Metas
Naples Florida Real Estate News - 05/16/07
FLORIDA REAL ESTATE TAXES
Business leaders met with Gov. Crist on May 15, and asked him not to forget commercial interests when the state formulates new rules for property insurance, cautioning him not to shift more of the tax burden to commercial and non-homesteaded residential property owners.
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Innocent Foreclosure Victims
I happened to stumble upon an article about innocent forecloure victims - pets. After dealing with foreclosures in the Naples real estate market since 1996, I have not encountered this situation, nor given any thought about it. Now I will have to check to see if there are any innocent foreclosure victims.
If you see or hear about any pets that were left behind at a foreclosure property, you should contact either the Collier County Domestic Animal Services (239) 530-7387 or The Humane Society of Naples at (239) 643-1880.
The gentleman shown above is Paul Morris, a Collier County Domestic Animal Services employee. Paul and his wife are personal friends of mine, as well as, having purchased their home in Naples through me.
Press Misstatements
Recently there was a television program discussing how either buyers or sellers of real estate could financially benefit from the use of a Seattle discount real estate brokerage firm.Â
Marlow Harris presents FACTS that strongly points out the discounter real estate brokerage firm is not as productive as the CEO of the company stated within his interview.
Way to go Marlow!
Naples Florida Real Estate News - 05/15/07
Naples Florida Real Estate News - 05/14/07
CITIZENS PROPERTY INSURANCE
Count Florida’s Chief Financial Officer Alex Sink among those concerned about Citizens Property Insurance Corp.’s potential growth after Gov. Crist signs a bill passed at the end of the 2007 legislative session that will allow Citizens to compete with private companies for policyholders. The worry: All Floridians would pay if a major storm hits. And in my case, I am paying 7.5% of my homeowners insurance for Citizens Property Insurance Corp.’s losses during 2004 and 2005! Will someone subsidize my insurance? TRENDS
To lure young buyers, many developers build condo complexes with amenities like video-game lounges that promise a great social life as well as an affordable first home. But it’s not easy to control demographics: Some of the buildings draw buyers old enough to be the parents of the kids down the hall. Will this be a trend in the Naples FL real estate market in the newer developments? REMODELING
Strip, sand and polish. Americans will spend nearly $233 billion on home remodeling this year, according to NAHB’s 2007 industry forecast – a 1.9 percent increase from the record $228 billion spent in 2006.
Florida Real Estate News - 05/11/07
FLORIDA PROPERTY TAXES
In an opinion piece published today in The Orlando Sentinel, Florida House Speaker Marco Rubio signaled a shift in the House’s approach to property tax reform, introducing the concept of taxing a home based on its value. In an example, he says that 80 percent of a home’s value up to $300,000 could be shielded from property taxes, giving workforce housing the maximum deduction. High-end homes would enjoy the same exemption on the first $300,000 but pay a higher percentage for home values over that amount.
MORTGAGE RATES
For the third week out of the past four, rates on 30-year mortgages edged lower to an average of 6.15 percent, reflecting further evidence that slower economic growth will help keep inflation in check, according to Freddie Mac’s weekly nationwide survey.
MARKETING
In the current soft real estate market, more builders are luring prospective buyers by agreeing to buy their current home, if that buyer purchases one of the builder’s homes sitting unsold in backlogged inventory.
Florida Real Estate News - 05/10/07
SPECIAL FLORIDA LEGISLATURE SESSION
It’s official: The Florida Legislature’s special session runs June 12-22 leaders formally announced yesterday – but property tax reform could be decided before the session starts. A joint committee of the House and Senate, charged with presenting a proposed legislative draft by June 4, meets May 21 to review and discuss options.
SINKHOLES
Citizens Property Insurance Corp. gave final approval yesterday to a sinkhole plan designed to save policyholders money if they forego insurance coverage for moderate sinkhole damage. While all homeowners insured by the company have the non-sinkhole option, however, only residents in Pasco and Hernando County will be contacted directly.
MARKETING
Offering juicy incentives to buyers isn’t new, but the practice is gaining ground in the current resale housing market. It popped up last year as a way for builders to move unsold new-home inventory, and now industry watchers say it’s spreading aggressively to the existing-home market, which accounts for 85 percent of all sales.
INTEREST RATES
No news is good news: The Federal Reserve held interest rates steady yesterday at 5.25 percent. The current rate, relatively good by historical standards, impacts ARMs and home equity lines of credit.
Florida Real Estate News - 05/09/07
FLORIDA PROPERTY INSURANCE
In troubling news for Florida consumers, the state’s computer catastrophe model – paid for with taxpayer money to help regulators gauge the accuracy of private insurers’ loss forecasts – projected greater insurance losses than the private models.
MORTGAGE REFORM
The U.S. Congress is looking at potential reforms to risky home lending practices, although a House subcommittee hearing on Tuesday suggests lawmakers wonder whether reform is necessary or even helpful – especially if the market is already in the process of self-correcting.
Florida Real Estate News - 05/08/07
FLORIDA PROPERTY TAXES
Gov. Crist wants property tax reform during June’s special session – he doesn’t want to defer a decision to the every-other-decade Taxation and Budget Reform Commission, which has the power to propose a comprehensive tax overhaul and put it before voters without legislative approval.
Can we in the Naples Fl real estate market expect property tax reform shortly?
MORTGAGES
Bank of America has introduced a no-fee mortgage nationwide following a product test in Washington State. It’s the first lender to do so; and the change could save Naples Florida home buyers or borrowers $3,000-plus at closing. Gone are borrower, lender and third-party fees. It won’t work for subprime loans, however, or ones where the buyer makes a downpayment less than 5 percent.
NAPLES, BONITA SPRINGS, AND ESTERO HOME SELLERS
Home sellers should find and fix plumbing problems before they put their home on the market in Bonita Springs, Estero or Naples – if they know how to inspect pipes and faucets. It’s worth fixing upfront. A buyer’s inspector will eventually find the troubles, which could require repair or delay closing.
Florida Real Estate News - 05/07/07
FLORIDA HURRICANE INSPECTIONS
Florida’s Department of Financial Services announced that the state’s free hurricane inspection program has resumed. Qualified homeowners may sign up for a free home inspection and receive limited matching funds to fortify against storm damage for their Naples home, Bonita Springs home or Estero home. The Florida My Safe Florida Home (MSFH) program can be reached either by calling (866) 513-6734 or visit their web site http://www.mysafefloridahome.com/.
CITIZENS PROPERTY INSURANCE
Citizens Property Insurance Corp. is almost always described as “Florida’s insurer of last resort†in media stories. But no more. A just-passed bill’s key provision expands Citizens’ operations and allows it to compete with private insurers. And those currently insured won’t have a rate increase at least until 2009. You might want to start considering Citizens for insuring your Naples FL home.
SUBPRIME MORTGAGES
As the investigation of New Century Financial and other subprime lenders continues, it looks like basic quality controls for the mortgage business were ignored as employees felt intense pressure from bosses to approve loans, even those with obviously inflated housing appraisals or exaggerated homeowner incomes.