Insights on SW FL Real Estate

Seller Financed Pool home in Lehigh Acres

2012-02-04T07:52:00.000-05:00

Investors are buying properties and reconditioning them. Some of the investors are caring the loan for 3 to 7 year. Hear is a home currently on the market.

This digital slideshow made with Smilebox

Investment Rental property for Sale in Cape Coral $84,000 4/4 duplexes

2011-12-31T14:29:00.001-05:00

Image via WikipediaJust listed in Cape Coral, FL an investment property with two units. A duplex. Each unit has 920 sq ft. Unit 1 has an enclosed lanai with windows and doors to make a nice large family room. Each unit has 2 bedrooms and 2 bathrooms. Click here for the slide show of these units.

New YMCA in Cape Coral FL

2011-11-27T11:28:00.000-05:00

Cape Coral, FL has it's frist YMCA on Santa Barbara. The doors just opened and class are filling up. YMCA plans to open up several others in SW Florida including another one in Cape Coral and another one in Punta Gorda, FL. Click here to read about it in the New-Press.

New Owners for Tarpon Point

2011-11-22T13:37:00.000-05:00

The new owners for Tarpon Point, in Cape Coral FL have wasted no time in raising the prices by 15% on unfinished units in Tarpon Landing's High Rise Condominiums. Other condo owners are thrilled and excited to see continued success of this resort setting in SW Florida. Follow this link to read more about it. New Tarpon Point owners

We would be glad to assist anyone in selection of a plan to finish a unit or a current condo for sale.

Second Home Before You retire?

2011-11-17T16:03:00.000-05:00

Second Home Before You Retire?

Written by Michele Lerner

Published November 16, 2011

Bankrate.com

Reuters

Related Video

A Home in Phoenix for $70,000

If you have plans to buy a home at the beach, in the mountains or in the desert for your retirement years, you might be tempted to take the plunge and buy your future home now while interest rates and home prices are low.
Financial experts say buying your retirement home five to 10 years before you stop working could be beneficial. However, people in this age group should be aware of the risks of tying up money and perhaps losing flexibility with a second home purchase.
"While there's no denying that we have historically low interest rates and low home values right now, anyone considering buying a second home before they retire needs to run the numbers," says Kimberly Foss, president of Empyrion Wealth Management in Roseville, Calif. "People get stars in their eyes sometimes at the prospect of retirement, but the reality is that they may not be able to afford to buy another home right now."
Foss says she recommends clients max out their 401(k)s and make sure they have adequately insured their future before thinking about buying retirement homes.
"I recommend that people have 12 months' (worth) of expenses in the bank as an emergency fund," Foss says. "If they choose to buy another property, they will need extra money to cover those expenses, too. Even if they choose to rent the property for income, they need to have six to 12 months' of upkeep and rental income covered in their savings in case they don't have a renter for a while."

Financing another home before retirement

For 50- and 60-somethings with plenty of discretionary income, buying a home with cash is an option. Others need financing.
There are three basic options for financing a home, says Patrick Cunningham, vice president of Home Savings and Trust Mortgage in Fairfax, Va.
The home can be financed as an owner-occupied home if the buyer lives in it as a primary residence, as a second home or as an investment.
"Second-home financing means that you will need to qualify to pay the mortgage on both your current home and your second home," Cunningham says. "If you need some additional income to qualify for the loan, you can rent the property, and a lender will use some of your rental income for a loan approval."
Cunningham suggests that financing a property as a second home rather than as an investment property is the better option because interest rates, qualification guidelines and down payment requirements are generally more lenient on second homes than on investments. He says an investment loan always requires a down payment of at least 20% or 25%.
People getting ready to retire might want to consider the benefit of buying homes before they stop working because a mortgage approval could be more difficult to obtain without an income.
"Conventional loans are written off your income, and you have to prove you have the means to repay the loan," Cunningham says. "You may not be able to do that based on dividends from your retirement savings. If you are concerned about qualifying for a mortgage after you retire, you could be better off applying for one earlier."

Rental income

Foss says one of the primary benefits of buying a home before retiring can be the generation of rental income.
"Income from a rental property can act as a hedge against the low interest rate environment we are in and against future inflation because you can raise the rent to offset inflation when it hits," Foss says. "If you turn the property into a rental property until you are ready to live in it, you also gain some tax advantages."
Foss says if you can handle the expense and hassle of a rental property, this could be a good way to use the property before it becomes your primary retirement residence.

Property choices

Charles Duck, president of Charles Duck Real Estate in Phoenix, says the pre-retirement buyers he works with are looking for bargain-priced luxury homes because they offer more certainty of future appreciation.
"Some people are deciding to buy now and leave the property empty for a while or to use a place as an occasional vacation home," Duck says. "Others decide to rent the property until they are ready to use it. The important thing for all these buyers is to find a latchkey property so that they can travel or live elsewhere and not worry about it."
When choosing a home a few years before retirement, Duck says the first consideration should be the location.
"Many retirees want an urban-suburban location where they can walk to amenities and restaurants," Duck says. "The important thing is to look at this property like any other investment and evaluate the potential resale value based on the location, community amenities and floor plan."
Duck says this cohort of buyers should consider looking for low-maintenance houses with all the living spaces on one floor, so the future retirees can avoid climbing stairs.

Flexible Plans

Foss says if you are 10 years or more away from retirement, you may want to opt to rent a vacation home for a month at a time in order to avoid getting stuck with a permanent decision about your retirement destination.
"People change a lot between age 50 and 90, so I like the idea of keeping your options open and allowing for flexibility," says Foss. "Buying your retirement home early can be a great option, but I recommend that people do this with the mindset that it is a rental property with the option of using it as a vacation home later rather than getting locked into a retirement plan."
Cunningham says to have a backup plan for a second home, including an estimate of rental value in case the home cannot be sold for a profit if you change your mind.
"Buying a second home is not for people who are just getting by," says Cunningham. "This should only be a choice for people with the income and assets to handle it."

Internation traffic to US

2011-11-08T16:19:00.000-05:00

Image via Wikipedia1.8 Million Brazilians are expected to travel to the US by 2013 according to the Florida Realtor's News. Let's hope they see the good opportunities that are available for them here in Lee County FL.

Buying a home with a Reverse Mortgage

2011-11-08T07:51:00.000-05:00

Image via WikipediaFHA has a home Equity Conversion Mortgage which is the only federally insured reverse mortgage. One can buy a home and never have to make monthly payments. Here is a great article written by the Florida Realtors that explains how it works. You must be 62 to qualify.

Great Pool home to rental in SE Cape Coral. This is an Annual Rental

2011-10-30T09:51:00.000-04:00

Digital slideshow made with Smilebox

Punta Gorda, FL is second highest in County for Home Ownership Rate.

2011-10-26T07:37:00.000-04:00

Image via WikipediaAccording to a survey and stats complied by US Census and reported in Investors.com Punta Gorda, Florida is second in the nation in regards to home ownership. Monroe, Mich had the highest at 79.8 owner-occupied and Punta Gorda is at 79.7. This is reported in the Florida Realtors' News and Events Oct 25, 2011 issue.

Home ownership numbers has been collected since 1890. The highest numbers were reported in 2000. This report marks the second highest home ownership.

Five Reasons Banks would rather Foreclose

2011-10-20T07:13:00.000-04:00

Image by Getty Images via @daylifeEver wonder why don't banks just reduce the monthly payments or the amount of a loan instead of taking the home and selling it to someone else at a reduced price. This question is ask frequently by homeowners facing foreclosure or are upside down on their mortgage.

Professor Jack Guttenberg, a mortgage columnist writes for Inman news. Guttentag believes that lenders have been too stingy when it comes to reducing loan balances. Private lenders have offered loan reductions only sparingly, he says, and Fannie Mae and Freddie Mac not at all.

Here's the professor's take on why homeowners can't catch a break on loan reductions and stay in their homes.

His five reasons discussed are:

Buck stops Here!
Banks are in the business of making money.
In this economy, you will likely default anyway.
Banks are short-staffed and the staff they do have is untrained.
Mortgage insurance works against you.

It is FALL, now is the time to bake witrh Apples!

2011-10-18T09:03:00.000-04:00

Best Apples for Baking

[1] Baskets of apples at a "farmers market" at Rogers, Ohio.
Credit: Annette McCarthy

Almost any apple can be enjoyed when eaten fresh. However, not all apples are ideal for the kitchen. Below is a chart with some of the best baking and cooking apples in North America.
Note: When it comes to cooking with apples, it may be helpful to know the following:
1 pound of apples = 2 large, 3 medium, or 4 to 5 small apples
1 pound of apples = 3 cups peeled and sliced apples
As you cook those apples, here are some of our favorite apple recipes:
Parsnip and Apple Soup [9]
Caramel-Covered Apples [10]
Baked Apples Filled With Sausage [11]
Perfect Apple Pie (The Classic) [12]
Apple Butter [13]
Green Cabbage and Apples [14]
Apple Oatmeal Crisp [15]
Rutabaga and Apple Compote [16]
Apple Puff [17]
Indian Summer Applesauce [18]
For more about apples, see our Related Articles (above) and see recipes using apples [19].
Please post your favorite apple varieties and any cooking tips below!

NAME	Best Uses	Flavor Characteristic, Appearance
Braeburn	Sauce	Tart, sweet, aromatic, tall shape, bright color
Cortland	Pies, Sauces, Fruit Salad	Tart, crisp, larger than 'McIntosh'
Fuji	Baking	Sweet and juicy, firm, red skin
Gala	Dried, Cider	Mild, sweet, juicy, crisp, yellow-orange skin with red striping (resembles a peach)
Granny Smith	Baking	Moderately sweet, crisp flesh, green skin
Jonagold	Pie, Sauce	Tangy-sweet, Yellow top, red bottom
Jonathan	Sauce	Tart flesh, crisp, juicy, bright red on yellow skin
McIntosh	Sauce	Juicy, sweet, pinkish-white flesh, red skin
Newton Pippin	Pie, Sauce, Cider	Sweet-tart flesh, crisp, greenish-yellow skin
Rhode Island Greening	Pie	Very tart, distinctively flavored, grass-green skin, tending toward yellow/orange
Rome Beauty	Baking, Cider	Mildly tart, crisp, greenish-white flesh, thick skin
Winesap	Sauce, Pie, Cider	Very juicy, sweet-sour flavor, winey, aromatic, sturdy, red skin

Now is Great Time

2011-10-11T07:06:00.000-04:00

This fantastic article from
Annie Blatz, RSPS, CRB, ABRM CIPS, GREEN
Cape Cod, Massachusetts

How many times have you said “This is a great time to buy. Interest rates are low, inventory is plentiful and prices are lower than they have been in years.”
In May I decided to take my own advice and buy an investment property in Florida. Although I had considered a second home in Florida several years ago, when the market changed, my discretionary money wasn’t there and my plans went on the back burner. But things have changed dramatically. Prices are unbelievable. Even after all I had read, I could scarcely believe the values compared to my own Cape Cod market. I looked at nice single family homes that were priced at one-third of what they were 5 years ago.
Part of the good news was when I learned that the equity line that I already had in place on my primary residence has a ridiculously low interest rate and I could use that to pay cash for my Florida home.
I discovered that rental rates are excellent and the monthly rent would cover my taxes, insurance, and interest on the loan – with some left to go toward the principal. My daughter is a student in graduate school in Florida and was prepared to move in as soon as I closed. So my investment would start working for me right away.

I closed on the perfect little house just 60 days after making the decision to buy.
In 4 or 5 years, my tenant/daughter may be ready to move on and I will need to reassess the investment. To sell? To rent? To retire and move in myself (it is Florida, after all)? There will be choices.
Today I feel pretty good about how I just spent my money – IT IS A GREAT TIME TO BUY A SECOND HOME. So for all you Resort and Second Home Specialists out there, consider taking your own professional advice and make an investment!

Rate on 30-year mortgage falls to record 3.94 pct.

2011-10-06T10:40:00.000-04:00

Average rate on 30-year mortgage falls to record low of 3.94 pct.; first time below 4 pct.
Now is an outstanding time to buy or refinance. For more information on this interesting news go to link below.

http://finance.yahoo.com/news/Rate-on-30year-mortgage-falls-apf-2069630673.html?x=0

Golden Pumpkin Raisin Bread

2011-10-05T07:58:00.000-04:00

Please enjoy this fine Authum treat:

Golden Pumpkin Raisin Bread

Yield: 2 loaves

2 packages (2 tablespoons) dry yeast
1/2 cup sugar
2/3 cup warm water
1 can (16 ounces) solid-pack pumpkin
1/4 cup vegetable oil
2 teaspoons salt
2 teaspoons ground cinnamon
1-1/2 teaspoons ground ginger
1/2 teaspoon ground nutmeg
6-1/4 to 7-1/4 cups flour, divided
2 eggs
1-1/2 cups raisins

In a large bowl, sprinkle the yeast and sugar over the warm water; stir until dissolved. Add the pumpkin, oil, salt, cinnamon, ginger, nutmeg, and 1-1/2 cups of the flour. Using a mixer on low speed, beat until well blended. Increase the mixer speed to medium and beat for 2 minutes more. Add the eggs and 1 cup flour; beat for 2 minutes. Stir in the raisins and enough of the remaining flour to make a moderately soft dough. Turn out onto a lightly floured surface. Knead until smooth and elastic, about 5 to 8 minutes. Place in a large greased bowl, turning the dough so that the top is greased. Cover with a kitchen towel and let rise in a warm place until doubled in bulk, about 1 hour. Note that because of the high sugar content, it is essential that the first rising be in a warm place; room temperature will not do. For the best results, put the bowl in a 125°F oven for 20 minutes to get things going. Punch the dough down and divide it in half. Let rest for 10 minutes. Shape each half into a loaf. Place each loaf in a greased 9x5-inch pan. Cover and let rise until doubled in bulk, about 45 minutes. Preheat the oven to 375°F. Bake for 35 to 40 minutes, or until the loaves are golden brown and sound hollow when tapped. Remove from the pans and cool on wire racks.

New Stadium being built for Spring Training in Fort Myers

2011-10-03T13:30:00.000-04:00

Image by Getty Images via @daylifeThe Boston Red Sock Fans will have a new stadium for 2012 Spring Training. if you are looking for a coach home to purchase near by there is a brand development inside the gates of Gateway. Luxury Coach homes start at $140,000 with garages and granite counter tops. Call or email us for more details.

Best 55+ community in SW FL

2011-10-03T13:25:00.000-04:00

My choice for a 55+ community would be Pelican Preserve. WCI is the developer. It has a town square, golfing, hiking, planned activities. Here is their website http://www.pelicanpreservelifestyles.com/ . Please let us be the ones to initially introduce you if you plan to buy or build in the community.

CNN reports Cape Coral FL amoung the Top Best Places to Retire

2011-10-03T13:03:00.000-04:00

Image via WikipediaCNN Money magazine named 25 best places to retire and put Cape Coral as number 2 on the list. Click on the title above to see the link to the article. Michigan is number one. But they have cold winters. Not for me.

Fort Myers FL is listed as having a shrinking market in regards to Real Estate Properties For Sale

2011-10-03T12:47:00.000-04:00

Image via CrunchBase

For-sale inventories shrink for fourth month in a row

Realtor.com: List prices holding steady or posting gains in two-thirds of markets

By Inman News, Wednesday, September 14, 2011.

Inventories of homes, condos, townhouses and co-ops shrank for the fourth month in a row in August, falling 1.9 percent from July and 19 percent from a year ago, to 2.27 million, according to the latest numbers from Realtor.com.
Among the 146 markets most searched by Realtor.com users, the total number of listings increased from a year ago in only three: Denver, Colo. (+53.8 percent), El Paso, Texas (+6.3 percent) and Hartford, Conn. (+2.2 percent).
Inventories were down by 10 percent or more from a year ago in 118 markets, including declines of nearly 50 percent in Miami, Orlando and Fort Myers.
Shrinking inventories can signal a rise in demand, but may also reflect a slowdown in homes moving through the foreclosure process that restricts the supply of real estate owned (REO) properties.
Areas with high unemployment rates and large numbers of seriously delinquent borrowers could again see inventories swell as lenders put the "robo signing" scandal behind them.

Seller Financing is helping to sell a homes in Cape Coral FL

2011-10-03T12:17:00.000-04:00

Image via Wikipedia

Seller financed homes has tripled in number in Cape Coral, FL since March 2011. We just helped our seller sell his home by offering seller financing with a three year balloon, 6% interest and $20,000 down. The Buyer is a business owner with a creative accountant and thus he is currently not able to get a conventional loan. We have other buyers in similar situations.

Buyers who have a foreclosure or bankruptcy in their credit past wouldn't be a likely candidate to secure financing from a bank anytime soon for a home purchase. As a result, some sellers are stepping in to offer seller financing to get a home sold.

Seller financing, once popular in the 1980s when mortgage rates spiked to 18 percent, is making a comeback in areas flooded by foreclosures and where tight lending standards are keeping some buyers on the sidelines, reports Bloomberg News. "The market is locked up because there's no financing," says Gordon Albrecht, executive vice president of FCI Lender Services Inc. "This is moving houses."

Last year, 52,991 U.S. homes were purchased with various forms of seller financing a 56 percent jump from 2008, according to the Realtors' Property Resource LLC. In 2010, such deals made up 1.5 percent of all transactions.

One popular form of seller financing is known as a land contract, which is when a buyer takes possession of the home but the seller holds the title until the debt is completely paid off. The loan's terms "such as down payments and interest rates" are negotiable. These arrangements usually consist of a balloon payment in five to 10 years, which is when buyers will have to repay the seller or lose the home, along with any money they already put into it.

Pool 3/2 Pool Home with Den!

2011-09-29T13:43:00.000-04:00

This nice home just cam back on the market due to buyer difficulties. Fine 3/2 home with pool and den!

Open House Oct 1, at this Golf and River Home

2011-09-28T10:48:00.000-04:00

Great home on the 14th hole at Riverbend Golf and River Country Club.

Open house Oct 1, 2011, 1-4 PM. 15280 Sam Snead Ln, N. Ft Myers, FL 33917

Tarpon Point and Tarpon Point Marina in Cape Coral FL is Thriving in todays market!

2011-09-27T06:31:00.001-04:00

Tarpon Point and Tarpon Point Marina, Cape Coral FL is making a comeback thanks to a strong Home Owners' Association and a Bank investment. Here is a quote from today's The News- Press article on Tarpon Point: "In an April 2010 courthouse auction, SNSPF took ownership of Tarpon Point, including the unsold 92 units in 210-unit Tarpon Landings.

Recently the bank started selling those units again and they’ve been well received, Snyder-Hagan said. “We’ve had 27 sales and closed all but nine.”

Most of the units go for about $400,000 — half what they’d have cost five years ago. At that price, she expects to “work myself out of a job” by the end of the winter tourist season."

Due to some strategic moves by the board the Tarpon Point HOA is one of the healthiest associations in the state of FL. It is great to see this valuable property thriving.

City Council voted to continue management of Coral Oaks Country Club.

2011-09-27T04:58:00.002-04:00

The City council of Cape Coral voted to continue to manage Coral Oaks County Club instead of outsourcing it. Spotlight on Cape reports.

FIRPTA – Foreign Investment In Real Property Act

2011-09-26T15:37:00.002-04:00

FIRPTA – Foreign Investment In Real Property Act

I have recently attended a couple of seminars on the potential tax consequences when non US persons sell their property.

One of the main considerations for a non US person is how they take title when property is first purchased.

We suggest that you contact the Company below for a FREE consultation on the various alternatives for taking title available. Please mention that you were referred to them by Kurt Gearing Sunshine Realty of SW FL, Inc AND Barabara Weller West Coast Regional counsel, Sunbelt Title Agency, (these two companies have no financial or legal ties to each other).

Thomas C. Roberge & Company

One Beach Dr. SE STE 223

St. Petersburg, FL 33701

727 822 9393

727 823 6781 fax

Email: Susan@robergeco.com

When you do sell the property you will need a US Taxpayer ID Number (TIN). It can be obtained by completing IRS Form W-& at http://www.irs.gov/pub/irs-pdf/fw7.pdf

Business file IRS Form SS-4(EIN) http://www.irs.gov/pub/irs-pdf/fss4.pdf

In some case you will need the ID number to purchase property as well.

I have a FIRPTA Guidelines copy for you review. Please email me for copy at gearing_up@comcast.net.

Please do not hesitate to contact with any questions, I may not have the answer but I can find someone who does.

Obtain a mortgage and get back $4000 to cover closing costs

2011-09-25T15:35:00.000-04:00

Image via WikipediaJust got an emailed from a mortgage broker stating "we will be continuing are special of a 2% lender credit for all clients that apply for an FHA mortgage and are approved. For example if 'your client' borrows $200k we will give them $4000.00 toward closing costs! At the same time we are able to offer a very low rate in the low 4's. So far our clients have loved this offer and told us that no other lender that they have shopped with can touch this offer.

Cape Coral No. 2 in Nation for best place to retire

2011-09-25T00:33:00.000-04:00

Image via WikipediaIn an article entitled, "25 Best Places to Retire" CNN Money Magazine listed Cape Coral, Fl as number two on the list. Cape Coral currently has a median home price at $154,000 and a cost of living index at 95. 38% of the population is 50 years or older and the city offers many clubs and organizations. With 154,000 residents the city still maintains a home town atmosphere.

It is a great day in paradise

2011-05-30T10:28:00.000-04:00

We will have a great day in paradise with sunny skies and gentle breezes this Am and perhaps an afternoon shower to keep flora and fawna from getting thirsty, Planting tres and doing web site marketing tasks seems to be order of the day. Hope all is well with you and yours as we remember those who put themselves in harms way to enable us to enjoy our American freedom and liberty

Insights on SW FL Real Estate

Seller Financed Pool home in Lehigh Acres

Investment Rental property for Sale in Cape Coral $84,000 4/4 duplexes

New YMCA in Cape Coral FL

New Owners for Tarpon Point

Second Home Before You retire?

Second Home Before You Retire?

Financing another home before retirement

Rental income

Property choices

Flexible Plans

Internation traffic to US

Buying a home with a Reverse Mortgage

Great Pool home to rental in SE Cape Coral. This is an Annual Rental

Punta Gorda, FL is second highest in County for Home Ownership Rate.

Five Reasons Banks would rather Foreclose

It is FALL, now is the time to bake witrh Apples!

Best Apples for Baking

Related Articles

Now is Great Time

Rate on 30-year mortgage falls to record 3.94 pct.

Golden Pumpkin Raisin Bread

Please enjoy this fine Authum treat:

Golden Pumpkin Raisin Bread

New Stadium being built for Spring Training in Fort Myers

Best 55+ community in SW FL

CNN reports Cape Coral FL amoung the Top Best Places to Retire

Fort Myers FL is listed as having a shrinking market in regards to Real Estate Properties For Sale

For-sale inventories shrink for fourth month in a row

Realtor.com: List prices holding steady or posting gains in two-thirds of markets

Related articles

Seller Financing is helping to sell a homes in Cape Coral FL

Pool 3/2 Pool Home with Den!

Open House Oct 1, at this Golf and River Home

Tarpon Point and Tarpon Point Marina in Cape Coral FL is Thriving in todays market!

City Council voted to continue management of Coral Oaks Country Club.

FIRPTA – Foreign Investment In Real Property Act

Obtain a mortgage and get back $4000 to cover closing costs

Cape Coral No. 2 in Nation for best place to retire

It is a great day in paradise