Fixed mortgage rates fell in the past week to be at the lowest level since the 1950′s. But because of everyone being under water, few Americans can take advantage of the historically low rates.

Freddie Mac indicated that the average rate on the 30-year fixed mortgage fell to 4.09 percent this week, down from 4.12 percent last week.

The average rate on the 15-year mortgage, a well known refinancing option, fell to 3.30 percent from 3.33 percent. Expert economists say it is likely the lowest rate on the 15-year since they have been keeping track.

People who have been stuck with homes in Florida have been turning to property management services instead of taking a loss. They often can’t afford to bring cash to closing to take the loss, but don’t qualify for a short-sale from their financial institution.

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An upscale 226,000 square foot shopping center in Naples, “The Collection at Vanderbilt”, has sold for $53.8m. The center lost anchor tenants prior to construction being completed and it resulted in a low 30% occupancy rate. The center comprises of 9 buildings and is located at the northwest corner of Vanderbilt Beach Road and Airport Pulling Road.

naples office space · naples shopping center

A Canadian investor group has purchased the Islamorada condo project on the north end of Daytona Beach Shores. Originally, the project was built in 2007 had mortgages equal to $26.5m. The units are 1,700 sq ft and have 3 beds/3 baths. The math works out to about $222k/unit, which is great for ocean front. The group has renamed the building Opus.

condo foreclosure · daytona beach condos

The FBI appears to be investigating the now defunct Naples based Orion Bank. The bank was seized by the FDIC on November 13, 2009 and most of its assets were disposed of. Orion had deposits at the time of $2.1 billion and $2.6 billion in assets with 23 branches mostly in Florida. The bank also had $277.3 million in non-performing debt related to real estate on its books.

The Federal Reserve ordered Orion to fire chairman and CEO Jerry Williams for making false statements to regulators and participating in “inaccurate regulatory reports.”

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TwinEagles is a 1,115-acre master-planned community in North Naples with two championship golf courses – The Talon, co-designed by Jack Nicklaus and Jack Nicklaus II and the Gary Player-designed Aerie.

The sale includes all common areas and available real estate in The Estates at TwinEagles and Grand Arbors, the two championship golf courses, the 47,000-square-foot clubhouse and the Jim Suttie Golf Academy, an 11-acre short game complex with dual-ended driving range and seven target greens.

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Late last week Raymond Lutgert, a prominent Southwest Florida developer, passed away at age 90. He purchased 600 acres in the early 1960′s that became the upscale Park Shore area of Naples, and the Lutgert Companies are responsible for luxury high-rise condos and homes that stretch up and down the southwest coast. He had a profound impact on real estate development in SW Florida and will be missed.

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Now that we’ve decided to make a large emphasis on Naples condos, we thought a new look was necessary. We hope you like it and will be back for new and exciting content.

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Can private property owners rope off sections of beach? This is the issue currently playing out infront of Naples city commissioners. I don’t think it’s legal – and neither do others. However, it is never right to vandalize property in protest.

naples beach · naples condos

Malibu Lakes, a 356 unit lakefront apartment complex in North Naples, sold for $32m this week. It was originally purchased by a developer for $83m in October 2005, with the intention that it would be converted to condominiums. It was one of the largest foreclosures seen in Collier County. Whoever purchased the property negotiated directly with the lender to complete the sale.

The purchaser says the units will remain rentals and has no plans to complete the conversion.

condo conversion · naples apartments · naples condos

The state of Florida has said all high rise buildings need to be protected throughout the whole building by an “approved, supervised automatic sprinkler system” by Dec. 31, 2014. There are 30 high-rise buildings in the city of Naples, 13 of those need to be retrofitted by 2014, Naples fire chief Stephen McInerny told city council in October.

Many condominium associations have to make special assessments to pay for the often very expensive upgrades. Be sure to research any Naples condo before buying and make sure the upgrades are being done.

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