My New Blog

This is an email I have mailed to my customers.  I would suggest viewing the Mercury website shown to stay up on this important Legislation and the effect on the Real Estate and Mortgage Industries. 

I have noticed a distinct pick up in pending sales in the MLS.  It will take awhile for inventory to straighten out, and even longer for building of new homes to pick up.  I am however optimistic that the great prices are bringing in the buyers.

One Realtor that I know has closed 30 houses this year.  He has a large bank of buyers waiting for the right house at the right price.  They are up against other bidders.  All good news for the Lee County area. 

When appraising Ft. Myers, I noticed a rather large correction in the last part of 2007 and 2008.  Many of these areas held up better than others, however with bargains in Cape Coral,  the Ft. Myers market had to adjust in order to compete.

I was doing a manufactured home in the Iona area for insurance valuation.  I noticed that the market appears quite stable for Fee Simple Manufactured in that area.  The opposite is true for PUDS.  Builder close outs are still affecting these more upscale communities in Iona.

Still all in all, activity is picking up and the end of this downturn appears to be coming to an end. 

I have helped several owners of manufactured homes with their issues regarding insurance.  Many insurers will accept a certified appraisal to determine replacement costs.  Contact me for more information.

I can appraiser manufactured or mobile homes both on leased sites or fee simple ownership.  Coverage areas for appraisals is Lee, Collier, and Charlotte Counties.  Summer special in Ft. Myers $250.00 for full manufactured home appraisal.

Having served as special magistrate for the Lee County Clerk of Court for 2 years,  I have seen many petitioners denied because they did not have the correct evidence to win the petition.  Many times it appears they have a good case, however no knowledge of what is evidence.  It costs the tax payers a lot of money to pay people like me to hear and review the evidence provided by the petitioners. 

Although it is a conflict for me to perform appraisals for this purpose in Lee County,  I can offer advise to help determine what is evidence for reducing your taxes.  Check out your trim notice and refer to www.leepa.org for instructions and forms.

As many of us know, pending sales in the Fort Myers area have picked up.  This is also noted in Cape Coral.  All we need now is the lenders.  I know that the lending institutions and banks are gun shy and have strict appraisal guidelines.  I have been adding statistics and extra comparables to my reports along with a complete narative on the market.

When Appraising in this market, it is important to be willing to take the time and mileage to do the job right.  I have placed as many a 7 comparable sales on reports along with 2 recent listings.  In most cases the lenders are satisfied.  There are a few lenders that would rather rely on an AVM than a complete appraisal.  AVM's are ok for a market analysis, but are inferior when it comes to appraising specific properties. 

I believe that soon, lenders will realize that if they do not originate any new loans, they are not making money,  so this will sort itself out.  They are missing out on well priced properties with qualified buyers.

Lets hope these pending sales turn into closed sales and life can move on in Ft. Myers.

Call me for quality reporting for appraisals in Fort Myers, Naples, Bonita, Cape Coral and Lehigh.

For up to date information regarding mortgages, appraisals, and legislative updates,  I recommend going to www.gotmortgagequestions.com

This site will keep you up to date on Real Estate trends affecting the Ft. Myers, Naples and Port Charlotte markets.

I invite comments from local Realtors, Appraisers, and Lenders working in Ft. Myers, Cape Coral and surrounding areas.  

Florida votors passed Amendment 1 last week which allows portabilty of Save Our Homes.  This is already generating phone calls to local Realtors.  Home owners who have been in the same house for many years can now make a move without the huge increase in taxes.  They can take the savings with them.

Prices in most areas of Southwest Florida are very attractive and those who could not make a move were unable to as they would loose the often large savings on property taxes.  Now they are free again.  This should kick off new activity in the area.

I urge the local Realtors to contact persons they sold home to 5-10 years ago and see if they are ready to move.  This is a great opportunity for these residents to take advantage of the low prices and lower taxes.  Property taxes for the upcoming tax year should be lower for most areas.

Amendment 1 also doubles the homestead exemption to $50,000.

I congradulate Florida voters on making the right decision at the polls.  Existing home sales in the area should pick up in the near future.

As with Cape Coral,  it appears that the attractive prices have brought out buyers in Ft. Myers as well.  I see more contracts being written and less refinance orders.  The market in most areas of Lee County have shown declines over the past two years.  Last Fall, I posted a blog stating that Cape Coral may have found it's bottom.

The Real Estate market in Fort Myers has shown more stability throughout the boom and during the declining market.  There has been a pull back, though not as drastic as the Cape or Lehigh.  This is true for the established neighborhoods.  Planned unit develpments and condos have experienced the most significant adjustment.  Single Family homes in the older neighborhoods have shown modest declines and appear to have found the bottom as well.  North Ft. Myers has been the forgotten zone in all of this volotility.  Prices are much more stable and only show modest corrections. 

With rates good,  prices good,  now all we need is the lenders back.  At this time,  it is important to give complete and accurate appraisal reports to fully show the lender that it is safe to come back to Southwest Florida.  Loans are available to truly qualified buyers which is as it should be.

Appraising in Southwest Florida has been a rewarding and interesting profession. As pricing has become more attractive,  activity is coming back. 2008 should be a return to a normal market in Ft. Myers, Cape Coral, and Naples.  Lehigh still has a way to go as inventory is still high and sub prime loan defaults are most common.  Condominiums are overbuilt and will require more time to become more in balance.  Manufactured Home Parks should have a good season due to the affordability for seniors. 

Contrary to what we hear,  financing is available.  In these uncertain times,  it is important to hire an appraiser which takes the time to offer fresh data in their reporting.  Many just hit the clone button and transfer stale data which is meaningless in this fast changing market.  I hear from other appraisers about the problems with reviewers.  I have noticed that if the correct information is given in the first place,  reviewers are not a problem at all.  When they do ask a question, it is valid.  Closing delays are the result of inferior reporting and lack of comments and details. 

Every time a reviewer makes a request, I consider it a learning experience for comments which are necessary to give an informative report.  I also respond immediately so my customers will not have delayed closings.  It is important to  keep up to date on  the requirements in problem areas such as Lehigh Acres and Cape Coral.  Lenders will write there, but need additional comparables and listings in the report.  If the data is complete and current,  they are less apt to deny the loan. 

As other appraisers complain about reviewers and their unreasonable requests, I have to wonder why they feel this way, and why so many problems.   I believe that the customer who is loaning large sums of money, has the right to ask questions, and require more information than ever in our reports.  It is not unreasonable just responsible.  Reviewers are looking out for their clients well are and so should all of the Southwest Florida Appraisers.  If tighter guidelines had been in place during the boom,  there would be less problems now.

On the 29th of January we vote on the Portability of the Save Our Homes. This enables those property owner with large savings on their taxes to take the savings with them if they move.  Without portability,  many people who wish to move can not afford the increase in their tax bill. 

Passage of this bill will help increase real estate activity in this slow market and free up homeowners to make a move.  For more information on the proposal go to the Lee County Property Appraiser web site at www.leepa.org

Look to the left of the screen under exemption information.

 http://www.leepa.org/PortabilityOfSOH/portabilitysoh.htm