Average mortgage rates rise again: 30-year at 4.6%

WASHINGTON (AP) – Aug. 2, 2018 – Long-term U.S. mortgage rates rose for the second straight week, continuing to dampen prospects for potential homebuyers.

Mortgage buyer Freddie Mac said Thursday the average rate on 30-year, fixed-rate mortgages jumped to 4.60 percent this week from 4.54 percent last week. Long-term loan rates have been running at their highest levels in seven years. The average benchmark 30-year rate reached a high this year of 4.66 percent on May 24. By contrast, the rate stood at 3.93 percent a year ago.
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Florida GDP hits $1 Trillion Mark!

ORLANDO, Fla. – July 16, 2018 – Florida’s gross domestic product topped $1 trillion Friday, an economic output that would make the Sunshine State the world’s 17th largest economy if it were an independent country, the state chamber said.

The milestone has been expected. University of Central Florida economic analyst Sean Snaith said the state has been strong in all areas of employment.
Florida’s economy has grown larger than Saudi Arabia’s, Switzerland’s and Argentina’s, the chamber said.
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Bay Colony, Naples Florida – Beachfront Condominiums – First Semester 2018 Real Estate Market

Bay Colony, Naples Florida.
This is a real estate market update   for the beachfront condominiums in prestigious Bay Colony, for the six first months of 2018.
Bay Colony is an exclusive gated enclave in Pelican Bay, offering large estate homes and luxury high-rise residences.
Six luxury high-rises sit on the shores of the Gulf of Mexico:
Contessa is the most southern tower in Bay Colony. Built in 1991.

– 1 condo on the market:
– 4 condominiums have sold YTD. From $2,750,000 to $3,200,000. 
– Average Days On Market: 76.
– Average Sale Price: $2,881,250
– Average SP/SQFT: $1,235.
View Sales.

Built in 1991.

– 1 condo on the market:

– No sales in 2018 so far.

BrightonBuilt in 1994.

– 1 condo on the market:

– 2 condominiums sold YTD. From $4,200,000 to $4,795,000.
– Average Days On Market: 180.
– Average Sale Price: $4,497,500.
– Average SP/SQFT: $1413.
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Built in 1997.

– 3 condos on the market:

– 2 condominiums sold YTD. From $3,600,000 to $4,295,000.
– Average Days On Market: 388.
– Average Sale Price: $3,947,500.
– Average SP/SQFT: $1,275.
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Built in 1998.

– 2 condos on the market:

– 1 condo is under contract.
– 1 condo sold YTD:
– Days On Market: 525.
– Sale Price: $6,500,000.
– Average SP/SQFT: $1,068.

Remington: Unique building with concierge/butler service from the Ritz carlton. Built in 1996.
– 2 condos on the market:
– 1 pending sale.
– No sales YTD.

Besides beachfront condominiums, Bay Colony also offers splendid beachfront mansions at The Strand
– 3 homes are on the market at The Strand, offered from $17,500,000 to $23,500,000:
Homes are rarely available at The Strand. Last sale occurred in OCTOBER 2015 for $24,500,000.

Bay Colony offers also non beachfront condominiums, single-family homes and estate homes.
Contact us if you have any questions about Bay Colony.

Mortgage Rates Fall Again This Week

McLEAN, Va. – June 28, 2018 – Mortgage rates declined over the past week and have now retreated in four of the past five weeks, according to Freddie Mac’s weekly Primary Mortgage Market Survey. The 30-year fixed-rate mortgage dropped to an average 4.55 percent compared to last week’s 4.57 percent.
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Naples – Port Royal Home Sells for $48.8 Million

A magnificent beachfront home sold for a breaking record of $48.8 million in Port Royal, Naples.
The 10,000+ square foot house built in 1994 is located at 2500 Gordon Drive , features 6+ bedrooms, garages for 9 cars and sits on more than a 5-acre beachfront homesite.
The previous record was held by a mansion at 3100 Gordon Dr which sold for $47.25 million in 2012.
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Long-Term Mortgage Rates Fall – 30-year at 4.57%

WASHINGTON (AP) – June 21, 2018 – Long-term U.S. mortgage rates fell this week, marking their third decline in the past four weeks after increasing last week.

Mortgage buyer Freddie Mac said Thursday that the average rate on 30-year, fixed-rate mortgages was 4.57 percent, down from 4.62 percent last week. By contrast, the 30-year rate averaged 3.90 percent a year ago.

The average rate on 15-year, fixed-rate loans eased to 4.04 percent from 4.07 percent last week.
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Florida Real Estate Market: Sales, Median Prices Up in May

ORLANDO, Fla. – June 20, 2018 – In May, Florida’s housing market reported more sales, higher median prices and more new listings from owners ready to sell, according to the latest housing data released by Florida Realtors®.

“Strong demand from buyers, coupled with a lack of for-sale inventory, continues to have an impact on rising median prices in many local housing markets,”. “Home sellers continued to get more of their original asking price at the closing table. Sellers of existing single-family homes in May received 96.7 percent (median percentage) of their original listing price, while those selling townhouse-condo properties received 95.1 percent (median percentage).

“However, it appears that our tight inventory may be easing slightly: New listings for single-family homes in May rose 4.8 percent year-over-year, while new townhouse-condo listings increased 6 percent. If the trend continues, that could mean good news for buyers who have been waiting on the sidelines.”
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Home flipping slows in 55% of U.S. markets

IRVINE, Calif. – June 7, 2018 – ATTOM Data Solutions’ Q1 2018 U.S. Home Flipping Report finds that 48,457 U.S. single family homes and condos were flipped in the first quarter of 2018 – a 4 percent drop quarter-to-quarter and 3 percent drop year-to-year.

In Florida, the number of homes flipped and profitability of those flips varied by metro area. In Miami, flipping was down 16 percent year-to-year, according to ATTOM, and down 13 percent in Tampa-St. Petersburg.
Florida also made ATTOM’s list based on the average number of days it takes to flip a home. On the fast-to-flip side, it took 99 days in Jacksonville. However, Naples – at 220 average days to flip a home – made the list of cities where flipping takes time.
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2017 storms have little impact on property insurance rates

TALLAHASSEE, Fla. – June 5, 2018 – There hasn’t been much good insurance news to report for Florida property owners over the past several years.

Premiums for most South Florida policyholders have increased significantly over the past three years – a result of claims abuses and sharp upticks in costly litigation for major insurance carriers. And those factors are expected to trigger rate hikes for most area property owners again this year.

But here’s a bright spot, such as it is: Your 2018 policy cost won’t increase as much as insurance executives had expected following $140 billion in catastrophe losses last year from events that included hurricanes Irma, Harvey and Maria, and wildfires in California.
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