New Listing - Bayfront Downtown Naples, FL

Excellent downtown location on Naples Bay. Waterview, impeccable neutral interior, attractive decor. Attractively priced in today's market. Take a look at the slide show below and call for your personal appointment. Open Sunday, June 28th from 1 until 4 pm.

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How to Find Out Who OWNS Your Loan and Why It Is Important

A simple question but can you answer it? I couldn't so I decided to find the answer to that question today. Not really knowing where to begin, I started by calling my lender. Surprisingly, I got two different answers from two loan originators who work in different local offices of the bank that services my loan. One said Fannie Mae owns it, the other said it was definitely not Fannie Mae but she didn't know the answer beyond that. She gave me an 800 number. I thanked her, hung up and laughed out loud. I don't have that kind of time.

So, not satisfied, I started to research online just how someone can find this information.

I found two ways but this will only tell you whether they do or do not own the loan:

If your loan is owned by Fannie Mae, you can find out by going to: www.fanniemae.com/homeaffordable

If Freddie Mac owns it go to: www.freddiemac.com/avoidforeclosure

Fill out your address exactly as it appears on you loan statement and, voila, you will know if they own it or not.

It is especially important to know who owns your loan if you want to pursue a loan modification. Part of the recently enacted stimulus package is a program to allow homeowners whose loans are owned by Fannie Mae or Freddie Mac to refinance into lower cost loans. There are two criteria. The program is limited to Fannie and Freddie borrowers who are current on their payments and who's loans are between 80% and 105% of the current value of the property.

Learn more about the Homeowner Affordability Stimulus Package (HASP) and if this is a program that can benefit you.

Stay tuned, I'll be elaborating on how the stimulus package may benefit you in future blogs.

4 Things You Should Know before Buying a condo in Naples Florida

According to Florida Realtor magazine's April issue, as of January 15, 2009, Fannie Mae has tightened its restrictions that will effect the condominium loans it will buy.


1. Fannie Mae will conduct eligibility, not the lender, for buyers who want a mortgage on new and newly converted condo projects in the state of Florida.



2. At least 70% of the total units in a newly converted condo project must be conveyed or under contract for purchase as a primary or second home residence.



3. No more than 15% of the total units can be 30 days past due with condominium association fees.



4. As of April 1, 2009, Fannie Mae plans to add a 0.75% fee of the total loan amount on certain mortgages secured by a condo. The fee will be paid by the borrower unless there is a down payment of at least 25% of the purchase price.


Condominium Conversions are basically apartment buildings that were converted to individual condominium ownership. At the height of the market, flippers bought multiple units and, after the bust, were caught holding quickly depreciating assets. As a result, short sale and foreclosures followed bringing down market values, delinquent association fees and vacant condos. Thus, the new Fannie Mae requirements.

What's the upside of this? Plenty. You can currently buy a very nice 3 bedroom condo for under $100,000. These communities are generally gated and have upscale amenities such as pools, spas, fitness, tennis and indoor racketball courts. They are conveniently located close to I-75 and a quick drive to downtown Naples in some cases.

If you are a seasonal user (second home) or someone looking for affordable housing with great perks, a condo conversion may be for you. If financing your purchase, be sure to use an informed lender and have your Realtor ask all the right questions.

For current availability or more information on Naples Florida real estate, contact me.

Long Sales = Short Sales

I've posted blogs in the past regarding short sales. Recently I came across this article in Realty Times and thought it worth passing along. If you're thinking about buying a short sale, you may get a great buy, get one more property off the market and be in for a long wait before the lender responds, if ever. This article explains why low ball offers may be ignored by the lender. If thinking about buying a short sale, get recent comparable sale information and make a reasonable offer. There can be success as long as you understand the process and are realistic with your expectations.

Realty Times - Top 10 Home Buying Tips For Short Sales – A Guide To Understanding Short Sale Foreclosure Real Estate

Kind of about real estate but not really

Instead of writing about real estate, today I'd like to share a little piece of me. Last year, I was lucky enough to reconnect with one of my high school girlfriends. Back in the 60's, life was a lot different than it is today. We attended a private parochial school where the girls were segregated from the boys. We wore uniforms that were about as unsexy as they could be and we could not have cared less. Speaking for myself, I loved wearing a uniform and not having to look attractive. I could roll out of bed, brush my teeth, run a comb through my hair and throw on that steel gray wool box pleated skirt, white blouse, blazer, navy blue knee high socks, my hush puppies and be off. At school, we didn't have the distraction of impressing the boys. We focused on our education, each other and whatever fun could be had. And fun we did have. Oh, by the way, the boys still noticed us.
In that environment, our friendships were formed. My friend, Mary Lou, who was kind enough to drive today from St. Pete's to Punta Gorda to meet me, and I agreed that after over 3 hours of talking, we had barely put a dent into our conversation. Almost forty years after we'd last seen each other, it was like we hadn't missed a day. She brought me a mini bouquet of lavender from her Maine garden that I carefully put into my tiniest glass vase and placed it exactly where it was meant to be. When I see it, or smell it, I will think of Mary Lou.
I guess the point of this little stroll down memory lane (since this is a real estate blog) is this. Mary Lou said that in a couple of years, all the girls who still work should be retired. At that point, many of them will be spending at least part of the year in Florida so we should make plans to all get back together. Really...............the baby boomers will be coming to Florida. Well, of course they will. Florida is the place to be during the winter months, if not all the months of the year. They all have done fairly well financially and would like to finally relax and reap the rewards of their hard work.
I look forward to it. Not because I'm a Realtor, but because I see us having as much fun at 60 (say what??) as we did at 16, maybe more - ok, for sure more.

January Sold Properties in NA05 - Crayton Road Area

I've decided to do something different with sold properties. Instead of lumping them all together, I thought it would be more interesting to show a specific area and give some details about the property with the highest monthly sale price.

Also, I'm going to show the sale price and the sale price/sq.ft. for each.

To view Click Here

In January, the honor goes to Aria #902 with a sale price of $3,375,000. It has 4,777 square feet, 4 bedrooms and 4.5 baths.

Located on Park Shore Beach, Aria was built in 2006, is the last tower to be constructed on Gulf Shore Blvd. N. and offers a very unique design that joins two separate towers. One tower has two residences per floor and the other three residences per floor. There are 18 floors and 52 elegantly appointed luxury residences ranging from 3,173 to 4,777 square feet and 13 penthouse residences ranging from 4,011 to 5,088 square feet.

Resident amenities are second to none and include:

A Porte Cochere Entry, 24-Hour Manned Security Desk and Grand Two Story Lobby Entrance On Second Level
24-Hour Manned Security Plus Monitored Electronic Entry System
On-Site Residence Manager
Club Room
A large Swimming Pool and Pool Deck
Two Guest Suites
Billiard Room
Fitness Room
Board Room
Two Guest Suites
Private Parking

Aria is just a short walk to The Village on Venetian Bay, where you'll find a unique variety of shopping and dining experiences. You can even take a romantic ride in an authentic gondola.

For a complete list of all available residences in Aria or anywhere in the Crayton Road geo area (west of 41, north of Old Naples and South of Pelican Bay), I am available to assist you.

Caveat Emptor - Especially if you're getting a mortgage

Now that you've found that great deal, will you be able to get financing? If buying a condominium, there are some new rules in the mortgage game.
If new to condominium buying in Southwest Florida, you may find that the process can differ from your real estate market elsewhere.
The process of buying a condominium is a little more involved than purchasing a single family home. It should be more involved. A buyer is becoming part of a community and will have to live closely with others, share common areas and count on others to pay their quarterly assessments for the upkeep of the association.
The upkeep and management of the association, the common elements and the cash reserves are crucial. After the sales contract is executed buyers of resale condominiums have three days to review condominium documents, budgets, frequently asked questions and rules and regulations. Basically, buyers get to verify the quarterly assessment, look for any recent or upcoming special assessment and see where the money is spent that is collected in the quarterly fees.
Before the downturn in the real estate market a simple review was enough. If the budget looked good and their dog met the pet weight restrictions, the buyers moved ahead with the purchase. Buyers and sellers never thought twice about buying or selling a condominium and wondering how it would get financed.
There are some fantastic deals on condominiums in Naples. Everyone probably knows of a community with an abundant supply of condos for sale; short sales and even a few bank owned units. They’re usually very attractive to investors and folks who had once been priced out of the market and can now back get in for pennies on the dollar.
There’s a little know wrinkle that’s starting to show itself in condo financing. Whether you’re an owner in a community with growing pains or you’ve flown down to buy a great deal, if you’re financing a purchase in a high risk area, you run the possibility of being denied a mortgage. Yes, even with a ready, willing, qualified buyer a mortgage can be turned down in underwriting.
Have you ever heard of a condo questionnaire? Not many people have because it’s part of the process done behind the scenes. It’s not subterfuge, its just one of the many facets of a transaction that usually goes unnoticed.
A lender sends a condo questionnaire to the condominium management company as part of the underwriting process. The questionnaire asks dozens of questions about the association, the stability of the finances, insurance and more. A good many of the associations charge as much as $150.00 to complete one of these questionnaires.
There are a couple of crucial questions on the condo questionnaire that are now a fly in the ointment.
■ What are the total number of units that are occupied as primary or second homes and what are the total number of units that are tenant occupied?
■ Provide the total number of unit owners that are 30 days delinquent on unit dues and/or special assessments.
Current underwriting conditions require 60 percent or more of the units to be primary or second homes. That only leaves a maximum 40 percent of units or less permitted to be investor owned or tenant occupied to still meet the guidelines.
A condominium association that is inundated with tenants and/or foreclosures runs the risk of not qualifying for a mortgage. Yes, foreclosures count, too. Those foreclosures are considered investment properties since they are no longer a primary residence or second home.
Anyone that thought special assessments to make up the difference for delinquent owners was merely a one time inconvenience or just part of having “growing pains” needs to know that it is becoming so much more. Typical underwriting guidelines state that if 15 percent of owners are in default, that mortgage is a no go.
Who would have thought that after researching and looking for a home, qualifying for a mortgage, paying for the inspections, appraising for purchase price and making every deadline the transaction could flat line because of the condo questionnaire?
If you’re a seller of real estate in a troubled area you need to pay attention to what is going on in your community. The 2009 budgets should be in your clutches or on the way by the end of this month. You might want to scrutinize the budget and last set of association meeting minutes to see where you stand, especially if you are trying to sell.
Marketing and finding a buyer is only part of the struggle for anxious condo sellers. It would be a shame to find out the hard way, after having your condo under contract for weeks, that the mortgage won’t fund due to the occupancy ratios or delinquencies.
Condo buyers who are preparing to pick up one of the steals and deals in a community chock full of investors and tenants may want to do a little homework and ask a few questions prior to contract, especially if they’re counting on getting a mortgage to pay for the purchase. After all, that great deal isn’t a great deal if you’ve invested time and travel expenses to find it and can’t get the financing that you’re counting on to pay for it.