Life In Bonita Springs

Tenant Beware - Landlord Beware

Yes, Virginia, scammers can take advantage of tenants and home owners in Southwest Florida and the Bonita Springs real estate market is ripe for the picking.

Although you and I don't think with criminal minds there are other people that do. The real estate market has brought on swift and confusing changes. There are vacant homes, foreclosures, short sales and rentals galore. Bonita Springs, Florida has always been the land of absentee owners. We have even more now with the excessive inventory on the market. The market conditions breed all sorts of scams.

Nation wide rental scams are starting to pop up which homeowners, tenants and consumers need to be aware of. It hadn't really occurred to me how easy it would be to take advantage of someone looking for a home to rent until now. There are even scammers that rent homes with the intent to show and rent the home to other tenants. They get the security, first, last or whatever monies they can get and then they leave town. In some circumstances they have written dozens of leases to dozens of tenants and skip town with a boat load of cash.

Sometimes the scammers just act as though they work on behalf of the home owner, as the homeowner is out of town, out of the country, ill, hospitalized, etc. The victim pays the money and the person who rented them the home disappears. They later learn the house or apartment was not for rent. Of course, their wallets are lighter when they find out.

What can you do to protect yourself if you are a tenant looking for a home or condominium to rent in the Bonita Springs area? There are a few ways to check to make sure the person who says they own the property actually owns the property.

• Ask to see identification of the "landlord".

• You can search the property address at the Lee County Tax Collector website LeeTC.com or even LeePA.org the Lee County Property Appraiser's site. Find the owners name and make sure it matches the ID.  Most of Bonita Springs is in Lee County.  A small portion near the beach is in Collier County

• Ask a real estate agent for help leasing property.

• Call the property management company that manages the condominium or community. They will have a list of all homeowner's names and contact. You can request that the management company verify that the home owner is renting their home.

• Sunbiz.org lists the management company for each community. You should also find that contact info in a building lobby or posted in a common area, such as the swimming pool cabana area or clubhouse.

• If you are leasing in a gated community or a condominium, rental applications are almost always required. If the landlord doesn't have them or doesn't know how to get them it may be a bad sign.

• Google the property address, land lord's phone number, land lord's name, etc. Other ads may pop up with details that are fishy.

• Don't be too embarrassed to ask if the landlord is current on his mortgage payments. Some distressed homes could be placed for rent even if they are on their way to foreclosure. Tenants get a knock on the door and an invitation to find a new home when the bank takes over. Read Also: For Sale While For Rent

Most recently I spoke with a young lady who was waiting for her check to clear before the landlord would give her keys. My heart sank. It all sounded so fishy. She'd found the rental on Craigslist, given a hefty security and first month rent and several days went by. It actually all turned out ok for her, but that scenario was ripe for the picking. She hadn't done a lick of homework to verify if the owner was, in fact, the owner. She could have easily lost thousands of dollars to a scammer.

If you're a Bonita Springs home owner with a home for rent or a home that is sitting vacant make sure you protect your property.

• Keep an eye on your home. If you're not in the area, consider hiring a home watch service to periodically check the home for odd activity.

• If you've not changed the locks or others could have keys to the home, consider changing the locks and dead bolts. That's an easy fix under $100 in most cases.

• Require references from potential tenants and actually check those references.

• Contact the tenant's employer to verify employment.

• Consider using a property manager who can run a credit check on your tenant.

• Never accept more money than the payment you requested. If you refund the difference the check usually bounces and you're out the refunded amount.

• Google the tenant name, phone number, prior address and check the county police records. Most records are now public.

An ounce of prevention goes a long way. Make sure you take the necessary precautions so you don't end up getting ripped off.

Why Your Bonita Springs Home Isn't Selling ... Continued

Has the Bonita Springs real estate market slowed so much that it has rocked home owners and real estate agents to sleep like a baby swaddled in cloth? While showing real estate lately I've noticed some pretty sad sights. I wonder if anyone realizes that some of their listings need attention. Dated literature, spider webs, bees nests, mold, dead cock roaches and inflated prices are just a few eyesores I've stumbled across. Yes, inflated prices are eyesores. When the agents aren't paying attention to the listing they aren't paying attention to the prices falling around them either. They aren't keeping up with the Jones's.

In the community of Marsh Landing there is a home with a key box so scary I was afraid to touch it. You know you've had a listing on the market a lifetime and a half when the key box looks this bad. I had actually seen the key box before and had a chance to show this overpriced home again and made sure I brought my camera. (Hey, the buyer wanted to see it or I would have saved the gas and not shown it.) Fortunately, the buyer I was with knows and understands my real estate blog and tolerated my "on the spot" photograph to be used on this post. That day was an adventure, for sure, as we were nearly attacked by a lunatic on Forest Ridge Drive. Apparently, there is a neighbor that could use a little chemical intervention and/or anger management classes. He had become hostile over my car parked in the street. He barged into the home I was showing, unannounced and unauthorized and let's just say I nearly soiled myself over the whole incident. I'm about 120 lbs soaking wet and I'm not match for the criminally insane. Uh, listing agents: Crazy neighbors are bad for business. Throw a warning if you know that parking by this knucklehead's mailbox is a no no and is hazardous to one's health.

Yesterday, while showing a short sale in The Reserve at Estero I noticed there was no electricity in the home. It seems that home or home owner either is close to foreclosure or they just don't know that they have no electricity. I'm not sure which. What I am sure of is that the Homeowner Association Disclosure was on the counter and dated May of '07. The figures were wrong because of date, because we're in March of '08. Hello?! The fancy-schmancy flyer for this home was no more than a stale MLS print out, dated November '07 with the price at $300,000ish but the home was currently listed at $250,000. I wonder when the last time the agent was in the home, quite frankly. I wonder if the lack of attention could have contributed to the home not selling. There certainly is a lot of competition in the neighborhood both resale and new. The builder has product priced at $229K for about the same size home - with a warranty and the A/C is running so the thought of mold growing isn't in the front of the buyers mind.

Just last Wednesday I was showing a home in Village Walk of Bonita Springs. The water was off, which is not a big deal because the water is turned off to prevent a flood in a vacant home. What is the big deal is that the drains and traps had all of the water evaporated out of it. The house smelled like death because sewer gas was coming up the drains. It would take no more than a few minutes to turn the water on and run the water to stop the gas from coming in. This Capri III home was reduced all the way down to about the $210,000 price point. I wonder if it would sell if it didn't smell like crap.

It might be time for everyone just to shake themselves awake and revamp their marketing or idea of marketing. Sellers and agents alike need to freshen up their homes, paperwork, marketing materials, etc. Either get in the game or get out of the game. If you're not serious about selling the home then just take it off the market. It's muddying the water and wasting everyone else's time and money.

Read also: Why Your Bonita Springs Home is NOT Selling

Things to Do in Estero | Miromar Water Ski Show

This Sunday I took my second trip to Miromar to see the Southern Extreme Water Ski Show Team. First, if you're looking for something in Estero & Bonita Springs that is fun and free, Yes F-R-E-E, to do on a Sunday afternoon you have to go see the Southern Extreme Water Ski Show practice and perform. Bring the kids, they'll love it. Bring the dog, it's a pet friendly mall.

The Mission of the Southern Extreme Water Ski Show Team is to improve the quality of life for the people in the region by introducing them to the sport of water skiing. Through the vehicle of a Water Ski Team they will help build self-confidence while demonstrating a commitment to the Organization and the Community.

• Number one, they worked like a clock mechanism: setting up their ropes, stunts, costumes.
• Number two, I was impressed with the skill and strength. From small fry (there was a 5 year old skiing) to mature everyone was working it! Who knew there was this much talent in Estero?
• Number three, they want YOU. To ski. Heck, I just came from a listing appointment in my work garb and someone in a ski costume asked me if I wanted to join!

Besides being FREE to watch the good news is, if you don't sit in the bleachers to watch the parking lot nearly wraps one half of the lake so if it is hot or rainy you can watch from the car in your cool air conditioning. If you have someone in your family with mobility issues or that isn't able to get around well, just pull the car up to the lake and watch without getting out.

Where? Just north of Bonita Springs in Estero, at Miromar Outlet Mall. You know that big lake between the Outlet and Germain [Everblades Hockey] arena? That's the place.

They're looking for new people to join. I was even asked as one of the skiers walked by. I'm going back (tempted to ski but won't) and I hope to see you there.

If you want to make it dinner and a show stop at Luna Pizza , the best pizza in Estero, after the water ski show.

Poppin' the Top & Toolin' Around Bonita Springs

This Dog Has Got It Made Because:

A. He's on his way to Dog Beach.

B. He's on his way to the pet friendly Coconut Mall

C. He's fairly confident he can "take" the Miniature Pincher in the SUV behind him.

D.  On the way to the Celebrate Bonita Festival.

E.  All of the above.

Friday's are for fun.  This pooch is kicking off the weekend for all Bonita Springs.  Don't forget Celebrate Bonita is Saturday at Riverside Park.  Little Texas & the Bellamy Brothers are playing and it's a free event.

• 7:30 a.m. - 5K run followed by Fun Run
• 11 a.m. - Opening ceremony
• 11 a.m. - 4 p.m. - Corvette club cars
• 11 a.m. - 4 p.m. - Kids activities
• Noon - Drumline competition
• 5 p.m. - Little Texas
• 6:45 p.m. - Bellamy Brothers

The Front Rolls In | Bonita Springs

It has just occurred to me that I take my share of photos in traffic toolin' around Bonita Springs. Maybe it's because I'm always in the car, maybe I am just bored behind the wheel. I was heading south at about 3:45 and drove right into this front. This photo is one of a few photos I took behind the wheel, today. It was in front of the Coconut Point Mall by Marsh Landing in Estero. Is it photo worthy? Probably not.

Then why did I take a picture of it? It's a first sign of summer. When I first moved to Bonita Springs over 20 years ago I remember the storms coming at 4:00 p.m. every day, just like clockwork. This is a summer storm to me ... it's just about two months early. We don't get rain like this in April. We need it, I'm not complaining. It is just unusual.

Earlier in the day I was showing Divosta Capri III units in Village Walk of Bonita Springs. The lakes are low by several feet. The buyers and I walked the Town Center and even remarked that the white puffy clouds had traces shades of gray, just like summer clouds. We should have known that that front was coming. This is day number two of afternoon rains, as a matter of fact.

The second sign of summer being here was a car hauler. You know, one of those tractor trail trucks that stacks cars on it. It was parked in The Brooks and loading all of its cars to be reunited with their drivers in the great white and melting north.

We'd like to thank our tourists for visiting. Don't forget to come back this summer and snag a deal on Bonita Springs real estate!

Foreclosure Real Estate Isn't Always The Best Deal

Sunday evening I met a buyer to look at a foreclosure home listing just North of Bonita Springs, Florida. The foreclosure real estate market in parts of Bonita Springs, Estero and South Fort Myers moves swiftly so we drove to look at the home right away. What seemed like a great deal ended up maybe not being what this young man really had in mind. The home listed was priced at about $100,000 which for that neighborhood is a great price. We once had an offer in that neighborhood that fell apart so we’re always watch and waiting for the next opportunity.

We weren’t two steps in the door and I looked at the buyer and said, “Mold.” I can smell right away since I’ve smelled it so many times. A little poking around and we actually found it, too. Black mold growing up the wall.

Buyers call me all the time looking for a foreclosure in Bonita Springs. They want a foreclosure home. They have to boy a foreclosure. They have a one track mind. I wonder if they think telling all their friends that they bought a foreclosure home in Florida is sexy. Hey, I can tell buyers right now that there are foreclosure deals, but there are also owners with equity that have to reduce to compete with short sales and foreclosures.

Follow me on this. Buyer John does the math for his beat all to hell, foreclosure home on Sunday in sunny Bonita Springs.

Here’s what he finds on the $100,000 house:

• Mold. An entire bathroom that needs ripped out. Mold mitigation
• A side patio that has extensive wood rot because it was a “do it yourselfer” and they didn’t use pressure treated lumber
• We don’t know what is under that tile on the patio. It’s a wood frame house that didn’t have the right wood used in other places. Hmmm
• A fuse box with most of the breakers ripped out
• No appliances
• No light fixtures
• The flooring needs work. No electricity is on so the wood floor is buckling. Oh, and the mold is spreading. Conditions are perfect.
• There is a pile of debris in the back yard that has to be removed. Large debris, spa/hot tub, tanks, barbeque made out of barrel or propane tank.
• It’s filthy, cockroach ridden and needs scrubbed slab to shingles.
• We’re ball parking about $20,000-$30,000 depending upon hidden damage to fix it up.
• Sales are as/is. Inspection period is short, five days on this house.

$100,000 list price + $30,000 for repairs = $130,000

Now this could be one of the Bonita Springs foreclosure homes that people might jump onto too fast just to buy a foreclosure. On top of everything listed above, this fabulous foreclosure featuring three bedrooms and two bathrooms is actually listed in the tax roll as a two bedroom and one bathroom home. That means one whole bedroom and one whole bathroom is not even code. How long until Lee County Code Enforcement comes a knockin’? Fortunately, this buyer had an agent he’d listen to. I told him I didn’t want him buying that house. His house is coming, I can feel it, but it’s not that one.

Now, due to the short sales and foreclosures on the market regular, everyday, serious sellers with equity have to compete to sell their Southwest Florida homes. We also have homes come onto the market that aren’t in distress. The owners may have lived in them 10-20 years and not refinanced, paid off their mortgages, paid down their mortgages, etc. There are homes priced $130,000-$150,000 to compete with prices on the distress sales.

What is this important to a buyer to sometimes look beyond a foreclosure sale? Money, cash, moola.

• In that same neighborhood there are homes with three bed/two bath that are legitimate and permitted, not code violations.
• There are homes built with concrete block, instead of wood frame.
• The homes have an owner. Owners love their homes or at worst, they just like them a bunch.
• The electric is on, the air conditioner is on and mold isn’t having a field day.
• The home is usually being cared for.
• It may be dated and need redecorated, but it’s livable.
• Washer, Dryer, Refrigerator, Oven, Microwave, Dishwasher, Disposal, Garage Door Opener
• Window treatments
• Home inspection contingencies can be used. Repairs will be made to faulty items.

$100,000 list price + $30,000 for repairs = $130,000 *versus* a home listed $130,000-$150,000 that doesn’t need months of work.

It is price vs. cost and it is almost a wash, not including an aggravation factor. Ultimately, the choice is up to the buyer whether they want to take the easy road or the hard road when dealing with a foreclosure home. Buyers looking for homes in Bonita Springs just need to know that distressed properties aren’t always hearts, flowers and rainbows. In this example, studying the market, watching and waiting for quality real estate and carefully buying a home that is of value, suits your lifestyle or family and has better “bones” is worth the wait.

Condos For Sale in Rapallo

Last week I had one of my listings host the company breakfast at Keller Williams Elite Realty in Bonita Springs, Florida. I figured I'd have a room full of real estate agents learn about my cute little Spring Run condo listing while filling their bellies with bagels and fruit. If you follow my mobile real estate blog, you saw the photo. I forwarded the blog to the home owners and typed a short note, "If this doesn't do the trick I'll be walking 41 with a sandwich board next weekend.

Now, imagine my surprise when someone calls me and leaves a message that says, "Did you drive by Rapallo at Coconut Point today and see the real estate agent wearing a sandwich board?" Seriously, I had heard about it first on Friday but I thought the person telling the story was joking. Turns out it is true.

Rapallo, like a few other communities is experiencing a growing pain or two. The Bonita Springs and Estero real estate market is moving, but inventory is high. There is just so much from which to choose that it takes a lot to get a home for sale noticed. Rapallo is also a gated community with Fort Knox style security. Buyers aren't going to accidentally get in and find a home for sale on some random Thursday, that's for sure. It takes extra effort to get buyers into a community like that so that they have to opportunity to fall in love with the neighborhood or even a condo or villa.

Sadly, what some of the residences in Rapallo actually need to get them sold is just a price reduction. The sellers in Rapallo are holding on to their listing prices tighter than G.I. Joe with the Kung Fu Grip.

Here's the skinny on Rapallo at Coconut Point:

• There are 74 active listings in the Sunshine MLS Service and do not include for sale by owner or builder sales.
• Of the 74 listings, 20 are villas.
• Of the 74 listings, 54 are condos.
• In the last 365 days there have only been 5 villas sold.
• In the last 365 days there have been 36 condos sold.
• There is 1, uno, solo unit pending sale.
• There are three pending with contingencies. They're still in the crap shoot status area. Anything can happen.

Using the numbers of active listings and closed sale listings to calculate absorption rates:

• The current rate of absorption for Rapallo villas is 48.07 months - That is just over 4 years!
• The current rate of absorption for Rapallo condos is 18 months - That is a year and a half!

To learn more about what an absorption rate is, also read: Absorption Rate.

This is a no brainer. If you own a villa in Rapallo, do the math. Add up your mortgage payment, insurance payment, quarterly assessment for maintenance, utility, management (home watch) costs, real estate taxes, pool costs if you have a pool and any other fee you may have. I picked one random villa and used the maintenance and taxes numbers in their report: $604 maintenance, $409 taxes, $75 pool, $100 electric, $100 insurance. You can use this worksheet to calculate your holding costs.

We're at about $1,300 per month in expenses not including the mortgage payment. Now if a villa is priced in the mid to high $600,000 like some of the villas I think it's safe to say that they're going to be closer to the 4 year absorption rate. $1,300 x 48 months = $62,400 is what it costs to carry and hold that villa (not including the mortgage). If the villa is financed, let's just guestimate $300,000 total for a mortgage that would be $1,800 per month. That brings the total holding costs for the four years to $148,800. Maybe the seller's need to do their own calculations and just subtract that carrying cost from their plump listing prices and price their homes to sell before they lose their shirts.

Now, I'm not sure how walking US 41 with a sandwich board is going to fix the absorption rate, questionable ability of some of these homes to even appraise or if a sandwich board reduces holding cost. It's a valiant effort to sell real estate but it makes more sense to start working basic statistics, holding costs and absorption rates first.

Barefoot Beach of Bonita Springs - Real Estate on The Gulf

Recently I was reading a luxury home real market report and how the market was holding up under the pressure of ballooning inventory. I decided to take a look at the Barefoot Beach real estate on the Collier County side of Bonita Springs, Florida see what is on the market, what has sold in the last year and what the projected absorption rates at this point in time. If you’ve stumbled onto this post and you’re just looking for the basic city wide, Bonita Springs and Estero real estate market report read also: You Won’t See a Roadside “Sales are Up” Sign

Now, if you’re not familiar with the area, Barefoot Beach represents only a small portion of gulf front homes and gulf front condos in Bonita Springs. Hickory Blvd. running north to Fort Myers Beach has a few more miles of sandy beaches with homes, condos and a few lots available for building. Barefoot Beach also has canal, bay front and a few land locked homes. Not all Barefoot Beach homes are on the Gulf of Mexico.

The latest stats are taken from the Sunshine MLS as of April 08.

Single Family Homes and Villas in Barefoot Beach

• 31 Active Listings
• 4 Pending Sale
• 10 Sold 4/1/07-4/1/08
• Current Absorption Rate 42.17 Months or 3.51 Years

Attached Villa Homes in Barefoot Beach

• 9 Active Listings
• 0 Pending Sale
• 0 Sold 4/1/07-4/1/08

Condominiums – Midrise in Barefoot Beach

• 17 Active Listings
• Pending Sale
• 12 Sold 4/1/07-4/1/08
• Current Absorption Rate 20 Months or 1.67 Years

To learn more about absorption, read also: So, What Is The Absorption Rate For Your Bonita Springs Home?

If you have questions about current availability in the Barefoot Beach neighborhood or the Hickory Blvd. area, do not hesitate to call or contact Chris.

Bonita Springs Board of Realtors at Relay For Life

This morning I stopped by to take a few photos at the Relay For Life®.  It was held at the Bonita Springs YMCA on East Terry Street.  For the record, I actually had customers to work with this morning so I did not participate with the Bonita Springs Association of Realtors.

The turn out looked great.  There were a lot of volunteers and a lot of SURVIVORS in attendance!  Unfortunately, there are still too many memorial luminaries.

From http://www.relayforlife.org/ : Relay For Life® is a fun-filled overnight event designed to celebrate survivorship and raise money to help the American Cancer Society save lives, help those who have been touched by cancer, and empower individuals to fight back against this disease. During the event, teams of people gather at schools, fairgrounds, or parks and take turns walking or running laps. Each team keeps at least one team member on the track at all times.

Relay is much more than a walk around a track. It is a time to remember those lost to cancer and celebrate those who have survived. It is a night for people who have shared the same experience to comfort and console one another.

Psst.  Tommy, I looked for you.  Where were you?

Security Doesn't Cost, It Pays

The tenant in an Eldorado Acres home moved out and didn't leave a key. After I gave it a valiant effort at attempted burglary the owner of the home asked me for a locksmith to just pick the locks and rekey the door. I gave the owner Mikey G's number and she set up an appointment for that afternoon. Mikey G first was introduced to me well over a decade ago. I owned a little furniture store that was burglarized and he was the locksmith the sheriff told me to call to get a lock on for the night. It was the middle of the night and I was standing in a parking lot in my pajamas. Fortunately, he was the right person to call. His locksmith company is called A Good Locksmith in case you need him.

Today, Mike picked a lock rekeyed two locks, fixed a broken something-or-other inside the doorknob, got the sliding door working again and reset the garage door opener so that the old clickers wouldn't work, in the event there were "extras" rolling around out there. That had never even occurred to me! I just love him. He's one of those good guys you always hear about.

Although I wasn't aware of it, Mike has another business (besides being a locksmith) that has to do with a unique type of filtered water - Kangen Water. After chatting, while he was picking the lock he turned to me after I told him about my Mom's issues with her cancer treatments and the side effects and said, "I have a three gallon jug of water in my car. I want you to take it to your mom, it may help." Right there, boom, puts a three gallon jug of water in my car and tells me to call when I need more. Who does nice stuff like that anymore? He doesn't even know my Mom and he's doing nice stuff for her.

I drove over to my Mom's straight away and dropped it off. She had her first glass already. You know we'll worship the ground you walk on if this helps her tummy, don't you, Mike?

Mike is just a great guy, he's been in Bonita Springs for forever. If you need help with locks, deadbolts, securing a residence or you locked your keys in the car, Mike is your man. He's honest as the day is long and has a heart of gold. Plus, he has a Min-Pin, too. Oh, and if you're looking for Kangen Water, he's your man there, too.

Mike Galdine 239-992-9289

www.278Keys.com