Friday, February 27, 2009
Monday, February 23, 2009
Sunday, February 22, 2009
Thursday, February 19, 2009
Tuesday, February 17, 2009
Sunday, February 15, 2009
- The loan limits will be raised to $727,000 in "high cost" areas.
- The first time home buyer tax credit will be raised to $8,000 with no payback clause.
- Approximately $50 billion will be used to re-write mortgages that are struggling to meet payments. Owners will have to go through a "stress" test of sorts during this foreclosure mitigation process.
- "Fannie" agreed to lift the cap of 4 investment properties eligible for mortgages and raise it to 10.
- We preserved many of the existing real estate tax credits such as mortgage interest rate deductability and the $250,000/$500,000 cap gains exclusion.
Early reaction to the stimulus bill is mixed, but many folks I'm talking to wonder why are we helping the people who haven't been paying their mortgages while those who pay on time each and every month are not eligible for any assistance even though they have not been immune from the struggle yet have proven to be better managers of their money?
We still need to push interest rates down further to help get capital flowing again. Overall, I think there was more to report on the "bright side" with respect to the real estate portion of the stimulus bill...As always, I welcome your comments.
By the way, it's 80 degrees in Naples Florida today and the sun is shining gloriously! Now that's what I call stimulus! (and The Bright Side!)
Friday, February 13, 2009
Tuesday, February 10, 2009
Friday, February 6, 2009
Wednesday, February 4, 2009
- Currently there are 10,783 Active Residential listings in Naples per SunshineMLS.
- Presently there are 1006 residential properties under contract, and of those pending, 29% are listed under $300,000. 7.2% are priced at or above $1 million.
- In 2008 51% of the closed sales were listed below $300,000., while an estimated 13% of the 2008 closed residential sales were listed at or above $1 million.
- The number of residential listings that went pending per MLS in January 2008 was 440 total units vs. January 2009: 758. That is a huge single month increase in contract activity!
For more details about today's market, or for an analysis of prices and trends in any specific neighborhood or condominium, please do not hesitate to contact the Harris-Peppe Team today. Call us directly at 239-370-0574 or email me at firstname.lastname@example.org
Thanks, and make it a great day!