Southwest Florida Real Estate News

In the current market, condo-hotel investors should be cautious about potential profits, according to some analysts. A new study by the National Association of Condo Hotel Owners predicts most South Florida condo-hotel projects won't even cover maintenance fees, property taxes or other costs.

Currently there is an oversupply of "condo-hotel" developments and the concept arrived too late to benefit investors from the recent past years of appreciation.

Many developers insist that buyers are not in it for the investment, but for a piece of vacation real estate--not unlike timeshares of the 80's. However, there are some projects that are doing well. Just do your homework before investing(buying).

Here are some things that can reduce the impact of a hurricane to your home:

Roof preparation-
Disconnect any exterior television antenna or satellite dish.
Remove roof turbine and cover holes.
Check for loose or damaged shingles, seal and secure.
Clean gutters and downspouts.

Window protection-
Install storm shutters.

Door security-
If you have a double entry door, secure the center between them with special hardware designed to do this.
Provide stiffening support for garage doors.

Yard maintenance-
Trim trees away from your home.
Clean up the yard of any loose items. (i.e. lawn furniture, grills doghouses, swing sets, etc.)

Family involvement-
Have an evacuation plan.
Place irreplacable keepsakes and personal items in a waterproof, fireproof container.
Have insurance policies, birth certificates, financial information ready to take with you if you should be required to evacuate.
Have first aid supplies and essential medications readily accessable.
Make sure you have a non-electric can opener, water, protective clothing, rainwear, blankets.
Have contact numbers for family members or friends so you can let others know where you are and that you are safe.

Curb appeal is greatly improved by a fresh coat of paint. Choose earthtones and soft shades to appeal to as many homebuyers as possible.

The next simple improvement is to trim your shrubs. If some are too large or dying, replace. Place shrubs and trees in such a way as to create privacy in your back yard.

Clean and resurface your driveway. At least remove oil stains and remove overgrown grass.

Fix and refinish (or replace) worn and outdated entry doors. Replace door knobs and locks if necessary.

Work on overall appearance. Clean gutters, wash windows, and remove excess "stuff" like kids toys that are no longer used, etc.

Take various pictures of the outside of your home and review them from a buyers eyes. Would you buy this house, is it neat and orderly, does it look inviting? If yes, congratulations you are ready to list it.

Floridians and prospective buyers who want to find out if a sexual offender lives in their community can go to www.fdle.state.fl.us.

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If you are looking for property it can be frustrating and time consuming. To make this process a smoother one here are a few suggestions.

* Go to your bank or financial advisor and discover your credit rating and get a letter of credit for the amount you qualify for. (this does not mean you need to purchase a property for that amount, you can go lower if you like)

* Find a real estate agent you are comfortable with. (it is not always the real estate firm, but the individual that makes the difference)

* Be loyal to that agent. (remember his or her souces are the same as another one in the area you are interested in, so using more than one does not gain any benefits also, if you see a FISBO or do a drive by and like a property, keep your agent involved--remember the seller pays your buyers agents commission and he/she is a great asset during the negotations and closing stages)

* Decide on an area that meets your lifestyle. (what is more important, close to work or close to schools or close to relatives, etc.)

* Determine if you need to sell your home before purchasing another.

* Be ready to buy when you find that "dream home". (even in a buyers market, excellent properties at a competitive price will sell fast)

* Know the importance of submitting to the seller an attractive purchase agreement. (a fair offer, with a good downpayment means you are serious)

* Work with your agent to minimize the effort during your search.

*

Only 53% of all FSBO's decided to sell their own property to save the real estate commission. Before you decide to sell your own property, educate yourself on what you will have to do for the savings.

Last year, 13 percent of all sellers chose the FSBO (“For Sale By Owner”) route, according to National Association of Realtors 2005 Profile of Home Buyers and Sellers. This is down from about 18 percent eight years ago. But more telling than the decline in FSBOs is the fact that more than a third of all FSBOs sold their homes to someone they knew prior to the transaction. This means that only 8 percent of all home sales are arm's-length FSBO transactions.

This ever-decreasing band of risk-takers, ventures into the land of pricing, marketing, screening, scheduling, showing and paperwork, with the goal of saving some money. It's often an experience they find less than rewarding.

Only half of last year’s FSBOs say they plan to go it alone again, so expect to see these numbers go down even further in the years ahead.

Several factors appear to account for the decline in for-sale-by-owners: the increasing complexity of the transaction process, with more disclosures and legal requirement than ever before; the amount of time required to market and show property; and security concerns about the motivation of strangers dealing directly with owners and walking through their homes.

The most difficult tasks for FSBO's:
* Understanding and completing the paperwork.
* Knowing how to prepare the home for sale. (presentation/repairs)
* Getting the price right. (especially in a buyers market)
* Selling within the planned timeframe.
* Marketing the property.
* Having time to show the property.
* Helping buyer obtain financing.

Tips to note should you decide to go it alone:
* Only show the home by appointment. (open house is a security issue)
* Know what other comparable property is selling for. (don't give away your savings)
* Only show to a qualified buyer. (a letter of credit from their bank)
* Get rid of any extra "stuff" and clean it. (first impression is very important)

Before I became a real estate agent, I tried to sell my home on my own. We did open houses and had a lot of traffic who were not qualified buyers. Sometimes I thought they were looking at my personal property to see what they could steal later! I spent money to be on the MLS, have a attorney draft up a purchase agreement, and time and effort to market (fliers, signs, newspaper ad) the home. It did not sell in my timeframe so I pulled it off the market. I knew my bottom line that I wanted from the proceeds, so I contacted a real estate agent and we worked the numbers. In 3 days I received 2 offers, one above my asking price!

Should you still decide to go it alone, I wish you good luck.

Want a free hurricane home inspection? Want the state to pay half the
cost of any recommended repair to prepare your home for the next
storm?

As of today, inspection applications are available at
http://www.mysafefloridahome.com,
a Web site operated by the Florida Comprehensive Hurricane Damage Mitigation Program. If you have an inspection and hurricane upgrades are recommended, the state will pay up to $5,000 in matching funds to qualified Florida homeowners; and
low-income homeowners will be eligible for $5,000 grants with no
match required. There are rules: The program applies only to Floridians
who own a single-family, site-built home with an insured value less than
$500,000; or owners in a residential building of up to four units
providing all unit owners agree to participate. Mobile homes,
manufactured homes, second homes, rental properties, apartments and
businesses are not eligible. Interested homeowners should apply as soon
as possible -- the program's funding, part of the state budget, has a limit.

For immediate assistance, visit the Web site or call toll-free:
(800) 342-2762 in Florida or out-of-state (850) 413-3089.

Status: Immediate Occupancy


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Cape Coral, Florida is one of the largest master plan communities in the nation. Founded in 1970, the City was designed to be a "Water Wonderland" and is strategically located between Tampa and Naples. The Cape is a beautiful City to live and to work. It is a vibrant and youthful city where businesses thrive and life is rich with educational, cultural, and recreational opportunities. The median age is 39 - 41 and Cape Coral is home to more than 150,000 residents, and 4,000 businesses. Forbes Magazine ranked Fort Myers - Cape Coral 2nd among the Top 150 Cities for Job Growth in 2005…and the growth continues.

Credit Score Checkup Can Make a Difference
It’s most lenders’ standard practice to run a credit score check immediately before a borrower closes on a mortgage.

Borrowers who have taken on more debt, failed to pay bills or done anything else that change their credit score for the worse since applying may find themselves facing not only a higher rate, but also being asked to come up with a larger down payment.

Borrowers whose credit scores are on the edge should ask their lenders about two computer programs that can help.

ScoreWizard is a powerful simulator that allows would-be borrowers to scan credit files for opportunities to raise scores.

Another possibility is ScoreRight, which uses common assumptions to pose ways to increase a score. Both are only available through loan officers or mortgage brokers.

These credit-advisory programs can prove valuable to anyone searching for the best rate possible. The difference between a 720 score and 580 could be as much as 3 points, according to the booklet "Your Credit Score." It was prepared by the Consumer Federation of America and Fair Isaac, the company that developed the scoring programs used by each of the three major credit repositories: Equifax, TransUnion, and Experian.

On a $200,000, 30-year loan, the difference between 6.5 percent and 9.5 percent is $418 per month, $5,016 a year and $150,480 over the loan's 30-year life.

Source: United Feature Syndicate, Lew Sichelman (07/30/2006)

Although the Naples-Fort Myers housing market is soft, the fundamentals of long-term demand remain strong, said Bradley F. Hunter, who directs Metrostudy’s market research operations in the Naples-Fort Myers market.

“Demographic and economic trends suggest continued growth in demand for new homes over the long term, driven by a current average annual growth rate of 18,600 new jobs. That is an impressive number, given the low unemployment rate — 2.3 percent — in this market.”

In the two-county area, there were 2,463 single-family housing starts in subdivisions during the second quarter of 2006, an increase of 15.7 percent compared to the first quarter, but a decline of 3.2 percent compared to the second quarter of 2005. The annual starts rate was 9,687 units, a 9.2 percent increase compared to the 8,869 units started during the previous year.

Metrostudy’s absorption figures represent move-ins evidenced by actual signs of occupancy, said Hunter, who noted that move-in statistics are a better measure of real user demand than others including deed recordings and contract sales, both of which are artificially inflated by speculative purchases.

Quarterly housing demand, measured by actual move-ins, declined 32.0 percent, from 2,250 units in the second quarter of 2005 to 1,530 units in the second quarter of 2006. Annual move-ins, meanwhile, totaled 7,703 units, a decline of only 1.2 percent compared to the 7,798 units reported for the previous 12 months.