Gulf Coast Associates' Blog: All Categories

The mid year 2008 Ft. Myers real estate market statistics for both homes and condominium sales are listed below. Ft. Myers sits along the natural splendor and shoreline of the Caloosahatchee River and is known for its fabulous winter weather. The city is a metropolis bustling with historical, cultural, and ecological attractions and the downtown area is undergoing major renovations in order to keep up with its continuing growth.

Ft. Myers Sales Data

Ft. Myers Home Sales January-June 2008*:

• 705 Closed Sales
• Average Sales Price - $338,720
• Median Sales Price - $259,500
• Average Days on Market - 123
• Price/Square Foot - $155.081

Ft. Myers Condominium Sales January-June 2008*:

• 645 Closed Sales
• Average Sales Price -…

According to a recent study by Development Counselors International (DCI), Florida ranked fourth in the nation among states with the best business climates. Executives responding to the survey cited three factors as the most important in their decision making process for choosing specific locations: a strong labor market, low operating costs and a pro-business climate.

Texas ranked first in the survey, followed by North Carolina, Georgia and then Florida and Tennessee tied for fourth. Nevada rounded out the top five. DCI said its survey, conducted every three years, was sent to a random selection of 3,591 U.S. companies with annual revenue of at least $25 million. Not surprisingly, California was viewed as the state with the least favorable business…

Well, our illustrious leaders in Washington have finally passed the long awaited new housing bill (H.R. 3221 - Housing and Economic Act of 2008). While we're not positive how much it will help the overall housing market (other than ensuring the GSE's won't fail), it is chock full of new regulations and sure to cost taxpayers millions of dollars. You can read about provisions included in it at - New Housing Bill Set to Become Law This Week.

Now that it's ready to become law, the questions are "who is eligible" and "what are the requirements" ailing homeowners must follow in order to take advantage of the Foreclosure Prevention Act of 2008. The following is a synopsis of the requirements that must be met.

Eligibility:

• Qualified borrowers must live…

The mid year 2008 Cape Coral real estate market statistics for both homes and condominium sales are listed below. Cape Coral, known as the "The Cape", is one of the largest master-planned communities in the nation. The city features 400 miles of fresh and salt water canals - most with gulf access, wide-ranging waterfront sports and community activities. Cape Coral is the 3rd largest city in Florida in terms of land mass with nearly 115 square miles of residential and commercial space. Over 55% of its population is under 44, so the city is family oriented, schools are important, and the quality of life is exceptional.

Cape Coral Sales Data

Cape Coral Home Sales January-June 2008*:

• 1817 Closed Sales
• Average Sales Price - $216,474
• Median…

In another sign of the times for the lending industry, Wachovia Mortgage announced last evening it is going to discontinue its wholesale lending operations for third party originations. The decision will be effective July 25, 2008, which will be the last date on which Wachovia Mortgage will accept any new loan applications for wholesale funding.

The announcement came via email and was not only a surprise to its lending partners but also to its wholesale lending account executives and staff. The memo stated that Wachovia has "evaluated its business model" and as a result of a new strategic direction the company "will primarily focus on customers who have relationships with the bank, and who are located in geographies where Wachovia branches are…

The Federal Reserve Board announced yesterday morning it has approved the long awaited final rule amending Regulation Z (Truth in Lending) which it believes will help protect consumers by promoting responsible lending practices. According to Fed Chairman Bernanke, "the new rules will apply to all mortgage lenders and should protect consumers by prohibiting unfair, abusive or deceptive home mortgage lending practices." In addition the new rule also sets additional advertising standards and requires certain disclosures to be given to consumers earlier in the mortgage transaction process.

Highlights of the final rule include the following:

1.  The definition of "higher-priced mortgage loans" (secured by a consumer's principal dwelling). This new defined…

The mid year 2008 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 and is a truly cosmopolitan, quaint, and cultural city that has transformed itself into a dynamic world renown destination.

Naples Sales Data

Naples Home Sales January - June 2008:

• 992 Closed Sales
• Average Sales Price - $828,075
• Median Sales Price - $430,000
• Average Days on Market - 189
• Price/Square Foot - $289.42

Naples Condominium Sales January - June 2008:

• 1092 Closed Sales
• Average Sales Price - $523,854
• Median Sales…

In one of the largest bank failures ever, IndyMac Bank was seized this afternoon by federal regulators. The Office of Thrift Supervision said it transferred IndyMac's operations to the Federal Deposit Insurance Corporation because it did not think it could meet its depositors' demands. The bank will reopen on Monday morning under government supervision and regulators will begin a complete investigation into the bank's operations.

IndyMac Bank was one of the largest savings and loans in the country with about $32 billion in assets; it specialized in making subprime loans and has been reeling from losses on defaulted mortgages it made during the peak of the housing boom. The failure had been widely expected as its stock price fell to mere pennies a share…