While discussions occur about the health of the Naples real estate market and affordable housing for civil workers; one home did sell for a remarkable cheap price.  Just joking with you.

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FLORIDA HOME SALES - Everyone hoped that the Legislature’s property tax rollback bill could spur a little action, giving home shoppers a bit more money and a psychological boost. Still, the waiting is far from over: Many buyers could sit on the sidelines until voters decide whether to approve a tax exemption in January, before making their Naples FL real estate purchase.

FLORIDA REAL ESTATE TAXES – Are the Florida Legislature’s proposed tax cuts too much? Too little? Critics come from both camps, but the voters will offer a final word in January. Critics on both sides of the spectrum, though, agree on one point: The amendment would provide tax relief mostly to owners of primary homes.

FLORIDA HOMEOWNERS INSURANCE – Beginning July 1, Floridians who don’t have mortgages on their properties will be able to eliminate windstorm coverage as a way to cut insurance costs under a law passed during January’s special legislative session on property insurance.  If you own a Naples home, Bonita Springs home, or Estero home, personally, I would not drop the windstorm coverage – most damage is caused by the wind rather than flooding during a hurricane.  Also, I still recommend every southwest Florida (Naples, Bonita Springs, or Estero) homeowner or first floor condominium owner should carry flood insurance, it is quite inexpensive and protects you against any ground water damage to your residence.

HURRICANES – Florida officials say they’re one month ahead of schedule offering free hurricane home inspections to residents, and they’re urging more homeowners to sign up. Those who participate will receive info on how to bolster their defenses against storms, and may be eligible for matching grants up to $5,000 to make defensive home improvements.  You can find more information about the program by visiting the My Safe Florida Home - web address is wwwMySafeFloridaHome.com or calling the toll free number 1-866-513-6734.

HOUSING MARKET – What’s selling in the new-home market? According to many homebuilders, their top-selling models are priced between $500,000 to $2 million and offer numerous specialty rooms without expanding the home’s square footage.

FLORIDA REAL ESTATE TAXES – The end came quickly for the 2007 Florida Legislature’s special session on property taxes with an agreement that would give current homesteaders a choice between their Save Our Homes benefits or a new super-homestead exemption. The final package is not perfect but represents a good start.The Save Our Homes benefit caps the assessed value for real estate tax purposes at 3% per year.  While the new super-homestead exemption is a flat $195,000 reduction of the assessed value for real estate taxes.  The market assessed value or just value remains in place.  When purchasing your Naples real estate be sure to look at the real estate taxes on the property using this new agreement. 

MORTGAGE RATES – As prospects dimmed for interest rate cuts from the Federal Reserve, rates on 30-year mortgages rose for a fifth straight week to average 6.74 percent, the highest level in 11 months, according to Freddie Mac’s weekly nationwide survey. 

FORECLOSURES – Late payments and new foreclosures on ARMs made to people with spotty credit climbed to all-time highs in first quarter 2007, according to the Mortgage Bankers Association. The increase in new foreclosures was mostly driven by problems in Florida, California, Nevada and Arizona.Today’s homebuyers are playing it safe.

After taking on risky ARMs or multiple mortgages during the housing boom, more borrowers now want fixed-rate mortgages backed by private mortgage insurance.

SECOND HOMES

More middle class families are seriously considering entering the second home market, especially baby boomers who want to line up a home now for retirement later. While sales of primary residences and investment homes dropped last year, sales of vacation homes rose nearly 5 percent in 2006.

An article found on CNNMoney.com recently (June 13th) discussed that the Naples real estate market is stabilizing, since the median price of sold condominiums has fallen 17 percent.  The author of the article states "the glut is mostly in the lower end of the market. (Yes, Naples has a low end.) That means now might be the time for the skittish to come off the sidelines."  "There’s choice now, and they might be able to negotiate a better deal." "For this ritzy enclave, that kind of opportunity doesn’t come around often."

Thoughts reflected in the article are echoing thoughts of recognized Florida Economists - Hank Fishkind on May 31st and Sean Snaith on June 1st.

FLORIDA REAL ESTATE TAXES

The Florida Legislature could vote as early as today on its property tax reform plan.

FLORIDA REAL ESTATE TAXES

A dispute over school funding could derail, or amend, the Florida Legislature’s current property tax reform drive. Democrats have balked at the plan’s $72 billion in school cuts over the next five years; and, without their support, there would not be enough votes to enable the proposal to go before Florida voters until November 2008.

HOUSING COSTS

Rising energy prices are forcing more families, especially the poorest ones, to cut into the budgets they usually would use to pay for housing, food and even health care, according to a new study conducted on behalf of Americans for Balanced Energy Choices.