Life In Bonita Springs

Bonita Springs 4th of July Parade & Laser Show Schedule

The Parade: The 51st annual Bonita Springs parade, titled “Support Our Troops,” begins at 9 a.m. The parade route will travel south on Old 41 Road, turn right onto Hampton Street, turn right again onto Front Street, and will end with an awards ceremony at Riverside Park immediately following the parade.

The Laser Show: Instead of fireworks, At 6 p.m., the festivities will reconvene at Riverside Park with food vendors, live music, games and rides. A laser light show will begin at 9 p.m. and is expected to last for 20 to 30 minutes. There is no admission fee for entrance to the park.

Protecting The Consumer To Death

One of the many protective measures that have evolved from the housing downturn is the HVCC – Home Valuation Code of Conduct. It was developed to protect consumers purchasing or refinancing homes by eliminating fraud and inflated appraisals. An effort looked upon by some as little more than closing the barn door after the horses got out.

In a nutshell, mortgage brokers may no longer communicate with appraisers. The communication with appraisers is done strictly with the lender/bank though an “appraisal management company”. This new code may sound great in theory but the ramifications since May 1, 2009 have already started to be felt.

Gone are the days when mortgage brokers can choose an appraiser on the basis of experience, professionalism or quality of their work. Appraisals are now awarded to whoever will work for the cheapest and fastest.

Here’s how it works: A consumer goes to a bank to get a loan. The bank collects $390 for an appraisal. Yes, the price for an appraisal has now gone up because the bank pays an “appraisal management company” about half of the $390 and the appraiser gets the rest. The best, most qualified appraisers can’t afford to work at such a discount. The consumer has no idea that they’re appraiser is probably less experienced, working at a discount and has often been hired just because they’re the cheapest and the fastest appraiser on the list.

Wait, there’s more. If you’re a consumer in the process of getting a loan with “Bank A” and your mortgage broker finds a better program or you are turned down for a loan with “Bank A” your appraisal is owned by “Bank A” and not transferrable. You’ve just thrown 390 bucks into the wind. Another appraisal has to be ordered for your second lender.

This is affecting the consumers trying to refinance their homes, too. In the past mortgage brokers could contact an appraiser and get an estimate on whether a home would be close to the appraisal price before spending money on a full appraisal. Now, a consumer that would like to refinance will have to go through the appraisal process and pay for it regardless of the outcome of the appraisal.

What was meant to protect the home buyers and refinancing home owners is now hurting them by costing them more and dragging out the time to fund loans. It also means rate lock extensions or longer rate locks which results in higher interest rates.

There were and still are good, honest and reputable appraisers that didn’t rip anybody off during the housing boom. They’re now being punished and driven out of the business by a system full of flaws including lack of transparency. Instead of being rewarded for years of experience and professional conduct appraisers are being undermined by the Wal-Mart effect caused by HVCC.

In the end those who are affected the most are consumers who are shelling out more money for less service and the local, small business owners which include independent appraisers and mortgage brokers who are being micro-managed out of business.

It’s quite obvious that there were considerable problems with the way that appraisals were done during the boom but the way that the system is functioning right now just isn’t working.

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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 left 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.

The Mysore Fig Tree

Right off of Sandy Lane in Estero is a community called The Groves in Estero, Florida.  It was once an orange grove, hence the name.  I drove down Sandy Lane to take pictures of the goats at a ranchette but the goats weren’t cooperating.  I continued north until I got to the intersection at Broadway and came to the Mysore Fig Tree. 

I’ve driven by it a thousand times.  My cousin Dee Dee use to live in The Groves, back in the day.    This day I stopped and took a few pictures.  The shame of the pictures are, I didn’t have a subject in front of the tree to give it perspective.  It’s not as big as the Banyan Tree at the Thomas Edison Estate but it is large and unusual and on of my favorite Wizard of Oz trees.

The owner was picking up the leaves and figs that had dropped when I drove by.  She and her son make jelly with the figs. They offered me some but I’ve been having sugar issues lately so I passed on the offer.

If you’re curious to learn more about this 100+ year old tree visit the website www.MysoreFigTree.com.

If you’re looking for driving directions to see this monster:

Yes, Gulf Access Can Look This Pretty

City Cows

Here’s a little known fact – there are cows in Bonita Springs.  Right there beside shopping centers, schools or whatever.  These cows are very special.  They’ll probably never end up on a bun because they’re Bonita Bovine. 

Bonita Bovine are a special type of cow, that once placed on commercial real estate with a few of their friends, help it get repurposed as agricultural land and taxed as such.  Bonita Bovine earn their weigh in gold every year.  How do you know the difference between a Bonita Bovine and just your regular, run of the mill moo cow?  Well, here are some little known facts:

They’re curious creatures with high respect for learning.  These Bonita Bovine were in the pasture beside the Bonita Springs Charter School on Old 41 Road, Bonita Springs, Florida.  See the Charter School above the black cow’s ear?

Bonita Bovine are usually well mannered.  Well, not this one.  He apparently *really* had to go.  He’s not the least bit ashamed, either.  He said, “Deal with it lady.”

They’re notoriously sticking their cloved hooves or runny noses in everybody’s business.  They can’t keep a secret either.  Your “business” will be all over town the minute the pick up the phone.

Mabel, quick, come over.  Do I have the dirt on that Griffith broad.  What a piece of work.  Did you catch a load of that car she’s driving?  She *must* be loaded.  I hear she married for money – I hear it was Paul Newman or Brad Pitt.  I’m not sure I just know it was someone *like* that.  (See what I mean, they’re ruthless worse than the Real Housewives!)

This is Mabel.  She has her own sordid past but still keeps throwing stones from her glass house.  Pity.

Alas, even Bonita Bovine have mannerless, brute husbands to deal with.  My alleged husband, Paul Newman/Brad Pitt is an angel compared to Ralph Angus.  … and you worry about your kids picking their nose in public.  Here’s talent for ya.

This is Ralph’s wife.  She’s thrilled that this was caught on camera.

Oh no he didn’t!

This could happen to anyone.  If you don’t see the video below, click here.

Bonita Springs Absorption Rates Are Broken

I’m super late getting the Bonita Springs, Estero, Florida May statistics to you because I’ve just been swamped with work.  It’s like the movie Ground Hogs Day; sun up, sun down, sun up, same stuff, sun down.

I’ve had them done for a day or so and it just didn’t make sense to post the absorption rate.  The numbers are skewed because there are so many pending sale and active with contingencies that it adds years to the inventory.  I was shocked at the amount of pending real estate sales so instead of showing the absorption rate that is off by years in many sectors I will show you the entire breakdown by building style and you can judge for yourself.  We’ve mostly been running at about 24 months of inventory, give or take so I assume when these little rascals close we can get a more accurate count.

Bonita Springs  Estero Pending Sales Numbers

Bonita Springs Estero Units Sold Numbers

As usual I do three years of real estate sales in a row so you can see the trend over a series of a few years.

All this information is deemed accurate, not guaranteed, yada, yada.

What Real Estate Price Point Is Moving?

When you hear someone ask, “How’s the market?” or “What’s going on in real estate?” it’s just too broad of a question to answer. 

Real estate is local and even hyper local.  This graph is what will explain the southwest Florida real estate market is like for a home in  your price point or in the price point your thinking of purchasing a new home or condo in.

The $600-800,000 price point continues to be the slowest moving sector in real estate sales.  As anticipated $400,000 and under is on fire; a tad over 75% of our real estate sales.

Maintaining Flood Insurance

A few days ago I opened my mail to find a notice from my flood insurance company. It seems that, unbeknownst to me, the policy had lapsed a few short days prior.  Honestly, I hadn’t received an invoice or I would have paid the bill.  It was such a hassle getting that policy to begin with, I didn’t want to stir up any trouble even by accident.

Flood insurance is a fact of life for many home owners in south Florida.  If there’s a mortgage on a property in a flood zone the lender requires a flood policy in place to protect their interest.  Even if you have an unused line of credit on a home in a flood zone it a requirement to have flood insurance. If you have a mortgage you can expect flood insurance costs to be part of your household expenses. 

It may surprise you to know that even elevated homes need flood insurance. My home is elevated but since I have a garage at base level FEMA and my lender looks at my garage as living area; glorious living area with the most expensive ten sheets of ceiling drywall in all of Florida.

Special vents had to be installed in the walls in order for the insurance to be approved. The vents do nothing but let more moisture into the home and an opportunity for flood water to pour in through the vents. It’s genius. Some engineer with more time in college then common sense decided that gaping holes in garage walls would save the world. I’ll remember to silently thank them in prayer the next time I’m scrubbing down the walls with a Clorox based concoction getting rid of the mildew.

What fascinates me about the flood insurance, besides the fact that I had to jump through flaming hoops, wrapped in barbed wire, to get it is that if your policy were to lapse the bank is nice enough to pick on up on your behalf to continue coverage and protect their interests. 

I guess the banks don’t have time shop for rates since they’re so busy approving short sales and liquidating foreclosures in a timely fashion because the coverage they found me is $3,075 per year, plus interest, and will only cover the structure. None of my personal property or living creatures like Goober my grand-hamster are protected.

My flood policy is less than $600 per year, by the way. My insurance agent called and it turns out that I had a few days left in the grace period to get a check to the insurance company and avoid the thirty day waiting period for a new policy to become valid. Yes, just because you pay your policy doesn’t mean it’s active and that you’re covered. There is a thirty day period you have to get through, first.

Home ownership is a big responsibility. There are safety measures built into the process, though. Rest assured knowing that your lender is going to be there to pick up the slack and get you covered if you make a mistake and the government is helping them keep it all regulated and, of course, vented.

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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 left 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.

What You Can’t See When Shopping For Real Estate

This flower is really pretty.  It’s in a little gated community in Bonita Springs, Florida.  There are twenty two homes on the street, of which four are currently in distress and may be foreclosed upon.

When you drive down the street you would never know or suspect there were distressed properties.  They’re in every community and there isn’t a person that doesn’t know someone that hasn’t been effected by the housing and economic crisis. 

Unfortunately, I now know many people who have lost their homes or will lose their homes in the coming months.  They’re often good people with bad circumstances.  I always make sure to tell them that foreclosure isn’t what they are, it’s just something that happened in their life. It doesn’t define them as a person.