A private buyer has paid $3.2 million in cash for 72 Naples condominium units that had once been apartments, which some real estate agents believe is a bottoming out of prices in a slow market.

The 72 units in The Reserve at Naples, a 300-unit development near Pine Ridge Road and Interstate 75, went for about $44,400 per unit, said Jonathan Richards on Wednesday. Richards is a senior associate for CB Richard Ellis who represented the bank in the sale.

“It establishes a floor for condos of this type, fractured condo projects,” Richards said of the development where some units condominiums and others are apartments.

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Your real estate agent isn’t returning your calls, your bank wants your income tax returns for the last 15 years, and you’re getting some weird vibes from the people who live next door to the house you’re trying to buy.

These home-buying potholes won’t prevent you from taking advantage of the $8,000 first-time homebuyer’s credit, so relax. A bill signed into law Friday by President Barack Obama extends the credit, originally scheduled to expire Nov. 30, until next spring. That gives you plenty of time to Google the neighbors before closing the deal.

And that’s not all. The legislation also expands the credit, making it available to some homebuyers who already own a home but would like to trade up to a nicer place.

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Home resales rose more than 60 percent in October in Lee County.

Members of the Realtor Association of Greater Fort Myers and the Beach Inc. closed 63.6 percent more single-family homes last month than they did in October 2008. Nearly 70 percent of those transactions involved foreclosures or short sales – sales made for less than the bank is owed.

More than 48 percent of last month’s sales were bank owned and a little more than 30 percent were traditional sales, according to the Realtor association.

Many first-time homebuyers scrambled to take advantage of an $8,000 federal tax credit that was scheduled to expire on Nov. 30, which has now been expanded and extended until next year.

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Leaves may be falling, but home resales are rising.

In what has traditionally been a slow time for sales, local Realtors say they are writing more contracts and showings are up.

“We are seeing year-round residents purchasing, perhaps those who have not been able to purchase a home before, and we are also seeing seasonal buyers starting to come in and take advantage of the good prices,” said Kathryn Zorn, a broker and owner of Florida Home Realty of Collier County Inc.

Foreclosures and short sales — sales made for less than the bank is owed — continue to drive the market. Homes under $300,000 have led the way in sales for months.

But there are promising signs of improvement in sales for higher-priced homes, which is building more confidence among buyers and real estate agents, Zorn said.

“Overall, people are feeling more positive about the whole economy, too,” she said.

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Bonita Bay’s top executive said the company will re-evaluate a decision to offer public access at Bonita Bay Club — its private, flagship community.

The developer’s decision last week to create a preview program where prospective members can enjoy full club access without making an equity purchase for the cost of dues only, met with heavy resistance.

The dues would be about $800 a month. Existing members, meanwhile, paid thousands in initiation fees on top of monthly dues for the same access.

“You kind of feel violated,” said Hunter Caffee, a Bonita Bay member since 1995. “It’s always been an exclusive club. Now anybody that has $800 a month can play.

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Bonita Bay Club isn’t so private or exclusive anymore.

A new preview program allows new members to join the club without paying any initiation fees. They don’t have to live behind the gates of Bonita Bay, one of the most well-known golf communities in Southwest Florida.

“Now it’s open to anyone for nothing,” said Bonita Bay resident Art Herman, who is miffed about the change and has recently resigned from the club.

Bonita Bay Group _ the community’s cash-strapped developer _ announced the program last week as a way to draw new members to the club, which it has been trying to sell to members.

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Naples News

A deal for members to buy the Shadow Wood and Commons clubs is in the hole.

Or so it appears.

After calling off an agreement to buy their golf and social clubs in The Brooks in early September from their developer, members have negotiated a new deal that could lead them to victory.

On Monday, Bonita Bay Group announced an agreement in principle for members to purchase the two clubs — and their assets — for $8.25 million in cash. In the original agreement, members would have paid $8.3 million.

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Xcellimark recently launched the latest in real estate website technology with its website for Southwest Florida REALTORS®:www.SouthwestFloridaWaterfrontProperties.com

(PRWEB) November 3, 2009 — Xcellimark, an award-winning web design and Internet marketing firm headquartered in Orlando Florida, presents the latest in real estate website technology with its recently launched website for Melinda and Paul Sullivan, Southwest Florida REALTORS®: www.SouthwestFloridaWaterfrontProperties.com. The website provides visitors with a comprehensive, fast and effective way to search for waterfront properties in Southwest Florida.

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Bonita Bay Group has reached an agreement in principle for the members of the Shadow Wood Country Club and The Brooks Commons Club to purchase the clubs’ combined assets for $8.25 million in cash, Bonita Bay announced today.

The tentative agreement is with the Shadow Wood Country Club Member Board and The Brooks Commons Club Transition Team, according to the Bonita Bay release.

The sales agreement includes Shadow Wood Country Club and its two 18-hole golf courses, the Shadow Wood Preserve club and golf course, and the amenities at The Brooks Commons Club including a fitness center, restaurant and beach club, the release states.

Bonita Bay Group, based in Bonita Springs, is the developer of six planned communities in Lee and Collier counties.

This is the second Bonita Bay community to reach a resolution on club ownership.

Members of the Club at Mediterra reached an agreement with Bonita Bay Group to purchase the club’s assets for $6.8 million in cash, the company announced Oct. 23.

The agreement calls for the club members to assume the community’s $15 million debt to the bondholders of a community development district set up to build Mediterra’s infrastructure.

Mediterra straddles the Lee and Collier County line, just south of Bonita Beach Road between old U.S. 41 and Livingston Road.

News Press

Search properties in Shadow Wood At The Brooks

Answers remain elusive for homeowners struggling with Chinese-manufactured drywall.

A multi-agency task force could not definitively link the problems homeowners have been reporting to the specific characteristics of Chinese-made drywall, according to results of a 10-home study released Thursday.

The task force is hopeful results from a larger 50-home sampling, whose results will be released next month, will identify a causal link to metal corrosion and upper respiratory irritation symptoms described by nearly 2,000 homeowners in 30 states.

“We hope (the broader test) will help us find that nexus to help us fight the corrosion problem,” said Lori Saltzman, the U.S. Consumer Product Safety Commission’s health sciences director.

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