Naples Florida Real Estate News - 09/05/07
Today’s Naples real estate news covers the new home market, homeowners going "bare" regarding wind insurance, REIT’s falling in value, new guidelines for possible foreclosure properties, and informational meeting for Citizens Property Insurance, especially conveniently located to the Bonita Springs and Estero areas.
NEW HOME FLORIDA REAL ESTATE MARKET - Despite the soft real estate outlook nationwide, Florida’s new home market appears to be stabilizing, according to a UF study. “There’s a growing feeling of apprehension or caution, but … the underlying markets for real estate in Florida are still in good shape,” says Wayne Archer, director of UF’s Bergstrom Center for Real Estate Studies.
HOME OWNERS INSURANCE - More homeowners without mortgages are taking an extreme approach to insurance against hurricane winds: They’re going “bare” – doing without the coverage entirely. Amid a voter backlash over soaring insurance premiums, Florida passed a law this year making it easier to opt out of wind coverage, paving the way for other states to follow.
REAL ESTATE INVESTMENTS - As demand for real estate has fallen, so has investors’ interest in real estate investment trusts (REITs). However, a drop in share prices of REITs could signal an opportunity for long-term investors to find sale prices on some solid investments.
FORECLOSURES - The Federal Reserve and other banking regulators yesterday issued new guidelines urging loan service companies to work with borrowers in danger of defaulting on their home mortgages. However, the guidelines aren’t mandatory.
CITIZENS PROPERTY INSURANCE - Insured by Citizens Property Insurance Corp.? If you live in Southwest Florida, you have a chance to voice your concerns on Monday, Sept. 10, from 4 to 7 p.m. in Fort Myers. Citizens underwriters, claims specialists and members of senior management will be present. The forums “are an important part of our efforts to keep our policyholders informed,” says Citizens Senior VP of Underwriting Paul Palumbo, who says he’s also “looking forward to talking with residents of the Fort Myers area about Citizens and their policies.” The meeting will be held at Fort Myers High School, 2635 Cortez Blvd. This forum is the third in a series of at least four such events Citizens plans to hold this year. Prior events were held in Ft. Lauderdale and Clearwater.
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