October 2011

The following is a review of the real estate tax profiles for the Southwest Florida counties of Charlotte, Collier, Lee and Sarasota. The information comes from a report completed by Florida TaxWatch that reviewed local government taxing and spending policies and practices for the year 2010.

Florida TaxWatch is a statewide, non-profit, non-partisan taxpayer research institute and government watchdog that over its 32-year history has become widely recognized as the watchdog of citizens' hardearned tax dollars. Its mission is to provide the citizens of Florida and public officials with high quality, independent research and…

Just when inventory levels have hit lows in this area not seen in years, some of the premier Florida developers are poised to begin building again in a very large way in 2012.

Cameratta Companies has started development of The Preserve at Corkscrew near Bella Terra on Corkscrew Road. It is slated to have 120 Phase One homesites available in early 2012. Lennar and Pulte Homes have been selected as the premier builders.

Lennar has also taken over at Treviso Bay in Naples and are soon to begin building there again too.

The Ronto Group filed for the extension with the city of Bonita Springs for two projects east of Interstate 75…

The 2011 third quarter Cape Coral and Fort Myers real estate market statistics for both home and condominium sales are listed below.

Cape Coral known as "The Cape,"  is a boater's and fisherman's paradise and offers almost 200 miles of salt water canals with Gulf access.

• In comparison with 2010 3rd Quarter sales data, we saw a 15% decrease in the number of Cape Coral home sales and a 19% increase in the number of Cape Coral condominium sales. The average price for homes rose by 47% while the average price for condominiums rose by 31%. At the end of the quarter, there were 1,797 active residential properties listed in the…

Fair Isaac Corporation and data provider CoreLogic announced last week they are collaborating on another new credit score that will focus on sharing more personal consumer information with mortgage lenders next year. FICO scores are the industry standard for determining credit risk on mortgages backed by Fannie Mae, Freddie Mac and the Federal Housing Administration and this move is intended to provide a separate score that will incorporate information from sources like payday loans, evictions and child support payments. Future additions will likely include information on things like the status of utility accounts, rental payment…

If you still are wondering about the prices hitting bottom in Florida, here are some interesting numbers from Realtor.com. According to their review of 2.2 million listings in 146 markets through August, Florida cities have had the largest year-over-year increases in average list prices in the country.

As you'll see below, Florida cities hold 9 of the top 15 places for highest year-over-year listing price spikes. Nationwide, the average list price was $320,325, up 2.36% year-over-year.

Top 15 cities with the highest percentage of year-over-year increases in average list prices.

• Miami - Average list price: $640,332;…

Here is more proof that Florida real estate sales are continuing to rise again this year. According to U.S. Census Bureau reports, doc stamp tax revenue (which is paid on all home sales) rose 9.8% in the second quarter of 2011 versus the same quarter last year. And, we think it's safe to assume that part of the increase can also be equated to a rise in the value of the property's being sold here in Florida. Here's an example of why - Bonita Springs and Naples Real Estate - 3rd Quarter 2011 Sales.

Other state taxes also rose in Florida. Sales tax collections climbed 5.4% and Florida corporate income tax collections also rose 5.4%…

Realtor.com has outlined the top 10 turnaround cities for real estate market rebounds. The report cites reasons varying from economy to perception and admittedly, had few surprises beyond a Florida market making the Top 5. The list includes markets where researchers found property values to be stabilizing, buyer traffic picking up, and where prices will likely appreciate soon.

Top five "turnaround towns:"

• Buffalo-Niagara Falls, N.Y. - List prices are increasing, and days on the market for inventory is shrinking (87 days, which is nearly half the national average).
• Los Angeles-Long Beach, CA - While housing values here have…

After last years ruling by the Florida Supreme Court rejecting the wording as misleading in Amendment 3 (Florida Real Estate Taxes: Win One, Lose One), the legislature has brought it back and set Amendment 4 on the ballot for a vote in 2012. Hopefully, there won't be another political hatchet job by the left in the state that will allow it to be derailed again.

What passing Amendment 4 will mean:

• Recapture Repeal for Common Sense Tax Relief - If approved it will allow the Florida Legislature to repeal the rule known as "recapture,"  ensuring that if your property value goes down, your property taxes cannot go up, sparing…