Southwest Florida Blog

After a sizzling first seven months of the year, real estate sales in Southwest Florida remained strong in August. In fact, more homes were sold in the first 8 months of this year (by 13.6%) than in 2005, the biggest sales year ever in Southwest Florida. August marked the fourteenth month in a row sales have climbed in Lee and Collier counties. The Cape Coral and Ft. Myers market area saw total sales rise over 80% on a year over year basis and the Bonita Springs and Naples market area wasn’t too shabby either, up 38%.

Tags: real estate, sales, SW Florida

We wrote a blog post a while back about how if you are purchasing a condo in Florida, mortgage financing is tougher than ever before. Well, it just got even harder to get condo financing, thanks to a new rule set to take effect on November 1, 2009.

The new rule will put an end to “spot approvals” for condo complexes and thus make it harder for buyers to qualify for these types of property loans. The rule disallows FHA underwriter’s ability to approve individual condo units rather than an entire condo complex. The reason spot approvals were originally granted was because of the costs and paperwork involved for a condominium association to get an entire complex approved by the FHA is outrageous, costing tens of thousands of dollars for things like appraisals, structural engineering reports, audited financial reports etc. Spot approvals only required a condo or HOA representative to spend about 15 minutes filling out a one page questionaire.

Tags: FHA, Florida, HUD, mortgages

According to the 2010 State Business Tax Climate report released this week by the Washington D.C. based Tax Foundation, Florida remains among the top 10 states in the nation when it comes to “business friendly” taxes. Florida ranked 5th in this year’s report and has had the best ranking among Southern states for several years in a row. A spokeswoman for the Tax Foundation stressed that the rankings don’t reflect how much money the taxes raise, but how broad and competitive the structure is compared to other states. Florida’s advantage comes mostly from having a state constitution that prohibits an income tax.

Tags: Florida, growth, taxes

Nature enthusiasts, paddlers, hikers, bird watchers and sightseers now will have a wonderful new opportunity to explore the Everglades via the Ten Thousand Islands National Wildlife Refuge just east and south of Naples.

Starting today, a new trailhead and boardwalk at the 35,000 acre park will provide visitors access to hiking trails and a canoe and kayak launch allowing them to explore all the splendor the Ten Thousand Islands area has to offer. Young and old alike will have the opportunity to see sunning alligators, great blue herons, manatees, and all the beauty that Mother Nature provides at this easy to access nature preserve. Fishermen and hunters (with permits) will also be welcomed in the mangrove filled back country marsh.

Tags: living, parks, SW Florida

According to the Editors at Money magazine, the Florida city of Port Charlotte is the best place to retire to in the country.

The ranking is not surprising when you consider Port Charlotte’s central location here in Southwest Florida. It is just adjacent to Punta Gorda, 50 miles south of Sarasota and 40 miles north of the Ft. Myers and Naples areas. In addition, the city is nestled right on Charlotte harbor, which offers hundreds of miles of cruising waters and protected shorelines for both boating and fishing enthusiasts alike. Knowing the area well, we’re surprised it didn’t make their list for the Best Places for a Long Life.

Tags: living, markets, real estate

International clientele are once again making up a significant number of the buyers for the Southwest Florida real estate market. In fact, in Naples, 25% of the population (double the national average of 12%) are foreigners.

According to a recent survey conducted for the Florida Association of Realtors, a majority (54%) of Florida agents worked with an international client within the past 12 months and over 10% of them worked with 11 or more international clients in the same time period. The top international buyers for Southwest Florida real estate included Canadian, British and German foreign nationals who happen to have an advantage at the moment as their exchange rate favors their currency and provides them with increased purchasing power.

Tags: living, markets, real estate

For the first time in 2009, new foreclosure filings fell in August for Lee and Collier Counties in Southwest Florida. It is quite a change from the last year or so as far as filings are concerned. And, while one month’s data does not make a trend, it is hopefully a good sign of things to come.

For Lee County, there were 1,625 new filings last month, down from 1,903 in July, a 15% drop. It was the lowest number of actions seen this year. In addition, there were also 1,848 foreclosure cases resolved by the Lee County courts, down from 2,133 handled in July. In Collier County, there were 811 new filings last month, down from 1,103 in July, a 27% drop. There were 374 foreclosure cases resolved by the Collier County courts.

Tags: foreclosures, markets, real estate