The real estate market on Marco Island - statistics for the month of March
LISTINGS ON THE MARKET:
Single family homes on the market are up 4% from February 2010 and down 19% from March 2009.
Lots are up 2% from February 2010 and down 12% from March 2009.
PENDING SALES FOR MARCH 2010:
Single family homes under contract are down 45% from February 2010 and down 32% from March 2009.
Lots under contract are down 28% from February 2010 and up 25% from March 2009.
CLOSED SALES FOR MARCH 2010:
Single family closed sales are up 30% from February 2010 and up 11% from March 2009.
Lot closed sales are up .08% from February 2010 and down 14% from March 2009.
Monday, April 12, 2010
Friday, April 9, 2010
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Banyan Court, Marco Island, Florida
Big water views from this 4 bedroom home located at the south end of the island with a short walk to the beach.
The home features vaulted ceilings, brick fireplace with windows extending to the ceiling. Newer kitchen, outdoor jennair grill.
Great water views and an oversized pool with spa. This home would make a wonderful rental opportunity because of its size and proximity to the beach.
The home features vaulted ceilings, brick fireplace with windows extending to the ceiling. Newer kitchen, outdoor jennair grill.
Great water views and an oversized pool with spa. This home would make a wonderful rental opportunity because of its size and proximity to the beach.$950,000
Click to search Marco Island homes for sale
Marco Island Real Estate Statistics March 2010
The newest real estate statistics for the month of March.
LISTINGS ON THE MARKET:
Single family homes on the market are up 4% from February 2010 and down 19% from March 2009.
Lots are up 2% from February 2010 and down 12% from March 2009.
PENDING SALES FOR MARCH 2010:
Single family homes under contract are down 45% from February 2010 and down 32% from March 2009.
Lots under contract are down 28% from February 2010 and up 25% from March 2009.
CLOSED SALES FOR MARCH 2010:
Single family closed sales are up 30% from February 2010 and up 11% from March 2009.
Lot closed sales are up .08% from February 2010 and down 14% from March 2009.
LISTINGS ON THE MARKET:
Single family homes on the market are up 4% from February 2010 and down 19% from March 2009.
Lots are up 2% from February 2010 and down 12% from March 2009.
PENDING SALES FOR MARCH 2010:
Single family homes under contract are down 45% from February 2010 and down 32% from March 2009.
Lots under contract are down 28% from February 2010 and up 25% from March 2009.
CLOSED SALES FOR MARCH 2010:
Single family closed sales are up 30% from February 2010 and up 11% from March 2009.
Lot closed sales are up .08% from February 2010 and down 14% from March 2009.
Thursday, April 1, 2010
Marco Island Real Estate Statistics
The real estate market on Marco Island has hit bottom and will probably stay on the bottom through 2010. Some statistics that may be of interest:
Single Family Home Sales
Avg Price # of Sales
2007 $994,155 218
2008 $859,584 263
2009 $712,001 296
Condominiums
Avg Price # of Sales
2007 $706,833 271
2008 $698,588 285
2009 $522,768 295
As you can see, home prices are down but overall closed sales are consistantly increasing. The real estate market on Marco Island is alive and well!
Single Family Home Sales
Avg Price # of Sales
2007 $994,155 218
2008 $859,584 263
2009 $712,001 296
Condominiums
Avg Price # of Sales
2007 $706,833 271
2008 $698,588 285
2009 $522,768 295
As you can see, home prices are down but overall closed sales are consistantly increasing. The real estate market on Marco Island is alive and well!
Monday, March 22, 2010
Investors entering back into real estate
Article in the Realtor news:
Investors are buying houses again
NEW YORK – March 22, 2010 – More home buyers are snapping up properties with cash, a trend driven in large part by investors returning to the market after four years of falling prices around the country.
The share of home sales involving all-cash transactions was 26 percent in January, up from 18 percent a year earlier, according to the National Association of Realtors. The figures come from a survey of members about their most recent transactions.
Many home buyers also are paying cash, but investors are largely using cash so they can avoid paying interest charges on loans and get a larger return on their investment.
NAR data also show a pickup in investment activity. Home purchases made by buyers identified as investors climbed to 17 percent in January, up from 15 percent in December and 12 percent in November.
“We bottomed out in 2008, and in late 2009, prices stabilized and investors have returned,” says Mark Fleming, chief economist at First American CoreLogic. “It’s a different type of investor going after foreclosed properties and expecting to hold on for longer time frames.”
Many investors say they’re financing their purchases with cash on hand, rather than borrowing. One investor San Francisco bought three rental properties in November and February and now owns 21 in four states. The rent he collects gives him an 8.5 percent annual return on his investment. Some of his homes are worth about $165,000.
"I’m still looking,” the investor says. “You can’t build these houses for the prices they’re selling them. I’ve always seen that the real wealth was in real estate. People have been sitting on cash, and there’s no interest from the bank (to pay).”
All-cash purchases also reflect a growing number of investors buying higher-end properties without credit, says NAR spokesman Walter Molony. That’s a sign that some investors see real estate prices as having nowhere to go but up. All-cash offers give buyers a competitive edge on rival offers – even higher ones – that are dependent on financing. Cash deals can close faster and are less likely to fall through.
Some investors say the current real estate market is an ideal time to buy because homes are so low priced, they are bound to hold their value. That’s the philosophy of a Tinley Park, Ill. investor. He is buying about 120 to 150 entry-level homes in the Chicago area this year and owns a total of about 300 properties. He says now is a good time to buy because properties going into foreclosure are no longer just one-bedroom, fixer-uppers but nicer, split-level brick homes with more bedrooms that will probably appreciate to a higher value.
For information on Marco Island real estate visit my website at http://www.realestateonmarco.com/
Investors are buying houses again
NEW YORK – March 22, 2010 – More home buyers are snapping up properties with cash, a trend driven in large part by investors returning to the market after four years of falling prices around the country.
The share of home sales involving all-cash transactions was 26 percent in January, up from 18 percent a year earlier, according to the National Association of Realtors. The figures come from a survey of members about their most recent transactions.
Many home buyers also are paying cash, but investors are largely using cash so they can avoid paying interest charges on loans and get a larger return on their investment.
NAR data also show a pickup in investment activity. Home purchases made by buyers identified as investors climbed to 17 percent in January, up from 15 percent in December and 12 percent in November.
“We bottomed out in 2008, and in late 2009, prices stabilized and investors have returned,” says Mark Fleming, chief economist at First American CoreLogic. “It’s a different type of investor going after foreclosed properties and expecting to hold on for longer time frames.”
Many investors say they’re financing their purchases with cash on hand, rather than borrowing. One investor San Francisco bought three rental properties in November and February and now owns 21 in four states. The rent he collects gives him an 8.5 percent annual return on his investment. Some of his homes are worth about $165,000.
"I’m still looking,” the investor says. “You can’t build these houses for the prices they’re selling them. I’ve always seen that the real wealth was in real estate. People have been sitting on cash, and there’s no interest from the bank (to pay).”
All-cash purchases also reflect a growing number of investors buying higher-end properties without credit, says NAR spokesman Walter Molony. That’s a sign that some investors see real estate prices as having nowhere to go but up. All-cash offers give buyers a competitive edge on rival offers – even higher ones – that are dependent on financing. Cash deals can close faster and are less likely to fall through.
Some investors say the current real estate market is an ideal time to buy because homes are so low priced, they are bound to hold their value. That’s the philosophy of a Tinley Park, Ill. investor. He is buying about 120 to 150 entry-level homes in the Chicago area this year and owns a total of about 300 properties. He says now is a good time to buy because properties going into foreclosure are no longer just one-bedroom, fixer-uppers but nicer, split-level brick homes with more bedrooms that will probably appreciate to a higher value.
For information on Marco Island real estate visit my website at http://www.realestateonmarco.com/
Warren Buffett sees housing market bouncing back in 2011
By Andrew Frye, Bloomberg News
Billionaire Warren Buffett said the U.S. will recover from the residential real estate slump by 2011 as demand for houses catches up with the supply that accumulated during the bubble.
"Within a year or so, residential housing problems should largely be behind us," Buffett wrote Saturday in his annual letter to the shareholders of his Berkshire Hathaway. "Prices will remain far below 'bubble' levels, of course, but for every seller or lender hurt by this there will be a buyer who benefits. Indeed, many families that couldn't afford to buy an appropriate home a few years ago now find it well within their means."
Record foreclosures flooded a U.S. real estate market already glutted with unsold property, causing housing starts to fall.
"People thought it was good news a few years back when housing starts — the supply side of the picture — were running about 2 million annually," wrote Buffett, 79, chairman and CEO of Omaha-based Berkshire. "But household formations — the demand side — only amounted to about 1.2 million."
Buffett built Berkshire into a $198 billion company through takeovers and investments in companies he believes have lasting competitive advantages and superior management.
Buffett wrote that his company should have bought more corporate and municipal bonds last year because they were cheap compared with U.S. Treasuries. When it's raining gold, reach for a bucket, not a thimble, he said.
Buffett has used past letters to discuss plans for his successor, praise Berkshire managers and confess his failings. Last year he said the U.S. economy was in shambles after reckless lending.
Buffett agreed to his largest deal last year when he arranged the $27 billion takeover of railroad Burlington Northern Santa Fe. Berkshire completed the acquisition, which Buffett described as an all-in wager on the U.S. economy, on Feb. 12.
Shares of Berkshire traded at about $15 when Buffett took control in 1965. The class A stock closed yesterday at $119,800, its highest since October 2008. Buffett added class B shares in 1996, and agreed to split them this year to help pay Burlington Northern shareholders.
© 2010 Bloomberg L.P. All Rights Reserved
Billionaire Warren Buffett said the U.S. will recover from the residential real estate slump by 2011 as demand for houses catches up with the supply that accumulated during the bubble.
"Within a year or so, residential housing problems should largely be behind us," Buffett wrote Saturday in his annual letter to the shareholders of his Berkshire Hathaway. "Prices will remain far below 'bubble' levels, of course, but for every seller or lender hurt by this there will be a buyer who benefits. Indeed, many families that couldn't afford to buy an appropriate home a few years ago now find it well within their means."
Record foreclosures flooded a U.S. real estate market already glutted with unsold property, causing housing starts to fall.
"People thought it was good news a few years back when housing starts — the supply side of the picture — were running about 2 million annually," wrote Buffett, 79, chairman and CEO of Omaha-based Berkshire. "But household formations — the demand side — only amounted to about 1.2 million."
Buffett built Berkshire into a $198 billion company through takeovers and investments in companies he believes have lasting competitive advantages and superior management.
Buffett wrote that his company should have bought more corporate and municipal bonds last year because they were cheap compared with U.S. Treasuries. When it's raining gold, reach for a bucket, not a thimble, he said.
Buffett has used past letters to discuss plans for his successor, praise Berkshire managers and confess his failings. Last year he said the U.S. economy was in shambles after reckless lending.
Buffett agreed to his largest deal last year when he arranged the $27 billion takeover of railroad Burlington Northern Santa Fe. Berkshire completed the acquisition, which Buffett described as an all-in wager on the U.S. economy, on Feb. 12.
Shares of Berkshire traded at about $15 when Buffett took control in 1965. The class A stock closed yesterday at $119,800, its highest since October 2008. Buffett added class B shares in 1996, and agreed to split them this year to help pay Burlington Northern shareholders.
© 2010 Bloomberg L.P. All Rights Reserved
Foreclosure prevention
Wells Fargo agrees to modify second mortgages
SAN FRANCISCO – March 18, 2010 – Facing criticism over the slow progress of its foreclosure-prevention efforts, the Obama administration has struck deals with two giant banks that would extend mortgage relief to homeowners with second mortgages.
Wells Fargo & Co. said Wednesday that it has agreed to modify home-equity loans in cases where borrowers have already qualified for relief under the U.S. Treasury’s mortgage-modification program. Wells Fargo joined Charlotte, N.C.-based Bank of America, which made a similar announcement in January.
Together, the two banks account for 25 percent of the second-mortgage market in the United States, according to the U.S. Treasury.
Consumer advocates say a key weakness with the government’s $50 billion foreclosure-prevention program is that mortgage modifications leave second loans unchanged. Borrowers qualifying for lower mortgage payments risk default because of large payments on a home equity loan. Some homeowners owe more on a second mortgage than the first.
The U.S. Treasury, recognizing the second-mortgage problem, last summer began urging large banks to modify those loans, too.
SAN FRANCISCO – March 18, 2010 – Facing criticism over the slow progress of its foreclosure-prevention efforts, the Obama administration has struck deals with two giant banks that would extend mortgage relief to homeowners with second mortgages.
Wells Fargo & Co. said Wednesday that it has agreed to modify home-equity loans in cases where borrowers have already qualified for relief under the U.S. Treasury’s mortgage-modification program. Wells Fargo joined Charlotte, N.C.-based Bank of America, which made a similar announcement in January.
Together, the two banks account for 25 percent of the second-mortgage market in the United States, according to the U.S. Treasury.
Consumer advocates say a key weakness with the government’s $50 billion foreclosure-prevention program is that mortgage modifications leave second loans unchanged. Borrowers qualifying for lower mortgage payments risk default because of large payments on a home equity loan. Some homeowners owe more on a second mortgage than the first.
The U.S. Treasury, recognizing the second-mortgage problem, last summer began urging large banks to modify those loans, too.
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