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Real Estate News

This category is where we discuss issues affecting the real estate industry on both a local and national level.

There are currently 29 blog entries related to this category.

Home Prices on the Rise in Southwest Florida - Again!

Wednesday, October 2nd, 2013 at 5:29pm. 1,254 Views, 0 Comments.

Prices in the Naples area rose 14.5% from 2012 August to August of 2013 – following that steadily increasing forward movement of the selling prices of homes on the SW Florida Gulf Coast. The national increase in home sale prices was only 12.6 this month compared to a year ago, which indicates how healthy the market is here for sellers. The national home sales price rose for the 18th consecutive month.

In the Cape Coral-Fort Myers region, prices increased 12.6%, still over the national average by a slight amount.

If you exclude the short sales and foreclosures in our region, you still see a very healthy 11.2% increase in sales price. Local Market Monitor, which tracks over 300 real estate markets nationwide, is predicting that the Naples-Marco Island…

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The Club at Mediterra Reaches Golf Membership Capacity

Friday, July 6th, 2012 at 5:40pm. 17,618 Views, 0 Comments.

Congratulations to Mediterra! This past quarter they announced that, contrary to the national trend of declining golf memberships, The Club at Mediterra has reached its golf capacity. This is quite an achievement!

A nine time Collier County award winning master-planned community featuring 36 holes designed by Tom Fazio, Mediterra has less than 950 homes and more than 1,000 acres of exquisitely maintained Florida landscaping. This is the only private facility of its size to be certified by Audubon's International Silver Sanctuary program.

There were, in March of 2012, 50 reserved memberships for the balance of new construction at Mediterra, but there are now only 41 remaining memberships available through the custom builder program. New owners…

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Southwest Florida Foreclosures: 2010 Year End Review

Wednesday, January 5th, 2011 at 9:14pm. 1,890 Views, 8 Comments.

Southwest Florida Real Estate - 2010 Foreclosure ReviewThe crush of foreclosures in the Southwest Florida real estate market may finally have started to subside as we head into 2011. It seems Lenders only filed 10,669 foreclosure lawsuits in Lee County in 2010, a decrease of 50.8% from the 21,768 filings in 2009. For Collier County, lenders filed 4,452 foreclosure lawsuits, a decrease of 47.2% from the 8,421 filings in 2009. All in all, it's not too bad when you consider we've had over 100,000 foreclosures in the two county areas since January, 2006.

For Lee County, December's 409 foreclosures was an increase from November's 343, but it's still far below the peak of 2,665 reached in October, 2008 after the housing crash caused homeowners and investors to lose properties at a breakneck pace. Collier County…

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Fannie Mae and Freddie Mac Resume Foreclosure Sales

Monday, November 29th, 2010 at 8:48pm. 1,552 Views, 0 Comments.

Fannie Mae & Freddie Mac Resume Foreclosure SalesFannie Mae and Freddie Mac have notified brokers representing the GSE's foreclosure inventory to once again begin marketing their properties for sale.

This is really good news for the Florida real estate market as both entities together hold or guarantee a substantial amount of homes - 31 million homes nationwide - of which, 12% for Fannie Mae and 17% for Freddie Mac are currently with delinquent borrowers in Florida.

The embargo on selling these properties no doubt led to the overall decrease in total existing home sales in September and October. Getting them back on the market quickly should help as the sooner we can clear them from the current inventory, the sooner the Florida market can begin to stabalize again.

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Luxury Florida Real Estate Sales Finally Breaking Out

Tuesday, May 25th, 2010 at 3:35pm. 1,335 Views, 6 Comments.

Luxury Florida Real Estate for SaleI wrote a post prior to season this year in Southwest Florida about how the Luxury Florida real estate market appeared to finally be ready to burst its bubble too. Well, it seems like many high end sellers also came to the realization they would have to give in on price in order to sell their properties.

Let's take a look at how things have shaken out.

 

All Property Sales $1 Million - $2 Million

Luxury Home and Condominium Sales:
  • 198 Closed Sales (133 in 2009)
  • Average Sales Price - $1,389,617
  • Median Sales Price - $1,350,000
  • Average Days on Market - 231
  • Average Sales Price/Square Foot - $448.81
  • Average List to Sales Price - 87%

In comparison with 2009 sales data, we saw a 49% increase in the number of luxury property sales. The…

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Fannie Mae to Speed Up Foreclosure/REO Inventory Sales

Monday, January 11th, 2010 at 9:17pm. 1,568 Views, 6 Comments.

Fannie Mae Foreclosure SalesAccording 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.

Apparently, Fannie Mae has finally recognized its foreclosure/REO inventory, which has ballooned to over 72,000 unsold homes, is not moving to the market quickly enough. In addition, they…

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Florida Real Estate Sales Strong Again in September

Saturday, November 14th, 2009 at 6:48pm. 1,752 Views, 7 Comments.

Florida Real Estate Sales - September, 2009After a unbelievable first eight months of the year, real estate sales in Southwest Florida were again strong in September. In fact, home sales for the year are up 120% in the Cape Coral-Ft. Myers and up 30% for Bonita Springs-Naples. September marked the fifteenth month in a row sales have climbed in both Lee and Collier counties. The Cape Coral and Ft. Myers market area saw total sales rise over 57% on a year over year basis and the Bonita Springs and Naples market area was far behind, up 31%.

 

Cape Coral and Ft. Myers Real Estate

Cape Coral and Ft.Myers Highlights:
  • Single-family home sales were up 64% and totaled 1,185 sales.
  • Condos sales were up 57% and totaled 230 units.
  • Foreclosures and short sales continue to drag down the median…

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Luxury Florida Real Estate - Has Its Bubble Finally Burst Too?

Monday, August 31st, 2009 at 9:31pm. 1,757 Views, 6 Comments.

Luxury Florida Real EstateIt 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…

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2008 Home Buyer and Seller Survey Results

Tuesday, November 11th, 2008 at 12:49am. 1,469 Views, 4 Comments.

The National Association of Realtors (NAR) released its annual consumer survey for home buyers and home sellers today. The results were generated from 10,053 usable responses NAR received from a national sample of 133,000 home buyers and sellers who purchased their homes between July 2007 and June 2008. Here are what we consider to be some important highlights from the results:

Home Buyers
  • The number of first-time buyers continues to rise. They made 41% of the transactions, up from 39% in 2007 and 36% in 2006. Their median age was 30 and their median income was $60,600. The typical first-time buyer purchased a home costing $165,000 and plans to stay in that home for 10 years. Their median home down payment was 4% and 92% chose to use a fixed rate…

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