I recently joined a collaborative effort with CapeCoral.com to provide insights on the Cape Coral real estate market, and contribute monthly to the “Breaking Down the Real Estate Market” special feature.
The CapeCoral.com March article, “A Look back at the 2012 real estate market, predictions for 2013,” shares insights and thoughts
At the January 22, 2013 meeting, and after much public input and debate, the Lee Board of County Commissioners directed staff to draft an ordinance for its review at its February 12, 2013 meeting to initiate a one-year suspension on impact fees with the possibility to renew for another year (for a total of two
In the past few months, several clients have contacted me with questions regarding property that had been obtained through tax deeds. For example, one client contacted me to discuss property that had been purchased from an individual who obtained the property through a tax deed sale two years earlier. At the recent purchase, the client had obtained an owner’s title policy; however, there was an exception to this policy for anyone claiming by, through or under the prior owner whose title to the property had been disgorged by the tax deed sale. My client intended to develop the property into a multi-unit residential complex and wanted to be certain that they could provide clear title to the eventual third-party purchasers.
Background
Prior to a property being sold at auction via a tax sale, several things must have occurred or, in some cases, not occurred. By way of example, let’s say that “Adam” is an individual who owns a 10 acre tract of vacant land in Lee County, Florida. After the 2008 real estate crash, Adam fell on hard times and failed to pay the 2008 ad valorem taxes due and payable on March 1, 2009. On April 1, 2009, the taxes for Adam’s property were deemed delinquent and the tax collector, as required by law, advertised Adam’s property (along with other delinquent properties) once a week for three consecutive weeks for the sale of a tax certificate on the delinquent 2008 taxes. Once the delinquent properties had been properly advertised, the tax collector established an on-line auction for a tax certificate for the delinquent 2008 taxes.Continue Reading Tips for Understanding Tax Deeds and Tax Certificates
It’s no secret that the U.S. economy remains in critical condition. Florida, along with several other states, suffered more than most during the recession, and Florida continues to suffer. Florida’s economic woes stem, in part, from the “foreclosure crisis” caused by people taking on more debt than they could afford when buying homes. According to the August 9, 2012 edition of Gulfshore Business Daily, Florida had the nation’s third-highest foreclosure rate in July 2012. As reported by CNN, in some California communities, the unusually large number of foreclosures over the last few years has resulted in vacant homes, declining property values, and the corresponding loss of property tax revenues. The same holds true here in Florida and, in the absence of a replacement revenue source, local governments dependent on property tax revenues have had to cut costs and services to try to meet budgets. Faced with this situation, local governments in several parts of the country are considering the use of an unorthodox tool to solve the problems caused by “underwater” mortgages and homes — eminent domain.
It came from California…
Many people are familiar with the use of eminent domain to acquire private property for public use, such as the widening of a public road. The Wall Street Journal reported that San Bernardino County and two other California communities are considering the use of eminent domain to acquire home loans that are current, but “underwater.” (A home or loan is “underwater” if the amount owed exceeds the value of the home serving as collateral.) The City of Chicago, Illinois, and Suffolk County, New York have also considered use of eminent domain in this manner, though on August 14, 2012 Chicago’s mayor, Rahm Emanuel, announced his opposition.
How would it work?Continue Reading Will Local Government Use Eminent Domain to Condemn Underwater Mortgages or Homes in Florida?
Most home purchase contracts allow the buyer to obtain a home inspection report, even if the Seller is selling as is, and Buyers are more likely to obtain a home inspection report than ever before, even when buying a home as is. So, what should you look for when you receive the inspection and what
While mothers across the country are hoping to receive flowers, cards or gifts on Sunday for Mother’s Day, a very special group of women will receive keys to a new Habitat home in Cape Coral. These moms are the recipients of a home built or rehabbed through Habitat for Humanity of Lee and Hendry Counties, Inc. (“Habitat”) Women Build project. Women Build encourages women to make a difference by building or rehabbing homes and helping Habitat with its home-building mission.
Habitat Women Build is a perfect fit for Giving Alliance of Women (“GAW”), a non profit organization serving Cape Coral, Florida since 1973. GAW is a component of the Cape Coral Community Foundation, consisting of a group of women involved with philanthropy in the Cape Coral community. These women, pictured above, formed a team and raised $5,000 to participate in Habitat’s 2012 Women Build. (Front row, left to right: Tyra Read, Jennifer Coleman, Claire Avery, ToniRae Hurley, Rebecca Ross; back row: Tiffany Cleland, Mary Margaret Embroli-Swanson, Cindy Stratton.)Continue Reading Habitat Women Build in Cape Coral, Florida – Helping Families and the Local Real Estate Market
In prior posts, we mentioned the basic timing of the property tax system in Florida. As a reminder, important dates to keep in mind are:
Which begs the question, “what can I do now if I’m thinking about my property taxes but haven’t paid attention to these dates?” Here are 5 quick things you can be doing:
Continue Reading 5 Things You Can Do Now to Prepare for 2012 Property Taxes
In January 2012, I provided data showing improvement in the real estate market in the Cape Coral – Fort Myers, Florida area. There is even more positive news.
The News Press reports that Cape Coral – Fort Myers is 10th on a list of 101 housing markets showing improvement, according to an index released
The Board of Lee County Commissioners is set to consider proposed changes to county impact fees for schools, regional and community parks, EMS and fire services. The Board will hear the item at its regularly-scheduled public hearing on April 10th at 9:30 a.m. in Commission chambers.
You can access the impact fee studies on the
Not only have single family home prices increased, but inventory has decreased, spurring an increase in lot purchases in anticipation of new home construction. The return of single family home construction in Cape Coral will result in new jobs, increased wealth into the area and improvement in the economy.
The median sales price for Cape Coral and Fort Myers single family homes increased 20%, comparing November 2011 with November 2010 figures, according to the Florida Sales Report. Continue Reading Cape Coral, Florida, Looking Brighter: Real Estate Market Improving