Fort Myers Real Estate

The (Not Just) First-Time Homebuyer Tax Credit, Expanded & Explained

jenrealtor — Tue, 17 Nov 2009 01:30:19 +0000

The (Not Just) First-Time Homebuyer Tax Credit, Expanded & Explained After much speculation by the general populace (and the real estate industry) and much consternation by Congress, the much-anticipated extension of the First-Time Homebuyer Tax Credit has been passed. Passed, not to mention greatly expanded. Whether you’re in favor of or opposed to the credit, it’s now been made available to a host of Americans not included in the initial offering, so how can you take advantage of it? Let’s break it down, shall we? The original tax credit, which was a part of the economic stimulus package put into effect in February 2009, was made available to first-time homebuyers (people who hadn’t owned a home for three or more years) and applied to home purchases that closed on or before November 30, 2009. With the passage of the expansion bill into law, that credit has been extended to purchases made by May 1, 2010 and that are closed prior to July 1, 2010 (that means escrow is closed, all papers signed and keys are in-hand on or before June 30th). For first-time homebuyers, the credit amount, as it was in the original plan, remains at 10% of the purchase price, up to a maximum credit of $8,000. Originally, to be eligible for the credit, single (not married) purchasers could have an adjusted gross income (AGI) of no more than $75,000/year; married couples with an AGI of $150,000 or less were eligible. Under the new plan, singles with an AGI of up to $125,000 and married couples with an AGI of up to $225,000 are eligible. For those of you who had previously been ineligible to claim the credit at all because you already owned a home, there may be good news for you. Under the new plan, homeowners who have lived in their homes for 5 consecutive years of the past 8 years are eligible to receive a credit toward a new home purchase. Meant to give a boost to “move-up” buyers, this credit amount can be 10% of the purchase price, up to $6,500. The income caps referenced above are the same. If you’re a member of the Armed Services and were/will be deployed outside the United States for at least 90 days between December 31, 2008 – May 1, 2010, you may claim the credit until May 1, 2011 (with settlement all wrapped up before July 1, 2011). One peculiarity of which it’s important to take note: even if you purchase a new home in 2010, you can claim the credit on your 2009 tax return. If you file for an extension of time to file your income taxes, or if you amend your already-filed 2009 tax return, you may include the tax credit (this would put the cash in your pocket much sooner than if you were to claim the credit on your 2010 tax return). Be sure, however, to take heed of the income limitations, as they apply to the year in which you claim the credit. Finally, it’s important that you understand that if the purchase price of the home exceeds $800,000, no tax credit may be claimed, regardless of your income levels. The credit only applies to primary residences. Investment properties or vacation homes don’t qualify. Whether the expansion and extension of this credit is the shot in the arm that the US Economy needs remains to be seen, but it’s here, it’s ready and, as REALTORS we need to communicate it to our customers and allow them to take advantage of it.

Jason Tollas Joins Amerivest Realty of Lee Island Coast

jenrealtor — Fri, 30 Oct 2009 14:55:59 +0000

Jason Tollas

Amerivest Realty of Lee Island Coast is pleased to welcome Jason Tollas to the Fort Myers office.

Jason is a native to SWFL and no stranger to SWFL Real estate. Having spent the last 6 years as a realtor and the last 10 as a mortgage broker, Jason understands the importance of every aspect of your transaction.

Jason helps buyers and sellers reach their real estate and mortgage needs, in any market. Currently, he coordinates, manages and leads a team providing excellance in all of your buying, selling, and investing needs.

Before joining Amerivest Realty, Jason has worked as an investment coordinator, construction supervisor, and handled commercial leasing projects. Jason was responsible for overseeing both residential and commercial construction projects from start to finish. In years past, Jason has suceeded in surpassing many intense, investor goals. His varied background in investments, banking, and construction provide the perfect foundation for a diverse range of unique buyers and sellers.

After becoming a licensed mortgage broker in 1999, Jason became a realtor in 2004. He continues to offer a wide range of finance programs and services from over 25 National and private lenders – specializing in 0% down, first time home buyers, FHA or government programs, and even construction financing!

Passionate about real estate and its possibilities, He provides his clients unique opportunities to take advantage of “Today’s” real estate market.

Senate panel OKs extension for home buyers’ credit

jenrealtor — Fri, 30 Oct 2009 14:38:15 +0000

WASHINGTON – Oct. 29, 2009 – Senators reached a compromise to extend the $8,000 tax credit for first-time home buyers, a boost the housing industry expects will help it pull out of its two-year-old downturn.

Lawmakers in Washington also added a $6,500 tax credit for other primary-home purchasers and raised the qualifying income limits to $125,000 for single taxpayers and $225,000 for joint taxpayers, housing-industry sources said. Read more

Pat Warner Joins Amerivest Realty of Lee Island Coast

jenrealtor — Fri, 23 Oct 2009 15:59:55 +0000

Amerivest Realty of Lee Island Coast is pleased to welcome Pat Warner to our Ft. Myers office. Pat’s neighborhoods of expertise include: Gulf Harbour Yacht Golf and Country Club and the Old McGregor Corridor. If you expect the best choose Pat Warner.

Pat has lived in Fort Myers since 1984 and began her career in real estate in 1984 and has a passion for Residential Real Estate.

Her attention to detail and service after the sale has garnered her not only repeat business but also referrals from many happy clients

Christine Manson Joins Amerivest Realty of Lee Island Coast

jenrealtor — Fri, 23 Oct 2009 15:45:44 +0000

Christine Manson was born and raised in Winneconne, Wisconsin. In 2002, after earning an associate degree in paralegal studies, she moved to Florida and began a career in real estate. First working for the clerk of courts in the recording department, she then began working for a real estate attorney in West Palm Beach. In 2004, she moved to Fort Myers and worked for Tarpon Title Services, LLC as a closing agent before obtaining her real estate license. Her real estate knowledge and customer service skills provide her clients with professional service and a smooth transaction.

In addition to Christine’s real estate experience, she has served in the Air Force reserves since 2002. She is an Operation Iraqi Freedom veteran and is a proud supporter of the United States military and its members. In 2007, she earned her bachelor degree in business management from Hodges University. Christine enjoys traveling, helping others, spending time with friends and family, camping, running, and most outdoor activities.

Amerivest Realty of Lee Island Coast Opens at a New Location!

Real Estate — Tue, 30 Jun 2009 18:58:00 +0000

Amerivest Realty of Lee Island Coast has relocated its offices to 7800 University Pointe Drive, Fort Myers Florida, 33907. Amerivest Realty of Lee Island Coast has become one of the fastest growing real estate agencies in Lee County, lead by the highly experienced team of David Cole and Jenny Moorhead. With 40 years of combined Southwest Florida real estate sales, marketing and management experience. Cole and Moorhead recognized the benefits and strengths of the Amerivest Realty franchise system when the looked to open their office two years ago. Amerivest Realty is a leader in real estate technology delivering advanced internet based tools and systems that present sellers properties Worldwide and effectively locates potential buyers. Consumers find the website of Amerivest Realty of Lee Island Coast, an easy and information rich site that allows advanced searches such as Foreclosure and Short Sale, Community and Lifestyle searches. Their new office is located in the brokerage business hub of University Park and offers a high tech contemporary layout that is convenient and consumer friendly. They welcome the public to drop by and speak to one of their 40 experienced Ft. Myers, Cape Coral and Bonita Springs-Estero specialist.

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Unexpected Jump in Home Sales in February

Real Estate — Tue, 31 Mar 2009 15:49:00 +0000

Sales of previously owned homes in the United States showed unexpected strength in February, offering a glimmer that the tumbling housing market may be searching for a bottom even as economists brace for another wave of foreclosures driven by rising job losses.
The National Association of Realtors reported on Monday that sales of existing homes rose 5.1 percent in February after a 5 percent decline in January. Home sales in the Northeast, South, West and Midwest all gained ground for February as buyers scooped up foreclosure properties.

“We are close to seeing a bottom in both new and existing home sales,” Michael T. Darda, chief economist at MKM Partners, wrote in a note to clients.

But all real estate is local, and whether the housing market has begun to finally scrape bottom remains a question of location, location, location.

Economists and real-estate experts said the worst-hit parts of the country looked like they were starting to emerge from the wreckage of the housing bust and a tide of foreclosures. Other markets like New York or Washington, where prices have not tumbled so starkly, will probably face more stagnant sales and sliding prices in the months ahead.

In the West, where home prices have dropped 30 percent from last February, homes sales rose 30 percent last month from a year earlier. In the Northeast, where housing prices have only dropped 4.8 percent, to $251,200, over the last year, sales are down 15 percent for the year. “The areas that fall the fastest are going to recover,” said Guy Cecala, publisher of Inside Mortgage Finance. “There’s going to be a floor established. Seven hundred thousand dollar houses are $250,000 — that’s what’s bringing people back into the markets.”

The Obama administration and the Federal Reserve have introduced aggressive moves to try to lower borrowing costs, keep homeowners out of foreclosure, and stem two years’ of losses in the housing market, which lies at the center of the financial crisis.

Last month, President Obama unveiled a $275 billion plan to help as many as nine million homeowners refinance or avoid foreclosure using a variety of incentives to lenders and homeowners. The administration also included an $8,000 tax credit for first-time homebuyers in the stimulus package.

And last week, the Federal Reserve, which has already cut overnight interest rates to nearly zero, announced it would buy some $1 trillion in government debt and mortgage-backed securities in an effort to chip away at mortgage rates.

The nationwide average for a 30-year fixed mortgage is 5.08 percent compared with 5.62 percent a year ago, according to Bankrate, and many lenders are offering loans with interest rates near 4.75 percent.

The Realtors’ group reported that the median home price in February was $165,400, slightly higher than a revised $164,800 in January, but down 15 percent from a year ago. Median home prices peaked at $230,100 in July 2006.
Source: nytimes.com

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Lely Resort leads the way in Stock Development new home sales

Real Estate — Sun, 29 Mar 2009 15:48:00 +0000

Stock Development reports strong new home sales in February, with 26 transactions posted in its communities of Lely Resort in Naples, Paseo in Fort Myers and Vivante in Punta Gorda. The company reported 24 sales in January.

Brian Stock, CEO, said sales volume totaled $9.6 million in February, a nearly $2 million increase over the previous month, for an average sale price of $370,000. Lely Resort led the way with 15 new home sales.

“We sold a new home nearly every day and indications from the first week of March show the trend continuing ” Mr. Stock said. For the month of February, the average sale price increased by $50,000, he said, adding, “The current buyer is more educated than ever, and they recognize the overall value found in a Stock Development community.”

In its three Southwest Florida communities, Stock Development is building homes priced from the $160’s to more than $1 million.

Lely Resort has 13 neighbors and homes beginning at $199,990. Residents have access to The Players Club & Spa at Lely Resort, three championship golf courses, two golf clubhouses and a Village Center in the Olé neighborhood.

Paseo in Fort Myers offers flats and town homes in 14 designs, as well as six casita floor plans. These homes range from 1,200 square feet to more than 2,000 square feet under air. Two neighborhoods of single-story, two-story and courtyardstyle single-family homes are also available. Floor plans range from 1,649 to just over 3,000 square feet under air plus attached two-car garages.

“We had a very busy month with lots of interest in the new model center. Last week we opened four additional models, bringing the total number open to 18,” said Tim Clark, vice president of Sales at Paseo. “So far this year we have had more than 1,500 people tour Paseo. It is Lee County’s must-see community before buying.”

Farther north, in Punta Gorda, Vivante offers two- and three-bedroom condominiums with 1,485 square feet to 2,500 square feet of living space and prices from $149,990 to $499,990. Harborfront units begin at $299,990. The community has a 12,000-square-foot clubhouse.
Source: Floridaweekly.com

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Jump in Home Construction Raises Hopes

Real Estate — Wed, 25 Mar 2009 15:46:00 +0000

The government reported Tuesday a rebound in home construction and rising wholesale prices last month, the latest figures showing firmer demand amid the U.S. recession.

Home construction jumped by a seasonally adjusted 22% in February from the previous month following seven consecutive declines as apartment construction soared and single-family home-building edged higher, the Commerce Department said. Single-family home construction climbed 1.1% to a 357,000 annual rate, while groundbreaking on multifamily dwellings like townhouses and apartment buildings surged 82% to a 226,000 rate.

Source: wsj.com

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Miromar Lakes reports healthy sales

Real Estate — Fri, 20 Mar 2009 15:44:00 +0000

New builders, new models spark activity, buyers Source: Floridaweekly.com

Sales activity at Miromar Lakes Beach & Golf Club closed strongly in 2008 and the momentum is growing in 2009. The last six months have included the release of a new beachfront neighborhood, resulting in immediate reservations, the sale of six estate homes, the addition of a new custom home builder in the preferred builder program, the opening of new furnished models and the introduction of several new floor plan choices.

“We are experiencing a strong flow of buyers visiting our sales center,” said Steve Wolfson, director of sales for Miromar Lakes,. They now realize there is a good balance between attractive pricing and the availability of low interest financing.”

Costa Amalfi, a waterfront neighborhood of 16 single-family home sites was announced in late October and eight sites have been reserved. Home sites in Costa Amalfi begin at $300,000. Each site features frontage along a wide stretch of private white sandy beach and southwest views across 250-acre Lake Como. The neighborhood will also have boat slips available, providing easy access to more than 700 acres of contiguous aquamarine freshwater lakes.

Six estate and grand estate homes have been sold at Miromar Lakes in the past four months, varying in price from $1,275,000 to $3.7 million. The sales have taken place in four different waterfront neighborhoods at Miromar Lakes. The largest of these homes, currently under construction, is more than 8,000 total square feet.

Miromar Lakes welcomed Michelangelo Homes to its roster of preferred luxury home builders in 2008. The Fort Myersbased builder purchased three home sites in Murano, a waterfront estate home neighborhood in The Peninsula at Miromar Lakes. An international company, Michelangelo Homes has created awardwinning custom homes in upscale communities throughout Southwest Florida. Michelangelo Homes’ sister company is Sunrise Yachts, a mega yacht company, with vessels ranging in size from 150 to over 250 feet, located on the shores of the Mediterranean in Antalya, Turkey.

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Lower Real Estate Prices Tempting Second Home Buyers

Real Estate — Wed, 11 Mar 2009 17:57:00 +0000

Bargain property prices in many countries are beginning to tempt buyers looking for holiday homes, industry professionals report.
Real estate price falls are also making the pricier and more sought after destinations more affordable, it is claimed, especially top markets like Verbier in Switzerland, the French Riviera, Tuscany in Italy and the Caribbean.
“There are more properties coming onto the market in top destinations than we have seen for a very long time. There are good deals to be found,” said Alexander Kraft, CEO of Sotheby’s International Realty in France
Real estate agents say that the market for second homes is softening fast. Marc Cohen, director of Ledbury Research, the London-based luxury consultancy, says that those who would normally not be able to afford a second home may gain the most from the global economic downturn.
“The second-home market has suffered considerably. The type of buyer is changing from the typical 65 year old retiree who has sold his business or retired from a high salaried job to one who is much younger who has seen this become more of an opportunity,” he said.
It is a good moment for property investors to start looking, according to Lucy Russell, managing director of Quintessentially Estates. “Some of the very top-end properties have dropped significantly in most of the major European destinations,” she said.
“And we have seen houses in the Caribbean drop by half a million dollars, giving the buyer a good rate of return,” she added.
In places like Spain, Malta and Portugal, there have been price drops of up to 30 percent for vacation homes. In younger markets that are still under development, or areas like Dubai that are relatively new to second-home buyers, prices have dropped by up to 60 percent.
Sotheby’s Kraft said that for the last decade a villa with an ocean view in Cap Ferrat in the south of France rarely stayed on the market for more than a week. Now such properties take much longer to sell. “Lots of sellers are getting flexible with prices, and owners, especially those from emerging economies, are willing to make a deal like maybe they would not have in the past,” he explained.
“Over the past three years we have seen very substantial price rises in key destinations and a corresponding drop in sales volumes, so the current re-adjustment was needed,” said Charles Weston-Baker of international real estate agents Savills.
“Each of us has an innate sense of value perception and a lot of properties have just gone beyond what people are comfortable paying,” he added.
Weston-Baker believes that those who can afford it will hold on to their second homes until the market rebounds. “But those who do need to sell will do so for substantially less than they would have six months ago,” he added.
source: nuwireinvestor.com

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London Bay Homes introduces new community in Mediterra

Real Estate — Tue, 10 Mar 2009 17:54:00 +0000

Naples-based London Bay Homes, is preparing to introduce The Estates at Cortile, a single-family luxury enclave within Bonita Bay’s Mediterra community. The Estates at Cortile will include a total of 46 home sites, 28 for villas and 18 for spacious estate homes.
The fact that London Bay is moving ahead with a new community in this market may surprise some people, but for Mark Wilson, president of the company, it’s a strategic decision.
“Economists have many views about the real estate economy in Southwest Florida,” he says. “Our view is that the market will recover more quickly than some people believe. Homes are an incredible value right now, and this region is one of the most attractive retirement and second home destinations in the United States.
“Smart people understand these dynamics. It’s not surprising that we are seeing a higher level of traffic and interest from potential buyers.”
Mr. Wilson believes the new luxury homes will be uniquely appealing to people in this market for several reasons.
“This village represents the last chance to build a new residence on an estate home site in Mediterra,” he says, adding, “We have created some captivating designs that deliver exceptional value for the dollar. And these homes are maintenance-free, which is an appealing feature in this market.
“These are just some of the reasons we are confident in opening The Estates at Cortile at this time.”
Buyers will select from 13 floor plans and a number of different designs reflecting Tuscan- and Mediterranean-style architecture. The five villa homes range from 3,000 square feet to 4,300 square feet and are priced from $1.7 million, including the home site. The eight estate plans range from 4,200 square feet to 6,300 square feet and begin at $2.4 million, including the home site.
The Estates at Cortile will contain some of the best-view remaining in Mediterra, Mr. Wilson says, adding the home sites have lake, golf course and preserve views.
The Estates at Cortile also provide home buyers the opportunity to obtain an equity or social membership in The Club at Mediterra, which has two Tom Faziodesigned golf courses, a 25,000-square-foot clubhouse and The Sports Club with five Har-Tru tennis courts, an outdoor pool, three spa rooms and fitness center. The private Mediterra Beach Club on the Gulf of Mexico features an elevated swimming pool, sundeck and dining. The community also has miles of bicycle paths, nature trails and neighborhood parks.
source: floridaweekly.com

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Real Estate — Tue, 10 Mar 2009 17:47:00 +0000

The second phase of Main Street has opened at Mercato in Naples. The crescent-shaped boulevard traverses the heart of Mercato and will be home to national retailers, specialty stores, restaurants and professional offices. Main Street also will be home to The Strada at Mercato, the first of two Mercato residential communities featuring 92 luxury condominiums priced from the $500s to more than $1 million. Several furnished models are available for viewing by appointment. Other features of the second phase of Main Street will be an 11-screen, 1,300-seat movie theater and a public gathering area. Mercato is on U.S. 41, north of Vanderbilt Beach Road.
source: naplesnews.com

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Optimism Boosts Florida Housing Market

Real Estate — Mon, 09 Mar 2009 17:48:00 +0000

“First in, first out” is a popular phrase in the Florida real estate industry. In a state hit early by the economic downturn, there’s hope it will be on the leading edge of a recovery.
Construction and real estate play big roles in the state’s economy.

Emerging Signs Of Hope
But those who follow the real estate market here are starting to see some signs of hope. The increase in sales has been especially notable in Cape Coral. The Florida Association of Realtors reported a 43 percent increase in January over last year’s sales in Lee County.
After a devastating 2007, prices began dropping in 2008 and the market responded.

Steep price declines have encouraged first-time homebuyers with good credit, and lots of investors. In recent months, prices have begun to flatten out.

Signs of A Shrinking Inventory
And here’s a positive sign: Even with hundreds of foreclosed properties coming on the market each month, the inventory of houses that are for sale is shrinking.
At current rates, there’s now just over a 12-month supply of houses for sale in Cape Coral. That’s still higher than the three- to six-month inventory typical of a healthy housing market.
But Jeff Tumbarello, who studies the market for the Southwest Florida Real Estate Investment Association, says it’s becoming harder to find real bargains.

Attracting Investors
Matt Zacharias, a general contractor from Lancaster, Pa., had some luck. He recently bought a three-bedroom, two-bath home with a pool and its own boat dock. He paid $182,000. Sixteen months ago, the house sold for more than $500,000.
“The market down here, the prices are just too good to be true,” Zacharias says. “I had to come down and check it out for myself. One thing led to another and here we are — I’m actually going to look at another property later as another investment property.”

Affordable Housing Returns
“Affordable housing is back. That also attracts business. It also attracts residents to come into our area. We should take advantage of that and we will.” says Mayor Jim Burch
Burch isn’t quite ready to say that Cape Coral has reached the bottom of the housing market, but he believes it’s probably not far away. “We do believe in the first in, first out theory: We were the first in, without a doubt and we think, right now, we’re getting ready to be the first one to come out of this,” he says.
A Cautionary Tale
Economist Hank Fishkind, like others who watch the housing market, notes it’s not possible to know you’ve hit the bottom except in hindsight, after prices have begun to rise. He agrees though that Cape Coral is probably close to the bottom.

source: npr.org

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Taylor Morrison offers incentives

Real Estate — Mon, 09 Mar 2009 17:45:00 +0000

Taylor Morrison continues its Ace Group Classic tournament special for home purchasers at its Vercelli and DiNapoli neighborhoods in Treviso Bay. The first three purchasers will receive a free golf membership initiation fee (currently a $90,000 value) and can take advantage of special pricing on coach homes from the high-$500s and detached villa homes from the high-$900s. Golf membership is to the Tournament Players Club, the only TPC network club in Southwest Florida. The Ace Group Classic concluded at the TPC in Treviso Bay on Feb. 22. Taylor Morrison’s signature homes range from 2,500 to more than 3,200 square feet. The detached villas include three bedrooms, 3.5 baths and a two-car garage, with optional three-car garages available. The coach homes have two or three bedrooms, two or two-and-a-half baths, and a two-car garage. The Taylor Morrison opportunity is for a limited time and limited to the first three homebuyers in the Vercelli and DiNapoli neighborhoods at Treviso Bay.
Source: Naplesnews.com

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The Housing Bailout: Do You Qualify?

Real Estate — Sat, 28 Feb 2009 15:56:00 +0000

It’s been a busy week in the housing market “stabilization” business. If you’re finding it hard to keep up, it’s no surprise. The latest proposals have only been sketched out in broad strokes: More details are coming on March 4.

But here are broad points that you should know about:
1. To find out whether you qualify for the bailout, check your financial statements and do the math. Under the current proposal, you’ll only qualify if your monthly payments are at least 38% of your income. Some people may have an incentive to quit their jobs, or at least dump their second job, to hit this threshold, because this bailout can be valuable.

2. If you are a responsible homeowner but are locked out of the refi market because the housing collapse wiped out your equity, you may benefit from the new refi assistance.

3. Anyone who hopes to qualify for either program should start gathering their paperwork now.

4. Many renters have been kicked out of their homes because deadbeat landlords walked away from their loans, leaving the banks to foreclose. If you’re in that boat, good news: The administration is about to offer $1.5 billion in relocation and other forms of assistance.

5. Middle class taxpayers should take a look at one $8,000 freebie. Anyone who hasn’t owned a home for at least three years is entitled to a helpful tax credit, for up to 10% of the cost, up to $8,000, if they buy a home this year.

6. Living in an expensive home in San Francisco or New York and missing out on the refi boom? Good news. The government just raised the “conforming loan” limits to $729,750 from $625,500,

7. This is a good time to get some double glazing, insulation, and other energy-efficient home improvements. The stimulus package gives a tax credit of up to $1,500, covering 30% of the costs.

8. And if grandma is looking for a reverse mortgage, the limits for reverse mortgages backed by the Federal Housing Administration have been raised to $625,000 from $417,000.
source: wsj.com

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Bargain-Hunters Descend, Cash in Hand

Real Estate — Sat, 28 Feb 2009 15:52:00 +0000

Falling home prices are spurring an increase in all-cash home sales in markets that have been hardest hit by the foreclosure crisis, an indication that bargain hunters have descended on the markets looking for deals.
Cash sales are up even more in many Florida markets. In Miami, cash offers accounted for 30% of sales last month, according to a report by Thomas Lawler, a housing economist based in Leesburg, Va. That share more than doubled in Gulf Coast communities such as Punta Gorda and Englewood, Fla., where cash financing accounted for 65% and 60% of sales, respectively.
Cash sales are typically higher in Florida than in other markets, in part because the state attracts lots of foreign buyers and retirees who are more likely to plunk down their savings without taking out a mortgage. But a number of cash buyers these days, in Florida and elsewhere, are also investors scooping up distressed properties and affluent families seeking relatively inexpensive vacation homes.
In some cases, cash buyers are finding that they can get a deeper discount by making an all-cash offer. In markets with a glut of foreclosed homes, lenders are becoming more aggressive to sell “simply because there aren’t enough first-time home buyers around to sop up the excess supply,” Mr. Lawler says.
source: wsj.com

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Home trends point to ‘manageable’ spaces

Real Estate — Fri, 27 Feb 2009 22:36:00 +0000

With 77 million Americans born between 1946 and 1964, it is no wonder that builders and developers look to this generation of baby boomers as trend-setters in the housing market. So when Hanley Wood, a leading edge business media and information firm, and DYG research firm, surveyed home-owning baby boomers to find out what they want in their homes, builders were eager to apply the information.

The Hanley Wood survey, published in part in Big Builder Magazine, indicated that 58 percent of those surveyed wanted to move to a smaller home. More than a third wanted to remodel or move in order to have a single-story home. Instead of a single, large home in one location, 44 percent of those surveyed indicated that they would prefer a second home and split the square footage between two houses, prompting many national builders to reintroduce the vacation home — a smaller, lower-priced home. The detached, single-family home was the preferred housing type for 72 percent of those surveyed.
Source: naplesnews.com
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Renters Lose Edge on Homeowners

Real Estate — Fri, 27 Feb 2009 15:48:00 +0000

The relative cost of owning versus renting is swinging back in favor of homeownership in some U.S. markets, buoyed by several quarters of sharp declines in home prices.

At the height of the housing boom, as home prices surged, demand for rentals started to rise as the gap between owning and renting widened significantly. Even after the housing market soured, apartment demand grew as former homeowners became renters, allowing landlords to push healthy rent increases.

Now, after two years of rapid home-price depreciation, the relationship between the cost of rental payments versus after-tax mortgage payments is tilting toward ownership in a number of metropolitan areas.

“We’re not saying on an absolute basis that it’s cheaper to own a home, but on a relative basis…owning is looking much more attractive than it has in a long time,” said Andrew McCulloch, a Green Street analyst.
A separate report by Moody’s Economy.com also finds that home prices relative to rents are more in line with their historical relationship. Using data that measure average home prices and rent payments for 54 metro areas between 1984 and 2004, Moody’s Economy.com estimated that eight markets are “undervalued.” In those eight markets, home prices relative to rents are below or within 5% of their historical levels. “The bottom is coming into view,” said Mark Zandi, chief economist at Moody’s Economy.com, “But we’ve still got a ways to go.”
Source: wsj.com

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Real Estate — Thu, 26 Feb 2009 22:33:00 +0000

The housing bust is creating a new group of winners: first-time home buyers. People who sat on the sidelines — often watching wistfully as their friends became homeowners — are suddenly in a position to grab some great deals. Indeed, first-time home buyers made up 41% of all buyers at the end of 2008, up from 36% in 2006, according to a recent survey from the National Association of Realtors.

The new buyers are being lured in by home prices that are down about 25% from their peak levels in mid-2006, according to the S&P/Case-Schiller Index. In some markets, prices have dropped even further — slumping around 40% in Phoenix, Miami and Las Vegas. Lower mortgage rates have also helped make real estate more affordable, and as houses languish on the market longer, more homeowners are willing to negotiate. With Congress considering plans to sweeten a tax credit for first-time home buyers, the picture could get even brighter.

“Buyers are now coming back into those hard-hit markets to take advantage,” says Lawrence Yun, chief economist for the Realtors’ association. “It’s a buyer’s market.”
Source: wsj.com

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