Margo D. Beller of CNBC reported last month about a congressional bill introduced by Senator Charles Schumer (New York), and Senator Mike Lee (Utah), aimed at attracting foreign investment to the U.S. housing market in another legislative effort to jumpstart the U.S. sputtering economy. The Visa Improvements to Stimulate International Tourism to the United
Fraud Scam with Smartphone Endangers Real Estate Transactions
Security must keep pace with technology. We experience it first-hand. Remove your shoes, jacket, liquids and electronics. Place them on the conveyor belt, and proceed to the body scanner. But wait, this seems odd – I’m heading into my real estate closing, not the airport, right?
Fortunately, real estate transactions do not command the physically invasive security measures that accompany aviation, but the gap may be narrowing slightly based upon recent alerts. National and local title insurance underwriters and The Florida Bar have recently published alerts in reaction to the latest fraud scam affecting real estate transactions – the weapon of choice is the Smartphone.
How It WorksContinue Reading Fraud Scam with Smartphone Endangers Real Estate Transactions
The Best Home Selling Tips of 2011: Q&A With Realtor D. Michael Burke
D. Michael Burke left his career of 15 years in Ohio as the owner of a computer hardware servicing company, to grow into one of the top producing real estate agents in Southwest Florida. Michael has become the “voice of real estate” in Lee County, Florida through his weekly featured column in the Fort Myers News-Press Saturday’s Home Finder section, and his own publication with 20,000 subscribers “The Coconut Point Press” which features local real estate market trends in Southwest Florida. D. Michael Burke is a licensed real estate agent with Keller Williams Elite in Bonita Springs.
Michael believes that there is no reason why homes should not sell in the current real estate market. In the last couple of years, the market in Southwest Florida has shown clear signs of stabilizing with the number of closed sales rising each month and lower inventory levels. So, as we conclude 2011, we would like to share D. Michael Burke’s top home selling tips for sellers to effectively sell their properties. The following are Michael’s best home selling tips, listed in the order of priority from highest to lowest:Continue Reading The Best Home Selling Tips of 2011: Q&A With Realtor D. Michael Burke
Practical Strategies for Dealing with Challenging Properties
To continue our series to recap the Real Estate Investment Society’s “Challenges and Strategies for Property Development Today” workshop, and to follow Cody Vaughan-Birch‘s post on Development Incentives and Local Pro-Growth Policies, the second panel of professionals provided an overview of the current trends, challenges and strategies in property development from a legal and practical perspective.
Southwest Florida Real Estate: Problem or Opportunity?
Steve Hartsell, a zoning and land use attorney with the Pavese Law Firm, summarized two circumstances where legal and practical strategies are needed:Continue Reading Practical Strategies for Dealing with Challenging Properties
Southwest Florida Officials Provide Insight on Development Incentives and Local Pro-Growth Policies
The Real Estate Investment Society and Urban Land Institute conducted a workshop, “Challenges and Strategies for Property Development Today,” last Thursday morning in Fort Myers. Mary Gibbs, Lee County‘s Director of Community Development, got right to the point:
All properties today are challenging. Nothing’s easy anymore,” noting that property location, infrastructure availability, and objections from surrounding residents seem to be the most common constraints.
Local governments are reacting to these economic and site-specific development difficulties by implementing changes and adopting more business friendly approaches to complex development issues that may delay or kill potential new projects.
Bonita Springs City Manager Carl Schwing joined Ms. Gibbs in a panel discussion regarding tactics and strategies local governments can utilize to help facilitate private development in a difficult economy. Both indicated that engaging in discussions with local government development staff
Short Sales: Don't Sell Yourself Short
“Short sales” deserve attention as we continue focusing on opportunities in a down real estate market. As you probably know, a short sale is where the current lender agrees to release property from the lien of the mortgage in exchange for less than the outstanding mortgage debt. Shorts sales gain popularity as owners owe more on their outstanding mortgage than their property is currently worth.
The devil is in the details with commercial and residential short sales. All parties to the transaction (seller/borrower, lender, buyer, guarantor(s)) should consider how to protect themselves with written agreements. This article will examine some of the critical terms that should be reduced to writing when navigating a short sale.
Essential Contract Terms
A short sale comes to life when a contract for sale is executed by the seller/borrower and buyer. At a minimum, the contract should clearly state that the transaction is a short sale and provide Continue Reading Short Sales: Don't Sell Yourself Short
Workshop Promises to Provide Insight and Guidance to Navigating Today’s Real Estate Market
Everyone we speak with seems to be in the same boat with today’s real estate market – things may be giving some small indications of movement, but nothing seems to move as quickly or as easily as it used to. Many properties are uniquely challenged with a host of issues that need to be worked out
Not All Surprises Are Good Surprises, Especially When Buying Foreclosed Property
Would you be surprised to discover that the property you would like to purchase, which is subject to a foreclosure suit, has an invalid assignment of bid rights?
Improper Assignment of Bid Rights
As a transactional real estate attorney, I am surprised at the frequency I am discovering improper assignments of bid rights filed
Sweeping Changes to Florida’s Growth Management System are Here
The Florida Legislature recently adopted House Bill 7207 which drastically changes the landscape of Florida’s Growth Management procedures. The bill itself comprises 349 pages (the majority of which deals with matters unrelated to growth management) and the drastic changes it proposes are too numerous to cover in a blog entry. A sampling of some of
Road Impact Fees May Decrease in Lee County
In light of the significant reduction in property values and construction costs across Lee County, a recent study conducted by Duncan Associates (a consulting firm based out of Texas) concluded that the Board of County Commissioners should consider similarly significant reductions in its road impact fees.
Road impact fees are generally assessed on new construction