Southwest Florida Blog

Buyers and investors looking to purchase a property using FHA financing have some good news and bad news to consider. FHA commissioner David Stevens outlined the agency’s new policy guidelines last week. Included in his announcement were changes to “seller concession” ceilings and new FICO score related down payment requirements that went into effect immediately. Changes to the 90 day “anti-flipping rule” go into effect today. And finally, proposed changes to the “upfront” mortgage insurance premium and the “annual” mortgage insurance premium that are slated to go before Congress for approval shortly and should be in place no later than mid-year at the latest.

Here’s a synopsis of the changes to HUD’s guidelines:

Tags: FHA, HUD, mortgages, real estate

The Barefoot Beach real estate end of year 2009 market statistics for both home and condominium sales are listed below.

Barefoot Beach is tucked away just on the border of Bonita Springs and Naples and is one of the most gorgeous beach communities on all of the SW Florida Gulf Coast. It is popular for its unsurpassed homes - long considered the “Rodeo Drive” of the area, the properties will delight the most discriminate buyer. Surrounded by nature and elegant homes, three miles of white sandy beach is right outside the door of many of the residents. For those with a taste towards boating and fishing, the island also backs up to mangrove and intercoastal waterway - supporting Gulf of Mexico access through the Bay for deep watercraft.

Tags: markets, real estate, sales

According to a memo sent out to all its lenders and mortage servicers, Fannie Mae is going to modify the way it goes about the handling of selling its foreclosure/REO inventory effective immediately. In the announcement, Fannie says it will now accept purchase offers for this type of inventory immediately after listing, without notifying lenders or mortgage servicers whose loan files are under review. Under its previous policy, Fannie gave lenders and servicers fifteen days to find a better purchase offer for new REO they sent to the company following foreclosure.

Tags: foreclosures, real estate, sales

The Bonita Springs real estate end of year 2009 market statistics for both home 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. Lifestyle options are endless and its central location between Ft. Myers and Naples make it a most desirable destination in which to live.

Bonita Springs Real Estate Sales Data

Bonita Springs Home Sales End of Year 2009*:

• 941 Closed Sales (623 in 2008)
• Average Sales Price - $326,538
• Median Sales Price - $241,500
• Average Days on Market - 147
• Average Sales Price/Square Ft. - $140.25

Bonita Springs Condominium Sales End of Year 2009*:

• 800 Closed Sales (596 in 2008)

Tags: markets, real estate, sales, SW Florida

For buyers or investors looking to purchase a short sale property using FHA financing, HUD has put in place some tough guidelines going forward into the New Year. A letter sent to FHA lenders by Commissioner David Stevens last week spelled out the agency’s revised policy regarding short sales. HUD made it quite clear they are not going to tolerate individuals trying to “take advantage of declining market conditions” on principal residences or simply “renting out their current house” in order to buy another property that is a lower priced short sale.

Here’s a summary of the latest guidance:

• Applicants for new FHA insured mortgages will be denied new financing - effective immediately - if they participated in a short sale on their current principal residence.

Tags: FHA, HUD, mortgages, real estate

The real estate market in Southwest Florida continued to be strong in November. In fact, for the first eleven months of the year, the Bonita Springs and Naples market areas have seen total sales rise over 17% and 48% respectively on a year over year basis.

Bonita Springs Real Estate Sales

Bonita Springs November Highlights:

• Single family home sales were up 189% and totaled 53 sales.
• Single family home inventory has fallen to 4.6 months worth of supply.
• Condos sales were up 182% and totaled 42 units.
• Condominium inventory has fallen to 5.7 months worth of supply.
• Pending sales were up 218% over last year and total 56.

Tags: markets, real estate, sales, SW Florida

The real estate market in Southwest Florida continued to boom in November. In fact, for the first eleven months of the year, the Cape Coral and Ft. Myers market areas have seen total sales soar over 70% on a year over year basis.

Cape Coral and Ft. Myers Real Estate Sales

Cape Coral and Ft.Myers November Highlights:

• Single family home sales were up 71% and totaled 1,245 sales.
• Single family home inventory has fallen to just 1.9 months worth of supply.
• Condos sales were up 237% and totaled 235 units.
• Condominium inventory has fallen to just 3.6 months worth of supply.

Tags: markets, real estate, sales, SW Florida