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Be on the Look out for the opening of...

CMX CINÉBISTRO DEBUTS ...

OCT. 1 AT COASTLAND CENTER MALL IN NAPLES  :0)

Showtime is just three weeks away for CMX CinéBistro, an upscale dinner-and-a-movie destination launching Friday, Oct. 1, at Coastland Center mall in Naples. 

The new 35,000-square-foot freestanding cinema, built on the footprint of the longtime Sears store demolished years ago on the northwestern corner of the mall, marks a rebirth for Miami-based CMX Cinemas, which filed for bankruptcy last spring after the pandemic lockdown. 

The company has hired about 80 team members, including eight managers and an executive chef for Naples. The cinema has six movie screens, a full-service dinner menu, a full bar and a lounge. Patrons are advised to arrive a half-hour before the movie begins to place dinner orders so that meals are delivered to their seats before the show starts. 

Admission after 6 p.m. is only for patrons 21 and over. 

Naples Art District to host Art for a Cure: 

Pink with a Purpose...

The 80 artist members of the Naples Art District (NAD), The Florida Breast Cancer Foundation and Susan G. Komen Florida are presenting Art for a Cure: Pink with a Purpose. During October, artists from the NAD will host a series of VIP behind-the-scenes tours to benefit breast cancer awareness, research and treatment initiatives. 

Tickets are $125 and tours are available from 1-4 p.m. on Oct. 14 and Oct. 16 and 5-8 p.m. on Oct. 21. A $125 donation includes a three-hour VIP artists’ studios tour. Tours will include refreshments, treats by Norman Love Confections, 10 raffle tickets and special invitations throughout the season to art openings and exhibition previews in the Naples Art District. Tours will be closed to the public and VIP guests will be chartered between artists' studios by Dolphin Transportation Specialists.

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NFIP Flood Rates to Change on Oct. 1

September 9, 2021

Buyers who close after Oct. 1 and need flood insurance should understand upcoming flood insurance changes. The new rating system is property-specific and not yet published, but 12% of Fla. homes will see at least a $120 yearly increase. Buyers may be able to assume a seller’s policy and rates, however.

ORLANDO, Fla. – The yearly rates for flood insurance policies under the National Flood Insurance Program (NFIP) will change on Oct. 1. For most Florida homes, rates will be roughly the same as they are now; for about 1 in 5 Florida homes, they’ll go down.

However, 7.8% of Florida homes will see an increase of $120 to $240 more per year, and 4.2% of Florida homes will be charged $240 or more per year. FEMA calls the new program Risk Rating 2.0: Equity in Action.

The problem may directly affect current homebuyers closing after Oct. 1 for two reasons: It’s not yet clear whether a specific property’s rate will go up, down or stay the same – and it might not be clear until after Oct. 1. The issue is evolving, but sellers should stay current on the changes if they plan to close after Oct. 1 and their lender requires flood insurance on the property.Current NFIP rates are not grandfathered in. However, a current home seller’s policy is assumable by the buyer, providing the seller agrees to do so. In some cases, private flood insurance coverage may be an option.

Assuming a flood insurance policy

According to the National Flood Insurance blog, the seller must transfer the current flood insurance policy to the buyer. In most cases, the seller receives a premium refund for their yearly payment after closing; in this case, the money gets settled at closing. However, the arrangement can benefit sellers if they find it easier to complete a transaction after buyers find flood insurance costs challenging.

For buyers, it often means saving money, though that might not be true for the 19.8% of Florida homes that will see a decrease in their yearly flood insurance fees. It also means the buyer can avoid the “hassle of meeting underwriting requirements to purchase a flood insurance policy, which can help a property sell faster.”

Note, however: NFIP policies renew yearly, and buyers as well as current homeowners will eventually pay the new rates after the Oct. 1 NFIP changes.

For more information on assuming a seller’s flood insurance policy, read the blog, The Flood Policy Assumption Process.

A PDF overview of Risk Rating 2.0’s impact on Florida is also posted on FEMA’s website. According to FEMA, the percentage of Florida properties getting higher or lower rates is:

• 19.8%: Lower flood insurance costs
• 68.1%: Either no change or a yearly increase less than $120
• 7.8%: A premium increase between $120 and $240 per year
• 4.2%: A premium increase greater than $240 per year

 © 2021 Florida Realtors® By Kerry Smith

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Naples Area Market Report - June 2021

Frenzy Fades to a Simmer as Inventory Dips Going into Summer

Naples, FL (July 23, 2021) – With less than a one month supply of inventory available, the Naples area housing market experienced a 14.5 percent decrease in overall pending sales in June to 1,256 pending sales from 1,469 pending sales in June 2020. Low inventory levels in June also contributed to a 7 percent decrease in showings for the month. This simmering of activity has broker analysts who reviewed the June 2021 Market Report released by the Naples Area Board of REALTORS^® (NABOR^®), which tracks home listings and sales within Collier County (excluding Marco Island), certain that the wild housing market frenzy that began about a year ago – peaking in March – is now decelerating and being replaced with a new level of activity that reflects improved market equity for sellers and sustained buyer interest from people seeking permanent residency.

Contact me today for the full report by sending an e-mail to...

Michelle@NaplesHomeSweetHome.com

 

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Increased Demand in February Shows 

Homebuyers Recognize a Great Value...

Naples, FL (March 24, 2021) – The February 2021 Market Report, 

released by the Naples Area Board of REALTORS^® (NABOR^®), which

 tracks home listings and sales within Collier County (excluding Marco 

Island), marks the last month of comparative activity 

before the pandemic shuttered the global economy in March 2020. 

That said, overall closed sales of existing homes in Naples for 

February increased 62 percent to 1,307 closed sales from 807 

closed sales in February 2020.

Contact me today to receive the full report...

Michelle@NaplesHomeSweetHome.com

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