 97.75 percent, and a combined loan-to-value ratio no greater than 115 percent.

To facilitate the refinancing of new FHA-insured loans under this program, the U.S. Department of Treasury will provide incentives to existing second lien holders who agree to full or partial extinguishment of the liens. To be eligible, servicers must execute a Servicer Participation Agreement (SPA) with Fannie Mae, in its capacity as financial agent for the United States, on or before October 3, 2010.

For more information on FHA Short Refinance option, read FHA’s mortgagee letter:

http://www.hud.gov/offices/adm/hudclips/letters/mortgagee/files/10-23ml.pdf

© 2010 Florida Realtors®

Golden Gate Estates FEMA Flood Zones

2010-08-15T11:48:00.005-04:00

A set of flood-plain maps released recently is causing a great deal of uproar, especially for residents of Golden Gate Estates.

Why? Because as many as 50,000 structures in Collier County could need to start buying flood insurance within the next nine months to 18 months.

Read the following Naples Daily News article posted today.

New Collier flood maps rolling out, tide of anger rising in Golden Gate Estates

Beginning Monday, homeowners can go to the county’s website, www.colliergov.net/floodmaps, and search for what zone their homes are in and the base flood elevation.

If a home is in an “A” zone, but the elevation of the first floor pad is above the base flood elevation, then a homeowner with a certificate of elevation from a surveyor can apply for a waiver and avoid mandatory insurance.
More information

To find out if your home’s flood plane designation has changed or for more information, on Monday go to www.colliergov.net/floodmaps

Ken Sarrio, a surveyor with Benchmark Land Services, said his company is gearing up to do a lot of elevation surveys in the coming months. The survey is relatively simple. A surveyor uses an identified landmark and levels that with a point on the property. The elevation of the foundation’s slab, or the bottom of the first floor for homes with a foundation wall, is measured against that known elevation.

Relative to the cost of flood insurance, the $150 fee for the survey is inexpensive, but if even half of the structures affected by the changed map decide to order a survey, that’s $3.75 million.

Casalanguida and Sarrio both suggest neighbors pool together to get surveys done for less cost.

“If we can do them all together, then there would definitely be a discount,” Sarrio said.

Guess Where America's Money Is Moving?

2010-06-15T17:30:00.004-04:00

Low taxes, warm sunshine and deep discounts on real estate. No wonder IRS data shows the wealthiest among us are headed south.

Surprise: America's wealthy like warm weather and low taxes. That's the takeaway from IRS data, analyzed by Forbes, on moves between counties. We looked for counties that the rich are moving to in big numbers.

Topping the list: Collier County, Fla., which includes the city of Naples. Tax returns accounting for 15,150 people showed moves to Collier County from other parts of the country in 2008, the latest year for which IRS data is available. Their average reported income: $76,161 per person--equivalent to $304,644 for a family of four. Although slightly more taxpayers moved out of Collier County than into it, the departing residents' average income came out to just $26,128 per person.

Households that moved to Collier County principally came from other parts of Florida, with Lee, Miami Dade, Broward, Palm Beach and Orange counties leading the list. Big northern cities also sent lots of migrants: Cook County, Ill. (home to Chicago); Oakland County, Mich. (near Detroit); and Suffolk County, N.Y. (on Long Island) each sent more than 100 people to Collier County during 2008.

In second place is Greene County, Ga., with a population of just 15,743 at the Census Bureau's last estimate. The IRS data show that in 2008, 788 people moved to the county, about 75 miles east of Atlanta.

Rounding out the top five: Nassau County, Fla., near Jacksonville; Llano County, Texas, 70 miles northwest of Austin; and Walton County, Fla., 80 miles east of Pensacola.

The dominance of the list by Florida and Texas--the former has eight of the top 20 counties, the latter four-- makes sense to Robert Shrum, manager of state affairs at the Tax Foundation in Washington, D.C., since neither state has an income tax. "If you're a high-income earner, then that, from a tax perspective, is going to be a driving decider if you're going to move to one of those two states," Shrum says.

After accounting for property taxes, Shrum's analysis shows that Texas has the fourth-lowest personal tax burden in the country, and Florida has the eighth lowest. Shrum also points to eight states that have targeted wealthy households with extra-high tax brackets: California, New Jersey, New York, Maryland, Hawaii, Oregon, Connecticut and Wisconsin. Six of the top 10 counties the rich are fleeing are located in those states.

Pitkin County, Colo., home to the pricey Aspen ski community, where home listings average more than $3.5 million, saw an exodus of rich people in 2008 as the economy began to contract. The 962 tax filers and dependents who left Pitkin had an average income of $71,473 per capita, while the equivalent figure for those moving to the county was $30,000 lower. Of those leaving Pitkin County, 224 moved to neighboring Garfield County where, according to real estate information service Trulia, homes list for 75% less than those in Pitkin County. IRS data also show movement from the resort area to cities like New York, Chicago and San Francisco.
Behind the Numbers

To find places the rich are moving, Forbes used IRS data on household moves broken down by county and income. We included counties where arriving households are richer than households that didn't move and departing households are poorer than households that didn't move. The final ranking orders counties by the difference in per-capita income between incoming households and those that didn't move.

Our ranking of places the rich are fleeing essentially reverses these criteria, looking for counties where departing households are wealthier than the population as a whole and where incoming households are poorer.

In order to find patterns among the wealthy, we restricted the lists to counties where departing or arriving households had per-capita incomes of $35,000 or more. That figure is equivalent to an annual income of $140,000 for a family of four--a very high income for any large subset of the American population (of 3,142 counties with IRS data, only 130 have average incomes above this level). And in order to avoid statistical anomalies, we only included counties with at least 500 people listed as arriving or departing.

This technique essentially finds new hot spots--places that aren't necessarily wealthy now but where wealthy people are moving. Some upscale places like Westchester County, N.Y., and Teton County, Wy., don't make the list because people moving into those counties aren't as rich as the people who already live there.

The IRS warns that these counts are only approximations; because they don't include households that don't file income tax returns, poor and elderly people are underrepresented. These counts also don't include returns filed after late-September 2009--a small fraction of total returns that tends to include some very rich people with complex returns who file for extensions.
Top 5 Places Where America's Money Is Moving

No. 1: Collier County, Fla.
Arriving average income per capita: $76,161
Departing average income per capita: $26,128
Stationary household average income per capita: $49,959
Total arriving people: 15,150
Total departing people: 16,802
Top origin: Lee County, Fla. (2,987 people)

No. 2: Greene County, Ga.
Arriving average income per capita: $56,414
Departing average income per capita: $25,432
Stationary household average income per capita: $30,875
Total arriving people: 788
Total departing people: 778
Top origin: Putnam County, Ga. (76 people)

No. 3: Nassau County, Fla.
Arriving average income per capita: $51,833
Departing average income per capita: $29,312
Stationary household average income per capita: $32,306
Total arriving people: 4,785
Total departing people: 3,690
Top origin: Duval County, Fla. (1,721 people)

No. 4: Llano County, Texas
Arriving average income per capita: $44,324
Departing average income per capita: $22,541
Stationary household average income per capita: $26,201
Total arriving people: 1,192
Total departing people: 1,018
Top origin: Burnet County, Texas (312 people)

No. 5: Walton County, Fla.
Arriving average income per capita: $45,591
Departing average income per capita: $28,360
Stationary household average income per capita: $30,553
Total arriving people: 3,939
Total departing people: 3,230
Top origin: Okaloosa County, Fla. (1,148 people)

Courtesy of Yahoo! Real Estate
Read full story

Mold Inspectors - the "glitch" bill

2010-06-07T15:03:00.004-04:00

Governor Crist signed the "glitch" bill concerning changes to
Mold Assessor (inspector) licensing and Mold Remediator licensing.

May 26, 2010

Contact:

GOVERNOR'S PRESS OFFICE
(850) 488-5394

TO: Interested Media

FROM: Sterling Ivey, Governor's Press Secretary

RE: Governor Crist's Bill Actions Today, May 26, 2010

Governor Charlie Crist signed the following bills today, May 26, 2010:

CS/CS/CS HB 713 Department of Business and Professional Regulation

Florida Department of Business and Professional Regulation
will soon issue a separate license to qualified individuals for:
Mold Assessors / Mold Remediators / Home Inspectors

Mold Licensing:
Law passed in 2007:
Senate Bill 2234, enacted June 27, 2007 as Chapter 468, Part XVI, Florida Statutes, provides for licensure and regulation of mold assessors and remediators. Chapter 468, Part XVI, Florida Statutes, becomes effective July 1, 2010, and provides that the mold related services licensing program will be administered by the Department of Business and Professional Regulation.

Click for Statute

Glitch bill:

Law passed 2010
CS/CS/CS HB 713 Department of Business and Professional Regulation
http://laws.flrules.org/files/Ch_2010-106.pdf
Changes to Mold Assessor licensing pages 15 to 20

One of the most significant changes in the mold law that protects consumers is:

(1) A mold assessor shall maintain general liability and errors and omissions for both preliminary and post remediation mold assessment insurance coverage in an amount of at least $1 million.

Florida mold law is scheduled to be enforced begining July 2011

Qualified individuals will be issued a license in 2010

Once the new law is fully enforced (July 2011), it will take approximately 3 to 4 weeks to qualify as licensed home inspector and 3 to 4 years to qualify for licensed mold assessor or licensed mold remediator.

Courtesy of:
WallRadon Testing, Inc.
Radon & Mold Professionals
Naples: (239) 498-4619
Ft Myers: (239) 948-9717
Toll free: (800) 881-3837
Fax: (239) 949-5948
email: radonmold@yahoo.com

www.radonmoldhelp.com
www.naplesmoldinspection.com
Radon Testing - Mold Inspections - Mold Testing - Allergen Screening
Volatile Organic Compounds Testing - Odorous/Chinese Drywall Assessment

Professional Liability / $2,000,000 General Liability and Errors & Omissions Insurance
(Covers preliminary mold assessments and also "Chinese" Drywall Inspections)
Microbial Consulting Coverage: $1,000,000 / $1,000,000 limit / claims made
(Covers Post mold remediation inspections/testing, CLEARANCE)

NAR Median Sales Price has Risen - See 1st Qtr Stats for Naples Area

2010-05-14T12:41:00.007-04:00

On a national level, according to a recent report from NAR, the median sales price for previously occupied homes rose in 60 percent of the metropolitan areas tracked in the first quarter of 2010. Find out what these changes mean for buyers by reading this article today. (Alex Veiga, May 11, 2010, MSNBC.com)

Watch the MSNBC video

Press Release and Market Statistics for the Naples area

Median Price Increases for Second Consecutive Month. Report Shows Increase in Pending Sales.

FOR IMMEDIATE RELEASE

MEDIAN PRICE INCREASES FOR SECOND CONSECUTIVE MONTH from Naples Area Board of Realtors (NABOR)

Report Shows Increase in Pending Sales

NAPLES, Fla.-May 14, 2010 - The Naples area market is seeing positive signs such as soaring sales and median closed price increases 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 median closed price increased 22 percent from $170,000 in April 2009 to $208,000 in April 2010. This is the second consecutive month that the median closed price has increased. For properties over $300,000, the median price increased 3 percent from $534,000 in April 2009 to $550,000 in April 2010.

“Supply and demand is driving the price up from the low end of the market,” said Mike Hughes, NABOR Media Relations Director.

“Traditional sales outpaced distressed property sales two to one,” stated Brenda Fioretti, NABOR President, and Managing Broker of Prudential Florida Realty. “This is a good sign of stabilization.” Traditional sales made up 69 percent of the total number of closed sales in March 2010.

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 home sales increased 46 percent to 914 sales in April 2010 compared to 626 sales in April 2009. Properties under $300,000 saw a 25 percent increase in pending sales with 882 contracts in April 2010 compared to 706 contracts in April 2009.

Single-family pending sales saw a 27 percent increase with 691 contracts in April 2010 compared to 544 contracts in April 2009.

Condo sales saw a 69 percent increase with 507 sales in April 2010 compared to 300 sales in April 2009.

The available inventory decreased 13 percent to 9,239 in April 2010 compared to 10,574 in the same month last year.

“Single-family pending sales in the 1 million to 2 million-price segment increased 200 percent in April,” stated Jo Carter, President of Jo Carter & Associates. There were 48 contracts written in April 2010 compared to 16 contracts in April 2009.

The Naples Area Board of REALTORS® (NABOR) is an established organization (Chartered 1949) whose members have a positive and progressive impact on the Naples community. NABOR is a local board of REALTORS® and real estate professionals with a legacy of nearly 60 years serving 4,000 plus member-customers. NABOR is a member of Florida REALTORS® and the National Association of REALTORS®, which is the largest trade association in the United States with more than 1.3 million members and over 1,400 local boards of REALTORS® nationwide. NABOR is structured to provide programs and services to its membership through various committees and the NABOR Board of Directors, all of whose members are non-paid volunteers.

View the First Quarter 2010 Statistics
View the April 2010 Statistics
View the March 2010 Statistics
View the February 2010 Statistics
View the January 2010 Statistics

Search Like an Agent with your Own Listingbook Account!

2009-10-10T14:48:00.006-04:00

Now you can search the MLS just like I do! Sign up today and start receiving Foreclosure and Shortsale information the moment it comes on the market. This search will give you the heads up when a new property has come onto the market, you can even receive daily morning reports if you want them.

Set Up your Listingbook Account here: Get My Listingbook Account Now!

Short Sale 1099 Made Simple to Understand

2009-10-10T14:10:00.004-04:00

Many sellers are under a great deal of misinformation about the applicability of the issuance of IRS 1099 forms as they relate to short sales.

When a bank forgives debt in reality the benefit the taxpayer receives is the same as receiving income. Banks that accept short sales and forgive all or part of the debt are obligated, as a matter of law, to issue a 1099 to the taxpayer. In many instances banks are so overwhelmed they simply have been derelict in issuing 1099’s to their sellers. Although many IRS regulations can be confusing it is easy as 1, 2, 3 to understand as they relate to short sales.

1. Principal Residences. The Mortgage Forgiveness Debt Relief and Debt Cancellation Act is in effect until December 31, 2012. Under this law, sellers of a primary residence are forgiven up to Two (2) million of debt, if married and one (1) million if single or married filing separately. Do not confuse this with the capital gain exclusion of $500,000.00 and $250,000.00 respectively. Put another way, if an individual sells his primary residence there basically will be no tax consequence for a short sale.

2. Rental Properties. If the property is a rental property or has been rented in the past and appeared on previous tax returns then the transaction may be treated as a business loss. In this instance, the income received (debt relief) will be washed away by the business loss (sale of the property) on a dollar for dollar basis. In short, for income producing properties, provided the property is sold at a loss, typically there will be no tax consequence for a short sale.

3. Solely Second Homes, Vacant Lots or Speculative Buying. In these instances you may get spanked by the IRS. If you never rented out your property, find a way to do so. Without treating the property like a business a taxpayer cannot claim the corresponding business loss. If a lot or a condo was purchased for purposes of flipping and was never rented you will feel the pain of a 1099. Provided money was lost on the investment capital losses may be carried forward to offset some of the gain, however, these losses are deemed capital losses as opposed to ordinary business losses. As a result, the 1099 will only be marginalized slightly by the capital loss.

In summary, principal residences are virtually immune from 1099’s. As to all other properties it is time to find a creative CPA that will classify and treat this property as a business and just not a bad investment. This was a general discussion of the impact of 1099’s on short sales. Be sure to seek qualified advise as it may relate to your specific facts and circumstances.

Courtesy of Ronald S. Webster,
Attorney at Law
Offices of Ronald S. Webster,
985 North Collier Blvd,
Marco Island,
FL 34145

How to Avoid 8 Costly Moving Mistakes

2009-05-23T12:57:00.003-04:00

If you have a move in your future, there are definite ways to make the process go as smoothly as possible. Plan ahead and you'll avoid these 8 costly moving mistakes.

1. Scheduling your move on the same day of closing
While most buyers take possession of their new home on the day of closing, there are a lot of conflicts that can arise unexpectedly. Be sure to keep in constant communication with your escrow company so as not to delay your moving plans.

2. Not requiring a written estimate
It's fine to have moving companies give you an estimate over the phone or Internet. But to get a firm price, you need to ask the company to send a representative to walk through your home while you point out exactly what you want transported. Be sure you understand the conditions of the estimate - can they raise your bill on delivery? Does the contract allow them to bill you for more later?

3. Choosing a moving company based on price alone
You could end up spending more time and money in the end trying to fix a moving disaster. Check out the company's references (try to get two), licensing, insurance and length of time in business.

4. Not making a first night survival kit
Better to be safe than sorry. If your shipment hasn't arrived or you're simply too tired to unpack everything, you'll be thankful to have an accessible overnight bag with some essential items you'll need for the first night in your new place. Don't forget toiletries, medication, children's and pet's necessities - and maybe even a bottle of champagne to celebrate.

5. Not using a dolly or a hand truck
Whether you're moving yourself or just rearranging things after a professional move, the money you spend to rent or buy moving equipment will pay for itself by dodging back strains and chiropractic visits.

6. Refusing extra coverage for loss and breakage
The basic limited liability coverage offered to you, free of charge, by the movers will not be sufficient. And most homeowners' policies don't cover items broken or lost in a move. Extra insurance can be purchased through an independent insurance company, which will cover you for the duration of the move. Your mover will be able to direct you to a company that will bind your move.

7. Not labeling boxes
When packing boxes, make sure you label the top and sides of boxes with contents, location of contents in your house and any special instructions, such as "fragile" or "open first." Also, by keeping a list of the contents on the outside of the box, you won't have to dig through several boxes marked "kitchen" just to find a pan.

8. Not keeping your receipts
If you're moving closer to a job, your moving costs may be tax-deductible. Keep receipts for moving household goods, utility change fees and lodging and travel expenses. However, if your employer covers those costs, you won't be allowed to deduct them.

Source: HomePages.com

Inspirational Video

2009-05-04T16:19:00.010-04:00

For those of us who think times are tough, take a look at this inspirational video, then think again....

Stoneybrook @ Gateway - Approved Short Sale and Ready to Go

2009-04-02T12:27:00.009-04:00

Listed by Vanessa Franklin Amerivest Realty, 239.290.5627
Gemstone Ct, Ft Myers
Rappatoni MLS: 200904477
Sunshine MLS: 209003655

Approved shortsale at $249,000 for this beautiful two story, 4 bedroom plus Den home has everything you need with almost 3000 square feet of living space and $30,000 in upgrades. This home has closet space and pantries galore and boasts wood laminate floor tray ceilings and much more. Stoneybrook at Gateway has a Tom Fazio designed golf course and the amenities include an aerobics studio, clubhouse, fitness center, fitness trails, playground, volleyball/soccer/baseball fields, swimming pool, tennis court and tot lot. With the Southwest Florida region airport closeby. This is an approved Short Sale at $249,000. See it and you'll want it. Call Vanessa Franklin 239 290 5627 for a showing today.

Fight Foreclosure - Make 'Em Produce the Note!

2009-03-30T21:21:00.006-04:00

If your home is currently in foreclosure, there may still be a chance to save it. As a result of lenders buying and selling mortgages your note could have changed hands several times over the course of the loan. But where is the actual note? In some warehouse somewhere? Make ‘em prove they own the debt they say you owe.

Go to the Consumer Warning Network website for some very interesting reading.

Also, Google the words "Produce the Note" and read the plethora of other articles on the subject.

First Published April 4, 2008 from Consumer Warning Network

Chinese Drywall - What's the Scoop?

2009-03-27T14:50:00.003-04:00

WHAT IS CHINESE DRYWALL?

Chinese drywall is defective or tainted drywall (also referred to as wallboard or plasterboard) imported from China. Not all drywall manufactured from China is tainted. Some defective drywall is not stamped at all and there are a few reported cases where defective drywall bears the name of a U.S. company. It is unknown whether the drywall was actually manufactured in the U.S. or made in China and re-branded here.

There are several theories regarding the cause of the defective drywall. Many believe that the tainted drywall was manufactured at a gypsum mine in Tianjin, China which used fly ash, a waste material that is a byproduct from power plants using coal. Fly ash can leak into the air and emit sulfur compounds. Testing by the Florida Department of Health, however, has revealed significant amounts of organic material present in the Chinese drywall - ranging from 5 to up to 15 percent. Dr. David Krause, the State Toxicologist, states that these findings appear to contradict the theory that waste product from coal-fired power plants are to blame, as they would not be organic. Thomas Eager, an MIT professor believes the combination of cellulose, moisture and sulfates in the gypsum are reacting to release sulfurous acids that are corroding copper and other metals.

WHY IS CHINESE DRYWALL DESTROYING HOMES?

The jury is still out, but it is believed that humidity causes the sulfur in the tainted drywall to offgas (i.e., migrate into the indoor air), which not only creates a noxious odor, but corrodes copper and other metals. DO NOT WASH YOUR WALLS OR STEAM CLEAN YOUR FLOORS OR CARPET IF YOU SUSPECT THAT YOU HAVE CHINESE DRYWALL.

WHAT IS THE TIME-FRAME?

Hundreds of millions of sheets of Chinese drywall were imported from 2004 to 2006, but Chinese drywall has recently been found in homes built or remodeled as early as 2001. Accordingly, this phenomenon cannot be explained solely by the shortage of American-manufactured drywall.

WHERE WAS THE DRYWALL IMPORTED AND WHICH BUILDERS USED CHINESE DRYWALL?

Although not confirmed, the presence of Chinese drywall has been reported in 41 states and is estimated to have been installed in over 100,000 homes in the United States. Last week, it was reported that homes in Canada have also been affected. One must wonder - has any tainted drywall been found in China or Germany (which is where Knauf is based).

Given the volume of Chinese drywall, any home built or remodeled (irrespective of the builder) from 2001 to the present could have Chinese drywall.

Visit ChineseDrywall.com for full report and how to tell whether your homes was built with Chinese drywall.

Tax Credit for First Time Home Buyers

2009-03-25T13:36:00.003-04:00

There's a lot of confusion out there about this tax credit so I thought it might be a good idea to find a reliable source for information on the First Time Home Buyer Credit. I found a reliable source - the IRS but I am not so sure that it clears up the confusion!

Nevertheless, click here to go to the IRS website and have at it!

Call me or post a reply if you find other sources which explain it better.

Happy House Hunting.

Signs of Letup in Home Price Slide

2008-12-31T10:17:00.001-05:00

The decline in residential property prices appears to be slowing, according to preliminary data from First American CoreLogic.

A preview of its November report shows that home prices fell 9.6 percent last month, compared with 10.4 percent in October and 11.2 percent in September.

"The consistent deceleration over the past two months with November indicating the same trend in price declines is encouraging because it could portend the trough in price declines," says Mark Fleming, chief economist for First American CoreLogic.

Still, layoffs and the swollen supply of unsold homes remain a concern, he notes.

Source: American Banker (12/29/08)

Count Down to Santa with the Kids

2008-12-18T15:51:00.006-05:00

My son Dudley and I have had wonderful conversations on Christmas eve, tracking Santa and his Elves. Dudley's eleven now and I wonder if I can squeak one more magical tracking experience with him before the inevitable....

Take my advice, make time, let them stay up a little later, get the hot chocolate with marshmallows, snacks and imagination and track Santa with NORAD this Christmas eve. Don't forget to turn on the sound and do the Kids Countdown quizzes leading up to Christmas.

Sincere Christmas and Holidays wishes. Peace, Love and Tranquility and may your God go with you.

HOPE for Homeowners

2008-11-06T15:06:00.003-05:00

The Housing and Economic Recovery Act of 2008 amends the National Housing Act to authorize a new temporary FHA mortgage insurance program called the HOPE for Homeowners (H4H) Program. Under this Program, certain borrowers facing difficulty in paying their mortgages will be eligible to refinance into affordable FHA-insured mortgages. The H4H program is effective for endorsements on or after October 1, 2008 through September 30, 2011.

If you would like more information on this program, please call me Vanessa Franklin, 239 290 5627 and I will be happy to send you a copy of the HOPE Guidelines.

you may also look at the HUD Website to read about HOPE.

Please, if you have experience with HOPE, either good or bad, please add to this blog so that others might find the information useful in their own circumstances.

Mortgage Forgiveness Debt Relief Act Extended Through 2012

2008-10-07T05:24:00.006-04:00

Under the The "Emergency Economic Stabilization Act of 2008" the Mortgage Forgiveness Debt Relief Act has been extended to 2012. Below are some answers to common questions regarding this Act. Always consult a tax specialist to discuss your personal circmstances.

Source: US Internal Revenue Service

Mortgage Forgiveness Debt Relief Act

What is the Mortgage Forgiveness Debt Relief Act of 2007?
The Mortgage Forgiveness Debt Relief Act of 2007 was enacted on December 20, 2007 (see News Release IR-2008-17). Generally, the Act allows exclusion of income realized as a result of modification of the terms of the mortgage, or foreclosure on your principal residence.

What does that mean?
Usually, debt that is forgiven or cancelled by a lender must be included as income on your tax return and is taxable. The Mortgage Forgiveness Debt Relief Act of 2007 allows you to exclude certain cancelled debt on your principal residence from income.

Does the Mortgage Forgiveness Debt Relief Act of 2007 apply to all forgiven or cancelled debts?
No, the Act applies only to forgiven or cancelled debt used to buy, build or substantially improve your principal residence, or to refinance debt incurred for those purposes.

What about refinanced homes?
Debt used to refinance your home qualifies for this exclusion, but only up to the extent that the principal balance of the old mortgage, immediately before the refinancing, would have qualified.

Does this provision apply for the 2007 tax year only?
It applies to qualified debt forgiven in 2007, 2008 or 2009.

If the forgiven debt is excluded from income, do I have to report it on my tax return?
Yes. The amount of debt forgiven must be reported on Form 982 and the Form 982 must be attached to your tax return.

Do I have to complete the entire Form 982?
Form 982, Reduction of Tax Attributes Due to Discharge of Indebtedness (and Section 1082 Adjustment), is used for other purposes in addition to reporting the exclusion of forgiveness of qualified principal residence indebtedness. If you are using the form only to report the exclusion of forgiveness of qualified principal residence indebtedness as the result of foreclosure on your principal residence, you only need to complete lines 1e and 2. If you kept ownership of your home and modification of the terms of your mortgage resulted in the forgiveness of qualified principal residence indebtedness, complete lines 1e, 2, and 10b. Attach the Form 982 to your tax return.

Where can I get this form?
You can download the form at IRS.gov, or call 1-800-829-3676. If you call to order, please allow 7-10 days for delivery.

How do I know or find out how much was forgiven?
Your lender should send a Form 1099-C, Cancellation of Debt, by January 31, 2008. The amount of debt forgiven or cancelled will be shown in box 2. If this debt is all qualified principal residence indebtedness, the amount shown in box 2 will generally be the amount that you enter on lines 2 and 10b, if applicable, on Form 982.

Can I exclude debt forgiven on my second home, credit card or car loans?
Not under this provision. Only cancelled debt used to buy, build or improve your principal residence or refinance debt incurred for those purposes qualifies for this exclusion.

If part of the forgiven debt doesn't qualify for exclusion from income under this provision, is it possible that it may qualify for exclusion under a different provision?
Yes. The forgiven debt may qualify under the "insolvency" exclusion. Normally, a taxpayer is not required to include forgiven debts in income to the extent that the taxpayer is insolvent. A taxpayer is insolvent when his or her total liabilities exceed his or her total assets. The forgiven debt may also qualify for exclusion if the debt was discharged in a Title 11 bankruptcy proceeding or if the debt is qualified farm indebtedness or qualified real property business indebtedness. If you believe you qualify for any of these exceptions, see the instructions for Form 982.

Is there a limit on the amount of forgiven qualified principal residence indebtedness that can be excluded from income?
There is no dollar limit if the principal balance of the loan was less than $2 million ($1 million if married filing separately for the tax year) at the time the loan was forgiven. If the balance was greater, see the instructions to Form 982, page 4.

Is there anything else I need to know before filing?
Yes. Because the Mortgage Forgiveness Debt Relief Act of 2007 was passed so late in the year, the software systems used by tax preparers and at the Internal Revenue Service need to be updated to accept the revised Form 982. The IRS expects to be able to process the new Form 982 electronically on March 3, 2008.

Naples in Top Ten Best Places to Live!

2008-07-25T17:25:00.003-04:00

With 34 million members and the world’s largest-circulation magazine, AARP has ranked Naples/Marco Island as the 10th-best place to live and retire.

AARP examined health and lifestyle habits of residents in cities across the United States.

The nation’s largest nonpartisan organization for people 50 and older has come up with a list of the 10 “healthiest hometowns” for robust living and retirement.

Naples/Marco Island joins the ranks of standouts such as San Francisco, Boulder, Colo., and Minneapolis/St. Paul., Minn. At the top of the list is Ann Arbor, Mich., followed by Honolulu, Hawaii, and Madison, Wis.

“Wow, what an impressive group that we are linked to,” Naples Mayor Bill Barnett said. “AARP is a very respected group. It says a lot for us.”

The September/October edition of AARP’s magazine is highlighting the healthiest hometowns, and where people live during the second half of their lives can make all the difference for longevity and vitality.

Researchers looked at the physical characteristics of metropolitan areas along with nearly 30 health-related criteria, such as life expectancy, physicians per capita, the percentage of the population that smokes, access to health plans and affordable ones, healthy eating and exercise habits.

The magazine publishes a story annually about retirement locations with a different focus every year, and this year’s focus is health, according to Kathy Marma, AARP spokesman in Florida.

The inclusion of college towns in the top healthiest cities can be attributed to large universities that tend to have teaching hospitals to attract doctors. The student lifestyle calls for outdoor amenities for fitness and what AARP describes as “lifestyle perks.”

The AARP article says Naples still deserves its real-estate nickname of “Florida’s last paradise” despite the building boom.

“The area has hung on to its small-town feel: its beaches and art scene (more than 134 galleries in the vicinity) are often voted tops in the nation,” the article says. “And for link lovers, it’s heaven: Naples-Marco Island has the second most golf holes per capita in the country. In our survey, residents got high scores for regular exercise, healthy eating, and not smoking, so it’s no surprise that the area has one of the lowest cancer mortality rates going.”

Not surprisingly, the article mentions the area’s real estate market.

“The downside is high housing prices and a high cost of living,” the articles states. “Naples has been hard hit by the foreclosure crisis — but that means you might be able to find some bargains here.”

Mike Reagen, president of the Naples Area Chamber of Commerce, said the AARP research dovetails with what author Richard Florida said in his best-seller, “Who’s Your City?” where he ranks Naples as among the top 10 places for people 65 and older.

The author and professor of business and creativity at Toronto University says where people choose to live has a profound effect on all aspects of their lives.

“It sounds reinforcing,” Reagen said of AARP’s finding about Naples and Marco Island.

In the next two to three years, the next wave of the baby boom generation will be looking for a place to retire and this area will be appealing to many, Reagen said.

The area has great infrastructure of good medical care, the arts, recreational amenities, and an ideal climate that will attract more retirees, he said.

What Gary Elliott, president of the Marco Island Chamber of Commerce, sees all the time is that people enjoy living in the region, plus they enjoy working here.

“My theory is when people arrive in Naples and Marco Island, they are euphoric,” Elliott said. “People came here with a good attitude.”

When people relocate or retire to the region, they came from successful careers and they continue to lead vibrant lives here, he said.

That helps with longevity.

He did a survey last month for the Marco chamber and reported that more younger families are moving to Marco, comparing 2000 census data to his own research. He went to the schools on Marco and private schools to find out how many children are now living in Marco.

In 2000, there were 1,622 children under 18 living in Marco and today that figure is 1,900 — a 17 percent increase, he said.

“I think in the next census we will see a lot of younger families,” he said. “Marco is a great place to live.”

What’s also notable is the Internet and other technology makes it possible for people who work in consulting and other non-location jobs can live anywhere they want, he said.

Real estate activity in Marco has been solid for properties in the lower price range of under-$350,000 for inland properties, he said.

The AARP finding could help bring more people to Naples/Marco Island for relocating or retiring but Arlene Carozza, Realtor and president of the Naples Area Board of Realtors, said she doesn’t believe this region has more foreclosures than anywhere else and could have less.

“When we get good news like that, that it’s a wonderful place to live, it certainly helps all of us,” she said. “No 10. We will take that. It says something for the area.”

She came from the Orlando area and was amazed by the array of cultural amenities in the area for the city of this size, especially with the Naples Philharmonic Center for the Arts.

“Naples is still small-town like with white sand beaches and gorgeous water and shopping,” she said.

Real estate is selling steadily and has been since January, she said.

“We have had a steady upgrowth. More people are purchasing homes and it’s not just the beach area, it’s right across the board,” she said.

Despite that, Naples does have a lot of retirees.

AARP also found Naples/Marco Island ranks second among a larger group of cities for longest life expectancy of 80.97 years, behind Ames, Iowa, with a life expectancy of 81.02.

The Collier County Health Department backs up the region’s life expectancy standing, which in 2002 stood at 82.9. Life expectancy for the United States for the same period was 77.4 years, according to a 2002 report from the department.

“We are pleased to see the dedication of the health community recognized,” Dr. Joan Colfer, executive director of the health department said in a statement about the AARP finding.

She credits the local medical community for lowering cancer rates and adding to residents’ longevity.

“In addition, we applaud Collier County citizens for being proactive in their personal health and wellness,” she said.

Ann Gardner, Naples’ community representative for the American Cancer Society, learned of Naples’ standing on the “Good Morning, America” TV show Wednesday and wasn’t surprised.

“It’s definitely pretty cool to see that,” she said. “It means people are taking care of themselves.”
Top 10

1. Ann Arbor, Mich. - Eighty-six percent of residents exercise daily.

2. Honolulu, Hawaii - Ninety-five percent of residents are covered by health insurance.

3. Madison, Wis. - Extensive bus system and numerous bike trails.

4. Santa Fe. N.M.- Has a city-funded health campaign for older residents.

5. Fargo, N.D. - Good air quality and uses biodiesel fuel for buses.

6. Boulder, Colo. - Has 45,000 acres of pristine open space.

7. Charlottesville, Va. - Lots of family doctors, oncologists and cardiologists.

8. Minneapolis/St. Paul, Minn. - Residents exercise regularly.

9. San Francisco Bay, Calif. - Residents are least likely to be overweight or smoke.

10. Naples - Residents score high for regular exercise, healthy eating and not smoking.

Source: AARP By LIZ FREEMAN (Contact)
Originally published 9:03 a.m., Wednesday, July 23, 2008
Updated 9:14 p.m., Wednesday, July 23, 2008

Stoneybrooke at Gateway $275,000 Huge 4 Bedroom 3 Bathroom Home

2008-07-17T11:55:00.005-04:00

Stoneybrook at Gateway Beautiful two story home a steal at $275,000 - View Virtual Tour

WOW Great Value! Berkshire Lakes 2/2 $110,000 and Lakeside 2/2 with Garage $249,900

2008-07-17T11:46:00.002-04:00

Lakeside 2/2 with Garage $249,900 - View Virtual Tour

Newcastle Berkshire Lakes 2/2 $110,000 - View Virtual Tour

Call Vanessa Franklin 239 290 5627 if you need more information.

Finding Yourself in Financial Trouble?

2008-05-30T10:25:00.004-04:00

This poem was sent to me and I thought it might be appropriate to share with my bloggers. Many people are in difficulty with their finances right now and this poem might give strength to those who are having a hard time with short sales or foreclosure problems.

Don’t Quit

When things go wrong, as they sometimes will,
When the road you’re trudging seems all up hill,
When funds are low and the debts are high
And you want to smile, but you have to sigh,
When care is pressing you down a bit,
Rest, if you must, but don’t you quit.

Life is queer with its twists and turns,
As every one of us sometimes learns,
And many a failure turns about,
When he might have won had he stuck it out,
Don’t give up though the pace seems slow
You may succeed with another blow.

Success is failure turned inside out,
The silver tint of the clouds of doubt,
And you never can tell how close you are,
It may be near when it seems so far,
So stick to the fight when you’re hardest hit,
It’s when things seem worst that you must not quit.

Anon.

Sent by Kevin Robbins, Superior Mortgage, 239 357 2600

Vanessa Franklin Earns Realtor.com Award Of Excellence

2008-05-29T17:47:00.001-04:00

Congratulations to Vanessa Franklin of Amerivest Realty who was given an Online Marketing Award of Excellence from Realtor.com, the official site of the National Association of Realtors.

The award recognizes top agents who consistently provide great marketing services on behalf of their buyers and sellers. Each of Vanessa's listings are enhanced to the fullest using multiple photographs, virtual tours, scrolling text, links to Europe and the rest of the world with WorldProperties.com plus other great features, to gain maximum exposure for her clients.

You can visit Vanessa's website to see customer testimonials at naplesfranklin.com

Be Forewarned When Purchasing Foreclosure Properties

2008-05-28T09:38:00.004-04:00

May 19, 2008

Do Not Throw Your Buyer Under the Bus.....

Be Forwarned When Purchasing Foreclosure Properties!

I am often asked the difference between a short sale property vs. a foreclosed property. In the first instance, with short sales, the Seller not the bank owns the property. The bank must approve the sale which typically and realistically takes about 90 days for the bank to formally approve or deny.

In sharp contrast, with a foreclosed property, the Bank already owns the property and typically will accept or reject, or counter the offer to purchase within 3 business days.

With short sales, if approved, the Buyer is free to select their closing agent to examine and issue title insurance, In sharp contrast, with foreclosures, the Bank selects the closing agent and mandates who issues the title insurance. Unfortunately, this is where the problems begin and Buyers are often thrown under the bus.

Unfortunately, all title policies are not created equal! When buying property from a bank the title policy typically lists exceptions (exclusions) from coverage. They may seem insignificant to an untrained eye, but be careful from first hand experience they could prove financially disastrous.

Real Life Case #1. In November 2007, I was under the mistaken impression I would provide the title insurance for the Buyer. A preliminary search revealed that the bank did not properly serve all the correct parties in the foreclosure process. When the bank offered a title policy it overlooked this glaring problem. As a result, no deal. If the Buyer had closed with the Bank's Title Policy he would have been in for a surprise when they elected to sell.

Real Life Case #2. In February 2008, I had a foreclosure closing whereby I reviewed the proposed closing documents, closing statement and title policy. When I asked the bank to remove the exception and not exclude governmental liens from the title policy, the bank's closing agent stated it was not their policy to do so. Antennas went up and I performed an independent title search and discovered there were government fines outstanding in excess of $70,000....... all of which would not have been covered by the title policy. Obviously we didn't close but two months later negotiated a credit to address the problem and subsequently closed.

Real Life Case #3. In March 2008, when asked to review the Bank's proposed closing documents, it was clear that although the deed was notarized, it did not have two witnesses in accordance with Florida Statutes. The title company for the bank was recently set up by the bank and their corporate counsel was in Texas ........where witnesses are not required! The entire deed was defective!

Real Life Case #4. In April 2008, I represented a Buyer who was under contract to close with the bank. A few days before closing, I strongly recommended the Buyer obtain a survey and elevation certificate even though it was a cash purchase. The elevation certificate revealed improvements located below the flood plane level. Again, this raised antenna's. A phone call and letter to the local zoning department revealed that previous fines had been levied and the former owner had been mandated to remove approximately 1,000 square feet of the non-conforming improved living space. The bank was not aware, did not disclose this and the title policy they offered did not cover this. The bank has since offered $100,000 price reduction. So far, no deal. Think what would have happened without obtaining the elevation certificate.

I could go on and on with first hand accounts of potential pitfalls, but I will not seek to be redundant. Bottom line is when buying foreclosed properties from a bank this is one case where it is imperative to have a trained real estate attorney review both the closing documents and the title policy. All bank sales are "As Is" . While I do not recommend the unnecessary expense of two separate title policies, practice has taught me to perform an independent title search.

If you have any questions or concerns, feel free to contact me. I am there to protect you as well as your buyer. I want to earn your business.

Next Week: The Return of Retirement Accounts. With the attractive prices now being offered find out why more baby boomer's are tapping into their retirement accounts to buy property....NOW!

Courtesy of Law Offices of Ronald S. Webster

Mad Money CNBC - Toll Brothers and Naples Market

2008-05-16T13:56:00.005-04:00

Toll Brothers on Mad Money CNBC references the Naples market. See the penultimate paragraph. Try to watch the whole article if you can - great stuff.

View whole article and video

Short Sales Coming Up Short!

2008-05-04T09:12:00.003-04:00

Realtors across the country believe mortgage lenders make the housing downturn worse by taking months to make decisions on short sales and sticking to high internal target prices. As a result, more home buyers avoid short sale properties, forcing foreclosure sales that typically result in lenders accepting lower prices than they could have achieved in the short sale. “The only question banks should ask is can they make more in a short sale than in foreclosure,” according to Lighthouse Point, Fla.-based Realtor Ron Rosen, who cites a “broken” system. “The answer is that in nine out of 10 cases they will lose more money in a foreclosure.” Some Realtors contend that lenders lack the appropriate systems and staff to handle short sale requests, while lenders insist the short sale process is complicated by the need for approvals from investors and mortgage insurers. Still, Realtors note that a more efficient short sale process would boost prices and reduce inventory.

Source: Reuters (04/22/08) Carey, Nick
© Copyright 2008 INFORMATION, INC. Bethesda, MD (301) 215-4688

Call Vanessa Franklin, 239 290 5627 an experienced short sale listing agent for more information on short sales and foreclosures.

Floor plans released for Avonlea neighborhood at Lely Resort

2008-02-22T13:44:00.002-05:00

Stock Construction has released the floor plans for the Avonlea neighborhood in Lely Resort, a country club community in Naples.

Located in the northern half of Lely Resort, Avonlea is a private neighborhood of single-family homes on three cul-de-sacs surrounded by nature preserves and fairways of The Classics golf course.

Avonlea offers five Mediterranean-style floor plans, each offering a three-car garage and pool and spa options. Pricing begins at $594,990.

The Scottsdale has three bedrooms, a study and three baths with 2,546 square feet under air and 4,142 total square feet. This open floor plan includes living and dining rooms and an informal breakfast room adjacent to the kitchen. The lanai offers a free-form pool and spa surrounded by a furnished sun deck with an outdoor kitchen.

The Monterey is a courtyard-style four-bedroom, three-bath home with 2,651 square feet under air and 4,036 total square feet, including an attached three-car garage and a screened and covered lanai with outdoor kitchen. There is a family room as well as formal living and dining rooms. The home offers a private detached guest suite overlooking the pool.

The Harbourtown is a three-bedrooms, study, three-bath home with 2,772 square feet under air and 4,279 total square feet. This open floor plan is built around the pool and outdoor living area. It includes a large great room overlooking the pool and spa, as well as an island-style kitchen and a formal dining room. The master suite includes bay windows with views of the pool.

The Greenbriar is a three-bedroom, study, three-bath home with 2,824 square feet under air and 4,143 total square feet, including an attached three-car garage. This open floor plan includes a formal living room and an informal family room, both of which have access to the pool and lanai area. It also includes a formal dining room and an island-style kitchen with a breakfast nook.

The Pinehurst is a courtyard-style four-bedroom, with study, 3.5-bath home with 2,889 square feet under air and 5,542 total square feet including an attached three-car garage, courtyard with pool, and a covered lanai at the rear of the home. One of the bedrooms is a detached guest suite that overlooks the courtyard and includes a kitchenette.

Amenities at Lely Resort include The Players Club & Spa, three golf courses and two golf clubhouses within the community. The Players Club & Spa offers 20,000-plus square feet under air and features a fitness center, a full-service spa, a resort-style pool and a tennis complex.

Source: Naples Daily News
February 16, 2008

Move to England, Get a Free House!

2008-02-18T20:26:00.002-05:00

A failed businessman who has paid nothing towards a mortgage on his home for more than 15 years, had the debt wiped out by senior judges.

Djabar Babai was told he had effectively acquired "squatters' rights" over his £250,000 detached home, as his dispute with his mortgage lender has dragged on for so long.

Read Full Story

Source: Daily Mail, London, England

NABOR Report Shows Strong Condo Sales

2008-02-17T10:20:00.002-05:00

FOR IMMEDIATE RELEASE

Contacts:Arlene Carozza, NABOR, President, 239/877-7411
Michele Karrasch, NABOR, Manager of Events & Marketing, 239/216-4148

NABOR REPORTS JANUARY REAL ESTATE TRANSACTIONS

Report Shows Strong Condo Sales and Reduced Median Price

NAPLES, Fla. – February 14, 2008 – January home sales were up slightly compared to a year ago, including an 11 percent increase in condo sales, announced in a report released by the Naples Area Board of Realtors® (NABOR), which tracks home listings and sales within Collier County (excluding Marco Island).According to NABOR President Arlene Carozza, a Realtor® and corporate trainer with Amerivest Realty, while overall pending sales decreased year-to-date, the report includes many positive indicators of market activity."The momentum we saw last month is continuing and sales are being made, especially in the condominium market and single-family homes under $300,000." Carozza stated.The report, which provides single-family home and condo data, price ranges and geographic segmentation by zip code, also 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, were up by three units, 264 in January 2008 compared to 261 in January 2007.

Condo sales were 142 in January 2008 compared to 126 in January 2007, an 11 percent increase.

Overall home sales in the less than $300,000 category saw the largest increase with 103 in January 2008 compared to 81 in January 2007. Pending sales increased 42 percent from 128 to 182.

Overall home sales in the $500,000 - $1million category saw a slight decrease with 50 in January compared to 60 for the same month last year. Pending sales dropped from 92 in January 2007 to 65 this year.

The overall median sales price decreased 7.3 percent year-to-date.

Tom Bringardner, president of Premier Properties, acknowledges that reduced pricing in the low end of the market has spurred sales in that segment. "This has helped to absorb some of the excess inventory and will assist in returning the market to normal conditions," he said.

According to Phil Wood, president of John R. Wood Realtors, a seven percent reduction is far less than national media stories would lead one to believe. "The perception is that home prices in Naples have decreased 30 to 40 percent and this is not the case," explained Wood. "The fact is that Naples area properties continue to retain their value, even in the down market of the last two years."

View the Market

Real Estate Investors - Do you have the HERD mentality?

2008-02-03T21:49:00.000-05:00

Excerpt from the Book - Making Hard Cash in a Soft Real Estate Market by Wendy Patten and Justin Ryan.

The slowdown in the real estate has sent some investors fleeing from the market. But those bailing out may be missing opportunities, say the authors of Making Hard Cash in a Soft Real Estate Market (Wiley, 2007). There are still big bucks to be made — even in a down cycle. In fact, authors Wendy Patton and Justin Ryan argue that “more money has always been made in a down market than in an up market.” They highlight how investors can snag the best buys, master market-timing and risk management, and prepare finances — all to better help you become a savvy investor in any type of market.

From the Book: 5 Investor Tips in a Slower Market

Slower markets can offer rich opportunities for investors: real estate sellers are more open to negotiate and lower home prices — and combined with low interest rates — can help you get properties at bargain levels. Yet, some buyers are reluctant.

“The market may not look perfect,” the authors write. “This is why prices haven’t taken off yet” — and why you want to get in before they do! The book offers the following tips:

1. Timing is everything. Enter the market cycle early. “When it’s quiet, when the media isn’t saying ‘record levels of appreciation,’ that’s when you want to jump in,” the authors write. As billionaire oilman J. Paul Getty once said: “Buy when everyone else is selling and hold until everyone else is buying.”

2. Get financially ready. Before you buy, consider holding costs, tax implications, and cash flow potential. Many things can go wrong when buying investment properties — such as a vacant rental or a property that won’t sell. Have cash reserves (get a partner if you don’t have any) and you’ll be prepared to ride out any market cycle. Identify your risk level and what you want: For example, an investor who wants to turn a quick profit with low holding costs would want to sell their new-home property before construction is complete. On the other hand, an investor looking for a bigger return with less capital gains tax would want to hold the property until after construction is complete and keep it as a rental property for at least one year.

3. Buy and hold. In a distressed market, this can be a smart move. A buy-and-hold strategy can help give the property an opportunity to appreciate over time. Buy at the right price, though. Compare the home’s price to what homes are selling for over a reasonable time period in that
community and what you expect is the lowest price the market will reach. Get in at that price. Consider lease option investments so you can rent the property to cover payments, having the property practically pay for itself each month. Also, continue to pay down the mortgage and eventually you may even have the home paid off — an ideal position for an investor!

4. Find best deal. In a slow market, you can get great deals — and some extras. Builders overbuilt during the housing boom, resulting in high inventories of unsold properties. Now, many builders report slashing prices, offering free upgrades, absorbing all financing points for their buyers, and paying closing costs or fees. Extras aside, other good investment properties include homes five years old or less and properties in the $200,000-range, which can particularly be desirable to a large pool of buyers. Also, look for a property in an emerging market. Some indicators: sales of existing homes and new construction permits are starting to trend upward, supply is steadily dropping, mortgage loan defaults are high but starting to fall, days-on-market move below 90, and low interest rates.

5. Have an exit strategy. Have a selling strategy in place before you buy so you’re not just randomly banking on the property appreciating and then doing a quick sale. Come in with a solid selling plan. For new construction investing, your selling options might be to assign your purchase contract during the construction period, sell when construction is complete, lease and then sell, or a lease option. Reduce the taxable impact of selling your real estate investments by talking to your tax adviser about a 1031 exchange or self-directed IRA. “Know how you will get out before you get in!” the authors advise.

“When markets go soft, things get interesting. Even though an abundance of opportunity exists in a soft market, many people still won’t take action. Why is this? Because by nature, people follow a ‘herd’ mentality. Most people believe that for something to be the ‘right’ thing to do, many people need to be doing it. Actually, this is not true at all. … An experienced insider’s secret — that many folks don’t want you to know — is this … When the markets go soft the playing field is being ‘reset.’ Short-term opportunities are removed and an abundance of opportunity gets created for the seasoned investors who know how things really work.”

About the Authors

Wendy Patton, also the author of Investing in Real Estate With Lease Options and Subject-To Deals (Wiley), is a broker with several real estate offices nationwide. She, along with her co-author Justin Ryan, also are real estate trainers, on such topics as lease options and pre-construction investing. Ryan is also a real estate practitioner in Michigan.

Voters Say Yes on 1

2008-01-30T20:04:00.001-05:00

Jan. 30, 2008

Realtors around the state expect buyers and sellers’ pent up demand to generate an immediate increase in home sales following passage yesterday of Amendment 1, which allows buyers to take their Save Our Homes tax savings with them when they move. “People who buy now are getting a great deal because home prices have fallen,” says 2007 FAR President and St. Petersburg Realtor Nancy Riley, who led the charge last year in support of Amendment 1. “These price reductions, combined with portability, will mean a great deal on the taxes owed on their new home.”

Some Realtors expect to see sales activity from first-time buyers thanks to a slight increase in the homestead exemption provided by Amendment 1, record-low mortgage rates, pent-up demand and a large selection of properties. “Again, given the lower cost of housing and the increased homestead exemption, those who have been dreaming of buying their first home will find this the best market in many years,” Riley adds.

The portability provision of Amendment 1 is retroactive to Jan. 1, 2007. Sellers may transfer their Save Our Homes credit (the difference between the assessed value of a homestead and the market [or “just”] value) provided:

1. The residence sold last year was homesteaded;

2. The new residence qualified for the homestead exemption as of Jan. 1, 2008;

3. The owner applies for the exemption and transfer with the county property appraiser by March 1, 2008.

For specific questions about property tax reform, contact your local property appraiser at http://dor.myflorida.com/dor/property/appraisers.html

© 2008 FLORIDA ASSOCIATION OF REALTORS®

Take the SW Florida Luxury Home Tour

2008-01-24T09:50:00.000-05:00

The 4th Annual Southwest Florida Luxury Home Tour will showcase 25 spectacular, million-dollar homes as well as million-dollar ideas! These custom built, one-of-a kind homes are valued from $1.5 million to $4.3 million. Whether you’re looking for a luxury builder to build the home of your dreams or to find creative ideas in architecture, design and technology for your own home, the Southwest Florida Luxury Home Tour has something for everyone.

Come and see Vanessa and Vikki at our tour home at:

11637 TALON DR - Twin Eagles Golf and Country Club

Dates: February 1-3, 8-10, and 15-17, 2008

Friday through Sunday • 10 am –5 pm

Call Vanessa at 239 290 5627 for more information or visit the tour website at:

http://www.napleshometour.com/

Only Newspapers benefit from Open Houses...

2008-01-14T12:34:00.000-05:00

Industry statistics reveal that Traditional Open Houses are not very effective at selling homes. In fact, less than 1% of homes are sold as a result of a traditional open house. They’re a huge waste of time listing agent's time and effort and they’re a shameful waste of the client’s time and effort as well.

Despite this, thousands of agents waste an average of $150-$300 (and 3-4 hours of their time) every single week advertising traditional open houses. This is like throwing money out an open window 99% of the time. In the vast majority of cases, traditional Open Houses don’t benefit the seller. They don’t benefit the buyer. They don’t benefit the listing agent.

In fact, the only one who benefits is the local paper who keeps pocketing wasted advertising dollars.

What should we do instead? Tour of homes perhaps?

Reference: Billion Dollar Agent Craig Proctor - edited by Vanessa Franklin, Amerivest Realty.

Three models open in Cobalt Cove at the Quarry

2007-12-28T13:18:00.000-05:00

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

Quarry Golf Course Homes Naples - click here to see homes for sale.

Short Sales

2007-12-21T15:14:00.000-05:00

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!

For more information on Short Sales or Golf Course Homes Naples - click here