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Indian River Colony Club, FL Welcomes PGA Member Joe Imondi as New Golf Professional & Teacher

Indian River Colony Club, Melbourne, FL Joe Imondi is the new golf professional at Indian River CC, a 55+ Viera golf community that began as a premier retirement destination for military officers.

In his new role, Imondi oversees all golf operations, including private lessons, Pro-Shop sales, tournament
scheduling and more.

A member of the PGA, Imodi is an experienced teacher and an expert at club fitting. He is one of only two lead members for the luxury Callaway Golf brand in Florida. Send me more information about Indian River Colony Club!

7 Days in November: Continuing Signs that U.S. Housing & The Economy Are Improving

In the past seven day the positive signs have continued to roll in that that the U.S. economy is not only not heading into another recession, but it is also taking solid steps toward a recovery.

Positive data from housing, jobless claims, industrial production and consumer spending show upward trends that are as warming as the unseasonal November weather.

As one columnist said, the economy is moving out of the intensive care unit and into the recovery room. The only thing that's lagging is consumer confidence which is stranglely in opposition to

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Years of delayed purchasing have finally
given way to renewed consumer spening

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the actions of consumers who are starting to spend more.

After years of restraint, pent-up consumer demands are giving way. Putting off taking care of that aged car, broken appliance and the house that has just gotten too small can only go on so long. However, people still feel vulnerable even as they are opening their wallets.

See below the progression of stories that have come out the past week chronicling that we are starting to come back. It's about time.

Housing sector getting strong enough to move out of ICU to the recovery room: Housing starts show signs of life in Oct. http://bit.ly/w219ag

Jobless claims fall to lowest level since April, marking a slow, but steady decline in joblessness bit.ly/tTTHKk

Home-builder index hits best level in 17 months bit.ly/tXzEWb

Industrial production still expanding--rises 0.7% in October bit.ly/uLr645

U.S. Will Remain a Nation of Homeowners, here's why... bit.ly/rS8vJR

More signs of an improving economy: Americans boost retail spending in October while wholesale prices drop bit.ly/uFQyI4

Housing to gradually improve in 2012, NAR economist says, but mortgage rates will rise, too bit.ly/vclnMR

Have Housing Prices Finally Hit Bottom?

Here are two articles that may make you feel better about this week's market turmoil.

By ALYSSA ABKOWITZ via SmartMoney.com

Prices are bouncing along the bottom, down 24 percent from their 2006 peak. Banks are stubborn as ever about credit, on track to make 2011 the slowest year for loan originations in more than a decade.

And construction continues to limp along at half its healthy rate. That's right: Just like Wall Street, the housing market didn't exactly shine this summer. And many economists think a national rebound is still out of sight -- if not out of mind. "It's not on the horizon," says Peter Muoio, a principal at real estate consulting firm Maximus Advisors.

But real estate has one advantage that all the diving equities and downgraded Treasurys in the world will never have: the fact that in housing, all things are local.

While most towns and cities on the upswing aren't exactly luxurious, prices in 15 percent of the 315 metro areas tracked by Local Market Monitor, a real estate data provider, have actually increased in the past year....Read more

And here's another interesting article:  Tune out the fear and panic

 

 

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Kiawah Island to Celebrate Earth Day & Newest Neighborhood on April 22nd

Sample home at Kiawah Island's newest neighborhood, Indigo Park.

You're invited to join Kiawah Island Real Estate on Earth Day, April 22nd from 10am - 4pm as the community celebrates the launch of Kiawah's newest neighborhood, Indigo Park.

Guests will enjoy light island fare and live entertainment while they take in the expansive marsh views from the viewing platform at the Interpretative Center and learn more about Indigo Park's living options, eco-conscious materials and construction techniques.

A collection of 16 green-conscious homes, Indigo Park is aiming to become the first LEED Certified community within a residential resort. Located just beyond the second gate, Indigo Park is the vision of Dyal Compass, LLC and is coming to fruition with the help of Christopher Rose Architects and Royal Indigo Construction. Learn more here.

Lifestyle Property Solutions Cites Warren Buffet's Positive Outlook on U.S. Economy

This excerpt from Lifestyle Property Solutions' monthly newsletter was too good to ignore. It adds to the rising chorus of news that the housing sector is improving and that we should be facing the future with optimism and a can-do spirit--just like we Americans always have.

"This month we depart from our usual format to include select comments from one of America's most respected businessmen and investors, Warren Buffett.  In the 2010 Berkshire Hathaway Annual Report that was just released, Buffett makes some provocative remarks concerning America, its business and our future.

·         "Last year--in the face of widespread pessimism about our economy--we demonstrated our enthusiasm for capital investment at Berkshire by spending $6 billion on property and equipment.  Of that amount, $5.4 billion--or 90% of the total--was spent in the United States. 

Certainly our businesses will expand abroad in the future, but an overwhelming part of their future investments will be at home.  In 2011, we will set a new record for capital spending--$8 billion--and ALL of the $2 billion increase will be in the United States."

·         "Money will always flow toward opportunity and there is an abundance of that in America.  Commentators today often talk of 'great uncertainty.'  But think back, for example, to December 6, 1941, October 18, 1987 and September 10, 2001.  No matter how serene today may be, tomorrow is always uncertain."

·         "Don't let the reality spook you.  Throughout my lifetime [Note:  Warren Buffett is 81 years old this year], politicians and pundits have constantly moaned about terrifying problems facing America.  Yet our citizens now live an astounding six times better than when I was born. 

The prophets of doom have overlooked the all-important factor that is certain:  Human potential is far from exhausted, and the American system for unleashing that potential--a system that has worked wonders for over two centuries despite frequent interruptions for recessions and even a Civil War--remains alive and effective."  

In the report, Buffett predicts the housing recovery will begin within a year. This may or may not be a revelation for you, but with customers again showing interest in real estate, our opportunity is upon us.  If one of the foremost investors in America is very optimistic about America's future, perhaps you should be, too.

For more information about Lifestyle Property Solutions, call (704) 962-6002 to get your real estate sales and marketing team prepared for the coming year.  

Obama Admin Releases Housing Scorecard: Passing Grade, But Improvement Needed

The U.S. Department of Housing and Urban Development (HUD) and the U.S. Department of the Treasury today released the January edition of the Obama Administration's Housing Scorecard.

The latest housing figures show increased new and existing home sales as home affordability remains high, but officials caution that the market remains fragile, as prices are unsettled.

Foreclosure starts and completions remained low at the year’s end, as lenders continue to review internal servicing procedures. The Obama Administration’s complete housing scorecard on the nation's housing market is available online at www.hud.gov/scorecard.

Each month, the Housing Scorecard incorporates key housing market indicators and highlights the impact of the Administration's housing recovery efforts, including assistance to homeowners through the Federal Housing Administration (FHA) and Home Affordable Modification Program (HAMP).

The January Housing Scorecard features key data on the health of the housing market including:

·         New and existing home sales increased in December, but remained below levels seen in the first half of 2010. Record low mortgage rates continue to keep home affordability at record high levels. However, home prices remain unsettled at this fragile stage of the recovery.

·         As lenders review internal procedures related to foreclosure processing, many foreclosure actions have been delayed leading to a lower level of foreclosure activity in December than in prior months. The decline is likely to be temporary as lenders eventually revise and resubmit foreclosure paperwork in the coming months.

·         More than 4.1 million modification arrangements were started between April 2009 and the end of December 2010 - more than double the number of foreclosure completions during that time. These actions included more than 1.4 million HAMP trial modification starts, more than 650,000 FHA loss mitigation and early delinquency interventions, and nearly 2 million proprietary modifications under HOPENow.

While some homeowners may have received help from more than one program, the number of agreements offered was more than double the number of foreclosure completions for the same period (1.7 million). View the December HAMP Servicer Performance Report.

·         Homeowners in HAMP permanent modifications continue to perform well over time, with re-default rates lower than industry norms.  December data for the Making Home Affordable Program (MHA) shows that after 12 months, nearly 85 percent of homeowners remain in a permanent modification. Homeowners in HAMP permanent modifications have already reduced their mortgage obligation by more than $4.5 billion to date.

In a continued commitment to enhanced reporting and transparency, today the Administration also released the Making Home Affordable Data File which includes characteristics of program participants to date, including financial information, mortgage loan information before and after entering HAMP, performance in a HAMP modification, and race/ethnicity data.  The MHA Data File offers mortgage loan-level data and is intended to allow for better understanding of the impact of the program.

Key findings that emerged from a preliminary analysis of the MHA Data File include:

·         To date, most program participants are moderate and middle income, financially-distressed homeowners who are "underwater" on their mortgages.  Borrowers in active permanent HAMP modifications have a median annual income of approximately $46,000; a median credit score of 570 upon entering the trial period; a post-modification loan balance of just over $232,000 and a median mark-to-market loan-to-value (LTV) of 118 percent. 

·         Of borrowers reporting race and ethnicity, African-Americans account for 18 percent of active permanent modifications and Hispanics account for 26 percent.  

·         Homeowners in active permanent modifications have seen their monthly mortgage payment cut by a median of approximately 40 percent. Eighteen percent of homeowners in active permanent modifications have reduced their monthly mortgage payment by more than $1,000 each month.

In preparing the MHA Data File, Treasury applied the recommendations of an independent non-profit, non-partisan policy institute to ensure the privacy of participating homeowners. The release of today’s data file fulfills a requirement within the Dodd-Frank Wall Street Reform Act to make available loan-level data about the program. Treasury will update the file monthly and will expand reporting to include newer initiatives that are part of Making Home Affordable. 

Researchers interested in using the MHA Data File can access the file and user guide.

The Cliffs Communities, Inc. and Urbana Companies, LLC Announce Joint Venture

The Cliffs Communities, Inc. (“The Cliffs”), a South Carolina-based developer and Urbana Companies, LLC (“Urbana”), a Dallas-based developer, recently announced the creation of a joint venture.

Urbana’s initial investment in the venture allows The Cliffs to significantly reduce its outstanding debt, increase cash flow and provide capital for The Cliffs ongoing operations.  The financial terms of the transaction were not disclosed.

“Brett Johnston and his management team have almost 30 years of community development expertise working with national development companies throughout the United States and Central America, and have incredible talent. We look forward to working closely together with Urbana and having them share their collective knowledge and experience with our team,” stated Jim Anthony, Founder and CEO of The Cliffs. 

“It is clear that we share a commitment to the vision of The Cliffs Communities, and to all its stakeholders, and are delighted to have the opportunity to work together.”

“We are excited about our new relationship with Jim Anthony and The Cliffs.  With an impressive 20-year track record, The Cliffs clearly stands out as the leader in lifestyle offerings for both their owners and members. With six golf courses already built and most of the amenities and infrastructure complete, we believe The Cliffs is positioned extremely well for the future,” said Brett Johnston, Managing Partner of Urbana Companies, LLC.  

About The Cliffs Communities
Founded in 1989 by Jim Anthony, The Cliffs Communities offers a unique collection of eight private master-planned communities between Asheville, N.C. and Greenville, S.C.  Collectively bordered by hundreds of thousands of acres of national forests and state parks on the southernmost edge of the Blue Ridge Mountains, the eight Cliffs Communities are located within minutes of one another. The Cliffs offers home sites from the $200,000s to more than $2 million and homes from the $500,000s to more than $8 million.

About Urbana Companies, LLC
Urbana Companies, LLC, is a Dallas-based developer and manager of mixed-use residential and second home communities. Since 2009, Brett Johnston has been an Operating Partner with SunTx Capital Partners, a private equity partnership headquartered in Dallas, Texas. 

Urbana Companies is comprised of experienced developers and real estate operators who are committed to the planning, operating and constructing of residential communities throughout the Southeast and Southwest parts of the United States.

Toll Brothers Announces It Acquires New Four-Year $885 Million Bank Credit Facility

Toll Brothers, Inc., the nation's leading builder of luxury homes, today announced that it had finalized a new four-year $885 million bank credit facility. The unsecured facility, which closed on October 22, 2010 and matures in October 2014, replaces the Company's existing $1.89 billion revolving credit facility, which was scheduled to mature in March 2011.

In conjunction with the replacement of the maturing facility, the Company repaid with cash a $331.7 million term loan that was part of that facility. The new credit facility has an accordion feature under which it can increase to a maximum of $2.0 billion, subject to certain conditions set forth in the Credit Agreement and the availability of additional bank commitments.

Toll Brothers communities featured on GolfCourseHome Network include, Dominion Valley Country Club, Haymarket; Regency at Dominion Valley, Haymarket, VA; Frenchman's Reserve, Palm Beach Gardens; Jupiter Country Club, Jupiter, FL; and Brier Creek, Raleigh, NC.

Martin P. Connor, the company's chief financial officer, stated: "This is the first new unsecured credit facility completed by a publicly-traded home building company since the financial crisis of 2008.

"As such, we believe this transaction is recognition by the banking community of the prudent manner in which we have navigated these difficult economic times, and, more importantly, is a strong vote of confidence in our future."

Citigroup Global Markets Inc., Deutsche Bank Securities Inc. and RBS Securities Inc. acted as Joint Lead  Arrangers and Joint Bookrunners for the new facility with Citibank, N.A. as Administrative Agent; Deutsche
Bank Securities Inc. and The Royal Bank Of Scotland PLC as Syndication Agents; Suntrust Bank and PNC Bank, National Association as Documentation Agents; Capital One, N.A., Bank of Montreal, Sumitomo Mitsui Banking Corporation, Wells Fargo Bank, N.A., Comerica Bank, U.S. Bank, N.A. and California Bank & Trust as Lenders.

U.S. House of Representatives Proposes Ban on For-Profit Home Resale Fees

The Coalition to Stop Wall Street Home Resale Fees has announced that Congresswoman Maxine Waters and Co-Sponsors Sherman, Sires, and Gwen Moore have introduced the Homeowner Equity Protection Act of 2010 to ban private transfer fees and protect consumers from a new predatory scheme that forces homeowners to pay for the right to sell their own properties.

“We applaud Congresswoman Waters and the bill’s co-sponsors for introducing a powerful bill today that will protect consumers from predatory transfer fees that depress home prices and steal equity from homeowners,” said Kurt Pfotenhauer, CEO of the American Land Title Association.

“This bill is an important step in enhancing consumer protections against these for-profit fees and safeguarding our already fragile real estate market from further abuse.”

99-Year Fees
Manhattan-based Freehold Capitol Partners is leading the push to add these fees to home purchase contracts.  The fees require that a percentage of the final sale price of a home be paid to a private third party every time the property is sold, typically for 99 years.

Freehold is attempting to then sell the right to collect these fees on Wall Street—all the while padding investors’ pockets while stealing equity from homeowners, according to The Coalition to Stop Wall Street Home Resale Fees.

While traditional covenants have an accepted and beneficial role in the housing market by benefitting the land, Wall Street Home Resale Fees are predatory legal instruments that threaten American homeowners by forcing them to pay a premium for the right to sell their own property.

Act of Congress
The Homeowner Equity Protection Act of 2010 and the Coalition say they recognize the long-standing principle in real estate law that any covenant that burdens the land should also benefit the land. Unlike fees charged by homeowners’ associations that are used to improve the community, these for-profit transfer fees provide no service or benefit to homeowners and only raise the costs of home ownership.

“The Home Equity Protection Act of 2010 is a strong step forward that would help consumers across the country, preventing unwarranted and spurious increases in the costs of homeownership,” said Evan Fuguet, Senior Policy Counsel at the Center for Responsible Lending.

“Unlike conveyances that support the community [as in a master-planned golf community], affordable housing or the environment, these private transfer fees have no added benefit for homeowners and home buyers, and are reminiscent of the irresponsible fee-packing behavior we witnessed during the heyday of abusive subprime home lending ."

This bill is the latest in a series of government actions to limit Wall Street Home Resale Fees.

To date, 18 state legislatures in Arizona, California, Delaware, Florida, Hawaii, Illinois, Iowa, Kansas, Louisiana, Maryland, Minnesota, Mississippi, Missouri, North Carolina, Ohio, Oregon, Texas and Utah have restricted the use the dangers of Wall Street Home Resale Fees.

On the federal level, the Federal Housing Finance Agency has issued a guidance that would prevent Fannie Mae, Freddie Mac, and the Federal Home Loan Banks from investing in mortgages with these fees.

Hawaii Joins 13 Other States to Outlaw Harmful Wall-Street Home-Resale Fees

Coalition to Stop Wall Street Home Resale Fees Gains Momentum Against Dangerous New Financial Scheme

Lawmakers across the country are voting to protect consumers from additional costs and loss of equity in their homes

On Tuesday, Hawaii Gov. Linda Lingle joined state legislatures and governors in 14 states across the country who have taken swift action to protect American homeowners by placing bans on Wall Street Home Resale Fees (also known as “private transfer fee covenants”), a dangerous new financial scheme that steals home equity, lowers home resale values and adds another layer of difficulty to selling a home.

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A dangerous new financial scheme that steals home equity, lowers home resale values and adds another "layer of difficulty to selling a home."

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Lingle’s signing of House Bill 2288 means Hawaii joins Arizona, Florida, Kansas, Iowa, Maryland, Minnesota, Mississippi, Missouri, Ohio, Oregon, Texas and Utah in banning Wall Street Home Resale Fees. California requires notification that these fees exist in a contract.

“Lawmakers are using their common sense to stand up for American homeowners and send a message that dangerous financial schemes won’t be tolerated,” said Kurt Pfotenhauer, CEO of the American Land Title Association. “Once legislators learn about Wall Street Home Resale Fees, it becomes an easy decision to outlaw them.”

The Home that Has to Pay & Pay & Pay.....
Companies in the real estate industry, led by Manhattan-based Freehold Capitol Partners, are attempting to add language to home purchase contracts requiring that a percentage of the sales price be paid to the original corporate owner of a property every time the property is sold, typically for 99 years. 

The right to collect these Wall Street Home Resale Fees would then be securitized and sold to enrich investors at the cost of stealing equity from consumers, forcing homeowners to pay a large fee to sell their homes and adding a complicated legal roadblock to the home sale process.  

Efforts to fight this dangerous scheme and protect homeowners across the country continue to gain momentum as two additional states have bills awaiting a governors’ signature (Illinois and Louisiana). Other states with bills pending are Alabama, Georgia, New Jersey, North Carolina, Rhode Island and South Carolina, and seven additional states are expected to introduce legislation in 2011 (Massachusetts, Montana, New York, Nevada, South Dakota, Washington and Wyoming).

In May, Minnesota Gov. Tim Pawlenty signed legislation banning Wall Street Home Resale Fees in his state.  At the time of passage, David Welshons, President of the Minnesota Land Title Association, highlighted the need to protect consumers from this dangerous scheme, saying “Today, the Governor stood up for Minnesota homeowners and showed greedy Wall Street investors that their dangerous financial schemes won’t be permitted in our state.”

In a recent article, Jessica Holzer of Dow Jones Newswire, described the growing resistance to the use of these fees. According to the article, "Transfer fees aren't addressed in the sprawling financial regulatory bill that is pending in Congress, but the Freehold plan is running into resistance in Washington."

She continued, "Rep. Brad Sherman (DCalif.) called it a "new predatory financial scheme" at a congressional hearing last month.  Federal Housing Finance Agency Acting Director Ed DeMarco hinted at the hearing that his agency might bar Fannie Mae (FNM) and Freddie Mac (FRE) from buying mortgages on homes with transfer fees attached.” Separately, a Federal Housing Administration official assured that the government won't insure mortgages with a transfer fee covenant.

Housing Market to be Far Different than before Recession: Urban Land Institute

As the U.S. economy recovers, emerging trends in demographics and consumer behavior will become major drivers of new housing opportunities, resulting in a residential market vastly different from the one that existed prior to the recession, according to Housing in America: The Next Decade, a new research paper authored by John K. McIlwain, senior resident fellow at the Urban Land Institute.

“The old ‘normal’ will not return,” McIlwain predicted in a presentation of the research to Urban Land Institute (ULI) trustees. “Over time, a new mode of metropolitan development will emerge, presenting opportunities and stiff challenges. Those who fail to understand these new trends will find themselves building what is no longer in demand.”

Price Decline to Continue
Despite the housing stabilization that has begun in the nation’s strongest employment markets, overall home prices will likely decline an additional 10 percent this year, contributing to what is already an unprecedented number of foreclosures and “underwater” mortgages (loan amounts that are higher than the current value of the homes), McIlwain said.

The growing number of consumers who are choosing to walk away from those mortgages suggests a fundamental change from the long-held notion of homeownership as the ultimate American Dream, he explained.

This disillusionment over homeownership as a way to build wealth could persist for decades to come, as those entering the housing market will be more apt to rent longer, and to place more emphasis on buying for shelter rather than investment purposes.

Two Key Predictions
Two key predictions from Housing in America for the decade ahead: home appreciation will slow considerably, to about 1 percent to 2 percent annually; and the current U.S. homeownership rate, now at 67 percent (a decline from the record high of 69 percent at the height of the housing boom) will fall further, to about 62 percent.

According to McIlwain, the lasting stability of the U.S. housing market depends on how, and when, the private home mortgage finance system is revived and how such a system might be structured. The federal government now supplies virtually all new mortgage funds through mortgage purchases or securitization. 

Reducing this massive support, he said, will entail revamping or replacing mortgage suppliers Fannie Mae and Freddie Mac, and tightening risk requirements for mortgage issuers to restore investor confidence in mortgage-backed securities.

Urban Land Institute Responds to Obama's New Federal Emissions Standards: More!

The higher vehicle fuel efficiency requirements and new federal emissions standards proposed by the Obama Administration represent a key step toward reducing greenhouse gas emissions, but they are only part of the solution.

To really make a dent in climate change, says Richard M. Rosan, Chief Executive Officer, Urban Land Institute Worldwide, a three-part solution is needed that includes: 1) improved vehicle efficiency, 2) cleaner fuels and 3) reducing the need to drive by improving urban growth patterns.

Much More Development Coming
At least two-thirds of the development expected to exist in the U.S. by 2050 is not yet built, and the bulk of what’s coming will be built on the outer edges of urban regions. Sticking to sprawling development patterns of the past will leave us spending more time behind the wheel, and even if we’re spending that time in more fuel-efficient cars, we’re putting more cars on the road and adding to gridlock.

That’s not a good answer to climate change. Responsible land use is a much better response.      

The Urban Land Institute’s publication, Growing Cooler, states that if 60 percent of new development is built in a way the minimizes driving – and instead encourages walking, biking and using public transit – up to 85 million metric tons of carbon gas emissions could be saved each year by 2030.

Getting People Out of Their Cars
That’s the equivalent of at least a 28-percent increase in current federal vehicle fuel-efficiency requirements, reaching a level of about 32 miles per gallon. It’s a substantial impact that can be achieved by getting people out of their cars, and by building housing closer to jobs and shopping. 

The greenest car is the one that is not needed for every trip to get from one place to another. Well-planned, compact development that reduces auto dependency is as critical to protecting the environment as cars that use less fuel, concludes Rosan.