Gulf Coast Associates' Blog: All Categories

The mid year Cape Coral real estate market statistics for both homes and condominiums are listed below. Cape Coral, known as the "The Cape" to locals, is one of Southwest Florida's most rapidly growing areas. It is the 3rd largest city in Florida in terms of land mass and features over 400 miles of both fresh and salt water canals - many with gulf access.

Cape Coral Sales Data

Cape Coral Home Sales January-June 2009*:

• 3596 Closed Sales
• Average Sales Price - $129,363
• Median Sales Price - $93,850
• Average Days on Market - 72
• Average Sales Price/Square Ft. - $69.39

Cape Coral Condominium Sales January-June 2009*:

• 243 Closed Sales
• Average Sales Price - $121,630
• Median Sales Price - $94,450
• Average Days on…

We just wanted to give you all a reminder that beginning July 30, the Federal Reserve Board's new Mortgage Disclosure Improvement Act (MDIA) goes into effect. The rule will not only change the way the Truth In Lending Act (TILA) is disclosed to consumers, it may also lengthen the time it takes to get your clients home loans closed.

Highlights of MIDA's new requirements include the following:

• TILA disclosures apply to any closed-end extension of credit secured by the dwelling of a consumer including non-principal dwellings (second homes).
• There must be a seven-day waiting period between the date the initial TIL disclosure is provided to the consumer and disbursement of the loan.
• Any change to the initial APR disclosed in the original TIL…

The mid year Naples real estate market statistics for both homes and condominiums 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 is also the jumping off point to the Everglades, Ten Thousand Islands and the Big Cypress National Preserve, all of which are perfect places for photography, bird watching, and where alligators roam, and ghost orchids hide. This is where you can enjoy outstanding outdoor sports, such as fishing, trekking or canoeing. And don't forget, Naples' famed beaches offer miles upon miles of white sandy havens where you can spend hours doing nothing more than…

The National Association of Realtors (NAR) released a preliminary analysis yesterday of how the Home Valuation Code of Conduct (HVCC) is impacting the housing market. As should have been expected, the numbers seem to reflect an adverse impact. I say this not only because of the numbers themselves, but because anyone who has been involved in the industry for a long time knows, when the government tries to use poorly thought out and knee jerk reaction legislation to influence outcomes, there are always unintended consequences.

The analysis of the report, "using a statistically representative survey of the membership" according to Jed Smith, Managing Director, Quantitative Research, showed the following:

• Approximately 76% of Realtors® representing…

Florida homeowners are saving hundreds of dollars on their property insurance premiums thanks to increased coverage options and their own efforts to claim discounts from getting a wind mitigation report on their homes' storm resistance. Many customers are seeing a 10 to 20 percent drop in premiums from just one year ago.

Local insurance agents are saying the property insurance market today is very different from just a few years ago, when homeowners might only have found one company willing to write coverage in their area. Basically it was a take it or leave it scenario. Today however, most folks have the opportunity to choose from between three to five options as market forces have increased competitive pressures and brought homeowner insurance prices…

The federal regulator overseeing Fannie Mae's and Freddie Mac's Home Affordable Refinance Program announced today they are raising the program's loan-to-value (LTV) maximum from 105% to 125% to allow more homeowners to hopefully take advantage of today's lower mortgage interest rates. Homeowners must be current on their payments and the loan must already be owned or guaranteed by Fannie or Freddie. In addition, the program will allow borrowers who made original down payments of 20% or more to refinance without having to obtain mortgage insurance. Borrowers who were required to have mortgage insurance won't be required to obtain any additional coverage either.

Fannie Mae and Freddie Mac will also offer pricing incentives (a 0.5 percent reduction in its…

Well, the Federal Reserve fired its guns again today to try and help the struggling U.S. economy. Both Stocks and Treasuries were up sharply following the stronger than expected unanimous decision to cut the Fed Funds and Discount rates by 0.75%. In addition, they also made it quite clear in their policy statement that they are willing to expand the balance sheet to increase liquidity and help spur economic growth.

While the moves are all well and good, perhaps the best thing they did today was note in their statement that the Fed "is ready to buy more mortgage agency debt and mortgage-backed securities if necessary" and that the "Fed funds rate is likely to remain exceptionally low for some time to come." The bottom line in this thinking is that housing…

The January thru September Ft. Myers real estate market statistics for both home and condominium sales are listed below. Now a blend of young and old, Ft. Myers is known for its fabulous weather and is a city bustling with historical, cultural, and ecological attractions that draws both visitors and residents from around the world.

Ft. Myers Sales Data

Ft. Myers Home Sales January-September 2008*:

• 1180 Closed Sales
• Average Sales Price - $346,932
• Median Sales Price - $192,000
• Average Days on Market - 122
• Average Sales Price/Square Ft. - $150.20

Ft. Myers Condominium Sales January-September 2008*:

• 939 Closed Sales
• Average Sales Price - $210,207
• Median Sales Price - $159,000
• Average Days on Market - 137
…