Life In Bonita Springs

Daisy the Bonitian Bovine is Outstanding in Her Field

Real Estate is Selling Off – Deal With It

So here we are half way through a sweltering southwest Florida summer. Worlds away are our seasonal residents who have all but forgotten us and cubical dwelling number crunchers who will soon be speculating about Florida real estate. Right about the time the first of the leaves start to turn and the migratory path of snow birds changes the projections about the future of Florida real estate will hit the glossy pages of magazines in the book stores of an airport near you.

With the recent news and ensuing speculation of economic turmoil the questions about real estate have already started. That means that the glossy magazines are cranking up the printing presses to get a slick story to those shelves with the latest breaking information … which will be a couple months old when it finally does hit the shelf.

I don’t know about you but I can hardly wait. The fact of the matter is that, even with bad news battering the air waves, we’re actually doing fairly well down here. The real hidden story and one that you will probably never hear about is how much standing real estate inventory we actually don’t have.

Like many of the other real estate agents, I’d given up on the so-called professional economists speculating about south Florida real estate and consistently being wrong. The latest statistics are available with a little digging and minimal work so why not “get local” and provide what’s really happening, whether community, city or county wide?

We had to sell off the inventory for prices to stabilize and start to recover. This month, when all was said and done, the closed sales for the month of July 2011 was actually up forty-five percent over July 2007 sales. A look at closed sales during the month of July going back ten straight years put July 2007 at the absolute lowest in unit sales. Sales, measured in units, have climbed consistently since 2007.

What’s most notable is that there is less than one year’s worth of standing real estate inventory in most building structure styles. For example, single family homes have less than ten and one half months of inventory and condos have a little less than a year. You can have your own real estate agent drill down for your neighborhood or price point to get even an even more precise idea of what’s happening in your real estate market.

So, when’s the last time anyone heard anything good about the Florida condo market? Good news doesn’t sell so you won’t hear about how much real estate inventory has sold off or the fact that the condo market on “this side of Florida” is drastically improved. There’s slightly less than a year of condo inventory, if you’re wondering. Depending upon neighborhood or if it’s higher than a low-rise, results may vary.

By the way, Southwest Florida has been nearly matching unit sales rates comparable with 2003 unit sales for the last three years … even during the summer months and I just thought you should know.

Knowing has to be so much better than the guessing or believing the lack of facts your friend from yoga class told you.

How Many Short Sales and Foreclosures Are There?

For other recent real estate market reports, read also:

SW Florida Real Estate | What Price Range Sold July 2011

SW Florida Real Estate | Historical July Sales 2002-2011

A Decade of Historical Real Estate Sales

For more real estate market reports, read also:

SW Florida Real Estate | What Price Range Sold July 2011

SW Florida Real Estate | Condition of The Sale July 2011

Which Real Estate Price Range is Moving?

For more real estate market reports, read also:

SW Florida Real Estate | Condition of The Sale July 2011

SW Florida Real Estate | Historical July Sales 2002-2011

Every Tree at Naples Heritage Golf & Country Club

Can’t Spare Time or Money to Be Involved? Give Blood

It happens every summer in Southwest Florida, a dip in the blood supply.  Currently there is a critical need for blood in Southwest Florida. Supplies have been marginal at best all summer and the past week things have gotten even lower.

There are two Southwest Florida blood drives scheduled tomorrow and if you have free time and would like to save three lives please try and make it to one of the blood drives.

Starbucks at the Granada Shoppes: Southeast corner of Immokalee Rd and US41, just to the East side of Walgreens Time will be 10 am – 2 pm

North Naples Green Market: 2320 Vanderbilt Beach Rd, just West of Airport Rd, between Liberty Bank and Ingage Networks on the South side of the road.  Time will be 9 am – 12 pm

Every donation can be used to save the lives of three **local** patients and you never know when that life will be a loved one, friend, neighbor, co-worker or even your own.

For more info contact: www.givebloodcbc.org or facebook.com/givebloodcbc 

What's Collected Here...Stays Here!  If you decide to give in the future, here is how you can contact the blood center:

Bonita Springs:

Phone: (239) 495-1138
Fax: (239) 947-6163

Sunshine Plaza

9170 Bonita Beach Rd, Suite 102

Bonita Springs, FL 34135

Plumbers and Dentist Should Have a License

A bona-fide plumber was needed for a listing that was threatening to (hell nearly froze over) finally close. It was one of those eleventh hour emergency calls and I started working my way down a list of saved numbers from various resources.

As one can imagine, the changing economy has sent folks scattering or changing professions so many of the vendors that were around years ago are missing in action. Finding one still in the area and available to come out on such short notice could take some doing.

As luck would have it the first call I made was picked up on the third ring. Pleasantries were exchanged and I asked “Jack” if he was a plumber and still in the area. He said yes. Knowing the situation I was dealing with I immediately asked if “Jack” was a licensed and insured plumber. He said no and I said, no thank you this job requires a license and insurance.

Now, in the back of my mind I’m thinking that when someone asks you if you’re a plumber and you say yes, the part that actually qualifies you to be a plumber would probably be the license. I’d say, if you don’t have a license you’re just a handyman with a toolbox and maybe one of those squishy foam pad things to kneel on when you’re in front of a sink fixing the leak.

Technically, I guess he could also be a dentist … I mean, for a hundred bucks he could pick up a Dremel and file down that sharp little corner on my fifth wisdom tooth so it quits poking the side of my tongue. I’m sure he’s a Jack of all trades … from toilets to tooth aches.

The next call went to David and the same questions were asked. This time the plumber bursts into laughter. I didn’t know what was so funny so I repeated, I’m serious, do you have a license? He said yes and still laughed a little more.

Apparently, there are many frugal consumers out there who are more worried about the price for the service rather than if the person performing the work is actually qualified by way of license. It had been a while since someone had asked David the plumber about actually being qualified to do the job and my call came only moments after someone put his feet to the fire pricing him against an unlicensed “plumber” on Craigslist.

It seems that the consumer just didn’t understand why he wouldn’t do the same job for the Craigslist price. Pesky things like expenses of licensure and insurance get in the way of competing with scabs and grifters.

It’s a huge responsibility hiring any type of contractor to perform repairs. I happen to coordinate repairs for real estate owned by other people so it’s important that it’s done by licensed contractors for a few reasons, least of which is insurance if something goes wrong, like the job isn’t done correctly and it results in more damage or, God forbid, there is an accident and someone is hurt.

There is a value in using properly licensed and insured contractors which also extends beyond the actual job. Those same contractors are our local southwest Florida business owners and they need the support.

What they don’t need is the Craigslist handymen pretending that they’re licensed, dragging pricing to the basement and taking work from the contractors who are actually following the rules.

Hire a licensed contractor. Verify their license. It makes a difference that reaches much farther than the scope of the work.

The licensed and insured plumbing contractor in this story did a great job at a reasonable rate and responded to the request immediately.  If you’re looking for a fantastic Bonita Springs/Naples area plumber: David Gaines Plumbing (239)597-2421 www.DavidGainesPlumbing.com

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Real Life in Bonita Springs is a project by Chris Griffith dedicated to writing useful blog posts for consumers about the Bonita Springs, Florida area.  Find out what it is really like to live in Bonita Springs, Florida by reading about our fair city. You’ll get the latest in local real estate information, Bonita Springs real estate market reports and a little bit of humor.  If you have topic ideas, feel free to request a story about the idea, after all, this site is just for you.

You can subscribe to a weekly email newsletter by visiting www.LifeInBonitaSprings.com and entering your email in the subscription area on the center pane of the web page or by adding us to your reader by subscribing to this blog. Oh, and if you’re reading this content anywhere else but www.LifeInBonitaSprings.com or Naples Daily News it is probably stolen.

Pollenous Poseys

Real Estate Questions and Answers

Do I have to use a real estate agent in the state of Florida?

Well, probably not. Gawd bless ya if you’re a seller and you found a buyer on your own. It happens more often in the tight knit communities; pool side real estate transactions. Whether you’re a buyer or a seller, you don’t legally have to use a real estate agent for buying or selling your own real estate.

You might want to at least involve a real estate attorney to process the transaction, review whatever agreement you’ve engaged in and make sure all of your legal bases are covered. Some of the transactions are pretty complicated these days and whichever side of the transaction you’re on, you’ll want to make sure that proper procedures are followed and that the real estate changing hands has clear title.

When condominium or home owner association is involved, “you don’t know what you don’t know” so it might be to your benefit to have an attorney obtain the current homeowner association or condominium documents, as well as the financials of the community, so the buyer can perform their due diligence and get document review periods completed.

Can I give the buyers a credit at settlement for the faulty items found at the home inspection? One of the agents said it probably wasn’t allowed.

Here’s the deal, if the buyer is paying cash all parties can come to an agreement for the repairs, whether it’s a cash equivalent for the actual repairs or throwing in the dining room table as barter. I’d suspect the buyer was getting a mortgage which could mean red flags and snags in underwriting. Lenders are pretty particular these days and aren’t too keen on financing real estate and allowing money to filter through to the buyer. Some of them throw a stink over furniture, golf carts or even cars “tossed in” with the deal regardless if it is “for the convenience of the seller”.

Long story short, if there is a mortgage involved; ask the loan officer or mortgage broker about including personal property or cash back for repairs before it becomes an underwriting issue.

Is there anything my real estate agent can do to help speed up the short sale process?

Not really. For what it’s worth, most short sales are moving much faster than they have in the past.

If everyone involved in the transaction provides the required documentation in timely fashion, it’s helpful, but doesn’t guarantee a faster short sale. Occasionally, there’s confusion and redundancy that goes on internally with the lenders negotiator and investors that can border on absurd.

In the past I’ve enjoyed a front row seat when, within a three week period, there was four, as in 4, as in quatro, “arm’s length transaction addendums” all of which were identical but only slightly more April-fresh than the previous document. Each time they had to be signed and notarized by each party in the transaction; buyers, sellers, buyer’s agent, seller’s agent, each attorney, title officer. Seriously. That burned through weeks of time and accomplished almost nothing.

While we’re on the subject of faster short sales, Bank of America recently announced a new short sale program. If the buyer of a short sale walks away (because they grew weary from signing “arm’s length transaction addendums” ad nauseum) it is no longer required to go back to the beginning and start the next buyer’s transaction from scratch.

The announcement was just a few weeks ago and I’ve not seen this real estate unicorn with my own eyes so it’s only an announcement at this point. You’ll surely hear rejoicing when it hits Main Street.

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Real Life in Bonita Springs is a project by Chris Griffith dedicated to writing useful blog posts for consumers about the Bonita Springs, Florida area.  Find out what it is really like to live in Bonita Springs, Florida by reading about our fair city. You’ll get the latest in local real estate information, Bonita Springs real estate market reports and a little bit of humor.  If you have topic ideas, feel free to request a story about the idea, after all, this site is just for you.

You can subscribe to a weekly email newsletter by visiting www.LifeInBonitaSprings.com and entering your email in the subscription area on the center pane of the web page or by adding us to your reader by subscribing to this blog. Oh, and if you’re reading this content anywhere else but www.LifeInBonitaSprings.com or Naples Daily News it is probably stolen.