The Bob Oxnard Team Blog

Some helpful tips provided by a local inspection company, Kross Inspections:

• Beware of Door to Door solicitations for Chinese Drywall Inspections.
• Beware of Inspectors that call themselves “Licensed” or “Certified” Chinese Drywall Inspectors, this does not exist.
• Beware of Inspectors that offer Certifications or Guarantees
• Beware of Inspectors that offer services to mitigate or repair the problem, this removes the objectivity in the inspection process and gives the inspector a financial incentive to possibly find a problem that does not actually exist
• Beware of Inspectors that only inspect one component of the home, for example:  Inspectors that only enter the attic space to identify the manufacturer of the ceiling drywall (this drywall should be a different thickness for ceiling application and should not match the drywall used for wall applications).  Inspectors should also be inspecting for the “symptoms” of Chinese Drywall to produce credible results.
• Beware of Inspectors that will not provide written results with photographs.
• Beware of Inspectors that charge large fees for this type of inspection

Interesting article in the Florida Weekly addressing the current stats for home sales in Florida.

For entire article, see the Week of April 22-28, 2009 issue of the Florida Weekly.

A report published by the Realtor Association of Greater Fort Myers and the Beach, Inc., recently came out with some statistics on home sale percentages. The good news: March achieved the highest recorded sales of existing family homes for a single month in the past 5 years. The bad news: the average price is lower then many would like, due to the influx of foreclosures and short sales in the market. The article cites that in “the first quarter of 2009, foreclosures represented 67% of the single-family properties” with short sales representing “14% of total sales.” Traditional home sales composed 19% of total sales. With those percentages comes the resultant average prices: $70,857 for foreclosures, $119,908 for short sales, and $190,000 for traditional homes. This is clearly a radical decrease in price from former Florida real estate days!

This also marks a need for change in perspective and expectation in buyers hoping to snag that tremendous deal. Suzanne Sherer, president of the Realtor Association of Greater Fort Myers and the Beach, Inc., announced that now more than ever, “buyers should have their financing lined up and make their best offer, as most properties are receiving multiple offers and the competition may very well be a cash buyer.” Many buyers do not realize that theirs will be only one amidst a potential sea of offers presented to banks. As such, they make offers intending to receive counter-offers and subsequently enter negotiations. This is no longer the case. Some banks won’t even consider low-ball offers and reject them immediately, moving on to the next of many. Buyers need to be aware of these percentages and average prices, become informed of the status quo for purchasing homes, and adjust their approaches and expectations. The deals are there, if you have all the time in the world to wait it out.

By Gabriela Frei, Office Manager, The Bob Oxnard Team

There was an interesting article in the May issue (V.35, Nu. 5) of the Real Estate Digest put out by Title Professionals of Florida. Here’s a brief summary of the main points. The optimistic article is titled “Industry Watch: Will Feds’ Mortgage Aid Program Thaw Market,” a question that is hanging heavy on many borrowers’ and home owners’ minds. The article begins with the suggestion that this year may in fact be remembered as “the season of the thaw,” when the freezing of the housing market finally came to an end. The Obama administration has presented a stimulus package and housing rescue plan. It claims that this plan will “help as many as one in nine homeowners avoid foreclosure…” and provide sorely needed assistance and revitalization to the housing market.

Many, especially here in the Southwest Florida real estate market, are hoping now to be able to sleep easier at night. We have had a tremendous increase of foreclosures and short sales sweep across our market, as well as a constant devaluation of homes across the board. This is one of the main reasons the National Association of Realtors (NAR) has given full support to the new housing plan, hoping to help “stabilize home values and potentially [prevent] some homeowners from being ‘underwater’ on their mortgage.” A benefit of declining home prices is the exponential increase in home affordability. With new, radically lower mortgage rates being offered, many homebuyers are able to consider seriously homes they could only previously have dreamed of. It’s a good time to be a buyer with good credit and a solid down payment.

The article outlines the two “prongs” of the housing plan: firstly, the government is offering “financial incentives and subsidies to persuade mortgage-servicing companies to ease up on borrowers….” This action is desperately needed as so many home owners are in over their heads, simply unable to pay for homes they never really were able to afford. The second prong features a call to Fannie Mae and Freddie Mac for the refinancing of countless mortgages for homes now worth far less than the original borrowed amount.

The article seems to offer signs of optimism and hope that perhaps the worst is behind us, and a light may lie ahead at the end of this real estate tunnel. We have yet to see what affect the Obama housing plan will truly have in the end. This is a tragic and difficult situation for so many, that will take much time, effort, and money to resolve. We can only hope for the best, which is definitely something worth hoping for.

By Gabriela Frei, Office Manager for the Bob Oxnard Team

When people think of selling homes, an image that often comes to mind is the “Open House” sign sitting in their neighbor’s front lawn. “They must have finally signed up with a Realtor” is the next thought. Many sellers think their agents are neglecting them if those agents shy away from holding open houses. However, recent studies now suggest that open houses less and less are selling homes. Instead, these events can suck up valuable resources that ought be channeled into things that actually help the chances of the home to sell!

Why do sellers still clamor for open houses? It’s because they think that if their agents hold open houses, their chances to sell their house greatly increase. Some even feel that the only reason to enlist a realtor is to have the benefit of open houses! Sellers just want to sell their homes as quickly as possible, for the highest possible gain. They think that open houses work and ask for them constantly, instead of asking for the things that actually get homes sold.

Dr. Jack Harris, a research economist with the Real Estate Center at Texas A&M University, wrote in Tierra Grande, the Real Estate Center Journal, “Sellers see the open house as an indication the agent is actively promoting the listing. Agents know, however, the odds are long that an open house will produce a buyer.” In the book, How to List and Sell Real Estate in the 90’s, the odds are estimated at 250 to 1 that someone attending an open house will buy the home!

Open houses are more and more being shown not to have the intended effect. Holding an open house is a costly effort to get exposure for a home. It requires a great deal of marketing to spread the word and spark interest. Announcements must be made in local newspapers and flyers must be hung in communities, all of which takes money. On the actual day of the open house, additional funds must be devoted to incentives to keep buyers around. Goodies have to be provided and some agents even offer door prizes to maintain interest and attract people.

Open houses also require a large amount of time. Agents, who already see their weeks quickly fill with appointments and showings, must then also devote their weekends to open houses. In addition to all the work in preparation for the event, agents must also be present for the duration of the open house. This can be as long as four hours, during which the agent must sit and wait for the few people that might attend. This time should instead be spent productively and efficiently, doing the things proven to sell houses. Many agents complain that few serious buyers attend their open houses. The people who come are instead curious lookie-loos, not serious about purchasing and looking for a free snack.

Another reason against holding an open house is the dependency on drive-by traffic and good weather. If no one sees the open house sign or the balloons flapping in the wind, no one will come. If a beautiful sunshine-y day turns gray and rainy, no one will come. And no agent can claim control over that situation.

More and more, serious buyers are relying on the Internet to narrow their selections before they head out to be shown homes. The availability of numerous photos and virtual tours online allow buyers a first look at the inside of a home before they ever set foot in it! Studies show that 86% of all home buyres now view homes online before they see the home in person. This begins to eliminate the need or desire to attend open houses. These things have become preferable resources to cultivate, rather than wasting money on open houses. If you are hoping to sell your home, encourage your agent to take good photographs of your home that truly capture its advantages, as well as create a virtual tour that will leave prospective buyers wanting more. This greater Internet exposure will greatly increase the chances of someone finding your home who knows what he wants and is ready to buy.

However, every seller knows (and sometimes hates to consider) the truly most effective way to get their home sold. Dr. Harris notes, “What is the best way to impress on a potential buyer the advantages of buying a specific home? … There appears to be no substitute for a house that is competitively priced and decorated to show well.” Being priced right, especially in a down market, is absolutely crucial to selling a home. Oftentimes, the price is what makes the difference between one home and another entirely different. If the price is right, a buyer will make other sacrifices to have the home of his wallet’s dreams.

Even though an open house may not be the best thing to ask for as a seller, you still deserve to know that your agent is doing everything possible to get your home the exposure and showings it needs. Ask for those better pictures. Ask for that virtual tour. Consider open-mindedly the information your agent presents to you, especially if a price reduction would be most effective. These are the tools that will accomplish your goal. And that is the bottom line: to sell your home as quickly as possibly by the best means necessary.

By Gabriela Frei, Office Manager and Sales Associate, the Bob Oxnard Team

March wall committee article

By Kate & Ken Gooderham, taken from www.whiskeycreeknews.net

We’d like to thank the community for its strong showing at the Jan. 24 meeting on the Summerlin wall. It’s gratifying to see so many people willing to give up part of their weekend to find out more about this issue, and the range of questions was a sign of the intense interest. We hope everyone came away with more facts about this project, and with the accurate background needed to make up your mind one way or the other.

As has been stressed throughout this discussion, this is a community issue. No one else gets to decide whether the wall is replaced — not the county, not the state, not the civic association. If a majority of property owners in Whiskey Creek do not support this project, it will not move forward.

That also means it’s time for the community to pick up whatever momentum for this project that has been generated by the all-volunteer Summerlin Wall committee and keep this effort moving toward its 800-petition goal. These volunteers have donated hundreds of hours to help research this issue, meet with county staff and local residents, and help inform their neighbors about this unique opportunity to replace the aging and decrepit wall. If the community thinks this is a good idea, it is time for everyone to pitch in and sign their petitions. If you wait until someone thinks it’s a good idea for you, this project will not happen.

An aside about the cost: We have been saying this was a chance to get a better wall at a better price, by working in conjunction with the Summerlin Road construction and plans to build a new wall north of the golf course canal. Here’s why: Recent estimates for a six-foot-high concrete block wall like the one in place now have been running $145-$150 per linear foot to construct. The hard estimate from the county’s contractor for the proposed new wall — which would be eight feet high with prestressed concrete panels placed in a pillar and foot construction — is running around $160 per linear foot. If the community ever tried to put in such a wall on its own, the price we would be charged would certainly be much higher…but, because we can piggyback on the county’s contract, we have the chance to get an exceptional price for a much better wall.

CLARIFICATION: In the interest of accuracy, we’d like to correct two misstatements made in an article published in last month’s “Whiskey Creek News” by resident Robert Faller:

 1) The county contractor has told DOT officials that the wall construction would take 60 days, not six months as Mr. Faller stated. Whether the wall would be removed and rebuilt all at once or in phases is a decision the contractor will make once a construction schedule is being finalized.

 2) Vegetation near the new wall would be trimmed back or removed as necessary, to allow for construction and to ensure the wall’s stability in the future. (Large trees with expanding root systems undermine concrete walls, as anyone can see looking at the current wall.) But not all vegetation would need to be removed. (We assume that adjacent vegetation would also need to be trimmed back if the existing wall were to be repaired and repainted, as no qualified contractor would want to work under those conditions if they wanted to do a good job in a timely manner.)

Want more information on this project?

• Send an e-mail to whiskeycreekwall@gmail.com.
• Leave a voicemail message at or send a fax to (877) 871-9223.
• Information and blank petitions are available online at www.whiskeycreeknews.net.
• Come to the monthly meetings of the Whiskey Creek Civic Association, held at 7 p.m. on the first Wednesday of the month at the Whiskey Creek Country Club.

Bottom line: The wall won’t get fixed unless the community supports it.

Memorial Day Golf (May 25^th):  Come out and enjoy the holiday with golf and lunch – or just come for lunch (BBQ ribs and chicken).  Registration is at 8:00 am; Tee off is a shotgun at 8:30am.  The game: “two person team – alternate shots”.  There is an optional registration fee for those wishing to be part of the cash prizes.  There will be other optional games over lunch for everyone.  See the bulletin board for registration information.

MAY MENUS

Friday, May 1

Marinated Chicken Ala Whiskey Creek              $12.95

Prime Rib Au jus                                                 $14.95

Tilapia Monterey                                                 $13.95

Friday, May 8

Chicken Cordon Bleu                                          $11.95

Maryland Crab Cake                                           $13.95

Veal Normandy                                                    $12.95

Friday, May 15

Chicken Marsala                                                  $12.95

Roast Leg of Lamb                                               $12.95

Broiled Grouper                                                   $13.95

Friday, May 22

Chicken Picatta                                                     $12.95

Coconut Shrimp                                                   $13.95

Black Diamond Steak                                           $14.95

Friday, May 29

Yankee Pot Roast                                                 $10.95

Honey Dipped Fried Chicken                                $10.95

Bronzed Salmon                                                   $12.95

So Delicious! Bon Appetit!

“Grip it light to be straight and long: The hurried back swing sets up all sorts of miscalculations leading to errant shots.  To slow the back swing down, grip the club lightly.  On a scale of one to ten this would be a three – like gripping a steering wheel on a long trip.  The unhurried back swing will give time for your body to turn – to wind up like a spring.  In the down swing keep this same grip pressure.   Again this will give your body time to turn – to unleash the power of the spring in your body.  Your shots will be straighter and longer.”

Dick Johnson, WCCC Teaching Professional

Good luck on your game! May it always be under par!

One of our very own, Jennifer Letourneau, joined a group of Realtors from our area to represent the many that attended the Great American Realtor Days at our State’s Capitol in Tallahassee this week. They met with Senator Dave Aronberg and Sen. Mike Bennett as well as our House of Representatives, Gary Aubuchon, Trudi Williams and Nick Thompson to discuss some important issues concerning our Real Estate industry.

Please read more by viewing this article posted on the Florida Association of Realtor’s website…

Florida Realtors and Gov. Crist agree: ‘Now’s the time to buy’ a home in Florida

Jennifer is standing on the very far left. The man in the center is Senator Dave Aronberg.

Jennifer Lahaie with Governor Crist.

The State House of Representatives.

Florida Governor Charlie Crist delivering address to Realtors.

Governor Charlie Crist notably said, “It doesn’t get much better than this… Two to three years from now, people will be saying, ‘Back in April 2009 I could have gotten that home for so many dollars’ – so you don’t want to wait… Now is the time to buy, while the deals still exist!”

Congratulations to everyone involved with Century 21 Sunbelt.  The rankings are in for the first quarter of 2009:

For the Region (Southwest Florida) -AGC (Adjusted Gross Commission)
My Fort Myers office is #3!

Of the tope 25 TEAMS (AGC) in the Region, SUNBELT:
The Bob Oxnard Team is #6!

Of the tope 25 TEAMS (units sold/purchased) in the Region, SUNBELT:
The Bob Oxnard Team is #8!

You can rest assured, knowing you are working with some of the best that Southwest Florida has to offer! If you are looking to buy a home, sell your home, or even just become more knowledgeable about real estate in general, the Bob Oxnard Team will go to work for you!

Hi Whiskey Creek Neighbor,

Why should I have a REALTOR TEAM working for me?

To sum it up, having a team means you are never without help.  When I started my real estate career, I was just a real estate sales person.  I had come from an industrial background in a company founded by my father.  I quickly learned the importance of having help from people with different skills and talents.

My daughter, Jennifer Letourneau, has a degree in business.  She was working for a 500 person firm here in Ft. Myers.  I recruited her to become Director of the Bob Oxnard Team.  Our office manager, Gabriela Frei, is a recent graduate of Franciscan University of Steubenville.  Jen and Gaby make sure that your real estate sale or purchase is handled with care from beginning to closing and beyond.

Our buyer’s agents, Steve Imbody, Nereida Code and Terra Anderson, are true real estate professionals who work full-time to serve the needs of today’s discriminating buyer.  Our newest member is Jack Scott who serves in a new area of real estate auctions.   All of us are REALTORS.  We dedicate 100% of our professional careers to serve and help you accomplish your needs and desires.

In a time when many Realtors are doing something else to help pay the bills or leaving the business entirely, we think it important to remind our customers that we are here to serve your needs today, tomorrow, and long after the deal is done.

Are you thinking of selling?  Please let us provide you with a FREE market analysis to determine the “right listing price” for your home.  Are you thinking of buying?  Let us help you with our expertise.  There are some really phenomenal deals out there right now.

We can also enroll you in ListingBook.   This program allows you to access the MLS listings, save your favorites, leave notes for us about homes you like, and get daily updates as to new listings and price changes.  Call us for details.  We look forward to serving your needs!  Thanks so much!

Find Me on Facebook! Just search for Bob Oxnard. I’d be more than happy to help you any way I can!

Our “Selling Season” is now officially over.  Most of us in the real estate business gear up for the “busy season” that runs in conjunction with the “snowbird season” of Christmas to Easter.  Although the real estate market in Whiskey Creek is not as seasonal as some parts of Lee County, we do see more business when the population increases and the weather is almost perfect.  We will see another spike in June as the rest of the country enters its own “selling season”.

So, how did we do in the “season” of 2009?

There are 1578 homes in Whiskey Creek.  According to statistics supplied by the Realtor Association of Greater Ft. Myers and the Beach, 69 homes, or 4.4%, were being actively marketed as of April 7, 2009.  This is considered a fairly healthy number and is lower than we have seen in the recent past.

Three homes are “Active Contingent Short Sales” meaning they have a contract, but are waiting approval from the lender as they are being sold for less than the mortgage.  These sales often take several months to close.

Eight homes are “Pending Sale” meaning they are under contract and in the inspection, financing, and closing period.  This is typically 30 to 45 days.

Importantly, 17 homes closed during the “Selling Season”.  Add the eleven under contract, and we have 28 homes sold or pending sale by Easter.  At this rate we could move nearly a hundred homes in a year.  We may well have less than a year’s supply on the market.   This is significantly better than the two year supply we had on the market just a couple of years ago.

In my mind, this is the best sign of all that the market is improving.  It is still too soon to say that prices have bottomed.  But a major reason for prices to continue their decline is rapidly going away.  Interest rates are still very low by historical standards.  Insurance is much easier to obtain.  Taxes have moderated significantly along with prices.  We still have the best weather in the world.  Sun and sand are plentiful.  Whiskey Creek is still the best location in all of Lee County.  Hmmm, things are looking up!

Yes, as a Realtor, I’m sleeping better than I was a few years ago, when everyone was talking about when the bubble would break. It is just as difficult to predict when the bottom will occur. Maybe it already did…

By Bob Oxnard, Broker/Associate, Realtor®–>

I’m sure you’ve heard of them: short sales have emerged on the scene as the hottest buys on the market right now. But you may be asking, what exactly are they? How will listing my home as a short sale benefit me? What can I expect if I want to buy a short sale home?

A short sale is the sale of a home for less than the mortgage amount the seller owes. In order to even have this option, the seller has to give evidence that he is in dire financial condition, simply unable to make his mortgage payments. There are lots of financial documents the seller will be required to provide, including bank statements, tax returns, a hardship letter, etc.

The seller, having given sufficient evidence of financial hardship, can then be granted this option to short sell by their lender. The lender then has the right to approve or disapprove over any offers received, and has final say for which is selected. If the seller is approved for a short sale, this option helps them avoid both the cost and stigma of foreclosure action or bankruptcy.

Ultimately, it’s up to the lender, who has to decide which option is most financially beneficial to them in recovering the value of the loan. Oftentimes, banks will allow a short sale to avoid the many costs of the foreclosure process.

Now, just because you have reached this agreement with the bank, it does not mean that you are forgiven the remainder of what you owe, whatever is not covered by the short sale of your home. No “Get-Out-Of-Jail-Free” card here, unfortunately! Sellers are still responsible for the remainder of the balance!

Here’s the good news for you: the benefit for you of selling your home as a short sale vs. either foreclosure or bankruptcy is two-fold. You can avoid the stain of a foreclosure on your credit history, and you retain some control over the monetary deficiency that is left over from the sale proceeds. It’s not ideal, but it is a better option.

If you are a buyer looking to get a great deal, you may be looking at some short sale homes. There are definitely some things to be prepared for! Expect to make only one offer, and it will have to be your best one. Expect a LONG wait for the bank to accept an offer that may or may not be yours. Even though the seller might accept your offer and send it on to the bank, there will more than likely be several other offers accompanying it, and the bank has the final vote on which is accepted.

If you are interested in short sales, MAKE SURE you work with an agent who is experienced with the process, which is lengthy and complicated. The Bob Oxnard Team has agents very skilled in dealing with short sales, and we work closely with a title company that specializes in short sales.

HOW MUCH IS WHISKEY CREEK WORTH?

There are a total of 1578 homes in Whiskey Creek; 936 single family homes, 447 attached villas or duplexes, including 102 in Wyldewood Lakes, and 195 adult condos.  According to the MLS (Multiple Listing Service of the Realtor Association of Greater Ft. Myers and the Beach) the average SF home is currently listed for sale at $351,000; Villas average $147,000 and Adult condos are $103,000.

We could therefore say that the approximate value of all of the homes in WC is about $414M.  If we added a guestimate of an additional 20% for the Whiskey Creek Country Club and all of the roads, lake, median, and infrastructure, I would guess that our roughly two square mile community called Whiskey Creek is worth about 497 Million Dollars.

The market value may go up or down, but we still live in a very desirable community and we still enjoy the comfort and security our homes.  The intrinsic value of our community has remained comparatively high since it was designed by US Homes some 30 plus years ago.  No doubt that the “book” value of the real estate has declined from the lofty prices we saw a few years ago.  The value of many other assets has declined as well.  Then again, the market value of our Whiskey Creek homes is much greater that it was when the community was built.

Lately our community is trying to decide if we should invest in a replacement wall along the eastern side of our community at Summerlin Road.  We have a unique opportunity to improve this dilapidating eye-sore and increase our security by combining it with the Summerlin road widening project.  The cost to us is just over a million dollars. This is a lot of money, but it is a small fraction of the value of our community.

The next two months will decide if the wall gets replaced or not.  A majority of us must sign a petition to the County Commissioners requesting the improvement to the wall to be done or the project will die.

I sent in my petition.  I am asking you to please support this project by filling out your petition as well.  Yes, all of us will feel the effect of paying our $600 share of this project.  But if it fails, all of us will likewise share in the declining security and value of our homes.

This is the most important community project in my memory.  I thank the board of the WC Civic Association and the all volunteer WC Wall Committee that has brought us this far.  I thank you for making an informed decision.

By Bob Oxnard, Broker/Associate, Realtor®

I LOVE THIS COUNTRY!

I am reminded of Borat, the comic movie about a funny immigrant from Kazakhstan who kept being amazed at this great country we live in.  He would remark about something wonderful in America and then exclaim, “I LOVE THIS COUNTRY!”

Well, I live in Whiskey Creek in South Fort Myers.  As far as real estate goes, I love this place!  Real estate values are off significantly from our peak in 2005.  We do see some homes that are foreclosed or in foreclosure, and some “short sales”, but we are far better off than our neighboring communities of Cape Coral and Lehigh Acres.

Short Sales are homes that are being sold for less than, or short of, the amount owed on the mortgage.  They are usually priced very attractively and often sell for asking price or even more.  But the bank, or other lender, must approve the offer after the seller accepts a contract.  This lengthens the process.  Sometimes the lender says no or makes a counter-offer weeks or even months after an offer is made.

Lehigh Acres and Cape Coral have way more foreclosures and short sales than we do. In January, Lehigh Acres had 195 single family homes sales; 87% were short sales and foreclosures.  Cape Coral had 404 single family homes sales; 67% were short sales and foreclosures.

January is typically a slow “sold” or closing month as buyers do not usually write many deals in December.  Whiskey Creek had only two closed sales of single family homes in January.  One was a short sale and one was a foreclosure.   However, for all of 2008, Whiskey Creek had just over 10% of single family home sales that were short sales.  

As of early March, Whiskey Creek had 40 single family homes listed.  25% were short sales.  Some of us are hurting, and when some hurt, all of us hurt somewhat.  These are difficult times for most of us in one way or another.  All of know someone who is suffering.  This is a time to count our blessings.  We need to reach out and help someone.  We are so fortunate to live here in the paradise of sun and sand and water.  I love this country!  I love Whiskey Creek!

By Bob Oxnard, Broker/Associate, Realtor®

Welcome to Bob Oxnard’s Blog! This blog will provide you with valuable information, tips, and general insight into the real estate market in Fort Myers.