Monday, December 17, 2007
Bernie's Best Buys in Naples Florida
Upscale Community builders close out choose from 4 up to $150,000 off Lely Resort.
2000+Sq Ft 3 Bed 2B Pool home The Shores for under $400.
2500+Sq Ft Two Story 4 Bedroom Home in The Shores under $380.
Turnkey Furnished 1100+ Sq Ft 2B 2B Condominium under $190.
1800+sq ft Attached Villa built in 2005 in Forest Park under $250.
2200+Sq Ft 3+den Lake View with pool in Plantation under $360.
1600+sq ft Carriage Home on Golf course in Glen Eagle under $330
Pre-season Sale at Firano starting at $430,000
Ashton Place from under $500,000
Bernie East Realtor
Amerivest Realty of Naples Florida
239-248-1966
Tuesday, November 6, 2007
New Construction Deals in Naples
Looking for a new home, Builders are at the moment offering great deals either move in now, or on build your own design with your choice of upgrades.
Call or E-mail me
239-248-1966
WWW.Berniesellsnaples.com
Wednesday, August 29, 2007
OPEN HOUSE 9/2/2007 1.00pm - 4.00pm
HOME FOR SALE IN LAGO VILLAGGIO AT GLEN EAGLE. $699,999Beautiful "Villa Flora", two story home with magnificent designer swimming pool and spa, including four swim up seats. Situated at the far end of the pool is an elevated dining area. The rear of the home is private and secluded. This three den home is nicely decorated throughout. Features include large designer kitchen with upgrade appliances and beautilul granite countertops, kitchen bar area has wonderful finished wall design. Master bedroom suite is located on the ground floor.
Call Bernie East 239-248-1966 for directions
Amerivest Realty
Monday, July 30, 2007
INTERNATIONAL BUYERS
Daily Real Estate News July 30, 2007
Survey Digs into Details of International buyers — foreign citizens who legally enter the United States to purchase a home — are making up a growing share of business for real estate practitioners, according to new research by the NATIONAL ASSOCIATION OF REALTORS®. NAR’s 2007 Profile of International Home Buying Activity shows that a quarter of REALTORS® report more international business in 2006 than five years ago. Nearly one in five respondents sold a home to an international client in the past year, and one-third say they believe foreign retirees are an increasingly important market in the United States. “Just as many U.S. residents are looking overseas for retirement and second homes, people in other countries are considering a home in this country,” says NAR President Pat V. Combs. As international boundaries of homeownership dissolve, you must stand ready to serve an increasingly diverse and multicultural marketplace, she adds. The research explored the characteristics of second-home purchases in the United States made by international clients. Here are six of the top findings, which reveal important trends that will help you tap into the expanding international niche:
Stronger preference for condos and apartments. In 2006, most international home buyers purchased single-family homes or townhomes, and like most domestic home buyers, they financed their purchase. However, they showed stronger preferences for condos/apartments when compared to U.S. home buyers; 22 percent of international buyers purchased condos/apartments, versus 12 percent of U.S. buyers.
More pay in cash. Twenty-eight percent of foreign buyers bought their houses with cash, compared to 8 percent of U.S. buyers.
Purchase pricier homes. The median sales price of homes purchased by international buyers was $299,500, which is significantly higher than the U.S. median of $221,900 during the same period.
Homes used for vacation, investment. Forty-seven percent of all international buyers purchased homes exclusively for vacation, while 22 percent were motivated primarily by investment. Nearly a third of foreign buyers cited both vacation and investment as reasons for their purchase. International homeowners spent an average of 4.2 months of the year in their U.S. property in 2006.
Buyers from Mexico most prevalent. A third of all international buyers are from Europe, but buyers from Asia and North America (outside the United States) each represent about one-fourth of the total market. Sixteen percent of all international buyers are from Latin America. By individual country, most buyers come from Mexico (13 percent), the United Kingdom (12 percent) and Canada (11 percent).
Florida leads the pack. Foreign buyers purchase homes across the United States, but 52 percent of sales in 2006 were concentrated in three states: Florida (26 percent), California (16 percent), and Texas (10 percent). The South attracted nearly half – 49 percent – of international buyers last year, while 31 percent purchased homes in the West.
Survey Digs into Details of International buyers — foreign citizens who legally enter the United States to purchase a home — are making up a growing share of business for real estate practitioners, according to new research by the NATIONAL ASSOCIATION OF REALTORS®. NAR’s 2007 Profile of International Home Buying Activity shows that a quarter of REALTORS® report more international business in 2006 than five years ago. Nearly one in five respondents sold a home to an international client in the past year, and one-third say they believe foreign retirees are an increasingly important market in the United States. “Just as many U.S. residents are looking overseas for retirement and second homes, people in other countries are considering a home in this country,” says NAR President Pat V. Combs. As international boundaries of homeownership dissolve, you must stand ready to serve an increasingly diverse and multicultural marketplace, she adds. The research explored the characteristics of second-home purchases in the United States made by international clients. Here are six of the top findings, which reveal important trends that will help you tap into the expanding international niche:
Stronger preference for condos and apartments. In 2006, most international home buyers purchased single-family homes or townhomes, and like most domestic home buyers, they financed their purchase. However, they showed stronger preferences for condos/apartments when compared to U.S. home buyers; 22 percent of international buyers purchased condos/apartments, versus 12 percent of U.S. buyers.
More pay in cash. Twenty-eight percent of foreign buyers bought their houses with cash, compared to 8 percent of U.S. buyers.
Purchase pricier homes. The median sales price of homes purchased by international buyers was $299,500, which is significantly higher than the U.S. median of $221,900 during the same period.
Homes used for vacation, investment. Forty-seven percent of all international buyers purchased homes exclusively for vacation, while 22 percent were motivated primarily by investment. Nearly a third of foreign buyers cited both vacation and investment as reasons for their purchase. International homeowners spent an average of 4.2 months of the year in their U.S. property in 2006.
Buyers from Mexico most prevalent. A third of all international buyers are from Europe, but buyers from Asia and North America (outside the United States) each represent about one-fourth of the total market. Sixteen percent of all international buyers are from Latin America. By individual country, most buyers come from Mexico (13 percent), the United Kingdom (12 percent) and Canada (11 percent).
Florida leads the pack. Foreign buyers purchase homes across the United States, but 52 percent of sales in 2006 were concentrated in three states: Florida (26 percent), California (16 percent), and Texas (10 percent). The South attracted nearly half – 49 percent – of international buyers last year, while 31 percent purchased homes in the West.
Sunday, July 29, 2007
Bargain Hunting for Condos
Thinking of retiring to a formerly hot market? The slowdown has made parts of the Sunbelt a lot more affordable. Eugenia Levenson of Fortune Magazine presents a guide to finding the best deals in Naples. June 15, 2007.
It is just a 2 hour drive from Miami, but Naples is another world, as famous for its sun-drenched beaches as it is for the high-society snowbirds who fill them. The tiny resort town attracts everyone from retired NFL coaches, basked ball players, baseball players, golf pros, TV personalities and former auto execs. Judge Judy, Ted Turner, Mike Ditka, Marty Schottenheimer, Larry Bird, Ted Turner or maybe it's Jane Fonda, Greg Norman, Tom Cruise and Steven Spielberg to name a few.
During the real estate boom, Naples regularly landed at the top of housing analysts. overpriced market list. Last year a chill fell over this pristine town and its expansive golf courses. Pending condo sales dropped 43% from the first quarter to the fourth and the median prices fell 17% as buyers chose to wait out the frenzy.
But some experts say the market is starting to stabilize. While there is still excess inventory-a 36 month supply of new condos, plus another 42 months worth of existing units for sale-construction has halted and the glut is mostly in the lower end of the market. (Yes, Naples has a low end.) That means now might be the time for the skittish to come off the sidelines.
And buyers may be doing just that: Baker says three $2 million condos sold in the Aria last month. "The savvy second-home buyer is seeing that this is a good time," says Naples Area Board of Realtors President Spencer Haynes. "There is choice now and they might be able to negotiate a better deal. "For this ritzy enclave, that kind of opportunity doesn't come around often."
Call Bernie East Realtor®
239-248-1966
Amerivest Realty
Friday, July 27, 2007
OPEN HOUSE SUNDAY 29th 1.00-4.00pm
118 PLANTATION CIRCLE FLORIDA 34104
One of the newest homes in Plantation with 3 Bedrooms looking out onto a new heated pool complete with high pressure wave action in deep end, multi colored mood light in pool & heated spa with waterfall and surrounded by paver deck. This great-room plan revolves around the expansive pool deck with tropical plantings and fruit trees and very large tropical gardens, very private and wide lot gives you that true feeling of Florida's tropical setting. The 14' vaulted ceilings, formal entry and glass sliders across the entire back of this home welcome you to one of the largest back yards, fully fenced in Plantation. Inside the warm Italian ceramic loors, solid surface countertops, polished gold bath fixtures and plant shelves provide a warmth and elegance to this special home. The family friendly community of Plantation offers Clubhouse with swimming pool, tennis courts and also very low HOA. Motivated Seller bring all offers.
BERNIE EAST REALTOR®
239-248-1966
AMERIVEST REALTY
Thursday, July 19, 2007
OPEN HOUSE 7/22/2007 1.00PM TO 4.00PM
118 Plantation Circle Naples FL34104Lovely Single Family Pool and Spa home 3 Bedroom 2 Bath with low Home Owner Fees.
VERY MOTIVATED SELLER
Bernie East Amerivest Realty
239.248.1966
www.Berniesellsnaples.com
Thursday, July 12, 2007
OPEN SUNDAY 1.00pm - 4.00pm
OPEN HOUSE SUNDAY JULY 15th 1.00-4.00
118 PLANTATION CIRCLE, RADIO ROAD EAST PAST SANTA BARBARA ENTRANCE ON RIGHT THEN TURN INTO SECOND 2ND CUL-DE-SAC ON LEFT.
118 PLANTATION CIRCLE, RADIO ROAD EAST PAST SANTA BARBARA ENTRANCE ON RIGHT THEN TURN INTO SECOND 2ND CUL-DE-SAC ON LEFT.
One of the newest homes in Plantation with 3 Bedrooms looking out onto a new heated pool complete with high pressure wave action in deep end, multi colored mood light in pool & heated spa with waterfall and surrounded by paver deck. This great-room plan revolves around the expansive pool deck with tropical plantings and fruit trees and very large tropical gardens, very private and wide lot gives you that true feeling of Florida's tropical setting. The 14' vaulted ceilings, formal entry and glass sliders across the entire back of this home welcome you to one of the largest back yards, fully fenced in Plantation. Inside the warm Italian ceramic loors, solid surface countertops, polished gold bath fixtures and plant shelves provide a warmth and elegance to this special home. The family friendly community of Plantation offers Clubhouse with swimming pool, tennis courts and also very low HOA.
Bernie East Realtor
Wednesday, June 27, 2007
OPEN HOUSE SUNDAY JULY 1st 1.00-4.00pm
OPEN HOUSE SUNDAY JULY 1st 1.00-4.00
PLEASE COME VISIT MY NEW LISTING IN PLANTATION OPEN THIS COMING SUNDAY JULY 1ST 1.00-4.00pm.
118 PLANTATION CIRCLE, RADIO ROAD EAST PAST SANTA BARBARA ENTRANCE ON RIGHT THEN TURN INTO SECOND 2ND CUL-DE-SAC ON LEFT.
PLEASE COME VISIT MY NEW LISTING IN PLANTATION OPEN THIS COMING SUNDAY JULY 1ST 1.00-4.00pm.
118 PLANTATION CIRCLE, RADIO ROAD EAST PAST SANTA BARBARA ENTRANCE ON RIGHT THEN TURN INTO SECOND 2ND CUL-DE-SAC ON LEFT.
One of the newest homes in Plantation with 3 Bedrooms looking out onto a new heated pool complete with high pressure wave action in deep end, multi colored mood light in pool & heated spa with waterfall and surrounded by paver deck. This great-room plan revolves around the expansive pool deck with tropical plantings and fruit trees and very large tropical gardens, very private and wide lot gives you that true feeling of Florida's tropical setting. The 14' vaulted ceilings, formal entry and glass sliders across the entire back of this home welcome you to one of the largest back yards, fully fenced in Plantation. Inside the warm Italian ceramic loors, solid surface countertops, polished gold bath fixtures and plant shelves provide a warmth and elegance to this special home. The family friendly community of Plantation offers Clubhouse with swimming pool, tennis courts and also very low HOA.
Wednesday, May 30, 2007
COMPETIVE PRICING KEY TO SALES
Getting a listing is good but only if it sells. Many Realtors face a daunting task today: How do you tell a seller that he should have a lower asking price – something less than the amount his neighbor got when his similar-sized home sold in 2006? Richard Coren, a Pembroke Pines seller, listed his home for $420,000 in November and it just sat there. Finally, he knocked $40,000 off the price based on advice from his Realtor, Cyndy Wald with the Keyes Co.’s Weston office. Wald says she told Coren that his $420,000 asking price was “yesterday’s news,” advice she gives all her clients. “We’re still in this correction phase,” Wald says. “They have to price it very competitively.” David Dabby, a Realtor in Coral Gables, notes that the relatively strong economy and still-affordable interest rates keep prices from falling even further – at least for now. Should either of those conditions change, however, a seller unwilling to accept a drop in asking price today could be forced to swallow an even greater loss tomorrow.
Source
Florida Association of REALTORS
Source
Florida Association of REALTORS
Sunday, May 27, 2007
May 25th New Home Sales Surge in April
Daily Real Estate News May 25, 2007 New Home Sales Surge in April
Sales of new single-family homes jumped 16.2 percent in April, the largest increase in 14 years, but the median price fell 11.1 percent, marking the largest one-month decline on record, according to the Commerce Department.Analysts regarded the mixed signals cautiously, saying that troubles in the subprime market could further crimp demand in coming months.''What you're seeing is the blue-light special,'' says Pat McPherron, an economist with Moody's Economy.com. ''The only way this market is going to move is by price cutting.''The strength in new-home sales was led by a 27.8 percent increase in the South. Sales were also up in the West by 8.5 percent and in the Northeast by 3.8 percent. In the Midwest, sales fell 4 percent. Meanwhile, April's median new-home price of $229,100 made the record books as the largest-ever month-over-month decline, as well as the biggest year-over-year drop (10.9 percent) since 1970.
Source: The New York Times (05/25/07)
Sales of new single-family homes jumped 16.2 percent in April, the largest increase in 14 years, but the median price fell 11.1 percent, marking the largest one-month decline on record, according to the Commerce Department.Analysts regarded the mixed signals cautiously, saying that troubles in the subprime market could further crimp demand in coming months.''What you're seeing is the blue-light special,'' says Pat McPherron, an economist with Moody's Economy.com. ''The only way this market is going to move is by price cutting.''The strength in new-home sales was led by a 27.8 percent increase in the South. Sales were also up in the West by 8.5 percent and in the Northeast by 3.8 percent. In the Midwest, sales fell 4 percent. Meanwhile, April's median new-home price of $229,100 made the record books as the largest-ever month-over-month decline, as well as the biggest year-over-year drop (10.9 percent) since 1970.
Source: The New York Times (05/25/07)
Wednesday, May 9, 2007
2007 Home Sale Prediction
NAR: Soft Landing for Home Sales The NATIONAL ASSOCIATION OF REALTORS® still expects more than 6 million existing-home sales in 2007, but stricter lending standards and a decline in subprime mortgage origination have contributed to somewhat lowered expectations compared with earlier forecasts, according to the latest projections from NAR.Lawrence Yun, NAR senior economist, says one benefit for the market is the disappearance of speculative behavior, which contributed to abnormal price growth. “Home buyers today are purchasing for the long term, generally with a realistic expectation of modest gains over time,” Yun says. “Housing first and foremost is shelter.
Second, it’s a long-term investment that slowly builds the greatest amount of wealth for most families. It’s good that we’re getting beyond the tendency of some buyers to view housing as a temporary asset to accumulate short-term wealth, which is not to be expected in a normal market.”Housing ProjectionsNAR expects the following in home sales this year:
Existing-home sales are likely to total 6.29 million this year and 6.49 million in 2008, compared with 6.48 million last year.
REALTOR® Magazine Online
Second, it’s a long-term investment that slowly builds the greatest amount of wealth for most families. It’s good that we’re getting beyond the tendency of some buyers to view housing as a temporary asset to accumulate short-term wealth, which is not to be expected in a normal market.”Housing ProjectionsNAR expects the following in home sales this year:
Existing-home sales are likely to total 6.29 million this year and 6.49 million in 2008, compared with 6.48 million last year.
New-home sales are projected at 864,000 in 2007 and 936,000 next year, lower than the 1.05 million in 2006.
Housing starts should total 1.46 million units this year and 1.52 million in 2008, down from 1.80 million last year.“If it weren’t for a favorable economic backdrop, housing would probably have a hard landing,” Yun says. “As it is, we see this as a soft landing with home sales rising gradually in the second half of the year and prices recovering a bit later.” The 30-year fixed-rate mortgage should rise slowly to 6.5 percent by the fourth quarter, NAR predicts. Last week, Freddie Mac reported the 30-year rate was 6.16 percent. The national median existing-home price is forecast to slip 1 percent to $219,800 this year, and then rise 1.4 percent in 2008. The median new-home price is expected to be essentially unchanged at $246,400 in 2007, and then rise 2.2 percent next year.The unemployment rate will probably average 4.6 percent this year, unchanged from 2006. Inflation, as measured by the Consumer Price Index, is estimated to decline to 2.5 percent in 2007, down from 3.2 percent last year. Growth in the U.S. gross domestic product is projected at 2.1 percent in 2007, lower than the 3.3 percent growth last year. Inflation-adjusted disposable personal income should rise 2.6 percent in 2007, the same as last year.—
REALTOR® Magazine Online
Monday, May 7, 2007
First Quarter Sales 2007
NAPLES AREA BOARD OF REALTORS®REPORTS FIRST QUARTER TRANSACTIONS NAPLES
The Naples Area Board of Realtors® has released first quarter 2007 statistics for home listings and sales in Naples, utilizing the Board’s local reporting format.
In this report, only sales of homes within the Naples geographic area are being shown - specifically all areas in Collier County excluding Marco Island and other outlying areas - to reflect an accurate and relevant portrait of the local real estate market.
A summary of the statistics is presented in graph format, along with the following analysis.
New listings as of March 31, 2007, were 5,885 as compared to the record 6,851 reported in the first quarter of 2006, marking a drop of 14 percent.
Pending sales during the first quarter of 2007 were reported at 1,491, a slight decrease of 4.5 percent from the first quarter of 2006.
There were 939 closed sales reported at the end of the first quarter of 2007, a drop of 25 percent from the first quarter of 2006 which reported 1,250 closed sales.
The median sales price of homes sold during the first quarter of 2007 was $399,512. The median refers to the middle value in a set of statistical values that are arranged in ascending or descending order, in this case prices at which homes were actually sold.
It should be noted that in any given period the median can vary greatly if there is an anomaly, a single sale that is significantly higher or lower than other properties in the area.
With Naples Area Board of Realtors® members reporting continuing increases in showings to qualified buyers and pending sales indicating improved activity, the expectation is that the market will maintain an upward push.
Median pricing is again showing a rise, with an overall upward trend line over the long term. Median prices have not yet reached the level experienced during the record sales in early 2005 and first quarter 2006, but the value of the Naples location remains a strong draw for luxury second-home buyers and investors on the national and international level.
Inventory: As of April 1, 2007, there were 12, 123 active listings on the market. With 4,183 homes sold in the previous 12 months, it is calculated that the current inventory represents a 35 month supply.
The calculation of months’ supply is derived by dividing the total number of listings at the beginning of the month (Supply) by the number of sales which closed over the past 12 months (Demand). This way we normalize the data by utilizing the prior rolling 12 months closing statistics (Demand). This methodology illustrates a more realistic trend which takes into account market seasonality. After we calculate the years supply, we then multiply the years supply times 12 to get the months supply. This is the current method used by Hanley Wood Market Intelligence.
The Naples Area Board of Realtors® has released first quarter 2007 statistics for home listings and sales in Naples, utilizing the Board’s local reporting format.
In this report, only sales of homes within the Naples geographic area are being shown - specifically all areas in Collier County excluding Marco Island and other outlying areas - to reflect an accurate and relevant portrait of the local real estate market.
A summary of the statistics is presented in graph format, along with the following analysis.
New listings as of March 31, 2007, were 5,885 as compared to the record 6,851 reported in the first quarter of 2006, marking a drop of 14 percent.
Pending sales during the first quarter of 2007 were reported at 1,491, a slight decrease of 4.5 percent from the first quarter of 2006.
There were 939 closed sales reported at the end of the first quarter of 2007, a drop of 25 percent from the first quarter of 2006 which reported 1,250 closed sales.
The median sales price of homes sold during the first quarter of 2007 was $399,512. The median refers to the middle value in a set of statistical values that are arranged in ascending or descending order, in this case prices at which homes were actually sold.
It should be noted that in any given period the median can vary greatly if there is an anomaly, a single sale that is significantly higher or lower than other properties in the area.
With Naples Area Board of Realtors® members reporting continuing increases in showings to qualified buyers and pending sales indicating improved activity, the expectation is that the market will maintain an upward push.
Median pricing is again showing a rise, with an overall upward trend line over the long term. Median prices have not yet reached the level experienced during the record sales in early 2005 and first quarter 2006, but the value of the Naples location remains a strong draw for luxury second-home buyers and investors on the national and international level.
Inventory: As of April 1, 2007, there were 12, 123 active listings on the market. With 4,183 homes sold in the previous 12 months, it is calculated that the current inventory represents a 35 month supply.
The calculation of months’ supply is derived by dividing the total number of listings at the beginning of the month (Supply) by the number of sales which closed over the past 12 months (Demand). This way we normalize the data by utilizing the prior rolling 12 months closing statistics (Demand). This methodology illustrates a more realistic trend which takes into account market seasonality. After we calculate the years supply, we then multiply the years supply times 12 to get the months supply. This is the current method used by Hanley Wood Market Intelligence.
Thursday, April 19, 2007
NEW CREDIT SCORE BASED ON RENT
Utility PaymentsFair Isaac has launched the FICO Expansion Score to help prospective borrowers with minimal credit histories obtain loans and credit scores. The Expansion score gauges a borrower's creditworthiness using timely utilities and rent payments and clean checking accounts, among other factors. While car dealers and credit-card companies have already embraced the new scoring model, mortgage lenders are unlikely to do so unless Fannie Mae and Freddie Mac purchase the resulting loans.
Kiplinger's Personal Finance, Joan Goldwasser (03/07)
Kiplinger's Personal Finance, Joan Goldwasser (03/07)
Monday, April 16, 2007
Year To Date Sales Numbers
Well I think the housing bubble has repaired itself as you can see by the report above Naples housing sales are on the increase, maybe the properties are selling at more realistic prices at least we are showing some kind of recovery.
Stats provided by Nabor
Wednesday, March 28, 2007
Daily Real Estate News March 28th, 2007
Mortgage Demand Up Almost 17 Percent Year Over Year
Demand for mortgages fell slightly last week compared to the previous one with the Market Composite Index decreasing 0.2 percent from 672.1. But on an unadjusted basis compared with the same week one year ago, applications were up 16.6 percent.The refinance share of mortgage activity decreased to 45.1 percent of total applications from 45.3 percent the previous week.The average interest rate for 30-year fixed-rate mortgages decreased to 6.04 percent from 6.06 percent.The average interest rate for 15-year fixed-rate mortgages decreased to 5.77 from 5.79 percent.The average contract interest rate for one-year ARMs decreased to 5.84 from 5.88 percent.
—REALTOR® Magazine Online
Demand for mortgages fell slightly last week compared to the previous one with the Market Composite Index decreasing 0.2 percent from 672.1. But on an unadjusted basis compared with the same week one year ago, applications were up 16.6 percent.The refinance share of mortgage activity decreased to 45.1 percent of total applications from 45.3 percent the previous week.The average interest rate for 30-year fixed-rate mortgages decreased to 6.04 percent from 6.06 percent.The average interest rate for 15-year fixed-rate mortgages decreased to 5.77 from 5.79 percent.The average contract interest rate for one-year ARMs decreased to 5.84 from 5.88 percent.
—REALTOR® Magazine Online
Tuesday, March 27, 2007
FORECLOSURES LIKELY TO SET RECORD IN 2007
Foreclosures slipped 4 percent in February from the month earlier, but were 12 percent higher than the same time in 2006."Based on our numbers for the first two months of 2007, foreclosure activity is running at a rate that would project to a 33 percent increase over 2006," said James J. Saccacio, chief executive officer of RealtyTrac.States with the highest foreclosure rates in February were Nevada, Colorado and Florida. Nevada had one foreclosure filing for every 278 households. Colorado reported one foreclosure for every 345 households, and Florida had one foreclosure filing for every 382 households. Nationwide, there was one foreclosure for every 884 households.
SOURCE– REALTOR® Magazine Online
SOURCE– REALTOR® Magazine Online
Monday, March 26, 2007
SUBPRIME FALLOUT
Home Owners vs. Banks Financially-strapped and bankrupt home owners are pointing the finger at banks and mortgage brokers for selling them on the idea of subprime mortgages. Doug Duncan, chief economist for the Mortgage Bankers Association in Washington, D.C., acknowledges that in some cases aggressive lenders obscured facts and made loans that borrowers couldn't afford. But he, like other lenders, says it was the responsibility of borrowers to read and understand what they signed.About 50 percent of the subprime mortgages were "stated income loans," with no verification of borrowers' incomes, says Paul Leonard, director of the California office of the Center for Responsible Lending.Last year, the Mortgage Asset Research Institute sampled 100 such loan applications and reported that 90 percent listed significantly higher incomes for borrowers than they had reported on their tax returns."Borrowers need to protect themselves and need to read what they're signing,” says Nick Larson, an assistant vice president at the Mortgage Asset Research Institute. “At the end of the day, bottom line, you can't stress this enough: The person who is signing the papers is committing themselves financially.
”Source: Associated Press, Alex Veiga (03/25/07)
”Source: Associated Press, Alex Veiga (03/25/07)
Real Estate is looking up
UF: Residential Development May Have Bottomed Out
Survey of Emerging Market Conditions, Q1 2007 FindingsExecutive Summary & ConclusionsThe most important finding from the January round of our Survey of Emerging Market Conditions is that residential development may have bottomed out. Given the scale of the residential development market, this would be good news for all real estate markets and for Florida in general. Meanwhile, most other real estate markets are stable, if not improving, giving a sense that almost all is nearly well in the land. An exception may be condominium markets and apartments for condo conversion that continue to struggle, though they, too, are perceived to be improved.
In brief, leading observations include the following:- Residential absorption rates are expected to stabilize for both single family development and condo development.- Residential prices are expected to lag inflation, but fewer respondents look for actual declines than previously did.- Investment in single family residential development is no longer regarded as clearly a poor prospect, though condo development, while improving, has further to go.- All types of rental property except hospitality are viewed more favorably as investment opportunities than they were in the previous survey, and generally are viewed as positive opportunities.- The outlook for respondents' own business, which has declined steadily in the last year, remained stable relative to the previous quarter.
For more detail visit their website:http://www.cba.ufl.edu/fire/realestate/cres/findings.asp
South East Naples Real Estate Report
Welcome to my report these numbers are provided by the Sunshine Mls
NA 17 north of Davis Blvd
Homes on market 1123.
Avg List pric $363,937.
#of sales 422.
Sales price to list price 96%
NA 18 north of Rattlesnake Hammock south of Davis Blvd.
Homes on the market 925.
Avg List price$361,520.
# of sales305.
Sales price to list price 94%
NA19 south of Rattlesnake north of 41 east of 951.
Homes on the market 719.
Avg list price $505,783.
#of sales 155.
Sales price to list price 92%.
Call Me for more information
Bernie East 239.248.1966
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