Metas
Naples Florida Real Estate News - 10/31/07
REAL ESTATE TAXES - Will the Legislature’s latest tax fix juice up Florida’s real estate market? Many say the tax-relief package, if approved by voters in January, should help convince buyers to make a commitment – but no one can say how many will take the plunge.
HOMEOWNERS INSURANCE - Florida officials approved another surcharge that will be tacked onto all property insurance policies. The 2 percent increase will pay for losses attributed to the bankruptcy of Poe insurance companies and will start appearing on March bills. It’s the third surcharge approved in the last 15 months and the first one that also applies to customers of the state-created Citizens Property Insurance Corp.
FLORIDA CONSUMER CONFIDENCE - A weak housing market doesn’t deter Floridians. Consumer confidence in the state rose three points in October, with much of the increase attributed to low-income households.
INTEREST RATES - The Federal Reserve, confronted with surging oil prices and a slumping housing market, cut a key interest rate by a quarter-point, the second rate reduction this year. The move should lower adjustable rate mortgage rates, though it does not always impact fixed rate mortgages.
Naples Florida Real Estate News - 10/30/07
FLORIDA REAL ESTATE TAXES - It’s voters’ turn: The Florida Legislature passed real estate tax reform and a proposed amendment will appear on the January ballot. The amendment offers moderate relief for homeowners and slight relief for commercial property but does not go as far as an earlier House proposal; and tax portability, as proposed, could face a constitutional challenge in the courts.
REAL ESTATE SETTLEMENT PROCEDURES ACT - Housing and Urban Development announced settlements with six major U.S. homebuilders over RESPA violations. According to HUD, complex business arrangements shielded payments for referrals.
• $466,000 settlement with Pulte Homes Inc., and its captive title reinsurance company Marquette Title Insurance Co.
• $456,000 settlement with KB Home and its captive title reinsurance company Westview Co.
• $261,000 settlement with Beazer Homes USA Inc. and its captive title reinsurance company Security Title Insurance Co.
• $66,000 settlement with Meritage Homes Corp., Meritage Homes of California Inc., Meritage Homes of Nevada Inc., Meritage Homes of Arizona Inc., and their captive title reinsurance company Meritage Paseo Crossing LLC
• $84,000 settlement with The Ryland Group Inc. and its captive title reinsurance company Cornerstone Title Insurance Co.
• $52,000 settlement with Technical Olympic USA Inc. (TOUSA Homes) and its captive title reinsurance company Universal Land Title Inc.
CITIZENS PROPERTY INSURANCE - The state Office of Insurance Regulation has given four Florida-based companies the OK to take 173,000 homeowner insurance policies out of Citizens Property Insurance Corp, now the state’s largest home insurer. Thousands of homeowners – most in South Florida – will start receiving notices of the offers Nov. 7.
HURRICANE MITIGATION - The My Safe Florida Home program announced it is increasing standards for its wind inspection firms. Since April 2007, the program has performed over 111,200 free wind inspections and approved more than 13,500 homeowners for matching grants to help harden their homes.
Naples Swamp Buggy Parade
Every October for more than 50 years, the greater Naples area plays host to the Swamp Buggy Races or commonly called by the older residents "The Mile O’ Mud." Prior to the races in the afternoon a parade takes place in downtown Naples. The parade brings back the days when Naples was a fishing and rural agricultural community.
The vehicle above was one of the more interesting non-racing vehicles in the parade. Notice the wild boar coming through the front windshield.
What would a Swamp Buggy Parade be without a true swamp buggy! So let’s take a look at the different types of swamp buggies that competed in the races on Saturday and Sunday. Oh, by the way, the buggy owners to tend to express themselves during the parade for their favorite business or politician - but it all for fun.
There are also exhibits of swampy buggies from the days gone by - in fact here is one from 1929!
Since the parade takes place in late October of each year, some swampy buggy owners get into the spirit of Halloween by decorating their buggies.
More pictures from the Swamp Buggy parade will be posted over the next few days.
Naples Florida Real Estate News - 10/29/07
FLORIDA REAL ESTATE TAXES - At mid-afternoon, the Florida House was still deliberating over a leaner real estate tax reform package passed out today by the Senate. The proposal would increase the homestead exemption for properties worth at least $75,000 – except for school taxes; would provide a 10 percent cap for non-homestead properties, except for school taxes; and includes a ”portability” provision allowing homesteaders to take at least part of the benefits they get from the existing Save Our Homes assessment cap with them they move. Lawmakers have until 11:59 p.m. to pass some sort of real estate tax relief measure if it’s to go before voters on the Jan. 29 ballot.
LUXURY HOMES AND CONDOS - Florida homes and condos with price tags of $1 million or more are still changing hands at roughly the same price, albeit not as briskly as they did a year ago, according to recent real estate data. Wealthy foreign buyers have helped buoy the Florida market’s upper end, analysts note, adding that the state continues to appeal to wealthy retirees and to second-home buyers, particularly from the Northeastern U.S.
ECONOMY Will the Federal Reserve cut interest rates again? After sifting through mixed corporate profit reports and uneven readings on the economy, Wall Street will find out the answer when the Fed meets Tuesday and Wednesday. Most investors expect policymakers will decide tight credit is the bigger risk to the economy and lower rates.
Naples Florida Real Estate News - 10/26/07
PROPERTY TAXES - If the Legislature’s fussing and fighting over a way to trim property taxes isn’t confusing enough, here’s one more potential complication. There is a remote possibility that legislators’ earlier tax reduction proposal – the “super” homestead exemption – could appear on the same ballot for voters to consider in January.
MORTGAGE - Rates on 30-year mortgages this week fell to 6.33 percent, the lowest level in six weeks as financial markets grew more hopeful that the Federal Reserve will boost the sluggish economy by cutting interest rates further, according to Freddie Mac’s weekly nationwide survey.
Bank of America plans to exit the wholesale mortgage business and eliminate about 700 jobs. Bank officials said Thursday that the nation’s second-largest bank will stop offering home mortgages through brokers at the end of the year to focus on direct-to-consumer lending through its banking centers and loan officers.
Naples Florida Real Estate News - 10/25/07
FLORIDA REAL ESTATE TAXES - How much real estate tax relief Floridians will get, if any, may now hinge on a game of legislative chicken. Lawmakers return on Monday and must approve a plan before Tuesday night. If they fail to do so, a property tax relief amendment won’t make it onto the January ballot.
HOME SALES - Sales of new homes posted an unexpected 4.8 percent gain in September compared to August figures, though they were down 23.3 percent compared to September 2006. The results surprised analysts who had predicted a decline.
MORTGAGES - Many housing industry analysts see hopeful signs that mortgage availability is getting better, including falling interest rates on jumbo loans. Still, mortgage issues are likely to impact October’s home sales, according to Global Insight economist Patrick Newport. “Sales in October may be as ugly as September’s,” said Newport, who expects housing activity to hit bottom in mid-2008.
Some lenders are now making it tougher for borrowers in softening housing markets to get a mortgage. While the policy is designed to keep lenders from holding the bag if home prices in those markets continue to fall, analysts say the tighter standards – by discouraging homebuyers – could add to downward pressure on home values in already weak markets.
Naples Florida Real Estate News - 10/24/07
HOME SALES - Mirroring the national trend, turmoil in the mortgage market impacted Florida’s housing sector in September, despite continued low unemployment rates and other positive economic activity. Statewide sales of existing single-family homes totaled 8,688 last month, a decrease of 38 percent compared to September 2006 activity, according to Florida Association of REALTORS. The statewide median price for existing single-family homes last month was $221,200.
Read the analysis for the 3rd quarter for Naples homes sold in 2007 with a year over year comparative figures.
Also, read the analysis for Bonita Springs homes sold in the 3rd quarter of 2007 with comparative figures for 2006.
FLORIDA REAL ESTATE TAXES - The Florida House thinks it has a better plan for real estate tax reform, but time may be on the Senate’s side in a showdown over the issue. Lawmakers must settle their differences by next Monday, or it will be too late to put a proposed state constitutional amendment on the January 29, 2008 presidential primary ballot.
ECONOMY - Former Fed Chief Alan Greenspan said Tuesday that a bloated inventory of new homes, rather than existing homes, has unsettled the U.S. economy; but he expressed optimism that the nation will avoid a recession. “Where the problem lies is in home prices – new home prices, very specifically,” Greenspan said.
HOMEBUYERS PICKY - Homebuyers have many properties to choose from, but can nix one as a possibility quickly if it has a problem that traditionally spooks buyers – even if the problem would cost only pennies to repair.
Naples Florida Real Estate News - 10/23/07
FLORIDA REAL ESTATE TAXES - The Florida House passed a bipartisan real estate tax reform package yesterday by a 108-2 vote that addresses many issues important to property owners in Naples, Bonita Springs and Estero. It now goes to the Senate for consideration.
MORTGAGE PAYMENT RELIEF - Countrywide Financial Corp., the nation’s largest mortgage lender, said Tuesday it will begin calling borrowers to offer refinancing or modifications on $16 billion in loans whose interest rate is set to adjust by the end of 2008. The company’s plan would help provide some relief to about 82,000 borrowers.
Worried about the fallout from a record number of homes going into foreclosure, federal lawmakers, regulators and consumer advocates are pushing the mortgage industry to move faster to help homeowners in trouble.
SUBPRIME MORTGAGES - A bill was introduced in the U.S. House yesterday designed to lessen problems within the mortgage industry. The legislation aims to prod states into enacting stronger mortgage regulations and sets up federal-level regulations if they don’t do so.
HOMEOWNERS INSURANCE - A new property insurer, based in Orlando, recently entered the market. In an Orlando Sentinel interview, President William K. Lowry Jr. explains why he thinks big insurers have cut back in Florida, and why smaller firms see that as an opportunity.
Naples Florida Real Estate News - 10/22/07
REAL ESTATE TAXES - Florida’s House of Representatives released its updated real estate tax reform plan, which includes a number of initiatives. House leaders now hope to build a bipartisan consensus to show the Senate that they’re serious about drastically cutting state real estate taxes.
COMMERCIAL REAL ESTATE - Analysts say the outlook for commercial real estate is cautious but decidedly upbeat. Led by strong growth in the office and retail segments, commercial property sales hit $401 billion through Oct. 18, outpacing last year’s $359 billion total, according to Real Capital Analytics, a New York based real-estate research firm.
HOMEOWNERS INSURANCE - Will Florida’s fragile property insurance market right itself any time soon? Will rates continue to climb? Insurance Commissioner Kevin McCarty offered some answers in an interview last week.
FORECLOSURES - A growing number of investors are making the drastic decision to walk away from their properties and ultimately send it into foreclosure. But financial advisors say that walking away from a mortgage is almost always a bad idea: You may lose your ability to take out future loans, and the lender could come after your personal assets, depending on state laws and the terms of your loan.
Naples Florida Real Estate News - 10/18/07
REAL ESTATE TAXES - The Senate passed a plan to lower real estate taxes yesterday, but it differs from the House version of real estate tax reform that includes substantial help for non-homestead and commercial property. The differences must be worked out if voters are to consider an amendment in January.
DISASTER INSURANCE - A move to add windstorm coverage to federal flood insurance stumbled in the U.S. Senate yesterday when a committee failed to consider the change. However, Florida Sen. Mel Martinez says he’ll work to get windstorm included before the issue goes to a vote.
COMMERCIAL REAL ESTATE - Commercial real estate lenders, spooked by the state of residential housing, are reining in riskier loans on fears that underwriting standards were too loose.
SUBPRIME MORTGAGES - Banks hope that a fund created to spread out balance sheet losses over time will prevent turmoil in mortgage-backed securities from further spilling into other parts of the credit market. But analysts say that while the fund should help avert a short-term crisis, the jury is still out on whether it will be successful over the long haul.
SHORT SALES - The niche market of short selling is keeping pace with rising foreclosures. Short selling occurs when a homeowner sells for less than what is owed on the mortgage –a last-ditch resort sellers use to avoid foreclosure when they are having a financial hardship. Many real estate associates are getting specialized training on the short-sale process. The question remains though, does the real estate associates have sufficient background and knowledge to properly handle the short sale effectively.