I get a lot of questions regarding this issue...Personal Property in the Contract:?

• IF the contract contains "All furnishings and furniture," then we require an Estate Appraisal to be completed – because I know of no other option to take into consideration ALL furnishings and furniture.  A Consignment "appraisal" is not a true appraisal, as they are only telling us what the Consignment company can sell certain items for in their store and certain items that they would NOT sell in their store.  An Estate Appraisal can be costly, but is the only way to make certain that ALL personal property has been considered.

• Obtaining a listing and eBay or Craig’s Listings for each item is not acceptable for these types of items.?

• IF the contract calls for a specific Room of Furniture or specific Items of Furniture or specific furnishings, then the Listing Agent and Seller should provide a list of those same items and an eBay or Craig’s Listing of same items (same items) being offered for sale and at what price will be reviewed and considered.

• IF the contract includes items like Speed Boats, Ski Boats, Jet Ski’s, Pontoon Boats, Motorcycles, Riding Mowers,Golf Cart's then those will need to be documented as to the make, model and year so that a value of the item can be looked up.

• Lastly, removal of the items from the contract is NOT allowed.? Commentary on the contract that the personal property has "no value whatsoever" is not acceptable. ?

A dollar for dollar reduction of the lower of the Sales Price or Appraised Value will then be made and the loan amount adjusted, accordingly, to take into consideration these items.?

Eaisiest SOLUTION....Don't put it on the Contract....

SOUTHWEST FLORIDA JULY MARKET UPDATE

Steady Improvement is this month’s message from Florida Realtors Chief Economist John Tuccillo.

Watch and learn why Florida may have reached the bottom of its inventory decline.

SOLD! SOLD! SOLD! Sales of single family homes in Lee County have exceeded 1,000 per month for five straight months.  In July sales increased 6.8%, from 941 July 2012 up to 1,005 in 2013.  This is showing us  a continued demand for homes in the area even with supply being limited and prices (along with mortgage rates) going up.

So what about all those foreclosures and short sales you ask?  Distressed properties accounted for 25.4% of existing home sales in July.  Last year, same month, they represented 33% of the market sales.  That’s a pretty significant change in the market and just goes to show the continued healthy improvement we are seeing.

Download the Full Lee County Market Report

Even though normal home sales dominated the market with a 74.6% piece of the pie, the median price in the area dropped 11.9% from June.  Now at $163,000, the median price is still 20.7% above the July 2012 mark of $135,000.

What’s interesting to note is the amount of pending (under contract) single family home sales.  In July there were 1,149 homes that went under contract, a whopping 24.6% increase month over month. 

Now let’s talk supply.  Inventory, or lack thereof, has been one of the big market drivers over the last year.  In July there were 4,924 properties for sale compared to 5,668 in July 2012.  This shows a drop of 13.1%, although I must note the inventory decreases have leveled off.

Download the Full Collier County Market Report

Doreen Falcone, Realtor Association President, states “Strong sales in July reflect that many local residents and investors are competing for limited inventory in lower pricing tiers.  The market remains challenging for local residents as there is stiff competition from cash sales and only 27% of available inventory is priced under $150,000”.

So how long does it take to sell a home now?  Glad you asked! The median days on market for a single family home is now at 49 days.  This is on par with July 2012.  However, this is a drop off from June of 8 days.  As a whole, we now have 5.0 months of inventory on the market based on where we are with current sales.

Miss out on June's market update? Take a look at it here.

Well that’s it for this month’s update.  If you are ready to take the next step click the contact us button or call 239-671-4046 and we will get you the right home, in the right place, for the right price…that’s the Pinnacle Promise!

Sincerely,

Roberto Lee
Managing Broker, Pinnacle Property Group 

Follow us on Twitter at @PinnacleBroker and let us know how we're doing. 

Lets Go Fishing!

Southwest Florida is home to some of the most beautiful and well-known beaches in the United States. Visitors from every region of the country know about the famous beaches on Sanibel Island, Naples, and Fort Myers, but these same locales offer some great fishing opportunities as well. The waters in Southwest Florida are filled with snook, mackerel, tarpon, snapper, and a host of other varieties, so there is something for everyone who enjoys baiting a hook. And because the region is such a popular destination, making new fishing buddies is almost too easy.

Although freshwater fishing is possible, though limited, in Southwest Florida, the region really hangs its hat on the popular saltwater seas. Casual and professional anglers alike will find something to catch, and no shortage of local fishing shops and ocean veterans with great tips to offer, such as using live bait like shrimp as opposed to lures.
Another popular way to fish in Southwest Florida is by chartered boat, complete with a captain. Reservations are needed for most, and rates and hours should be researched, but the excitement is worth the time and investment. Most charters are kid friendly, too, and the Gulf of Mexico provides all types of fishing for all ranges of ages. And most charters guarantee everyone on board will catch something, a guarantee that is almost always fulfilled, sometimes by way of hooking a hammerhead shark.

Additionally, for those who take their fishing a little more seriously, Southwest Florida also offers fishing tournaments all year round. Some may prefer sleeping beneath a sunset with a line in the water and a cooler full of a favorite beverage, but for those that enjoy mixing their fishing with a little competition, there is no better region than Southwest Florida. And there's virtually no better way to establish fishing credentials than winning a tournament in some of the most popular waters on the planet.

So whether fishing from a long pier, a chartered boat, or the shore of a pristine beach, success is almost guaranteed. All that is needed is the right bait, a little patience, and a gorgeous and breezy day. Luckily enough, the Gulf of Mexico and its shores provides plenty of all three, and the cities and counties of Southwest Florida are happy to provide anything else.

Southwest Florida June Market Update

I'd like to start out this months update with a message from Florida Realtors Chief Economist John Tuccillo.  

Watch and learn why the current market is tilting in favor of sellers!!

In Lee County, the total number of homes sold, including all property types, totaled 1568.  This represents a decrease of 4.3% when compared to June 2012.  Of those, single family homes represented a 3.8% decrease versus June 2012.

Distressed single family sales showed a significant decrease year over year.  Short sale solds totaled 101 in June 2013 representing a whopping 43.9% decrease!  The number of foreclosure sales in June, 124, represented a 35.1% decrease from last year. The traditional non distressed single family home resale increased by 14.5% to total 827 sales this past June.  These are all continued signs of returning to a normal healthy market.

Download the full Lee County Market Report

The total number of distressed sales in June 2013 made up 21.4% of single family home sales.  The remaining 78.6% were traditional sales.  Last year distressed sales in June totaled 34%, again showing a significant decrease in the foreclosure and short sale market.  

Download the full Collier County Market Report

Now this next stat is quite impressive.  The median price of existing homes in June increased 32.1% to $185,000!  Since January 2013 Lee County’s median price has shot up 30.7% further bolstering the fact that now is the time to buy.

“Not only are first time homebuyers looking to purchase a home, but many current homeowners recognize that they need to act now before affordability and interest rates rise further” said Doreen Falcone, President of the Realtor® Association of Greater Fort Myers and the Beach.

Those homes that are under contract, or “pending”, numbered 1,154 in June.  This represents an increase over last year of 17.5%.

Overall the market has continued to improve month after month.  The real need in the market place now is more inventory for the total number of buyers.  A larger amount of home sellers will take some of the pressure off continued increases in median value.

Miss out on May's update? Take a look at it here

Well that’s it for this month’s update.  If you are ready to take the next step click the contact us button or call 239-671-4046 and we will get you the right home, in the right place, for the right price…that’s the Pinnacle Promise!

Thanks for a great year.

Sincerely,

Roberto Lee
Managing Broker, Pinnacle Property Group 

Follow us on Twitter at @PinnacleBroker and let us know how we're doing. 

- See more at: http://www.pinnaclepropertygrp.com/blog/#sthash.Cj8NCsXx.dpuf

If you are considering purchasing a home please take a few moments to read this market update.  I can’t express enough and I know it’s cliché but it really is the right time to buy now.

In the month of May, Lee County saw an increase in the number of sales of existing homes.  This year, there were 1255 homes sold in May versus 1148 sold in 2012.  That represents an increase of 9.3%! Of those sales, the traditional resale property made up the bulk of transactions representing a whopping 79.9% of single family homes sold. 

Distressed sales made up the remaining with foreclosures representing 12.1% and short sales representing 9.4%.  As the market continues to improve the percentage of distressed sales continues to fall so if your plan is to wait and see you may want to reconsider.

Downloand the full Lee County Market Report

Regarding median price in Lee County, we saw an increase of 25.1% year over year.  Last year the median value in May was $141,000.  This year we are at $176,333.  Since January alone the median price has increased an incredible 30%! 

Also, now that we are out of our “snowbird” season, the number of new homes for sale in the area has dropped.  This has made it challenging for buyers in the area.  Less homes for sale equals further competition for desirable homes.  Add that to the fact that rates are rising, don’t let indecision affect your ability to purchase a home.  Wait too long and you may price yourself out of an improving market.

Download the full Collier County Market Report

To further illustrate my point, in May 2012 there were 5585 homes listed for sale in Lee County.  In May 2013 there were 5213.  That’s a decrease of 6.7%.  In all, the current amount of inventory on the market represents a 5.5 months supply.

On average, homes are taking 60 days to sell, which is great for sellers.  For buyers, it’s just another sign that if you like a home, there is a good possibility it will not be there for you if you wait. 

Here’s a great stat you should consider regarding your offer strategy as well.  The typical home in Lee County sold for 93% of the asking price.  Gone are the days of lowball offers.  If you are within 7% of asking price, you give yourself an opportunity to get the home you desire. 

Miss out on April's Update?  Take a look at it here

Well that’s it for this month’s update.  If you are ready to take the next step click the contact us button or call 239-244-1649 and we will get you the right home, in the right place, for the right price…that’s the Pinnacle Promise!

Thanks for a great year.

Sincerely,

Roberto Lee
Managing Broker, Pinnacle Property Group 

Follow us on Twitter at @PinnacleBroker and let us know how we're doing. 

Hi Everyone!

It's time for your monthly market update brought to you by Pinnacle Property Group.

The report contains detailed information on number of closed sales, average sales prices, how much inventory is currently available and more for both Lee and Collier Counties.

Best of all it contains simple to read explanations of all the information.

Click Here for the LEE County Report

Click Here for the COLLIER County Report

As the month comes to a close, I'd like to take the opportunity to thank you, Pinnacle Property Group's loyal supporters, for your continued commitment to experiencing the difference with our team of certified expert real estate advisers.

Thanks for a great year.

Sincerely,

Roberto Lee
Managing Broker, Pinnacle Property Group

Follow us on Twitter at @PinnacleBroker and let us know how we're doing.

Located on both sides of the causeway to Sanibel, this beach is a great place to catch sight of dolphins playing in the bay. The sand is hard packed, so definitely bring a chair. Renowned for its great fishing, anglers line the shore during early morning and evening hours. The causeway attracts crowds at sunset because visitors can easily drive to the edge of the beach for spectacular views. 

How cool is this!  HGTV is looking for a vacation home remodel and you could be featured in the show.  Continue reading for details:

CASTING CALL: RENOVATION COUPLE

Departure Films is seeking a couple for a new home renovation series for a major cable network. We are looking, ideally, for first-time vacation-home purchasers who are about to renovate their new investment into a vacation getaway/beach rental with plans to use the rents to help cover costs.

Casting is open to couples planning to purchase + renovate in the Costal Florida area that are about to, or have recently, closed on their property. The home should be as close to the ocean as price will allow, near by or part of the local ‘beach community’, and have a property value in the +/- $400,000 - $600,000 range.

We are particularly interested in hearing from couples who are ready to start renovations almost immediately and certainly by mid-May, 2013. In exchange for participation in the show, the chosen couple will receive funds to assist in making their renovation, rental, and revenue dreams come true!

Please send a bio about yourselves, detailed information on the home you plan to renovate including pictures, property value and location to Karen@departure-films.com.

The Paseo Community in Fort Myers, Florida

The exquisite gated community of Paseo was created by Stock Development and has been named Community and Developer of the Year for 7 years now. Situated on approximately 44 acres in prestigious South Fort Myers this Mediterranean-style community is close to all the main attractions, shopping and beaches of Southwest Florida. This vibrant community features 1,158 homes but because of the innovate craftsmanship of these marvelous homes; there is a neighborhood for buyers of all ages.

Paseo Amenities

Whether its rest and relaxation or sports and activities, the 26,000 square foot Village Center is where you’ll find it. The fitness center features 4,000 square feet of state-of-the-art gym equipment, aerobics and Pilate studios. Paseo’s sports complex also includes six Hydro Grid tennis courts, professional tennis programs and cabanas.

Community restaurants include the casual Paseo Pub with live entertainment, a light-fare menu, pool tables and Happy Hours. The Bistro is the ultimate in elegant dining with gourmet brunches and fine wine tasting. Professionals appreciate the complimentary coffee at the Internet Café and children of all ages can satisfy their sweet-tooth at the old-fashioned ice cream parlor. 

The luxurious, free-form pool includes all the perks that can only be found at the finest resorts. Water features and lavish landscapes lead to private cabanas where you can indulge in a light meal or a refreshing drink that are served at the Tiki bars. While adults enjoy the art of relaxation, children will delight in the elaborate water playground. Other unique amenities include: full concierge service, a 90-seat movie theater and a full-service spa.

Paseo Floor Plans

The Village Residence offers maintenance-free living in a wide variety of unique property choices. These multi-family homes include condominiums (flats), townhomes and split-level townhomes. The twin villa home in the Esperanza neighborhood and are available in two floor plans. All of these magnificent homes feature attached garages and screened-in covered lanais.

The Casita design still offers maintenance-free living while having the privacy of a single family residency. These luxurious two-story homes are constructed around a common driveway and do not share common walls. Paseo also features two sprawling neighborhoods with just single family homes. The Heirloom Series offers four spacious floor plans from 1,809 to 2,075 square feet and two-car attached garages. The Traditional Series offers four floors plans and range from 2,273 to 3,000 square feet.