SUMMER FUN

A Warm Naples Evening

Everything in Naples is beautiful and there’s not much more beautiful than Gordon Drive. On any given day, you can find an in-town resident with a car full of visitors driving up and down this famous street, boasting that there are no gates, and oohing and aahing – about just how fabulous the homes are! Gordon Drive is the city’s most infamous and wondrous avenue. The two and a half mile stretch of popularity brings smiles and stories to all who visit.



From the quiet estates at the northern end of the street to the sprawling compound to the south, every address tells a story. On a quiet summer day, I personally saw Jack Nicholson driving down Gordon Drive. During the wine festival in Naples sightings like this are of no surprise.



The woman in this photo was caught dancing around under a sprinkler on a warm summer evening. I know there is a good story behind this photo! I saw two women scooting around town wildly in a golf cart. They were laughing and looked as though they had just come from Tommy Bahama’s on Third Street. Actually, they looked liked Midwesterners – maybe from Detroit. I guess I got wrapped up in the fun they seemed to be having and the nice friendship that seemed to exist. Gordon Drive. It’s not only beautiful, it’s a place to dream, a place to play, a beautiful place for those who live there and a beautiful place for those who visit.

REAL ESTATE SALES INCREASE IN NAPLES

Take a look at this report by the Naples Area Board of Realtors


FOR IMMEDIATE RELEASE
Contacts: Brett Brown, NABOR, President, 239/948-4292
Marcia Albert, NABOR, Manager of Events & Marketing, 239/216-4148

SUMMER SALES UP 96 PERCENT
< 14 Declines Inventory Shows>

NAPLES, Fla.-October 16, 2009-Summer was an unusually strong selling period, according to a report released by the Naples Area Board of REALTORS® (NABOR), which tracks home listings and sales within Collier County (excluding Marco Island).

The Naples area housing market continues to show steady increases in both pending and closed sales in the third quarter of 2009. Pending sales increased to 2,570 contracts in the third quarter of 2009 compared to 1,314 contracts in the third quarter of 2008. “In the third quarter of 2009, the Naples area is seeing an overall increase of pending sales in all geographic areas. Showings continue to remain strong, as buyers take advantage of the unique opportunities in today’s market,” acknowledged Mike Hughes, Vice-President of Downing-Frye Realty.

The available inventory decreased 14 percent in the third quarter of 2009 to 9,209 compared to 10,658 in the third quarter of 2008.

The third quarter report provides annual comparisons of single-family home and condo sales (via the SunshineMLS), price ranges, geographic segmentation and includes an overall market summary. The statistics are presented in chart format, along with the following analysis:

• Overall pending sales under $300,000 saw a 126 percent increase with 1,917 contracts in the third quarter of 2009 compared to 849 contracts in the third quarter of 2008.
• Single-family homes sales increased 87 percent with 1,488 sales in the third quarter of 2009 compared to 795 sales in the third quarter of 2008.
• The overall median closed price decreased 30 percent to $176,000 in the third quarter of 2009 from $250,000 in the third quarter of 2008.
• The median refers to the middle value in a set of statistical values that are arranged in ascending or descending order, in this case prices at which homes were actually sold. It should be noted that in any given period the median could vary greatly if there is an anomaly, a single sale that is significantly higher or lower than other properties in the area.
• In the September report, compiled by NABOR, overall condo pending and closed sales increased in all geographic areas.
• “Condo sales continue a steady climb, as pending sales increased 159 percent with 350 contracts in September 2009 compared to 135 contracts in September 2008. Closed sales also saw a double digit increase in September, as sales rose 60 percent compared to the same month last year,” stated Jo Carter, President of Jo Cater & Associates.
• “September marks the sixth consecutive month of an increase in pending sales in the $500,000 to $1 million category,” stated Bill Coffey, Managing Broker of Coldwell Banker. “This indicates that the high end market is returning.”
• The median closed price for properties excluding the under $300,000 section of the market decreased only 6 percent to $525,000 in September 2009 from $557,000 in September 2008.

The September report provides annual comparisons of single-family home and condo sales (via the SunshineMLS), price ranges, geographic segmentation and includes an overall market summary. The statistics are presented in chart format, along with the following analysis:

• Overall pending home sales saw a 107 percent increase with 848 contracts in September 2009 compared to 410 contracts in September 2008. Properties under $300,000 saw a 142 percent increase in pending sales with 645 contracts in September 2009 compared to 266 contracts in September 2008.
• Single-family pending sales saw an 82 percent increase with 497 contracts in September 2009 compared to 273 contracts in September 2008.

To view the entire September and third quarter report, go to www.Naplesarea.com
The Naples Area Board of REALTORS® (NABOR) is an established organization (Chartered 1949) whose members have a positive and progressive impact on the Naples community. NABOR is a local board of REALTORS® and real estate professionals with a legacy of nearly 60 years serving 5,000 plus member-customers. NABOR is a member of the Florida Association of REALTORS® and the National Association of REALTORS®, which is the largest trade association in the United States with more than 1.3 million members and over 1,400 local boards of REALTORS® nationwide. NABOR is structured to provide programs and services to its membership through various committees and the NABOR Board of Directors, all of whose members are non-paid volunteers.

Short Sales

Short Sales have become a familiar term over the last two years. If you aren't sure what the terms associated with a short sale mean - take a look at this glossary.

Short Sale Terms
Advertising- (or Publishing)
A copy of the Notice of Foreclosure Sale must be published once a week for four weeks.
Bankruptcy-Chapter 7
Often called a straight bankruptcy-involves the liquidation of all non-exempt by the bankruptcy trustee, who in turn distributes the proceeds to qualified creditors. All dischargeable debts are discharged and the person(s) filing receive a ‘fresh start’.
Bankruptcy-Chapter 13
Often called debt reorganization. A Chapter 13 Bankruptcy is generally appropriate for those individuals who have non-exempt property they wish to retain and who have enough income to reasonably pay the reorganized debt after covering reasonable living expenses.
Beneficiary
The beneficiary in a foreclosure context is generally the mortgage lender. Frequently referred to as the ‘Benny’.
Deed in Lieu of Foreclosure
The voluntary surrender of property by an owner/borrower to a lien holder that eliminates the need to continue foreclosure action by the lien holder. The lien holder can refuse to accept the Deed in Lieu and file a Notice of Non Acceptance with the County Recorder.
Discounted Payoff
The payoff of a mortgage loan where the lender accepts an amount less than the actual amount owed to pay off the loan.
Equity Deficient
A property is Equity Deficient when, if sold, sales proceeds would not fully pay off existing mortgage debt.

Forbearance Agreement
An agreement between a mortgage holder and a borrower that lays out a specific loan payment plan and puts a stop on the foreclosure action so long as the borrower meets the terms of the agreement. The payment plan includes provisions for repayment to the mortgage holder of all delinquent interest and fees and could include extending the life of the mortgage beyond its original term. A Forbearance Agreement is a tool that allows the borrower to keep the property.
Judicial Foreclosure
A foreclosure action conducted through the courts instead of through a foreclosure trustee.
Junior Liens
A lien, usually a mortgage loan that is subordinate to a Senior Lien, usually a first mortgage. Lien priority is generally established by order of recordation. NOTE: if you refinance a 1st mortgage on a property with a 2nd mortgage already in place the new 1st mortgage holder will require a subordination agreement from Junior Lien holders to legally establish the new mortgage holder as 1st or Senior Position.
LIBOR (London Interbank Offered Rate)
The interest rate charged among banks for short-term Eurodollars loans - LIBOR is a very common index for adjustable rate mortgages (ARM).
Loss Mitigation
Home mortgage lenders look to limit losses on delinquent mortgages by working out solutions with borrowers through their Loss Mitigation Departments.
Mailing
A copy of the Notice of Trustee’s Sale must be mailed (certified and first class) at least 20 days before the foreclosure sale to the borrower and to anyone who was entitled to receive a copy of the Notice of Default and Secretary of State and IRS, if applicable.
NOD
Short for Notice of Default.

Notice of Default
An official notice filed and recorded by a designated trustee at the request of a lender indicating lender has commenced foreclosure action.
Notice of Trustee Sale
An official notice that is posted, mailed, published/advertised and recorded by trustee at the direction of lender indicating lender’s intention to sell the property at public auction. The notice includes a specific date, time and location.
Posting
A copy of the notice of sale must be posted in a conspicuous place on the property to be sold at least twenty days before the sale. Also, a copy of the notice must be posted at one public place in the city where the property is to be sold at least twenty days before the sale.
Postponement
Trustee Sales may be postponed by the first at the direction of the lien holder. Notice may be given in advance or at the time and location specified for the intended sale.
Private Mortgage Insurance (PMI)
A policy of insurance paid for by the borrower to protect the lender in the event the borrower defaults on the mortgage. Typically PMI is required by the mortgage holder when the down payment is less than 20% of the purchase price.
Qualifying Funds
In order to bid at a Trustee Sale bidder must have qualifying funds available at the sale. Qualifying funds are cash or a cashier’s check(s) drawn by a State or National Bank, a check(s) drawn by a State or Federal Credit Union or check drawn by a State or Federal Savings and Loan Association, savings association or savings bank specified in section 5102 or the Financial Code and authorized to do business in the State of Florida.
REO
Short for Real Estate Owned. When a mortgage lender acquires a property, typically through foreclosure, it becomes real estate owned – or REO.

Reinstatement
To bring the loan current. Borrower may reinstate up to five (5) business days before foreclosure sale.
Short Sale
The sale of a home which is completed through negotiation with the existing lender(s) in which the lender(s) agrees to accept less than the full amount owed to satisfy the debt allowing the debt to be ‘paid off’, (short).
1099-C
IRS Form 1099-c is issued by those canceling all of part of a debt to the person receiving debt relief.

Useful Links

I am adding some new links that provide helpful information. Feel free to check them out.
www.wunderground.com
www.nhc.noaa.gov

www.colliergov.net
www.naplesgov.com
www.naplescitydesk.com
www.naplespolice.com
www.naplesnews.com