Notes from Charlotte County, Florida

July 13th, 2011 1:41 PM

The MLS Detectives Team just posted board statistics for June 2011. These numbers represent current MLS data as provided through the My Florida Regional Multiple Listing Service and the Punta Gorda, Port Charlotte, North Port Association of Realtors.

As shown in the below tables, the average number of Single Family homes sales over the last 13 months is 440 units per month. With that in mind, June saw 437 units change hands. March of this year saw this number spike to 578, the highest number of any monthly in 3+ years.

Multi Family homes (mostly condominiums) have a 13 month average of 77 unit sales per month; June saw 81 sales.

Vacant land sales, which have averaged 137 over the last 13 months, held their own in June with 153 vacant parcels changing hands.

Of particular interest is our board’s current residential inventory absorption rate. Based on the current month sales, a “healthy market” would be one with about a 6 month supply (current sales divided by current supply/listings). Based on June sales, we have indicated below our areas supply. Despite what is roughly a 50% stressed factor (those homes with being sold as a foreclosure or short sale), our residential inventory is quite impressive.

  • Single family homes - currently available for sale 2740, divided by June sale of 437 = 6.27 month of inventory.
  • Multi-family homes - currently available for sale 854, divided by June sales of 81 = 10.5 month of inventory.

These “normal” inventory rates represent a huge improvement over just a year ago. Despite this, there are still some really nice buys to be had. You just need to be ready to react, as the best buys seldom stay on the market long.

Call the MLS Detectives and ask to be put on an automatic property notification watch and be one of the first to know about newly listed properties and/or those which the price has been adjusted. This is the best way to catch a really great deal.

941-626-3640 – Curt

941-626-3569 - Mike

Posted by Mike Federau on July 13th, 2011 1:41 PMPost a Comment (0)

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ORLANDO, Fla. – June 21, 2011 – Florida’s existing home and existing condo sales rose in May, according to the latest housing data released by Florida Realtors®. Existing home sales increased 3 percent last month with a total of 17,228 homes sold statewide compared to 16,790 homes sold in May 2010, according to Florida Realtors. Statewide sales of existing condos last month rose 17 percent compared to the year-ago sales figure.

Twelve of Florida’s metropolitan statistical areas (MSAs) reported higher existing home sales in May; 14 MSAs also had higher condo sales. It’s the sixth consecutive month that Florida Realtors has reported higher year-over-year existing home and existing condo sales statewide.

“With low mortgage rates and a broad inventory of homes at affordable prices, qualified buyers are realizing that there may never be a better time to find the home they’ve been dreaming of in Florida,” said 2011 Florida Realtors President Patricia Fitzgerald, manager/broker-associate with Illustrated Properties in Hobe Sound and Mariner Sands Country Club in Stuart. “Consult a local Realtor® about qualification criteria and to find out more about opportunities in your local housing market.”

Florida’s median sales price for existing homes last month was $135,500; a year ago, it was $142,900 for a 5 percent decrease. However, May’s statewide existing home median price was about 2.9 percent higher than it was in April. Analysts with the National Association of Realtors® (NAR) note that sales of foreclosures and other distressed properties continue to downwardly distort the median price because they generally sell at a discount relative to traditional homes. The median is the midpoint; half the homes sold for more, half for less.

The national median sales price for existing single-family homes in April 2011 was $163,200, down 5.4 percent from a year ago, according to NAR. In California, the statewide median resales price was $293,570 in April; in Massachusetts, it was $279,000; in Maryland, it was $226,370; and in New York, it was $200,000.

According to NAR’s latest industry outlook, tight credit is one of the reasons why the market is underperforming. “Although existing-home sales are expected to trend up unevenly through next year, unnecessarily tight credit is continuing to restrain the market along with a steady level of low appraisals that result in contract cancellations,” said NAR Chief Economist Lawrence Yun. “A robust economic and housing market recovery cannot occur as long as banks continue to hold onto huge cash reserves.”

In Florida’s year-to-year comparison for condos, 8,338 units sold statewide last month compared to 7,104 units in May 2010 for an increase of 17 percent. The statewide existing condo median sales price last month was $98,200; in May 2010 it was $96,400 for a 2 percent increase. May’s statewide existing condo median price was about 6.9 percent higher than it was in April. The national median existing condo sales price was $167,300 in April 2011, according to NAR.

The interest rate for a 30-year fixed-rate mortgage averaged 4.64 percent in May, a drop from the 4.89 percent averaged during the same month a year earlier, according to Freddie Mac. Florida Realtors’ sales figures reflect closings, which typically occur 30 to 90 days after sales contracts are written.

© 2011 Florida Realtors®
Posted by Mike Federau on June 23rd, 2011 10:41 AMPost a Comment (0)

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Condominium sales have been showing strength for months now in Southwest Florida, and May was no exception.

Last month, 410 homes changed hands in the Sarasota-Bradenton market, one unit better than April and a 7 percent improvement from May 2010.

That was a significant achievement, considering that May 2010 numbers were driven by expiring federal tax credits.

In Charlotte County-North Port, condo sales were down 12 percent from the 68 sold in April, but still up 25 percent from May 2010.

Statewide, sales were up 17 percent when compared with last year, as 14 of 19 largest markets reported increased sales.

The numbers would have been even better if banks loosened their restriction on lending in condo communities that have too many investors or depleted reserves.

"The irony is that banks say there are too many investors in some complexes, so they won't lend to end-users and snowbirds," McCourtney said. "But if they loaned to end-users and snowbirds, there wouldn't be as many investors."

Meanwhile, because of the strong sales and continued delays in foreclosed properties coming on the market, inventories of unsold condos continued to drop.

In Sarasota and Manatee counties, 2,836 condos were on the market at the end of May -- a 55 percent drop from the 6,262 units at the end of May 2007.

Instead of a more than 20-month supply, there is less than an eight-month supply.

Despite these positive trends in sales and inventories, prices are still flat to down in Southwest Florida.

In Sarasota-Bradenton, the median price rose slightly, to $142,900 from $142,300 in April, but fell 6 percent from $152,800 a year ago.

In Charlotte County-North Port, the median was $80,000, down 6 percent from April and 9 percent lower than a year ago.

The statewide median was up 7 percent from April and 2 percent from a year ago.

Again, McCourtney believes that banks could make a difference.

"I had a client with an 800 credit score who wanted to buy a golf course condo in Venice for $117,000," McCourtney said. "But the bank denied the loan because it said the condo association was not strong enough in terms of its reserves. It had just spent money to redo the pool and reserve levels had fallen.

"It's ridiculous," McCourtney said. "Even borrowers with great credit histories cannot get loans unless the complex fits into a magical little matrix."

For a borrower to secure a loan, a complex has to have the proper ratio of primary residents to investors. The result is that buyers have to have cash to complete condo deals and the buyers with the most cash are investors, she said.

"Seventy-six percent of recent condo sales on Siesta Key were cash transactions, while 89 percent of transactions on Longboat Key were cash," McCourtney said.

"The bank will tell you the investor is the first to stop paying the association fees, not the primary home owner," McCourtney said. "However, making lending unavailable or unattractive to condo buyers who want to retire three to six months out of the year, or come down for a few weeks out of the year and rent the remainder of the year, leaves the market vulnerable to investors. The investor is typically a cash buyer."

In the Charlotte County area the mls Detectives team reports that inventory levels have continued to decrease in not only condominium units but single family homes as well.

For a current list of foreclosures, short sales, or non-stressed sales, contact the mlsDetectives team of Curtis Mellon, Mike Federau or Dan McKinney.

Posted by Mike Federau on June 23rd, 2011 10:35 AMPost a Comment (0)

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TALLAHASSEE, Fla. – June 14, 2011 – The Florida Supreme Court could decide that lenders deserve punishment if they submit fraudulent paperwork in a foreclosure case. Lawyers filed initial briefs Monday on a closely watched case that could impact thousands of foreclosures in the state.

The core issue focuses on ownership of the mortgage. Thanks to complex financial instruments, the lender servicing the mortgage does not always have paperwork giving it the authority to foreclose; and in some cases, paperwork showing mortgage ownership has been pushed through with questionable signatures and research. Some homeowners question the paperwork as they fight foreclosure in court, saying the foreclosure should not go through because the lender cannot prove it owns the mortgage or has the owner’s permission to litigate.

If paperwork is questioned, however, a lender simply pulls the foreclosure suit. By doing so, it doesn’t have to prove in court whether the documents are valid. The lender then can refile the case later using different paperwork. However, that move essentially allows lenders to commit fraud before the court and get away with it, since lenders then routinely refile the foreclosure suit later using different documents, according to Palm Beach attorney Thomas Ice who represents the Palm Beach homeowner, Roman Pino.

The Florida case involves Pino and the Bank of New York Mellon. According to papers filed, Pino questioned the authenticity of the bank’s mortgage ownership papers and attempted to prove that some had been illegally backdated. As a result, the Bank of New York Mellon cancelled the foreclosure.

Two lower Florida courts sided with the Bank of New York Mellon, saying the point was moot since the foreclosure had been pulled. But appellate court Judge Mark Polen disagreed, and the case moved to the Florida Supreme Court for a final verdict because “many, many mortgage foreclosures appear tainted with suspect documents.”

“Decision-making in our courts depends on genuine, reliable evidence,” Polen wrote in his dissent. “The system cannot tolerate even an attempted use of fraudulent documents.”

The mlsDetectives team can help provide alternative options to foreclosure, such as a Short Sale and a Deed in Lieu.  Contact, Mike Federau, Curt Mellon or Dan McKinney for information on how to sell your home before a foreclosure.

© 2011 Florida Realtors®

Posted by Mike Federau on June 14th, 2011 3:41 PMPost a Comment (0)

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The preserve at Bal Harbor, located in beautiful Punta Gorda Isles, is a resort community that offers endless opportunities to satisfy even the hardest to please.   This community is NOW open and has units available for sale.

This community offers homeowners a state-of-the-art fitness center to the residents.   Enjoy the air-conditioned climate with its all-inclusive high tech fitness and weight training equipment.  Outside the clubhouse you will find a picturesque heated pool and spa for year-round enjoyment. 

The preserve at Bal Harbor offers three floor plans, ranging from 1,367 square feet of air conditioned living space, to 1,807 square feet.  Each offers additional space of a large covered and screened lanai, underground parking, and a large storage locker. 

All units include hurricane glass, raised panel interior doors, European style cabinets, and a full appliance package. 

Call the mlsDetectives for more information on the availability of these units and more.  Prices start as low as $125,000.

 

 

Posted by Mike Federau on June 9th, 2011 10:27 AMPost a Comment (0)

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WASHINGTON – June 6, 2011 – Seventy-five percent of Americans say that “owning a home is the best long-term investment they can make and is worth the risk of ups and downs in the housing market,” according to a new survey of 2,000 bipartisan voters by the National Association of Home Builders.

Despite their situation — whether underwater on their home or even renters — the survey found Americans to be optimistic about homeownership. Eighty-one percent of those who own their homes outright, 76 percent with mortgages, 67 percent of renters, and 65 percent who have underwater mortgages cited homeownership as the “best long-term investment.”

When survey respondents were asked whether they’d recommend buying a home to a friend or family member just starting out, 80 percent of Americans said “yes.” Even homeowners currently underwater — those who owe more on their mortgage than their home is currently worth — overwhelmingly (78 percent) said they would recommend homeownership to family or friends starting out.

More buyers are coming up through the pipeline too. The survey found that 73 percent of those surveyed who do not own a home said their goal is eventually to buy one.

The NAHB survey also found:

Fifty-eight percent of Americans oppose eliminating the mortgage-interest deduction and 63 percent oppose lowering it. What’s more, 57 percent of those surveyed say they are less likely to support a candidate for Congress who wanted to eliminate the mortgage-interest deduction.

Respondents were split on about requiring a 20 percent downpayment to purchase a home: 49 percent were in favor and 49 percent opposed it. However, mortgage holders and renters aged 18 to 54 were more opposed to it: 58 percent of younger mortgage holders and 59 percent of younger renters opposed adding a 20 percent downpayment requirement.

Source: “The Cook Report: The Home Front,” National Journal (June 2, 2011)
Posted by Mike Federau on June 9th, 2011 10:15 AMPost a Comment (1)

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CAMBRIDGE, Mass. – June 8, 2011 – Lower priced homes have been harder hit than higher priced homes in the sluggish housing market, according to a study by Harvard University’s Joint Center for Housing Studies.

High-priced homes have lost 38 percent of their value since values peaked in 2006. Lower priced homes, on the other hand, have dropped 63 percent since peaking in 2007.

Why such a difference? Daniel McCue, senior research analyst for the Joint Center, says it’s because lower priced homes appreciated much more before reaching its peak and therefore had further to drop than higher priced homes.

For example, in San Francisco, lower end homes nearly tripled in price before peaking. High-end homes, meanwhile, did not even double before reaching its peak. McCue attributes this partially to lenders making more loans available to lower income households during the housing peak days, which increased demand and prices.

Foreclosures have also plagued low-income areas, more so than higher income areas, according to the study. Foreclosures in low-income neighborhoods are more than double that of high-income neighborhoods, according to the Joint Center for Housing Studies.

Prices range drastically among major housing market so what’s considered “high-priced” and “low-priced” in the study varies greatly from market to market. For example, in Atlanta low-tier homes were considered under $122,533 and high-tier homes above $221,679; in San Francisco, low-tier homes were considered $312,546 and high-tier homes over $573,577.

Source: “Falling Prices Whacked Low-Priced Homes Hardest,” USA Today (June 5, 2011)
Posted by Mike Federau on June 9th, 2011 10:12 AMPost a Comment (0)

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If your mortgage payment is unaffordable and you are interested in transitioning to more affordable housing, you may be eligible for a short sale or deed-in-lieu of foreclosure through HAFA SM. The benefit of a HAFA short sale is that you are no longer responsible for the difference between what you owe on your mortgage and the amount that your home sells for. You will also receive $3,000 in relocation assistance upon successful closing of your short saleIn a short sale, the servicer allows you to list and sell the mortgaged property with the understanding that the net proceeds from the sale may be less than the total amount due on the first mortgage. or deed-in-lieu of foreclosureWith a deed-in-lieu of foreclosure, you voluntarily transfer ownership of your property to the servicer— provided the title is free and clear of mortgages, liens, and encumbrances. Generally, if you make a good faith effort to sell your property but are not successful, a servicer may consider a deed-in-lieu of foreclosure.

Eligibility*

You may be eligible to apply if you meet all of the following:

  • You live in the home or have lived there in the last 12 months.
  • You have a documented financial hardship.
  • You have not purchased a new house within the last 12 months.
  • Your first mortgage is less than $729,750.
  • You obtained your mortgage on or before January 1, 2009.
  • You must not have been convicted within the last 10 years of felony larceny, theft, fraud or forgery, money laundering or tax evasion, in connection with a mortgage or real estate transaction.

*Eligibility criteria are for guidance only. Contact your mortgage servicer to see if you qualify for HAFA.

Program Availability

HAFA SM is available for mortgages that are owned or guaranteed by Fannie Mae and Freddie Mac or serviced by over 100 HAMP SM participating servicers.

For More Information

If you have additional questions about getting mortgage help, contact one of our housing advisors at (888) 995-HOPE (4673). These HUD-approved housing counselors will help you understand your options, design a plan to suit your individual situation, and prepare your application. Research shows that homeowners who work with housing counselors like these are more successful and have better long-term outcomes. There is no cost to you for this valuable, around-the-clock service. Help is available in more than 160 languages.

Posted by Mike Federau on May 9th, 2011 11:18 AMPost a Comment (0)

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Check out this 5 minute video clip recently posted by TWBSDaily.com.  It provides an interesting perspective on the current realty market:

CLICK HERE

Posted by Mike Federau on February 4th, 2011 8:15 AMPost a Comment (0)

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November 10th, 2010 3:15 PM

NEW ORLEANS – Nov. 10, 2010 – A change to Article 10 of the Realtors® Code of Ethics passed in a roll-call vote by a greater than 9-to-1 margin at the recent National Association of Realtors (NAR) convention in New Orleans to ban discrimination by Realtors based on sexual orientation.

NAR’s Professional Standards Committee and the Board of Directors previously approved the Code of Ethics change during the 2010 Midyear Meetings in Washington D.C.

Here is the amended language of Article 10 (additions are underlined):

Realtors shall not deny equal professional services to any person for reasons of race, color, religion, sex, handicap, familial status, or national origin, or sexual orientation.

Realtors shall not be parties to any plan or agreement to discriminate against a person or persons on the basis of race, color, religion, sex, handicap, familial status, or national origin, or sexual orientation.

Realtors, in their real estate employment practices, shall not discriminate against any person or persons on the basis of race, color, religion, sex, handicap, familial status, or national origin, or sexual orientation.

A related recommendation amending Standard of Practice 10-3 was approved as well:

Realtors shall not print, display or circulate any statement or advertisement with respect to selling or renting of a property that indicates any preference, limitations or discrimination based on race, color, religion, sex, handicap, familial status, or national origin, or sexual orientation.

The amendment was discussed prior to the vote. A few of the questions raised were:

1. Is “sexual orientation,” without qualifiers or any further explanation, the right phrasing?
2. Is NAR denying private property rights (ostensibly, the right of property owners to refuse to do business with people of a certain sexual orientation due to their moral beliefs)?
3. Should NAR precede the federal government in adding sexual orientation as a protected class?

In response to the third question, a delegate from Minneapolis pointed out that the purpose of the Code of Ethics was to hold Realtors to a higher standard. Another delegate who approved of the amendment said the Code of Ethics was a living document.

Delegates approved the Code change by voice vote, but one delegate called for a vote by ballot. In ballot voting weighted by size of local association, the amendment passed by more than 93 percent.

Posted by Mike Federau on November 10th, 2010 3:15 PMPost a Comment (0)

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