florida real estate: Short Sales Revisited - 09/24/08 07:17 AM
In response to another Realtor's request for assistance with short sales, I wrote the following note.  I thought it might be helpful to anyone just starting short sale work.
1.  The 1099 issue is a whole study in itself.  Generally, if the owner is living in the house and has the homestead exemption, there will not be a 1099.  Again, in general, an investor will get a 1099 for the bank's ENTIRE loss, including fees, atornies, etc.  There are many, many exceptions and I suggest you get a copy of the current Federal rule, which has been posted by several people … (0 comments)

florida real estate: Wind Inspection Affects Florida Homeowner Insurance Premiums - 08/12/08 01:02 PM
Wind Inspection affects Florida Homeowners Insurance Premium
Previously, we have posted several articles about getting a Florida Wind Inspection under the present, but soon expiring, state funded program.  Look up previous posts using the keyword "insurance".
Today we received our Homeowners Renewal from ASI Assurance and it was interesting reading.
Bad News....The premium went up from $7,357 to $10,241.   Yes, I have a large home on a golf course in Cape Coral, Florida.
Good news.....Multiple Discounts on the premium due to the wind inspection report are just over $7000.                      Also got a New Dwelling discount (why not last year????) and … (0 comments)

florida real estate: 334 NW 17th Terrace, Cape Coral, FL 33993 - 05/13/08 12:20 PM
Pre-Foreclosure Short sale.  FOUR Bedrooms, THREE baths, POOL home
$210,000. for 2800 square feet under air..... That's just $75/sq ft for a premium home!
Let's go after this home NOW before the bank gets it!We are in contact with the bank and we believe that they will accept an offer at this level.
This home has tile floors except for carpeted bedrooms.
Deluxe ceiling fans....Automatic Lawn Sprinklers....Huge ool Lanai.
Pool Bath Shower.
This a fine Cape Coral Home in a nice neighborhood with newly paved streets.
Located just off Diplomat Parkway, it has easy … (4 comments)

florida real estate: Bank-Owned Home For sale (REO) Cape Coral Florida 2818 NW 24th Avenue - 05/08/08 07:57 AM
We have a new listing of a bank-owned home in Cape Coral, Florida. 
Priced at:          $152,000.  ($85/sq ft under air;  $65/sq ft total)
Located at:       2818 NW 24th Avenue, Cape coral, Florida
This home is a Buckingham Model by First Homes.  It has a den and has 1785 square feet under air conditioning.  Total square footage, including the garage and entry is 2340.
 You cannot build a quality home this cheaply!  Take advantage of the bank's inventory issues!
Pictures from the builder's Model.
We have another Buckingham  in Cape Coral which will come on the MLS shortly.
We also have one bank-owned Buckingham in Lehigh Acres, … (0 comments)

florida real estate: Cape Coral Florida Golf Course Homes - 05/03/08 06:02 AM
As we begin the long recovery in real estate sales and prices, many real estate investors are coming back to test the waters.  The primary motivation seems to be that they can buy inexpensive homes now, rent them at a small negative cash flow for three years and then turn the investment over for a nice total return.
Where I have questioned this practice is whether buying the low-end homes will give the best total return.  It seems to me that buying mid-range homes on a golf course or on waterfront lots would seem to give more acceleration on price looking down … (3 comments)

florida real estate: Lee County Florida Real Estate today - 05/02/08 02:35 AM
The Lee County Real Estate Market is improving for some folks and getting worse for others.
According to an article in the Business & Money section of the News-Press this morning, "Foreclosures hit new high".  Foreclosure "actions" filed in Lee County in April spiked up sharply to a new high of 2160.  By "actions filed", one would assume "Lis Pendens", meaning that the mortgage holder has initiated the first legal step of filing notice to the homeowner and the rest of the world that they are beginning the process of taking the home.  for each of the homeowners, there is still a long … (1 comments)

florida real estate: Glut of Homes Shrinking in SW Florida - 04/30/08 03:10 AM
The headline in today's business section jumps out to say that the Glut of (vacant) Homes in Lee and Collier Counties (Florida) is SHRINKING.  Now I just wish that the headline was on page one of the main section, like all of the negative reporting has been, but I'll take what we can get!
Yesterday I was working up a listing price for a luxury home in central Cape Coral.  We had tried unsuccessfully to sell the home a year or so ago and had very little interest from anybody, regardless of price.  The owner rented it out at a negative … (0 comments)

florida real estate: Clients with Short Sale or Foreclosure Real Estate - 04/20/08 06:50 AM
As a Realtor, I am often asked to "advise" a potential client on Short Sale or Foreclosure situations.  since I am not an Attorney, I demure from giving advice, but I will refer people to attornies who are specialists in their field.  I repeat, SPECIALISTS, because I find that even attornies do not necessarily have all of the information necessary to properly counsel people in this situation.
Some things that I have noticed in other BLOGS...1.  One Realtor warned of DIRE CONSEQUENCES to Short Sale or Foreclosure situations, predicting that any action resulting in loss to the bank would probably result in … (2 comments)

florida real estate: Cape coral Real Estate Market -Conflicting Messages - 04/19/08 12:27 AM
Reading the local papaer this morning, I saw two conflicting messages:
First of all, a liquidation sale in a gated community resulted in a total sellout of 116 homes in just two weeks.  Seventy percent were sold to homesteaders.  So much for the idea that there are no buyers out there.  This, after the recent Countrywide auction that attracted hordes of qualified buyers, even though Countrywide seems to be a little challenged when it comes to conducting an auction.  Then there is the mesage that actual closed sales has hit a peak recently not seen for about 18 months.  Every title company … (0 comments)

florida real estate: Reinvention is chicken soup for the soul !!! - 04/17/08 11:23 AM
To the lady in Poughkipsee who reinvented herself from the airline industry into real estate.  Hoorah for you!  That's a great story. 
 As a "reinvented" veteran of the travel industry, I can relate to your story.  Over twenty previous years in the hi-tech industry (with five different companies), my biggest customer was always Big Blue and Poughkipsee was my monthly.  Stayed many nights at The Inn at the Falls after I figured out that the two motels out on the highway were invented to torture people before their visit with the gods.
so I morphed into the travel industry and it was fun for … (1 comments)

florida real estate: Cape Coral Real Estate - over-priced? - 04/16/08 03:03 PM
I was setting up an itinerary for homes this evening.  Buyers are a nice young couple from the East Coast, anxious to make a go of it in Cape coral.  They have a definite price point in mind, so we are searching for the best value we can find at that price.  Not unusual for persons moving into the area, but different from bottom-feeding methods when you just want the rock-bottom price for a given square footage.  Buyers also stated that they do not want to play the short sale game.
What I found in my search is that prices ranged from … (2 comments)

florida real estate: My Broker Got onboard with Lee County Florida REOs ! - 04/15/08 11:22 AM
What a happy day!  My Broker made our first deal with REOs and we came up with an even dozen listings in the first shot.  We can advertise these listings as individuals and of course we can sell them.
This is an important step....I can see now that very few individuals are going to win a lot of REOs in the Cape Coral Real Estate Market as we go forward.  Having noticed the same names showing up on (most of) the listings for the last year, I have done a little informal survey to find out how they are doing it.  Come … (4 comments)

florida real estate: Pending Home Sales Rise in First Quarter - 04/13/08 06:33 AM
Despite conflicting information from two data sources, it is clear that home sales in Lee County Florida have increased during First Quarter 2008.  Home SALES show a small decrease Year-to-Year, reflecting somewhat diminished purchasing activity in Q4 of 2007.  PENDING sales show a 17% increase Year-to-Year and confirm what many Realtors are saying......buyers are beginning to "pull the trigger".  Inventory levels of lower priced homes have fallen ( on a months basis) as Pendings rise.  Obvious reasons include Compelling Prices and Pent-Up Demand.
Many bank-owned properties were priced too high in 2007.  Not being known for aggressiveness, banks were always just a … (3 comments)

florida real estate: Home Sales in Cape Coral Florida - 04/13/08 03:15 AM
Sunday's News-Press has a front-page headline: "Lee Home Market Clogged".  Must be a slow news day.  There were some interesting points made in the article, however. 
One thing that caught my eye was the statistic that there are 5189 single-family homes for sale in Lee County for less than $200,000.  Now that's an eye-opener!  We are back to a situation where our schoolteachers and policemen can afford a home.  Furthermore, Seller capitulations, for whatever reason, are leading to large price reductions, often 10% or more.
Another thing that jumped out at me is that approximately 5% of our total home base is … (4 comments)

florida real estate: Save a bundle on Florida Homeowner's Insurance !!! - 04/10/08 12:32 PM
Owners of Residential property in Florida have been slow to take advantage of a new (since 2007) STATE-FUNDED PROGRAM to save them money on their homeowners insurance policies.  Now, how many programs state or otherwise ever SAVE you money?
  There is a link to the whole long-winded bill:    http://www.mysafefloridahome.com/images/215.5586amended2007RegSess.pdf
Here's the short story:  
1. Make an application for a FREE wind inspection on your home.  Go to http://www.mysafefloridahome.com/ and fill out the application on-line or on the telephone.  Ask for (or enter) Code K-11 and Inspector 676.   Yeah, I scratch my buddies back, so don't even go there.  He saved me a bunch … (0 comments)


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Cape Coral, FL

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