Florida Real Estate -- Your realty connection in SW Florida, this site contains important information for individuals involved in real estate transactions.

CITY OF CAPE CORAL 2008 ANNUAL REPORT
(Available March 2009) FAST FACTS:

    Population 163,127 (a 4.5% increase over 2007 Annual Rpt.)
    Median Age 44 (no change since 2005 AR)
    Median Income $53,549 (4.1% increase over 2007 AR)
Median Home Value $274,120

South West Florida...
   "Very Affordable and Stunningly
   Beautiful"
    ...Come see what everyone is
    talking about and stay in one of
    our Beautiful Vacation Rentals

Tread Carefully When Making a Low-Ball Offer

These days, it’s easier to make a low-ball offer than it used to be, but still it’s important to be smart. Here are some things that a real estate practitioner and would-be buyer should consider when contemplating such an offer:

● Use foreclosures as comps carefully. Look realistically at the prices foreclosures in the neighborhood brought. Foreclosures aren’t good comps if the homes were stripped of appliances, pipes, HVAC, etc.
● Examine details of short sales critically. How many liens were there against low-selling short sales? If there were no secondary liens, the lender had considerable flexibility.
● Establish realistic time frames. Even in the best of circumstances, foreclosure takes a long time. Will the seller play the waiting game? How long have houses whose owners have equity stayed on the market? Is the buyer in a hurry?

If your buyer makes a low-ball offer, the bank probably won’t be in any rush to take it. They’ll likely just keep soliciting offers without coming back with a counter. Ultimately, the property is likely to sell for a higher price and, chances are, you and your buyer won’t know it until the deal is done.

Source: ThinkGlinck, Ilyce R. Glink (03/30/2009)

GROW SMART
Florida will continue to grow, but without adequate planning, what will the state look like? Be part of the solution and discuss new urbanism in Florida with hands-on examples currently under development.
Go to: http://www.floridarealtors.org/LegislativeCenter/SmartGrowth and download the full PDF brochure. Still have questions? Call FAR's Office of Public Policy in Tallahassee at (850) 224-1400.

SPECIAL NOTICE(S)

Fannie Mae to ease condo mortgage restrictions (1/8/10)
In coordination with Florida Realtors, Fannie will start reviewing all Fla. condo projects and streamline approvals (FAR).
30-year home loans fall to 5.09% (1/8/10)
Rates inched downward for the first decline in a month but remained above record lows hit in December (FAR).
Canadian real estate ends '09 strong (1/8/10)
Experts north of the border expect an "unusually strong" first half in 2010 as Canada's real estate industry rebounds (FAR).
U.S. now a renters' market (1/8/10)
Reis Inc. says the apartment vacancy rate ended 2009 at 8%, and rents dipped 3%, led by cities that once had brisk growth (FAR).
Tax credit renews buyer interest (11/17/09)
Phones rang less often as first-time buyers saw the clock ticking on the tax credit, but now Realtors report renewed interest (FAR).
NAR approves listing-search engine policy (11/17/09)
Realtors no longer must use "reasonable efforts" to guard MLS listings from being indexed by third-party sites such as Google (FAR).
Forecast hopeful as first-timers lead the way (11/17/09)
NAR: "The tax credit is working better than first projected ... we'll have 2.3 to 2.4 million first-time buyers this year" (FAR).
Plan could help unemployed homeowners (11/17/09)
U.S. Rep. wants fed bailout money collected from banks to directly help out-of-work owners pay their mortgage (FAR).
U.S. mortgage delinquencies moderate in 3Q (11/17/09)
TransUnion, a credit reporting agency, says the rate doubled to 6.25% compared to last year, but the rate of increase slowed (FAR).
Congress extends higher mortgage loan limits (11/2/09)
The extension still needs Pres. Obama's signature, expected shortly, to keep limits at current levels through 2010 (FAR).
Pending home sales rise again (11/2/09)
Sept. reflects eight straight months of increases; the year-over-year increase is the highest on record, says NAR.
Entrepreneurs find opportunity in down market (10/19/09)
Many investors see the current slowdown as a golden real estate opportunity: the perfect time to buy low and sell high (FAR).
Property flippers return – but that’s good (10/8/09)
Investors are buying dilapidated homes, making repairs and selling houses at a market-bearable price (FAR).
Mortgage fraud suspects arrested in Peru (10/8/09)
The owners of a Tampa company attempted to defraud nearly 300 Fla. homeowners by offering foreclosure help (FAR).
For More information go to "Real Estate News" on the Side-bar to the right.

BARGAIN HUNTING?

Buyers and sellers are waiting for the other to blink: The housing slowdown isn't giving buyers the big bargains that they might have hoped; and where there are discounts, buyers aren't leaping to grab them, says Karl E. Case, an economics professor at Wellesley College, who specializes in real estate. Case says the most recent survey he and a colleague conducted among homebuyers revealed growing pessimism about buying in a down market. "They're scared they're going to buy something very expensive that's going to fall in value," he says. Sellers, meanwhile, are being "stubborn. They seem to be holding out so far." The result: "People are staring each other down." Case described home prices as having "downward stickiness," meaning they don't fall nearly as much as they rise during the strong periods. In previous down periods, Case points out, the economy has been in a general slump. This time, in most parts of the country, the economy is growing and adding jobs. Case concludes the housing market is in "that flat period, of four to six quarters, where prices don't plummet. They hold on."

TIME TO CLOSE [THE] DOOR ON OPEN HOUSES?

Eighty percent of homebuyers used the Web to search for properties last year but only 42 percent visited open houses, reports NAR. Realty agents have long debated whether open house events are a useful tool as more and more serious buyers view properties online and make appointments to tour those that truly spark their interest. However, some sellers demand open houses because they want to know their agent is working hard to sell the home. Real estate associates who believe in the benefits of open houses say they allow buyers to view properties without making an appointment or commit to working with a real estate agent. In a modern twist, some schedule open houses at non-traditional weekend times, tantalize prospects with refreshments, and work with competitors to organize multi-agency tours. Advocates say this marketing tool also provides a way for associates to develop relationships with prospective buyers, who often go on to work with them to purchase a different home.
Source: RisMedia.com (10/10/08)
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