Gulf Coast Associates' Blog: All Categories

The mid year real estate market statistics for both The Vineyards home and condominium sales are listed below. The Vineyards is an upscale gated golf community with excellent amenities located in Naples, Florida.

The Vineyards Home Sales Jan-Jun 2007:

• 22 Closed Sales
• Average Sales Price - $872,922
• Average Days on Market - 193
• Price/Sq. Foot - $326.21

The Vineyards Condominium Sales Jan-Jun 2007:

• 25 Closed Sales
• Average Sales Price - $408,120
• Average Days on Market - 158
• Price/Sq. Foot - $216.42

In comparison with 2006 sales data, for this same time period, we've seen a 23% decrease in the average price for homes and a 28% decrease in the average price for condominiums. Average days on market rose…

According to Bankrate.com's annual survey on loan closing costs, Florida ranked number three behind only Texas and New York. The new ranking was a move up for Florida from being ranked number 5 last year.

This year's top five states included:

• New York - $3,830
• Texas - $3,413
• Florida - $3,175
• Pennsylvania - $3,169
• Ohio - $3,047

The bottom five states included:

• North Carolina -$2,487
• Nevada - $2,467
• Illinois - $2,401
• Wyoming - $2,390
• Indiana - $2,339

The median cost for all states was $2,692. The study was based on a $200,000 loan with 20% down and excluded taxes, other governmental fees and escrow fees.

The survey results reinforce why borrowers need to shop for their mortgage loan and…

Despite continued good economic growth here in Southwest Florida, existing single family home sales in Lee County were down in June. The area, known as Southwest Florida's Lee Island Coast, includes the cities of Bonita Springs, Cape Coral, Estero, Ft. Myers, Fort Myers Beach and Sanibel & Captiva.

The volume of single family homes slipped 37% from a year ago to 558 sales. Also, the median price dropped to $253,900, down 5% from June 2006. However, the price in Lee County stills fairs better than most other areas within the state, where the median price for all home sales fell to $243,200.

What appears to be happening is the market is beginning to balance - you can't continue to compare the 2005 levels as something that would be a "normal" selling year -…

The mid year real estate market statistics for both Pelican Landing home and condominium sales are listed below. Pelican Landing is an upscale gated golf community with excellent amenities that is considered one of Bonita Springs' premier communities. Its properties are highly sought after for purchase by savvy buyers looking for the best of living in Southwest Florida.

Pelican Landing Home Sales Jan-Jun 2007:

• 24 Closed Sales
• Average Sales Price - $771,600
• Average Days on Market - 174
• Price/Sq. Foot - $313.81

Pelican Landing Condominium Sales Jan-Jun 2007:

• 20 Closed Sales
• Average Sales Price - $367,963
• Average Days on Market - 138
• Price/Sq. Foot - $215.32

In comparison with 2006 sales data, for…

Now that a little time went by since the Florida Legislature passed its real estate tax reform bill (June 2007), and proposed their idea for the constitutional amendment for residents, the battle lines are being drawn for getting the amendment approved in January, 2008. A recent press release shows the Florida Association of Realtors pledged $1M in advocating for the constitutional amendment and that sent a ripple effect between the Realtor® community and the general public - who is as confused as ever. You might expect that ANY tax reform causes everyone to immediately jump on the bandwagon.  However, upon further reflection, opinions are rapidly changing. Depending on who's side you're on with this issue, there is limited time to effect an impact with…

For families facing some challenging housing arrangements - we announce the offering of the Family Opportunity Mortgage. Now, if you need to buy a home for a disabled (unable to work) family member, provide housing for a college bound child - "Kiddie Condos", or provide a home for your elderly parents - you will no longer have to pay the higher interest rates associated with the home being considered as an investment property.

For elderly parents or disabled family members, you will need to provide a letter stating their intent to occupy the property as their primary residence and if applicable, an explanation regarding the disability. There are no distance requirements and you will qualify as the primary purchaser on the property.

For "Kiddie Condos",…

It's real easy to confuse a buyer who is pre-qualified vs. a buyer who is pre-approved. But, think of what the words actually mean - you may be qualified to buy a property because of how much money you make. However, if you don't pay your bills on time and you have poor credit, you could still be declined for a home loan. If you are approved to do something - then that means someone else is permitting you to do what you say you can. You can home shop with confidence if you have a loan approval letter in hand.

Agents, buyers, and sellers may equate pre-qualification with pre-approval when in fact these two terms are apples and oranges. A pre-qualified buyer is someone who calls a lender on the phone and speaks about their financial situation. The lender,…

Having been in the mortgage lending business for 20 years or so, we've seen a lot of things both good and bad. However, in the last couple of years the industry, as a whole, seems to have lost its way when it comes to handing out loans to under qualified borrowers. All you have to do is read a newspaper - or watch a cable business show - to be aware of the problems with predatory lending practices and skyrocketing foreclosure rates. Unfortunately, none of these issues stemmed the tide of lenders originating option ARMs and "No Doc" loans with reckless abandon.

We know you might be thinking this is no big deal and that these types of programs help get borderline buyers into the house they want. The problem is that outlook is a short sighted way of looking…