New home construction is picking up in Southwest Florida while demand is down.

A report by Metrostudy, a national housing research firm, shows the pace of move-ins has slowed, while the inventory of homes is growing.

Finished vacant inventory rose from 703 units in the second quarter to 728 in the third quarter of this year in the Naples and Fort Myers markets, according to the study.

“The increase was completely attributable to townhome inventory,” said Brad Hunter, who directs Metrostudy’s market research operations in Southwest Florida.

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Pelican Landing / The Pointe

$255,000    3 bedrooms 2 full baths

Light, bright & airy end unit condo with great landscaped view from lanai offered turnkey furnished. Split bedroom floor plan offers privacy for guests. Large open kitchen with breakfast bar. Lots of windows in the family room and kitchen offering all day sunshine. Tiled lanai floor with great private view. Master bedroom has sliding door to lanai, 2 closets and double sinks in bathroom. Hurricane shutters on lanai. Pelican Landing amenities include a canoe park, tennis, fitness, boat to the private beach island, golf course, butterfly garden and more. Call today to see this property!

Call Melinda Sullivan 239.292.9166

Home prices rose for the third straight month in August, data Tuesday showed, a key sign for a broad and sustained housing recovery.

The Standard & Poor’s/Case-Shiller home price index of 20 major cities climbed 1 percent from July to a seasonally adjusted reading of 144.5. While prices are down 11.4 percent from August a year ago, the annual declines have slowed since February.

Prices are at levels not seen since August 2003 and have fallen almost 30 percent from the peak in May 2006.

The latest index shows a widespread turnaround with prices rising month-over-month in 15 metro areas since June.

“If the increases are consistent across the markets, this is key,” said Wharton School real estate professor Susan Wachter before the index was released. “Then we’re seeing the formation of a bottom.”

However, Wachter along with other industry experts still worry that rising unemployment and more foreclosures could stifle the rebound. Another unknown is whether a temporary federal tax credit for first-time buyers will be extended to help boost sales.

First-time homebuyers can receive a credit of 10 percent of the sales price, up to $8,000. The real estate industry is lobbying Congress to extend the credit past the Nov. 30 deadline. Top Democrats in the Senate are pressing a plan that would prolong the credit but gradually phase it out over the next year.

Not all metros posted gains in August, though. Prices in Las Vegas, Seattle and Charlotte, N.C., all fell to their lowest levels in August. Prices in Las Vegas have plunged by 56 percent since peaking in April 2006, the largest peak-to-trough decline of all 20 cities.

Associated Press

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Did you know that all residents of the US have the right to obtain one free credit report from each of the three credit bureaus per year? Since your credit score is more important than ever due to today’s tightening credit standards, it’s the perfect opportunity to take advantage of this benefit.

But Beware…

Although you see commercials offering free credit reports, many companies actually charge a fee or require enrollment to qualify for the free report. That’s why one of your best resources is www.annualcreditreport.com for a free report of your credit history. This report of your credit history can help you check the accuracy of the information in your report. However, it does NOT include your credit score. If you want to know your number, you can pay an add-on fee from the service or simply contact me for help determining your actual score.

Stagger Your Reports

Remember, you are only entitled to receive one free report from each bureau per year, so consider staggering the requests. For example, make a note on your calendar to order a report from TransUnion® one month, then one from Equifax® a few months later, and finally one from Experian® a few months after that. In essence, this will allow you to order three credit reports per year…and provide you the ability to monitor your credit throughout the year.

Keith Cloak, Summit Home Mortgage

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Wiggins Bay / Bermuda Cove

$238,000  3 bedroom 2 full baths

Beautiful turnkey furnished, 3 bedroom 2 bath condo only 5 minutes to the beach. Beautiful tropical colors, wood floor in great room, new carpet in bedrooms. Kitchen has 2 pantrys, tile floor on screened lanai with extra storage. Club membership to Tarpon Cove Yacht & Racquet included for transfer fee. Membership includes pool, spa, fitness center, boat shuttle to the beach, tennis courts, restaurant & bar overlooking the water. Call today to see this property!

Contact Melinda Sullivan 239-292-9166

Click here to view details on this property

By Dick Hogan  News Press

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ome prices stayed almost the same in September in Lee County while the pace of sales picked up, according to statistics released Friday by the Florida Association of Realtors.  The median price of a single-family-home resale in September in Lee County was $89,700 — less than half a percent up from August’s $89,300. Meanwhile, the number of homes sold increased 5.5 percent to 1,321 from 1,252 in August.

The median price means half the homes sold are above that price and half are below it.  Both sales and price figures were dramatically different from last year. The price was 37 percent off the $141,400 from September 2008 and the number of sales was up 77 percent from 746 in the same time period.

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Naples News By Laura Laydan

Rich Schmidt acted Friday like he’d hit a hole-in-one.  The chairman of the Mediterra Advisory Board announced that a deal finally had been struck for members to buy their golf club from the financially strapped Bonita Bay Group.  “It’s a good day,” he said.  The agreement comes after months of negotiations that at times looked as if they were dead.

Members have agreed to buy the club and its assets for $6.8 million cash and to assume $15 million in debt for a Community Development District that helped pay for roads, sewer hookups and other shared needs as Mediterra got off the ground.

Ninety-five percent of the current members _ or more than 470 residents _ have agreed to join the new club. Another 150 residents, who aren’t members, will become either golf, sports or social members.

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A cheese shop once called the building home.

So did a movie theater, a library and some even say it’s the original home of Naples City Hall.

Now the historic building, 1148 Third St. S., sits empty, filled with dust, dirt and memories of years gone by.

That could change soon, as contractors begin work on renovating the historic Third Street South building that’s been vacant for about three years.

The city of Naples issued a demolition permit to contractors working on the Olde Naples Building. The building has been vacant since 2006, when Fantozzi’s, a wine and cheese shop, and two small galleries left the property.

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Home resales rose in September to the highest level in more than two years, beating expectations, as buyers scrambled to complete their purchases before a tax credit for first-time owners expires.

The National Association of Realtors said Friday that sales rose 9.4 percent to a seasonally adjusted annual rate of 5.57 million in September, from a downwardly revised pace of 5.1 million in August. Sales had been expected to rise to an annual pace of 5.35 million, according to economists surveyed by Thomson Reuters.

The median sales price was $174,900, down 8.5 percent from a year earlier, and slightly lower than August’s median of $177,300.

“There’s a mini-boom going on in the housing market,” said Thomas Popik, who conducts a monthly survey of real estate agents for Campbell Communications, a research firm.

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