211 Active
15 Active with Contract
11 Pending
5 Closed

Source: SunshineMLS, Inc.
Search Fiddler’s Creek Homes for Sale

213 Active
13 Active with Contract
5 Pending
4 Closed

Source: SunshineMLS, Inc.
Search Fiddler’s Creek Homes for Sale

218 Active
15 Active with Contract
3 Pending
2 Closed

Source: SunshineMLS, Inc.
Search Fiddler’s Creek Homes for Sale

218  Active
12     Active with Contract
4     Pending
7       Closed

Source: SunshineMLS, Inc.
Search Fiddler’s Creek Homes for Sale

210  Active
14     Active with Contract
10     Pending
9       Closed

Source: SunshineMLS, Inc.
Search Fiddler’s Creek Homes for Sale

Topping the list: Collier County, Fla., which includes the city of Naples. Tax returns accounting for 15,150 people showed moves to Collier County from other parts of the country in 2008, the latest year for which IRS data is available. Their average reported income: $76,161 per person–equivalent to $304,644 for a family of four. Although slightly more taxpayers moved out of Collier County than into it, the departing residents’ average income came out to just $26,128 per person.
Source: forbes.com/2010/06/14/where-the-rich-are-moving-business-beltway-rich-migration.html

Rates have been below 5 percent for nine weeks in a row. Last year at this time, the average 30-year rate was 6.01 percent.

The 15-year fixed mortgage rate climbed to 4.52 percent from 4.51 percent. Meanwhile, the five-year adjustable mortgage rate slipped to 4.82 percent from 4.9 percent; and the one-year ARM fell to 4.71 percent from 4.78 percent.

Freddie Mac collects mortgage rates on Monday through Wednesday of each week from lenders around the country. Source: Freddie Mac

Vanderbilt Beach, a 1.3-mile stretch of land between the Ritz-Carlton, Naples and Delnor-Wiggins Pass State Park, contains prime beachfront real estate, much of it in high-rise towers. Upscale dining in the immediate vicinity includes Baleen at La Playa Beach & Golf Resort and the Turtle Club. The neighborhood even holds vestiges of Old Florida with Buzz’s Lighthouse Restaurant and Lighthouse Inn on Vanderbilt Lagoon.

A perfect example of the what is happening in many of Southwest Florida’s more mature high-rise condominium communities is found at Vanderbilt Gulfside Condominium, where exterior common areas as well as residences are sporting sophisticated new looks.

Flexible living space and innovative storage solutions are high on the priority list for those wanting to turn dated vacation condos into year-round residences. In one condominium, the transformation of a two-bedroom layout resulted in two additional remodel contracts for K2 Design Group, a single-source architectural, interior design and construction management firm.

Sitting on 8.8 acres, the 1980s-era high-rise property — 72 residences in each of two towers — is in the midst of an exterior facelift. Parking structures, entry gate and porte-cochère have been replaced. Landscaping has been enhanced and is receiving increased attention with a new irrigation system. Attractive pavers replaced asphalt along the winding driveway and Italian stone was installed around the pool and walkway. In addition to fresh paint, exterior balconies, railings and screens are being upgraded. Source: naplesnews.com

“I’ve had banks pull out right before the closing, because they are constantly reevaluating how many and what type of mortgages to give out,” said Anne Blatz, ABRM, CRB, a branch executive with Kinlin Grover GMAC Real Estate in Brewster, Mass.

When foreign currency was stronger against the U.S. dollar, many Canadians were interested in purchasing in Arizona and California. However, banks were hesitant to qualify them for loans.

Practitioners have had to come up with some very creative deals to get the job done, such as owner-financing or property trades. In some resort regions, foreign nationals are accounting for up to ten percent of all buyers and more have become interested just as inventory levels decrease in some regions.

For buyers who are on the fence, real estate pros said you should help customers understand that deals exist. “You have to be specific about numbers,” said Timothy Kinzler, CIPS, e-Pro®, sales associate with Coldwell Banker in Delray Beach, Fla. “Some don’t realize that you can get a beachfront condo for just $100,000.”

Through Facebook, Kinzler posts messages about properties he has closed on which has lead to more calls. Recently, he sold a $97,000 beachfront condo to a man from Hoboken, N.J. who will use it as a get-away. A few years ago, this type of property started at $250,000. Source: Realtor.org

The median national home price today is about $169,000, down almost 14 percent from a year ago and an estimated 30 percent from its peak. Today’s prices are justified by the fundamentals of the economy and may even represent an undervaluation, Yun said.

Lender Policies Hinder Recovery

Distressed sales, which today comprise about 50 percent of transactions nationwide, are creating market distortions in otherwise stable neighborhoods. “We’re only capturing transaction prices,” he said, and those prices might be 20 percent to 25 percent below actual values. For that reason, it’s possible that widely cited projections that a third or more of homeowners are underwater might be off the mark, he said.

The consequences of these missed projections could be huge. Lenders, shying away from refinancing mortgages of troubled owners, exacerbate the downward spiral of homeowners’ financial position and that, by extension, hurts the broader economy.

Contributing to the problem is the lack of reasonably priced financing for higher-cost homes at a time when declining prices, low rates, and the home buyer tax credit are helping the entry-level market.

Indeed, while housing overall is at a 9.5 month supply, down from double digits not that long ago, homes above $729,750—the threshold for jumbo loans—face a 40-month supply.

Key Test

By summer, all of the incentives that have been put into place by the government will have had several months to work, Yun said. If sales start picking up significantly, then prices should stabilize and trigger a broader economic recovery.

If sales don’t show a significant response, then the federal government might have to look at another big injection of funds into the economy, something no one has an appetite for.

Yun’s forecast reflects the brighter scenario: “My projection is home sales will be 10 to 20 percent higher the second half of this year than last year and we will come out of this recession in 2010,” he said. Source: Realtor.org