Metas
Naples Real Estate News
The financing for real estate purchases continues to endure both liquidity and the credit crunch as Capital One Financial Corp. said on Monday that it will cut 1,900 jobs and shutter its wholesale mortgage banking business.
Countrywide Financial Corp., which is running an ad campaign to convince consumers that it’s financially stable, announced the elimination of about 500 jobs in its subprime lending unit.
Florida, foreclosure filings fell 9 percent between June and July, though they’re still up 78 percent in one year.
The investment tide is turning for real estate investment trusts (REITs). The average real-estate fund investing primarily in the U.S. has lost 17.2 percent over the past three months and is down 16.5 percent so far this year, according to Morningstar Inc.
Vineyards Market Update 2nd Qtr 07
The median price of homes and condos sold in The Vineyards during the second quarter of 2007 compared to the second quarter of 2006 showed some significant changes ….
Naples Florida Real Estate News - 08/20/07
Today’s Naples Florida real estate news covers homeowners insurance company requests being withdrawal, Countrywide more stable than first suggested, simple explanation of short sales, and how to attract potential buyers and catch their eye.
Schools Open
The Collier County Public Schools open tomorrow - Monday, August 20th. Please drive carefully. A list of schools can be found for North Naples, South Naples, Central Naples, and West of US 41 areas of Naples on Naples Florida Real Estate website.
You can also view information about each school from the pages.
This is an excellent tool if you are thinking about relocating to the Naples area now or in the near future.
CDD’s and Assessed Valuation Appeal Process
In a previous post entitled Collier County 2007 Assessed Values Available the article made reference to Community Development Districts (CDD) without a list of the developments that have a CDD. In addition, there was no mention of the appeal process if you are of the opinion that your property is over-valuated.
Listed below are the CDD’s that can be found in both Collier (Bonita Springs area) and Lee Counties (Estero and Naples are part of Lee).
COLLIER COUNTY
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Cedar Hammock Community Development District
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Copper Cove Community Development District
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Fiddler’s Creek Community Development District
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Fiddler’s Creek Community Development District #2
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Flow Way Community Development District
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Heritage Bay Community Development District
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Heritage Greens Community Development District
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Key Marco Community Development District
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Lely Community Development District (Lely Resort)
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Mediterra South Community Development District
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Naples Heritage Community Development District
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Parklands Collier Community Development District
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Pelican Marsh Community Development District (includes Tiburon)
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Port of The Islands Community Improvement District
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Quarry Community Development District
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Tuscany Reserve Community Development District
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Verona Walk Community Development District
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Wentworth Estates Community Development District
LEE COUNTY
- Alexen Community Development District
- Arborwood Community Development District
- Bay Creek Community Development District
- Bayside Improvement Community Development District
- Bella Vida Community Development District
- Bonita Village Community Development District
- Brooks of Bonita Springs Community Development District (The Brooks)
- Brooks of Bonita Springs II Community Development District (The Brooks)
- CFM Community Development District
- Catalina At Winkler Preserve Community Development District
- Colonial Country Club Community Development District
- Copper Oaks Community Development District
- Cypress Shadows Community Development District
- Entrada Community Development District (Lee County)
- Gateway Services Community Development District
- Habitat Community Development District
- Heritage Palms Community Development District
- Laguna Estates Community Development District
- Laguna Lakes Community Development District
- Lucaya Community Development District
- Mainstreet Community Development District (Lee Co.)
- Mediterra North Community Development District
- Merrick Park Community Development District
- Mirada Community Development District
- Miromar Lakes Community Development District
- Moody River Estates Community Development District
- Palermo Community Development District
- Parklands Lee Community Development District (Palmira)
- Parklands West Community Development District (Palmira)
- Paseo Community Development District
- Portico Community Development District
- Portofino Cove Community Development District
- Portofino Springs Community Development District
- Portofino Vineyards Community Development District
- Renaissance Community Development District
- River Hall Community Development District
- River Ridge Community Development District
- Sail Harbour Community Development District
- Stoneybrook Community Development District
- Treeline Preserve Community Development District
- University Square Community Development District
- Vasari Community Development District
- Verandah East Community Development District
- Verandah West Community Development District
- Verona Community Development District
- Villagewalk of Bonita Springs Community Development District
- Waterford Landing Community Development District
If you are the opinion that the market value of your property is inaccurate or does not reflect fair market value, you should contact the local county appraiser’s office within the county that the property is located. In Collier County - the County Appraiser’s Office telephone number is 239-774-8145. In Lee County - the County Appraiser’s Office telephone number is 239-533-6100.
If the property appraiser’s office is unable to resolve the matter as to market value, you may file a petition for adjustment with the value adjustment board; forms are available from the local county appraiser and must be filed on or before September 7, 2007.
Naples Florida Real Estate News - 08/17/07
REAL ESTATE TAX PORTABILITY - A proposal to let homeowners take at least part of their existing tax breaks with them when they move received a cool reception Thursday from part of a commission studying Florida’s tax structure. Real estate or homestead portability would help property owners to move into a smaller residence without paying more in real estate taxes than their present home. As real estate tax "entrapped" sell and move into more affordable housing, it will also free up what could be affordable housing for other sectors of the population. Of course, it would depend upon home owners finding a buyer and the buyer finding a loan program that they qualify for.
MORTGAGES - Countrywide Financial Corp., the nation’s largest mortgage holder, announced yesterday that it borrowed $11.5 billion so it could keep making home loans, a move that will make it harder for homebuyers to get financing. To maintain ongoing liquidity, Countrywide says that 90 percent of its loans will now be conforming, and it will cut out most subprime, alt-A and jumbo loan products.
The change in Countrywide’s loan programs could result in a negative effect on the affordable housing issues faced in the Naples, Bonita Springs and Estero real estate markets.
MORTGAGE RATES
Rates on 30-year mortgages edged up slightly this week, to 6.62 percent, after falling for three straight weeks. Mortgage experts, however, don’t expect any more increases over the next few weeks. Due to the Fed lowering its discount rate on loans to banks by a half percent in hopes of calming the markets. This will help to alleviate the liquidity issues.
REAL ESTATE INVESTMENT - In a typical real estate climate, higher home prices drive a greater demand for rental units. But in today’s non-typical climate, rental rates aren’t high enough to equal recent investors’ expenses for the mortgage, insurance and taxes. However, there maybe still be a good opportunity for real estate investment for tax sheltering purposes due to future appreciation, as well as, income tax benefits, all of which can still yield positive after-tax cash flow.
Naples Florida Real Estate News - 08/16/07
HOMEOWNERS INSURANCE - Florida insurance regulators have been turning down rate increase requests and are now rejecting proposed decreases as not low enough. Rate reductions proposed by Cypress Property & Casualty, First Floridian Auto and Home and Travelers Indemnity Company of America have been denied. In spite of increases in homeowners insurance premiums a prospective buyer of Naples real estate can expect to pay about 0.65% of the purchase price of the home. Of course, this estimate can vary according the year of and type of construction.
DISASTER PREPARATION - After the hurricanes of 2004 and 2005, many small Bonita Springs, Estero, and Naples businesses have worked to make themselves less vulnerable to hurricanes and other disasters. However, hurricanes aren’t the only threat: All small businesses need to be prepared to ride out a disaster following fires, vandalism and power outages.
TRIM NOTICES OUT - REAL ESTATE TAXES TRIMMED DOWN - Check it out – your property taxes probably went down. Naples, Bonita Springs, and Estero residents will soon receive their “truth in millage” statements, or TRIM, that give property owners information on next year’s property taxes. But this year, almost 94 percent of Floridians will see some savings thanks to a new law passed during July’s special session of the Florida Legislature. For many, it’s not the savings generating the excitement, it’s what they don’t see – an increase. Counties in which property taxes rose the most over the past few years will see the greatest reduction of 9 percent. TRIM notices can be detailed and hard to decipher, however. To calculate your personal savings, compare two columns. “Your Property Taxes Last Year” tells you how much you paid in 2006, if you took advantage of the discount; “Your Taxes if PROPOSED Budget Change is Made” tells you how much the city or county plans to charge in 2007. Just subtract the former from the latter. Additional information about your property’s assessed value is also on the TRIM statement.
Pelican Marsh 2nd Qtr 2007
During the second quarter of 2007, the median price of Pelican Marsh condos was $385,000, compared to $467,500 during the second quarter of 2006. The reduction in median price represents 17.6%. Naples condominiums can be found in the following neighborhoods - Arielle, Clermont, Egret’s Walk, Les Chateaux, Mont Claire, Osprey Pointe, Ravenna, and Seville.
The percentage of reduction of 17.6% compares slightly lower than the overall percentage of reduction for the Pelican Marsh condo real estate market of 15.8%.
Single family homes during the second quarter of 2007 sold for a median price of $1,100,000 versus $1,300,000 in the second quarter of 2006. The median closed sales price dropped about 15.4%. The median sold price for the homes in the Naples area overall was 9.3%.
Estero Home Values
Previously, Naples home values were discussed, as well as home values in Bonita Springs.
In the Estero real estate single family homes show almost the same results for median prices of
Bonita Springs Home Values
Comparing the median price of a single family home in the Bonita Springs real estate market for the second quarter of 2007 to 2006 shows the following for small, medium, and large homes. The definition of the sizes can be found on the Naples Home Values posted just before this one.