Gulf Coast Associates' Blog: All Categories

No matter how much the drive-by media wants to spin the current housing slow down, one thing those of us who live in Florida know for sure, people will continue to flock to the Sunshine State no matter how much doom and gloom the pundits currently espouse. And, it doesn't take a rocket scientist to understand why. A simple look at the numbers mixed with a little common sense is all anyone needs to see the forest for the trees.

First and foremost, if you read a newspaper or watch cable television, you'd have no choice but to think that absolutely no one is buying houses anymore, especially in Florida. And, while it is a fact that the sales numbers are down from the boom in 2005-2006, the reality is sales are still occurring at a pretty respectable pace.…

For most Americans, Thanksgiving is a time to celebrate with family and friends giving thanks for the good fortunes of another year. For residents of Florida and other coastal states, Thanksgiving 2007 is also a time to give thanks for another quiet hurricane season. While many areas in Mexico and the Caribbean were not so fortunate, the United States, for the most part, was left unscathed by the destructive nature of this year's storms.

For newer residents to the coastal areas, this year has been an unusual blessing. For more seasoned veterans, it was a mere respite. It doesn’t take much for most of us to recall 2004-6 when the likes of Charlie and Ivan, Dennis and Wilma wreaked their havoc on our very existence. In fact most years, we're grateful to…

The January thru September Naples real estate market statistics for both homes and condominium sales are listed below. Naples, known as the "Crown Jewel" of SW Florida's Gulf Coast, is a truly cosmopolitan, quaint, and cultural city that has transformed itself into a dynamic international and world renown destination.

Naples Home Sales Jan-Sept 2007*:

• 1415 Closed Sales
• Median Sales Price - $480,000
• Average Sales Price - $922,884
• Average Days on Market - 187
• Price/Sq. Foot - $315.56

Naples Condominium Sales Jan-Sept 2007*:

• 1455 Closed Sales
• Median Sales Price - $307,000
• Average Sales Price - $588,276
• Average Days on Market - 180
• Price/Sq. Foot - $294.10

In comparison with 2006 sales…

House Bill HR-3915 Passes, Now Heads to Senate

Well, after a few agonizing days, and a relentless email campaign by many in our industry, the House of Representatives finally passed the new Mortgage Reform and Anti-Predatory Lending Act of 2007 (HR-3915) on Thursday. Thankfully, the final Bill was amended to remove the controversial ban on the use of yield spread premiums, which would have crippled the mortgage lending industry; and, in turn, further promoted the current housing slump by raising interest rate costs to anyone looking to finance a new mortgage loan.

 While we agree that some of new Bill's proposed changes will be good for our industry as a whole, we totally disagree that Congress should be in the business of trying to legislate good…

The Coconut Point Mall turned one year old over this last weekend and as everyone here in Southwest Florida knows well, it has become a treasure for the residents of Estero and Bonita Springs.

The 500 acre open air mall now includes over 130 stores, shops, and restaurants combined with living and office spaces in an aesthetically pleasing community setting. Visitors stroll down Fashion Drive at their leisure taking advantage of the eclectic mix of offerings. From coffee shops and book stores, restaurants, boutique shops and mass merchandisers, there's something for everyone at the Coconut Point Mall. Throw in the monthly jazz concerts, art shows, and the Movieplex and it's easy to understand why the mall attracts families like crazy and has become a boon…

The January thru September Bonita Springs real estate market statistics for both homes and condominium sales are listed below. Bonita Springs, known as the "Gateway to the Gulf" is one of Southwest Florida's fastest growing coastal cities. Located between Ft. Myers and Naples, Bonita Springs offers endless lifestyle choices while still maintaining its small town charm.

Bonita Springs Home Sales Jan-Sept 2007*:

• 404 Closed Sales
• Average Sales Price - $733,884
• Average Days on Market - 182
• Price/Sq. Foot - $266.89

Bonita Springs Condominium Sales Jan-Sept 2007*:

• 383 Closed Sales
• Average Sales Price - $435,835
• Average Days on Market - 240
• Price/Sq. Foot - $231.06

In comparison with 2006 sales data,…

If you're looking for something "out of the ordinary", and fun to do this weekend, head on over to Ft. Myers Beach for the 21st Annual American Sand Sculpting Championship. The event runs through Sunday and features some of the top sand sculptors from around the world. But, get there early as the festival is expected to draw over 70,000 visitors.

This year's championship will feature eighteen master carvers, 10 semi-pro carvers and roughly 30 amateurs all showing off their unique abilities for making masterpieces out of the soft white sand. Many travel here year after year as The Beach's white sands are considered to be the best in the world to compete with. Top prize for the competing masters is $3000, but bragging rights typically are more important…

Now that a Federal Judge has at least temporarily blocked HUD from doing away with Down Payment Assistance Programs (DAP), we thought it might be a good time to review their requirements. Many first time homebuyers need this type of help and since HUD has filed an appeal, using this window of opportunity might make sense, especially with the recent drop in mortgage interest rates.

DAP programs permit the seller to contribute up to 6% towards down payment and closing costs for the buyer for a small charge collected as a fee by the non-profit organization. The typical charge is from $250-$500, depending on the provider and the amount of the assistance.

When used in combination with a FHA loan program, buyers can essentially purchase a new home with very…