Metas
Florida Real Estate News - 02/26/07
REAL ESTATE INVESTMENT
Here’s a suggestion when looking to make a real estate investment. Look where artists live now. Sociologists say that artists are often an early sign of neighborhood gentrification – the advance guard of what’s hip and cool. But, be aware that it might be several years before you realize a profit.
Such an area in Naples is the Bayshore Drive area located off of US 41 (Tamaimi Trail), just a few short miles to 5th Ave South in Olde Naples.
MORTGAGES
The shifting home market is prompting investors to demand higher standards for subprime loan approvals. Many loans for 100 percent of a property’s value required a minimum credit score of 580 last year; now lenders want at least 600.
Another move was by Wells Fargo Home Mortgage - in reaction to the State of Ohio’s Senate Bill 185, was that they will not be accepting mortgage applications for stated income, no documentation, and no ratio type loans. Senate Bill 185 has to do with mortgages originated by non-bank entities in Ohio may not be accepted for inclusion in the securitization pools.
Are states starting to see the financial impact of high risk and subprime loans?Â
Are we going to see more states enacting such legislation?Â
Will more non-bank lenders stop accepting these loan applications?
BUILDING GREEN
Have you hear of the term - "BUILDING GREEN?" You maybe hearing that term now or more of that term in the not too distant future. Building Green refers to construction of buildings that are environmental friendly. There are homes being constructed in southwest Florida that meet "green" standards. When I see homes meeting this classification information about the homes or developments will be published here.
Have you had any experiences with "building green?"
Would you care to share your experience or comments here?
What are you finding as both the pro’s and con’s of "green construction?"
I do not have an opinion at this time, but interested to learn more about it.
Real Estate News - 02/23/07
A GNAWING PROBLEM FOR YOUR FLORIDA HOME
Termite swarming season has begun. Swarming season occurs when termites begin to leave their colonies, or swarm, to search for new nesting sites. Many homeowners first discover that they have a termite problem when these winged, black insects about 1/4-inch long are in their homes. According to Florida Agriculture and Consumer Services Commissioner Charles Bronson, termites cause millions of dollars in damage to houses in Florida every year. “Most pest control operations in Florida have the proper training and have good business practices, but there are unlicensed companies out there,†Bronson warns consumers. More info is available at the Department’s Web site, http://www.FloridaTermiteHelp.org, or by calling 1-800-HELPFLA (1-800-435-7352).
It does pay to have an annual termite and wood destroying organism inspection for your property. An ounce of prevention is worth a pound of cure.
MORTGAGE FRAUD - CAN IMPACT YOUR HOME’S VALUE
Mortgage fraud flourishes in down markets, and the current real estate market provides an excellent backdrop. It can creep into any neighborhood and hurt buyers, sellers, lenders and even neighbors. Why? When mortgage fraud takes place, sometimes the borrower may not be able to continue making payments. The effect is that the property is either sold at a discounted value either in the pre-foreclosure phase, at foreclosure auctions or after foreclosure. If lenders take a loss on a loan the cost of the loss is passed onto the consumer in higher rates through other products and services offered by a lender.
MORTGAGE RATES
Speaking about mortgage fraud - let’s look at how mortgage rates are doing this past week -rates on 30-year mortgages fell this week to the lowest level in six weeks – 6.22 percent. Combine this with the strong buyers’ market in many locations - buyers are in an excellent position to get an excellent buy.
FLORIDA REAL ESTATE PROPERTY TAXES
The National Federation of Independent Business told a Florida House committee yesterday that it opposed its tax plan to exchange lower property taxes for higher sales taxes. The group fears that, over time, commercial enterprises will be forced to take on more of the state’s tax burden. I agree with stance as the employers will have to pay more in salaries and wages for the lower paying positions to retain employees. Overall, I think it might disastrous position for businesses in the State of Florida.
Real Estate News - 02/22/07
DEED SCAM
Be aware and save yourself some money. Some companies pressure homebuyers into purchasing a certified copy of their property deed and charging them as much as $100, according to Consumer Reports.
If you need a copy of your property deed, you can always either go to your local county’s clerk of courts office or if they have a web site. You can search the public records and make a copy of the deed.  Just as a reminder, always keep the recorded deed as well as your owner’s title insurance policy in a safe place - one suggestion is your safe deposit box at your local bank.
Real Estate News - 02/21/07
FLORIDA REAL ESTATE PROPERTY TAXES
Lawmakers in the state House of Representatives are ready to lower Floridians’ property taxes – by raising the state’s 6-cent sales tax by 2 to 3 more pennies and making it the highest in the nation. Increasing the sales tax may result in a greater portion of low income households paying a higher percentage of their income towards the sales tax. And further cause more issues with having enough workers to fill entry-level positions in many support positions within the various companies through out the state.
HOME CONSTRUCTION COSTS
Supplies of cement and other key construction material stabilized or increased within the past year, easing concerns about escalating costs for home builders and commercial-construction companies. Even in Florida –"a black hole" for cement consumption historically – consumption dropped during the final months of 2006. Could another reason for the easing of key construction materials be due to 2006 being a quiet hurricane season as well as due in part to the slow down for construction of new homes?
HOME MORTGAGES
The implosion of the subprime mortgage market should be a reminder to commercial investors about the risks of lax lending standards. Yet many commercial lenders continue to dole out risky loans to borrowers with weak financial prospects, or more widely allowing loans with limited or no covenants. This kind of sounds like closing the gate after the horse escapes. The ease of obtaining loans for home purchases has been way too weak for the past fews years. In fact, the state income loans, as few years ago were called "inflated income loans." Today, many are calling them "liar loans." With recent legislation and the IRS’s cooperation, maybe some of the liar loans will be stopped dead in their tracks.
Real Estate News - 02/20/07
FLORIDA HOMEOWNERS INSURANCE
Insurance companies on Monday dropped a court challenge to a new state rule preventing them from immediately canceling some homeowners’ policies or raising rates. Why? Because the Florida Office of Insurance Regulation now says that companies can proceed with plans not to renew policies for customers who had already been notified they were being dropped.
FLORIDA ENVIRONMENT PRESERVATION
Florida’s land conservation program is a model envied by many states, with more than 2.2 million acres purchased and preserved by state and local governments since 1991. Still, about 1 acre is preserved for every 5 acres that are developed, according to one nonprofit conservation group.
HOME AFFORDABILITY
Higher property taxes, insurance premiums and housing costs appear to be impacting schools across the state. Florida officials expected school enrollment to rise by more than 48,000 students last fall, but only 477 additional children enrolled and school superintendents pointed to housing affordability issues as a major factor. One day I hope to write about my thoughts of home affordability.
Real Estate News 02/19/07
PROPERTY INSURANCE
State regulators on Friday gave tentative approval to the first rate cuts by private home insurance companies following last month’s passage of a new law giving the companies more access to Florida’s backup insurance fund.
INSURERS
Amid the changes that state lawmakers made last month to Florida’s property insurance regulations, one central issue was left on the table: the Florida-only insurance companies. Gov. Charlie Crist and key legislators are pledging to take a hard look at these insurers during the regular legislative session in March.
INTERNATIONAL
Foreign investors prefer America’s real estate market most in the whole world, University of Wisconsin-Madison research shows, with 63 percent of respondents ranking it as their top choice, followed closely by India and then China.
U.S. INCOME TAXES
The taxman cometh: With the April 17 deadline from the Internal Revenue Service approaching, here are 10 tasks to take care of before that date. I personally thought it was the 16th - we get a extra day to file.
Real Estate News 02/18/07
PROPERTY INSURERS
True or false: U.S. antitrust laws apply to Realtors but not the insurance industry. Answer: True. Federal oversight does not apply to insurers’ anti-competitive conduct, such as price-fixing, agreements not to pay and market allocations. But bills to change that status were introduced in the U.S. House and Senate yesterday.
MORTGAGE RATES
Rates on 30-year mortgages rose slightly to average 6.30 percent this week, reversing last week’s brief decline, according to Freddie Mac’s weekly nationwide survey.
HOME STARTS
Construction of new homes and apartments dropped by 14.3 percent in January to a seasonally adjusted annual rate of 1.408 million units — the lowest level in nearly 10 years, according to the U.S. Commerce Department.
WORKFORCE HOUSING
Some workforce housing advocates are finding novel and more vocal ways to speak out. Leaders of a group of squatters in South Florida spoke last week about the need for workforce housing to students at Florida Memorial University. The makeshift village is known for being part-commune, part-protest.
Naples Real Estate News 02/15/07
HOME SALES
Florida’s housing sector continued to mirror the national trend in fourth quarter 2006, reflecting slower sales and stabilizing median prices in many markets. A total of 37,177 existing single-family homes sold statewide during the quarter, down 28 percent from a year earlier, while the statewide median sales price was $242,100.
CITIZENS PROPERTY INSURANCE
Citizens Property Insurance Corp., the state-sponsored insurer, plans to send refund checks to all of its 1.3 million policyholders around April 15, one of several price reductions that customers will receive during the next few months as a result of the Legislature’s insurance reform package.
INSURANCE REGULATION
Florida Chief Financial Officer Alex Sink yesterday announced the name of Florida’s new Insurance Consumer Advocate — former Comptroller Bob Milligan. In addition to overseeing property insurance problems, Milligan is charged with finding new solutions to other insurance problems, including the inability of many Floridians, and notably Realtors, to find available, affordable health insurance.
PROPERTY INSURANCE
Florida isn’t alone in its uneasy relationship with property insurers. State Farm announced yesterday that it would not write new policies in Mississippi because it has had enough of the "untenable" legal and political climate. In Florida, several insurers have already done the same thing.
TRENDS
Looking for an investment house that will be popular for resale in 2015? According to an NAHB study, homes will change more rapidly over the next 10 years than they have in the past; but look for about 2,400 square feet, handicapped access, upscale bathrooms and kitchens, and a great garage.
Real Estate Agent Representation
Today, Jim Messenger found an interesting and somewhat misleading article about real estate agents representing buyers.
Personally, I found the author of the article rather misinformed or not doing sufficient research to realize that various states have different laws governing real estate brokerage and do vary from state to state.
If you are a buyer of real estate, one of the first questions you should ask the real estate agent or REALTOR is “Could you please tell me about real estate brokerage agency in your state?” and then “How will you represent me in the real estate transaction?”
Know how a real estate agent or real estate brokerage is going to represent you is very important.
Naples Homes Market
The single family home real estate market for Naples is improving, but still a buyer’s market for January. 
The most significant aspect is when looking at January 2007Â