Metas
Naples Florida Real Estate News - 10/17/07
REAL ESTATE TAXES - A Florida House committee approved significant real estate tax relief yesterday afternoon that creates a 3 percent assessment cap on non-homestead and commercial properties that the state currently offers only to homestead properties. But senators, many unconvinced, now will consider the House’s revisions.
HOMEOWNERS INSURANCE - State regulators are getting tough on insurers, issuing subpoenas for records from Allstate insurance companies in Florida, as well as Cincinnati Insurance and Cincinnati Indemnity. They want answers on why the rate decreases promised to homeowners haven’t materialized.
MORTGAGES - Noting that the mortgage crisis is continuing to affect the nation and financial markets, Florida Chief Financial Officer Alex Sink has joined a coalition of national elected officials and consumer organizations urging mortgage companies and lenders to adhere to its mortgage protection principles.
HOUSING MARKET - U.S. Treasury Secretary Henry Paulson called for Congress and private mortgage companies to move quickly to help homeowners struggling to pay their mortgages, saying the “housing decline is still unfolding and I view it as the most significant current risk to our economy.”
Naples Florida Real Estate News - 10/16/07
REAL ESTATE TAXES - Voters would be asked to approve a wide-ranging plan to lower real estate taxes under a proposed ballot measure approved Monday by a state House committee. The plan would double how much value is exempt from non-school taxes for many homeowners and provide some real estate tax breaks for people who move. The full Legislature could vote on the plan this week.
SUBPRIME LOANS - An analysis of more than 130 million home loans made over the past decade reveals that risky mortgages were made to all income levels in nearly every corner of the nation, from small towns in the middle of nowhere to inner cities to affluent suburbs.
HOME PRICES - U.S. housing prices will continue to decline at least through the end of next year and may not begin creeping upward again until 2010, executives from the biggest mortgage lenders said Monday at the Mortgage Bankers Association’s annual convention. However, real estate is local and if you are considering purchasing either a new home or condominium in Naples, Bonita Springs, or Estero, you should continually review the market update reports found within this blog.
Bald Eagle - Shot - Clings To Life
How shocking!!! Someone shot a Bald Eagle! Why shoot a Bald Eagle, our national bird? It is not a bird that people eat.
Photo courtesy of The Conservancy of Southwest Florida.
The eagle was shot in the right leg. The Conservancy of Southwest Florida has been taking care of the eagle since Friday. It was found Thursday evening in Mediterra in North Naples. The care-takers have been nursing the eagle and trying to rehydrate it. Originally the eagle was taken to a local emergency pet veterinarian where via x-rays the bullet was found.
The staff at the Conservancy hopes to nurse the eagle back to health and perform surgery to save its life.
"If the leg doesn’t heal, the eagle would have to be euthanized because federal rules do not allow the Conservancy to release or keep one-legged birds," Barbara Wilson, Conservancy marketing director said.
Shooting a bald eagle is a violation of both state and federal laws. Federally, it is a violation of the Bald and Golden Eagle Protection Act.
"A first violation of the eagle act is a class A misdemeanor punishable by up to a year in jail and a $100,000 fine," Ed Lewis, special agent with the U.S. Fish and Wildlife Service. Subsequent violations are felonies punishable by up to two years in prison and a $250,000 fine.
The eagle currently weighs 4 pounds, about half the weight of a healthy eagle, raising concerns about the bird’s health, a Conservancy staff member stated.
“We are not sure what the outcome will be for the eagle,’’ said another staff member.
Naples Florida Real Estate News - 10/12/07
REAL ESTATE TAXES - The special session on property taxes begins today. Legislative leaders expect to negotiate a real estate tax reform deal by the middle of next week, though the new session officially runs through Oct. 29.
Also, more than 150 taxpayers told members of the state Taxation and Budget Reform Commission Wednesday at a Fort Lauderdale meeting that stronger action is needed to cut property taxes.
Across Florida, 156 cities or towns — 41 percent of 382 reporting municipalities, according to state figures — have decided to defy the state Legislature’s June mandate to lower property taxes by using override options. The surprise? There hasn’t been much backlash from angry residents, either.
MORTGAGE RATES - Rates on 30-year mortgages edged up slightly this week to an average 6.40 percent following a better-than-expected report on job growth, according to Freddie Mac’s nationwide survey.
FORECLOSURES - The turmoil in the mortgage industry also affects renters. A rising number of landlords are falling behind on mortgage payments, which is sending their properties into foreclosure and, in many cases, forcing tenants out of their homes. Generally, in a lease there is specific language which places the lease agreement in a subordinated position, therefore, the tenant faces eviction after the foreclosure.
Naples Florida Real Estate News - 10/11/07
FLORIDA LEGISLATURE REAL ESTATE TAX REFORM - Florida lawmakers are moving swiftly on a new real estate tax reform proposal, expanding cuts and tinkering with details pushed by Gov. Charlie Crist yesterday. Many proposals such proposals, as a form of portability and, new this time around, a change of tax status from “highest and best use” that would aid commercial real estate. It’s a dynamic discussion, however, and proposals continue to evolve quickly.
NATIONAL REAL ESTATE OUTLOOK - Improving conditions in the mortgage market bode well for the housing sector in 2008, according to National Assocation of Realtor’s latest outlook. NAR Senior Economist Lawrence Yun puts the current housing market in perspective, noting that “2007 will be the fifth highest year on record for existing-home sales.” As the national real estate outlook improves the Florida real estate market will also improve and cause an increase in the demand. Basic economics of supply and demand should come into play, but will not have an immediate impact on pricing due to the number of housing units currently available in southwest Florida. However, there are communities or neighborhoods within the southwest Florida that are continuing to hold their values or have even shown price appreciation. Historical pricing is a great indicator for prospective buyers - can show where properties retain their values or where they have lost value.
FORECLOSURES - The Bush administration has announced a new mortgage industry coalition to help homeowners avoid the rising tide of foreclosures. Members will include 11 of the largest mortgage service companies, representing 60 percent of all mortgages in the country, as well as other agencies and trade organizations.
Naples Florida Real Estate News - 10/10/07
REAL ESTATE TAXES - Gov. Charlie Crist took an assertive step into the real estate tax reform discussion yesterday, pushing lawmakers to extend the current special session to discuss the issue rather than meet again later in October. Crist also released his own version of a simplified tax plan that offers less tax savings, but is easier to understand and includes portability.
HOMEOWNERS INSURANCE - Worried about the amount of risk taxpayers currently face, Florida Chief Financial Officer Alex Sink wants lawmakers to turn over some control of the state’s backup hurricane fund to the governor and Cabinet. Sink says the Cabinet would shift some of the existing risk to private insurers.
Also, in homeowners insurance developments - Florida insurance regulators rejected property insurer USAA’s attempt to raise its rates by an average 53.9 percent for technical reasons – top USAA officials didn’t certify that their filing’s information was “true and accurate.”
HOMEBUYER COUNSELING - Housing and Urban Development announced yesterday that 20 groups in Florida would receive homebuyer counseling grants totaling $765,000, part of $44.1 million to be issued nationwide. Homebuyer counseling can help families become first-time homeowners and qualify for a mortgage.
FORECLOSURES DOWN - It’s good news – sort of. According to RealtyTrac, foreclosure activities (defaults, notice of foreclosure sales and REO properties) dropped 8 percent nationwide in September. And Florida, though second only to Nevada in the number of foreclosure actions, saw a 2 percent drop since August. The downward trend is good news, but compared to year-ago numbers, many homeowners continue to face challenges in paying the mortgage. Nationwide, the number increased 99 percent in one year – since September 2006. Florida reported 33,354 foreclosure filings for the month, up 158 percent from September 2006. “U.S. foreclosure activity experienced a fairly broad-based retreat in September,” says James J. Saccacio, chief executive officer of RealtyTrac, though it’s too soon to suggest a reason for the slowdown. The drop could be just a lull, says Saccacio, or it could be caused by investors jumping into the market and buying foreclosures if they believe the price is now right.
Bonita Springs Real Estate Update - Homes - 3rd Qtr 07
How is the Bonita Springs real estate market performing in the single family home segment of the real estate market? When looking at the statistical information for the third quarter of calendar year 2007 and compare it to the same period in 2006, it appears encouraging, but a seller should not get excited and think about raising their list price or putting their property on the market, unless they need to sell. For buyers, if they are thinking of holding the property for three or more years, it might be a good time to buy, because there are many excellent opportunities within the Bonita Springs real estate market.
Naples Real Estate Market Update - Condos - 3rd Qtr 07
The Naples real estate market for condominiums remains lack luster but there are some bright spots appearing. The question remains will the bright spots continue to glow and thereby cause strengthening within the market. Below are graphical presentations with commentary on each of the graphs comparing the quarter ended September 30, 2007 to the quarter ended September 30, 2006 with quarterly data for the quarters between the two dates. Read more
Naples Single Family Home Market Report 3rd Qtr 07
Presented below are graphs reflecting the Naples real estate market activity along with narrative explanations for the 3rd quarter of 2007 compared to the same period in 2006. The volumes for closed sales, pending sales, and new listings are also included.
Naples Florida Real Estate News - 10/08/07
Real estate tax phase out of the Save Our Homes Admendment is it possible? Has your condominium or homeowners association thought about a self-insurance trust? Exotic mortgages is it the next coming of subprime mortgages or is it programs that will duplicate the subprime mortgage market? Speaking of subprime mortgages - some thoughts by Alan Greenspan - also thoughts of recession. Read more