Gulf Coast Associates' Blog: All Categories

We had a loan application appointment this last weekend with a nice couple out in Golden Gate Estates. Knowing their location (east of Naples) was close to the Fakahatchee Strand State Park, I decided to tag along as getting out into the Everglades is one of my favorite things to do. It was an early morning appointment, so I had a chance to enjoy the beauty of the place before it got too hot. On the drive back, we noticed the signs for Ave Maria and decided it was about time for us to check out Southwest Florida's newest town.

Ave Maria is the brain child of Tom Monaghan, founder of Domino's Pizza and the Chancellor of Ave Maria University. His conception of having the first Catholic University built since Sacred Heart in 1963 has finally come to…

With Hurricane Dean heading into the southern Gulf of Mexico, we thought it might be a good time to remind Florida residents of the state sponsored My Safe Florida Homes free wind inspection program.

Floridians can learn how safe their homes are now, what they can do to strengthen their homes, and find out if they are eligible for savings on their hurricane insurance premiums. In addition, homeowners who receive an inspection through the program may be eligible for matching grants up to $5,000 to help harden their homes against hurricanes.

The program applies only to homesteaded Floridians who own a single-family detached, site-built homes with an insured value less than $300,000. Properties not eligible for free wind inspections include mobile homes and…

Many times we're asked about whether or not several mortgage lenders pulling a credit report will affect a borrowers' credit rating. When you are shopping for a mortgage loan, it is not uncommon to have more than one "lender" looking at your credit.  For that reason your FICO score will not be affected if the inquiries are made within a short period of time, usually 30 days. For instance, a mortgage inquiry by three lenders on three different days in the past 30 days will not be counted against you at all in terms of the score. However, a little known fact is that some lenders can also select an older version of the FICO scoring formula that will shorten this period to 14 days. If this method is used then it's very possible that your score will be…

The mid year Bonita Springs real estate sales statistics for both homes and condominiums are listed below. Bonita Springs, known as the "Gateway to the Gulf" is one of Southwest Florida's fastest growing coastal cities. Lifestyle options are endless and its central location between Ft. Myers and Naples make it a most desirable destination. While its growth has been prolific, the city still has that small town charm with an exceptional quality of life.

Bonita Springs Home Sales Jan-Jun 2007:

• 280 Closed Sales
• Average Sales Price - $725,099
• Average Days on Market - 182
• Price/Sq. Foot - $273.25

Bonita Springs Condominium Sales Jan-Jun 2007:

• 267 Closed Sales
• Average Sales Price - $435,647
• Average Days on Market - 191
…

The following are tidbits of information we've come across that may be of interest for buyers or sellers of Southwest Florida real estate.

• A year after the Cape Coral utility expansion project came under fire and the federal government launched an investigation, the costs for water, sewer and irrigation lines have dropped from about $22,000 to $13,690.
• A weakened dollar combined with the slow real estate market continues to attract foreign buyers to Florida. The state ranked #1 in a recent survey as the most popular place for foreigners to buy property.
• U.S. House Bill HR 920 - The Multiple Peril Insurance Act of 2007 – moved out of the Financial Services Committee and has the potential to dramatically change the Florida property…

The mid year city of Naples real estate sales statistics for both homes and condominiums are listed below. Naples is considered the "Crown Jewel" of Southwest Florida's coastal cities. It is very well known for its 5th Avenue shopping, artists, world class resorts, mansions, and famous residents.

Naples Home Sales Jan-Jun 2007:

• 856 Closed Sales
• Average Sales Price - $1,057,057
• Average Days on Market - 197
• Price/Sq. Foot - $350.93

Naples Condominium Sales Jan-Jun 2007:

• 1058 Closed Sales
• Average Sales Price - $628,726
• Average Days on Market - 179
• Price/Sq. Foot - $308.76

In comparison with 2006 sales data, we've seen a 4% decrease in the average price for homes and a 10% decrease in the average price…

Well, it's been six months since Gov. Crist signed legislation intended to help Florida homeowners burned by skyrocketing home insurance bills. A review of the situation shows it did not quite turn out like the politicians in Tallahassee thought it would.

State officials promised Florida residents that rates would begin dropping by 25% on the average since the new law permits insurance companies to purchase cheaper state-backed reinsurance and then pass those savings on to their policyholders. In fact, it appears that all the state managed to accomplish with this reform was to take on the extra risk to provide the reinsurance ($12 Billion), and then put Florida taxpayers on the hook for that money too.

A review of the proposed new rates submitted by…

The collapse of American Home Mortgage last week is making all the headlines. Over the past month or so, if you follow any type of financial news you've been hearing about the subprime markets, predatory lending, and the tightening of credit lending standards by State legislatures including Florida. What does all this mean to you? Let's see if we can explain a few of the details so you can understand what actually is happening.

In the past few years quite a few loans were made to folks using a "non-traditional" or a "non-conforming" loan product - this may have been for a poor credit history, unwillingness or inability to document income, or many factors that leave a borrower "outside of the box" for standard loan qualification. Quite a few times these…