April 30, 2009

Treasury Finally Comes Up With Plan To Address Second Mortgages

The Treasury Department plans to use $50bn in rescue funds to pay mortgage investors to go along with borrower modifications.

Specifically, the Treasury aims to resolve the issue of second lien holders who must agree either to forgive debt or take a smaller financial return on modified loans held in investment, according to Reuters.

“It will be a shared effort with lenders, investors, borrowers and the government to ease or extinguish second-lien mortgage payments,” an unnamed administration official told the news service.

Second liens — or second mortgages sometimes piggybacked on top of first mortgages for borrowers without 20% to put down — raise an issue for the investor. With inherently higher interest rates (and lower principal balances) than first mortgages, these types of loans must face substantial modification if the plan is to have the far-reaching effect touted by the Treasury.

“The second lien holder, as is appropriate in the junior position, is taking more of a reduction in interest rate,” an anonymous source told Reuters. “The interest rate will go at least as low as the interest rate on the first and it will (fall) much further to get there.”

The Treasury, although slated to announce the plan today, has no comment as this story went to press.

The plan the Treasury will propose would allow for the adjustment of second liens automatically when a borrower’s first mortgage goes through the federal modification program. It aims to ease the process of borrowers seeking second liens like home equity loans for additional help, sources told Bloomberg.

Government-sponsored entities Fannie Mae and Freddie Mac plan to implement the initiative with $75bn the Obama Administration set aside for housing, sources told Bloomberg. Source: Nuwireinvestor.com

April 30, 2009

One-bedroom model the latest to open at The Strada

Residence 5407 is the newest luxury model to open at The Strada at Mercato.

Furnished in a traditional contemporary style by Collins & DuPont, the one-bedroom-plus-den, one-bath residence features crisp whites with vivid turquoise accents and geometric lines. It is among several designer furnished models open daily for viewing at The Strada.

Developed by The Lutgert Companies, The Strada will feature a total of 92 residences on the second through fifth floors of two buildings overlooking the crescent-shaped main street of The Mercato. Ten floor plans are available for viewing, ranging from just under 1,000 square feet to 2,400 square feet and with one to three bedrooms. Prices are from the $500,000s to more than $1 million.

The Strada at Mercato is on the east side of U.S. 41, just north of Vanderbilt Beach Road. Source: floridaweekly.com

April 29, 2009

30-Year Mortgage Rates Remain Low

The weekly average rate borrowers were quoted on Zillow Mortgage Marketplace for thirty-year mortgages remained relatively steady last week. Last week’s rate was 5.07%, up slightly from 5.06% the week prior, according to the Zillow Mortgage Rate Monitor, compiled by real estate website Zillow.com®. Meanwhile, rates for 15-year fixed mortgages rose to 4.72%, up from 4.68% and 5-1 adjustable rate mortgages decreased substantially, down to 4.38% from 4.47% the week prior.

Mortgage Type Average Rate Average Rate % Change
Week ending Week ending
4/26/09 4/19/09

30-year fixed 5.07% 5.06% 0.2%
15-year fixed 4.72% 4.68% 0.7%
5-1 ARM 4.38% 4.47% -2.2%

Rates for 30-year fixed purchase mortgages fell even further, with the average rate on Zillow Mortgage Marketplace at 4.97%.

Thirty-year fixed mortgage rates varied by state. New Jersey mortgage rates and Pennsylvania mortgage rates increased the most, up from 5.05% to 5.09% in New Jersey, and from 5.03% to 5.07% in Pennsylvania. Georgia mortgage rates (4.99%) and Florida mortgage rates (5.01%) were the lowest in the country, while Ohio mortgage rates (5.17%) were the highest. California mortgage rates were the most requested among all states. Source: RISmedia.com

April 28, 2009

RPX Monthly Housing Market Report Shows Sales Picking Up

The spring home buying season appears to be out in full force, despite the beleaguered economy. Home sales are up in most markets, and prices are even trending up in some areas as well. It still is too early to call a market bottom — especially considering the potential foreclosure situation — but this appears to be a positive trend nonetheless.
Spring buying season typically starts in February, and the resulting increase in demand traditionally causes prices to strengthen, and that’s exactly what happened this February as transaction counts increased month-over-month in 22 of the nation’s 25 metropolitan statistical areas (MSAs) tracked by Radar Logic. Home prices also improved in nine MSAs, compared to just six MSAs in February 2008.

“Seasonal strength in home sales was evident in February 2009,” said RadarLogic in its RPX Monthly Housing Market Report released today. “Transactions increased…13 MSAs posted their largest month-over-month increases since 2006.”
Source: NuWireInvestor.com

April 28, 2009

Real Estate Decline Decelerates Slightly

In an encouragement-is-where-you-find-it report, the latest S&P/Case-Shiller index of home prices released on Apr. 28 reported continuing deep declines in the prices of existing single-family homes in the U.S., but for the first time in 16 months the annual declines in the two components of the index did not set new records.

The data, reflecting home prices through February, indicated 10 of the 20 metro areas in the index show record rates of decline, with 15 showing declines of more than 10% year-over-year. The 10-City and 20-City composite indexes posted year-over-year declines of 18.8% and 18.6%, respectively. That was slightly better than January, when they fell by 19.4% and 19%, respectively, year-over-year.

“While the declines in residential real estate continued into February, we witnessed some deceleration in the rate of decline in some of the markets,” David M. Blitzer, chairman of the Index Committee at Standard & Poor’s, said in a news release. “Furthermore,” he added, “this is the first month since October 2007 where the 10- and 20-City Composites did not post a record annual decline. Source: businessweek.com

April 26, 2009

Construction under way in Moorgate at Lely Resort

Stock Development has started construction of four homes in Moorgate, a neighborhood of twin villas at Lely Resort in Naples.

Moorgate is in the northern half of Lely Resort and features twin villas with a mix of golf course, lake and nature preserve views. Four floor plans offer two or three bedrooms ranging from 1,885 to 2,195 square feet under air and are priced starting at $314,990. Four furnished models are open for viewing.

The Arvanita is a three-bedroom, two-bath home with 1,916 square feet of living area and 2,577 total square feet, including a screened and covered lanai with a pool and an attached two-car garage. The Arvanita model features a formal dining room and a formal living room that leads to the lanai through eight-foot tall sliding glass doors. The kitchen includes a dinette.

The Napoli, available as either a two-bedroom with study, two-bath plan or a three-bedroom, two-bath plan, has 1,855 square feet of living space and 2,562 total square feet. This home includes a breakfast area, tray ceiling in the living room and a picture window in the study.

The Capri, a three-bedroom two bath home, features 2,107 square feet of air-conditioned living space and 2,921 total square feet, including the two-car garage, lanai and covered entry. Both the living room and master suite open to the lanai via sliding glass doors.

The Sienna has two bedrooms, a study, two baths and encompasses 2,195 square feet under air and 3,012 total square feet. The home has a formal dining room, a dinette off the island-style kitchen and twin walk-in closets in the master suite.

All homes in Moorgate are built by Stock Construction and feature raised panel cabinets, Corian countertops, Kohler fixtures, GE appliances, Mohawk carpeting and ceramic tile. Exterior features include a brick-paver driveway and walkways, a landscape package and an optional pool and spa package.

Amenities at Lely Resort include 20,000-square-foot Players Club & Spa which offers a fitness center, full-service spa, resort-style pool, pub, Internet café, movie theater and tennis complex. There are also three golf courses and two golf clubhouses within the community. Source: naplesnews.com

April 26, 2009

Spring Home Sales Damp, But Young Buyers Bloom

Spring is the strongest season for selling homes. But after three years of dismal sales, most real estate agents are frustrated. They keep hoping this spring finally will thaw out the housing market and get sales moving again.

But two reports on homes sales suggest the market still has far more dead weeds than green shoots. Last week, the National Association of Realtors said sales of existing homes in March were down 3 percent from February. And a Commerce Department report on new homes showed those sales declined, too — they’re down more than 30 percent from March 2008.

The news was disappointing because real estate agents had seen an uptick in February when homes were selling at an annual rate of 4.71 million. But that annual pace slipped back down to 4.57 million in March. That level is more than 7 percent below last year’s depressed rate.

The big problem is the huge backlog of unsold homes. Builders have to wait more than 10 months to unload the new homes they have completed. It’s the same problem for owners of existing homes. Real estate agents say it still is taking nearly 10 months for a house to sell. That’s a little quicker than last year, but not by much.

Still, real estate agents do see one encouraging sign: the return of first-time buyers. These tend to be younger people who want to take advantage of the $8,000 tax credit Congress created this year for people buying homes for the first time. Usually, first-time buyers represent just a third of the market, but in March, they were 53 percent of buyers.

Real estate agents are making the case that this really is a great time to buy: interest rates are low; tax incentives are generous and home prices are down about 27 percent since the peak in 2005. In at least a few markets, such as California and Arizona, some real estate brokers say they are starting to see bidding wars as they get multiple offers on the relatively cheap houses in foreclosure.

Most economists say the housing market tends to heal from the bottom up. So these multiple bids at the low end of the market are a good sign. Source: npr.org

April 26, 2009

Divco’s Sienna model emphasizes indoor, outdoor connection

The floor plan of the Sienna, a new single-family custom model home in Grand Arbors at TwinEagles, emphasizes a seamless transition with adjoining rooms and outdoor spaces. Glass doors showcase golf and nature views from inside while providing easy access to the home’s enclosed pool and 872-square-foot covered lanai.

Located in the Hedgestone neighborhood, the Sienna is the first model home built by Divco Construction Corp. in Grand Arbors at TwinEagles, the 1,115-acre master-planned community being developed by Bonita Bay Group.

The Sienna has four bedrooms, four-and-a-half baths, a powder room, study and dining room within 3,459 square feet of living space and 5,223 total square feet, including the garage, lanai and entry.

Its architecture has arched windows with cast keystone banding, precast corbels and a barrel tile roof. Stacked El Dorado ledgestone in canyon shades forms the entry’s columns and is repeated as accents on the three-car garage and other façade walls. The entry has a front porch defined by a stone balustrade.

Cast keystone also accents the arch framing the double glass entry doors, which have scrolled metal overlays with a bronze finish and Mediterranean-style motif.

The doors open into the entry, where the Sienna’s open floor plan shows the great room ahead and the formal dining room immediately to the left of the foyer.

The great room’s four sliding glass doors overlook the pool, spa and a stepped tile-clad wall with seven built-in planters, a sheer descent and two floral medallions with water jets. The view also takes in the 16th fairway of The Aerie golf course, a lake and nature preserve. Step into the great room and the interior view also offers glimpses of the adjoining kitchen, dinette and a desk area.

The foyer’s porcelain tile floor has a slight chiseled edge and is used throughout most of the Sienna’s living space. It provides a neutral background for a look interior designer Kathleen Scanlan, ASID, described as “transitional with a modern twist. The model is designed for a casual and comfortable feeling,” she said.

Shades of celery green, rust and bronze add touches of color in grass cloth applications on walls, art niches and ceilings as well as furnishings, accessories and area rugs.

An art niche in the foyer introduces the rust-hued grass cloth. The ceiling has crown molding.

Three free-standing columns define the space between the foyer, a hallway and the dining room, which has coffered ceiling accented with the rust grass cloth and crown molding. The textured finish is repeated on the main wall. Two arched windows have wooden plantation shutters and overlook the front of the home.

A dark leather couch in the great room provides a comfortable and relaxed feeling. Wood beams create coffers in the ceiling, each section is finished with rust grass cloth and crown molding. The room’s main wall has three recesses, which accommodate maple cabinetry with a coffee glaze and paneled doors topped by Van Gogh onyx countertops. The middle section has a flat-screen TV on a console with fabric-covered doors that allow electronic equipment to breathe. The recesses on each side have upper cabinetry and grass cloth walls; the section closest to the sliding glass doors has an under-counter glass-door refrigerator.

The study is found through two glass doors to the right of the foyer. It has an Old World Santa Rosa birch plank floor and maple office furniture with clean lines and a modern look. The ceiling has painted surfaces and coffers with crown molding. A trio of rough wood beams mounted to the wall display artwork, and the room’s two arched windows have plantation shutters.

Double doors near the study open into the master suite vestibule. The space has an art niche finished with grass cloth and a sculpted carpet with a subtle leaf motif. The ceiling has two levels of crown molding and its coffer echoes the octagonal shape of the vestibule.

A hallway leads past his-and-her walk-in closets en route to the bedroom. Grass cloth reappears in the bed wall, and its shade is picked up in the painted finish of the ceiling, which has crown molding and floating molding. The upholstered suede cloth headboard is accented with nail heads. Double glass doors lead out to the covered lanai, near the spa.

Pocket doors open from the vestibule into the master bath, which has a porcelain tile floor, a linen closet with vented wood shelves, a water closet and celery green grass cloth walls. His-and-her maple vanities have a saddle stain with brown highlights and Botticino marble countertops. Her vanity also offers a dressing table.

The raised jetted tub is positioned under a window and has a tile deck and sides and a brick mosaic backsplash. A glass panel at the foot of the tub lets natural light into the tile-clad shower as do two arched windows. The shower has a built-in bench, dual controls and showerheads, and its wall is accented with brick mosaic accents.

A breakfast bar in an exaggerated U shape separates the kitchen from the great room. It offers a double sink and café-style seating at its raised countertop, and, like the rest of the kitchen, has Key West gold granite countertop, glazed maple cabinetry and a copper antique mosaic backsplash. Stainless steel appliances include a dishwasher, refrigerator with French doors above a freezer drawer, and an under-counter microwave drawer.

A center island has glass mullion doors and is positioned under the painted coffered ceiling, which has crown molding. Legs incorporated into the cabinetry on each side of the six-burner cooktop add a furniture look. Cabinetry for spices is found on each side of the stove, which has a pot filler and stainless steel oven. Wood paneling hides the hood and is accented with corbels. Instead of a large pantry, extra storage space is incorporated into the cabinetry.

The dinette is positioned in a bay window, where it overlooks the wall water feature, pool, golf course and lake. A recess in the wall provides a desk, and a glass door opens to the covered outdoor living area.

The lanai offers 872 square feet of al fresco space under roof. A sitting area off the great room has dark outdoor furniture with accent pillows that carry the celery and rust shades outside. The ceiling above the summer kitchen has a tongue-and-grove cypress ceiling with stained cedar beams. The main wall is accented with stacked ledgestone and has a stainless steel fireplace. Built-in cabinetry has stainless steel doors and Van Gogh onyx countertops and incorporates a stainless steel gas grill, refrigerator and sink.

The raised spa has a tiled wall and three sheer descents. The pool’s built-in bench faces the golf course.

Sliding glass doors open one of the guest suites to the outdoor living room. Its full bath doubles as the pool bath, which has maple cabinetry with a bronze glaze, an emerald green marble countertop and a shower accented with stone mosaic listellos.

The powder room is located next to the dining room. It has maple cabinetry with a Liberty Bell finish that gives it an antique look and Botticino marble countertops. Celery green grass cloth accents the walls.

A hallway leads to the two guest suites and the utility room with linen closet. Each of the carpeted bedrooms has a private full bath with Jerusalem bone marble countertops. One of the guest suites is shown as a sitting room with vintage golf artwork and golf-themed wallpaper, black chair rail and a painted surface above.

The laundry room has a jade green granite countertop, paneled cabinetry and a front-loading washer and dryer.

The Sienna is priced at $1,599,900, fully furnished. Source: naplesnews.com

April 25, 2009

Moraya Beach Tower boasts forever views

Take one step into the grand entry of the new Moraya Bay Beach Tower on Vanderbilt Beach, and view a panorama of turquoise and emerald colored Gulf waters across a lobby as large as the upper deck of an ocean liner.

Architect Van Auken Miller of Naples created a jaw dropping sense of arrival with splashing fountains, skyrocketing sculptures of water and fire, and extraordinary curved glass “window walls” and Gulf-front balconies.

The curvilinear entrance foyer and lobby is an overwhelming space with an unbroken view of the water’s edge to welcome residents and leave guests with an unforgettable impression.

Giant squares of glass set within flowing curved walls define the contemporary 11-story tower of luxury residences. The polished stone floors reflect the colors of the beach and sky. Rich dark woods define the concierge’s desk and station in the tradition of a five-star resort.

Moraya Bay Beach Tower by Signature Communities on Vanderbilt Beach will open this summer. The tower is located at the northernmost end of Gulf Shore Drive. The views to the north extend for three miles across state and county park-protected conservation areas beyond Wiggins Pass to Barefoot Beach Park.

Signature Communities, who have built over 3,000 luxury residences in Naples, consider Moraya Bay to be the company’s crowning achievement. Residents are steps away from the beach and can comb it for miles to Wiggins Pass without passing another condominium.

Moraya Bay Beach Tower is the culmination of two decades of Signature luxury residences and a history that includes development of prestigious neighborhoods: Pelican Bay, Pelican Marsh, Regatta and The Dunes.

Residents drive to the elevated motorcourt entry and grand lobby. The building’s plaza level is dedicated to amenities. At the south end, a glass-surrounded fitness center overlooks the beach and Gulf of Mexico. At the northernmost end, a private clubroom and lounge command sunset views of the Gulf.

Residents can take an elevator or outdoor stairways to two tropically landscaped sundecks, each with a resort-style swimming and lap pool. A poolside grotto bar is reminiscent of the Cain at the Cove pool deck within the Atlantis resort on Paradise Island. The dune line between the pools and the Gulf’s shore has been planted with native vegetation.

Private elevators open directly into each residence. A second service elevator also opens into the owner’s service hall. Floor plans are open and light filled offering up to 4,500 square feet of air-conditioned space and 5,400 square feet of total living area. Prices range from $2.9 to $4.9 million.

Nine-foot ceiling heights and floor-to-ceiling window walls capture and accentuate the feeling of openness. Wide and deep covered open air terraces with glass rails wrap around each residence to create panoramic vistas. From the grand salon, dining room, kitchen and master bedroom, residents will view the Gulf and beach.

Those who love to entertain will appreciate their gourmet kitchen and the adjacent pantry and catering kitchen. These large open spaces include stainless steel appliances, granite countertops and custom European cabinetry. GE Monogram appliances include a gas cook top, icemaker, Advantium combination convection/conventional ovens, side-by-side refrigerator, and under-counter wine cooler. All kitchens adjoin catering kitchens which include a full size refrigerator, double sink, dishwasher, wine coolers and additional counter and storage space.

The baths feature marble countertops, jetted tubs and all-glass showers and his-and-her water closets. Master bedrooms include room sized walk-in dressing rooms.

The 06 Residence exemplifies the luxury offered within the tower. The private elevator doors open to views that expand outward to the Gulf and beach. Three bedrooms each have private baths.

The beachfront master suite includes a 23-by-9-foot, 6-inch dressing room. All main living areas — family room, grand salon, dining room and gourmet kitchen — are focused toward the arch of a window-wall that opens to a 670-square-foot open terrace.

Floor-to-ceiling window walls capture gulf-front breezes and accentuate the feeling of openness. Wide and deep covered terraces with glass rails wrap around each residence to create panoramic vistas.

From the grand salon, dining room, kitchen and master bedroom, residents will view the Gulf and the beach.

Over half of the 72 tower residences have been sold. Residences are smart-wired for a variety of advanced technological features for entertaining and communication. Source: naplesnews.com

April 23, 2009

Construction continues at Traditions, the Golf Residences at Grey Oaks

Construction of the eighth building at Traditions, the Golf Residences at Grey Oaks, is well under way and progressing on schedule. Set within the Grey Oaks Country Club Community, Traditions is an enclave of luxury coach homes designed and built by The Newport Companies.

The building under construction will include four decorator-ready coach home residences and feature two of Traditions’ four floor plans.

Each of the two, first-floor St. Andrews floor plan residences will provide 3,033 square feet of living space, three-bedrooms, three-and-a-half baths and a covered lanai.

Upstairs, each of the two Prestwick second-floor plan residences will offer nearly 4,000 square feet of living space and include three-bedrooms, three-and-a-half baths, a formal dining room, study, family room, covered lanai and an elevator.

Traditions’ other floor plans include the three-bedroom, three-and-a-half bath, 2,533-square-foot Augusta first-floor residence, and the three-bedroom, three-and-a-half bath Muirfield second-floor residence with 3,059 square feet of living space.

Pricing at Traditions, the Golf Residences at Grey Oaks, starts at $650,000.

Grey Oaks Country Club offers 54 holes of golf on three courses and has been recognized as one of America’s top 100 golf communities by Travel & Leisure Golf for the third consecutive year. Source: naplesnews.com