|
|
||
|
Print this page
Email to a Friend
Digg This Article
Purchase this Issue
|
Realty CheckBy: Caryn StevensBorrowing Trouble |
Here’s a title Southwest Florida doesn’t need: fifth in the nation in pre-foreclosure listings. But that’s the word from Paul Drake, of Naples-based Manning Drake Auctioneers Inc. According to Drake, there were 527 and 1,686 pre-foreclosures listed in Collier County and Lee County, respectively, in early 2007.
Lenders usually initiate pre-foreclosure when borrowers are at least three payments behind on monthly mortgage obligations, Drake explains. The designation sticks until back payments are paid, or until foreclosure takes place, when the property is auctioned on the courthouse steps. When there aren’t any bidders, as is frequently the case these days, the lender becomes the owner. Rodger Bevington, broker and vice president at Century 21 AAIM Realty Group Inc. in Fort Myers, has been specializing in foreclosures since 1990. He says there were only a handful of foreclosures in 2004, but now there are 50 to 60 per month in Lee County.
"The number of foreclosures in 2006 and 2007 is reminiscent of the savings and loan [association] debacle of the 1980s, but with one big difference," he points out. "Then there were many small S&Ls absorbing the losses. Now there are a few big banks taking the hits." The banks are taking these hits because foreclosures don’t sell at auctions as they used to, Bevington reports. Banks that extended first and often second mortgages then have to repossess the properties. Bidders demur because little equity has accrued or expensive work is needed for some properties, or the real estate is priced too high, he says. Some defaulters are investors who bought new construction that was delivered after the market started diving, Bevington notes, and some are first-time buyers lured by 50-year mortgages and other inducements who now can’t afford escalating taxes and skyrocketing insurance.
Manning urges homeowners facing foreclosure not to wait until the ax falls. Those who act early and are open with lenders might find that banks have helpful alternatives. The impact on lenders owning more and more repossessions, Bevington says, has yet to be fully felt.
COMMUNITY WE LOVE
LandMar Group has opened 28 furnished models at
River Hall, its quickly emerging 2,000-acre, tri-village community on S.R. 80 in Alva. According to Jim Harvey, regional manager for the Jacksonville-based developer, the community will appeal to every segment of the home market. One village is geared to adults, with single-story, single-family homes. The family-friendly enclave has one- and two-story floor plans. The golfing village targets permanent and seasonal devotees of the game with a mix of single-family options and coach homes. Harvey notes that the community, begun in 2004 with plans for 2,800 homes, is in the midst of a Lee County growth corridor, with Bonita Bay Group’s Verandah a close neighbor. It’s a reasonable commute to Fort Myers, he points out, but the property will have attractive stay-at-home amenities, such as a pool, tennis, canoeing and shops and restaurants in the retail center that fronts S.R. 80. Golfers have a choice of 10 models at River Hall Country Club. Home prices include a membership to the Davis Love III golf course. Prices range from the low $300,000s to more than $1 million. Pulte Homes has opened two models at Hampton Lakes, the family-oriented village that includes membership to the Town Hall Amenity Center, a 14,000-square-foot recreation complex. Ryland Homes has opened three models there as well. Homes in this village range in size from 1,960 to 2,923 square feet of living space. Ryland Homes is slated to build 85 homes in this village, which also boasts an elementary school on the property. Prices begin in the low $300,000s. For adults, there are maintenance-free homes and a clubhouse at Cascades. Thirteen models are open, priced from the mid-$200,000s, built by Levitt and Sons and designed to accommodate pools. Morrison Homes, Arthur Rutenberg Homes by Lyons Housing, David Weekley Homes and Taylor Woodrow also debuted models at a model-opening fundraiser in February.MODELS WE LOVE
Skylines and fairway views are treasured by many homeowners, but the beautiful sight of a flowing river is a treat few can capture for themselves. Two new opportunities are available with the opening of the
San Remo and the Salerno, at Trevi in Fort Myers. Michelangelo Homes, a Fort Myers-based custom-home builder, has completed two furnished models in the gated riverfront enclave of seven estate homes on McGregor Boulevard. The San Remo’s wraparound balcony provides the perfect vantage point from which to enjoy the Caloosahatchee River. The floor plan’s 3,454 square feet of air-conditioned space and 5,253 total square feet provides four bedrooms, three and a half baths, a study, two-story living room, a family room, formal dining, and a kitchen with a breakfast nook. Travertine flooring and faux finishes define a deluxe interior that includes granite and marble countertops, wrought iron railings and stone and tile details throughout. Outdoors, a pool, spa and a summer kitchen heighten the pleasure of the waterfront lifestyle. The San Remo is priced at $2,099,000 furnished, with a three-car garage. The Salerno’s two stories deliver four bedrooms, three and a half baths, a den and a great room in nearly 3,600 square feet of living space. The three-car garage, entry and side courtyards, detached wine cellar, outdoor kitchen and pool embellish the core residence and boost the total area to 4,910 square feet. The home makes an impressive introduction with a two-story entry and an open hardwood staircase. Marble, slate and wood floors add to the upscale ambiance. The kitchen’s custom-designed keystone range hood and built-in breakfast nook are among its many inviting features. Generous application of faux finishes, such as Venetian plaster, casts the glow of an elegant past on a thoroughly modern home design. The Salerno’s price, furnished, is $2,199,000.
