Tag Archives: Naples

  • naples meridian real estate market

    Steady Eddy in the Middle -2016 Naples Real Estate Market Recap

    After a year filled with anticipation and angst over our next commander in chief we round out the month of turkeys and cranberries with a retrospective view of where the Naples real estate market has been and where it may be headed. The sixteenth year of the new millennium started with unfavorable stock market activity […]

  • Naples Golf Community Rallies Collier County Students

    The Founders Fund, a non-profit charitable organization recently hosted the Ed Brennan Memorial golf tournament at The Club Pelican Bay. Banquet attendees enjoyed a day of golf, cocktails, dinner and a live auction. The day was a great success as the tournament raised more than $ 340,000 which will allow the Founders Fund to distribute […]

  • The Hum of the Engine and All That Flash… Our take on the Naples Ferrari Car Show

    Ferrari , Porche, Bentley, Rolls-Royce,  Maserati, Lotus.. the list goes on and on of the beauties that were on display at the 8th Annual Cars on Fifth in Naples on February 11, 2012. More than 450 exotic, classic, muscle and sports cars were on display along the 5th Avenue South, the most well known street […]

  • Not very Picky.. Domestic & International Cash Remains King in Naples Florida Real Estate

    Figures from the National Association of Realtors for May 2011 are in and buyers who paid for their properties in CASH accounted for 30 percent of existing homes sales. Figures for buyers who bought brand new properties were not reported.
    So who are these cash buyers, what are they buying and where are they coming from?

  • Like Sands through the Hourglass….So are the Days of Jumbo Loan Mortgages

    on October 1, 2011 Fannie Mae and Freddie Mac will reduce the maximum mortgage loan amounts from $729,750 to $ 625,000?In Naples, a total of 273 homes were sold for over $ 1 Million within the first quarter of 2011, yet a majority of these properties were purchased with cash funds.While these government run entities may be getting out of the jumbo loan market, Guy Cecala from Inside Mortgage Finance believes that other players are making a move. The market is already moving to compensate for the new regulations and private lenders will slide in to fill in the funding gap. Should a lender wish to write loans over $ 625,000 the lender will be required to hold the mortgage themselves or find a private investor to buy them. It seems as though all lending routes for jumbo loans may end up in the hands of private lenders? The impact of this eventuality may not be felt in our market for some time..which gives us all food for thought.

  • FANNINE-ING the FLAMES FOR BUYER BASED INCENTIVES

    Fannie Mae has launched a special offer for buyers who purchase a Fannie Mae owned home. Purchasers will qualify for up to 3.5% in closing cost assistance provided they meet certain qualifications.This latest incentive is a win-win for both parties. Traditional buyers face a tough road obtaining financing as banks have clamped down on available loans. HomePath financing offers buyers an alternative mortgage source and, albeit, temporary closing cost incentive. Fannie Mae hopes that this incentive will persuade droves of buyers to purchase a Fannie Mae owned home, thereby reducing its growing inventory of properties.

    The temporary incentive will give traditional buyers an opportunity to take a hard look at Fannie Mae owned homes and possibly be swayed to purchase one given the allure of free cash. Regardless of the incentive; buyers who purchase homes now, with the intention of staying put for a few years, will do wonders for every micro market. Does Fannie Mae realize that it’s attempting to systematically stabilize prices throughout the nation? Whether you are a fan or foe of this government entity, you’ve got to give them credit for trying!

  • Naples Rises from Florida Housing Swamp as Wealthy Buyers Return

    Late last week Bloomberg released the news article below, which highlights Naples as a prime Florida location that continues to attract domestic and international buyers. I predicted the reaction to this article would get the phone ringing but the response has been beyond what we expected. On March 24, 2011 there were a total (year to date) of 3,044 sold properties and 81 pending sales (sales that are awaiting to close). As of March 31, 2011 at noon a total of 3,383 sold properties and 39 pending sales.In the past 8 days a total of 339 properties have changed hands between buyers and sellers. How does this compare to last week or the previous? From February 21- February 28 there were a total of 326 sales, and from March 7th – 14th there were 282 sales which we could argue was a light week due to St Patrick celebrations, since Naples is dedicated to spreading the cheer during this and all holidays!The positive press simply underscores what many prospective purchasers know; that Naples real estate is a value proposition.The spring season is usually a time when we see a decrease in activity though I believe this year we are in for a bit of surprise. As always I look forward answering your questions regarding the Naples real estate market!

  • No Mumbo Jumbo, Big Ticket Loans Are Back

    The credit crisis annihilated the jumbo loan market. Banks simply stopped making loans available for “expensive” homes”. According to Inside Mortgage Finance Publications Inc, jumbo mortgage lending increased by 20% in the 2nd quarter of 2010 as compared to first quarter figures. Originating $18 billion in jumbo loans for the quarter is a healthy start though there is still room for improvement. Buyers seeking to purchase a vacation home or condo may find qualifying for a jumbo loan via a large bank to be difficult. Processing delays, rigid requirements and bureaucratic red tape is pushing borrowers to seek alternative resources. A mortgage specialist or local lender may be able to structure the loan in an efficient and timely manner. Regardless of the mortgage source, underwriting continues to be strict. Borrowers need to exhibit stellar credit profiles, provide detailed income and personal documentation, and must contribute at least 20% of their own funds toward the purchase of the property.The resurgence of jumbo loans is a step in the right direction.Borrowers that have been sitting on the sidelines, due in part to the lack of financing options, should view the revival of jumbo loans in combination with low interest rates as motivating factors.No one knows exactly when the scales will tip in favor of sellers over borrowers. Yet when purchasing power becomes fluid in all price brackets there is a tendency for the tide to change on the proverbial dime.

  • Following Alice Down the Rabbit Hole that is our Mortgage Market!

    Mortgage rates have been on a downward spiral for the past five weeks. Even with these historic rock bottom interest rates, the mortgage market has not been overwhelmed with borrowers looking to purchase homes or homeowners seeking to refinance. Contact Will Dukes, Sr. Mortgage Banker for the most current rates including investment purchases.

    wdukes@summit-mortgage.com