Courtesy of Summit Mortgage

A constriction in mortgage product offerings and the ongoing effects of the credit crunch have radically changed our business.

It’s not all doom and gloom. There is still plenty of money available to creditworthy borrowers. But lender guidelines have tightened significantly, and the days of easy credit with no down payment and no documentation are all but over.

With this in mind, it’s more important than ever for homebuyers to get pre-approved – not pre-qualified – in order to avoid the kind of painful last-minute surprises that can blow up deals.

With actual written documentation that proves the full support of a lender, pre-approved borrowers represent less risk to sellers. Of course, there is no way to guarantee a flawless transaction every time. But, by working together to bring pre-approved borrowers to the marketplace, we can preempt the major challenges and create a great experience for everyone involved.

Courtesy of Naples Daily News

By TARA E. McLAUGHLIN

After nearly two months of negotiating and many more months of strain, some residents of a Bonita Bay Group community are jumping for joy.

Boards of the Shadow Wood Country Club and The Commons Club at The Brooks agreed to buy from Bonita Bay Group both clubs for $8.3 million and waive the company’s responsibility for refunding original club membership deposits, according to Shadow Wood’s blog.

Bonita Bay Group and its banks agreed to the transaction, the blog said, and the boards expect the transition will be completed in a couple of weeks.

“Wow. This is great news. This is terrific,” said member and resident Mike Kozlow laughing. Kozlow, who had not gotten word of the agreement when a reporter called, later confirmed receiving the same information in an e-mail from the board.

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Courtesy of Herald Tribune

At least the market for new homes is not getting worse, and that is the first step to getting better.

In fact, the overall economy is actually getting a small boost as more buyers walk into model houses ready to sign contracts and builders hire workers to pour foundations.

Construction of single-family homes rose in July for the fifth straight month, edging up almost 2 percent to the highest level since last October. Building permits climbed nearly 6 percent.

Each new home built creates about three jobs on average and generates about $90,000 in taxes paid to local and federal authorities, the National Association of Home Builders says.

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By Harold Bubil Herald Tribune

The dramatic decline in housing values, as well as the value of other investments, has made meeting household budgets particularly vexing for retiree homeowners.

For those who are cash-poor but still house rich — that is, they owe little or nothing on mortgages — reverse mortgages can be the answer. Instead of paying monthly on a “forward” mortgage that gradually reduces the amount owed, they receive monthly payments, with the principal and interest accruing until the senior sells the house or dies.

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BY TINA GIUFRE  News Press

Realtors have been saying it for a long time: Now is the time to buy. Buyers looking for Gulf-access properties are finding them these days at bargain-basement prices.

Paula Kiker, broker of Lahaina Realty in Fort Myers Beach, recently sold a beachfront, two-bedroom, two-bath unit with under-building parking at Seaside condominium for $350,000.

“Under $400,000 — that’s the hot number for condos and homes on the island,” she said. “Under $400,000 on water is selling.”

Kiker said canal-front pool homes on the island are now priced in the mid- to upper-$400,000s. Even so, a three-bedroom, two-bath home situated on a Gulf-access canal on Washington Court recently sold for just $250,000. Its list price was $359,900.

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By I.M. STACKEL Naples News

With an economy that is moving the right direction, there are going to be some celebratory brunches.

Naples Area Board of Realtors released its numbers Friday, and the statistics have many smiling: overall home sales increased by 67 percent in July, compared with the same period one year ago.

Comparing July 2009 to the previous year, there’s also been a 12 percent decrease in inventory, a positive sign that the “buy now” message is getting out, say leaders in the real estate industry.

“Every geographic area experienced an increase in both pending and closed sales, which is encouraging when looking at the bigger picture in Southwest Florida,” said Premier Properties President Tom Bringardner.

Especially heartening: the number of people asking to look at property and pending sales.

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By KAYDEE TUFF, JEFF WEINER Naples News

In the always-fiery tax debate, who’d have thought local fire and rescue districts would be the latest to fan the flames?

On Wednesday night, with a 2-1 vote, Golden Gate fire commissioners gave the nod to a resolution to support Collier County’s effort to establish a discretionary sales surtax. North Naples fire commissioners voted unanimously in favor of a similar resolution on Thursday, according to Margaret Hanson, that district’s vice-chair.

The agreement would authorize the county to levy a sales tax, up to 1 percent, with the full value of all proceeds being subtracted from ad valorem property taxes and non-ad valorem assessments. In layman’s terms, property taxes in the county would decrease, and sales taxes would rise by no more than 1 cent on the dollar.

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By CHARLIE WHITEHEAD Naples Daily News

Lee County commissioners Tuesday took a step back from a recommendation to put a two-year moratorium on new roadway landscaping.  They’ll have a tough call to make, however, when they have to choose between the landscaping and specific road projects.

“We have to take it in context with what else we’ve had to cut in (the Department of Transportation),” said Jim Lavender, public works director.  “In September we’ll bring it back with what we’d have to cut for the landscaping. You can decide.”

There are perhaps a dozen road projects that will finish in the next two years, said Paul Wingard, transportation deputy director. Eliminating the landscaping portions from those projects – or deferring them for two years – would save millions.

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• By JENNIFER LARINO
• Posted August 10, 2009 Naples News

ESTERO — Take all the good and bad from a down economy, bundle it up, put it on 500 acres in Estero and you’ve got Coconut Point shopping center in a recession.

In the past few months, the center — a Lee County hub of business and consumer activity since 2006 — has seen big retail chains pack up, smaller ones ship in and even brands that have swapped ownership.

In the background, a large condo community is disentangling itself from lawsuits left over from the housing bubble burst.

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The market Continued to gain momentum in the second quarter, posting a 27% increase in closed units over second quarter 2008.

CLOSINGS & INVENTORY

Closed sales reached their highest quarterly level since 2005, with a 48% increase over first quarter 2009, and a 27% increase over second quarter 2008.  The increase over first quarter is the highest in 10 years, and substantially above the average historical change from first to second quarter.  Properties priced below $250,000 continue to represent 63% of all second quarter closed sales. However, for the first time since the onset of the market correction, available inventory in this segment appears to be stabilizing.  At the end of the first quarter 2009, the category was showing a 26% increase in inventory over Q1 2008.  By the end of the second quarter, this had dropped to a 4% decrease over same period 2008.  A decrease in inventory in this segment is very positive, and once sustained, will benefit the market at large.

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