Southwest Florida Blog

It looks like the last real estate market segment in Florida that has held out for higher prices has finally burst its bubble too. Luxury Florida real estate sellers appear to have finally come to the realization that they too are going to have to give in on price in order to sell their properties.

While many folks may have thought such a move was a given under today’s housing market climate, the reality was another thing altogether. The reason for such an attitude was multi-faceted. Let’s just suffice it to say that most luxury real estate in Florida is located on some of the most prized property available. You don’t give away oceanfront estates, island getaways or high rise condominiums with views to die for just because the rest of the market hits hard times. In addition, folks who are wealthy enough to afford such properties in the first place are also wealthy enough to carry them as they weather the market downturn.

Tags: Florida, living, markets, real estate

The FHA 203(k) Rehabilitation Loan program may be right up your alley if you are buying a foreclosure as your primary residence. That’s because The Federal Housing Administration (FHA) is encouraging the use of its little known 203(k) loan which allows a primary owner-occupant* to borrow money for both the purchase and renovation of a property all in one loan. And, you only have to have 3.5% of the total purchase price (acquisition and repair costs) as the down payment. In addition, the program can be use to include cosmetic improvements as well as major renovations like replacing a roof or fixing up the properties plumbing or electrical systems.

Tags: FHA, foreclosures, mortgages

The January thru June 2009 Sanibel Island real estate market statistics for both home and condominium sales are listed below. Sanibel Island, known as the “Shelling Capital” of the world, is one of Southwest Florida’s true treasures. Only 12 miles long and 5 miles wide, Sanibel is a haven of natural beauty, very romantic, and a place of solitude. Imagine seventeen miles of pristine soft white sand beaches all surrounding waterways, mangroves and wetlands teeming with abundant wildlife. Throw in the island’s quaint shopping experiences, numerous dining and nightlife choices, and 300 plus days of sunshine and you have the perfect Southwest Florida living destination.

Sanibel Island Real Estate Sales Data

Sanibel Island Homes Sales January-June 2009*:

• 55 Closed Sales

Tags: real estate, sales, SW Florida

The Consumer Product Safety Commission (CPSC) launched a new website this week dealing with imported Chinese drywall. The Environmental Protection Agency has determined that Chinese drywall may be a potential hazard. Approximately 36,000 homes in Florida and many others states including Alabama, California, Mississippi, Virginia and Louisiana have been affected by the imported drywall.

Consumers with homes known to contain the defective wallboard complain of foul odors, metal corrosion and health problems from occupying their properties. The CPSC website will provide details of the ongoing investigations into the problem including air sample reports, import tracking and analysis of the health effects of the use of Chinese drywall in homes.

The CPSC drywall website can be found by visiting www.cpsc.gov/info/drywall

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Gulf Coast Associates, Realtors specializes in upscale Florida real estate in and around Ft. Myers and Naples. Our sister firm, Metro Mortgage Company, specializes in originating Florida home loans including Conventional, Jumbo and FHA/VA mortgages. Contact us today at 888-617-3674.

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Tags: Florida, living, Technology

The January thru June 2009 The Brooks real estate market statistics for both home and condominium sales are listed below. Encompassing 2,532 acres of natural Florida surroundings, The Brooks is master planned gated community consisting of five major and distinct communities - Copperleaf, Lighthouse Bay, Rapallo, Shadowwood and Spring Run. Each community is gated and sports a different kind of lifestyle. All five communities pivot around The Town Center and The Commons Club at The Brooks which also provides numerous amenities. With its central location between Bonita Springs and Estero, The Brooks provides a variety of lifestyle choices and price ranges and is a highly sought after place to live.

The Brooks Real Estate Sales Data

The Brooks Homes Sales January-June 2009*:

• 36 Closed Sales

Tags: real estate, sales, SW Florida

I was reading about some interesting research recently conducted by a professor at the University of Central Florida. Seems his analysis shows that current home values are just about where they would have been had the real estate bubble of 2005-7 not occurred. According to Professor Stan Smith, “most homeowners are within 6% of where they would have been had there not been a housing bubble. The people who have been here since prior to 2005 should not have been hurt,” though he also added: “… a lot of people who did buy in 2005 and 2006 obviously were hurt significantly.” However, a long-term view of the Florida real estate market reveals that even though prices rose and fell dramatically in recent years, they appear to have settled back into more normal historic patterns.

Tags: Florida, markets, real estate

In a recent independent national poll conducted by IHS Global Insight Regional Estate Service, two destinations in Florida appeared in the top five most undervalued places to live in the United States.

The first Florida destination to appear in the poll is the cosmopolitan, quaint, and cultural city of Naples. Known as the “Crown Jewel” of the Southwest Florida gulf coast, Naples offers residents plenty of golf, beaches, and fishing in an enchanting and sun-drenched environment. And, after home prices plummeted by nearly 50% from the first quarter of 2006 to the first quarter of this year, real estate in this upscale community looks increasingly tempting to buyers. IHS Global Insight considers the median home price in Naples to be $200,000 or 33% undervalued.

Tags: Florida, living, markets