SW Florida Insider- Hurricane Preparedness

Are You Really Ready for this Hurricane Season?

Two (of the many) things that are certain in SW Florida every year are lots of sunshine and the very real possibility of tropical storms and hurricanes impacting our area.
When Fay became tropical last week, I pulled out my hurricane list of "things to do" to make sure I was ready. This list is very detailed and is the best one I have seen- that is why I keep and use it. It is from USA Today, November, 2005, and is part of an article created as a result of Hurricane Katrina and the devastation it created ("Are You Prepared in Case of Disaster?" by Elizabeth Weise, page 9D.)
The article is divided into nine sections, with a list in each one:

--First Aid (do you have the 17 essential items?)
--Pets (do you have a pet carrier...food...litter...ID and vaccination records?)
--Home Emergency Kit (32 items in this list, plus airtight plastic bags for everything)
--Food (ideas to sustain your body and comfort your soul as you battle the storm)
--Water (did you know that water has a shelf life of six months? It is because the plastic water jug it is in may develop tiny cracks that allow bacteria into the water)
--Shelf Life of Food (vital info- you don't want to eat something that will make you sick- especially when you have no electricity and possibly no access to a doctor)
--Important Documents (another 17 item list, with a note to keep the originals in an off site safe deposit box)
--Maintaining Contact (great ideas on maintaining contact with family members, both in the storm and outside of it. Remember to put "ICE" in your phone)
--Evacuation Bag (16 items- all needed to be inside a bag with ID for each family member).

This may look overwhelming, but wouldn't it be better to start out overwhelmed and end up absolutely prepared, than to just "wing it" and possibly suffer the consequences?

If you need more information, please feel free to contact me at sandy@leecollierrealestate.com.
I will be busy... checking my list just one more time.

SW Florida Insider - GO GREEN Real Estate. What is the “Slow Home” Movement?

Founded by the Calgary University Professor of Architecture, John Brown, “Slow Home” is an international movement that provides design information and empowers homeowners to take more control and improve the quality of their home environments. Inspired by the clear lessons of “slow food” versus “fast food”, here are Professor Brown’s 10 steps to embrace a higher quality home and lifestyle and SW Florida area real estate expert, Lisa Farina-Lopez’s responses and local advice.

1) “GO INDEPENDENT” Find independent designers and contractors who design for you and not just profit. We have right here in the greater Fort Myers-Bonita Springs- Naples area, a number of local architects, designers and various service contractors who understand the desire for unique combined with the concerns for finances, preservation and conservation.

2) “GO LOCAL” Use local craftsmen, manufacturers and retailers to get a local response to your needs rather than relying on the standard “Big Box” companies who often do not understand your unique home conditions. Think how great it would be to create a network of service professionals who are a “stones-throw-away” from your doorstep and how that makes for pleasant neighbors who are happy to know you and work for you. Supporting the local economy is essential to keeping your community alive and well.

3) “GO GREEN”
Help stop the new suburban sprawl by investing in existing communities and using sustainable materials to help reduce one’s "environmental footprint". There is an abundance of resale homes available here in our SW Florida area. Rather than clearing more land to build, consider revitalizing a pre-existing home and neighborhood. And while doing so, you can choose to use, for example, phosphate free cleaning supplies, less toxic paints and lawn care companies who use organic fertilizers.

4) “GO NEAR”
With the cost of gasoline and the general cost of living rising, it is more important than ever to live as close to where you work, shop and play. It is not just the wasted time and resources driving to work, grocery store, post office, gym etc. but the continued need for new roads and infrastructure services that play a huge role in negatively impacting your beautiful SW Florida environment. Even larger developers are beginning to understand this need as Rappallo, Coconut Pointe and the Mercado are three local communities that promote a multi-use, lifestyle where one walks to work, shop, eat or play.

5) “GO SMALL”
Bigger is not always better. Any properly designed home can feel bigger and live easier than the biggest yet poorly designed one. With the economy pinching most people’s wallets it is so important to spend your money wisely on quality instead of quantity. And think about the money to be saved on less space to air condition or clean. There are many lovely smaller and moderately sized condos, townhouses, cottages or single family homes in the Bonita Springs area just waiting for the ”slow home” owner!

6) “GO OPEN”
Many homes were built to keep the house dark in Florida with the thinking that less light equals less heat, but it often created small, closed up rooms that require more electricity for lighting and don’t really work with the flow of daily lives. How many homeowners have to walk around the house looking for tv’s or lights left on? Choose to build or renovate to create an open space that flows with your daily life, reduces electricity use and offers great light to lift your spirits and remind you of the beautiful SW Florida nature right outside your window. Courtyard homes and homes with “great-rooms” are very popular here in Florida for this reason.

7) “GO SIMPLE”
Buy or renovate a home that has space you will use and things you need. How many homeowners have rooms they never use or worse yet, become interior dumping grounds? And to think that space is costing you money in air conditioning, insurance and real estate taxes. Good design reduces waste, clutter and saves you money. Buy or redesign a home that fits the lifestyle you really want. Homebuyers are becoming more attracted to open floor plans and great rooms.

8) “GO REAL”
Create a home that reflects your own quality of character and high ideals by avoiding fake materials or inaccurate historical styles. You can enhance a home's character with the use of space, natural light, the placement of personal possessions and the use of sustainable materials. Florida is known for it’s Cypress wood and many older homes were entirely or partially built from it. Cypress wood is a super hard wood that is termite resistant and very durable. If your Ft. Myers, Bonita Springs, or Naples home is older with wood floors, walls or main structure, make sure you learn the type of wood it is as you may already have the “go real” you would want as a “slow home” owner. Coral rock is another indigenous element you can use to enhance your home area. If you have questions about authenticity ask your local experts.

9) “GO HEALTHY”
It is commonly known that houses built with cheap materials can emit noxious chemicals. So be money conscious but wise and use as natural as possible of materials and techniques in your building and/or renovating. Consider adding a fresh air ventilator system to your air conditioner to keep fresh air diluting any gases. And it doesn’t take but one “Today Show” episode to know that suburban living which demands driving for all one’s needs can support obesity. This goes back to Prof. Brown’s “GO NEAR” step to not only save money and resources but to promote a healthier you by living where you can walk or bicycle to work or shop.

10) “GO FOR IT”
The more you get informed and involved with your home, the better for everyone and everything! It’s time to slow down Mr. or Ms. Homeowner to understand and create what it is you really want and know that every big or small change made is so important. Not only do you have the opportunity to enjoy your home more fully but reconnect with and support your community and natural environment, save money, enhance your properties value and be proud of your efforts and the changes.

Look for my upcoming GO GREEN articles!
Lisa Farina-Lopez, Realtor
239-287-6005

SW Florida Insider- Tuscany Cove

Tuscany Cove is located on Collier Blvd, just south of Immokalee Road in Naples. It is a perfect choice for those who are looking for the security of a gated community but are not interested in a lot of amenities (who needs golf, or the golf fees, if you don't play the game?) Current homeowners association fees are only $295.

Tuscany Cove was developed by Elias Brothers Communities, who have been a part of the Naples real estate industry for the past 15 years (past projects include Victoria Shores, the Villas at Greenwood Lake, the Villas of Crown Pointe, Royal Villas and Ibis Cove.)

Tuscany Cove has 78 acres of detached and twin villas. There are two large illuminated fountains in the two lakes and lots of preserve areas. Sidewalks for biking and walking are in abundance. In addition, there is a 7,000 square foot clubhouse that offers an Olympic pool and spa, as well as a kiddie pool with a splash fountain. In the clubhouse itself you can also find an exercise room, a fitness room and areas for sitting and socializing. There are two tennis courts available.

The homes are of five different styles, from 1455 to 1987 square feet. Each home has a lanai and a two car garage. The homes are placed on the lots in such a manner that if a pool is not included, it can be added at a future date.

I find that a lot of first time visitors to the area think that they want to be near the beach (walking distance.) They quickly change their mind when they realize the prices of properties that are beachfront, versus properties such as Tuscany Cove, where you can easily get to the beach by car.

Prices start in the low $200,000s and vary depending on the size of the home and the upgrades offered.

Elias Brothers has always maintained a focus on providing homes of both quality and value, backed by the highest level of customer service available. I had the good fortune to sit at their model home center on many occasions and was continually impressed by their high standards.

Questions? Please feel free to call me at 239-336-8399.

SW Florida Insider - Go Green and Save Water! Special Info for Bonita Springs, FL

Conserve and Save!
Those are the words you need to think about in this global and economic climate. Ask yourself what you can do to conserve resources, save money and support your environment. Living in SW Florida is the ideal place to make it happen. Typically we have lots of sunshine to create solar energy, fresh breezes off the Gulf of Mexico to generate small windmills and enough rain to support the oxygen producing plant life and consumable vegetation. But sometimes Mother Nature throws a curve ball and we end up with an unexpected drought. Last year’s drought throughout most of Florida left many of us asking the question: “What can I do to conserve water, save money and support my environment?” A quick and easy answer is to connect a rain barrel to your homes gutter downspouts.


A rain barrel can help conserve water by not using your well water and thus help to maintain important subterranean water levels or not using as much municipal water and help ration for emergencies. A rain barrel can obviously save you money by not paying for the use of municipal water to feed your plants, wash your car, bathe the dog, fill the baby pool etc. There are a variety of rain barrel styles and sizes such as recycled wooden whiskey barrels to more durable modern plastics. The average price runs around $150 per barrel. But if you live or own property in Bonita Springs, Florida and want to conserve resources and REALLY save some money on the purchase price of a rain barrel then plan to attend the City of Bonita Springs 2nd Rain Barrel Workshop where you can purchase a rain barrel for $35.


Date: September 13, 2008 Time: 9:00 am – 11:00 am
At: Community Hall 27381 Old 41 Road
Pre-Registration & Pre- Payment required at City Hall 9101 Bonita Beach Bonita Springs, FL


I have two rain barrels from the first City of Bonita Springs Rain Barrel Workshop and my husband and I are so happy with them that we are considering two more. Our water bill has already been cut just from watering our potted plants with the rain water instead of the municipal water. As a realtor and resident who cares about our very special, subtropical SW Florida area, I encourage everyone to consider at least one rain barrel for their single family home residences. It is so important to me that if you cannot make the workshop but are interested in purchasing a rain barrel, let me know and I will help make arrangements to get your barrel. If you are planning to buy a new home and would like help in planning for rain barrels or other conservation efforts, call me.


Look for my upcoming articles that will feature other local ways to GO GREEN in SW Florida!


Lisa Farina-Lopez
Real Estate Sales Assoc.
"Five Star Best in Customer Satisfaction 2007, 2008"
239-287-6005
Lisa.CoastalEliteTeam@gmail.com
Coastal Elite Properties
A Div. of Bonita Estero Realty Corp.

SW Florida Insider - Buying or Selling Commercial Real Estate? Do You Understand the Appraisal Process?

Many do not understand the process of a commercial appraisal, the time needed to complete an appraisal or the fees charged.

First of all, the appraiser and the appraisal process is governed by the laws. FIRREA, the Financial Institution Reform Recovery and Enforcement Act requires licensing appraisers for assignments which include FDIC insurance and a set of appraisal standards called USPAP or the Uniform Standards of Professional Practice. To a great extent, these standards guide the appraisal process.

It starts with a client calling me with an appraisal problem that they need solved. In order to identify the problem, we will discuss the details of the property such as type of property, owner or tenant occupied, the intended use of the appraisal, for example: internal management, financing for purchase, refinancing, estate planning etc. This will help determine the type of appraisal format.

Then I provide the client with a bid to prepare the appropriate report. When you order a commercial appraisal you are basically paying for the appraiser’s expertise and time. However the fee is affected by the:

Type of appraisal report format chosen:
The format details are defined by USPAP and typically required by the client. The appraiser has little control over the format chosen. If the client is a lender than most likely they will require a summary appraisal or self-contained appraisal due to FDIC insurance. The self-contained appraisal may be required or used for more complex reports. The restricted use appraisal is the least complex and is intended to be used only by the client and no third party (for example a property appraisal for estate taxes). The self-contained appraisal will be the most expensive, summary appraisal less expensive and restricted use appraisal the least expensive.

Complexity of the assignment:
The more complex, the greater the scope of work and the more time equals higher the fee. More complex doesn’t necessarily mean a larger property. A small property can have way more influencing factors on value, such as a mixed use with retail below and residential upstairs.

The availability of data: If a property has little or no comparable sales found than the scope work expands to find contributory value. This obviously will effect the time needed to complete a report.

The required turn-around time:
Next to required format, this is where a client has the most influence of the fee based on the date by which they need the report. An average appraisal report can take between 3–6 weeks. Considering that an appraiser cannot completely understand the scope of an assignment he or she has bid on until the actual work begins he can be at risk with his time and charges. When a short order or rush appraisal comes in it presents an even bigger risk to the appraiser who may have to over extend his hours to get the report done in time and this “rush factor” may be factored into the fee quote because USPAP states that an analysis must be completed within standards without short cuts regardless of fee or requested turn around time.

How can you save on the fee?
-If you can order your appraisals 3 or more weeks out
-Turn-around time may be the best way you can save by allowing as much time as possible and if possible avoid “rush job” situations
-If you are able to use a restricted use report
-If you have a recent appraisal of the subject property
-If you have confirmed comparable data that the appraiser can use

After the bid is accepted, typically a retainer fee is collected to start the appraisal order and then the balance owed is paid at time of delivery or in some cases, the full fee is collected up front.

The appraiser will begin the research to collect necessary information on the subject property. Some information may need to be obtained from the client such as agreement of sale, survey, leases & operating expense data.

In order to appraise a property, the appraiser must first determine the highest and best use of the subject property, which takes into account:
-How a specific use contributes to a community
-Development goals
-Beneficial use by the property owner
-Motivations of an intended purchaser.
This determination is based on the appraiser’s analytical skills and judgment. It boils down to the market value of the land and the improved property as estimated under an assumption that potential purchasers will pay a price that reflects their analysis of a use that is most profitable. A legitimate use must meet the following criteria: physically possible, legally permissible, financially feasible and maximally productive. Once the highest and best use is determined, the appraiser can apply approaches to determine value.

The appraisal typically involves 3 approaches to value. The approaches are made independently of each other and then values are reconciled and the major emphasis is placed on one or more of the approaches indications to produce the most reliable and applicable solution to the specific appraisal assignment.

The cost approach is:
-The current cost of replacing a property minus the losses from deterioration or functional or economic obsolescence.
-This approach falls under the theory of substitution,
-The premise being that a property’s optimum value cannot exceed the cost of duplicating the property on a similar site.

The cost approach consists of four steps:
1) Estimate value of the land considered as vacant and available for highest and best use utilization
2) Estimate reproduction or replacement cost of improvements (meaning buildings, amenities etc) as of the date of the appraisal plus entrepreneurial incentive and other related development cost
3) Estimate the contributory value of the improvements by deduction of accrued depreciation
4) Add land value to the value of the improvements for an indication of market value

The sales approach is:
-The value indicated by recent sales of comparable properties in the marketplace.
- It is determined by direct units of comparison where value can be converted to price per square foot, acres, room, units, income multipliers or overall rates.
-The theory with this approach is that a smart investor would not pay more for a property than what the typical market buyer would pay for a comparable property.

The Income Capitalization Approach:
- Analyzes the market value that the property’s net earning power will support based on capitalization of net income, stabilization and residual equity buildup.
- The theory with this approach is the economic principal of anticipation.
Basically, the price one would pay for a property equals the attributable value of its earning ability.

As stated earlier, in reconciliation, the appraiser considers the applicability of each of the approaches to arrive at the final estimate of value.

I hope this has been informative and if you have any questions regarding the commercial appraisal process or are in need any commercial real esate services (buying, selling, appraising) you may contact me directly 239-287-6051.

Jose R Lopez
Certified General Appraiser
Real Estate Sales Associate
Commercial Division Leader of Coastal Elite Properties

239-287-6051
Jose.CoastalEliteTeam@gmail.com
Bonita Estero Realty Corp.

SW Florida Real Estate - Housing and Economic Recovery Act of 2008

There are several components to the new law that was recently passed.




One of the components will help make homeownership more affordable by creating a refundable TAX CREDIT for first time homebuyers, it works like an interest free loan up to $7,500 and is filed on your tax returns.

~ a First Time Homebuyer is defined as someone who has not owed a PRIMARY residence in the last 3 years~

(click on the links below for more information)



TAX CREDIT AT A GLANCE


http://www.federalhousingtaxcredit.com/glance.php




F.A.Q.


http://www.federalhousingtaxcredit.com/faq.php#3

Another component is the FHA HOUSING STABLIZATION AND HOMEOWNERSHIP RETENSION ACT

Starting October 1, 2008 and ending on September 30, 2011 the Federal Housing Administration (FHA) will be offering goverment insured mortgages thru FHA approved lenders for borrowers in danger of losing their homes.

The existing lender must agree to voluntarily reduce the mortgage for an at-risk homeowner to at 85% of the property's current value and the new loan with the new lender would be for 90% of the current value. The 5% difference helps pay for the program and the mortgage insurance premium.

http://www.nbnnews.com/NBN/issues/2008-07-26/Politics+%26+Government/2.html

The homeowner has the following criteria to meet to be eligble for the program:

• property must be owner occupied - NO investors, speculators, or second homes will be considered



• monthly mortgage payment must be greater than 31% of the borrowers total monthly income as of march 1,2008



• borrower must certify that they did not obtain the loan with fraudulent information and have not intentionally defualted on an existing mortgage



• borrower cannon have been convicted of fraud

The homeowner has to apply for and qualify for the new loan and their current lender has to agree to the reduction in the balance owed and all new loans must be a 30 year fixed rate loan.

This program is voluntary for lenders, investors, loan servicers and borrowers, but if all parties agree the homeowner should be able to get some much needed relief and be able to stay in their home.

For more information on either of these components just email me or give me a call at

franziskasmith@gmail.com or 239-940-2995

Franziska Smith

Broker

Bonita Estero Realty Corp divisions: Lee Collier Real Estate - Coastal Elite Properties

www.LeeCollierRealEstate.com

SW Florida Insider- The Reserve

What an opportunity awaits you when you enter the gates of The Reserve!

I had the chance to preview The Reserve when I had clients from out of town looking for a gated community with lot of amenities and good prices.

I fell in love with The Reserve as I know you will.

Beauty, peace and tranquility- this community has 22 acres of lakes (lots of homes with lake views!), an abundance of sidewalks for both the novice and serious walker, and an 8000 square foot clubhouse that has an exercise/ dance room, catering kitchen, event room, and a resort style swimming pool and spa.

The single family homes start in the upper $200,000's and are mediterranean style. There are

lots of floor plans and upgrades available.

The Reserve is very conveniently located- on Estero Parkway, between Three Oaks Parkway and US 41.

SW Florida Relocation Expert - Palmira Golf & Country Club

Palmira Golf & Country Club is an exceptional community in Bonita Springs, Florida that affords residents all the comforts and amenities of a first-class development. European style homes within a lush paradise linked by winding boulevards, shimmering lakes, fountains, nature preserves and rolling fairways. Add a fabulous clubhouse with restaurants, a 27-hole championship golf course, tennis center, children’s park , a Village community gathering spot to enjoy art exhibits or concerts, a short drive to the Gulf beaches and “the renaissance of your life begins here”.

I think it’s the hidden jewel and that’s why I am featuring this Courtyard Home, in the pristine neighborhood of Caravella. Caravella, designed by Centex Homes, offers single-family homes along the 7th and 8th fairways of the Osprey Course. The neighborhood has seven distinctive designs ranging from 2,600 to 3,150 square feet. The Courtyard Home with photos above

offers three bedrooms each with their own private baths. All of the home opens to one of the most private courtyard pools I have ever seen. Built in 2005 with 2,289 square feet this home has a gorgeous kitchen and upgraded tile throughout. Palmira offers an optional social or golf membership. Asking price $410,000

Lisa Farina-Lopez
Five Star "Best in Client Satisfaction" 2007, 2008
239-287-6005
Lisa.CoastalEliteTeam@gmail.com
Real Estate Sales Associate & Division Leader of
Coastal Elite Properties

a Div. of Bonita Estero Realty Corp.

SW Florida Real Estate Insider - Rehab Loans

• REHABILITATION LOANS
  

There is an ever increasing inventory of foreclosured homes on the market, many with new low prices that are allowing the First Time Homebuyer back into the market. That is the good news. The bad news is that many of these homes need a lot of work. In many cases, the buyer does not have the funds to make the home liveable. Here are two loan options that can help the home buyer who intends to occupy the home:

1. FHA 203(K) loans:

This program allows for rehabilitaiton of owner occupied structures of 1-4 units and condominiums. It can also used to convert a one family dwelling to a two, three or four family dwelling and vice versa.

There is a minium amount of $5,000.00 for the cost of eligible improvements, minor or cosmectic repairs are not acceptable on thier own, but may be added to the minimum requirement. ( There are exceptions to the minimum if repairs is less than $5000.00 but is needed for house to be safe and livebale)

Overview:

• Seller receives thier money at closing just like a normal purhcase and the rehab take place AFTER closing.
• Average time from contract to close is 60-90 days (extra days are needed to do the "work write up and cost estimate"
• Mortgage loan is based on the "after improved" value
• Work must being within 30 days of of Rehabilitation Loan Agreeement and must not stop for more than 30 consecutive days; all work to be completed within 6 months
• Up to 6 months of mortgage payments can be included in the mortgage if the borrower is not able to occupy during the rehab. (this allows borrower to rent somewhere else during the construction and not have to worry about making the mortgage payment on the new house)
• This loan can be used to remodel a home to accomadate wheelchair access
• First time homebuyers can also qualify for this loan
  
  

Eligible Improvements:

• structural alterations and reconstruction



• improved functions and modernization



• elimination of health and safety hazards

The below link will take you directly to HUD's F.A.Q.'s on this topic.

http://www.hud.gov/offices/hsg/sfh/203k/faqs203k.cfm

2). Rural Housing Loans (Section 502):

Section 502 loans are primarily used to help low-income individuals or households purchase homes in rural areas. Funds can be used to build, repair, renovate or relocate a home, or to purchase and prepare sites, including providing water and sewage facilities.

All of Collier County is considered "rural" and portions of Lee County.

There are gross income limits and additional credit requirements:

http://www.rurdev.usda.gov/rhs/sfh/GSFH_Income_Limits/FL%20GRH.pdf

Overview:

• The property must meet FHA requirements or similar standards and the Rural Development Thermal Standards www.rurdev.usda.gov/ga/thermal.doc
• No Mortage Insurance is required, however there is a one-time quarantee fee that is charged and can be financed
• seller receives thier money at closing and rehab takes place after closing
• 3 estimates will be needed for the work done to the home