NAPLES — There was no sugarcoating it.
Naples broker Ross McIntosh had very little good to say in his annual snapshot of the local housing market Wednesday night.
His speech — given at the Quail West Golf & Country Club off Bonita Grande Drive in North Naples — drew a crowd of more than 150. Those hoping for some good news didn’t hear much of it as McIntosh focused on the facts, including statistics about building permits that he described as shocking.
It was his 21st annual presentation. His title, “Whodathunkit,” fit the tone of his straight-talking speech as he touched on foreclosures, falling home and land prices, shrinking new home permits and cancelled projects.
He described the situation for home builders as “dismal,” mentioning only a few bright spots in the market where new homes continue to be built.
After doing the research for his snapshot, McIntosh, founder of REO Accelerated Disposition Associates in Naples, said he was surprised to learn just how many builders have been idle this year.
In 2008, 83 builders pulled at least one single-family or multi-family permit in Collier County. So far this year, 44 builders have been active, McIntosh said.
In Lee County, 175 builders pulled residential permits in 2008. That compares with 68 so far this year, McIntosh said.
Through September, 737 building permits had been pulled in Collier County. That compares with 934 in 2008.
In Lee County, 696 building permits were issued through the first nine months of this year. In 2008, there were 1,547.
In Collier, Marbella Lakes by G.L. Homes, located off Livingston Road between Pine Ridge Road and Golden Gate Parkway, has been the “single-family hot spot,” McIntosh said. The builder has pulled 119 permits so far this year, he said.
Two other communities — Lely Resort by Stock Development and VeronaWalk by Pulte Homes — each had 44 permits issued. They were the most active communities after Marbella Lakes.
Next in line was Heritage Bay by Lennar Homes with 39 permits pulled.
In Lee County, the top builder this year is Centex Homes, which has pulled 87 single-family permits — most of them at The Plantation. That compares with 131 in 2008.
Coming in behind Centex is D.R. Horton, which has pulled 69 single-family permits so far this year in Lee.
He described Lee as “ground zero for the foreclosure industry,” saying a bottom has finally been found in Lehigh Acres at about $50,000. The same home in the Naples area would go for twice that, McIntosh said.
He said multi-family projects are almost non-existent in Lee County this year
“There are two builders of multi-family,” McIntosh. “It’s a short subject.”
Centex Homes and Taylor Morrison are the two builders. They pulled permits for 42 units at four projects: The Plantation, Lucaya, Verandah and Tortuga.
He touched on the new town of Ave Maria in eastern Collier County, saying only 10 permits have been pulled this year. Other “new towns” have been postponed.
One investor, who hoped to build a new town in the city of North Port in Sarasota County, is now involved in foreclosure, McIntosh said. “Another new town dream dashed,” he said.
When builders do pull permits they are often dragging along a “ball and chain” from the boom, when they paid inflated prices for land and invested millions to start up new communities that have since been devalued by a housing slump.
Some builders invested millions in land they had hoped to put homes on that now has “no prospective use,” McIntosh said.
“Clearly this was a bubble market,” he said. “Southwest Florida is the poster child for a bubble market.”
He described the “living language” of today including such words as blanket receivership, capitulation, Chinese drywall, jobless recovery, strategic default and W-shape recession.
Two years ago, no one knew what Chinese drywall was and now it’s proving to be a costly problem for builders. Homeowners have complained the material — also known as sheetrock — has led to health problems and metal corrosion.
Here and around the county, many have filed lawsuits over Chinese drywall seeking damages. McIntosh expects many more suits will come.
McIntosh talked about several senior housing projects that have fallen through in Southwest Florida. Potential buyers are having trouble selling their other homes so demand has softened, he explained.
He was stunned a few months ago when Bonita Bay Group announced that it would not build the North River Village project in eastern Lee County after it fell behind on payments for the land.
For him, he said, it was a real “whodathunkit moment.”
He listed some of the local banks that have failed and said he expects there to be more locally and across Florida.
He didn’t offer any optimism in closing his speech. “This is it,” he said. Get used to it. Get to work.”
After his speech, one listener said she hoped for some sugar at the end. Others said they aren’t as pessimistic about the local market.
“There are definitely bright spots and I don’t think that he got that across,” said Patty Campbell, president of G.L. Homes’ Southwest Florida division.
She said he didn’t touch on all the homes that builders have sold this year that were in inventory, which is key to the market turnaround.
“The big dogs that built Naples, which are Centex and WCI, are in limbo right now,” Campbell said. “Eventually, they are going to get it back together again.”
Claudine Leger-Wetzel, director of marketing and sales for Stock Development, said her company is optimistic about 2010.
So far this year, there have been 131 new home sales in Lely Resort. Last week more than 70 registered visitors to the community’s sales center.
“Those are pretty strong numbers for the fall,” she said. “Prospects are coming into our center with optimism and interest in new home purchases.”
By By LAURA LAYDEN - Posted November 12, 2009 - NaplesNews.com
Beth Brown, P.A., GRI, ABR
Coldwell Banker
550 Fifth Ave S.
Naples, FL 34102
Cell 239-250-2408
Fax 1-866-814-2967
BethBrownRealtor@comcast.net
http://www.callnapleshome.com/
http://www.naplesforeclosurereo.com/
Monday, November 16, 2009
Monday, September 14, 2009
SALES UP 87 PERCENT - Report Shows Inventory Declines 13 Percent
NAPLES, Fla.-September 11, 2009-Buyer conditions couldn’t be better in the Naples area as August culminated in strong sales, according to a report released by the Naples Area Board of REALTORS® (NABOR), which tracks home listings and sales within Collier County (excluding Marco Island).
Overall pending sales, which are a key indicator of buyer activity, increased 87 percent with 862 contracts in August 2009 compared to 461 contracts in August 2008.
“Consumer confidence continues as every geographic area experienced an increase in both pending sales and closed sales, for the 12 months ending August 2009,” said Phil Wood, President of John R. Wood REALTORS®.
“For the 12 months ending August 2009, the Naples area pending sales increased 47 percent compared to all of 2008. This signifies the market is improving,” stated Jo Carter, President of Jo Cater & Associates.
The report provides annual comparisons of single-family home and condo sales (via the SunshineMLS), price ranges, geographic segmentation and includes an overall market summary. The statistics are presented in chart format, along with the following analysis:
Overall closed sales saw a 38 percent increase with 545 sales in August 2009 compared to 395 sales in August 2008.
Single-family pending sales increased 86 percent with 483 contracts in August 2009 compared to 260 contracts in August 2008.
Single-family pending sales for properties less than $300,000 saw a 106 percent increase with 344 contracts in August 2009 compared to 167 contracts in August 2008.
The available inventory decreased 13 percent to 9,163 in August 2009 compared to 10,532 in August 2008.
According to Brenda Fioretti, Managing Broker of Prudential Florida Realty, “The average days a property was on the market decreased 21 percent to 160 in August 2009, down from its peak of 202 days on the market in May 2008. This decrease demonstrates that buyers are motivated.”
Condo pending sales increased 89 percent with 379 contracts in August 2009 compared to 201 contracts in August 2008.
“The condo market continues to improve as pending sales increased 90 percent in August 2009. This bodes well for some condo associations that are facing budgetary issues,” stated Bill Poteet, President of Poteet Properties.
By the Naples Area Board of Realtors - September 2009
Beth Brown, P.A., GRI, ABR
Coldwell Banker
550 Fifth Ave S.
Naples, FL 34102
Cell 239-250-2408
Fax 1-866-814-2967
BethBrownRealtor@comcast.net
http://www.callnapleshome.com/
http://www.naplesforeclosurereo.com/
Overall pending sales, which are a key indicator of buyer activity, increased 87 percent with 862 contracts in August 2009 compared to 461 contracts in August 2008.
“Consumer confidence continues as every geographic area experienced an increase in both pending sales and closed sales, for the 12 months ending August 2009,” said Phil Wood, President of John R. Wood REALTORS®.
“For the 12 months ending August 2009, the Naples area pending sales increased 47 percent compared to all of 2008. This signifies the market is improving,” stated Jo Carter, President of Jo Cater & Associates.
The report provides annual comparisons of single-family home and condo sales (via the SunshineMLS), price ranges, geographic segmentation and includes an overall market summary. The statistics are presented in chart format, along with the following analysis:
Overall closed sales saw a 38 percent increase with 545 sales in August 2009 compared to 395 sales in August 2008.
Single-family pending sales increased 86 percent with 483 contracts in August 2009 compared to 260 contracts in August 2008.
Single-family pending sales for properties less than $300,000 saw a 106 percent increase with 344 contracts in August 2009 compared to 167 contracts in August 2008.
The available inventory decreased 13 percent to 9,163 in August 2009 compared to 10,532 in August 2008.
According to Brenda Fioretti, Managing Broker of Prudential Florida Realty, “The average days a property was on the market decreased 21 percent to 160 in August 2009, down from its peak of 202 days on the market in May 2008. This decrease demonstrates that buyers are motivated.”
Condo pending sales increased 89 percent with 379 contracts in August 2009 compared to 201 contracts in August 2008.
“The condo market continues to improve as pending sales increased 90 percent in August 2009. This bodes well for some condo associations that are facing budgetary issues,” stated Bill Poteet, President of Poteet Properties.
By the Naples Area Board of Realtors - September 2009
Beth Brown, P.A., GRI, ABR
Coldwell Banker
550 Fifth Ave S.
Naples, FL 34102
Cell 239-250-2408
Fax 1-866-814-2967
BethBrownRealtor@comcast.net
http://www.callnapleshome.com/
http://www.naplesforeclosurereo.com/
Friday, September 4, 2009
Not all qualify for first-time home buyer tax credit
Buyers expecting to get the first-time home buyer tax credit should check the fine print. They may not qualify.
After closing on his first home earlier this week, 83 year-old Alget Campbell got some disappointing news Thursday: He would not qualify for the first-time home buyer tax credit.
The fine print of the tax provision, which gives a credit of up to $8,000 to buyers who have not owned a home in the last three years, disqualifies individuals whose spouses have owned a home during that same period.
Michael Dobzinski, a spokesman for the Internal Revenue Service, said there are plenty of misconceptions about the so-called first-time home buyer tax credit so it always pays to be familiar with the details before buying.
In Campbell's case, his wife, Hermine, owns the home in Southwest Miami-Dade County the couple has occupied and plans to rent out to cover the mortgage on the townhome they bought for some $71,000 on Monday.
Joan Grant, Campbell's daughter who helped him through the home buying process, said she was disappointed that her father, a former Publix clerk, would not be getting the credit.
"We were hoping for that, but it's kind of late now to worry about it,'' Grant said. "I was hoping that he would get it since he is actually buying this on his own.''
Marcia Pennant, Campbell's real estate agent, said she had told the couple she was not sure they would qualify, but to consult their tax advisor.
Dobzinski, of the IRS, said to get the credit, an individual or spouse cannot have owned a home three years prior to the date of the new purchase.
Also, to keep the credit, homeowners must use the home as their primary residence for three years.
In addition, the purchase must occur on or after Jan. 1 of this year, but before Dec. 1.
The tax credit is equal to 10 percent of the purchase price of the home, up to $8,000. So, had Campbell qualified, he would have gotten a roughly $7,100 credit.
Dobzinski said people often think they will get the tax credit instantly when, in fact, it requires them to either amend their 2008 tax return or wait until they file for 2009. Because it is a tax credit, a buyer who owed no taxes would get a check of up to $8,000.
If taxes are owed, the credit could knock up to $8,000 off the bill.
The credit is phased out for single filers with a modified gross adjusted income of more than $75,000 a year and married couples filing jointing with incomes above $150,000.
Dobzinski said home buyers should consult with their tax advisor to determine whether they qualify. They can also visit www.irs.gov or call the IRS at 800-829-1040.
BY MONICA HATCHER
THE MIAMI HERALD
SEPTEMBER 2009
Beth Brown, P.A., GRI, ABR
Coldwell Banker
550 Fifth Ave S.
Naples, FL 34102
Cell 239-250-2408
Fax 1-866-814-2967
BethBrownRealtor@comcast.net
www.CallNaplesHome.com
www.NaplesForeclosureREO.com
After closing on his first home earlier this week, 83 year-old Alget Campbell got some disappointing news Thursday: He would not qualify for the first-time home buyer tax credit.
The fine print of the tax provision, which gives a credit of up to $8,000 to buyers who have not owned a home in the last three years, disqualifies individuals whose spouses have owned a home during that same period.
Michael Dobzinski, a spokesman for the Internal Revenue Service, said there are plenty of misconceptions about the so-called first-time home buyer tax credit so it always pays to be familiar with the details before buying.
In Campbell's case, his wife, Hermine, owns the home in Southwest Miami-Dade County the couple has occupied and plans to rent out to cover the mortgage on the townhome they bought for some $71,000 on Monday.
Joan Grant, Campbell's daughter who helped him through the home buying process, said she was disappointed that her father, a former Publix clerk, would not be getting the credit.
"We were hoping for that, but it's kind of late now to worry about it,'' Grant said. "I was hoping that he would get it since he is actually buying this on his own.''
Marcia Pennant, Campbell's real estate agent, said she had told the couple she was not sure they would qualify, but to consult their tax advisor.
Dobzinski, of the IRS, said to get the credit, an individual or spouse cannot have owned a home three years prior to the date of the new purchase.
Also, to keep the credit, homeowners must use the home as their primary residence for three years.
In addition, the purchase must occur on or after Jan. 1 of this year, but before Dec. 1.
The tax credit is equal to 10 percent of the purchase price of the home, up to $8,000. So, had Campbell qualified, he would have gotten a roughly $7,100 credit.
Dobzinski said people often think they will get the tax credit instantly when, in fact, it requires them to either amend their 2008 tax return or wait until they file for 2009. Because it is a tax credit, a buyer who owed no taxes would get a check of up to $8,000.
If taxes are owed, the credit could knock up to $8,000 off the bill.
The credit is phased out for single filers with a modified gross adjusted income of more than $75,000 a year and married couples filing jointing with incomes above $150,000.
Dobzinski said home buyers should consult with their tax advisor to determine whether they qualify. They can also visit www.irs.gov or call the IRS at 800-829-1040.
BY MONICA HATCHER
THE MIAMI HERALD
SEPTEMBER 2009
Beth Brown, P.A., GRI, ABR
Coldwell Banker
550 Fifth Ave S.
Naples, FL 34102
Cell 239-250-2408
Fax 1-866-814-2967
BethBrownRealtor@comcast.net
www.CallNaplesHome.com
www.NaplesForeclosureREO.com
Monday, August 31, 2009
10 Reasons to Buy NOW!
1) Section, variety, choices! It’s never been better; it’s like being a kid in a candy store.
2) Make an offer. Back up a couple of years, when you made the offer you had to compete with several others. Many times you had to pay higher than the listing price in hopes of being the best offer!
3) No bidding wars. There is no competitive bidding in this market.
4) Few, if any investors. Statistics say that 1/3 of all sales in 2005 were investors. This caused the market to inflate unrealistically and mortgage loans were given on a handshake.
5) Real loans are available to qualified buyers. Fixed rates are back, FHA financing, first time homeowner programs and special loans for teachers and police officers are back. Mortgage loan rates are at a historical all time low.
6) Plenty of time to browse. In the hot market, buyers were rushed; they had to find the house before somebody else did and hurry to make an offer. Now you can look a several homes and take a few hours to think about your decision.
7) Plenty of builder homes available. In the past when you wanted a brand new home you had to get on waiting lists, enter a lottery and attend a party to see if you won or sleep in your car in order to be at the front of a line when a new development was announced. No more waiting and builders are offering great incentives to new buyers.
8) Repair request are honored. Back in the day, when a buyer completed the home inspection, the decision was usually “do I take it as is or move on.” Backup offers were common and buyers didn’t want to upset the sellers who knew their home value was increasing daily.
9) Due diligence is protocol again. Buyers are back to basics getting their termite, mold, radon and home inspections as well as putting appraisal contingencies back into the contracts. Buyers have the advantage of feeling good about making sure they are getting what they paid for.
10) Pride of ownership and mortgage interest deductions. Pride of ownership is the number one reason that people want to own their own home. It means you can paint, modify and decorate to your own taste. You are also investing in your future and you can deduct the interest you pay on your mortgage from your taxable income.
So what are you waiting for? The time to buy is NOW!
Beth Brown P.A., GRI, ABR
Coldwell Banker
550 5th Ave S.
Naples, FL 34102
Cell 239-250-2408
Fax 866-814-2967
BethBrownRealtor@comcast.net
http://www.callnapleshome.com/
http://www.naplesforeclosurereo.com/
2) Make an offer. Back up a couple of years, when you made the offer you had to compete with several others. Many times you had to pay higher than the listing price in hopes of being the best offer!
3) No bidding wars. There is no competitive bidding in this market.
4) Few, if any investors. Statistics say that 1/3 of all sales in 2005 were investors. This caused the market to inflate unrealistically and mortgage loans were given on a handshake.
5) Real loans are available to qualified buyers. Fixed rates are back, FHA financing, first time homeowner programs and special loans for teachers and police officers are back. Mortgage loan rates are at a historical all time low.
6) Plenty of time to browse. In the hot market, buyers were rushed; they had to find the house before somebody else did and hurry to make an offer. Now you can look a several homes and take a few hours to think about your decision.
7) Plenty of builder homes available. In the past when you wanted a brand new home you had to get on waiting lists, enter a lottery and attend a party to see if you won or sleep in your car in order to be at the front of a line when a new development was announced. No more waiting and builders are offering great incentives to new buyers.
8) Repair request are honored. Back in the day, when a buyer completed the home inspection, the decision was usually “do I take it as is or move on.” Backup offers were common and buyers didn’t want to upset the sellers who knew their home value was increasing daily.
9) Due diligence is protocol again. Buyers are back to basics getting their termite, mold, radon and home inspections as well as putting appraisal contingencies back into the contracts. Buyers have the advantage of feeling good about making sure they are getting what they paid for.
10) Pride of ownership and mortgage interest deductions. Pride of ownership is the number one reason that people want to own their own home. It means you can paint, modify and decorate to your own taste. You are also investing in your future and you can deduct the interest you pay on your mortgage from your taxable income.
So what are you waiting for? The time to buy is NOW!
Beth Brown P.A., GRI, ABR
Coldwell Banker
550 5th Ave S.
Naples, FL 34102
Cell 239-250-2408
Fax 866-814-2967
BethBrownRealtor@comcast.net
http://www.callnapleshome.com/
http://www.naplesforeclosurereo.com/
Wednesday, August 26, 2009
2008 Cost vs. Value Report: Still Many Happy Returns for Home Rehabs
Remodeling magazine's annual report shows that maintenance-related projects and moderately priced upgrades are providing stable paybacks, even in a slower market.
Despite home price drops in many cities, remodeling projects are holding their own as a way for owners to add value.
Many people are wondering where their money will be safest during these uncertain economic times. When home owners turn to you for your expert advice, counsel them that some things never change: Investing in their home still pays off.
NATIONAL ASSOCIATION OF REALTORS® statistics show that home prices have fallen by an average of 7 percent nationally in the past year. But the value of home owners’ investment in remodeling projects has declined only 3.86 percent on average between 2007 and 2008, according to Remodeling’s 2008–2009 Cost vs. Value Report.
Remodeling produces the Cost vs. Value Report each year in cooperation with REALTOR® magazine. REALTORS® responding to a survey in midsummer said home owners could expect to recoup a national average of 67.3 percent of their investment in 30 different home improvement projects. At the height of the housing boom in 2005, home owners could expect to recoup a national average of 86.7 percent on projects.
Remodeling remains hot in 10 cities, where, on at least some projects, home owners can recover 100 percent of their costs. In Charlotte, N.C., for example, decks, midrange kitchen remodels, vinyl siding, and window-replacement projects all would net more than they cost, in respondents’ estimation. High rates of recovery were seen in both strong real estate markets and weak ones.
Many cities with the highest rates of recovery were smaller—Jackson, Miss., and Billings, Mont., for example—which may point to lower labor and materials costs that are easier to recoup.
Seattle also made the list of cities with a cost recovery of more than 100 percent on decks and minor kitchen remodels. In fact, Pacific Coast cities recorded the best payback on remodeling by a wide margin, as they did in 2007. Although construction costs on the Pacific Coast are nearly 17 percent higher than national averages, the value of renovations at resale more than makes up for those higher prices.
The result is an average cost-recouped percentage that’s 14.8 percent higher than in the rest of the country. The toughest place to get your money back: Midwestern cities such as Chicago, Cleveland, Indianapolis, and Milwaukee.
Top 10 Project Paybacks
Once again, exterior remodeling projects lead the way for recovery on dollars spent in this year’s Cost vs. Value survey. When you compare the national averages, replacement projects that boost curb appeal—siding, windows, and decks—give you the greatest chance of recouping your money. Inside, only kitchen remodels can compare, at least on a national level.
1. Upscale fiber cement siding (86.7%)
2. Midrange wood deck (81.8%)
3. Midrange vinyl siding (80.7%)
4. Upscale foam-backed vinyl (80.4%)
5. Midrange minor kitchen remodel (79.5%)
6. Upscale vinyl window replacement (79.2%)
7. Midrange wood window replacement (77.7%)
8. Midrange vinyl window replacement (77.2%)
9. Upscale wood window replacement (76.5%
10. Midrange major kitchen remodel (76.0%)
By G.M. Filisko December 2008
Beth Brown P.A., GRI, ABR
Coldwell Banker
550 5th Ave S.
Naples, FL 34102
Cell 239-250-2408
Fax 866-814-2967
BethBrownRealtor@comcast.net
http://www.callnapleshome.com/
http://www.naplesforeclosurereo.com/
Despite home price drops in many cities, remodeling projects are holding their own as a way for owners to add value.
Many people are wondering where their money will be safest during these uncertain economic times. When home owners turn to you for your expert advice, counsel them that some things never change: Investing in their home still pays off.
NATIONAL ASSOCIATION OF REALTORS® statistics show that home prices have fallen by an average of 7 percent nationally in the past year. But the value of home owners’ investment in remodeling projects has declined only 3.86 percent on average between 2007 and 2008, according to Remodeling’s 2008–2009 Cost vs. Value Report.
Remodeling produces the Cost vs. Value Report each year in cooperation with REALTOR® magazine. REALTORS® responding to a survey in midsummer said home owners could expect to recoup a national average of 67.3 percent of their investment in 30 different home improvement projects. At the height of the housing boom in 2005, home owners could expect to recoup a national average of 86.7 percent on projects.
Remodeling remains hot in 10 cities, where, on at least some projects, home owners can recover 100 percent of their costs. In Charlotte, N.C., for example, decks, midrange kitchen remodels, vinyl siding, and window-replacement projects all would net more than they cost, in respondents’ estimation. High rates of recovery were seen in both strong real estate markets and weak ones.
Many cities with the highest rates of recovery were smaller—Jackson, Miss., and Billings, Mont., for example—which may point to lower labor and materials costs that are easier to recoup.
Seattle also made the list of cities with a cost recovery of more than 100 percent on decks and minor kitchen remodels. In fact, Pacific Coast cities recorded the best payback on remodeling by a wide margin, as they did in 2007. Although construction costs on the Pacific Coast are nearly 17 percent higher than national averages, the value of renovations at resale more than makes up for those higher prices.
The result is an average cost-recouped percentage that’s 14.8 percent higher than in the rest of the country. The toughest place to get your money back: Midwestern cities such as Chicago, Cleveland, Indianapolis, and Milwaukee.
Top 10 Project Paybacks
Once again, exterior remodeling projects lead the way for recovery on dollars spent in this year’s Cost vs. Value survey. When you compare the national averages, replacement projects that boost curb appeal—siding, windows, and decks—give you the greatest chance of recouping your money. Inside, only kitchen remodels can compare, at least on a national level.
1. Upscale fiber cement siding (86.7%)
2. Midrange wood deck (81.8%)
3. Midrange vinyl siding (80.7%)
4. Upscale foam-backed vinyl (80.4%)
5. Midrange minor kitchen remodel (79.5%)
6. Upscale vinyl window replacement (79.2%)
7. Midrange wood window replacement (77.7%)
8. Midrange vinyl window replacement (77.2%)
9. Upscale wood window replacement (76.5%
10. Midrange major kitchen remodel (76.0%)
By G.M. Filisko December 2008
Beth Brown P.A., GRI, ABR
Coldwell Banker
550 5th Ave S.
Naples, FL 34102
Cell 239-250-2408
Fax 866-814-2967
BethBrownRealtor@comcast.net
http://www.callnapleshome.com/
http://www.naplesforeclosurereo.com/
Moving Done Right
With more than 40 million Americans moving each year, the Department of Transportation (DOT), which oversees the moving industry, receives up to 4,000 complaints each year. Most of these complaints stem from damaged goods and overcharging. If you have clients planning a move, here are some important tips they should consider.
Qualify the mover. Ask to see the movers’ DOT registration. Most complaints involve “rogue movers,” which are companies that operate without the proper certifications. Check their reputability on Angie’s List (angieslist.com) and the Better Business Bureau (bbb.org). Avoid any mover that offers quotes over the phone or the Internet. Instead, get at least three written estimates from separate professional movers that require an in-home inspection before providing a quote. Be wary of any quote substantially lower than others you get. The tactic of low balling to get the job and then demanding additional charges to cover actual costs is all too common.
Know your estimate. Professional movers offer different kinds of estimates. They can include binding and, more often, non-binding estimates with a guaranteed not-to-exceed price. Discuss all options and identify in writing any exclusions to the guaranteed not-to-exceed price.
Get additional insurance. The default insurance that movers provide is called valuation coverage, which assumes liability for no more than 60 cents per pound per item. Meaning: The 32" Sony LCD HDTV that cost $497.99 will fetch $15 if found damaged upon delivery. Fortunately, movers offer additional insurance policies in which you can pay to cover depreciation value or even replacement cost. Regardless of the type of insurance, notify the mover in writing about any articles of high value.
Finally, do not sign a delivery receipt for your household goods if it contains any language about releasing the moving company from liability. By law, anyone moving has up to nine months to file a written claim. Strike out this kind of language or refuse delivery until a proper receipt is provided.
Copyright 2009 Prospect Mortgage
Beth Brown P.A., GRI, ABR
Coldwell Banker
550 5th Ave S.
Naples, FL 34102
Cell 239-250-2408
Fax 866-814-2967
BethBrownRealtor@comcast.net
www.CallNaplesHome.com
www.NaplesForeclosureREO.com
Qualify the mover. Ask to see the movers’ DOT registration. Most complaints involve “rogue movers,” which are companies that operate without the proper certifications. Check their reputability on Angie’s List (angieslist.com) and the Better Business Bureau (bbb.org). Avoid any mover that offers quotes over the phone or the Internet. Instead, get at least three written estimates from separate professional movers that require an in-home inspection before providing a quote. Be wary of any quote substantially lower than others you get. The tactic of low balling to get the job and then demanding additional charges to cover actual costs is all too common.
Know your estimate. Professional movers offer different kinds of estimates. They can include binding and, more often, non-binding estimates with a guaranteed not-to-exceed price. Discuss all options and identify in writing any exclusions to the guaranteed not-to-exceed price.
Get additional insurance. The default insurance that movers provide is called valuation coverage, which assumes liability for no more than 60 cents per pound per item. Meaning: The 32" Sony LCD HDTV that cost $497.99 will fetch $15 if found damaged upon delivery. Fortunately, movers offer additional insurance policies in which you can pay to cover depreciation value or even replacement cost. Regardless of the type of insurance, notify the mover in writing about any articles of high value.
Finally, do not sign a delivery receipt for your household goods if it contains any language about releasing the moving company from liability. By law, anyone moving has up to nine months to file a written claim. Strike out this kind of language or refuse delivery until a proper receipt is provided.
Copyright 2009 Prospect Mortgage
Beth Brown P.A., GRI, ABR
Coldwell Banker
550 5th Ave S.
Naples, FL 34102
Cell 239-250-2408
Fax 866-814-2967
BethBrownRealtor@comcast.net
www.CallNaplesHome.com
www.NaplesForeclosureREO.com
Tuesday, August 18, 2009
America's 10 Best Undervalued Places to Live
America's 10 Best Undervalued Places to Live:
(Percent of undervaluation, according to IHS Global Insight.)
1. Las Vegas: 41 percent
2.Houston: 37 percent
3.Naples, Fla.: 33 percent
4.Oklahoma City: 29 percent
5. Sarasota, Fla. 28 percent
The real estate bust has created some attractive bargain opportunities in certain housing markets. While the national housing bust has devastated property values, it has also created some outstanding bargain opportunities for would-be home buyers—if you know where to look.
During the first half of the decade, easy credit and speculative fervor sent home prices in certain states—Florida, California, Nevada—scorching to phenomenal heights. But nearly three years into a real estate crash that's dragged home prices down 32 percent from their
2006 peaks, some of these once wildly overpriced markets present today's real estate shoppers with perhaps their best shot at long-term value. "What we have seen is that those markets that became significantly overvalued [during the housing boom] are right now very undervalued," says Jeannine Cataldi, senior economist and manager of IHS Global Insight's Regional Real Estate Service.
To pinpoint the nation's most undervalued housing markets, we turned to IHS Global Insight's first-quarter 2009 House Prices in America report, which uses household income, population density, and other data to compare a market's actual value with where it should be on a statistical basis. We then used employment, quality-of-life, and other research to determine America's best undervalued places to live.
Las Vegas. After a dizzying run-up in prices, Sin City has become a cautionary tale for real estate investors everywhere.
Since its 2006 peak, Las Vegas home values have plummeted by more than 50 percent. And today—at $77 a square foot— existing homes are actually priced below the cost of building materials, says Steve Bottfeld, the principal of Las Vegas-based People Who Read This Also Read The Top 10 Housing Markets for the Next 10 Years Top 5 Fastest- Growing States in the Union 10 Affordable Places to Retire The 10 Most Dollar- Discounted Housing Markets- 11 Best-Kept-Secret Careers
Marketing Solutions, which specializes in real estate economics. "That's truly undervalued," he says. Although the market may be depressed today, several factors will support strong housing demand in Las Vegas over the long haul, Bottfeld says. The opening of MGM Mirage's CityCenter, which is expected later this year, will bring new jobs. The city's enviable climate—hot summers and mild winters—and its exciting downtown district will continue to attract residents. And the best-in-class architectural design of area properties will appeal to would-be buyers. "We are on the bottom of prices at this point," Bottfeld says. "There is no question that the residential market in Las Vegas is undervalued." The median single family home price in Las Vegas was $140,000, in the first quarter, which IHS Global Insight considers 41 percent undervalued.
Houston. Unlike other metropolitan areas, Houston has not been hammered by the national housing bust. In fact, real home prices increased nearly 5 percent from the first quarter of 2008 to the first quarter of 2009, according to a Brookings Institution report.
But even without a sharp decline in real estate values, projected job and population growth should drive future home price appreciation and create value, says James Gaines, a research economist at the Real Estate Center at Texas A&M University. "The medium- and long-term prospects for Houston are extremely good," he says. The area's low-tax, probusiness climate will lure new employers to Houston and help bolster an already sound local economy anchored by the energy and healthcare sectors, Gaines says. More jobs, of course, mean more residents and greater demand for housing. "[Houston has] good demographic growth, job growth, and a reasonably balanced housing market," he says. The median home price in Houston was $120,000, in the first quarter, which IHS Global Insight considers 37 percent undervalued.
Naples, Fla. More than two years of price declines have turned some of Florida's most overpriced communities into buying opportunities, says Jack McCabe of Florida-based McCabe Research & Consulting. "There are definitely opportunities in the marketplace now that make sense," he says. The upscale retirement community of Naples is one such market, McCabe says. With plenty of golf, beaches, and fishing, Naples is an enchanting, sun-drenched spot along Florida's southwest coastline. And after home prices plummeted by nearly 50 percent from the first quarter of 2006 to the first quarter of 2009, the housing America's 10 Best Undervalued Places to Live . Naples market is looking increasingly tempting. IHS Global Insight considers the median home price in Naples—$200,000—to be 33 percent undervalued.
Oklahoma City. Like Houston, Oklahoma City was able to dodge the housing crash. Real home prices in Oklahoma City increased nearly 3 percent from the first quarter of 2008 to the first quarter of 2009. Housing demand was fueled by a strong local economy, which had the nation's ninth-lowest unemployment rate—5.6 percent—as of March of 2009, according to the Brookings Institution. The state's pro-business philosophy plays a key role in its economic strength, says Dawn Kennedy, the CEO of the Oklahoma City Metropolitan Association of Realtors. "Businesses come in because the tax situation is favorable," she says. "They bring in jobs, which brings in workers, which brings in homeowners." At the same time, the pleasant weather, friendly residents, and an affordable real estate market make Oklahoma City a great place to live, Kennedy says. "It is like the biggest small town on Earth." IHS Global Insight considers the median home price in Oklahoma City— $105,000—to be 29 percent undervalued.
Sarasota, Fla. Another alluring option for those looking to buy into the depressed Florida housing market is Sarasota, McCabe says. Like Naples, Sarasota is a relatively upscale community along the state's west coast. "Sarasota has got a lot of culture to it—a lot of art, a lot of art festivals," McCabe says. "It's a nice boating community, and they have got a lot of beautiful homes there." And after home prices plunged 44 percent from the first quarter of 2006 to the first quarter of 2009, the market presents would-be buyers with some attractive opportunities. IHS Global Insight considers the median home price in Sarasota— $141,000—to be 28 percent undervalued.
1. Las Vegas: 41 percent
2.Houston: 37 percent
3.Naples, Fla.: 33 percent
4.Oklahoma City: 29 percent
5. Sarasota, Fla. 28 percent
6. San Francisco: 25 percent
7. Atlanta: 24 percent
8.Omaha: 23 percent
9. College Station-Bryan, Texas: 21 percent
10.San Diego: 21 percent
By Luke Mullins Posted July 16, 2009
USNews.com
Beth Brown P.A., GRI, ABR
Coldwell Banker
550 5th Ave S.
Naples, FL 34102
Cell 239-250-2408
Fax 866-814-2967
BethBrownRealtor@comcast.net
http://www.callnapleshome.com/
http://www.naplesforeclosurereo.com/
(Percent of undervaluation, according to IHS Global Insight.)
1. Las Vegas: 41 percent
2.Houston: 37 percent
3.Naples, Fla.: 33 percent
4.Oklahoma City: 29 percent
5. Sarasota, Fla. 28 percent
The real estate bust has created some attractive bargain opportunities in certain housing markets. While the national housing bust has devastated property values, it has also created some outstanding bargain opportunities for would-be home buyers—if you know where to look.
During the first half of the decade, easy credit and speculative fervor sent home prices in certain states—Florida, California, Nevada—scorching to phenomenal heights. But nearly three years into a real estate crash that's dragged home prices down 32 percent from their
2006 peaks, some of these once wildly overpriced markets present today's real estate shoppers with perhaps their best shot at long-term value. "What we have seen is that those markets that became significantly overvalued [during the housing boom] are right now very undervalued," says Jeannine Cataldi, senior economist and manager of IHS Global Insight's Regional Real Estate Service.
To pinpoint the nation's most undervalued housing markets, we turned to IHS Global Insight's first-quarter 2009 House Prices in America report, which uses household income, population density, and other data to compare a market's actual value with where it should be on a statistical basis. We then used employment, quality-of-life, and other research to determine America's best undervalued places to live.
Las Vegas. After a dizzying run-up in prices, Sin City has become a cautionary tale for real estate investors everywhere.
Since its 2006 peak, Las Vegas home values have plummeted by more than 50 percent. And today—at $77 a square foot— existing homes are actually priced below the cost of building materials, says Steve Bottfeld, the principal of Las Vegas-based People Who Read This Also Read The Top 10 Housing Markets for the Next 10 Years Top 5 Fastest- Growing States in the Union 10 Affordable Places to Retire The 10 Most Dollar- Discounted Housing Markets- 11 Best-Kept-Secret Careers
Marketing Solutions, which specializes in real estate economics. "That's truly undervalued," he says. Although the market may be depressed today, several factors will support strong housing demand in Las Vegas over the long haul, Bottfeld says. The opening of MGM Mirage's CityCenter, which is expected later this year, will bring new jobs. The city's enviable climate—hot summers and mild winters—and its exciting downtown district will continue to attract residents. And the best-in-class architectural design of area properties will appeal to would-be buyers. "We are on the bottom of prices at this point," Bottfeld says. "There is no question that the residential market in Las Vegas is undervalued." The median single family home price in Las Vegas was $140,000, in the first quarter, which IHS Global Insight considers 41 percent undervalued.
Houston. Unlike other metropolitan areas, Houston has not been hammered by the national housing bust. In fact, real home prices increased nearly 5 percent from the first quarter of 2008 to the first quarter of 2009, according to a Brookings Institution report.
But even without a sharp decline in real estate values, projected job and population growth should drive future home price appreciation and create value, says James Gaines, a research economist at the Real Estate Center at Texas A&M University. "The medium- and long-term prospects for Houston are extremely good," he says. The area's low-tax, probusiness climate will lure new employers to Houston and help bolster an already sound local economy anchored by the energy and healthcare sectors, Gaines says. More jobs, of course, mean more residents and greater demand for housing. "[Houston has] good demographic growth, job growth, and a reasonably balanced housing market," he says. The median home price in Houston was $120,000, in the first quarter, which IHS Global Insight considers 37 percent undervalued.
Naples, Fla. More than two years of price declines have turned some of Florida's most overpriced communities into buying opportunities, says Jack McCabe of Florida-based McCabe Research & Consulting. "There are definitely opportunities in the marketplace now that make sense," he says. The upscale retirement community of Naples is one such market, McCabe says. With plenty of golf, beaches, and fishing, Naples is an enchanting, sun-drenched spot along Florida's southwest coastline. And after home prices plummeted by nearly 50 percent from the first quarter of 2006 to the first quarter of 2009, the housing America's 10 Best Undervalued Places to Live . Naples market is looking increasingly tempting. IHS Global Insight considers the median home price in Naples—$200,000—to be 33 percent undervalued.
Oklahoma City. Like Houston, Oklahoma City was able to dodge the housing crash. Real home prices in Oklahoma City increased nearly 3 percent from the first quarter of 2008 to the first quarter of 2009. Housing demand was fueled by a strong local economy, which had the nation's ninth-lowest unemployment rate—5.6 percent—as of March of 2009, according to the Brookings Institution. The state's pro-business philosophy plays a key role in its economic strength, says Dawn Kennedy, the CEO of the Oklahoma City Metropolitan Association of Realtors. "Businesses come in because the tax situation is favorable," she says. "They bring in jobs, which brings in workers, which brings in homeowners." At the same time, the pleasant weather, friendly residents, and an affordable real estate market make Oklahoma City a great place to live, Kennedy says. "It is like the biggest small town on Earth." IHS Global Insight considers the median home price in Oklahoma City— $105,000—to be 29 percent undervalued.
Sarasota, Fla. Another alluring option for those looking to buy into the depressed Florida housing market is Sarasota, McCabe says. Like Naples, Sarasota is a relatively upscale community along the state's west coast. "Sarasota has got a lot of culture to it—a lot of art, a lot of art festivals," McCabe says. "It's a nice boating community, and they have got a lot of beautiful homes there." And after home prices plunged 44 percent from the first quarter of 2006 to the first quarter of 2009, the market presents would-be buyers with some attractive opportunities. IHS Global Insight considers the median home price in Sarasota— $141,000—to be 28 percent undervalued.
1. Las Vegas: 41 percent
2.Houston: 37 percent
3.Naples, Fla.: 33 percent
4.Oklahoma City: 29 percent
5. Sarasota, Fla. 28 percent
6. San Francisco: 25 percent
7. Atlanta: 24 percent
8.Omaha: 23 percent
9. College Station-Bryan, Texas: 21 percent
10.San Diego: 21 percent
By Luke Mullins Posted July 16, 2009
USNews.com
Beth Brown P.A., GRI, ABR
Coldwell Banker
550 5th Ave S.
Naples, FL 34102
Cell 239-250-2408
Fax 866-814-2967
BethBrownRealtor@comcast.net
http://www.callnapleshome.com/
http://www.naplesforeclosurereo.com/
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