Muvico vs. Regal What if they both lose?

Years ago, long before I became a spinster, I raised my kids in Bonita Springs, Florida. I recall the day The Prado shopping center was built and the day the new movie theater came to town. Regal Cinema opened it's doors and most Friday and Saturday night were divvied up between a few neighborhood moms for carpooling young bodies to and from the official Bonita Springs *hot* spot. The plaza and the theater was THE place to be. I remember so many people, kids, parents in the alcoves that more than a few sheriff deputy's would hang around just to have a presence.

It hadn't occurred to me that less than a decade later there would be a slower economy, southwest Florida would actually be affected by it and the Regal Cinema would not have lines on a Friday night. I stopped in to the Regal Friday night to see the Indiana Jones movie and was greeted by only two people in line. I remember dropping people off to get in line for tickets while I parked the car because the line was so long. Those were the days. I remember packed theaters, too. These day's it's a miracle if there are more than 10-15 people watching a motion picture in each theater venue.

Many businesses in Bonita Springs, a couple of which are in the Prado Plaza, have collapsed. The Quiznos sandwich store closed, in spite of the valiant efforts of the owners to keep the doors open. Quiznos will now try to find another sucker taker to hop on board and begin their bleed out. That's how franchise ownership works. The same thing happened with Cilantro Tamales. The first owners closed the store and a new owner was found, that only managed to keep the doors open for a few short months. Wonder when Cilantro Tamales Inc. will find their third mark. It's a sad state of affairs that some of our local businesses have found themselves in.

Marmadukes are on every corner on Tamiami Trail these days. What's a Marmaduke? It's a guy in a long sleeve shirt, ball cap, wearing an iPod, twirling a sign. The signs advertise real estate for sale, real estate auctions, rug sales, going out of business sales, end of season sales and open restaurants. They advertise they are open so you will entertain the idea of spending any spare cash you might have in their establishments.

I don't have an answer or a solution to this predicament. I'm just bothered by it. I'm not an economist I sell Bonita Springs real estate. My business and where I choose to spend my money is kept in Bonita Springs. Heck, I just crashed my car and made sure the body shop I picked was in Bonita Springs, not Fort Myers, not Naples. Maybe if we collectively spent our money with purpose we can keep our town together, our businesses open and our kids from being trapped in minimum wage jobs because they're slaves of the franchise employment machines.

On a side note, save your cash and skip Indy Jones. George Lucas jumped the shark on that one.

Not Every Day is Sunny In Bonita Springs

Even Mini-Me said, “Isn’t this the strangest day in May, it’s so gray”. We do get those gray days here every once in a while. I came back with, “Funny you should mention that, I took a picture of a Poinciana tree and the sky was so gray, that I thought what a bummer, hope the blue shows up in the photo”.

This gray afternoon, I had a pit stop in Olde Bonita. I had to do a walk through to prepare a comparative market analysis for a Bonita Springs home. While I as on that side of town and just for giggles I called “The Boy” to find out where Farmer Mike’s was while I was in the metro area. That is a joke, there is no metro area to Bonita Springs and Farmer Mike’s is a rural fruit stand that I have *still* never visited. [If anyone knows Farmer Mike, I’d love a tour of the pepper fields] After I spoke with “The Boy” we determined that all I was in search of was a fresh tomato and the closest spot to get a field fresh tomato was at the Bonita Springs Lions Club.

The Bonita Springs Lion’s Club is only a block or two west off Old 41 on Pennsylvania Avenue. I jog by it all the time without regard to the great things they do for residents of Bonita Springs, Florida. There is a thrift store onsite plus the produce stand. Today, I swooped in and grabbed a box of ‘maters, some of those little bananas (we have mini bananas the size of a Ho Ho here), bargained for a single jalapeno, which they want to sell in king size strawberry boxes, snapped a photo and went home to work.

Maybe somewhere in that building is the wheel chair the Lions Club organization loaned to my parents this year. Yep, a handy dandy chair with wheels just for the asking. The Lion’s care. If you want to know more about Lions in Bonita Springs or the helping hand they offer to you, me or anyone that needs a service their local chapter offers.

Stop in the store to get a previously loved blender, special services help or buy ‘maters in the parking lot. You can’t beat the services or the produce stand the Lion’s offer with a stick.

Bonita Springs Home Selling 101

"Beauty is in the eye of the beholder" is never more true than when purchasing a Bonita Springs home.

No one needs to remind sellers that today's market is a challenging one. In fact, there are on average more than 11 months of inventory on the market at any given time.

So it is vitally important that you make sure all of your Bonita Springs home stands out above the others that are competing for the buyer's attention.

Here are some very basic pointers you can print out to help get headed in the right direction:

1. De-Clutter: This one is simple. De-clutter everywhere; inside and outside. If it's taking up space it is a potential candidate to be thrown out. The sellers need to make that all important mental conversion from "home to live in" to "house for sale." Personal things are a big distraction as you want the buyers to be able to visualize their own belonging in the house.

2. Repair: Buyers want everything working so don't disappoint them - dripping faucets, broken windows, leaking roofs, damaged walls and doors, etc, beg the question in the buyer's mind...What else is broken or doesn't work?

3. Lots of Light: The last thing Bonita Springs home buyers want to see is a dark home with all of the doors and windows covered. Let the light in and open some windows to let in some fresh air. Room deodorizers leave the impression of covering something up as does a window that has the blinds drawn.

4. Clean Windows: Buyers want to know and see the view they will have from every room - don't make them look through dirty windows. If they do, the impression of a having great view is literally going "out the window."

5. Kitchen and Bathrooms: Two of the most important rooms in the house. They must be spotless and first class. Just cleaning up isn't going to be good enough - you need to "deep clean" all counters, floors, cabinets and all the fixtures in the bathrooms. In the bathrooms consider new fixtures or countertops and perhaps remodel the shower and tub enclosures. If new fixtures are not in the budget you may want to consider having them refinished.

6. Odors: Absolute deal killers are cigarette or pet odors. If this is a problem - have the drapes, carpets and furniture professionally cleaned and please..."no smoking" in the house. Also, cooking odors are not a good thing. The best bet is to always for plan fresh air. Often a little lemon oil mixed with water in a spray bottle used lightly used will add just a bit of freshness without overpowering the house.

7. Paint: A fresh coat of paint on the outside or inside is an excellent way of freshening up your home. Be sure to use neutral colors and avoid accent painting. Don't try and guess what a potential buyer will like. In most cases they should use a professional painter because it's always a bigger job than most people think.

8. Yard Work: Deal with overgrown bushes, shrubs and trees. Everything in the yard needs to be trimmed, watered, manicured and "living." Remove everything lying around the yard including sports equipment, boats, trailers, toys, etc. You may also add some color by placing some annuals in planters in the back as well as in the front. Curb appeal makes that all important "first impression."

9. Furniture: The bottom line... less is best. If it's old, worn or dated, you should put it in storage. Remember that you are setting a stage and the actor needs to be the house - not their furniture.

10. Hardwood Floors & Tile: Hardwood floors can be a huge plus for buyers unless they look like a 20 year old basketball court. It may be a great investment to have them all refinished - but keep in mind that it's not a simple weekend project.  A professional tile and grout cleaner can make a tire tile floor sparkling new.  It makes the home smell fresh, too!

Somewhere Between The Wardman Marriott & The National Zoo

This mailbox is not in Bonita Springs. I've taken a fabulous trip away to Washington DC. I was offered an awesome opportunity to be on a forum/panel on social networking and blogging in the real estate marketplace. I was incredibly flattered to be able to participate and overjoyed to go to Washington. I had an opportunity to meet many of my colleagues and friends from across the country. Many of them I had not met in person but known for years on networks like Active Rain and Twitter. The big highlight of my trip was meeting my little buddy and the repairman to everything I break on the Internet, Bob Carney Frederick MD real estate agent extraordinaire. I also had a fantastic time spending the day with Danilo Bogdanovic, from Loudoun Virginia and Heather Elias, not just your average Loudoun real estate agent. The list of names can go on and on. I can't wait to see everyone's photos.

Although I've been away, I've negotiated a contract to execution, closed a property and listed a property. Bonita Springs real estate is moving. There was also a few good articles that customers and readers from both this blog and the Naples Daily News. I'll get the links assembled when I regroup and land in Bonita Springs.

Do Trades Have to Appraise?

The story was stumbled across in a Google news alert. I follow Google alerts for the term "Bonita Springs" and "Bonita Springs real estate". The story is a "trading places" sort of article about a property owner in Bonita Springs that would like to purchase real estate in Ohio, but has to sell her condo in Bonita Springs, to be able to do so. The homeowner placed ads on Craigslist and DomuSwap.com with a desire to trade property with an Ohio homeowner. The Bonita Springs homeowner would like to move to the northeastern Ohio area.

The article itself is all over the blogosphere and in fact in the Cleveland Plain Dealer. The press is shouting about how many inquiries the owner has received and how they are trying to work with some of them if the replacement trade looks appealing. The home owners name was used in the article so I just thought I'd go to the public records at www.leetc.com (uh, that would be public information) and find out the scoop on this deal.

Here's the skinny: This Bonita Springs condo was purchased in December of 2005 at a price of $419,000. That '05 part might be part of why it isn't sold and being considered for a trade. This condo was purchased in the height of the Southwest Florida real estate boom, right before the marked decline of values and at the tail end of blind appraisals.

Real estate values in Bonita Springs

Recent closings in this neighborhood have closed at $151 per square foot. This "up for trade" Bonita Springs condo valued at $151 per square foot roughly comes out to about $320,000 - a discount of nearly $100,000 from its purchase price three short years ago. There are seven units of this floor plan listed for sale in the MLS right now. The most expensive is $400,000 (almost $20,000 under what the subject condo was purchased for) and the most affordable is $349,000. The most affordable is 140+ Days on Market. They aren't exactly flying off the shelves.

What is the point of talking about property value in a trade as apposed to a sale?

• The property owners will still likely have a mortgage to pay off.
• The owners can not trade it for what they paid for it in some cases, because it is no longer worth that.
• If the person that trades for it gets a mortgage it still has to appraise.
• The "traded for" property can also have equity and value challenges.

Any way you dice it, property has to appraise to get a mortgage. Although I appreciate this particular homeowners "out of the box thinking" I hope they're sitting on a pile o' cash or they put the full 20% or more down when they bought, so they have some equity to swing a deal. If they do not have enough equity to facilitate a trade at a value the condo will appraise at they will have to bring the cash difference to closing, have a short sale or just wait until the values elevate to 2005 figures. Wonder how long that will be...

Helpful Bonita Springs Phone Numbers

Highest and Best Use

Sometimes the real estate beneath a home is worth much more than the structure.  Highest and best use dictates that another structure would better be suited in the place of a decaying or old home.  If real estate has been rezoned to commercial for example, a significant value jump can take place rendering the buildings obsolete.

Someone loved this home.   I've admired this home.  I run by it a couple times a week and have call this Bonita Springs home "Pink Door".  I have no doubt that many people loved this home over the span of its many years.  I think each resident added their own touch of paint, too.  I wish I could go inside to see the rest.  I don't know who owned it or where it came from.

In the area of Pennsylvania Ave. and Tennessee Street a Bonita Springs architect named Christian Busk has rescued historic homes that had a wrecking ball headed their way and rehabilitated them.  The area is very pretty with tall trees, a winding stream running though it and it is surrounded by olde Bonita Springs homes.  At this point there are a few homes that are restored and a few in progress.  The Haldeman House, The Nutting House, The Packard House are currently on site and restored or in the process of being restored.  They're absolutely beautiful and worth taking a ride or walk [or run] by.

For more information about the Bonita Springs Historical Society, call (239) 992-6997.

To learn more read about the restoration of these homes: Preservation Online

Doing the Paperwork Correctly

For the third time in as many weeks I called a Bonita Springs management company to obtain buyer application paperwork. Calling for these documents is a frequent occurrence. Every time an agent gets a new listing they need to verify the fees for buyers. These fees are then usually presented to the buyer on an addendum when they buy their Bonita Springs real estate.

As far as management companies operate, if a Bonita Springs home or condo is in a deed restricted neighborhood or gated community a professional management company is usually hired to manage the affairs of the community. Occasionally, the owners take charge of management, themselves. Management companies provide a variety of tasks, some of which include:

• Collecting the quarterly assessments from property owners.
• Organizing services such as lawn care, pool cleaning, building maintenance and insurance.
• Enforcing the rules of the deed restrictions or the condominium documents.
• Balancing the budget by obtaining estimates for services used in the community.
• Processing applications for tenants and owners that join the community.

I understand what a task these managers have in front of them. It's big, but it is in fact their job. What I don't understand is the shock and surprise at any manager or company that "we" need verification of the fees. I've been refused the fees, I've been given the third degree to get them, I've been given a "guestimate" of what the fees are, I've had someone in accounting tell me they weren't sure if the golf membership had a transfer fee or not. Now, I knew it was last $2,000 and was just trying to verify if it had gone up in the last year. Imagine sitting at a closing table and a buyer sees a $2,500 transfer charge that isn't disclosed to them on their settlement statement. Yeah, ugly is how a bad guess like that goes.

Here's the deal. At the beginning of the year a homeowner association or condo association sets their budget. It is voted on and passed by the owner/members and a written copy is given to their owner/residents. When a new buyer is located, the budget, and application, frequently asked questions and rules and regulations pages are all given to the buyer. They become part of the transaction and generally accompany a full set of the condominium documents [provided by the title company or homeowner] which are presented to the buyer so they have full transparency and disclosure of fees, debts, lawsuits, pending or future assessments and a general state of the community. Some buyers even request a copy of the last set of HOA meeting minutes to see what the subject matter of the meetings has been about.

If you're thinking of selling your Bonita Springs home grease the skids by obtaining a current set of the budget and applications for transfer of sale. If you're selling for sale by owner you will need to do this, also. The title company will make sure that you're properly closing your property by calling the management company to verify the application and obtain an estoppel. The estoppel is an instrument that ends your responsibility for payments to the association and is issued when you're paid up to date.

If you are a person on the board of a condominium or home owner association or you work for a management company, we, the agents in Southwest Florida, would love to have this go smoother. Drop those documents into a scanner so they can be emailed off hassle free and forwarded to buyers. Look at all the time and effort that can be saved by going paperless. We just want to make sure that we do our job correctly and help make your job easier.