Gulf Coast Associates' Blog: All Categories

The Boston Red Sox have made their decision - Lee County will remain the team's spring training home for the next 30 years. The deal was inked on Saturday and made everyone involved breathe a sigh of relief. The impetus for the signing came from the Lee Commissioners four day old decision to build the team a new stadium in south Lee County.

The next step in the process will be to find a suitable site on which to build the new stadium. Local officials have already begun their search and are currently eyeing the area between Daniels Parkway and Bonita Beach road. The site will have to be large enough to accommodate an all inclusive complex including at least five practice fields, the 9,999-seat stadium complete with a replica of the famed Green Monster and…

Under the Neighborhood Stabilization Program enacted as part of the Foreclosure Prevention Act of 2008, 48 local and state governments in Florida will receive U.S. Department of Housing and Urban Development (HUD) funding specifically for foreclosure relief.

The program is designed to provide local governments with a source of funding to respond to rising foreclosures and declining property values. Florida was allocated $541 million, which includes $91 million to the Department of Community Affairs and $450 million for 48 local governments.

Eligible uses for the programs funds include:

• Buying foreclosed properties.
• Demolishing or rehabilitating abandoned properties.
• Offering down payment and closing cost assistance to low-to-moderate…

The January thru September Bonita Springs real estate market statistics for both home and condominium sales are listed below. Bonita Springs, known as the "Gateway to the Gulf" is conveniently located between Ft. Myers and Naples and is one of Southwest Florida's most rapidly growing areas. When you combine the fantastic year round weather with the city's endless lifestyle choices and small town charm, it's easy to understand why so many people consider Bonita Springs a great place to call home.

Bonita Springs Sales Data

Bonita Springs Home Sales January-September 2008*:

• 511 Closed Sales
• Average Sales Price - $606,153
• Median Sales Price - $395,000
• Average Days on Market - 190
• Price/Square Foot - $227.88

Bonita Springs…

The January thru September Sanibel Island real estate market statistics for both home and condominium sales are listed below. Sanibel Island, known as the "Shelling Capital" of the world, is one of Southwest Florida's true treasures. Only 12 miles long and 5 miles wide, Sanibel is a haven of natural beauty, very romantic, and a place of solitude. Imagine seventeen miles of pristine soft white sand beaches all surrounding waterways, mangroves and wetlands teeming with abundant wildlife. Throw in the island's quaint shopping experiences, numerous dining and nightlife choices, and 300 plus days of sunshine and you have the perfect Southwest Florida living destination.

Sanibel Island Sales Data

Sanibel Island Home Sales January-September 2008*:

• 92…

Southwest Florida real estate sales continued to show strength in August. It marks seven straight months of real estate sales increases for Bonita Springs and Naples and eight straight months for the Ft. Myers area including Cape Coral.

While lower prices appear to be the driving force behind these increases in sales, other factors are also playing an important role. International buyers are not only finding many well priced properties; they also have much more buying power because of the current weak dollar. Falling mortgage interest rates are helping too. Savvy buyers are recognizing that many affordable opportunities now exist and are quickly grabbing up their piece of the Southwest Florida dream.

Here are some examples of August's sales… Read Full Post

In a historic, yet widely anticipated, move yesterday Secretary Henry Paulson announced plans to put Fannie Mae and Freddie Mac under government custody. The unprecedented move by the Treasury includes replacing both company's CEOs, ending all stock dividends, and creating a new preferred stock that will be senior to all other outstanding shares.

The authority for such a move was granted to the U.S. Treasury in the recently passed Housing and Economic Recovery Act and was included in the bill to help protect the $5.4 trillion in outstanding mortgages the companies currently hold. Both Government Sponsored Entities (GSEs) have been under severe pressure over the last year. Their stock shares have fallen over 90% and the markets have had severe doubts about…

There appears to be a fair amount of confusion over the new First-Time Home Buyer Tax Credit that was included in the recently passed Housing and Economic Act of 2008. Quite frankly, it is not surprising. While driving over this past holiday weekend, we heard at least four different radio ads by various companies and all of them made it seem like this program was a free ride. The reality is something else altogether.

Here’s how the program actually works:

• To be eligible, home buyers must not have owned a home for the last three years. The ownership test applies to both partners in a marriage.
• The tax credit (refund) will be equal to 10% of the purchase price of the property up to a maximum of $7,500.
• The tax credit (refund) is $3,750 for…

The Department of Veterans Affairs (VA) is raising ceilings on its no down payment home loans from the current $417,000 to as much as $729,000. The increases are effective immediately under legislation recently enacted by President Bush's signing of the Housing and Economic Recovery Act of 2008.

The new law also improved the VA’s Specially Adapted Housing Program. It raises primary grants from $50,000 to $60,000 toward constructing a new home or modifying an existing home to meet the needs of veterans or active duty service personnel with certain service-connected disabilities. Additional new features to this program are a provision that allows veterans with certain service disabilities arising from severe burns to receive the adaptive housing grants and…