Marco Island Real Estate Buzz: August 2006

Thursday, August 31, 2006

Weather in Southwest Florida...

Despite much hype and media coverage, Tropical Storm Ernesto rolled into Marco Island as a heavier than normal breeze and intermittent rain showers. Quite frankly, we've have worst thunderstorms then this. Yet, the news media seemed poised to sensationalize the havoc that these storms will reap in their path. It's true that we have seen two of the most devastating seasons in history in the last two years. Fortunately, the only damage from this storm was sustained to my back from preparing my home from a storm that didn't materialize. Thank you TWC.

Looking back though, these bad seasons seem to be cyclical in nature which leads me to believe that we are in a cycle and that we will see improvement, if not already, in the weather patterns to come. I've spoken with many long time residents of Marco Island about their past experiences with storms on the island and the concensus was that there were only a handful of times in the last 20-25 years that they could recall having to leave the island because of an impending storm.

I know its better to be safe than sorry but do you think that the media, as well as the weather experts, could be a bit less dramatic about these storms. Weather experts first predicted another catastrophic season only to have to downgrade it because no storms showed up. Part of the reason we have so many properties on the market is because of the anxiety that is instilled by weather experts and news media who continuously bombard us with reports, projections and speculation of our impending doom. In a community of retirees, the added stress is not received well. All it does is make homeowners fearful and detour those that are thinking about buying their place in paradise.

Those who choose to live in Florida know that there is always a danger of tropical storms and hurricanes. It is the price we pay to live in one of the country's most sought after paradises. In the wake of highly publicized tropical storm Ernesto, I ask you to keep in perspective that the media tends to overplay the severity of these storms because it makes for provocative NEWS. Remember, their job is to keep you tuned into their channel.

Tuesday, August 29, 2006

Marco Island Homes for Sales

As of 8/28/2006

The following shows price range for the various categories of condos and homes on Marco Island as of the date above.

Condos
Beachfront from $375,000 to $8,370,000
Gulffront from $495,000 to $6,250,000
Golf Course Community from $795,000 to $1,100,000
Water Direct from $247,500 to $2,000,000
Water Indirect from $499,000 to $875,000
Inland from $159,900 to $1,795,000

Single Family
Beachfront from $10,500,000 to $10,500,000
Golf Course Community from $589,000 to $5,100,000
Water Direct from $749,000 to $12,900,000
Water Indirect from $599,000 to $5,950,000
Inland from $320,000 to $4,500,000

Lots
Beachfront from $795,000 to $6,000,000
Gulffront from $1,299,000 to $1,895,000
Golf Course Community from $595,000 to $699,000
Water Direct from $599,000 to $4,950,000
Water Indirect from $498,500 to $1,950,000
Inland from $149,900 to $5,250,000

Active Listings on Marco Island
635 Single Family Homes
913 Condos
464 Lots

Want to know more about buying or selling on Marco Island?

Contact Joe Bartos at (239) 404-5068 or email at info@BartosGroup.com
The Bartos Group
Amerivest Realty
www.Marco-Naples-Homes.com
www.Naples-Marco-Homes.com

Saturday, August 19, 2006

Track K won't be used for affordable housing

As reported in the Marco Eagle, Tract K in the Tigertail area has been eliminated as a possibility for affordable housing to be developed to support our service and support workers such as police, teachers, nurses and other needed resources.

CLICK HERE for the full story.

What does that mean to us as property owners?

As we lose our existing workers to natural attrition rates due to higher costs of living, we are finding it harder to draw qualified candidates in to fill these positions. So ultimately, we will suffer. We need to encourage our legislators to resolve this issue more quickly before it gets to the breaking point. In my opinion, Tract K is not a significant enough piece of land to warrant affordable housing. However, there are areas of island that may better suit the need and could be rezoned to accomodate a higher density of housing to relieve that potential crisis that we are facing. It's up to us to support the development of afforable housing. We will only hurt ourselves if we don't.

Friday, August 18, 2006

PORTABLE PROPERTY TAX PLAN.. WHERE IS IT?

It was announced a while ago that the political powers to be were all hot to trot on providing Florida homesteaders a chance to substantially increase their property tax break when they go to the voting poles this November.

Several of these politicos were planning to seek legislative approval to put in a constitutional amendment on the ballot to keep our homestead exemption in tact even if we move to a new property. That means that the property tax break we have on our present home goes with us to our new home...it doesn't stay with the property we sell.

Our current property tax law caps our property taxable value at a 3 % per year, regardless of the increase in value. Currently, when an owner sells their homesteaded property, and buys a new one, their new home's taxable value is based on the market, and the property taxes follow that value, usually they go up...and based on recent market value increases, that can be three or even four times the previous property tax bill.

More recently, the Portable Property Tax Plan has come up against some opposition by some heavy hitters in the political arena. The most current word i have heard is that the Plan is now on hold. The leading culpret in this anbticipated long term delay is the recent bill passed by a Senate Committee, that directs the state of Florida to undertake a long term very expensive( purported to be at least one million dollars) study. The study is to provide options to the Portable Tax Plan for review and considerstion, prior to taking ANY ACTION on the portability plan.

So, from what I understand at this point...We will still have our current SUPER tax break for homesteaded property in Florida, but as the old saying goes...YOU CAN'T TAKE IT WITH YOU...at least not yet.

Chuck Kabis, MRA
Certified Mortgage Consultant
Recommended 32 Years..
Your Best Mortgage Resource
239-298-3090/10mega@ureach.com

WHAT ABOUT INTEREST RATES FOR MORTGAGES???

According to several National Surveys of mortgage rates, for the 4th week in a row we have seen a decrease in rates for home loans. In fact, they say, it's the sixth time in seven weeks the rates have droped from previous highs.
There are a number of economic reasons why the rates slowed down and reversed the upward trend. Claimed to be the number one reason is the slow dowm in the rate of inflation. Even though the index used to measure this did not react exactly as the leading economists expected, nationally, base wholesale prices for goods fell and Retail prices went up...but not quite as high as projected.
Since BONDS are the central core of movement for Mortgage rates, we need to keep watch on what happens in the Bond markets. As a result of the slow down of the rate of inflation, the trickle down effect on the Bond market was recognized as a movement downward of Bond Yields.

Mortgage Rates move down(most of the time) when Bond Yields go down. Bonds work in reverse of most other financial instruments. When BOND RATES go UP...Bond Yields come down...and so does Mortgage rates.

Most people think that the FED announced rate changes are Mortgage Rate changes. Not So..at least directly. The Fed moves the Fed Discount Rate...thats the rate Banks charge/pay each other for overnight deposited Bank funds. An increase in the Fed Discount rate is usually immediately followed by an increase in PRIME rate...the interest rate charged on most Business loans, many HELOC'S, and some others. Mortgage Rates are generally only affected by the Fed Rate increase if that increase dominates other financial markets that move the Yield on Bonds up or down.

Since the Feds last meeting, where they held short term rates(as it is called) , it has given a glimmer of hope to Realtors and Mortgage Bankers that this Fed move will be the spark that ignites even more real Estate sales...And more Mortgages...Which, by the way in my opinion, is the best way fore this country to foster a continued healthy economic future.

Chuck Kabis, MRA
Certified Mortgage Consultant
Recommended 32 Years..
Your Best Mortgage Resource!
239-298-3090

Wednesday, August 09, 2006

THE FLORIDA COMPREHENSIVE HURRICANE DAMAGE MITIGATION PROGRAM

The state of Florida is now offering free inspections and matching grants up to $5000 through the Florida Comprehensive Hurricane Damage Mitigation Program and is meant to help mitigate the damage caused by a hurricane by improving the ability of the home to withstand windstorms. The program is available to homesteaded residents of Florida of homes valued less than $500,000.

For more information, go to: http://www.mysafefloridahome.com/AbouttheProgram.htm

Want to find out more about real estate on Marco Island?

Contact Joe Bartos at (239) 404-5068 or email at Info@BartosGroup.com mailto:info@BartosGroup.com
The Bartos Group
Amerivest Realty
http://www.marco-naples-homes.com/
http://www.naples-marco-homes.com/

Monday, August 07, 2006

Marco Island Homes for Sales

As of 8/07/2006

The following shows price range for the various categories of condos and homes on Marco Island as of the date above.

Condos
Beachfront from $375,000 to $8,370,000
Gulffront from $529,000 to $6,250,000
Golf Course Community from $795,000 to $1,100,000
Water Direct from $259,000 to $2,200,000
Water Indirect from $499,000 to $875,000
Inland from $159,900 to $1,795,000

Single Family
Beachfront from $10,500,000 to $10,500,000
Golf Course Community from $599,000 to $5,100,000
Water Direct from $749,000 to $12,900,000
Water Indirect from $599,999 to $5,950,000
Inland from $340,000 to $4,500,000

Lots
Beachfront from $795,000 to $6,000,000
Gulffront from $1,299,000 to $1,895,000
Golf Course Community from $595,000 to $699,000
Water Direct from $625,000 to $5,900,000
Water Indirect from $499,000 to $1,950,000
Inland from $179,500 to $5,250,000

Active Listings on Marco Island
610 Single Family Homes
887 Condos
456 Lots

Want to know more about buying or selling on Marco Island?

Contact Joe Bartos at (239) 404-5068 or email at info@BartosGroup.com
The Bartos Group
Amerivest Realty
www.Marco-Naples-Homes.com
www.Naples-Marco-Homes.com

Sunday, August 06, 2006

HURRICANE SEASON LOOKS TO BE DOWNGRADED BY NOAA

The latest buzz is that the 2006 Hurricane season won't be as active as first predicted. According to NewsBuster.org, the NOAA will likely downgrade the season in their report due out on August 8th. In a similar story, hurricane researchers at Colorado State University said that this year's hurricane season won't be as bad earlier predicted and said a monster storm like Katrina is unlikely.This is good news for residents of the coast of Florida both from a weather and a real estate perspective. Maybe now people will feel safe to go back to the water.

For the rest of the story, go to:

NewsBusters.org http://newsbusters.org/node/6755

Chron.com http://www.chron.com/disp/story.mpl/front/4092126.html

Want to find out more about real estate on Marco Island?

Contact Joe Bartos at (239) 404-5068 or email at Info@BartosGroup.com mailto:info@BartosGroup.com
The Bartos Group
Amerivest Realty
http://www.marco-naples-homes.com/
http://www.naples-marco-homes.com/