Thursday, December 27, 2012

Let's Talk Bolero at Tiburon!!!

2617 Estrella Court, Unit 2
Listed Price  $675,000






 
 
 
 
 
 
 
 
Buyer Incentive of Gifted Signature Membership!!!
 
..."Majorca." Second Floor "Bolero" Condominium at Tiburon. Bolero at
Tiburon islocated within it's very own enchanted enclave of only Twenty
Low-Rise Buildings. Talk about the ultimate resort destination that offers
the finest in luxury living... Within the naturally preserved surroundings
of Tiburon is the world famous Greg Norman Designed Championship
Golf Course along with the Ritz Carlton Resort Hotel... Bolero offers you
a private, gated community with it's very own resort style pool and this
unit is situated with the most breathtaking views of not only the golf course,
but an enchanting lake and water feature as well... Come and take a
look at all of the owner enhancements with over 2,230 square feet of living
area not including the Lanai, with Three Bedrooms, Two full Bathrooms
magnificently appointed Florida room, over sized Great room!
Let's Talk today about Your Move to Bolero at Tiburon!!!
 
 
2625 Estrella Court, unit 3, Penthouse
Listed Price $739,000


 
 
 
 
 
 
 
 
 
 
 
Buyer Incentive of Signature Membership!!!

Third Floor "Terrassa Model Floor Plan" with the most breathtaking
Views in allof "Bolero"!!! "Bolero" created by WCI with in the Master
Planned Community ofTiburon. This ultimate resort destination offers
the finest in Luxury Living with naturally preserved surroundings such
as the World Famous Greg Norman Designed Championship Golf Course.
Once you enter the Private Gated Community of " Bolero" you will be
enchanted by an Enclave of Twenty Low-Rise Buildings, each with Three
Floors.This Third Floor "Bolero" Unit has over 2,340 Square Feet of Living
Area with Three Bedrooms and Two Full Baths, situated with breathtaking
views of not only the Golf Course, water features as well!!! Come and take
a look at the Owner Enhancements... Electronic Hurricane Shutters, Plantation
Shutters. Within the "Bolero" Community you will find your private Resort
Style Pool!
 
Contact me today about your move to Tiburon's Bolero!!!
239.404.7787 or by e-mail Michelle@NaplesHomeSweetHome.com
 

 

Let's Talk Tiburon!!!

If you are looking for the most Spectacular Resort Development in all of South West Florida look no further! This Master planned Development is just about completed, featuring Single Family Estate Home at Escada Estates, Serafina, Marsala and Norman Estates, Mid-Rise and Low- Rise Condominium Communities, Bolero, Castillo, Marquesa Royal and the New Esperanza Community!!! I have become your Tiburon Expert starting back in 1998 as I watched
Tiburon grow from the Ruff that it was many years ago to the Gem that it is today.  I am honored to be the Listing Agent-REALTOR with the most beautifully designed listings in all of Tiburon at Marsala, Serafina, Bolero and Castillo. Let’s Talk Today About Your Move to Tiburon, feel free to contact me by calling 239.404.7787 or by E-Mail, Michelle@NaplesHomeSweetHome.com

Prudential Florida Realty

Cellular Phone 239.404.7787


Michelle J. DeNomme, REALTOR, GRI

Office: 239.659.2400

E-Fax Number:  239.236.5550                      


Twitter Me: DeNommeRealtor
                      Let's Talk...
                      Happy Holiday & Happy New Year!

Naples Holiday Boat Parade this Year!!!




 

What's New in Naples and Well Worth Visiting!!!



    

 


   





 
What's Fun To Do in Naples!!!













 

As always if you are looking for any information regarding the South West Florida Market, please feel free to contact me by e-mail or calling 239.404.7787.

I hope you have a fantastic New Year!

Michelle

Prudential Florida Realty

Michelle@napleshomesweethome.com

Cellular Phone 239.404.7787

www.NaplesHomeSweetHome.com

Michelle J. DeNomme, REALTOR, GRI

Office: 239.659.2400

E-Fax Number:  239.236.5550                     

Blog Page:  http://michelledenomme.blogspot.com

Twitter Me: DeNommeRealtor

Let's Talk... Short Sales!

As Short-Sale Tax Break Nears End, Pressure Mounts on Homeowners
By Kimberly Miller
RISMEDIA, Thursday, December 27, 2012— (MCT)—The race is on to finalize short sales and seal the deal on mortgage reductions as the Dec. 31 expiration of a massive tax break for struggling homeowners looms.

Since 2007, homeowners whose banks have forgiven unpaid mortgage debt after a short sale, principal reduction or foreclosure have not been required to count that money as income on their tax returns.

But the sunset of the federal Mortgage Forgiveness Debt Relief Act means borrowers, who have been spared tens of thousands of dollars depending on the amount forgiven and their tax bracket, may be faced with whopping IRS bills after losing their home.

Florida Attorney General Pam Bondi is leading a group of attorneys general from around the country in lobbying for an extension of the act. In a Nov. 20 letter to lawmakers, Bondi and Connecticut Attorney General George Jepsen said allowing the tax break to expire would dilute the $25 billion mortgage settlement made with the nation’s five largest banks in March.

“Unless Congress acts, all of the remaining debt relief to be provided in 2013 under the National Mortgage Settlement will likely be considered taxable income,” the letter said.

Settlement monitor Joseph Smith, who oversees bank compliance with the agreement, is staying out of the fray. He says the extension is “under the purview of elected officials.”

At the same time, the Congressional Budget Office estimates extending the relief could cost $1.3 billion in lost revenue to the federal government during a period when it is “desperate for money,” says Anthony Sanders, a George Mason University real estate finance professor who is in favor of an extension.

“People are already suffering enough who go through default and foreclosure, and to suddenly give them a tax bill is incredibly cold-hearted,” Sanders says. “The government was a major contributor to the housing bubble and burst, so it’s only fair that it extend the act to help households that have been absolutely crushed by the market.”

In August, language that would extend the mortgage debt relief act was rolled into the Family and Business Tax Cut Certainty Act of 2012 (S.3521). The act includes about 50 tax-cutting provisions and was approved by the Senate Finance Committee in August.

An aide to finance committee Chairman Max Baucus, D-Mont., says the act is awaiting a vote by the full Senate but has not been given a calendar date.

While many economists, REALTORS® and accountants believe the mortgage debt relief will be extended, they can’t say how or when.

Sanders says it’s caught up in party politics and a debate that now includes whether to amend the mortgage-interest deduction tax break, a decades-old law that annually costs the government about $100 billion. Even if an extension to the debt relief act isn’t approved by Dec. 31, it could be voted on in 2013 and made retroactive, Sanders says.

Accountant Karyl Neal of the firm Moore, Ellrich & Neal in Palm Beach Gardens, Fla., says settling mortgage debt relief is important but may be less of a priority for lawmakers than averting the fiscal cliff.

Tell that to the owners of the home at 8 Sunningdale Circle in West Palm Beach’s President Country Club, who are trying to finish a short sale before the debt relief act expires. If they don’t, they face an estimated $340,000 in forgiven debt on which they will have to pay taxes, says Shannon Brink, their REALTOR®.

“We’re scrambling like maniacs to get it closed,” Brink says. “I have some anxiety, but I’ve pulled off miracles before.”

Jeff Shingledecker listed his Palm Beach Gardens, Fla., home as a short sale in April. He considered a loan modification that would increase the term of his mortgage to 40 years but decided to do a short sale after learning about the debt relief act.

After several offers, he says he was “fortunate enough” to close the deal in October and expects to have about $108,000 of debt forgiven.

Considering Shingledecker’s tax bracket, he would have owed about $27,000 in taxes.

“If the act expires, you will be asking people to pay cash on an income they never received and with cash they don’t have,” says John DiBiase, communications director for the National Association of REALTORS®’ government affairs office. “I think that is well-understood, especially by members of the Florida delegation.”

Not everyone can benefit from the debt relief act. It covers only forgiven debt on principal residences and amounts up to $2 million, or $1 million if married but filing separately. The act also does not apply to second mortgages where the money was used for non-household expenses.

Joanne Epstein, a South Florida REALTOR®, has 18 short sales scheduled to close by Dec. 31 and she’s “breathing down the banks’ necks” to get them finalized.

“They say, ‘We have a stack of files. We’re very busy. We’ll get back to you,’ ” Epstein says. “Well, I’m sorry — that doesn’t work. These people need to get this over with so they can move on with their lives.”

DEBT RELIEF ACT Q&A:
QUESTION: What’s happening?
ANSWER: The Mortgage Forgiveness Debt Relief Act of 2007 is scheduled to expire Dec. 31.

Q: Who’s affected?
A: If no extension is granted, homeowners will have to pay taxes on any unpaid balance forgiven by a lender after a short sale, modification or foreclosure. The Mortgage Forgiveness Debt Relief Act excludes that income from being taxed through Dec. 31.

Q: What’s happening?
A: Congress is considering extending the act, but it could cost the federal government $1.3 billion in lost revenue.

Q: What’s next?
A: A bill called the Family and Business Tax Cut Certainty Act of 2012 has been approved by the U.S. Senate Finance Committee and is slated for a vote in the full Senate.

©2012 The Palm Beach Post (West Palm Beach, Fla.)
Distributed by MCT Information Services

Copyright© 2012 RISMedia, The Leader in Real Estate Information Systems and Real Estate News. All Rights Reserved. This material may not be republished without permission.

Saturday, December 8, 2012

Let's Talk Bolero at Tiburon!!!

2617 Estrella Court #2
Listed Price $675,000

 
Buyer Incentive of Gifted Signature Membership!!!

"Majorca." Second Floor "Bolero" Condominium at Tiburon.
Bolero at Tiburon islocated within it's very own enchanted
enclave of only Twenty Low-Rise Buildings. Talk about the
ultimate resort destination that offers the finest in luxury living...
Within the naturally preserved surroundings of Tiburon is the
world famous Greg Norman Designed Championship Golf
Course along with the Ritz Carlton Resort Hotel... Bolero
offers you a private, gated community with it's very own
resort style pool and this unit is situated with the most
breathtaking views of not only the golf course, but an
enchanting lake and water feature as well... Come and take
a look at all of the owner enhancements with over 2,230 square
feet of living area not including the Lanai, with Three Bedrooms
, Two full Bathrooms magnificently appointed Florida room,
over sized Great room!
 
Come and view Bolero at Tiburon with me today
and Sunday fron 1:00 to 4:00PM!!! See you there!



Let's Talk...

Michelle DeNomme, Realtor, GRI... 239.404.7787
Let's Talk... Tiburon Resort!
 2870 Castillo Court #103
Listed Price... $595,000


 
Third Floor Riaza Model Floor Plan with the most
breathtaking Views in all ofCastillo! This is the ultimate
resort destination offering the finest in LuxuryLiving with
naturally preserved surroundings such as the World Famous
Greg Norman Designed Championship Golf Course.
This Third Floor Castillo Unit has over 2,502 Square Feet
of Living Area with Three Bedrooms and Two Full Baths,
situated with breathtaking views!
Featuring Fantastic Owner Enhancements. Make cooking a
breeze within your Gourmet Kitchen.You will find this
French Country Designed Cabinetry with white
appliances so enjoyable to share your culinary delights when
entertaining with family and friends. Enhancements to your
home includes, custom designed mud-room with built in
cabinetry.
Buyer Incentive...
Discounted Tiburon Medallion Membership available!
Contact me today by calling 239.404.7787
Let's Talk Marsala at Tiburon!!!

Let's Talk...Tiburon Golf Resort!
 
New Construction
 
14402 Marsala Way


212011257
4+Den, 4.2 Bath, 4242 sq ft
$1,585,000

 
14410 Marsala Way

212011165
3+Den, 3.1 Bath, 3353 sq ft
$1,270,000

 
14419 Marsala Way

212011253
3+Den, 3.1 Bath, 3622 sq ft
$1,378,000


Distinctive Communities has Custom Designed another Exceptional
Single Family Home with the most incredible lots in all of Marsala to live
and play the day away! Come and view Marsala and this custom home designed that will meet your every desire when it comes to quality, design and location!
Contact me today by calling 239.404.7787!

 


Let's Talk!!!

Michelle DeNomme, Realtor®,GRI                   
239.404.7787
 

Follow Me on Twitter and View My Blog

Twitter Me:  DenommeRealtor

Blog Page:  http://michelledenomme.blogspot.com



Holiday Shopping Fun Facts


  
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What's New in Naples and Well Worth Visiting!!!

    
 
   

 
 
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What's Fun --

 
As always if you are looking for any information regarding the South West Florida Real Estate Market, please feel free to contact me by e-mail or calling 239.404.7787.
Have a fantastic day!
Michelle

Wednesday, December 5, 2012

Let's Talk Tiburon in Naples Florida!!!
I am... Your Tiburon Expert for all Resale and New Construction Homes at Tiburon!
Contact me today about your move to Tiburon and enjoy the Shootout on me!
239.404.7787 or by e-mail at Michelle@NaplesHomeSweetHome.com
Open House daily from 1:00 to 4:00 at Bolero, Castillo and Marsala!!!

2012 Franklin Templeton Shootout Tournament Notes Below!!!

 
NAPLES, Fla. (December 3, 2012) – For the 12th consecutive year, the Franklin Templeton Shootout comes to Southwest Florida and 24 individuals will compete as 12 two-man teams. The event is celebrating its 24th year on the PGA TOUR calendar. Here are some notes regarding what has become a favorite annual gathering for professionals and amateurs:
2012 PGA TOUR Champions: Ten of the players in the field have won in 2012: Keegan Bradley, Mark Calcavecchia (Champions Tour), Jason Dufner, Rickie Fowler, Dustin Johnson, Kenny Perry (Champions Tour), Carl Pettersson, Ian Poulter, Brandt Snedeker and Steve Stricker. Dufner and Snedeker are multiple 2012 winners, giving this group a total of twelve wins this year.
Major Champions: Eight players have won major championship titles during their careers—Keegan Bradley, Mark Calcavecchia, Stewart Cink, Justin Leonard, Davis Love III, Greg Norman, Vijay Singh and Mike Weir.
Total # of PGA TOUR Victories: As a group, the 24 players in the field have accumulated 183 PGA TOUR victories during their respective careers. Vijay Singh leads in individual titles with 34 while Greg Norman and Davis Love III have 20 each.
World Rankings: Six players in the field are ranked among the top 20 in the world—Jason Dufner (8), Brandt Snedeker (10), Ian Poulter (12), Steve Stricker (14), Keegan Bradley (15) and Dustin Johnson (19).
Ryder Cup: With this being a Ryder Cup year, it is worth noting that seven individuals in the field this week participated in the biennial match between the U.S. and Europe teams in late September. Competing this week from the U.S. Team will be Davis Love III, the U.S. Team Captain, along with Keegan Bradley, Jason Dufner, Dustin Johnson, Brandt Snedeker and Steve Stricker. Representing the winning European Team is Ian Poulter. Scott Verplank was one of Love’s assistant captains.
Top-Five Finishes: Host Greg Norman and Mark O’Meara share the all-time record for the most top-five finishes by individuals in the Shootout with nine each. The team with the most top-five finishes in tournament history is O’Meara and Curtis Strange. This twosome accumulated five solid performances between 1989 and 1996 including a victory in the inaugural Shootout.
International Flavor: Seven different countries will be represented this week at the Franklin Templeton Shootout—Australia, Canada, England, Fiji, South Africa, Sweden and United States.
States Represented: Looking at the birthplace of all 24 players, here are the states represented this week—Alabama, California (2), Florida, Georgia, Kentucky, Nebraska, Ohio, South Carolina, Tennessee, Vermont and Wisconsin (2).
Double-Defending Champions: For the first time in Shootout history, two teams will be defending a title this week, per se. 2011 champions Keegan Bradley and Brendan Steele are back to defend in a normal calendar year. Meanwhile, 2010 champions Ian Poulter and Dustin Johnson are also returning as a team after missing last year due to scheduling conflicts by both players.
First-Time Shootout Participants: Five individuals will be competing in their first Shootout: Bud Cauley, Carl Pettersson, Vijay Singh, Brandt Snedeker and Fredrik Jacobson.
First Time As Teammates: Eight of the 12 teams in this year’s shootout will be together for the first time—Greg Norman & Fredrik Jacobson, Jason Dufner & Vijay Singh, Stewart Cink & Carl Pettersson, Davis Love III & Brandt Snedeker, Bud Cauley & Rickie Fowler, Charles Howell III & Rory Sabbatini, Mark Calcavecchia & Mike Weir and Sean O’Hair & Kenny Perry.
Repeat Pairings: Four teams in this year’s Shootout have been paired together prior to this year. Jerry Kelly and Steve Stricker, both born in Wisconsin, will be playing together for the fifth straight year. This twosome won in 2009. Justin Leonard and Scott Verplank, both born in Texas, will be paired for the fourth time in the past six years. In 2006, they lost in a playoff and in 2009 finished tied for second. Keegan Bradley and Brandon Steele compete as defending champions. 2010 champions Dustin Johnson and Ian Poulter are also together again.
Most Partners: Mark Calcavecchia will be playing with his 12th different partner. Calcavecchia has only played with four competitors more than once—Steve Elkington, Andrew Magee, Loren Roberts and Woody Austin. On the flip-side, tournament host Greg Norman has played with the same partner a total of 16 times--Jack Nicklaus (3), Nick Price (2), Raymond Floyd (2), Steve Elkington (7) and Scott McCarron (2).
Rookie Winners: Only nine players have won the Franklin Templeton Shootout in their first attempt: Mark O’Meara (1989), Curtis Strange (1989), Fred Couples (1990), Scott McCarron (1997), Hank Kuehne (2003), Rod Pampling (2006), Woody Austin (2007), Keegan Bradley (2011) and Brendan Steele (2011).
Margin of Victory: Historically, the Franklin Templeton Shootout has always been a close competition. In the past 23 years, there have been four playoffs, seven victories by one stroke and six wins by two strokes. In fact, since the tournament moved to Naples, the margin of victory has only been greater than two strokes twice--last year when Keegan Bradley and Brendan Steele won by three and when Scott Hoch and Kenny Perry won by four in 2008.

Friday, November 30, 2012

Let's Talk Hot Off The Press!!!
 

SINGLE FAMILY HOME MEDIAN CLOSED PRICE RISES IN ALL ZIP CODES  

Condo Market Remains Strong

 

Naples, FL (November 16, 2012) - The single family home median closed price rose 10 percent overall with increases in all zip codes for the 12-months ending October 2012. In addition, the condominium median closed price increased 4 percent in all zip codes for the same time period, according to a report released by the Naples Area Board of REALTORS® (NABOR®), which tracks home listings and sales within Collier County (excluding Marco Island).  



Brenda Fioretti, Managing Broker at Prudential Florida Realty stated, "The overall Median Closed price of $197,000 is the highest we have seen since July 2009 and in combination with our low inventory, has continued a trend in the Naples area with the move away from a 'buyers' market to a solid 'buyers and sellers' market."



Kathy Zorn, Broker/Owner of Florida Home Realty added, "We continue to see the overall median price trend upward slowly and steadily."



The NABOR® October report provides annual comparisons of single-family home and condominium sales (via the SunshineMLS), price ranges, and geographic segmentation and includes an Overall Market summary.

 

The NABOR® October sales statistics are presented in chart format, with these overall (single-family and condominium units) specifics:  



- The overall median closed price increased 11 percent from $177,000 at the end of October 2011 to $197,000 for the 12-month period ending October 2012.



- Overall pending sales increased 21 percent in the $500,000 to $1 million category, from 947 units to 1,149 units, for the 12-month period ending October 2012. Overall pending sales increased 17 percent in the $1 million to $2 million category, from 418 units to 490 units, for the 12-month period ending October 2012.



- Overall inventory decreased by 13 percent, from 7,325 listed properties in October 2011 to 6,409 in October 2012. Pending sales with contingent contracts are included in the overall inventory number.



- The average DOM (Days on the Market) fell in all price segments except in the $0 - $300,000 price zone, resulting in a one percent increase from 169 days on the market in October 2011 to 170 days on the market in October 2012.



- Overall pending sales in the Naples coastal area increased 14 percent from 1,783 units to 2,037 units, and closed sales increased 10 percent, from 1,615 units to 1,776 units, for the 12-month period ending October 2012.



The result of the inventory decline from 12,157 in February 2007 to 6,409 in October 2012 is that buyers, in many cases, are desperate for inventory," said Jo Carter, President of Jo Carter & Associates. Plus, homes are selling more quickly, as shown by the average Days on the Market decreasing in every price category above the $300,000 range. Therefore pricing remains crucial."

As always if you have any questions regarding the South West Florida Real Estate Market please feel free to contact me by e-mail or by calling 239.404.7787. To view the full Report please click here... View the October 2012 Statistics

I hope you have a fantastic weekend!

Michelle

To view the entire report, visit www.NaplesArea.com


Prudential Florida Realty


Cellular Phone 239.404.7787


Michelle J. DeNomme, REALTOR, GRI

Office: 239.659.2400

E-Fax Number:  239.236.5550                      


Twitter Me: DeNommeRealtor

 

*****Confidentiality Statement******

 

The information contained in this transmission may contain privileged and confidential information. It is intended only for the use of the person(s) named above. If you are not the intended recipient, you are hereby notified that any review, dissemination, distribution or duplication of this communication is strictly prohibited. If you are not the intended recipient, please contact the sender by reply e-mail and destroy all copies of the original message.

 

The Naples Area Board of REALTORS® (NABOR®) is an established organization (Chartered in 1949) whose members have a positive and progressive impact on the Naples Community. NABOR® is a local board of REALTORS® and real estate professionals with a legacy of nearly 60 years serving 4,000 plus members. NABOR® is a member of the Florida Realtors and the National Association of REALTORS®, which is the largest association in the United States with more than 1.3 million members and over 1,400 local board of REALTORS® nationwide. NABOR® is structured to provide programs and services to its membership through various committees and the NABOR® Board of Directors, all of whose members are non-paid volunteers.

 

The term REALTOR® is a registered collective membership mark which identifies a real estate professional who is a member of the National Association of REALTORS® and who subscribe to its strict Code of Ethics.

 

 

Tuesday, November 20, 2012




Let's Talk...
Michelle DeNomme, Realtor®... 239.404.7787
 
 Let's Talk... Marsala at Tiburon Golf Resort!
 
New Construction
 
14402 Marsala Way


212011257
4+Den, 4.2 Bath, 4242 sq ft
$1,585,000

 
14410 Marsala Way

212011165
3+Den, 3.1 Bath, 3353 sq ft
$1,270,000

 
14419 Marsala Way

212011253
3+Den, 3.1 Bath, 3622 sq ft
$1,378,000


Distinctive Communities has Custom Designed another Exceptional
Single Family Home with the most incredible lots in all of Marsala to live
and play the day away! Come and view Marsala and this custom home designed that will meet your every desire when it comes to quality, design and location!

 
Let's Talk... Talis Park!!!

Luxury living in Naples, Florida, is becoming more refined. More relaxed. And more intriguing than ever before. With a refreshingly new and varied collection of luxury homes overlooking the acclaimed Norman & Dye golf course. A landscape dedicated to personal health and social vitality, designed with picturesque gardens, parks, waterways and walking trails. And, coming soon, a spectacular new interpretation of the club called Vyne House.

A More Meaningful Kind of Luxury!

Talis Park is breathing new life into the community by expanding the array of amenities and enriching the architectural palette with a broader range of authentic Mediterranean home designs. The result will be indoor-outdoor living at its finest: a more vibrant, health-oriented lifestyle built around swimming, golf, tennis, bocce, personal fitness, a trail system – and a spectacular new clubhouse called Vyne House. Home to the community pool and golf club, this iconic centerpiece will also feature boutique retail with a spa, a health club and a cafĂ© serving good coffee, stone-oven baked pizza and fine wine. The adjacent Great Lawn will provide the perfect setting for events from wine festivals to dog parades. Luxurious, indeed – but so much more than that.

Be sure to contact me today for more details!!!
Michelle
239.404.7787
Michelle@NaplesHomeSweetHome.com
Let's Talk!!!

U.S. new home starts jump to fastest pace in 4 years...
WASHINGTON (AP) – Nov. 20, 2012 – U.S. builders started construction last month on the most homes and apartments since July 2008, more evidence that the housing recovery is gaining momentum.

The Commerce Department said Tuesday that builders broke ground on homes in October at a seasonally adjusted annual rate of 894,000. That’s a 3.6 percent gain from September.

Single-family home construction dipped 0.2 percent to an annual rate of 594,000, after hitting the fastest rate in four years in the previous month. Apartment construction, which is more volatile from month to month, rose 10 percent.

Applications for building permits, a sign of future construction, fell 2.7 percent to 866,000, after jumping 12 percent in September to a four-year high. Still, permit applications to build single-family homes rose to their highest level since July 2008.

Housing starts are 87 percent above the annual rate of 478,000 in April 2009, the recession low. That’s still short of the 1.5 million annual rate considered healthy.

The housing market has been making consistent gains this year, helping prop up an economy that’s being squeezed by a global slowdown and looming spending cuts and tax increases.

Builder confidence rose to its highest level in six and a half years, according to a survey by the National Association of Home Builders/Wells Fargo. Their index of builder sentiment rose to 46 this month, up from 41 in October. It was the highest reading since May 2006, just before the housing bubble burst.

Readings below 50 signal negative sentiment about the housing market. The index has been rising since October 2011, when it was 17. It has surged 27 points in the past 12 months, the sharpest annual increase on record.

Sales of previously occupied homes rose 2.1 percent to 4.79 million in October, the National Association of Realtors said. Sales are near their highest level in five years, excluding temporary spikes in 2009 and 2010 when a homebuyer tax credit boosted purchases.

A key factor fueling the gains is a gradually improving economy, which has increased the number of people looking for homes. At the same time, fewer homes are available for sale. The low supply is helping push up prices.

In addition, mortgage rates have hit all-time lows. And rents are rising, making the purchase of a single-family home or condominium more attractive.

Though new homes represent less than 20 percent of the housing sales market, they have an outsize impact on the economy. Each home built creates an average of three jobs for a year and generates about $90,000 in tax revenue, according to data from the home builders group.
AP LogoCopyright © 2012 The Associated Press, Christopher S. Rugaber, AP economics writer. All rights reserved.

Related Topics:Economic indicators


Wednesday, November 14, 2012

Let's Talk... Cancelation of Debt Income News from W. Justin Cottrell Law Group!

The Mortgage Debt Relief Act of 2007 generally allows taxpayers to exclude income from the discharge of debt on their principal residence. Debt reduced through mortgage restructuring, as well as mortgage debt forgiven in connection with a foreclosure, qualifies for the relief.
This provision applies to debt forgiven in calendar years 2007 through 2012. Up to $2 million of forgiven debt is eligible for this exclusion ($1 million if married filing separately). The exclusion does not apply if the discharge is due to services performed for the lender or any other reason not directly related to a decline in the home’s value or the taxpayer’s financial condition.

The following are the most commonly asked questions and answers about The Mortgage Forgiveness Debt Relief Act and debt cancellation:

What is Cancellation of Debt?
If you borrow money from a commercial lender and the lender later cancels or forgives the debt, you may have to include the cancelled amount in income for tax purposes, depending on the circumstances. When you borrowed the money you were not required to include the loan proceeds in income because you had an obligation to repay the lender. When that obligation is subsequently forgiven, the amount you received as loan proceeds is normally reportable as income because you no longer have an obligation to repay the lender. The lender is usually required to report the amount of the canceled debt to you and the IRS on a Form 1099-C, Cancellation of Debt.

Here’s a very simplified example. You borrow $10,000 and default on the loan after paying back $2,000. If the lender is unable to collect the remaining debt from you, there is a cancellation of debt of $8,000, which generally is taxable income to you.

Is Cancellation of Debt income always taxable?Not always. There are some exceptions. The most common situations when cancellation of debt income is not taxable involve:

  • Qualified principal residence indebtedness: This is the exception created by the Mortgage Debt Relief Act of 2007 and applies to most homeowners.
  • Bankruptcy: Debts discharged through bankruptcy are not considered taxable income.
  • Insolvency: If you are insolvent when the debt is cancelled, some or all of the cancelled debt may not be taxable to you. You are insolvent when your total debts are more than the fair market value of your total assets.
  • Certain farm debts: If you incurred the debt directly in operation of a farm, more than half your income from the prior three years was from farming, and the loan was owed to a person or agency regularly engaged in lending, your cancelled debt is generally not considered taxable income.
  • Non-recourse loans: A non-recourse loan is a loan for which the lender’s only remedy in case of default is to repossess the property being financed or used as collateral. That is, the lender cannot pursue you personally in case of default. Forgiveness of a non-recourse loan resulting from a foreclosure does not result in cancellation of debt income. However, it may result in other tax consequences.

What is the Mortgage Forgiveness Debt Relief Act of 2007?
The Mortgage Forgiveness Debt Relief Act of 2007 was enacted on December 20, 2007 (see News Release IR-2008-17). Generally, the Act allows exclusion of income realized as a result of modification of the terms of the mortgage, or foreclosure on your principal residence.

What does exclusion of income mean?Normally, debt that is forgiven or cancelled by a lender must be included as income on your tax return and is taxable. But the Mortgage Forgiveness Debt Relief Act allows you to exclude certain cancelled debt on your principal residence from income. Debt reduced through mortgage restructuring, as well as mortgage debt forgiven in connection with a foreclosure, qualifies for the relief.

Does the Mortgage Forgiveness Debt Relief Act apply to all forgiven or cancelled debts?No. The Act applies only to forgiven or cancelled debt used to buy, build or substantially improve your principal residence, or to refinance debt incurred for those purposes. In addition, the debt must be secured by the home. This is known as qualified principal residence indebtedness. The maximum amount you can treat as qualified principal residence indebtedness is $2 million or $1 million if married filing
separately.

Does the Mortgage Forgiveness Debt Relief Act apply to debt incurred to refinance a home?
Debt used to refinance your home qualifies for this exclusion, but only to the extent that the principal balance of the old mortgage, immediately before the refinancing, would have qualified. For more information, including an example, see Publication 4681.

How long is this special relief in effect?It applies to qualified principal residence indebtedness forgiven in calendar years 2007 through 2012.

Is there a limit on the amount of forgiven qualified principal residence indebtedness that can be excluded from income?The maximum amount you can treat as qualified principal residence indebtedness is $2 million ($1 million if married filing separately for the tax year), at the time the loan was forgiven. If the balance was greater, see the instructions to Form 982 and the detailed example in Publication 4681.

If the forgiven debt is excluded from income, do I have to report it on my tax return?Yes. The amount of debt forgiven must be reported on Form 982 and this form must be attached to your tax return.

Do I have to complete the entire Form 982?No. Form 982, Reduction of Tax Attributes Due to Discharge of Indebtedness (and Section 1082 Adjustment), is used for other purposes in addition to reporting the exclusion of forgiveness of qualified principal residence indebtedness. If you are using the form only to report the exclusion of forgiveness of qualified principal residence indebtedness as the result of foreclosure on your principal residence, you only need to complete lines 1e and 2. If you kept ownership of your home and modification of the terms of your mortgage resulted in the forgiveness of qualified principal residence indebtedness, complete lines 1e, 2, and 10b. Attach the Form 982 to your tax return.

Where can I get this form?If you use a computer to fill out your return, check your tax-preparation software. You can also download the form at IRS.gov, or call 1-800-829-3676. If you call to order, please allow 7-10 days for delivery.

How do I know or find out how much debt was forgiven?Your lender should send a Form 1099-C, Cancellation of Debt, by February 2, 2009. The amount of debt forgiven or cancelled will be shown in box 2. If this debt is all qualified principal residence indebtedness, the amount shown in box 2 will generally be the amount that you enter on lines 2 and 10b, if applicable, on Form 982.

Can I exclude debt forgiven on my second home, credit card or car loans?Not under this provision. Only cancelled debt used to buy, build or improve your principal residence or refinance debt incurred for those purposes qualifies for this exclusion. See Publication 4681 for further details.

If part of the forgiven debt doesn’t qualify for exclusion from income under this provision, is it possible that it may qualify for exclusion under a different provision?Yes. The forgiven debt may qualify under the insolvency exclusion. Normally, you are not required to include forgiven debts in income to the extent that you are insolvent.  You are insolvent when your total liabilities exceed your total assets. The forgiven debt may also qualify for exclusion if the debt was discharged in a Title 11 bankruptcy proceeding or if the debt is qualified farm indebtedness or qualified real property business indebtedness. If you believe you qualify for any of these exceptions, see the instructions for Form 982. Publication 4681 discusses each of these exceptions and includes examples.

I lost money on the foreclosure of my home. Can I claim a loss on my tax return?No.  Losses from the sale or foreclosure of personal property are not deductible.

If I sold my home at a loss and the remaining loan is forgiven, does this constitute a cancellation of debt?Yes. To the extent that a loan from a lender is not fully satisfied and a lender cancels the unsatisfied debt, you have cancellation of indebtedness income. If the amount forgiven or canceled is $600 or more, the lender must generally issue Form 1099-C, Cancellation of Debt, showing the amount of debt canceled. However, you may be able to exclude part or all of this income if the debt was qualified principal residence indebtedness, you were insolvent immediately before the discharge, or if the debt was canceled in a title 11 bankruptcy case.  An exclusion is also available for the cancellation of certain nonbusiness debts of a qualified individual as a result of a disaster in a Midwestern disaster area.  See Form 982 for details.



W. Justin Cottrell, P.A.

809 Walkerbilt Road, Suite 6

Naples, FL 34110

Justin@wjc-law.com

Office: 239.449.4888




Tuesday, October 30, 2012


Let's Talk... 
16 Percent Rise in Housing Starts, but will it be enough!?


Housing Data Wrap-Up: October 2012 Wells Fargo Securities Reports...

 

Housing Stands Out Amid the Recent Economic Gloom
 With housing activity accounting for such a small portion of overall GDP, even the 16 percent rise in housing starts we are now projecting for 2013 is not enough to move the needle in a meaningful way.

Overall economic growth continues to putter along at around a 2 percent pace, as businesses remain reluctant to commit to major capital investments or hire new workers in a significant way. Economic growth in the third quarter was largely supported by continued gains in consumer spending and a rebound in defense spending. Now, with the fiscal cliff nearing and manufacturing activity slowing in response to slower global economic growth, expectations for economic growth for the coming year have been reduced even further. While overall growth is expected to slow, home sales and residential construction in particular are expected to increase.

The divergence between overall economic growth and housing is unusual but not unexpected. We have noted that housing would still likely strengthen even if overall growth weakens. The incongruity between decelerating real GDP growth and an improvement in homebuilding is made possible by the enormous magnitude of the housing bust, which saw residential construction activity tumble from a peak of 6.3 percent of GDP in Q4 2005 to just 2.5 percent in Q3 2012. With housing activity accounting for such a small portion of overall GDP, even the 16 percent rise in housing starts we are now projecting for 2013 is not enough to move the needle in a meaningful way, particularly with exports slowing, government spending contracting and taxes increasing.

Another more fundamental reason homebuilding can improve with even slower economic growth is that new homes now face less effective competition from foreclosures. However, there are still plenty of foreclosures in the pipeline. The latest data from LPS Analytics show more than 2.1 million homes in foreclosure and another 1.57 million homes have mortgages that are 90 days or more past due. The good news, however, is that there has been considerable progress made at clearing out foreclosures, particularly in hard-hit states like Florida and Arizona. With many of the best properties already sold, distressed transactions are now accounting for a smaller share of  overall sales. The drop in competition from foreclosures has bolstered builder confidence.

Raising the Ceiling on Our Housing Forecast
September’s housing starts figures were eye-opening. Overall starts surged 15 percent, and previously reported data were revised higher.

We have raised our forecast for new home sales and housing starts in 2013 and 2014 due to recent reports from homebuilders, strong gains in building permits and starts, record low new home inventories, and the Fed’s stated intentions to purchase large quantities of mortgage-backed securities on an ongoing basis. September’s housing starts figures were eye-opening. Overall starts surged 15 percent, and previously reported data were revised higher. With September’s increase, housing starts through the first nine months of 2012 are running 26.6 percent ahead of their year-ago pace. Single-family starts are up 23.5 percent, while multifamily starts are up 34.7 percent. Most of the gain in multifamily starts has been in apartment construction.

The significant September jump in housing starts may exaggerate the extent of the improvement in new home construction. Starts tend to bounce around quite a bit and it is not uncommon to see large revisions to previous months’ data. We are also headed into the seasonally slow months, in which the seasonally adjusted numbers can show wide swings on relatively small changes in actual activity. These swings tend to be amplified by weather conditions. September’s spike in starts did not materially affect our 2012 forecast, but given the strong gain in permits, which are running slightly ahead of starts, the gain in the Wells Fargo/NAHB Homebuilders’ Index and robust orders data from several large homebuilders, we raised our expectations for 2013 and 2014 to 990,000 and 1.17 million homes, respectively.

With foreclosures and short sales accounting for a smaller proportion of overall sales, home prices have also firmed up slightly more than had earlier been expected. The median price of an existing home has risen 11.3 percent over the past year, and the S&P/Case-Shiller 10-city home price index is now up 0.6 percent year over year. New home prices have also improved, reflecting less effective competition from distressed sales. Many of the best properties have already been sold and what is left is either geographically or physically less attractive than new construction.

Our forecast for continued gains in residential construction is predicated on successfully navigating around the fiscal cliff. We forecast real GDP growth will likely slow at the start of 2013, as the economy is hampered by the expiration of the temporary 2 percentage point reduction in Social Security taxes as well as the implementation of the taxes associated with the new health care law. After a sluggish start, economic activity should gain momentum throughout the year, and homebuilding should add modestly to overall growth. Inventories of new single-family homes remain near all-time lows in an absolute sense, at just a 4.5 month supply relative to recent sales. With the Fed committed to purchasing mortgages and keeping interest rates low, builders should be slightly more confident about building inventory going into the key spring selling season, and builders have better access to credit today than at any time since the building boom ended.

The recent strength in the apartment market is another factor that should keep homebuilding humming in 2013. Vacancy rates on apartments have fallen 1.2 percent over the past year, helping drive rents 2.7 percent higher. Interest in developing new apartment communities remains high, and permits are running slightly ahead of starts. We expect multifamily starts to rise 29.2 percent in 2013, following a 25.8 percent gain this year. Over the long term, we expect apartments to account for a larger proportion of homebuilding than they have in the past, reflecting an increased preference for rental housing, particularly among younger households.


Release Consensus Actual Prior Revised Next Release NAHB Sentiment Index October 41 41 40 n/a Nov-19 Housing Starts, Thousands of Units September 770K 872K 750K` 758K Nov-20 Housing Permits September 810K 894K 803K 801K Nov-20 Existing Home Sales, Millions of Homes September 4.75M 4.75M 4.82M 4.83M Nov-19 Percent Change September -1.6% -1.7% 7.8% 8.10% Nov-19 New Home Sales, Thousands of Units September 385K 389K 373K 368K Nov-28 Percent Change September 3.2% 5.7% -0.3% -1.3% Nov-28 S&P Case/Shiller Composite-20 YoY July 1.1% 1.2% 0.5% 0.6% Oct-30

Wells Fargo Securities Economics Group publications are produced by Wells Fargo Securities, LLC, a U.S broker-dealer registered with the U.S. Securities and Exchange Commission, the Financial Industry Regulatory Authority, and the Securities Investor Protection Corp. Wells Fargo Securities, LLC, distributes these publications directly and through subsidiaries including, but not limited to, Wells Fargo & Company, Wells Fargo Bank N.A., Wells Fargo Advisors, LLC, Wells Fargo Securities International Limited, Wells Fargo Securities Asia Limited and Wells Fargo Securities (Japan) Co. Limited. The information and opinions herein are for general information use only. Wells Fargo Securities, LLC does not guarantee their accuracy or completeness, nor does Wells Fargo Securities, LLC assume any liability for any loss that may result from the reliance by any person upon any such information or opinions. Such information and opinions are subject to change without notice, are for general information only and are not intended as an offer or solicitation with respect to the purchase or sales of any security or as personalized investment advice. Wells Fargo Securities, LLC is a separate legal entity and distinct from affiliated banks and is a wholly owned subsidiary of Wells Fargo & Company © 2012 Wells Fargo Securities, LLC.
Important Information for Non-U.S. Recipients
For recipients in the EEA, this report is distributed by Wells Fargo Securities International Limited ("WFSIL"). WFSIL is a U.K. incorporated investment firm authorized and regulated by the Financial Services Authority. The content of this report has been approved by WFSIL a regulated person under the Act. WFSIL does not deal with retail clients as defined in the Markets in Financial Instruments Directive 2007. The FSA rules made under the Financial Services and Markets Act 2000 for the protection of retail clients will therefore not apply, not will the Financial Services Compensation Scheme be available. This report is not intended for, and should not be relied upon by, retail clients. This document and any other materials accompanying this document (collectively, the "Materials") are provided for general informational purposes only.

 
 

Sunday, October 28, 2012

Let's Talk...The State of Illusion!
THE SCIENCE OF IMAGINATION!
 
http://thestateofillusion.com/

Good movies are based on the successful attempt to tell a story. People v. The State of Illusion takes you further, by making you part of the story being told. This film, by Austin Vickers, questions the very nature of reality, and through an examination of our perceptions, beliefs and imagination, makes you both judge and jury in what will be the most important trial you will ever witness. This must-see psychological movie includes, as expert witnesses, some of the nation’s leading thinkers in the fields of neuroscience, biochemistry, psychology, quantum physics, and consciousness theory, including Dr. Thomas Moore, Dr. Candace Pert, Debbie Ford, Dr. Joe Dispenza, Dr. Robert Jahn, Dr. Peter Senge, Brenda Dunne, and Dr. Michael Vandermark.

People v The State Of Illusion, directed by Scott Cervine and written and produced by Austin Vickers, is set in the notorious “Old Main Prison” of the New Mexico State Penitentiary, and tells the story of Aaron Roberts, a single father who is arrested and tried on charges following an incident that claims the life of a woman. He is convicted and sent to prison, and his daughter becomes a ward of the state. While there, an attorney learns of her plight and the story of her father, and decides to represent her in an emotionally-compelling case against the State. It is an inspiring movie that will wake you up to the power of your imagination, encourage your hope and elevate your spirit.

Monday, October 22, 2012

Let's Talk...
Naples International Film Festival Is comming to town!

http://www.naplesfilmfest.com/index.html

The 2012 Naples International Film Festival Information...

When is the 2012 Naples International Film Festival?
The Fourth Annual Naples International Film Festival takes place November 1-4, 2012.

How do I purchase tickets to films and events?
Tickets to all of our films and events are available for purchase HERE.

How much do film tickets cost?

Opening Night Film & Party
Naples Philharmonic Center for the Arts
November 1, 2012
General Admission Film Only Ticket - $29
VIP Film & Party Ticket- $159

Silverspot Cinema Showings
November 2-4, 2012
INDIVIDUAL FILM TICKET: $12.50

New this year.... NIFF All-Star Party Pack - $125.00
Visit the Silverspot Cinema box office to buy the NIFF All-Star Party Pack, which includes 12 film vouchers for the price of 10! Then, return to the Silverspot box office once you’ve decided which films to see and simply exchange the vouchers for actual NIFF movie tickets. Available while supplies last.
Each NIFF Voucher is redeemable only for one Naples International Film Festival (NIFF) 2012 Festival Film ticket at Silverspot Cinema, Mercato. Unauthorized reproductions not allowed. Cannot be redeemed for cash. This voucher is not a movie ticket, and does not guarantee the holder to entrance or seats at any NIFF 2012 screening. Can only be redeemed in person at Silverspot box office for a NIFF Film Ticket for NIFF 2012 screenings only, November 2-4, 2012. Voucher not valid at any other location, or for any other Silverspot or NIFF film or event. Voucher cannot be replaced if lost or stolen. Cannot redeem for tickets online. Voucher must be surrendered upon redemption.

How do I get Tickets?
Opening Night Film & Party tickets are available at the Philharmonic Center for the Arts website at www.thephil.org, or by calling the box office at (239) 597-1900. Get film tickets in person at the Silverspot Cinema, or online at www.silverspotcinema.com.

Maps and Directions
For directions to all of our venue partners, please visit www.naplesfilmfest.com/map-directions.html.

 

Thursday, October 11, 2012

Let's Talk...
What to expect when you’re Inspecting!!!
TALLAHASSEE, Fla. – Oct. 11, 2012 – Many homebuyers don’t understand how a home inspection works. Buyers should first understand an inspection isn’t adversarial. Everyone involved in the purchase – the buyer, the buyer’s agent and the listing agent – have the same goal, which is to move forward with a clean sales transaction.

Inspection tips

• The buyer, who hires and pays the inspector, should make sure the inspector is licensed. He or she should also read the seller’s disclosures and note any questions they have for the inspector.

• If possible, buyers should follow the inspector everywhere, including the roof and into the basement or crawlspace. However, buyers should understand that an inspector’s job is to note problems. He may not have all the answers, such as information about the cost of potential improvements.

• While the home listing agent advocates for the seller, the buyer’s Realtor should also take part in the inspection to help advise the buyer how to proceed if the inspector uncovers serious flaws.

• After the inspection, the buyer and his Realtor should examine the detailed inspection report and discuss the next step.

• Experts generally recommend that buyers not bring along a relative or friend who is a contractor. Since they’re not licensed property inspectors, contractors could raise unnecessary red flags that hamper the transaction.

Full inspection versus four-point inspection

For some older properties, mortgage lenders or insurers require a four-point inspection, which sounds as if it’s top of the line compared to, say, a one-point inspection that doesn’t actually exist. However, “four point” refers to the number of housing elements checked, not the quality of the inspection.

Since the cost of the four-point inspection is generally lower than a full inspection, some buyers cut corners to save money. However, they should understand what a four-point inspection does not cover.

In general, the elements covered in a four-point inspection are the ones that could cost a lot to repair should something go wrong shortly after a home purchase. They include: roofing, electrical work, heating-air conditioning systems and plumbing.

Other elements that can need repair in the early years of homeownership – such as appliances, hot water heaters, etc. – are not included in a four-point inspection.

© 2012 Florida Realtors®

Tuesday, October 9, 2012

Let's Talk... Hot off the Press!!!
More than one in five homeowners will refinance within year, data shows
October 09, 2012 03:00PM
Fed Chairman Ben Bernanke
Despite the skepticism surrounding QE3, the Federal Reserve’s plan to buy up some $40 billion in mortgage bonds a month, new data cited by Bloomberg Businessweek shows that efforts of the Fed and the Obama Administration to mend the housing market are making a difference — keeping interest rates at record lows and boosting refinancing applications.
More than one in five borrowers will restructure their home loan within the next year; of that fifth, those who have at least 20 percent equity in their homes are the most likely to refinance. An estimated one in three will lower their interest rates over the next year if the Reserve holds its course, according to Lender Processing Services data analyzed by Businessweek.

And for those who are still underwater, the Obama administration’s Home Affordable Refinance Program has allowed for a 65 percent increase since the start of 2012 in the refinancing for those that own at least 20 more than their home’s value, Businessweek reported.
“You get more benefit when people buy homes. … It’s the purchases of new homes that generate the construction activity, the furnishing, all those things that help the economy grow,” Ben Bernanke,
Chairman of the Federal Reserve, said last month at a press conference. [Businessweek]Christopher Cameron