Average 30-year loan rate ties record: 3.94%

WASHINGTON – Dec. 16, 2011 – The average rate on the 30-year fixed mortgage has dropped to 3.94 percent, the record low set in October.

Low rates offer a historic opportunity for those who can afford to buy or refinance. Still, many people either can’t take advantage of the record-low rates or have already done so.

The rate on the 30-year home loan fell from 3.99 percent the previous week, Freddie Mac said Thursday. This week’s 3.94 percent average matches the lowest on records dating to the 1950s.

 

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Leading U. S. economists: Fla.'s housing market bouncing back

ORLANDO, Fla. – Dec. 7, 2011 – Despite national and global headwinds, Florida’s real estate market is entering 2012 on an upward trend, according to three leading U.S. economists.

“Our state is in a mini-recovery,” said Florida Realtors® Chief Economist Dr. John Tuccillo at the state association’s 2012 Real Estate and Economic Forecast Conference in Orlando. “Sales are trending up, listing inventories are falling, the supply of lender-related properties has stabilized, and we are seeing multiple offers on homes in some local markets.”

In fact, Florida homes today may be undervalued, Tuccillo added. “That may seem like a drastic statement,” he said. “But a buyer who plans to own the home for five to seven years can get some great bargains today.”

Mark Vitner, senior economist at Wells Fargo in Charlotte, N.C., said the U.S. economy will continue to face significant challenges, particularly financial concerns related to the European debt crisis. But he expects the U.S. economic recovery will continue next year, making it easier for Midwesterners, for example, to buy Florida homes.

“Florida’s economy is recovering, with tourism and healthcare leading the way,” Vitner said. “International tourism has been particularly strong in Miami and Orlando.”

Looking around the state, Vitner said Jacksonville’s unemployment rate has dropped and home prices are stabilizing. In Orlando, prices have not yet reached bottom, he said, but the winter tourism season should help the regional economy. Tampa and Southwest Florida have seen solid job growth, with little new home construction.

South Florida’s economy is growing thanks to trade relationships with Latin America and the Caribbean, while in the Panhandle, Fort Walton Beach is outperforming Panama City and Pensacola, according to Vitner.

Dr. Lawrence Yun, chief economist for the National Association of Realtors®, said many Florida markets are showing sharp drops in inventories of homes for sale – a sign that demand is picking up and prices are stabilizing. “That’s a major change from just a year ago,” he said. “Buyers have stepped back into the Florida market.”

Noting the state’s powerful appeal to international buyers, Yun said he was particularly optimistic about the outlook for South Florida. “Don’t be surprised to see a gain in home prices in the Miami and Naples markets in the next 18 months,” he said. “From there, the recovery is likely to roll northward to Central Florida and then North Florida.”

Tuccillo noted that foreclosed and distressed properties will remain a significant part of the Florida market in 2012, but lenders are feeding these properties into the market at a gradual pace rather than pushing them out all at once.

The event also featured a panel of Florida real estate professionals, who discussed the 2012 outlook for several sectors of the state’s real estate market from a practitioner’s point of view. Panelists were Clark Toole, president and COO, Coldwell Banker Residential Real Estate Inc. in Florida, discussing residential real estate; Cynthia Shelton, 2009 president of Florida Realtors and a director at Colliers International in Orlando, discussing the commercial market; and Dean Saunders, accredited land consultant and broker-owner of Coldwell Banker Commercial Saunders Real Estate in Lakeland, covering the market for land and undeveloped property.

Florida Realtors real estate and economic summit was webcast to 32 local association or satellite sites around Florida. “Turnout was high for our statewide event,” said 2011 Florida Realtors President Patricia Fitzgerald, manager/broker-associate with Illustrated Properties in Hobe Sound and Mariner Sands Country Club in Stuart. “We hope to hold more of these forums on a regular basis – sharing knowledge of market trends is a powerful way for our Realtor members to connect with buyers and sellers.”

© 2011 Florida Realtors®

 

 

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Fla.'s home, condo sales higher in Oct

Fla.’s home, condo sales higher in Oct.

NAR: October existing home sales rise, unsold inventory declines

ORLANDO, Fla. – Nov. 21, 2011 – Florida’s existing home and existing condo sales continued to show gains in October, according to the latest housing data released by Florida Realtors®. Existing home sales increased 13 percent last month with a total of 13,755 homes sold statewide compared to 12,145 homes sold in October 2010, according to Florida Realtors.

“Statewide, both sales and prices are above where they were this time last year,” noted Florida Realtors Chief Economist Dr. John Tuccillo. “The monthly median prices have ticked down slightly for the past few months, but the overall trend continues to show gains year-over-year.

“These numbers, combined with reports from Realtors throughout the state, indicate that we’re seeing strong interest in purchasing Florida real estate from smart investors who are taking advantage of the current favorable market conditions,” Tuccillo said. “These folks tend to have a long-term outlook and plan to hold onto their property purchases for a while.”

Seventeen of Florida’s metropolitan statistical areas (MSAs) reported higher existing home sales in October; 12 MSAs had higher existing condo sales.

The statewide median sales price for existing homes last month was $131,200; a year ago, it was $136,600 for a decrease of 4 percent. According to analysts with the National Association of Realtors® (NAR), 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 September 2011 was $165,600, down 3.9 percent from a year ago, according to NAR. In Massachusetts, the September statewide median resales price was $294,950; in California, it was $287,440; in Maryland, it was $228,879; and in New York, it was $217,600.

In Florida’s year-to-year comparison for condos, 6,132 units sold statewide in October, a 12 percent increase over the 5,473 units sold in October 2010. The statewide existing condo median sales price last month was $87,800; a year earlier, it was $80,500 for a 9 percent gain. The national median existing condo sales price in September was $163,800, according to NAR.

“The latest unemployment figures indicate that Florida’s jobs outlook is improving, mortgage rates remain at historical lows and buyers are able to consider a variety of housing options at affordable prices in communities across the state,” said 2011 Florida Realtors President Patricia Fitzgerald, manager/broker-associate with Illustrated Properties in Hobe Sound and Mariner Sands Country Club in Stuart. “This is a great time to consult a local Realtor® about homeownership opportunities in your local housing market.”

According to Freddie Mac, the interest rate for a 30-year fixed-rate mortgage averaged 4.07 percent in October, down from the 4.23 percent average during the same month a year earlier. Florida Realtors’ sales figures reflect closings, which typically occur 30 to 90 days after sales contracts are written.

Related: NAR: Oct. existing home sales rise, unsold inventory declines

© 2011 Florida Realtors®

 

 

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Cape Coral Real Estate

Cape Coral Real Estate sales heating up.

 

Cape Coral home sales are up as we are heading into winter season.

Check out our new listings at http://www.floridacapecoralrealestate.com

 

 

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investors from out of country are snapping up deals in Florida

Offshore investors snapping up Fla. real estate

MIAMI (AP) – Aug. 8, 2011 – Offshore investors are flocking to Florida’s distressed real estate prices as major companies with ties to Hong Kong, Spain, Argentina and Malaysia are snapping up properties sensing the local market has bottomed.

International companies can park their investment and position themselves for the next development cycle, said Tere Blanca, president and chief executive officer of Miami-based Blanca Commercial Real Estate.

“Acquiring prime properties at discount prices in the height of the market was not achievable. Whomever has deep liquidity and can be nimble and act when opportunities arise can acquire properties at what we consider to be solid pricing,” he said, according to the Daily Business Review.

Stephan Gietl of Austria and his partner Fernando Levy-Hara, of Argentina, have purchased 307 South Florida condo units for $40 million since 2009. The duo has sold most of the units, mainly to international investors. Levy-Hara says the units yield between 5 and 6 percent profit per year after maintenance fees and property taxes.

“With the potential appreciation, if you’re buying at half the price of the bubble, you have the potential to go up 60 to 70 percent in the next five years,” he said.

As Americans worry about the economy and debt ceiling, international investors still perceive the U.S. as “the most reliable country in the world,” said Andrew Hellinger, chief executive of Coral Gables-based Hellinger & Penabad.

“We are a country where you can place your money for investment and know it’s safe.”

South Florida’s most notable recent deals have ties to investors with connections to major international companies.

Swire Properties, part of Hong Kong-based real estate and airline owner Swire Pacific, bought 2.15 acres in Miami at $14 million, along with the $13.1 million acquisition of Eastern Bank’s headquarters.

In May, Malaysia-based Genting Group paid $236 million for the Miami Herald’s headquarters. Genting, which also owns 50 percent of Norwegian Cruise Lines, plans to build nearly 7 million square feet of hotel, convention and restaurant space. Genting executives cited Florida’s growing population, budding Miami tourism and a likely nonstop flight from Asia to Miami International Airport as motivating the deal.

Agave Holdings, with ties to the owner of Jose Cuervo tequila, paid First Bank Puerto Rico $30.55 million for a project in Coral Gables.

Espacio USA, the American arm of Spanish real estate company Inmobiliaria Espacio, is about to close on its second office building. The company paid $31.52 million for another office building last year, with renovations running more than $1 million.

Brazilians have led the Miami condo market resurgence, accounting for 9 percent of unit purchases among international buyers of Miami single-family homes and condos, according to the Miami Association of Realtors.

“The feeling in Brazil is certain aspects of their real estate and economy make U.S. real property a relative bargain,” said Richard Goldstein, of Bilzin Sumberg. “In other countries like Venezuela, the currency is not as much of a factor. Political instability is a factor; they want a safe haven for their money.”
Copyright © 2011 The Associated Press. Information from: Daily Business Review, http://www.dailybusinessreview.com

 

 

 

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Cape Coral housing market

 

 

http://www.housingpredictor.com/2011/florida-housing-market.html

 

 

 

 

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Lee and Collier counties added a quarter-million residents over the last decade

 

Data Release by news-press: Lee and Collier counties added a quarter-million residents over the last decade, a robust population increase that followed some of the most dramatic economic swings in Southwest Florida history.

In total, Lee grew more than 40 percent between 2000 and 2010, and now has a population of nearly 620,000. Collier jumped a more modest 28 percent.

Much of that growth likely took part during the first half of the decade, when pre-recession prognosticators envisioned a Lee County topping 670,000 people by this time.

Though Cape Coral remains the highest-populated municipality at about 154,000, Lee’s growth areas were primarily to the south and east of Interstate 75.

Cape Coral’s population growth of nearly 51 percent is healthy, though members of the industry thought the population might be as many as 10,000 people higher, said H. M., executive director of the Cape Coral Construction Industry Association.

The results keep Cape Coral among the state’s most populated cities and there are signs of a turning market, she said. “There’s movement,” she said. “We’re still cautiously optimistic.”

 

 

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newly matched listings Cape Coral

 

http://searchlax.rapmls.com/ClientPortal.aspx?TJhkRvbuacuchF1EIpHbjYPwFGWQLG1BBOyQUeNdU01FbP0DpIqQIvFxb+fJZ+gTpYAWG7JBvn//d0vh9/C9eeAFGCw8qQnPsui8fTsf++t5A798iRDqLddm6oBgEsypUFDCcx7OTM4m0PBJEGrOm1nyJpHDmo6qKrsH6YAtmeUItBuScfuXlK6oQMTLZhdjk7sllYFzDWt16SPOQCHjCiq8dvhlok/zoEZ99QL2VUkC0JHvxJBaiVOFukGuBfla3FSbziNAuXFFf+pqpP3/Ow==&hidMLS=FMYR&hidEntryPoint=MW1&KeyRid=1

 

 

 

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Buyers ready to snatch bargains this spring

 

Buyers ready to snatch bargains this spring

WASHINGTON – March 23, 2011 – Bargain prices on housing combined with low interest rates below 5 percent may bring the real estate market its busiest spring season in years, economists say.

Distressed sales continue to put downward pressure on home prices, which may lure more buyers off the fence and ready to snag a deal during the typical prime-time buying season.

Some builders are ramping up discounts on new homes as well as boosting commissions to brokers to try to spark more transactions.

Sellers of existing-homes also are getting more competitive in pricing their homes.

“After three years of the housing downturn, people are becoming much more realistic in terms of valuing their homes,” says Lawrence Yun, chief economist at the National Association of Realtors®.

An improved job market with better income potential may also motivate more people to buy, says David Berson of the PMI Group. “Household formations are also very important,” Berson says. “Kids may have moved back in with their parents, or two people may have moved in together because of job concerns. Now they can move into their own place.”

While interest rates are sitting comfortably below 5 percent for now (30-year fixed rates averaged 4.76 percent last week), economists warn the attractive low rates won’t last long.

“Few think mortgage rates are going lower,” says Mark Zandi, Moody’s Analytics chief economist. “It’s more likely they will be 6 percent than 4 percent next spring. This lights a fire under buyers.”

Source: “Discounts expected in spring housing market,” The Wall Street Journal (March 22, 2011)

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Cape Coral Gulf Access Duplex with pool for rent

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Cape Coral Florida

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Cape Coral Condo for rent

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Cape Coral Florida

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Florida's existing residential market update: condo and home sales up in February 2011

Florida’s existing residential market update: condo and home sales up in February 2011

Home sales rose 13% compared to February 2010; condo sales up 29%. Nationally, sales dropped 9.6 % last month, according to National Association of Realtors

 

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Cape Coral Florida: Veterans Clinic

March 2011, Cape Coral Florida: Veterans Clinic- right now under contraction in Northeast of Cape Coral, will be approx. finished in 2012. The VA Medical clinic will encompass approx. 220,000 Sqft. and involves approx. 600 workers.

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Cape Coral Property Management

Property Management Advisement Service for a Piece-of-Mind Florida Property Ownership

 

Being an absentee owner of a residential property doesn’t have to be a hassle! Therefore have the local management and maintenance companies. Most of those companies are real estate companies who offer this service beside residential sales and rentals.

 

Del Prado Realty, LLC provides this service for their clients.

Contact us today for more information

Cape Coral Florida

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Cape Coral Direct Sailboat Gulf Access Home for sale

From the first moment you walk into this unique DIRECT SAILBOAT GULF ACCESS home, you will realize, this is what you have been searching for.  The WATER VIEWS are breathtaking.  Overlooking a basin from 230 ft of waterfront with a huge dock with Tiki hut.  This is Florida lifestyle at its finest.

 

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Cape Coral newest affordable community

Celebrate easy living at Cape Coral's newest affordable community in Cape Coral Florida at central location! Shopping plazas and more only in minutes by car!
Enjoy unique home design with detached, rear entry garages, front porches, picket fences and great curb appeal. Our secure central location makes it convenient to area schools, shopping, dining, recreation, cultural, and health care facilities. Enjoy our playground area; picnic pavilion, Dog Park and lakeside walking trail with the family, friends and neighbors. The developers have built over 1,000 quality award winning homes in the Cape Coral area since 1976 and our committed to providing a high quality constructed home with energy saving green options available. Go green!

 

 

 

March 2011, Cape Coral Florida

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Cape Coral remains one of the safest cities in Florida

 

 

March 2011, Cape Coral Florida

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U.S. Army Reserve Center will be in Cape Coral Florida

IT is new and it is true!
If you haven't heard yet, it's official: the new U.S. Army Reserve Center will be in Cape Coral Florida – one of the hot spots for retirees and vacationers!  The Center, to be constructed on Corbett Road N. & Diplomat Pkwy, will serve 300 reservists a month for indoor training exercises. For now the Army Reserve has secured a temporary training space in the Cape until the construction of the NEW Reserve Center is completed approx. 2013.

 

February 2011, Cape Coral Florida

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Real estate is 'as affordable as it gets'

Real estate is ‘as affordable as it gets’

NEW YORK – Feb. 10, 2011 – Now is a good time to buy real estate, according to data from Moody’s Analytics. Home affordability has returned to pre-housing bubble levels or even fallen below the average in many U.S. markets.

In fact, housing affordability by the end of September had returned to or fallen below the average reached between 1989-2003 in 47 of the 74 housing markets that Moody Analytics tracked.

In September 2010, the ratio of home prices to annual household income had fallen to 1.6 – below the historical average of 1.9 between 1989 and 2003. The ratio peaked in 2005 at 2.3.

“Based on incomes, this is as affordable as it gets,” says Mark Zandi, chief economist at Moody’s Analytics. “If you can get a loan, these are pretty good times to buy.”

Some of the most undervalued markets include Cleveland, Detroit, Las Vegas, Atlanta, and Phoenix. But those cities also are facing high rates of foreclosures and more borrowers defaulting on their mortgages that could decrease values further in those cities before they start to improve, Zandi says.

In Phoenix, for example, “it’s become cheaper to buy than to rent,” Jon Mirmelli, a real estate investor in Scottsdale, Ariz., who rents out foreclosed homes, told The Wall Street Journal. “But the question is: can you qualify for a loan?”

Source: “Home affordability returns to pre-bubble levels,” The Wall Street Journal Online (Feb. 8, 2011)

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Pending home sales continue uptrend

Pending home sales continue uptrend

WASHINGTON – Jan. 27, 2011 – Pending home sales improved further in December, marking the fifth gain in the past six months, according to the National Association of Realtors® (NAR).

The Pending Home Sales Index (PHSI), a forward-looking indicator, increased 2 percent to 93.7 based on contracts signed in December from a downwardly revised 91.9 in November. The index is 4.2 percent below the 97.8 mark in December 2009. The data reflects contracts and not closings, which normally occur with a lag time of one or two months.

“Modest gains in the labor market and the improving economy are creating a more favorable backdrop for buyers, allowing them to take advantage of excellent housing affordability conditions,” says Lawrence Yun, NAR chief economist. “Mortgage rates should rise only modestly in the months ahead, so we’ll continue to see a favorable environment for buyers with good credit.

“In the past two years, homebuyers have been very successful, with super-low loan default rates, partly because of stable home prices during that time. That trend is likely to continue in 2011 as long as there is sufficient demand to absorb inventory,” Yun said. “The latest pending sales gain suggests activity is very close to a sustainable, healthy volume of a mid-5 million total annual home sales. However, sales above 6 million, as occurred during the bubble years, is highly unlikely this year.”

The PHSI in the Northeast increased 1.8 percent to 73.9 in December but is 5.3 percent below December 2009. In the Midwest, the index rose 8.0 percent in December to 84.6 but is 5.1 percent below a year ago.

Pending home sales in the South jumped 11.5 percent to an index of 101.9 and are 1.7 percent above December 2009. In the West, the index fell 13.2 percent to 105.8 and is 10.7 percent below a year ago.

© 2011 Florida Realtors®

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Viele Europaer traeumen von einer Ferienimmobilie im Sunshine State

Villa Goldesel

 

Viele Europaer traeumen von einer Ferienimmobilie im Sunshine State.

Wer es richtig organisiert, kann mit dem Heim unter der Sonne auch durchaus beachtenswerte Einnahmen generieren.

Schon vor dem Kauf einer Immobilie in Florida sollten sich zukuenftige Eigentuemer praezise ueber deren spaetere Nutzung im Klaren sein:

Dient das Ferienhaus nur der Selbstnutzung? Oder beabsichtigt man das neue Heim durch Vermietung auch zu einer lukrativen Einnahmequelle zu machen ? Trifft letzteres zu, muss sich jeder Eigentuemer die ernsthafte Frage stellen welche Form der Vermietung angestrebt werden soll: eine Langzeitvermietung ( longterm rental ) oder eine Ferienvermietung (vacational rental , auch short term rental genannt )

Langzeitvermietung:

Eine Langzeitvermietung empfiehlt sich naturgemaess dann, wenn die Immobilie eher als Investitionsobjekt gesehen wird: Mit den Mieteinnahmen lassen sich im Idealfall eine  etwaige Hypothek sowie die Unterhaltskosten decken. Hier uebernimmt der Mieter die Strom und Wasserkosten sowie die Kosten fuer Unterhaltungseinrichtungen wie Internet, Telefon, Kabel-TV, Gartenpflege oder Poolservice.

Bei einer langfristigen Vermietung von mindestens einem Jahr Laufzeit sind derzeit wieder jaehrliche Einnahmen von rund fuenf bis acht Prozent des aktuellen Marktwertes zu erzielen.

Ferienvermietung:

Bei einer Ferienvermietung steht neben den Einnahmen auch der Wunsch nach einer teilweisen Selbstnutzung im Vordergrund – das Objekt sollte den Eigentuemern oder deren Angehoerigen und Freunden – ein oder mehrmals im Jahr zur Verfuegung stehen.

Die Ausstattung eines Ferienhauses fuehrt zu Zusatzkosten ( Moebel, Kuechenausstattung, Bettwaesche etc. ) dient aber dem Wohlbefinden der Gaeste.

Die Rechnungen fuer die Bereitstellung von Kabelfernsehen, Telefon, Internet etc. uebernimmt natuerlich der Vermieter, ebenso die Kosten fuer Pool – und Gartenservice sowie sonstige Unterhaltskosten wie Steuern oder Versicherung.
Je nach Lage und Ausstattung des Objekts ist eine Auslastungsquote von 40 bis 70 Prozent realistisch.

 

In beiden Faellen – sowohl bei der Langzeit – als auch bei der Ferienvermietung – empfiehlt es sich, mit einem lokalen Dienstleister zusammenzuarbeiten. Die Gruende liegen auf der Hand: Die Suche nach geeigneten Mietern gestaltet sich fuer Hausbesitzer die nicht staendig vor Ort sind, ausgesprochen schwierig. Und auch vor dem Einzug ins Haus sind mit der Einholung einer Kreditwuerdigkeitsueberpruefung ( credit history check ) Gehaltsnachweisen und dem generellen Bewerbungsprozedere eine ganze Reihe formaler Schritte einzuhalten, die aus der Ferne nur schwer zu organisieren sind.

Lassen sie sich bei der Suche nach einer geeigneten Vermietungsagentur genauestens deren Erfolge und Erfahrungen am oertlichen Markt nachweisen und legen sie ein detailiertes Anforderungsprofil fest. Damit sie in Ruhe schlafen koennen waehrend ihr Traumhaus im Sunshine State beachtenswerte Einnahmen generiert.

 

Dieser Artikel stellt keine Rechtsberatung dar, sondern dient ausschliesslich der allgemeinen Information.  UrhG  urheberrechtlich geschützt

 

Del Prado Realty, LLC

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30-year fixed mortgage dips to 4.77%

30-year fixed mortgage dips to 4.77%

Mortgage Rate Trend Index

While rates fell this week, 50% of the experts polled by Bankrate.com expect them to start rising again over the short term. Only 19% expect further declines, while the remaining 31% expect no change.

NEW YORK – Jan. 7, 2011 – Rates on fixed mortgages dipped this week after rising steadily over the last two months.

Freddie Mac said Thursday the average rate on the 30-year mortgage dropped to 4.77 percent from 4.86 percent the previous week. It hit a 40-year low of 4.17 percent in November.

The average rate on the 15-year loan slipped to 4.13 percent from 4.20 percent. It reached 3.57 percent in November, the lowest level on records starting in 1991.

Rates have been rising since November. Investors have shifted money out of Treasurys and into stocks. Many expect the tax-cut plan will fuel economic growth and increase inflation. Yields tend to rise on inflation fears.

Mortgage rates tend to track the yield on the 10-year Treasury note. Those rates have been fluctuating in recent weeks.

Low mortgage rates did little to boost home sales last year and higher rates now could hamper a robust recovery.

The number of borrowers who applied for a mortgage in December was 10 percent below the same month in 2009, according to Capital Economics. Refinance activity has dropped off 44 percent since rates hit their lows. The number of purchase applications has been rising along with sales, but last year’s sales pace was shaping up to be the slowest in 13 years.

To calculate average mortgage rates, Freddie Mac collects rates from lenders across the country on Monday through Wednesday of each week. Rates often fluctuate significantly, even within a single day.

The average rate on a five-year adjustable-rate mortgage slipped to 3.75 percent from 3.77 percent. The five-year hit 3.25 percent last month, the lowest rate on records dating back to January 2005.

The average rate on one-year adjustable-rate home loans fell to 3.24 percent from 3.26 percent.

The rates do not include add-on fees, known as points. One point is equal to 1 percent of the total loan amount. The average fee for the 30-year and 15-year loans in Freddie Mac’s survey was 0.8 point. The average fee for the five-year ARM was 0.7 point, and the fee for the 1-year ARM was 0.6 point.
Copyright 2011 The Associated Press, Janna Herron (AP Real Estate Writer). All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

 

Fla. existing condo sales rise in Nov

ORLANDO, Fla. – Jan. 3, 2011 – Sales of existing condominiums in Florida rose 11 percent in November, with a total of 5,411 condos sold statewide compared to 4,860 units sold in November 2009, according to the latest housing data released by Florida Realtors®.