5 Ways to Ride the Tide of Rising Home Prices

http://www.msn.com/en-us/money/realestate/5-ways-to-ride-the-tide-of-rising-home-prices/ar-BBv1CVG

With home prices rising there are always options to capitalize on resign prices and equity.

Become a homeowner
Move up to a better home
Pull out cash
Take the money and run
Do nothing

Homeownership Hits 51-Year Low, but There May Be a Silver Lining

http://www.msn.com/en-us/money/realestate/homeownership-hits-51-year-low-but-there-may-be-a-silver-lining/ar-BBv1POd

Well it is great that Americans want to own home but affordability & difficulty saving for a downpayment are making it challenging for homebuyers and Millennials.

The homeownership rate in the second quarter of 2016 fell to 62.9 percent, its lowest level since 1965, according to new data from the U.S. Census Bureau.

Americans still overwhelmingly say they’d like to be homeowners. Nearly nine in 10 of those surveyed earlier this summer by Wells Fargo said that home ownership is a dream come true.

Average US 30-year mortgage rate edges up to 3.48 percent

http://www.msn.com/en-us/money/realestate/average-us-30-year-mortgage-rate-edges-up-to-348-percent/ar-BBuZvOZ

2 weeks in a row that rates have gone up yet they are still at historic lows.

Mortgage giant Freddie Mac said Thursday the average for the benchmark 30-year fixed-rate mortgage rose to 3.48 percent from 3.45 percent last week.

Southwest Florida home sellers see big equity gains

http://www.naplesnews.com/story/money/real-estate/2016/07/28/southwest-florida-home-sellers-see-big-equity-gains/87636594/

Great news for sellers in the market right now most people have over 65,000 in equity when they sold in June.


Attom Data Solutions (formerly RealtyTrac), an Irvine, California-based research firm, said Thursday that sellers of all types of homes in Collier County walked away with an average of $65,050 in equity when they sold in June. In the year-earlier month, they gained $48,500.

Negative equity was the norm then, reaching its height in the Naples area in February 2009, when the average seller lost $110,000 at the closing table.

Why it's so hard to build affordable housing: It's not affordable

http://www.msn.com/en-us/money/realestate/why-its-so-hard-to-build-affordable-housing-its-not-affordable/ar-BBuSQBH?li=BBnbfcN

This is a problem here in Collier County as well, we don't have affordable housing and its too expensive to build it. It does not make sense for businesses to focus on affordable housing without the government subsidies.

Almost one in four U.S. renters spends more on housing than they can afford, according to a report in June from Harvard University‘s Joint Center for Housing Studies

“If we want to prioritize closing the gap for low-income households, we’re going to need more funding from public subsidy,” said Erika Poethig, director of urban policy initiatives at the Urban Institute

To really reduce costs or raise revenue, though, there are just these options: Spend less on land, materials, and labor, or bring in more money by raising rents or finding new public financing. But land, materials, and labor can only be cut so much (construction costs are effectively fixed by labor and commodities markets), and raising rents removes the "affordable" from affordable housing.

Miami is the Worst - The 50 worst cities to live in

http://www.msn.com/en-us/money/realestate/the-50-worst-cities-to-live-in/ar-AAhIkes?li=BBnbfcN#page=51

Yikes - luckily only one city on Florida was on this list...


Population: 430,341
Median home value: $245,000
Poverty rate: 26.2%
Pct. with at least a bachelor’s degree: 23.6%

No city in the United States is worse to live in than Miami. The city's median home value of $245,000 is well above the national median of $181,200. However, with a median household income of only $31,917 a year, well below the national median of $53,657, most of these homes are either out of reach or a financial burden on most Miami residents. Like most of the worst cities to live in, more than one in every four people in Miami live in poverty. According to recently released research from the nonprofit think tank the Economic Policy Institute, the top 1% of earners in the Miami metro area make about $20 million annually, 45 times greater than the average income of the other 99% of earners. This earnings gap makes the metro area nearly the most unequal of any U.S. city.

Citywide violence is closely associated with a range of negative social and economic outcomes, including incarceration, unstable employment, lower cognitive functioning among children, and anxiety. A disproportionately large portion of Miami residents likely experience some of these outcomes as the city’s violent crime rate, at 1,060 incidents per 100,000 people, is several times higher than the national rate.

WCI makes concessions for new North Naples development

http://www.naplesnews.com/story/money/real-estate/breaking-ground/2016/07/21/wci-makes-concessions-new-north-naples-development/87396862/

This saga has been going on for quite some time, look like they came to an agreement. Here is what WCI is going to do:

WCI's concessions include agreeing to put an 80-foot preserve between the Tiburon golf course and the backyards of the new homes built closest to Marsala. Also, the developer agreed to build single-story homes along the nearest points to Marsala.

Additionally, WCI would increase the total preservation area in the overall Pelican Marsh development with the addition of the new project. In Pelican Marsh there already are more than 358 acres of preserves, exceeding the county's requirements by nearly 115 acres.

WCI also has agreed to put a landscape buffer between the new entrance road and the golf course to minimize Marsala residents' view of cars going into the new community — and their headlights.

Naples tear-downs are on a tear

http://www.naplesnews.com/story/money/real-estate/2016/07/23/naples-tear-downs-tear/87345376/

This is obvious while driving around Naples, the homes are being demolished and new ones are being built. This is great while property values are increasing however if the market takes a dip we may not see all of them built out. You have to be aware of FEMA regulations as well as what the City of Naples requires. Here are a few highlights from the article.

Land and housing costs have soared over the past several years, making tear-downs a profitable and thriving business, especially in older, fashionable beachfront communities in the city of Naples — some of which sit in flood zones that can limit renovation plans.

Craig Mole, chief building official and director of building services for the city of Naples, said the city saw 139 single-family home demolitions in 2015. By comparison, the rest of Collier County, including Marco Island, only saw an estimated 75 home demolitions last year, according to Jenny Blaje, Collier County’s director of tax roll compliance.

59 more demolitions have been permitted in the city, and he expects construction of new custom homes on infill lots to remain strong.

5 Reasons Your First Home Should Be A Duplex

http://www.msn.com/en-us/money/realestate/5-reasons-your-first-home-should-be-a-duplex/ar-BBuBKWQ

I think income properties are brilliant for first time home buyers for building future wealth. 

You get tax benefits
There are mortgage advantages
You learn the landlord business
It has great potential as an Airbnb
A duplex gives you more options

Home Seller's Checklist: 15 Simple Tips for Selling a Home Now

http://www.msn.com/en-us/money/realestate/home-sellers-checklist-15-simple-tips-for-selling-a-home-now/ss-BBuEY2n#image=1

Here are some high level things to keep in mind when selling your home!

1. FIND A GOOD REAL ESTATE AGENT
2. MAKE A STRONG FIRST IMPRESSION
3. FIX IT
4. USE HIGH-QUALITY PHOTOS
5. CREATE AN INVITING OUTDOOR SPACE
6. DEEP CLEAN EVERYTHING
7. CONSIDER STAGING
8. STAY ORGANIZED
9. LEAVE A PLEASANT SCENT
10. MAKE THE OPEN HOUSE COMFORTABLE
11. LET THE LIGHT IN
12. HIDE SIGNS OF PETS
13. HAVE WARRANTIES AVAILABLE
14. PROMOTE WITH SOCIAL MEDIA
15. HOST A GARAGE SALE

Is House Price or Interest Rate More Important?

http://www.msn.com/en-us/money/realestate/is-house-price-or-interest-rate-more-important/ar-BBuzkuv

Its important to always look at the big picture and what your ultimate goals are for a specific purchase. Sometimes people get caught up over the exact purchase price but its important to remember many factors play into the transaction.

This scenario shows that interest is more important since the home values then went up.....too bad we don't have a crystal ball but rates are great right now which creates more buying power. The article also cites, down payment, HOA dues, movability, refinancing, & in 2010 the last time it was low prices and low interest rates.

interest rates were 7%. You saw a one-bedroom condo for sale for $100,000. You calculated your 30-year monthly mortgage payment on $80,000 – the amount you are mortgaging after a 20% down payment and your closing costs. Your monthly payment would be $532.

You wait 6 months and interest rate drops to 5%. However, a condo in the neighborhood you want now averages $120,000. You put down 20% plus closing costs and you are left with a mortgage amount of $96,000. Your monthly payment on a 30-year mortgage is $515. Your payment dropped by $17.

Florida tops states where foreigners purchase property

http://naples.floridaweekly.com/news/2016-07-21/Real_Estate_News/Florida_tops_states_where_foreigners_purchase_prop.html

It is very easy to understand why international buyers choose Florida and half of them are paying in cash! With all the European issues, maybe we will see even more purchases.

Five states account for half of foreign buyer purchases. Slightly over half of all foreign buyers purchased property in Florida (22 percent), California (15 percent), Texas (10 percent), Arizona or New York (each at 4 percent).

Exactly half of all international transactions were all-cash purchases, which was slightly down from a year ago (55 percent)

Naples Area 2Q 2016 Report

Experts Report 2Q 2016 Real Estate Market Remains Balanced

 

Naples, Fla. (July 21, 2016) - As Collier County's resale housing inventory levels continue to outpace last year's levels, median closed sale prices for homes over $300,000 remain fairly unchanged. Several brokers who recently analyzed the Second Quarter and June 2016 Market Reports released by the Naples Area Board of REALTORS® (NABOR®), which tracks home listings and sales within Collier County (excluding Marco Island), believe the 2Q real estate market's behavior is reminiscent of how the local housing market behaved in 2003.

 

"During the recession we experienced a dramatic increase in inventory, particularly in properties below $300,000," said Mike Hughes, Vice President and General Manager for Downing-Frye Realty, Inc., "This was then followed by several years of high volume sales, mostly in that $300,000 and below segment of the market. But before all that, from 2000 to 2003, we were in a normal real estate market. This summer feels a lot like that time again."

 

Hughes added that, "last year was a near record year for closings. So if you look at the decrease in closed sales for this year's second quarter and compare it to last year's second quarter closed sales, it's not really a fair comparison." 

 

"Sellers who anticipated a continued increase in the value of their homes are getting a dose of new reality," said Cindy Carroll, SRA, with the real estate appraisal and consultancy firm Carroll & Carroll, Inc. "The report showed virtually no increase in closed sale prices in the second quarter versus the first quarter so sellers need to reset their thinking because we have entered a new cycle that looks a lot more like where we were in 2003 and 2004."

 

Kathy Zorn, broker/owner, Florida Home Realty, echoed Carroll's sentiment and added, "There are many owners who purchased short sales or foreclosures and don't have to sell, so they are willing to hold out for a price they want. This mindset also applies to some investors who would rather collect rent than sell at today's prices. Property is always a great investment and this subset of sellers is perfectly in the right to hold out, but the report tells me that closed prices have barely changed in a year so the days of impressively peaking values and expecting a price over market value are in the past."

 

Carroll added that she doesn't anticipate overall median closed sale prices will go down anytime this year, but she admitted that she does foresee list prices decreasing. "It's a matter of staying competitive, and right now the competition is more inventory and new construction. So if a seller is really motivated to sell, then their asking price has to be realistic as it will determine how quickly the sale will happen."

 

Bill Poteet, owner and broker at Poteet Properties, remarked that despite tourism being down this summer and some buyers postponing a purchase until there is more economic certainty, "we are moving property because the  June report showed the average days on market is about 3 months and that hasn't changed from a year ago when we didn't have as much inventory." 

 

"I'm seeing fewer shoppers and more serious buyers this summer," said Steve Barker, Advising Broker for Equity Realty, who also made mention that he has seen an increase in the number of local British homeowners list their homes for sale to take advantage of the desirable exchange rate and make a good profit.

 

The NABOR® 2Q 2016 Market Report provides comparisons of single-family home and condominium sales (via the Southwest Florida MLS), price ranges, and geographic segmentation and includes an overall market summary. The NABOR® 2Q 2016 sales statistics are presented in chart format, including these overall (single-family and condominium) findings: 

 

CATEGORIES	2Q 2016	2Q 2015	CHANGE
Total homes under contract (pending sales)	2,541	2,843	-11%
Total closed sales	2,662	3,109	-14%
Median closed price	$325,000	$318,000	2%
Total active listings (inventory)	4,983	3,698	35%
Average days on market	76	75	1%
Single-family closed sales	1,263	1,388	-9%
Single-family median closed price	$421,000	$399,000	6%
Single-family inventory	2,674	2,133	25%
Condominium closed sales	1,399	1,721	-19%
Condominium median closed price	$259,000	$263,000	-2%
Condominium inventory	2,309	1,565	48%

 

Additional activity of interest in the NABOR® 2Q 2016 Market Report includes:

• Overall pending sales in the East Naples geographic area (34114, 34117, 34120, 34137) increased 2 percent to 511 pending sales in 2Q 2016 from 501 pending sales in 2Q 2015.
• Closed sales for single-family homes in the $1 million to $2 million price category increased 10 percent to 131 single-family homes in 2Q 2016 from 119 single-family homes in 2Q 2015.
• Median closed prices for condominiums in the $2 million and above price category increased 28 percent to $3,875,000 in 2Q 2016 from $3,022,000 in 2Q 2015. 
• Overall inventory for homes in the $500,000 to $1 million price category increased 40 percent to 846 homes in 2Q 2016 from 604 homes in 2Q 2015.
• Inventory for condominiums in the $1 million to $2 million price category increased 69 percent to 189 condominiums in 2Q 2016 from 112 condominiums in 2Q 2015. 

NABOR® also released its June 2016 Market Report, which included these overall month over month (single-family and condominium) findings:

CATEGORIES	2Q 2016	2Q 2015	CHANGE
Total homes under contract (pending sales)	720	882	-18%
Total closed sales	832	875	-5%
Median closed price	$315,000	$315,000	0%
Total active listings (inventory)	4,983	3,698	35%
Average days on market	82	73	12%
Single-family closed sales	412	431	-4%
Single-family median closed price	$400,000	$397,000	1%
Single-family inventory	2,674	2,133	25%
Condominium closed sales	420	444	-5%
Condominium median closed price	$243,000	$260,000	-7%
Condominium inventory	2,309	1,565	48%

NABOR® President Rick Fioretti, a Broker Associate with Berkshire Hathaway Home Services Florida Realty, said the report also shows "conventional sales are up 9 percent since January. In fact, I believe there are more options now for homebuyers because mortgage rates are still low and there are fewer cash investors stalking the market for distressed properties under $300,000." 

 

Hughes remarked that "inventory levels have actually been decreasing in the last three months so buyers who are waiting because they think more options will become available may be disappointed. Plus, if they continue to wait, they may miss out on some great low mortgage rates as they won't stay down for long."

 

Arthrex expanding again in Collier, plans to create 560 jobs

http://www.naplesnews.com/story/money/business/local/2016/07/19/arthrex-expanding-again-collier-plans-create-560-jobs/87286100/

I wrote about this mysterious Project Nikita awhile back! They are a great company to work for.

Arthrex, the North Naples-based manufacturer of medical devices and surgical supplies, is expanding with a capital investment of more than $63 million, creating 560 jobs at its corporate campus.

Arthrex is the company behind the mysterious "Project Nikita." On average, the new jobs will pay $54,000 a year, with annual benefits of $17,000. The jobs will be more corporate in nature to support the company's growing operations.

The Cost of Renting vs. Owning a Home in Every State

http://www.msn.com/en-us/money/realestate/the-cost-of-renting-vs-owning-a-home-in-every-state/ss-BBurP5g#image=50

Better start buying in Florida instead of renting (or start buying investment properties)....

Housing is the biggest expense for many Americans, accounting for more than 30 percent of a household’s yearly expenditures, according to the Bureau of Labor Statistics. But housing costs can vary greatly, depending on where you live — and whether you’re a renter or owner.

Renting vs. buying a home in Florida:
Monthly rent in Florida: $1,695
Monthly mortgage in Florida: $1,297
Rents have been rising in the Sunshine State — especially in South Florida where the population is growing and demand for rentals has increased, the Sun Sentinel reported in April.

The Nation’s Malls Are Getting Major Redo

http://realtormag.realtor.org/daily-news/2016/07/19/nation-s-malls-are-getting-major-redo?om_rid=AADG2i&om_mid=_BXjm4nB9QBDXpl&om_ntype=RMODaily

With so many people online shopping it only makes sense to be turning these big anchor department stores into experiences and restaurants to attract people.

Florida Mall in Orlando, Nordstrom was recently torn down to make room for the Crayola Experience, a crayon-based family attraction.

“The definition of an anchor has changed,” adds Stephen Lebovitz, chief executive of mall owner CBL & Associates Properties Inc. “Cheesecake Factory does as much business as Sears used to do,” he says.

54 million Americans think their best long-term investment is cash

http://www.msn.com/en-us/money/savingandinvesting/54-million-americans-think-their-best-long-term-investment-is-cash/ar-BBuvFSn?li=BBnbfcN

Even though many people prefer cash investments, real estate is still a leader!

A surprising 54 million Americans said they preferred cash investments for money they did not need for 10 years or more, according to a recent report by Bankrate.com.

Overall, one quarter of Americans said real estate was the most favored investment option for savings they wanted to stash for over a decade, closely followed by cash. Stocks and precious metals were a distant third, tied at 16 percent, while bonds were the least popular at 5 percent.

4 tips for buying a fixer-upper

http://www.msn.com/en-us/money/realestate/4-tips-for-buying-a-fixer-upper/ar-AAhrlnc#page=1

Buying a home to fix up is a great way to get equity, however you have to be very careful, its easy to go over budget as we always see on those HGTV shows. You need the right people in place to make it work. There are now FHA loans that will help you finance you renovations too!

1. Check the zoning
2. Bring in a home inspector
3. Hire an architect and/or contractor
4. Research tax incentives

Pitbull’s song Sexy Beaches features Florida

https://youtu.be/sOUQ3kfxEaQ

I just learned about this video and watching it I was laughing.  A tourism agency, Visit Florida paid him, he is from Florida - it does show the beauty of our beaches and has his signature energy but almost a little too over the top.  I guess that is his style though...check out the link to the music video. 

It’s not a housing bubble, it’s just expensive

http://www.msn.com/en-us/money/realestate/it’s-not-a-housing-bubble-it’s-just-expensive/ar-BBus6tp?li=BBnbfcN

Where you are in the country plays into this as well. We have seen a slow year here in Collier Co yet prices are still increasing and we have TONS of new construction.  Read the article in full but the perception that it is not a bubble since we don't have a lot of the problems we had 10 years ago.

But residential real estate isn’t in a speculative bubble, industry observers contend. Instead, a low inventory of available homes is driving prices higher—prices, however, will eventually recede as buyers throw up their hands, or as more new homes come on line. The structural issues that led to the housing collapse last decade aren't present.

More homes planned on Immokalee Road east of Collier Blvd.

http://www.naplesnews.com/story/news/columnists/tim-aten-in-the-know/2016/07/18/know-more-homes-planned-immokalee-road-east-collier-blvd/87239868/

Can't Stop, Won't Stop building homes in Collier Co!


Expect Neal Communities to begin construction on Richmond Park in a couple of months on the southwest corner of Immokalee Road and Woodcrest Drive. The new residential community will have 104 multifamily dwelling units in 13 buildings, site development construction plans show.

“It’s the same product that we are doing at Avalon, just a different location,” Greenberg said.

Cameron Commons progress coming along

http://www.naplesnews.com/story/news/columnists/tim-aten-in-the-know/2016/07/18/know-cameron-commons-progress-coming-along/87139372/

Here is an update on the Cameron Commons project which is on Immokalee Road just east of Collier Boulevard.

• New York Pizza & Pasta - opening around Aug 1. 
• Edison’s Smart Fitness center is targeted to open about Aug. 15. 
• Quest Diagnostics and Remax will take a few more months
• RaceTrac will anchor the second phase of Cameron Commons. The gas station and convenience store is expected to break ground at 9089 Immokalee Road in the next couple of months and be completed about six months from its start date.
• The Warehouse Restaurant & Lounge will be awhile as well here is what the other location looks like in Gainesville 

Washington state invalidates common mortgage provision

http://www.msn.com/en-us/money/realestate/washington-state-invalidates-common-mortgage-provision/ar-BBuqk9D

I think this is important that the banks don't just come an change locks while someone is still residing in the home. It is important on vacant properties to protect the home however changing locks on homes that are occupied goes too far.

Laura Jordan came home from work one day to find herself locked out. She had missed two mortgage payments, and the company servicing her loan had changed the locks without warning.

The mortgage industry is wrestling with the significance of the 6-3 ruling, which found that provisions standard in mortgage documents around the country conflict with state law. The provisions allow for lenders to change locks, winterize homes or take other steps to preserve the value of properties that are in default or abandoned.

But the court held that they violate state law, which prohibits lenders from taking possession of property before foreclosure.

Senior housing construction rising in Southwest Florida

http://www.naplesnews.com/story/news/local/2016/07/16/senior-housing-construction-rising-southwest-florida/87029908/

The Moorings at Grey Oaks which is still under construction went up just down the street from where I live. It seems there is a lot of demand which only makes sense based on Naples Demographics. The demand for luxury is there as well!

By the end of June, there were senior housing projects with 1,245 beds were under construction in the Fort Myers region compared to 415 beds in projects under construction in Naples, according to the National Investment Center for Seniors Housing & Care (NIC), an industry leader in senior housing issues.

Naples experienced an 88 percent occupancy rate for its 4,394 beds. There were 540 unoccupied beds at the time of the survey, according to the data. The national group tracks 23 senior living properties in Naples with 25 or more beds.

How Houses Were Cooled Before Air Conditioning

http://www.msn.com/en-us/money/realestate/how-houses-were-cooled-before-air-conditioning/ar-BBul7pu

Its been hot this summer - here is what history has done to stay cool:

Shotgun house were one room with windows and doors to be lined up for cross-ventilation. The porch shields the front room from the sunlight, thus keeping it cooler. 

The open-air hall that runs through its center—the dogtrot—defines the structure, which is generally two cabins under a single roof. The dogtrot allows for rooms to be accessed on both sides by fresh air. 

Meanwhile, in the upper classes, it was fashionable to ignore the heat altogether. "The idea was that you were immune to temperatures," says Baile. "You simply did not acknowledge that it was hot."

NEVO, or cold air stove, hit the market. "It was like a gigantic ice cream freezer connected to a fan—you would put in 200 lbs of ice a day and it would blow out cold air,"

Low interest rates are about to really mess with America's baby boomers

http://www.msn.com/en-us/money/savingandinvesting/low-interest-rates-are-about-to-really-mess-with-americas-baby-boomers/ar-BBukzkf?li=BBnbfcN

Baby boomers have had it pretty good, however retirement might not be as great....

Low rates mean a more expensive retirement.

Between such high prices for bonds and annuities and the fact that many boomers have meagre retirement savings to begin with, some will feel pressured to stay in the stock market hoping to earn higher returns. But this leaves them exposed to risk; a bad day in market can destroy retirements and a boomer’s sense of security.

Marco Island is one of SWFL’s most affordable beaches

http://www.naplesnews.com/story/money/business/local/2016/07/13/tripadvisor-marco-island-one-swfl-most-affordable-beaches/87025984/

Marco is beautiful, just a little too sleepy for my taste but great value - especially if you want a home with gulf access.

TripAdvisor crunched the numbers and ranked the island No. 6. on its Summer Savings: 24 Most Affordable Florida West Coast Beaches list.

The list is based on the average cost of a week's stay during the off season. A week’s stay in a two-bedroom property on Marco Island averages $995, according to TripAdvisor.

Foreclosure activity down in Southwest Florida in the first half of the year

http://www.naplesnews.com/story/money/real-estate/2016/07/14/foreclosure-activity-down-southwest-florida-first-half-year/87050684/

Buyers are always asking about getting a foreclosure, they are not as common anymore and you can't always get a great deal unless they need a lot of work - then financing becomes an issue.

The report, issued Thursday by Irvine, California-based research firm RealtyTrac, showed residential foreclosure filings in the Naples-Immokalee-Marco Island metro area (which includes all of Collier County) fell 32 percent, to 642, from January to June.

Is Your Foreclosure Really Behind You?

http://www.msn.com/en-us/money/home-refinancing/is-your-foreclosure-really-behind-you/ar-BBgOVF2

Just because you think your foreclosure is in the past, there are still things that can come back to haunt you...make sure you know the rules in your state, deficiency judgments can lead to bankruptcy and decades of problems. 

A deficiency is measured by the difference between what you owed on the mortgage (including all court costs and attorneys fees) and the amount recovered by the lender by foreclosing on the property.

Deficiencies can also occur in short sales. A short sale is the voluntary sale of your home for less than what is owed. The lender may release the mortgage, but not release the debt.

The most common consequence of a deficiency is the dreaded 1099 IRS form that strikes at tax time. IRS rules allow the lender to declare that the money still owed on the deficiency is income to you, so you have to pay taxes on it.

Under the Fair Credit Reporting Act, bad debt drops off your credit report at seven years. The same is true for deficiency judgments unless your state allows for a longer period of enforcement, such as Connecticut's 20-year period.

How to get a good real estate deal like a flipper

http://www.msn.com/en-us/money/realestate/how-to-get-a-good-real-estate-deal-like-a-flipper/ar-BBufiC8

Everyone wants a deal, however to get the massive discounts, you cannot be too picky. I love what he has to say in this article. I pulled out the most interesting quotes.  I also recommend finding a realtor that works closely with a lot of investors.  For example, I purchased a property that my client had found but it just didnt fit correctly in his portfolio therefore I benefited.  I also have a select group of clients that I send those "cast away deals" that my institutional seller doesn't want or when he is selling a good deal I give my clients the first shot at it!

The real goal is finding the right seller and providing certainty and convenience.

The more selective your buying criteria the less likely you’ll be successful in your efforts to buy like a flipper.

Make sure you don’t overpay for a fixer-upper. Ensure you have at least 10 percent equity in the home after you do all of the fix-up.

And finally, don’t talk yourself out of a great deal. I always hear people ask with suspicion: Why would they sell for so cheap? They assume there must be some hidden defect. Do your due diligence. If everything checks out, then don’t be afraid to take a great deal.

1. Define your market.
2. Create a mailing campaign.
3. Put up signs.
4. Drive around your target area
5. Advertise — let people know that you’re in the market.
6. Network and put out the word.
7. Check out the For Sale by Owner websites, and call on any yard sign you see in your neighborhood that will put you in direct contact with a homeowner.

Tacos & Tequila launches 2nd location

http://www.naplesnews.com/story/news/columnists/tim-aten-in-the-know/2016/07/13/know-tacos-tequila-launches-2nd-location/86961920/

You have got to check Tacos and Tequila out.  It is one of my favorite restaurants in town.  They have such creative tacos!

A new North Naples location for the local restaurant launched Friday in The Pavilion shopping center on the northwest corner of U.S. 41 and Vanderbilt Beach Road. The exterior sign won’t be installed for another three or four weeks, but the new Tacos & Tequila fronts U.S. 41 next door to Paradise Wine and directly behind Fleming's Prime Steakhouse & Wine Bar.

Property taxes to climb under Collier County commission proposal

http://www.naplesnews.com/story/news/local/2016/07/12/property-taxes-climb-under-collier-county-commission-proposal/86982438/

9.85% jump in taxes, homesteads are still capped at 3% and 10% cap for non homesteaded.

Property values in the county are expected to jump 9.85 percent. Under the tax rate, a home that was worth $200,000 last year would have paid $713 in county taxes. If that home increased the full 9.85 percent in value it would now be worth $219,700 and would pay $783. Not all homes will have to pay the full increase. Tax increases for properties with homestead exemptions would be capped at 3 percent. Increases for homes without homestead exemption are capped at 10 percent,

Naples redevelopment on Fifth Avenue planned next door to controversial condo project

http://www.naplesnews.com/story/news/local/2016/07/12/naples-fifth-avenue/86987512/
There has been a lot of hurdles for redevelopment on 5th Ave - here is another one...

The owner of 505 5th Ave. S. wants to tear down the existing one-story retail structure and construct a three-story building with eight condos on the upper floors.

The new plan will close three businesses – Oh My Gauze, Adelheidi’s Organic Sweets and the Florida Olive Oil Company.

The Pros and Cons of Low Mortgage Rates

http://realtormag.realtor.org/daily-news/2016/07/12/pros-and-cons-low-mortgage-rates?om_rid=AADG2i&om_mid=_BXhUU9B9PtsFJp&om_ntype=RMODaily

Here are a few thoughts from the National Association of Realtors, Danielle Hale:

Pros
More purchasing power
Income needed to qualify is also reduced
Reduction in the income needed to finance a home

Cons
Concerns about the global economy stagnating
Consumers nervous
Trouble finding affordable housing options due to a lack of inventory

Homes planned for former plant nursery on Airport Road in North Naples

http://www.naplesnews.com/columnists/news/tim-aten-in-the-know/in-the-know-homes-planned-for-former-plant-nursery-on-airport-road-in-north-naples-3702c3e8-9bfe-3aa-386199531.html

There are not many new construction communities that are this centrally located in Naples.  I live just down the street and think this is a great location and it will be a great product!

The future residential community will be named Avery Square. The Atlanta-based homebuilding company plans 82 one- and two-story single-family homes with two-car garages. The subdivision's five floor plans range from a threee-bedroom and two-bathroom model of about 1,800 square feet to a nearly 3,000-square-foot living space with four bedrooms plus a den, loft and 2.5 bathrooms, said Josh Graeve, vice president of sales for PulteGroup's South Florida market.

The master bathroom is the new master bedroom

http://www.msn.com/en-us/money/realestate/the-master-bathroom-is-the-new-master-bedroom/ar-BBu4fSG

I do see this trend in much of the new construction we see the gorgeous bathrooms are now a focal point of a home when they used to be - yet you likely will not get all the fund recuperated at the time of the sale of your home.

“The master bathroom is becoming a real point of focus, and since it’s one of the most used rooms in the house, it’s an opportunity to make a statement,” said Beth Fisher, senior management director of marketing for the Corcoran Sunshine Marketing Group, a real-estate sales and marketing firm and developer in New York.

AIA’s Home Design Trends ​fourth quarter 2015 design survey of 500 architectural firms. 29% of AIA’s respondents said their clients want bigger bathrooms, up from 25% a year ago. ​ ​

Still, don’t expect a luxury bathroom redo to add significantly to your bottom line at resale. According to Remodeling Magazine, upscale bathroom remodeling recouped only about 56% of its costs at sale time.

20 HOME RENOVATIONS THAT WILL HURT YOUR HOME’S VALUE

http://www.msn.com/en-us/money/realestate/20-home-renovations-that-will-hurt-your-homes-value/ss-BBu5yNQ

This paragraph perfectly articulates what I say to so many clients, many of these are great renovations however getting every dollar back and then some is rare with the list below. These renovations are done for you not the future buyer. 

Sometimes, these home renovations are done particularly with a resale in mind. Other times, they’re simply done to suit a homeowner’s personal preferences. Either way, it’s important to keep your home’s resale value in mind, and do your research before investing in any home improvement updates.

1. LAVISH LIGHTING FIXTURES
2. TOO MUCH WALLPAPER
3. TEXTURE ON THE WALLS AND CEILINGS
4. QUIRKY TILING
5. TOO MUCH CARPETING
6. BRIGHT AND BOLD PAINT COLORS
7. AN EXTREMELY HIGH-END KITCHEN
8. A LUXURY BATHROOM
9. A HOME OFFICE CONVERSION
10. COMBINING BEDROOMS TO CREATE A BIGGER ROOM
11. REMOVING CLOSETS
12. A SUNROOM ADDITION
13. A BUILT-IN AQUARIUM
14. BUILT-IN HIGH-END ELECTRONICS
15. A SWIMMING POOL
16. A HOT TUB
17. GARAGE-TO-GYM OR LIVING SPACE CONVERSION
18. THE WRONG LANDSCAPING INVESTMENT
19. BEAUTIFUL BUT MESSY TREES
20. DIY REPAIRS

Best and Worst States to Retire Rich

http://www.msn.com/en-us/money/retirement/best-and-worst-states-to-retire-rich/ss-AAhk7Ej?li=BBnb7Kz#image=48

Its very obvious we rank high on this list when you explore Florida!

5. FLORIDA

Average Social Security benefits: $1,309.10
Average health insurance premium: $262
Average Medicare spending per capita: $10,707.92
Average savings interest rate: 0.38%
Average 2-year CD interest rate: 0.729%
Average home listing price: $354,540

Florida has gained a reputation as a popular place to retire, and probably with good reason. Florida has the sixth-highest Medicare spending per person and second-highest savings account interest rate in the country. Florida's CD account interest rate is also above-average, and its average health insurance premiums are on the cheaper end.

15 Ways to Welcome Summer Into Your Home When You Put It on the Market

http://www.msn.com/en-us/money/realestate/15-ways-to-welcome-summer-into-your-home-when-you-put-it-on-the-market/ar-BBu6ePp

Many of these are great reminders for what to do all year round in Florida. Outdoor living space is so important here and people that move here love great weather and the ideaof summer all year!

1. Curb appeal lured homebuyers and guests inside.
2. Create some entertaining space.
3. Spring for a water feature.
4. Stay on top of landscaping.
5. Prep the deck or patio.
6. Keep up with clean-up.
7. Maintain window panes.
8. Provide summer relief with a cool breeze.
9. Change textiles throughout the home.
10. Inject a summertime theme.
11. Lighten up the walls.
12. Play up use of white in the home.
13. Show off Mother Nature.
14. Rid yourself of clutter.
15. Use fresh summer scents.

7 Ways To Compete With Cash Buyers In A Seller's Market

http://www.msn.com/en-us/money/realestate/7-ways-to-compete-with-cash-buyers-in-a-sellers-market/ar-BBu0Wlq

I love all of these, many times it takes buyers missing out on a deal or two in order to realize that when you are competing with cash you have to be flexible.  You are not guaranteed anything, sellers know they have something that you want.

1. Put your best foot forward
2. Go a little higher
3. Find out the seller’s terms
4. Be flexible
5. Be thorough
6. Show some personality
7. Throw in the “as is” offer

The shrinking of the American lawn

http://www.msn.com/en-us/money/realestate/the-shrinking-of-the-american-lawn/ar-BBu0d49

I think this is makes complete sense - to take more house over more yard....yet I don't have kids that would play outside in a yard and I grew up on 5 acres in Wisconsin.

“We still want our big homes with ample bedrooms and bathrooms, but increasingly, we’re having to make a tradeoff to keep those kinds of homes accessible—namely, smaller lots. Americans want both space and convenience, but the land available relatively close to job centers is expensive. This trend of larger homes and smaller lots represents the compromise between what builders can profitably build and what consumers will actually buy.”

Housing Forecast: What To Expect In The Second Half Of 2016

http://www.msn.com/en-us/money/realestate/housing-forecast-what-to-expect-in-the-second-half-of-2016/ar-BBu0YcS#page=1

Here are a few things that can happen - again this can be different from location to location.


The Dynamics: Mortgage rates could reach all-time lows.
New construction remains slow.
Homeowners aren’t selling.
Demand is still strong.
What it means for you: Have your checkbook ready.
Be prepared to pay asking.
Other things to watch: The Fed.
The Election.

Looking for Steady Income? The Rise of 'Renter Nation' Is Your Friend

http://www.msn.com/en-us/money/realestate/looking-for-steady-income-the-rise-of-renter-nation-is-your-friend/ar-BBu3ugW

This article goes into how to decide if a property is good rental unit. "Interest rates haven't been this low since the Flintstones first bought a house." and rental rates are incredibly high right now so it makes sense to be investing in property. 

The formulas are a good starting point and seem easy but there is a lot of thought that goes into it beyond simple math.  It is imperative to not overpay for units and management fees can add up.  I love selling investments but you have to be careful to make wise decisions and not be blinded by surface level numbers.  

Many of the best deals are lower priced units.  Sometimes they are not gorgeous homes yet they are great investments so keep that in mind!

Read the article for more details but most importatly if you are considering this get with an agent that has a strong background in this!

Gross Rent Multiplier = (Selling price) / (Gross Annual Rental Income)
Capitalization Rate = (Net Operating Income) / (Total Investment)

5 Signs You Need A New Listing Agent

http://www.msn.com/en-us/money/realestate/5-signs-you-need-a-new-listing-agent/ar-BBu3h3H

Realtors get a bad reputation, it is not difficult to become a Realtor in Florida therefore it appeals to many people. Everyday I encounter agents that are not doing right by their clients and there is nothing I can do to help them - it is disappointing.  It never ceases to amaze me that with their biggest  asset people accept poor service and uneducated agents.  It might be time to switch if....

1. You’re playing a lot of phone tag
2. You’re left in the dark
3. Your listing doesn’t look as good as others
4. You haven’t received a marketing plan
5. Your agent is full of hot air

10 States With Foreclosure Problems That Just Won't Quit

http://www.msn.com/en-us/money/realestate/10-states-with-foreclosure-problems-that-just-wont-quit/ss-AAhd167?li=BBnb7Kz#image=9

Florida was #1 last year, so things are getting better this year.  I know Collier Co does not have many coming thorough and you can't really get the "deals" like people think on them.

4. FLORIDA
May 2016 foreclosure rate: 1 in every 738 homes
Change from April 2016: down 1% (was ranked No. 4)
Change from May 2015: down 44% (was ranked No. 1)

Larry Bird's nest in Park Shore has $200K price cut

http://www.naplesnews.com/business/real-estate/birds-nest-in-park-shore-has-200k-price-cut-36fbac9f-67e6-6b8f-e053-0100007f36e4-385755871.html

Another celebrity listing in Naples, for a cool 4.6m you can own Larry Bird's home. It features a theater, salt water pool and massive aquarium.  Great location in Naples!

The Brexit Vote Could Boost U.S. Real Estate

http://www.msn.com/en-us/money/realestate/the-brexit-vote-could-boost-us-real-estate/ar-AAi7Li4

The Brexit has been and will continue to cause a ripple through the rest of the world.  We may benefit from a real estate capacity in the short term - long term will be interesting to watch!

• Foreign Real Estate Investors Shifting from the UK to the U.S.
• Increase in Real Estate Prices Spurred by Lower Mortgage Rate

The Bottom Line

The Brexit has created concern among global investors over financial and economic instability within the U.K. and the EU. A drop in government bond rates indicates that investments such as the 10-Year U.S. Treasury note have become increasingly popular with global investors over the past week. This rate drop for the 10-Year Treasury note will also decrease mortgage rates in the short term, which means that real estate prices are poised to rise more rapidly due to buyers abilities to afford larger mortgage loans and more expensive homes.

3 Things That Will Sabotage Your Plans to Buy a House

http://www.msn.com/en-us/money/realestate/3-things-that-will-sabotage-your-plans-to-buy-a-house/ar-AAi6nJI

I always tell clients to wait to buy that Ferrari until after the closing.  I have seen people max out their credit cards, buy cars, quit jobs mid mortgage application - if you do these things many times you will not close and it is devastating for the buyers.  The lender will confirm you are still employed a few days before closing and run your credit again.

1. Moving Money Around 
2. Acquiring New, Undisclosed Debt
3. Changing Jobs

7 Kitchen Upgrades Under $5K That Boost Home Values

http://www.msn.com/en-us/money/realestate/7-kitchen-upgrades-under-dollar5k-that-boost-home-values/ar-AAh5prb

These are all affordable ways to update your kitchen that truly add value.  The easiest thing I always tell people is to add hardware! 

Repaint your cabinets and change out hardware
Replace or add a backsplash
Paint the hardwood floors
Replace the lights
Install butcher-block or concrete countertops
Add a new kitchen sink
Put a hood on it

Collier considers spending $2.3 million for walking, biking path along Vanderbilt Drive

http://www.naplesnews.com/news/government/collier-considers-spending-23-million-for-walking-biking-path-along-vanderbilt-drive-36e828a2-702b-0-385629011.html

I am sure the walkers and bikers will be thrilled when this is completed and its great that taxpayers don't have to pay the whole thing! The bridges might even be redone.

Work will start this summer to bring a new walking and biking path to a stretch of Vanderbilt Drive in North Naples. Collier County crews will build a 10-foot-wide path along a 4-mile span of the road between 111th Avenue and Bonita Beach Road. 

 
Taxpayers will pick up about half of the $2.3 million cost of the new path. Developers of five high-rises at the nearby Cocohatchee Bay PUD will cover $1.6 million of the tab as part of a 2008 deal with the county to settle a lawsuit over the size of the high-rises.

New study ranks SWFL cities’ employment health

http://www.naplesnews.com/business/local/new-study-ranks-swfl-cities-employment-health-3686af17-8388-2b8f-e053-0100007fe57b-385485591.html
Well Southwest Florida seems to be doing quite well....

A new study ranked several Southwest Florida cities high in terms of overall employment health, but others didn't fare so well.

Using government data, they weighted factors such as job opportunities, job growth, wages, industry variety, the percentage of workers living under the poverty line and the percentage of people with disabilities who are working.

Naples ranked 14th, Estero 19th, and Fort Myers 24th.

5 remodeling tips to sell your home in a hot market

http://www.msn.com/en-us/money/realestate/5-remodeling-tips-to-sell-your-home-in-a-hot-market/ss-AAhMme2#image=1

It is important to differentiate home that is for sale, make it memorable, and allow buyers to picture themselves in the home.

1. FIRST IMPRESSIONS CAN MAKE OR BREAK INTEREST IMMEDIATELY
2. DE-PERSONALIZE YOUR SPACE
3. DON'T UNDERTAKE MAJOR RENOVATIONS IF YOU WANT TO SELL ASAP
4. KNOW WHAT UPGRADES BUYERS IN YOUR AREA LOOK FOR
5. REPAIR, REPLACE, OR THOROUGHLY CLEAN THE WORST PROBLEM AREAS

The do’s and don’ts of service animals

http://www.floridarealtors.org/NewsAndEvents/article.cfm?p=1&id=339702

I always get questions on this and always recommend individuals consult an attorney if their service animal does not align with the communities pet policy.

According to federal law, it is discrimination for a landlord or an entity such as a condominium association to refuse "to make reasonable accommodations in rules, policies, practices, or services, when such accommodations may be necessary to afford such person equal opportunity to use and enjoy a dwelling."

The attorney reminded the condominium association that under Fair Housing laws, a housing provider cannot require service animals to have any specific training, apply a blanket weight or breed restriction, require pet insurance or charge a pet deposit.

Fourth of July: Facts About Independence Day

http://www.msn.com/en-us/lifestyle/smart-living/fourth-of-july-16-facts-about-independence-day/ss-AAhOgL6?li=BBnb7Kz

In honor of the holiday here are a few interesting facts!

1. July 2 could well have been the United States’ Independence Day, for on this day, the Second Continental Congress voted for the resolution of independence. However, the Declaration of Independence statement came out only on July 4, 1776.
2. The Pennsylvania Evening Post, printed by Benjamin Towne from 1775 to 1784, was the first newspaper to publish the Declaration of Independence on July 6, 1776. 
3. Eight of the 56 signers of the Declaration of Independence representing the 13 colonies were born in Britain or Ireland.
4. Between 1777 and 1960, the shape and design of the American flag changed several times before arriving at the present form. The 13 alternating red and white stripes represent the 13 original colonies. Talking about colors, red stands for hardiness and valor; white symbolizes purity and innocence; and blue represents vigilance, perseverance and justice.
5. On July 4, 1778, George Washington celebrated the first anniversary of the American independence by issuing double ration of rum to his soldiers.
6. In 1781, Massachusetts became the first state to declare July 4 a state holiday.
7. The Fourth of July Hot Dog Eating Contest is a popular event that has been held at Coney Island every year since 1972. Joey Chestnut (pictured) of San Jose is the current title holder; he has won the title eight times consecutively since 2007. 

Before You Rush To Buy Inflated Real Estate Assets, Take A Vacation To Greece

http://www.forbes.com/sites/panosmourdoukoutas/2016/07/03/before-you-rush-to-buy-inflated-real-estate-assets-take-a-vacation-to-greece/#52f728e6ea27

 I really enjoyed this perspective, its important to be aware of what is going on in the world, yes we are not Greece however we can learn from them. Here are a few highlights from the article: 

The trouble is that real estate recoveries in recent decades have been built on a secular decline of interest rates that has reflated real estate bubbles, rather than on genuine market clearing.

Simply put, the Federal Reserve has been reflating one real estate bubble after another, creating a grand bubble, as Bank of Japan did back in the 1980s.

But since 2009, real estate prices have been heading south with no end in sight. The Greek Home Price Index has dropped from 100 in 2009 to 59.8 in 2016. A popular asset has turned into liability even in the hottest property areas of the country.

Again, America isn’t Greece. Still, a Greek style crisis can happen here, as the Fed is running out of bullets to reflate the grand bubble when it bursts, as was the case in Japan in the 1990s.

Homes with 'Subway Tiles' or 'Barn Doors' Sell Faster and For More Mone

http://www.msn.com/en-us/money/realestate/homes-with-subway-tiles-or-barn-doors-sell-faster-and-for-more-money/ar-BBrFLFY


I love barn doors in homes but I still have not bought into the subway tile trend - however that seems to pay off!According to the article, quarts, shaker cabinets, & farmhouse sinks are good as well!

"for-sale listings touting features like "subway tiles" or "barn doors" can sell for as much as 13 percent more than expected, and nearly 60 days faster than homes without those features"

When the neighborhood is owned by billion-dollar companies

http://www.naplesnews.com/business/real-estate/385368341.xhtml

Living in a transient neighborhood can be frustrating for homeowners, these large companies are renovating homes though and it time it should level out. 

The corporate purchases have spread through Piedmont Park and surrounding neighborhoods, where the percentage of renters rose from a bit over 10 percent to more than 35 percent within a decade. Piedmont Park homeowners complain that the result is more transient neighbors, less engagement at homeowners' meetings and difficulties reaching absentee corporate landlords.

Several homeowners have said they're considering selling their homes because there are so many renters now, she said.

5 Ways to Stage Your Home on a Budget

http://www.msn.com/en-us/money/realestate/5-ways-to-stage-your-home-on-a-budget/ar-AAgQZB0

Cheap or free ideas to do when selling your home!

• Clean & De-Clutter
• Rearrange Furniture--Try breaking up furniture sets to add more space and personality.
• Arrange furniture to create a conversation area.
• You must be able to easily walk around the furniture.
• Remove furniture that doesn’t fit, or is taking up room in a corner.
• Add Natural Touches
• Add some plants or flowers
• Direct the Buyer’s Eye
• A bed, for instance, is the main focal point of a bedroom
• Create Memorable Moments
• A seller needs to emotionally connect with a buyer by telling a story of the lifestyle one could have if they bought this home.

Average US 30-year mortgage falls to 3.48 percent

http://www.msn.com/en-us/money/real-estate/average-us-30-year-mortgage-falls-to-348-percent/ar-AAhOuYI

Long-term U.S. mortgage rates slid to new lows for the year this week amid market upheaval stoked by Britain's vote to leave the European Union. Rates are at three-year lows at the height of the spring home buying season.

Since 1971: How Much a Home Would Have Cost You

http://www.msn.com/en-us/money/realestate/since-1971-how-much-a-home-would-have-cost-you/ss-AAhtN6o?li=BBnb7Kz

I will just take a few samples, it is interesting to see the fluctuations!

Using data from the U.S. Census Bureau, they were also able to determine the inflation-adjusted median sale price for a home each year and calculate what a monthly payment would have been in inflation-adjusted terms.
1971
30-Year Fixed Mortgage Rate: 7.50%
Inflation-Adjusted Median Sale Price for a Home: $135,696
Inflation-Adjusted Monthly Payment: $948.81

1985
30-Year Fixed Mortgage Rate: 12.43%
Inflation-Adjusted Median Sale Price for a Home: $170,883
Inflation-Adjusted Monthly Payment: $1,814.48

1996
30-Year Fixed Mortgage Rate: 7.81%
Inflation-Adjusted Median Sale Price for a Home: $194,631
Inflation-Adjusted Monthly Payment: $1,402.44

2007

30-Year Fixed Mortgage Rate: 6.34%
Inflation-Adjusted Median Sale Price for a Home: $260,699
Inflation-Adjusted Monthly Payment: $1,620.46

2009
30-Year Fixed Mortgage Rate: 5.04%
Inflation-Adjusted Median Sale Price for a Home: $220,254
Inflation-Adjusted Monthly Payment: $1,187.76

This is the Most Poorly Designed House in America

http://www.msn.com/en-us/lifestyle/home-and-garden/this-is-the-most-poorly-designed-house-in-america/ar-AAhJ3ns?li=BBnbfcL

I disagree with the quote below, the home still has value! Before continuing to read, look at the photo and and spot the flaw!

Upon closer inspection you'll see the nonfunctional placement of the garage-it's nowhere near the driveway. In order to get your car into the garage, you'd have to drive over the curb, across the walkway, and over the lawn.

This error essentially makes the home worthless, real estate agent and co-host of Million Dollar Listing, Josh Flagg told Inside Edition. "I would tear it down," he explained. "No one would ever build a home that way. It makes no sense."