2870 Cypress Trace Circle #1722, Naples, FL

2870 Cypress Trace Circle #1722, Naples, FL

$ Click for current price
2 BEDROOMS | 2 (2 full ) BATHROOMS | 1414 SQUARE FEET

Property Description

This is your chance to own a piece of Paradise in Naples Florida in a Golf course community with a beautiful lake view!!! Upper level condo with one car garage (detached), for sale. Hardly lived in because owner was mostly outside the country, and was doing improvements in every visit. Beautiful Cherry Wood kitchen with elegant glass back splash. Brazilian cedar wood floor on Den and Guest bedroom. Some missing door trim and moldings,(material to finish left with condo). No appliances available except dryer and microwave, the washing machine is not working. Owner purchased the front lan…



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2870 Cypress Trace Circle #1722, Naples, FL – Just Listed

2870 Cypress Trace Circle #1722, Naples, FL

Just Listed

$ Click for current price
2 BEDROOMS | 2 (2 full ) BATHROOMS | 1414 SQUARE FEET

Property Description

This is your chance to own a piece of Paradise in Naples Florida in a Golf course community with a beautiful lake view!!! Upper level condo with one car garage (detached), for sale. Hardly lived in because owner was mostly outside the country, and was doing improvements in every visit. Beautiful Cherry Wood kitchen with elegant glass back splash. Brazilian cedar wood floor on Den and Guest bedroom. Some missing door trim and moldings,(material to finish left with condo). No appliances available except dryer and microwave, the washing machine is not working. Owner purchased the front lan…



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2870 Cypress Trace Circle #1722, Naples, FL – Just Listed

2870 Cypress Trace Circle #1722, Naples, FL

Just Listed

$ Click for current price
2 BEDROOMS | 2 (2 full ) BATHROOMS | 1414 SQUARE FEET

Property Description

This is your chance to own a piece of Paradise in Naples Florida in a Golf course community with a beautiful lake view!!! Upper level condo with one car garage (detached), for sale. Hardly lived in because owner was mostly outside the country, and was doing improvements in every visit. Beautiful Cherry Wood kitchen with elegant glass back splash. Brazilian cedar wood floor on Den and Guest bedroom. Some missing door trim and moldings,(material to finish left with condo). No appliances available except dryer and microwave, the washing machine is not working. Owner purchased the front lan…



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Average rate on 30-year mortgage

Average rate on 30-year mortgage rises to 3.91%

 

Mortgage Rate Trend Index

Half (50%) of mortgage experts polled this week by Bankrate.com predicted an increase over the short term, but some assumed the Fed would raise interest rates, which didn’t happen. Only 10% expect no change, and the remaining 40% predicted a decrease.

 

WASHINGTON (AP) – Sept. 18, 2015 – For the second straight week, average long-term U.S. mortgage rates inched up this week as financial markets awaited the Federal Reserve's crucial decision on interest rates.

Capping months of feverish speculation, Fed policymakers announced Thursday they've decided to keep interest rates at record lows in the face of threats from a weak global economy, persistently low inflation and unstable financial markets. But at a news conference, Fed Chair Janet Yellen said a rate hike was still likely this year.

A majority of Fed officials on the committee that sets the federal funds rate – which controls the interest that banks charge each other – still foresee higher rates before next year. The Fed will meet next in October and then December.

A rate hike by the Fed could bring higher rates for home loans. The Fed has kept its key short-term rate at a record low near zero since the financial crisis struck seven years ago.

The Fed announcement came Thursday afternoon, some time after mortgage giant Freddie Mac issued the latest data on weekly mortgage rates. Freddie reported that the average rate on a 30-year fixed-rate mortgage edged up to 3.91 percent from 3.90 percent a week earlier. The rate on 15-year fixed-rate mortgages rose to 3.11 percent from 3.10 percent.

With the job market now considered essentially recovered from the Great Recession, many economists say it's time to start edging toward normal rates. Others argue that many other factors – notably a sharply slowing China, the tumult in markets and persistently less-than-optimal inflation – raise serious concerns. They say the Fed should wait, until later this year or even 2016.

To calculate average mortgage rates, Freddie Mac surveys lenders across the country at the beginning of each week. The average doesn't include extra fees, known as points, which most borrowers must pay to get the lowest rates. One point equals 1 percent of the loan amount.

The average fee for a 30-year mortgage was unchanged from last week at 0.6 point. The fee for a 15-year loan declined to 0.6 point from 0.7 point.

The average rate on five-year adjustable-rate mortgages rose to 2.92 percent from 2.91 percent; the fee held steady at 0.5 point. The average rate on one-year ARMs fell to 2.56 percent from 2.63 percent; the fee slipped to 0.2 point from 0.3 point.

Source: Florida Realtors News – September 18 2015

Housing Activity in South Naples

A service from the Naples Area Board of REALTORS®   

Housing Activity in South Naples Heats Up in August

Naples, Fla. (September 18, 2015) – Traditionally a tepid month for REALTORS®, August delivered robust activity in many areas of Naples particularly in South Naples, according to the August 2015 Market Report released by the Naples Area Board of REALTORS® (NABOR®), which tracks home listings and sales within Collier County (excluding Marco Island). South Naples is defined in the Southwest Florida MLS as encompassing properties in zip codes 34112 and 34113 (i.e., neighborhoods south of Davis Boulevard, west of SR/CR 951, east of the U.S. 41 and 5th Ave. S. intersection. Some of the larger neighborhoods in this area include, Lely, Treviso Bay, Isles of Collier Preserve, Lakewood, Kings Lake, Eagle Creek, and Isle of Capri). This particular geographic area experienced the highest increases in overall pending sales, closed sales and median closed prices of all geographic area reported in August.

Despite a 5 percent decrease in overall inventory for homes in the South Naples region from 575 homes in August 2014 to 547 homes in August 2015, broker analysts agree that the South Naples market is gaining in popularity as buyers are attracted to its investment potential and renewed growth.

Pending sales (homes under contract) in South Naples jumped 26 percent from 112 pending sales in August 2014 to 141 pending sales in August 2015. Closed sales in this region increased 9 percent from 1,482 closed sales in the 12-months ending August 2014 to 1,610 closed sales in the 12-months ending August 2015. Interestingly, the median home price in South Naples experienced the highest increase of all geographic areas with a 21 percent increase from $179,000 in the 12-months ending August 2014 to $217,000 in the 12-months ending August 2015 despite the fact that inventory decreased only 5 percent from August 2014 to August 2015.

"Mortgages are coming back in a big way too," said Steve Barker, Advising Broker for Equity Realty. "The August report showed conventional sales amounted to 44 percent of all sales; whereas in August of 2013, conventional sales amounted to only 34 percent of all sales in that month. I believe we are starting to see a real trend back to home financing as many of the homeowners who lost homes in 2006, 2007 and 2008 are now able to qualify for new mortgages."

According to Pat Pitocchi, NABOR® Media Relations Committee chairperson and corporate trainer at Downing-Frye Realty, "One factor contributing to the impressive activity in August may be that buyers are concerned an impending rate increase will occur this fall." Phil Wood, President & CEO of John R. Wood Properties agreed and added that this concern may not be on just the buyers' minds as he's heard "several large banks are encouraging high-end buyers who have always favored purchasing homes with cash to consider applying for a mortgage to take advantage of the low rates."

Aside from a steady shift of cash sales to more sales with conventional financing, Barker pointed out that there were 284 non-traditional sales (short sale and foreclosed sales) in August 2009 compared to only 49 non-traditional sales in August 2015. "There simply isn't a huge presence of cash investors consuming the market anymore."

Activity in the upper end of the market was impressive in August too, as evidenced in the report. Overall pending sales for homes in the $2 million and above price category increased 58 percent from 19 pending sales in August 2014 to 30 pending sales in August 2015. This $2 million and above price bracket's overall median closed price also increased 14 percent from $2,850,000 in the 12-months ending August 2014 to $2,230,000 in the 12-months ending August 2015.

The NABOR® August 2015 Market Report provides comparisons of single-family home and condominium sales (via the Southwest Florida MLS), price ranges, and geographic segmentation and includes an overall market summary. The NABOR® August 2015 sales statistics are presented in chart format, including these overall (single-family and condominium) findings: 

  • Overall pending sales increased 2 percent from 795 in August 2014 to 811 in August 2015.
  • Overall closed sales increased 2 percent from 9,695 in the 12-months ending August 2014 to 9,870 in the 12-months ending August 2015.
  • Overall median closed price increased 14 percent from $260,000 in the 12-months ending August 2014 to $297,000 in the 12-months ending August 2015.
  • Overall median closed price for homes $300,000 and under increased 10 percent from $175,000 in the 12-months ending August 2014 to $192,000 in the 12-months ending August 2015.
  • Overall inventory decreased 2 percent from 3,579 in August 2014 to 3,525 in August 2015.
  • Overall inventory for homes $300,000 and under decreased 26 percent from 1,279 in August 2014 to 946 in August 2015.
  • There is a 4.27 months supply of inventory.
  • Average days on market decreased 4 percent from 81 days to 78 days.

Interest-only Mortgages Return in Different Form

NEW YORK – Aug. 21, 2015 – Don't call it a comeback.

Interest-only mortgages got a bad reputation in the aftermath of the housing bust, but they've managed to stick around as an option for homebuyers who can meet stricter lending guidelines enacted by the government in recent years.

The loans can lower monthly mortgage payments by letting borrowers put off paying the principal on their loan for several years. When the interest-only period ends, the borrower's monthly payment spikes as they begin to pay a combination of principal and interest until the loan is paid off.

That monthly payment shock, often accompanied by a higher interest rate on adjustable-rate interest-only loans, is what got many borrowers in trouble a decade ago.

One reason is that many of those borrowers qualified for their loans on the basis of their ability to repay the lower, interest-only payment. When their monthly payment reset higher, many couldn't keep up.

That's no longer the case. Now lenders are required to determine whether borrowers qualify for any interest-only loans, or other adjustable-rate mortgages, based on whether they can afford to make the eventual bigger monthly payments that await them once the initial interest-only period ends.

As a result, such interest-only loans now make up only about 0.2 percent of all adjustable-rate mortgages, or ARMs, which account for about 4 percent of all home loans for purchase and refinancing, according to data from CoreLogic.

Use of interest-only mortgages peaked 10 years ago at the height of the housing bubble at around 10 percent of all ARMs.

"The big difference here is interest-only loans are back to being the niche product that they traditionally had been," said Greg McBride, chief financial analyst at Bankrate.com. "The go-go days of the housing boom were the exception."

Still, rising home prices can make interest-only loans a tempting option for borrowers who are interested in a lower mortgage payment and can qualify for such a loan under today's stricter guidelines.

At least one lender is looking to expand access to interest-only loans to a broader range of homebuyers, not just the affluent buyers who typically take advantage of such loans.

Last month, United Wholesale Mortgage began making interest-only home loans through its network of mortgage brokers. The loan program covers mortgages as low as $250,000. That's just above the U.S. median home price of $236,400, but well below the recent median price in Southern California of $426,000.

Even with today's stricter guidelines aimed at ensuring borrowers can handle interest-only loans, they carry potential financial risks. Here are some things to consider when weighing whether such a loan is right for you:

Payment changes

Interest-only mortgages can come with a fixed or variable interest rate and an initial period when the borrower only pays interest on the loan. That's usually three, five, seven or 10 years. After the interest-only period, the monthly payment can increase sharply as the borrower begins to also pay down the principal on their loan.

In addition, the borrower is left with 20 years to pay off the balance of the loan.

Lending requirements

To ensure borrowers can afford an interest-only mortgage, lenders often require large down payments relative to what one can find with a traditional 30-year, fixed-rate home loan backed by the government.

For example, the down payment on a mortgage backed by the Federal Housing Administration can be as low as 3.5 percent, though the borrower will have to pay private mortgage insurance. And borrowers can qualify with a FICO score as low as 580.

In contrast, United Wholesale Mortgage requires that borrower put down 20 percent, have a FICO score of at least 720 and a debt-to-income ratio of 42 percent.

Building equity

With a traditional mortgage, the borrower is paying part of the principal with every payment. That helps build their equity in the home along the way. In the initial period of an interest-only mortgage, the borrower is only gaining equity if their home is appreciating.

Source: Florida Realtor News – August 21, 2015

Naples Real Estate – Busy from Beaches to Beyond

 

Naples, Fla. (August 21, 2015) – Activity in the Naples area housing market continued its upward momentum moving into summer as evidenced in the July 2015 Market Report released by the Naples Area Board of REALTORS® (NABOR®), which tracks home listings and sales within Collier County (excluding Marco Island). An 8 percent increase in overall pending sales (homes under contract) from 845 in July 2014 to 913 in July 2015 is one indication REALTORS® stayed busy in July. Unlike July 2014 where both overall pending sales and overall inventory decreased 13 percent respectively, activity in July 2015 had many notable peaks and very few valleys. For example, overall inventory decreased 1 percent from 3,563 in July 2014 to 3,518 in July 2015, but inventory for single-family homes rebounded with a 7 percent increase from 1,906 single family homes in July 2014 to 2,040 single family homes in July 2015.

 

"Overall pending sales for homes over $300,000 increased 23 percent from July 2014 compared to July 2015," said Bill Coffey, Broker Manager of Amerivest Realty Naples, who also noted that overall closed sales for homes over $300,000 increased 16 percent from 4,123 homes in the 12-months ending July 2014 to 4,783 homes in the 12-months ending July 2015.

 

According to Kathy Zorn, broker/owner, Florida Home Realty, the $1 million and above price categories have also been very interesting to watch this summer. "We don't typically see a high level of activity for this segment of the market during the summer months," she said adding, "but the demand is there and appears to have shifted from condos to single family homes."

 

Zorn was referring to pockets of heightened activity in the report including a 70 percent increase in pending sales for single family homes in the $1 million to $2 million price category from 23 single-family homes in July 2014 to 39 single-family homes in July 2015, and a 68 percent increase in inventory for condominiums in the $2 million and above price category from 28 condominiums in July 2014 to 47 condominiums in July 2015.

 

Inventory continued to dissipate at double-digit rates in the low end of the market (overall inventory for homes in the $300,000 and below price category decreased 26 percent from 1,281 homes in July 2014 to 945 homes in July 2015); yet inventory in most other price categories during July was replenished. This is most apparent in the single-family homes market where the $300,000 and below price category fell 31 percent, but other categories saw big gains.

 

The NABOR® July 2015 Market Report provides comparisons of single-family home and condominium sales (via the Southwest Florida MLS), price ranges, and geographic segmentation and includes an overall market summary. The NABOR® July 2015 sales statistics are presented in chart format, including these overall (single-family and condominium) findings: 

  • Overall pending sales increased 8 percent from 845 homes in July 2014 to 913 homes in July 2015.
  • Overall closed sales increased 1 percent from 9,751 homes in the 12-months ending July 2014 to 9,879 homes in the 12-months ending July 2015.
  • Overall closed sales for condominiums in the $300,000 – $500,000 price category increased 38 percent from 686 condominiums in the 12-months ending July 2014 to 947 condominiums in the 12-months ending July 2015.
  • Overall median closed price increased 14 percent from $259,000 in the 12-months ending July 2014 to $295,000 in the 12-months ending July 2015.
  • Overall median closed price for homes over $300,000 decreased 5 percent from $550,000 in the 12-months ending July 2014 to $520,000 in the 12-months ending July 2015.
  • Overall median closed price for homes in the $2 million and above price category increased 16 percent from $2,850,000 in the 12-months ending July 2014 to $3,300,000 in the 12-months ending July 2015.
  • Overall inventory decreased 1 percent from 3,563 homes in July 2014 to 3,518 homes in July 2015.
  • Condominium inventory decreased 11 percent from 1,657 condominiums in July 2014 to 1,478 condominiums in July 2015.
  • There is a 4.35 months supply of inventory.
  • Conventional sales comprised 40 percent of all transactions in July 2015.
  • Average days on market did not change between July 2014 and July 2015 to remain at 77 days.
  •  

20293 Wildcat Run Drive, Estero, FL

20293 Wildcat Run Drive, Estero, FL

$ Click for current price
4 BEDROOMS | 3 (2 full, 1 half ) BATHROOMS | 2802 SQUARE FEET

Property Description

LOWEST PRICE PER SQ.FT. IN WILDCAT RUN COMMUNITY!!! Low price allow you to do any improvements to fit your lifestyle. Spacious gorgeous pool/spa Estate Home, located on an oversized lot overlooking a tranquil lake, golf course, visible from almost every room in the home. A very large kitchen, custom designed built in cabinets in family room (media) room and a fireplace to create a cozy atmosphere. Ceramic tile floors throughout installed in 2010. Split floorpan what gives privacy between the master bedroom and the guest rooms. The driveway and lanai have all new pavers installed in 2012…



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20293 Wildcat Run Drive, Estero, FL

20293 Wildcat Run Drive, Estero, FL

$ Click for current price
4 BEDROOMS | 3 (2 full, 1 half ) BATHROOMS | 2802 SQUARE FEET

Property Description

LOWEST PRICE PER SQ.FT. IN WILDCAT RUN COMMUNITY!!! Low price allow you to do any improvements to fit your lifestyle. Spacious gorgeous pool/spa Estate Home, located on an oversized lot overlooking a tranquil lake, golf course, visible from almost every room in the home. A very large kitchen, custom designed built in cabinets in family room (media) room and a fireplace to create a cozy atmosphere. Ceramic tile floors throughout installed in 2010. Split floorpan what gives privacy between the master bedroom and the guest rooms. The driveway and lanai have all new pavers installed in 2012…



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1333 20ave Northeast, Naples, FL

UNIQUE COUNTRY LIVING IN NAPLES!!!
View the Property Details, More Photos, Map & School information here at the updated Single Property Website!

Unique Country Style property for sale in Naples on 5 acres of cleared land completely fenced in with direct access to a canal. 3 Bedrooms / 2 Baths, Office/Den, Pool, 2 Car Garage, large Lanai. House is completely renovated with fresh paint, new roof, new air-conditioning, new kitchen appliances and granite countertops, new flooring and carpet, and new sod and irrigation system. Alarm and video monitoring. Includes 2,400 sq. ft. galvanized steel commercial building with oversized garage doors and an air-conditioned office, Stable and much more…Located at the end of the road.

COME AND SEE IT YOURSELF!!!

 

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1333 20ave Northeast
Naples, FL 34120
Bedrooms:3
Bathrooms: 2 full
List Price: $ 550,000
Living Area Approx: 2069
 
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