February 2010

The new year has brought continued strength to the Southwest Florida real estate market. After a blow out year in terms of total sales for 2009, Jaunary's numbers show no signs of a let up.

Bonita Springs Real Estate Sales

• January sales totaled 99 and were up 45% from a year ago.
• Single family home sales were up 54% and totaled 59 sales.
• Single family home inventory has fallen to 9.9 months worth of supply.
• Condos sales were up 42% and totaled 40 units.
• Condominium inventory has fallen to 8.5 months worth of supply.
• For the…

The Internal Revenue Service (IRS) has finally announced two important clarifications regarding the documentation required for taxpayers seeking to claim the first-time and move-up homebuyer tax credits. Local guidelines, especially for closing statements have caused a lot of confusion for both claimants and their tax preparers.

The IRS announcement said that while they still are requiring the filing of Form 5405, they are no longer demanding that all parties’ signatures be on the HUD-1 settlement statement in areas where the buyer and the seller signatures are not common practice. However, they are encouraging all buyers to sign…

If you are looking for Luxury Florida real estate, there is no better place to look in North Naples other than Mediterra.

Mediterra is reminiscent of the authenticity of the Tuscan countryside and is an exquisite upscale gated community still in the development stage. Centered around two Tom Fazio designed championship golf courses and the 25,000 square foot country club at the Piazza, residents at Mediterra will enjoy one of the most exclusive lifestyles available on the Southwest Florida Gulf Coast. Residents also enjoy 200 feet of beach shoreline on the famous white sands of Bonita Beach at the community's private Beach Club…

In a recently released 2010 report compiled by PNC Financial Services and IHS Global Insight, the Naples real estate market ranks as the 15th most undervalued housing market in the country. That's quite a change from just four years ago, when the city had the dubious rank as the No.1 most overvalued market among the nearly 300 reviewed in the study.

According to the report, "Naples real estate now sells at a 29% discount and the median home price is just $165,000, down from more than $390,000" at its peak, when almost 84% of the homes were considered being valued at above fair market price. Today, Atlantic City, NJ is now ranked…

The Southwest Florida real estate market sales statistics for 2009 are listed below. Southwest Florida experienced its biggest sales year ever, outpacing the total sales in the previous peak year of 2005 by 44%. It also led all other metro areas in Florida in terms of total sales.

Obviously, price has been the number one determining factor in the record setting sales numbers and foreclosures and short sales continue to drive the market. But, don't kid yourself; normal sales aren't doing too shabby either. Savvy buyers are also jumping on properties where the sellers have done their homework and priced their property according to…

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…