Bonita Springs

Southwest Florida Has Something For Everyone

Are you tired of the rat race that has you in your car on the way to work at 7am and then back home at 8 in the evening? Would you like to believe there is a real alternative, where you can live in a relaxing environment, more time for leisure activities and access to all the things you love like the beach and golf courses?

Southwest Florida is all this and more, with a great climate all year round and all the facilities you could want for yourself and your family. All here to enhance your life, rather than making you sit in traffic jams.

One of the most outstanding communities on the Southwest Florida peninsula is Bonita Springs, which is also known as the “Gateway to the Gulf”. Bonita Springs was not so long ago a sleepy fishing village, but now enjoys the reputation of being one of the most prestigious residential locations in the state.

The beaches are renowned for their cleanliness and beauty, and feel just like a tropical resort rather than a residential community. The golf courses at Bonita Springs are world-class and other activities include fishing, boating, tennis, and so much more.

Real estate in Bonita Springs tends to be aimed at the second home owner, and the established communities are more high-end. That said, there are also new developments in the area which offer more affordable living, inland from the coast, yet still within reach of all the amenities. If it’s a holiday destination you’re looking for then condominiums in Bonita Springs offer the best way to pay less and get more.

Fort Myers is another prime area situated on the banks of the Caloosahatchee River. Once the home of pineapple plantations and cattle farms, it was named after Colonel Abraham Myers, and still manages to blend its rich history with spectacular new developments. The prime attraction of the region is the moderate winter climate which draws many retirees to the area from all over the country.

Fort Myers even has a Recreational Department which organizes activities for young and old alike, from boating to swimming, and ball games to dancing.

Fort Myers real estate appeals to a wide demographic, with everything from affordable cottages, to Art Deco mansions overlooking the river. There are a number of exclusive gated communities for those looking for security and peace of mind, and condominiums line the shoreline for holiday seekers to have a place to come and relax.

No matter where you choose to live in the Southwest Florida region, rest and recreation is the top priority and housing options all revolve around maximizing use of the great climate and facilities.

As a holiday or retirement destination, Florida has everything you could want for a restful time. Real estate options are available for everyone, and prices range from $150,000 for a condo, or modest 3 bedroom house, to $10 million for a spectacular waterside villa. It all depends on your needs, and your budget.

Buying a new home and renting out the old one

I picked up this article from an email that was sent to me, and thought it was very applicable to the Naples, Estero, Bonita Springs, and Fort Myers Markets.  It talks about what a lot of people are doing right now…Buying a new property and renting out the old one.  It even goes into the property management element.  Enjoy…

Buying a new home and renting out the old one

Plus, reverse mortgages and why they need to be FHA-approved

By Lew Sichelman Market Watch

Realty Q&A is a weekly column in which Lew Sichelman, a nationally syndicated columnist who has been covering the housing market for more than 35 years, responds to readers’ questions on real estate.

WASHINGTON (MarketWatch) — Question: I’m having trouble understanding the conventional wisdom that says you shouldn’t turn your existing home into a rental property when you buy a new house. The “experts” say if you want a rental, you should sell your house and buy the one next door. I understand the benefits of tax-free capital gains, but what about transaction costs and the ability to lock in a primary residence mortgage rate before you rent it?

My situation is that I have a house worth $260,000 and we owe $140,000 but would take about $50,000 of equity out for part of our down payment on the new home. The house is in a “hip” neighborhood and we could rent out for $1,500 to $1,700 and probably see appreciation. So the property would be cash-flow positive. Wouldn’t it make sense to keep our house as a rental? — Matt.

Answer: Sounds like a plan to me. The scenario you describe makes absolute sense. But the only way you can pull $50,000 out of your present abode is to refinance. And to do that, you’ll have to certify that you will occupy the place. So don’t let anyone in on your plan, especially your loan officer. And don’t buy your next house until the you have the money from the refi in hand.

By the way, I haven’t heard what you call “conventional wisdom” about selling your house and buying the one next door. But I assume that is someone’s answer to escaping places in which the owner owes more to the lender than the joint is worth. The tactic would be to buy the house next door at its sharply deflated value, and then send in the keys with a nice “see ya later” letter to the lender who holds the mortgage on your current house. The ploy will kill your credit, but at least you’ll be in your new, cheaper digs next door before that occurs.

I suppose it also would work in your case. Since you are not upside down on your loan and the house continues to appreciate in value, you could sell at a profit, use some of the proceeds to buy a new house and the rest to buy the place across the street. But if your house is appreciating, you’ve got to figure the one you have your eyes on for a rental is appreciating, too. So where’s the bargain, especially, as you rightfully point out, when you consider transaction costs, taxes and a somewhat higher mortgage rate on the new rental?

Question: Thank you so much for your response. Two different reverse-mortgage lenders told us that they would not be able to process an HECM because of the “condo” issue. If you have the name of a person or business that will help us with this, I would most appreciate the referral. —A.A.

Answer: I spoke with the folks at Generation Mortgage, another major home-equity conversion mortgage lender, and I think I know what the problem may be. The condominium in question probably isn’t on the Federal Housing Administration’s approved list. “Before an application can be taken for a reverse mortgage on a condominium project, a borrower must first find out if the project is on FHA’s approved list,” a Generation spokesperson reminded me. “A borrower can find out this information by contacting an-FHA approved lender or asking their homeowners association.”

If the project is on the list, I was assured there should be no problem. But even if it’s not, my source said, lenders “have approval processing options [that] they can exercise to gain FHA approval.”

Feedback

I like your column and read it regularly. However, you are wrong on the percentage that an agent charges for property management for rental property (residential). In your recent article “When renting out a home is the best option,” you made the following statement in answer to a question: “Hopefully, the house will throw off enough income, even after the agent’s 15% to 17% commission, to cover the mortgage payment. I’ve owned rental properties for 20 years, and have paid agents 10% to 15% to manage my property. You may want to make a comment to this effect to correct this error because the figures are way out of wack. —K.L.

Response: You’re right, sorta. I just threw those percentages out there because no one has any hard numbers on the typical commission. In truth, rental fees are all over the ballpark, and are usually whatever the traffic will bear.

Typically, ma and pa landlords pay agents a fee equal to one month’s rent to sign a tenant to a one-year lease. However, in many resort areas, rental agents ask for — and receive —something on the order of 17% to 20% or more if they have to watch the place when it is empty or have it cleaned and perform other management chores.

Bonita Springs Farmer’s Market

The Lion’s club of Bonita Springs sponsors a Farmer’s Market right here in Bonita Springs, FL.  It is located at the

Promenade Shopping Plaza, 26811 S Bay Dr Bonita Springs, Florida 34134,

just north of Bonita Beach Road in front of Bonita Bay.  There is fresh produce, flowers, art, handcrafts, honey, seafood, food, food, and more food.  If you can’t tell, I love the food at Farmer’s Markets. 

There is also great people watching at Farmer’s Markets as well.  Of course, this is not the only Farmer’s Market in Bonita Springs and Estero.  There are probably 10-15 local Farmer’s Markets in Southwest Florida.  They would be anywhere from Fort Myers to Estero to Naples.  This Farmer’s Market is open from 8am-noon on Saturday Mornings all thru the winter season.  Come check it out. 

Maybe I will see you there…

Rotary – Group Studay Exchange – District 6960

GROUP STUDY EXCHANGE (GSE) DISTRICT 6960 AND DISTRICT 2230 (Poland) 2010-2011

Where: District 2230 is located in Poland (Warsaw)

When: District 2230 will visit our district from May 12, 2011 to June 14, 2011 District 6960 will visit Poland from May 14, 2011 to June 14, 2011

Team Leader: Experienced current Rotarian

Team Member: Between the ages of 25 and 40, employed full time in a recognized profession. They cannot be related to a Rotarian (lineal descendant)

How to Apply: Applications are now being accepted for Team Leader and Team Members.

Applications can be obtained on our District 6960 website, fill out on-line, print, and send to GSE District Chairman, Bob Knight:

Applications can be obtained on our District 6960 website at http://www.rotarydistrict6960.org/GSEInformation.html. Or from the home page under “Current News”. Select the Team Leader or Member application you would like to open. These are Word documents that can be filled in.

a. Contact the District 6960 GSE Chairman, Bob Knight for other questions or concerns (bob.knight@paulhomes.com or (239) 542-1750, extension 12.

b. Applications can be emailed and then mailed to 4524 SE 16th PL Ste 2C, Cape Coral, FL 33904

Time Line:

a. Team Leader interviews – December 2010

b. Team Member interviews – December 2010

c. Team training begins January 2010

d. Team meets every other week for team building and training

e. The team will be trained to give their presentations in Polish

f. April and May 2011, team meets weekly for final preparations and live dress rehearsals g. District 6960 team is in District 2230 from May 14, 2011 to June 14, 2011

Market Report 2010, Bonita Springs/Estero

OK…..I want everyone to know, I am not very good at making graphs.  I have been working in this for a while, wanting to get the best data in chart form, post it to my blog, and have everyone amazed at my skills…  This is not going as planned.  BUT.  I have a back up plan while I keep working to get a chart, graph, statistical data to you.  I will just copy and paste the data given to me by my local board of realtors.  Now, you can look all over the web and find fancy charts and graphs, but for the time being, all I can give you is the statistical data, and explain to you what it means. 

Maybe this is the best case scenario for everyone.  When you look at a graph it can be misleading, but by looking at the number…well…they don’t lie. 

Now please see below…This info is from sunshinemls.  Note that the info provided are the

 2010 Home Sales in Bonita Springs and Estero thru Nov. 

Price Class	2 Beds or less	3 Beds	4 Beds	5 Beds	6 Beds or more	Total Units	Active / Active w/Contract
$0 – $49,999	102	10	2	0	0	114	43
$50,000 – $99,999	186	66	8	0	0	260	233
$100,000 – $149,999	156	122	13	0	0	291	272
$150,000 – $199,999	190	174	11	1	0	376	386
$200,000 – $249,999	100	127	31	10	1	269	268
$250,000 – $299,999	66	124	13	5	0	208	248
$300,000 – $399,999	45	139	21	9	0	214	312
$400,000 – $499,999	28	91	15	2	1	137	204
$500,000 – $599,999	7	57	9	0	0	73	141
$600,000 – $699,999	5	32	11	1	0	49	92
$700,000 – $799,999	1	22	15	1	0	39	58
$800,000 – $899,999	0	17	2	0	0	19	37
$900,000 – $999,999	0	12	8	0	0	20	55
$1,000,000 – $1,999,999	2	28	31	4	1	66	143
$2,000,000 – $2,999,999	0	1	2	4	0	7	34
$3,000,000 – $3,999,999	0	0	1	0	0	1	13
$4,000,000 – $4,999,999	0	1	2	0	0	3	7
$5,000,000 – $5,999,999	0	0	0	0	0	0	1
$6,000,000 – $6,999,999	0	0	0	0	0	0	0
$7,000,000 – $7,999,999	0	0	0	0	0	0	0
$8,000,000 – $8,999,999	0	0	0	0	0	0	0
$9,000,000 – $9,999,999	0	0	0	0	0	0	0
$10,000,000 or more	0	0	0	0	0	0	0
Totals	888	1,023	195	37	3	2,146	2,547
Average Price	$167,494	$331,246	$616,342	$663,843	$775,000	$295,761

DOM # Sold 1-30 Days 175 31-60 Days 324 61-90 Days 341 91-120 Days 250 121 Days or More 1,056

Type of Financing # Sold Assumption 0 Cash 1,489 Conventional 521 FHA 72 Other 36 Owner 15 VA 13

• As you can see, under $200k is selling the best… 

• More info to follow soon.  Stay tuned….

Florida’s existing condo sales up in 3Q 2010

Interseting article written by Florida Association of Realtors.  Good News is coming….

ORLANDO, Fla. – Nov. 11, 2010 – Sales of existing condominiums in Florida rose 15 percent in third quarter 2010 compared to the same period a year earlier, according to the latest housing statistics from Florida Realtors®. A total of 16,938 existing condos sold statewide in 3Q 2010; during the same period the year before, a total of 14,793 units changed hands.

Fourteen of Florida’s metropolitan statistical areas (MSAs) reported higher existing condo sales in the third quarter, according to Florida Realtors. The statewide existing-condo median sales price was $84,000 for the three-month period; in 3Q 2009, it was $106,000 for a decrease of 21 percent.

“A healthy housing market is built on the foundation of a robust economy,” said Dr. Sean Snaith, director of the University of Central Florida’s Institute for Economic Competitiveness. “As the economic recovery continues in Florida – and in particular as the labor market improves – the housing market will follow suit. The price decline in the condo market continues to attract domestic and foreign buyers to Florida to take advantage of this buying opportunity.

“The third-quarter single-family and condo Florida resales data reflect a slowdown relative to second-quarter data as the expiration of the first-time homebuyer’s tax credit in April pulled future demand into the second quarter,” Snaith said, adding that the drop-off was expected.

Meanwhile, in the year-to-year quarterly comparison for existing single-family home sales, 41,122 homes sold statewide for the quarter compared to 44,451 homes in 3Q 2009 for a 7 percent decrease. The statewide existing-home median sales price was $135,200 in 3Q 2010; a year earlier, it was $145,300 for a decrease of 7 percent. Sales of foreclosures and other distressed properties continue to downwardly distort the median price because they generally sell at a discount relative to traditional homes, according to the National Association of Realtors® (NAR). The median is a typical market price where half the homes sold for more, half for less.

The University of Florida’s Bergstrom Center for Real Estate Studies’ latest quarterly survey of real estate trends reports that the jobless rate remains a top concern for the future outlook of the state’s real estate industry. The survey polls market research economists, industry executives, real estate scholars and other experts.

Timothy Becker, the center’s director, noted that investment in real estate continues to flow into Florida, though investors are wary about the economy. “The apartment sector is the stellar performer,” he said, adding that conditions continue to improve in the commercial sector. “We’re starting to see stabilization across property types in occupancy, with respondents saying they feel better about what rents are going to look like in the near future.”

Low mortgage rates continued to be available during the third quarter of the year. According to Freddie Mac, the national commitment rate for a 30-year conventional fixed-rate mortgage averaged 4.45 percent in 3Q 2010; one year earlier, it averaged 5.16 percent.

© 2010 Florida Realtors®

Christmas Trees for Sale – Rotary Fundraiser

Frequently Asked Questions about the Christmas Tree Sale and Charity Event

1) Why do I need to be a Christmas Tree Sale and Charity Event Sponsor?

Well, we could answer this in quite a few ways. We could talk about all the great things the Rotary Club of Bonita Springs does with the proceeds but you are aware of all that. In fact, very little could be accomplished without members such as yourself!  We could talk about how unique our Christmas Tree Sale is.  We could talk about how the activity of the sale itself gives all of us a chance to meet and talk to the public about Rotary, how we all get to hang out with our Rotary friends and get to know new members, finally how we help make Christmas Joy more accessible by having real trees that our customers can choose for themselves.  Yet, there is a better reason!

The club has contracted for close to $ 7,000 of print media advertising where your company name and logo will be highly visible as a sponsor!

• Two – 2 column x 10” color ads in the full run of the newspaper (News-Press).  Wow!
• Four – 2 column x 10” color ads in Bonita & Estero Life , B.E.E. Buzz, and South Fort Myers Life community newspapers  For Real!
• Two- Full Page Color ads in THE BANNER – What a deal!
• We are attempting to have radio spots and the Santa Clause Sponsors ($500) will be mentioned in those ads. Great if we get it!
• In addition

Your company name at the tent, in the tent, on top of the tent, HUGE BANNER FACING Bonita Beach Road!, on the club website, mentions at the meeting and name on a poster board at the meeting

• Maybe I’ll be! overexposed? Of course not – you’ll have just perfect exposure being associated with an organization like Rotary!

Plans are in the works to use social media platforms like FaceBook, Twitter and Foursquare to create a “buzz” and “shout out” the name of sponsors and participants – Paparazzi?  No – just Jay and Ike taking photos and video! Cool!

2) I wish I could get all this advertising and exposure for a bargain price! You can by becoming a Santa Claus ($ 500), Santa’s Helper ( $300) or Candy Cane Sponsor ( $ 100)  Of course your total benefits depend on how much you spend!

3) I can imagine my company name all over the place and how much my sponsorship will mean to the club and how good it will feel to get all those calls from new customers.  Can I do it? Of course you can!  You have stepped up before without all these additional benefits. You can imagine your company name posted everyday on a banner across from City Hall! You can dream about all the cars stuck in traffic waiting for the light to change at Arroyo Road! And finally, just imagine how happy you will make Jay and Ike by giving them a call!   Call Jay 357-9588  Ike896-5440 with your order and they will give you all the details!!

TREE SALES START THE DAYS AFTER THANKSGIVING AND RUN THRU MID DECEMBER.  ALL REVENUE GENERATED GOES TO OUR FOUNDATION, WHICH IS DISPERSED THROUGHOUT THE COMMUNITY.

CHECK OUR WEBPAGE FOR UPDATES ON THE CHRISTMAS TREE SALE….   http://bonitaspringsrotary.org/category/christmas-tree-sales/

Ace, The Friendly Place.

Sunshine Ace Hardware has been a Wynn Family Company since 1958.  Most of her employees have been with this store anywhere from 10-27 years.  So what is the secret?  With today’s “BIG BOX” hardware stores, it is rare to find that small town feel that so many of us grew up with.  Nestled in the Heart of Bonita Springs, Sunshine Ace Hardware is located the perfect little city.

What most people do not know, is that the Wynn family has made a large imprint in Southwest Florida, Naples, Bonita Springs, Estero, and Fort Myers over the years.  Just after the Second World War, the year-round population of Naples was far less than 1,000 residents, and even “during season”, the local phone book listed fewer than 200 numbers. These limited demographics challenged the local merchants, such as Don Wynn, to generate enough business so that they could provide Neapolitans and their winter visitors with the quality of goods and variety of choices they needed and wanted.

There were two small grocery stores in town; Wynn’s Bayview at Crayton Cove and the “Seminole Market” in the historic Mercantile Building that still stands on 3rd Street South. However, shopping for anything beyond bare necessities generally involved an all day trip to Fort Myers.

Subsequently, in 1948, Don Wynn opened Naples’ first modern grocery store on the corner of 7th Street and 5th Avenue South (exactly where Yabba’s Restaurant is located today). When Don Wynn opened that market, there were no other retail stores on 5th Avenue between Wynn’s and the Gulf beach. Five years later, in 1953, Don Wynn built a second market that was double in size, just 50 feet east of the original on 5th Avenue. By 1958, he brought more urban convenience to the small, growing town by converting the original building into a full line hardware store. – That was the birth of our Sunshine Hardware, just as Don Wynn named it in 1958. Right from the outset, Sunshine Hardware was carefully developed to reflect the very best attributes of its mercantile sibling, “The Wynn Markets”. Don Wynn was adamant that his new store afforded “Small Town Naples” with the “Big City” advantages, including the widest variety of top quality goods, coupled with a friendly and service-oriented staff. This continues to be the principle feature and greatest strength of all Wynn businesses today.

Soon after, Sunshine delivered its promise to meet all of the hardware needs for homeowners, contractors, and handymen – Then, in 1964, Don opened a much larger store on Tamiami Trail. Since then, Sunshine® Ace Hardware and Wynn’s Market have shared the entire block that lies between 1st and 2nd Avenue North. During that move to Tamiami Trail, over 40 years ago, Sunshine joined the ACE Hardware cooperative, which meant that for the first time Naples’ shoppers could enjoy the important advantages of national corporate buying power, and high-tech distribution and delivery systems. This venture provided Sunshine and its customers with every hardware product that anyone would expect to find in a New York or Chicago store; yet, Naples continued to be a “secret” small resort town. Even our most sophisticated winter visitors knew that they could find every item and all the help they needed at Sunshine® Ace Hardware.

For the past two decades, Sunshine® Ace Hardware’s operations and new store development has been led by Jerry Wynn, Don’s son. Recently, Michael Wynn, Don’s grandson and Jerry’s nephew, became the president of the company. Currently there are six hardware stores delivering friendly, helpful service and “Big City” quality, selection, and convenience to Estero, Bonita Springs, Golden Gate, Marco Island, and Naples (downtown and East Tamiami Trail). Just after the Second World War, the year-round population of Naples was far less than 1,000 residents, and even “during season”, the local phone book listed fewer than 200 numbers. These limited demographics challenged the local merchants, such as Don Wynn, to generate enough business so that they could provide Neapolitans and their winter visitors with the quality of goods and variety of choices they needed and wanted.

There were two small grocery stores in town; Wynn’s Bayview at Crayton Cove and the “Seminole Market” in the historic Mercantile Building that still stands on 3rd Street South. However, shopping for anything beyond bare necessities generally involved an all day trip to Fort Myers.

Subsequently, in 1948, Don Wynn opened Naples’ first modern grocery store on the corner of 7th Street and 5th Avenue South (exactly where Yabba’s Restaurant is located today). When Don Wynn opened that market, there were no other retail stores on 5th Avenue between Wynn’s and the Gulf beach. Five years later, in 1953, Don Wynn built a second market that was double in size, just 50 feet east of the original on 5th Avenue. By 1958, he brought more urban convenience to the small, growing town by converting the original building into a full line hardware store. – That was the birth of our Sunshine Hardware, just as Don Wynn named it in 1958. Right from the outset, Sunshine Hardware was carefully developed to reflect the very best attributes of its mercantile sibling, “The Wynn Markets”. Don Wynn was adamant that his new store afforded “Small Town Naples” with the “Big City” advantages, including the widest variety of top quality goods, coupled with a friendly and service-oriented staff. This continues to be the principle feature and greatest strength of all Wynn businesses today.

Soon after, Sunshine delivered its promise to meet all of the hardware needs for homeowners, contractors, and handymen – Then, in 1964, Don opened a much larger store on Tamiami Trail. Since then, Sunshine® Ace Hardware and Wynn’s Market have shared the entire block that lies between 1st and 2nd Avenue North. During that move to Tamiami Trail, over 40 years ago, Sunshine joined the ACE Hardware cooperative, which meant that for the first time Naples’ shoppers could enjoy the important advantages of national corporate buying power, and high-tech distribution and delivery systems. This venture provided Sunshine and its customers with every hardware product that anyone would expect to find in a New York or Chicago store; yet, Naples continued to be a “secret” small resort town. Even our most sophisticated winter visitors knew that they could find every item and all the help they needed at Sunshine® Ace Hardware.

For the past two decades, Sunshine® Ace Hardware’s operations and new store development has been led by Jerry Wynn, Don’s son. Recently, Michael Wynn, Don’s grandson and Jerry’s nephew, became the president of the company. Currently there are six hardware stores delivering friendly, helpful service and “Big City” quality, selection, and convenience to Estero, Bonita Springs, Golden Gate, Marco Island, and Naples (downtown and East Tamiami Trail).