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May 1

RE News, Condensed

Two real estate news stories circulating this week:

Florida Bill Would Speed Mortgage Foreclosure System

TALLAHASSEE, Fla. (AP) — The Florida House voted overwhelmingly Monday to speed up the residential mortgage foreclosure process in a state that was swamped by a rising number of homes taken back by banks during the housing crisis.

Rep. Kathleen Passidomo, R-Naples, said her bill preserves due-process rights for distressed homeowners while trying to stimulate Florida’s real-estate market by getting foreclosed property “back into the stream of commerce.”

The measure (HB 87) passed on an 87-26 vote but its fate is uncertain. The Senate is considering similar legislation as Florida lawmakers face a Friday deadline to pass bills in their 60-day session. …The legislation would make banks prove in more detail that they own a mortgage or explain why they can’t prove ownership. It also creates a process for others besides mortgage-holders to ask the court to speed up foreclosure cases.

Another key provision would reduce the statute of limitations, or amount of time, for banks to go after foreclosed homeowners on deficiency judgments — from five years to one year. Deficiencies are the difference between the money obtained from selling a foreclosed home and what the original homeowner still owes on it.    …

Opponents said the proposal is tilted against troubled homeowners already being hounded by banks and their attorneys…

For the entire Bloomberg Businessweek article, dated April 29, 3013, click here.

Experts See Bank-Owned Homes Returning to Market in SWFL

NAPLES — Bank-owned homes are back on the market.

Real estate experts say banks aren’t holding on to foreclosed homes like they used to in Florida.

John Tuccillo, chief economist for Florida Realtors, told those attending the recent Naples Area Board of Realtors’ annual economic summit that banks aren’t holding on to foreclosed, bank-owned homes as some analysts are saying.   …

One measure for the trend is real estate owned properties — or REOs — hitting the market after a lender acquired them, such as through foreclosure.

In March, there were 162 new REOs in Collier County, up nearly 40 percent from the 116 in that month in 2012, RealtyTrac’s records show. In March 2009, there were 386 — the most seen in the county since the foreclosure crisis hit.

For the entire Naples News article, dated April 29, 2013, click here.

Apr 23

What a Great View, 1Q!

First off, my apologies for the lapse in blog posts. It’s been an incredibly busy selling season (which is a good thing!), and now that we’ve crossed myriad closings off our list and handed the keys to some very happy new homeowners, it’s about time for a new view on SWFL real estate (specifically Collier/Lee counties), wouldn’t you say?!

Well, I can confidently announce that, after our SWFL real estate market has witnessed ‘the bottom’ (about 1-1/2 years ago), it is currently on the upswing, and then some. Woo-hooo! Add to this the improving economy in these parts, and I’d say it’s time to break out the margaritas and the cheese platter and behold the view:

  • Inventory is low (especially west of 41/the closer you get to the Gulf).
  • Mortgage rates are low. (APR avg. of 3.3% for 30-year fixed at time of posting.)
  • Prices are increasing, (In Naples in 2012, the overall median sales price of homes increased by 17% and the overall median price of closed sales rose from $175K in ’11 to $204K in ’12 ~ Naples Area Board Of Realtors)
  • There is a significant amount of new construction (creating new jobs, which is a win-win).
  • Talking about jobs, the overall job market is slowly, but quite surely, gaining strength. (Unemployment in SWFL is well below year-ago levels, with Collier down to 6.9% from 8.3% in ’12, and Lee down to 7.4% from 9.3% in ’12 ~ Florida Dept. of Economic Opportunity)

There is also this:

LoversKeyView

Would you take a look at THAT view? This is what you’d see if you were sipping the aforementioned margarita on the balcony of our new listing at Lovers Key Beach Club & Resort. It’s a condotel, if you will… a full-service vacation home that lives like a condo and a hotel. Which means, if and when s/he desires, the happy owner gets to leverage the marketing and management of the resort to rent/manage the condo unit when s/he’s not using the home. Check it out here!

And this…

12945_vanderbilt_drive_505_MLS_HID752121_ROOMbay

Here’s the view of the bay from our condo listing at Anchorage Wiggins Pass in Naples, a home that comes complete with a deeded boat dock with lift and overlooks Wiggins Pass and the Gulf of Mexico. Check out the video tour here.

All in all, these are some GREAT VIEWS of SWFL: Whether you’re taking a snapshot of the local economy and RE market, or a snapshot of the sun setting into the Gulf of Mexico from the balcony of your brand new home in paradise, it’s all looking good from here!

Jan 22

NABOR Announces 2012 Median Closed Price Up By 17%!

Take a look at the following section of a report on housing from NABOR:

2012 MEDIAN CLOSED PRICE INCREASED 17 PERCENT  

Contacts:            

Wes Kunkle, NABOR President & Media Relations Committee Chairman, (239) 216-2839; Marcia Albert, NABOR Director of Marketing, (239) 597-1666

Naples, Fla. (Jan. 18, 2013) – The Naples area overall median closed price increased a remarkable 17 percent from $175,000 in 2011 to $204,000 in 2012, according to a report released by the Naples Area Board of REALTORS® (NABOR®), which tracks home listings and sales within Collier County (excluding Marco Island).  

“At our annual Economic Summit held in April, Dr. Lawrence Yun, Chief Economist of the National Association of REALTORS®, predicted a 10 percent increase in the overall median price by the end of 2012,” stated Brenda Fioretti, Managing Broker at Prudential Florida Realty. “At the time, many people were incredulous with his assessment, but now today we are delighted to see the real estate market’s prices rebounding and surpassing estimates.”

The NABOR® 2012 Annual Report provides comparisons of single-family home and condominium sales (via the SunshineMLS), price ranges, and geographic segmentation and includes an overall market summary. The NABOR® annual sales statistics are presented in chart format, including these overall (single-family and condominium units) findings: 

  • Overall closed sales increased 9 percent, from 8,345 units in 2011, compared to 9,121 units in 2012. Overall closed sales increased 20 percent in the $300,000-$500,000 category, from 1,129 units to 1,357 units, and increased 29 percent in the $500,000-$1 million category, from 794 units to 1,022 units, from 2011 to 2012, respectively.
  • Overall pending sales increased 6 percent, from 10,070 pending sales in 2011 to 10,683 pending sales in 2012.
  • Overall inventory decreased by 13 percent, from 7,581 listed properties in 2011 to 6,557 listed properties in 2012. Pending sales with contingent contracts are included in the overall inventory number.
  • Overall pending sales in the Naples coastal area increased 15 percent, from 1,791 units to 2,057 units, in 2012. Closed sales increased 14 percent, from 1,641 units in 2011 to 1,869 units in 2012.

“2012 was a very good year across the board for the Naples area real estate market,” stated Mike Hughes, Vice President and General Manager of Downing-Frye Realty. “From overall pending sales to closed sales and higher median closed prices, along with a continued decrease in inventory, it was a strong year. So strong, in fact, that we now would like to see higher levels of available inventory.”

Thomas A. Bringardner Jr., President and CEO of Premier Commercial, added “The continued economic recovery, both nationally and locally, as well as the decrease in the unemployment rate (dropping to 7.8 percent for Collier County in November 2012) and increase in tourism is benefitting the residential and commercial market.”

“The overall commercial market has remained relatively steady and now we are seeing modest improvements,” he said. “Recent large deals, including the sale of the Fifth Third Bank building and the Venetian Village, in addition to large land deals, highlight the improvement in the commercial market.”

The NABOR® 2012 Fourth Quarter Report provides annual comparisons of single-family home and condominium sales (via the SunshineMLS), price ranges, and geographic segmentation and includes an overall market summary. The NABOR® fourth quarter statistics are presented in chart format, including these overall (single-family and condominium units) findings:

  • Overall closed sales increased 22 percent, from 1,689 units in fourth quarter 2011 to 2,061 units in fourth quarter 2012. Overall closed sales increased 58 percent in the $300,000-$500,000 category, from 207 units to 328 units, and increased 51 percent in the $500,000-$1 million category, from 146 units to 221 units, from fourth quarter 2011 to fourth quarter 2012, respectively.
  • The median closed price increased 24 percent overall, from $165,000 in fourth quarter 2011 to $205,000 in fourth quarter 2012.
  • Overall pending sales increased 8 percent, from 2,250 pending sales in fourth quarter 2011 to 2,422 pending sales in fourth quarter 2012.
  • Overall inventory decreased 13 percent, from 7,580 units for fourth quarter 2011, compared to 6,557 units in fourth quarter 2012.

This report is courtesy of: The Naples Area Board of REALTORS® (NABOR®), an established organization (Chartered in 1949) whose members have a positive and progressive impact on the Naples Community. NABOR® is a local board of REALTORS® and real estate professionals with a legacy of nearly 60 years serving 4,000 plus members. NABOR® is a member of the Florida Realtors and the National Association of REALTORS®, which is the largest association in the United States with more than 1.3 million members and over 1,400 local board of REALTORS® nationwide. NABOR® is structured to provide programs and services to its membership through various committees and the NABOR® Board of Directors, all of whose members are non-paid volunteers.

Jan 22

How to Choose a Realtor

Welcome to the Glenn Bradley Group’s second installment in a video series on Naples, Florida, and real estate. In this video, Glenn explains what to look for when searching for a great estate agent.

Jan 9

ASK GLENN BRADLEY is on YouTube!

ASK GLENN BRADLEY is on YouTube!

Welcome to the first installment in our 2013 video series on Naples, Florida, and the Naples real estate market!

Jan 4

Tax Break for Mortgage Debt Extended

A tax break for forgiven mortgage debt that was set to expire Dec. 31 was extended by lawmakers when they dodged the “fiscal cliff” this week.

The tax break, which has been extended to the end of 2013, allows home owners facing short sales, reduced loan principals, or foreclosures to avoid paying taxes on any debt still owed to the bank. Otherwise, the debt would have been taxed by the IRS as income.

For the entire RealtorMag article, dated January 4, 2013, click here.

Dec 19

Buyer Urgency Expected to Fuel 2013 RE Market

Home shoppers will likely have more urgency in the new year, wanting to buy before home prices rise even more. 

Home prices are edging up in most markets, and buyers are taking notice. Buyer surveys recently have shown that home shoppers expect home prices to continue to inch up, and they want to cash in before they rise too much higher. 

“Every single thing about housing is flashing green” with household formation rising, inventory falling, and affordability hovering at record highs, James Dimon, chief executive of J.P. Morgan Chase told CNBC last month.

For the full RealtorMag article, dated December 19, 2012, click here.

Dec 19

Florida Uses Oil Spill Money for Conservation Lands

TALLAHASSEE — Florida is using money from an oil spill settlement for conservation lands in the Panhandle.

State officials said Tuesday that half of Florida’s $10 million settlement has been used to buy property and obtain a conservation easement.

The settlement is with MOEX Offshore. It was a 10 percent investor in a well that leaked oil into the Gulf of Mexico when the Deepwater Horizon rig exploded in 2010. MOEX is the first entity involved in the spill to resolve civil penalty claims.

For the entire NaplesNews.com article, dated December 19, 2012, click here.

Dec 11

Low Housing Inventory = Good News for Job Market?

The lower inventory of homes for-sale could bode well for the job market, according to a recent article written by Robert Dietz, an economist with the National Association of Home Builders, in U.S. News & World Report.

“More jobs in the broader economy fuels more housing demand, and with more housing demand comes more jobs in the housing sector, especially in construction, an industry still languishing in the wake of the bust,” according to the article.

For the entire RealtorMag article dated December 11, 2012, click here.

Dec 10

Why the RE Market Has Improved

The housing market has shown several consecutive months of improvement in home prices and buyer demand. The housing market—once a downer for the U.S. economy—is now its one bright spot. But why?

A recent TIME magazine article questions what’s really behind the real estate market’s improvement. 

Tim Iacano of Iacano Research credits the majority of the recovery and rise in home prices—if not all of it—to the Federal Reserve’s aggressive actions to keep mortgage rates low. The Fed’s quantitative easing (QE) program has prompted mortgage rates to fall to all-time lows in recent weeks. 

The lower interest rates have increased home buyers’ purchasing power and boosted affordability.

For the entire REALTOR Mag article, dated December 10, 2012, click here.

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