First Time Home Buyer Credit - Updated

There are great opportunities to buy Naples real estate right now. The distressed market is causing a frenzy in Naples condos and Naples homes for sale.

Congress, as part of its plan to stimulate the U.S. housing market and address the economic challenges facing our nation, has passed new legislation that:

·     Extends the First-Time Home Buyer Tax Credit of up to $8,000 to first-time home buyers until April 30, 2010.

·     Expands the credit to grant up to $6,500 credit to current home owners purchasing a new or existing home between November 7, 2009 and April 30, 2010.

Here is more information about how the Extended Home Buyer Tax Credit can help prospective home buyers become part of the American dream.

Who Qualifies for the Extended Credit?

·     First-time home buyers who purchase homes between November 7, 2009 and April 30, 2010.

·     Current home owners purchasing a home between November 7, 2009 and April 30, 2010, who have used the home being sold or vacated as a principal residence for five consecutive years within the last eight.

To qualify as a “first-time home buyer” the purchaser or his/her spouse may not have owned a residence during the three years prior to the purchase.

Which Properties Are Eligible?

The Extended Home Buyer Tax Credit may be applied to primary residences, including: single-family homes, condos, townhomes, and co-ops.

How Much Is Available?

The maximum allowable credit for first-time home buyers is $8,000.

The maximum allowable credit for current homeowners is $6,500.

How is a Buyer's Credit Amount Determined?

Each home buyer’s tax credit is determined by two additional factors:

1.     The price of the home.

2.     The buyer's income.

Price

Under the Extended Home Buyer Tax Credit, credit may only be awarded on homes purchased for $800,000 or less.

Can a Buyer Still Qualify If He/She Closes After April 30, 2010?

Under the Extended Home Buyer Tax Credit, as long as a written binding contract to purchase is in effect on April 30, 2010, the purchaser will have until July 1, 2010 to close.

Will the Tax Credit Need to Be Repaid?

No. The buyer does not need to repay the tax credit, if he/she occupies the home for three years or more. However, if the property is sold during this three-year period, the full amount credit will be recouped on the sale.

Buyers interested in learning more about the First Time Home Buyer Credit should contact their lender, financial advisor, accountant or, if you have specific questions or need additional information, please contact a tax professional or the Internal Revenue Service at 800-829-1040.

To take advantage of the First Time Home Buyers Tax credit, buyers beginning their search in the Naples Florida real estate market should start here with Naples MLS.

Information courtesy of Realtor.org, http://www.realtor.org/home_buyers_and_sellers/2009_first_time_home_buyer_tax_credit

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Naples Real Estate Search by Collier County Public School District Zone Maps

We created pages specifically designed for parents and guardians of students who are focusing their search based on their child’s school district. Contact us to let us know which district you prefer or mandate and we will only send you properties in that zone. Here are the Collier County Public School District Zone Maps:

·         Collier County Elementary (click) School District Zone Map - Large Map File, exercise patience while it loads!

·         Collier County Middle (click) School District Zone Map - Large Map File, exercise patience while it loads!

·         Collier County High (click) School District Zone Map - Large Map File, exercise patience while it loads!

·         Collier County Immokalee Area Elementary (click) School District Zone Map - Large Map File, exercise patience while it loads!

We have the ability to map out the area of interest, and streamline properties to you based on price, and any other criteria you wish to set.

Tim Ryan and the Naples Guru Team, Naples Real Estate (239) 963-4070

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REO on Naples Bay

An REO in Bayfront

Bayfront in Naples is a luxury condo development on Naples Bay across from Tin City. It is a mixed use development with high end shops and boutiques, as well as a café and Cabana Bar on the water. The units all face each other, but each unit has a view of Naples Bay, just east of where 41 turns from north-south to east-west, across from the popular destination Tin City. It is a short walk to 5^th Ave, and a bike ride to the beach. Slips are available for rent or purchase with direct Gulf access.

The most interesting development in Bayfront just happened the other day with the first Bayfront in Naples REO bank owned foreclosure listing in the community, 450 Bayfront Place Unit 4303 Naples. This is not a reason to sound the alarms, but it is certainly worth paying attention to. It is aggressively priced at $453,500. This is significant because the REOs are making their way into the luxury homes and condos near downtown and 5^th Ave, near the beach, bay and other areas that were once considered high-end and untouchable. This is providing an opportunity for buyers to get in at the bottom and get a piece of the Naples real estate pie.

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Saturnia Lakes - Single Family Home Bargain

Every now and then, a deal comes along that buyers must pay attention to. In the Naples real estate market, most buyers seek vacation and resort style amenities. Only recently have we seen a shift in preferences with more and more buyers seeking more Naples homes for sale, and not the typical Carriage homes. Instead, buyers like the newer communities that have recently tailored to most home buyers wants – guard gate, pool, clubhouse, fitness, tennis, activities, landscaping, safety and neighborhood feel. One community that ranks high in all these amenities is Saturnia Lakes. Located off Immokalee Rd, the community is a terrific destination for all types of home buyers. There are no condos in the development. There are many younger couples. At the same time, older retirees favor the amenities. There are activities for children, and get togethers for Moms. There are holiday parties, and everyone has their door open and lights on for Halloween. The mix gives the community a really sincere neighborhood feel.

One unit that is currently listed at $269,000, a former model home of the developer, has been totally upgraded at the time these were selling fast. It can be seen here, or if it sells by the time you are reading this, you can see the MLS listing here. The backyard is decorated with custom paver area and a built in grill. The home overlooks the lake and is great for entertaining. This is a terrific deal given no other home is listed under $300,000, and anything with 3 or more bedrooms is $329k and up. Looking at closed sale prices, here are all closings on this particular street (built in 2002):

	MLNum	List Price	Selling Price	Bedrooms	Full Baths	Half Baths	Living Area	Closed Sale Date
1	205027422	$1,050,000	$1,000,000	2+Den	2	1	2678	9/30/2005
2	205027389	$1,025,000	$985,000	3 Bed	3	0	2616	11/18/2005
3	205027381	$885,000	$835,000	3+Den	3	0	2735	10/18/2005
4	205027338	$750,000	$725,760	2+Den	2	1	2333	10/7/2005
5	205027386	$780,000	$725,000	2 Bed	2	1	2435	10/11/2005
6	205027318	$750,000	$670,000	3 Bed	2	1	2452	9/28/2005
7	205027353	$710,000	$650,000	3+Den	3	0	2440	11/28/2005
8	205027327	$650,000	$625,000	2+Den	2	0	1928	10/19/2005
9	205027294	$620,000	$595,000	3+Den	2	0	2078	9/30/2005
10	205027231	$530,000	$510,000	2+Den	2	0	1751	10/3/2005
11	209030902	$429,500	$400,000	4 Bed	2	1	2678	10/29/2009

All these sales were in 2005 with the exception of 1, which was recent, in October, sold for $400,000. This unit, listed at $269, is over $60k less than the next 3 bedroom home! (as of 12-2-09)

If your interested in single family gated communities like this one, visit our Naples single family gated community profile page.

Tim Ryan, Naples Realtor

(239) 963-4070

info@naplesguru.com

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Naples REOs Continue Trend

In the Naples real estate market, Naples Reo Bank Owned properties, or Naples foreclosures (properties that have already been foreclosed on) continue to demand offers in line with list price. Banks are aggressively pricing their listings to generate interest, and it is paying off. Although the final price is on average less than comps sell for on the resale market, they are moving. From 9-1-09 to 11-30-09 (last 3 months) there were 431 bank owned REO closed sales. On average, properties sold for 101% of list price. In other words, on average, Naples homes and Naples condos sold for at least asking price. This trend dates back prior to the last 3 months, but the numbers tell you that the trend continues. Here are the closed Naples repossessions during this period:

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Home Sales are Up and it's Snowing in Southwest Florida! Both statements are TRUE!

Home Sales are Up and it’s Snowing in Southwest Florida! Both statements are TRUE!

I hope they hate snow - Come on Down to Sunny Naples Florida, where it NEVER... I mean...

Naples real estate sales are up, and overall, Naples FL home sales will be different this year. Last night, Naples held its annual tree lighting ceremony during their festival of lights. Everyone gathers in downtown Naples on 5^th Ave and the Mayor comes out and does his thing and they light the tree like every other small town in America. Cool, right? Yes. But not nearly as neat as the fake snow generated by a bubbly soap that gives you the feeling it is snowing! In sunny Naples Florida! This event marks the beginning of the season. Thanksgiving is only a couple days away, then everyone will storm the Naples stores for Black Friday. Then, instead of making an extra trip to the next strip mall, I have a feeling this year, people will be shopping for real estate instead.

I have been fielding calls all offseason, the busiest yet, and many times, I get the comment, “Well, I’m definitely interested in Naples real estate, but I won’t be down until the season, we’ll talk then.” Many of my clients are planning trips in December and January, and most will stay through March. I will be booked solid this season.

Interest in Naples homes for sale is high. Investors are buying income generating Naples condos on the cheap. They are paying cash, and they are going fast. Of course, Naples foreclosures have a lot to do with the Naples real estate boom.

Tim Ryan, Naples Real Estate (239) 963-4070

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Naples Real Estate Sales Trends 2009

The numbers continue to grow. The last 12 months have shown a steady increase in single family home sales in Naples, Fl. Naples real estate will continue to be a highly sought after investment strategy for buyers. Perhaps more significant is the first time home buyers that have chosen Naples fl homes for sale as their first choice in choosing a homestead. See the graph showing Naples Fl homes for sale closings:

This graph represents only single family home sales, and doesn't include condo, investment properties or land sales. The trend continues upward for those as well.

Many will automatically attribute the increase in sales to the first time home buyers because of the first time home buyers credit. However, I have found that most of my buyers purchasing Naples FL homes for sale are investors with cash. They aren't taking out 2nd and 3rd mortgages to finance their investments, they are instead spending their cash on Naples single family homes. These buyers are the driving force behind the trends currently fueling the spike in home sales. Here is the contrast visually of Naples FL homebuyers financing in the last 12 months:

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Naples FL Property Taxes

When selling Naples real estate, I am often asked, “What will my taxes be?” Since I am not the Collier County Appraisers Office, I cannot give an accurate answer. I advise my clients that typically, on Naples fl homes for sale, taxes are assessed for Collier County at 1.25% of purchase price. My clients are often most concerned with the overly inflated assessments either made by appraisers in the last 5 years, or from purchase prices from before the southwest Florida housing bubble burst here in Naples. I have to advise, once again, that they can expect a 1 ¼% assessment from their purchase price.

As a Naples Realtor, I cannot comment on taxes. I leave this to the appropriate people. However, I can point my clients to the process that is followed if they think their assessment was not just and equitable.

After purchasing a Naples FL home or Naples condo, a property owner is allowed 25 days after the TRIM Notice is mailed to protest the assessment to the Collier County property appraiser. Is the property owner has a valid argument, and it is based in fact, ie. purchase price, the county appraiser may make a change and lower the assessed value.

First, the homeowner should go to the County Property Appraiser Office. If the assessment is appropriately reduced, then good. If the new assessment is still not just and equitable, the homeowner can go before the Value Adjustment Board. If still, the assessment is not just and equitable, the homeowner can go to court.

I feel confident that the Collier County Property Appraiser’s office will fairly, justly and equitably adjust your assessed value after a real estate purchase so you have no need to worry. If they don’t, the simple, aforementioned process will help you get a fair assessment of your Naples real estate.

If you are interested in reading more about this or other frequently asked questions related to naples FL real estate, Naples condos, Naples homes, or anything else, you can visit the Guru’s FAQ pages at http://www.naplesguru.com/faq.php

Tim Ryan, Naples Real Estate

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Pelican Bay Naples - 2009 Sales and Links

Pelican Bay Naples Market Update and Links

There were 213 closed sales in Pelican Bay Naples between 11-1-08 and 11-1-09. Here they are:

	MLNum	List Price	Selling Price	Full Address	SubCondo Name	Beds	Baths	Half Baths	Living Area	Year Built	Date Closed
1	208011874	$17,700,000.00	$16,400,000.00	7613 BAY COLONY DR	STRAND AT BAY COLONY	6 or More	7	2	12505	2000	4/17/2009
2	209008774	$14,900,000.00	$14,000,000.00	7621 BAY COLONY DR	STRAND AT BAY COLONY	4+Den	6	3	10345	2002	7/29/2009
3	208046890	$12,500,000.00	$9,500,000.00	7607 BAY COLONY DR	STRAND AT BAY COLONY	4+Den	6	3	9775	1995	3/31/2009
4	209006790	$5,795,000.00	$5,225,000.00	372 CROMWELL CT	BAY COLONY SHORES	4+Den	4	2	5500	2007	9/1/2009
5	208018206	$6,250,000.00	$5,100,000.00	8477 BAY COLONY DR, #602	WINDSOR AT BAY COLONY	4+Den	4	1	6085	1998	3/3/2009
6	208019634	$4,500,000.00	$3,500,000.00	7264 TILDEN LN	BAY COLONY SHORES	5 Bed	5	2	7538	1996	pppp

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Aqualane Shores Naples Sales Trends 2009

Aqualane Shores, Naples Real Estate 2009

Aqualane Shores is one of the most sought after areas for luxury buyers who want the most of Naples waterfront living. Tucked between Old Naples and Port Royal, the small neighborhood, a Naples single family home non-gated development, boasts high-end Naples real estate with all the amenities those would expect from such a community. Naples homes for sale in Aqualane Shores have remained fairly steady in price. The market hasn’t been as active as surrounding communities, but due to its small size, you won’t hear much about a large number of transactions, rather, quality ones. Here are all Aqualane Shores real estate sales in the last 12 months (11/25/08 through 11/25/09):

	MLNum	List Price	Selling Price	Sold as % of List	Full Address	Bedrooms	Full Baths	Half Baths	Living Area	Year Built	Closed Sale Date
1	207025595	$4,297,000	$3,650,000	84.94%	460 15TH AVE S	4+Den	5	2	4875	2007	7/10/2009
2	208045258	$3,900,000	$3,600,000	92.31%	754 17TH AVE S	4+Den	4	1	5350	2002	8/18/2009
3	207049140	$3,500,000	$3,500,000	100.00%	766 17TH AVE S	4+Den	4	1	5858	1996	5/14/2009
4	208006331	$4,850,000	$3,000,000	61.86%	933 18TH AVE S	3 Bed	4	0	2826	1966	4/3/2009
5	207051963	$3,500,000	$3,000,000	85.71%	2022 4TH ST S	3+Den	4	1	4589	1999	5/18/2009
6	208043848	$2,600,000	$2,575,000	99.04%	720 17TH AVE S	4+Den	5	1	6200	1997	7/31/2009
7	208040259	$2,900,000	$2,300,000	79.31%	302 18TH AVE S	4 Bed	4	1	4165	1994	8/13/2009
8	209003080	$1,600,000	$1,275,000	79.69%	1700 3RD ST S	3+Den	3	0	2117	1962	8/4/2009
9	209019323	$1,295,000	$1,150,000	88.80%	1770 4TH ST S	3+Den	3	1	3486	1991	6/11/2009
	Ave	$3,160,222	$2,672,222	85.74%

Aqualane Shores hasn’t experienced much in distressed sales. The homes above were bought by those seeking amenities on the Gulf. The average sales price was $2.67M. On average in the last year, Aqualane Shores homes sold for 85% of what they were listed for. (This is a small set of numbers, so the average is heavily skewed by some transactions that could be considered close to anomalies).

Naples real estate has experienced significant growth in the last 12 months. Here are sales trends for single family residences:

Search Naples listings with current updated Naples MLS.

Tim Ryan, Naples Real Estate (239) 963-4070 info@naplesguru.com

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Aqualane Shores Real Estate, Naples FL

Aqualane Shores Real Estate, Naples FL

Aqualane Shores is one of the most desirable locations in all of Naples, west of US 41 on the Gulf of Mexico. Tucked between Old Naples and Port Royal, the mature landscaped streets, with old banyan trees providing shade against the blue-green waters of the Gulf, make this an unforgettable area to buy Naples real estate. Many Aqualane Shores, Naples homes for sale are within walking distance to the beach. It’s only a 2 minute drive to Third Street shopping district and 5^th Ave. Nearby is world renowned dining and shopping, Venetian Village, entertainment, and tropical waterways for boating and fishing enthusiasts.

Aqualane Shore homes for sale

In the last year (period 11-1-08 to 11-1-09) there were only 9 closed sales. This is not because buyers are avoiding this area, this is because there isn’t as much for sale and those that do sell fetch higher prices due to the luxurious property and amenities being purchased. Here is the sales data:

	MLNum	List Price	Full Address	Bedrooms	Full Baths	Half Baths	Living Area	Year Built	Selling Price	Closed Sale Date
1	207025595	$4,297,000	460 15TH AVE S	4+Den	5	2	4875	2007	$3,650,000	7/10/2009	84.94%
2	208045258	$3,900,000	754 17TH AVE S	4+Den	4	1	5350	2002	$3,600,000	8/18/2009	92.31%
3	207049140	$3,500,000	766 17TH AVE S	4+Den	4	1	5858	1996	$3,500,000	5/14/2009	100.00%
4	208006331	$4,850,000	933 18TH AVE S	3 Bed	4	0	2826	1966	$3,000,000	4/3/2009	61.86%
5	207051963	$3,500,000	2022 4TH ST S	3+Den	4	1	4589	1999	$3,000,000	5/18/2009	85.71%
6	208043848	$2,600,000	720 17TH AVE S	4+Den	5	1	6200	1997	$2,575,000	7/31/2009	99.04%
7	208040259	$2,900,000	302 18TH AVE S	4 Bed	4	1	4165	1994	$2,300,000	8/13/2009	79.31%
8	209003080	$1,600,000	1700 3RD ST S	3+Den	3	0	2117	1962	$1,275,000	8/4/2009	79.69%
9	209019323	$1,295,000	1770 4TH ST S	3+Den	3	1	3486	1991	$1,150,000	6/11/2009	88.80%
								Ave Sales Price	$2,672,222	Sale Price as a % of List Price	85.74%

By the Numbers

The average closed sale price was $2.67M. Most of these properties are larger than the typical Naples homes, with an average living area of over 4,000 square feet.

On average, the closed sales price was almost 86% of list price, or in other words, homes actually sold for about 86% of asking.

There was only one bank owned foreclosure sold in the same time period, which was the lowest price unit for $1.15M.

If you are interested in Aqualane Shores real estate, contact us or call the office at (239) 963-4070.

Tim Ryan, Naples Real Estate – http://www.naplesguru.com

#1 Naples Buyers Agent

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