Mediterra Market Report October 2010
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Mediterra Important (239) Numbers
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Clubhouse…………….254-3000
Club Fax………………254-3070
Beach Club…………..498-9328
Membership………….254-3022
Member Svcs………..254-3077
Statement ?’s………..254-3002
Golf Pro Shop………..254-3030
Assoc./Operations….254-3040
Patrol Gatehouse……245-3080
Real Estate Svcs……498-7600
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Mediterra Quick Links
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Searching for properties has never been easier!! Click on the links above to view the active listings in that neighborhood.
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| Coconut Point Press |
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| Food – Fun – Entertainment |
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| Greetings Neighbor! |
State of the Real Estate Market…. The market continues to remain positive. The number (units) of closed sales is up 22% over the same time frame from 2009. Pended sales are down during this same time, -17%. We see about a 6% increase of new listings over this period.
With that noted; it is the single family market that continues to see these positive trends. The condo market will continue to adjust for a little longer There are several factors that will impact the length of this adjustment period for the condo market. The lenders and their scrutiny when reviewing a loan, the appraisers are providing very conservative appraisals and many sellers are not quite realistic, YET.
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| Michael Burke Luxury Real Estate Expert |
As I mentioned last month, we will see about a 20% increase in inventory between now and January 2011. Why? Historically that is normal for this time of year. If you are contemplating placing your property on the market, I would suggest sooner than later. Reason being, your property will have a better chance of being seen if there is less inventory to look at. Of course your property does need to be priced properly. Less properties on the market means more showings, more showings increases the odds of obtaining an offer for the seller. Price and property condition remains to be the key to obtain a respectable offer. Buyers are very savvy, not to mention the lenders have proven to be very stingy with appraisals.
I know some of you are out there still debating about putting your house on the market, in addition, which agent to use. As I blogged in June of 2010 How to Interview an Agent: 5 Questions to Ask (which also appeared in The News Press), how to increase your odds when selling by selecting the right agent. Your selection is going to make the difference. Any agent can list a property in the MLS, but sellers need to ask…"what is the value add they bring to the table?" "What sets them apart from other agents?"
Some of the unique, creative and exclusive tools I use:
** Why are these so important? These forms of advertising / publicity will help drive traffic to my website where my seller’s properties are featured. This is very important when 90% of buyers and sellers research propoerties online. I bring more eyes to your property than your traditional realtor. I can prove it!!!
"Michael is not your traditional REALTOR"
Choose Michael Burke as your real estate professional and sit on the side of success. Michael is in the top 1% of all agents in the Bonita Springs / Estero market place. Buyers and sellers do not sit on the side line any longer, call me now for a free consultation or market analysis.
Office: 239-498-7600
Cell: 239-777-0473
E Fax: 1-866-890-4452
Michael@CoconutPointRealEstate.com
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| Foreign buyers see big opportunity in housing bust |
By ASSOCIATED PRESS – Monday, October 4, 2010
The Viceroy, a swanky condominium complex in downtown Miami, gives the impression that the United States is in another real estate boom. The sales office is strangely exuberant. Buyers gush about the glam condos – designed by hipster tastemaker Kelly Wearstler – and their hotel-like amenities: poolside libations, daily housekeeping and room service food stirred up by a celebrity chef.
Since January, 262 of the Viceroy’s 372 units have sold. But there’s a twist: Almost 90 percent of the buyers are foreigners. And they all paid cash.
The Viceroy’s story is playing out across Miami. Individual investors from as far as Argentina, Canada, Colombia, France, Israel, Italy, Norway and Venezuela are swarming the city’s sales offices to get in on what they see as one of the greatest real estate fire sales in the history of the United States.
Click here to read entire article
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| Clamping down: Easy-to-come-by home loans have largely disappeared |
By DICK HOGAN · news-press.com · October 3, 2010
In 2005, prospective Lee County homebuyers were
welcomed by lenders eager to offer easy terms on
mortgages that could be bundled up and sold to
Wall Street.
What a difference five years has made, according to
statistics released recently by the Federal Financial
Institutions Examination Council.
Now, bankers put would-be borrowers under the
microscope for their credit ratings, job history and
ability to put down a sizeable down payment.
Even the relative few still flush enough to apply for a
loan have a harder time.
The numbers are stark: For conventional loans for
one- to four-unit homes in 2005, 40,458 loans
were originated in the county. By 2009, that number
had dropped to 5,043.
The percentage of loans applications that are
approved has also dwindled, from 65 percent in
2005 to 62 percent in 2009.
In addition, many of the riskiest loans – which lured
financially shaky homebuyers with high interest
rates, balloon payments or zero interest – have
largely disappeared, according to the examination
council’s statistics.
Click here to read entire article
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In today’s market it takes a lot more than just listing your house on the MLS. Michael Burke and the Coconut Point Team, Professional Luxury Experts, of Keller Williams Elite Realty have proven to be the industry leader in SW Florida real estate. The combination of KW’s resources and Michael Burkes personal and flexible marketing plan make, the Coconut Point Team, your best choice when choosing a REALTOR in today’s market.
If you or someone you know is in the market to buy or sell a home in SW Florida, please feel free to contact me to discuss our real estate products and services. "Experience the Luxury Lifestyle"
Sincerely,
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