Gulf Coast Associates' Blog: All Categories

Well, it's been six months since Gov. Crist signed legislation intended to help Florida homeowners burned by skyrocketing home insurance bills. A review of the situation shows it did not quite turn out like the politicians in Tallahassee thought it would.

State officials promised Florida residents that rates would begin dropping by 25% on the average since the new law permits insurance companies to purchase cheaper state-backed reinsurance and then pass those savings on to their policyholders. In fact, it appears that all the state managed to accomplish with this reform was to take on the extra risk to provide the reinsurance ($12 Billion), and then put Florida taxpayers on the hook for that money too.

A review of the proposed new rates submitted by…

The collapse of American Home Mortgage last week is making all the headlines. Over the past month or so, if you follow any type of financial news you've been hearing about the subprime markets, predatory lending, and the tightening of credit lending standards by State legislatures including Florida. What does all this mean to you? Let's see if we can explain a few of the details so you can understand what actually is happening.

In the past few years quite a few loans were made to folks using a "non-traditional" or a "non-conforming" loan product - this may have been for a poor credit history, unwillingness or inability to document income, or many factors that leave a borrower "outside of the box" for standard loan qualification. Quite a few times these…

The mid year real estate market statistics for both The Vineyards home and condominium sales are listed below. The Vineyards is an upscale gated golf community with excellent amenities located in Naples, Florida.

The Vineyards Home Sales Jan-Jun 2007:

• 22 Closed Sales
• Average Sales Price - $872,922
• Average Days on Market - 193
• Price/Sq. Foot - $326.21

The Vineyards Condominium Sales Jan-Jun 2007:

• 25 Closed Sales
• Average Sales Price - $408,120
• Average Days on Market - 158
• Price/Sq. Foot - $216.42

In comparison with 2006 sales data, for this same time period, we've seen a 23% decrease in the average price for homes and a 28% decrease in the average price for condominiums. Average days on market rose…

According to Bankrate.com's annual survey on loan closing costs, Florida ranked number three behind only Texas and New York. The new ranking was a move up for Florida from being ranked number 5 last year.

This year's top five states included:

• New York - $3,830
• Texas - $3,413
• Florida - $3,175
• Pennsylvania - $3,169
• Ohio - $3,047

The bottom five states included:

• North Carolina -$2,487
• Nevada - $2,467
• Illinois - $2,401
• Wyoming - $2,390
• Indiana - $2,339

The median cost for all states was $2,692. The study was based on a $200,000 loan with 20% down and excluded taxes, other governmental fees and escrow fees.

The survey results reinforce why borrowers need to shop for their mortgage loan and…

Despite continued good economic growth here in Southwest Florida, existing single family home sales in Lee County were down in June. The area, known as Southwest Florida's Lee Island Coast, includes the cities of Bonita Springs, Cape Coral, Estero, Ft. Myers, Fort Myers Beach and Sanibel & Captiva.

The volume of single family homes slipped 37% from a year ago to 558 sales. Also, the median price dropped to $253,900, down 5% from June 2006. However, the price in Lee County stills fairs better than most other areas within the state, where the median price for all home sales fell to $243,200.

What appears to be happening is the market is beginning to balance - you can't continue to compare the 2005 levels as something that would be a "normal" selling year -…

The mid year real estate market statistics for both Pelican Landing home and condominium sales are listed below. Pelican Landing is an upscale gated golf community with excellent amenities that is considered one of Bonita Springs' premier communities. Its properties are highly sought after for purchase by savvy buyers looking for the best of living in Southwest Florida.

Pelican Landing Home Sales Jan-Jun 2007:

• 24 Closed Sales
• Average Sales Price - $771,600
• Average Days on Market - 174
• Price/Sq. Foot - $313.81

Pelican Landing Condominium Sales Jan-Jun 2007:

• 20 Closed Sales
• Average Sales Price - $367,963
• Average Days on Market - 138
• Price/Sq. Foot - $215.32

In comparison with 2006 sales data, for…

Now that a little time went by since the Florida Legislature passed its real estate tax reform bill (June 2007), and proposed their idea for the constitutional amendment for residents, the battle lines are being drawn for getting the amendment approved in January, 2008. A recent press release shows the Florida Association of Realtors pledged $1M in advocating for the constitutional amendment and that sent a ripple effect between the Realtor® community and the general public - who is as confused as ever. You might expect that ANY tax reform causes everyone to immediately jump on the bandwagon.  However, upon further reflection, opinions are rapidly changing. Depending on who's side you're on with this issue, there is limited time to effect an impact with…

For families facing some challenging housing arrangements - we announce the offering of the Family Opportunity Mortgage. Now, if you need to buy a home for a disabled (unable to work) family member, provide housing for a college bound child - "Kiddie Condos", or provide a home for your elderly parents - you will no longer have to pay the higher interest rates associated with the home being considered as an investment property.

For elderly parents or disabled family members, you will need to provide a letter stating their intent to occupy the property as their primary residence and if applicable, an explanation regarding the disability. There are no distance requirements and you will qualify as the primary purchaser on the property.

For "Kiddie Condos",…