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

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

 

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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.

 

 

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 café 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.
Copyright © 2012 The Associated Press, Christopher S. Rugaber, AP economics writer. All rights reserved.

Related Topics:Economic indicators

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