Tuesday, December 17, 2013
Monday, November 25, 2013
Using Eminent Domain to fight Foreclosure...potential solution or big problem?
This article was published in Florida Realtors Online Journal. While I can see the temptation to use eminent domain in communities that have been hard hit by foreclosures, I think it will ultimately create more problems than it will solve. Lenders would have to carefully consider whether they would continue making loans in communities where government would be actively vacating mortgages in order to prevent foreclosure. This seems like an awfully heavy handed action and very contrary to free market economy.
Eminent domain to fight foreclosures is divisive
IRVINGTON, N.J. (AP) – Nov. 25, 2013 – Using eminent domain to bail out underwater homeowners won’t fix all Irvington’s problems, but Mayor Wayne Smith thinks anything that can help some residents of his economically struggling township is worth trying.
“It’s not a panacea,” Smith said. “But it looks like it could help some people.”
Irvington is the second municipality in the country to declare its intent to use eminent domain to purchase homes in foreclosure, behind Richmond, Calif. Support for the tactic is gaining traction nationwide in municipalities besieged by foreclosures. Irvington’s neighbor Newark, as well as Brockton, Mass., Chicago, and Yonkers, N.Y., have floated or are studying the idea.
But the practice, which gives municipalities the power to circumvent mortgage contracts, acquire loans from bondholders, write them down and give them back to the bondholders, is controversial. It has drawn zealous opposition from Wall Street, real estate groups and some in Washington.
According to Cornell University law professor Robert C. Hockett, who helped devise the plan, eminent domain works because only government has the power to forcibly sidestep mortgage contracts.
The eminent domain plans focus on so-called private label security mortgages, or ones that are not backed by the U.S. government. And that worries some who believe the use of eminent domain could cause investors not to put money in mortgage-backed securities.
“By investing in this type of security, you risk the potential that a municipality, without anything you have control over, says, ‘It’s OK to take that contract and give it a substantial haircut.’ That’s the risk you take? It’s unquantifiable,” said Tim Cameron, managing director and head of SIFMA’s asset management group. The group represents security firms, banks and asset managers.
Cameron said that the financial industry wonders if eminent domain could be a slippery slope and that it penalizes people who save and invest.
“Where do you stop?” he asked. “If we do it with homes, why couldn’t we do it with credit cards?”
In Washington, Texas Republican Rep. Jeb Hensarling and Calif. Republican Rep. John Campbell proposed legislation that would bar the federal government from backing mortgages in places that use eminent domain to seize mortgages. SIFMA and 11 other groups sent a letter to Congress opposing the use of eminent domain.
Some cities are backing away because of the pressure or legal hurdles in state eminent domain law.
In San Bernardino County, Calif., which floated the plan last year as part of a joint power authority with its municipalities, the blowback from banks was immediate, said county spokesman David Wert, and popular support waned.
“At the end of the day, the joint power authority said we don’t have anyone in the county who wants to do it, and we have experts telling us it would be a disaster,” he said. “So why would we want to move forward with it?”
In North Las Vegas, Nev., Councilwoman Anita Wood said the state has “very, very restrictive laws” regarding eminent domain, and attorneys found that it simply wouldn’t work in the city.
A lawsuit challenging Richmond’s plan was dismissed by a California district court judge in September. Moody’s Investors Services called the plan a “credit negative” for the city.
But in other places, officials are hoping the plan can help at least a few homeowners whose lives are crippled under the weight of foreclosure and cities that are suffering from blight and scores of abandoned homes. The tactic is gaining the support of social justice groups and, in New Jersey, the state’s chapter of the American Civil Liberties Union, which has traditionally been wary of using eminent domain.
Its executive director, Udi Ofer, said the organization consulted with law professors and all believe using eminent domain in this situation would be applicable under New Jersey law.
In Irvington, Smith said only homeowners who are employed and can pay back the mortgages would be eligible. The city is performing a legal study of the proposal.
Chuck Lesnick, president of the Yonkers City Council, said it wants to use eminent domain. Lesnick said he’s been talking with other officials elsewhere about the proposal.
“It’s really an example of paying Peter without robbing Paul,” Lesnick said. “We’re allowing people to remain in their homes because of a government action, and it’s not costing taxpayers any money.”
Here in Irvington, a township of 53,000 where nearly 1,800 homes have been foreclosed on since 2008, there is popular support.
“Eminent domain is the way to go,” said Kathleen Witcher of the Irvington NAACP at a Nov. 9 rally. “Eminent domain can work for Irvington.”
Copyright © 2013 The Associated Press, Katie Zezima. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.
Eminent domain to fight foreclosures is divisive
“It’s not a panacea,” Smith said. “But it looks like it could help some people.”
Irvington is the second municipality in the country to declare its intent to use eminent domain to purchase homes in foreclosure, behind Richmond, Calif. Support for the tactic is gaining traction nationwide in municipalities besieged by foreclosures. Irvington’s neighbor Newark, as well as Brockton, Mass., Chicago, and Yonkers, N.Y., have floated or are studying the idea.
But the practice, which gives municipalities the power to circumvent mortgage contracts, acquire loans from bondholders, write them down and give them back to the bondholders, is controversial. It has drawn zealous opposition from Wall Street, real estate groups and some in Washington.
According to Cornell University law professor Robert C. Hockett, who helped devise the plan, eminent domain works because only government has the power to forcibly sidestep mortgage contracts.
The eminent domain plans focus on so-called private label security mortgages, or ones that are not backed by the U.S. government. And that worries some who believe the use of eminent domain could cause investors not to put money in mortgage-backed securities.
“By investing in this type of security, you risk the potential that a municipality, without anything you have control over, says, ‘It’s OK to take that contract and give it a substantial haircut.’ That’s the risk you take? It’s unquantifiable,” said Tim Cameron, managing director and head of SIFMA’s asset management group. The group represents security firms, banks and asset managers.
Cameron said that the financial industry wonders if eminent domain could be a slippery slope and that it penalizes people who save and invest.
“Where do you stop?” he asked. “If we do it with homes, why couldn’t we do it with credit cards?”
In Washington, Texas Republican Rep. Jeb Hensarling and Calif. Republican Rep. John Campbell proposed legislation that would bar the federal government from backing mortgages in places that use eminent domain to seize mortgages. SIFMA and 11 other groups sent a letter to Congress opposing the use of eminent domain.
Some cities are backing away because of the pressure or legal hurdles in state eminent domain law.
In San Bernardino County, Calif., which floated the plan last year as part of a joint power authority with its municipalities, the blowback from banks was immediate, said county spokesman David Wert, and popular support waned.
“At the end of the day, the joint power authority said we don’t have anyone in the county who wants to do it, and we have experts telling us it would be a disaster,” he said. “So why would we want to move forward with it?”
In North Las Vegas, Nev., Councilwoman Anita Wood said the state has “very, very restrictive laws” regarding eminent domain, and attorneys found that it simply wouldn’t work in the city.
A lawsuit challenging Richmond’s plan was dismissed by a California district court judge in September. Moody’s Investors Services called the plan a “credit negative” for the city.
But in other places, officials are hoping the plan can help at least a few homeowners whose lives are crippled under the weight of foreclosure and cities that are suffering from blight and scores of abandoned homes. The tactic is gaining the support of social justice groups and, in New Jersey, the state’s chapter of the American Civil Liberties Union, which has traditionally been wary of using eminent domain.
Its executive director, Udi Ofer, said the organization consulted with law professors and all believe using eminent domain in this situation would be applicable under New Jersey law.
In Irvington, Smith said only homeowners who are employed and can pay back the mortgages would be eligible. The city is performing a legal study of the proposal.
Chuck Lesnick, president of the Yonkers City Council, said it wants to use eminent domain. Lesnick said he’s been talking with other officials elsewhere about the proposal.
“It’s really an example of paying Peter without robbing Paul,” Lesnick said. “We’re allowing people to remain in their homes because of a government action, and it’s not costing taxpayers any money.”
Here in Irvington, a township of 53,000 where nearly 1,800 homes have been foreclosed on since 2008, there is popular support.
“Eminent domain is the way to go,” said Kathleen Witcher of the Irvington NAACP at a Nov. 9 rally. “Eminent domain can work for Irvington.”
Copyright © 2013 The Associated Press, Katie Zezima. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.
Friday, November 8, 2013
A couple of nice snook check out the Deep Glow light
Wednesday, October 30, 2013
Affordable Manufactured Home in Great Location
Click this link to see our listings.
Affordable Manufactured Home Close to Beaches
Nicely kept single wide manufactured home, vaulted ceiling, 2 bedrooms and two baths including large master bath with soaker tub and separate shower. Large enclosed porch and screened lanai. Full size laundry with sink. Carport, Hot-tub and more. Located in a quiet little park close to Fort Myers Beach and Sanibel Island. $65,000.00
Monday, October 28, 2013
Jonathan and Kayla Wedding
Thursday, October 10, 2013
Fort Myers Beach 8th Annual Pirate Fest
The 8th annual Pirate Fest is this weekend October 11-13. Come on out for all sorts of pirate fun for young and old alike. Great food, drinks. Music and pirate skits, costume contests and vendors.
This is a great time and the weather should be perfect.
Tuesday, September 17, 2013
Friday, September 13, 2013
Florida Foreclosures drop 54% from last year.
IRVINE, Calif. – Sept. 12, 2013 – Florida foreclosures dropped dramatically in RealtyTrac’s latest report for August. Overall foreclosure activity dropped 43 percent, and foreclosure starts – homes that received a first notice – dropped 54 percent year-to-year.
Nationally, RealtyTrac reports that national foreclosure filings – default notices, scheduled auctions and bank repossessions – decreased 2 percent from the previous month and 34 percent year-to-year, the 35th consecutive month where foreclosure activity has decreased on an annual basis. One in every 1,019 U.S. housing units had some kind of foreclosure filing activity during the month.
Some experts say the Florida drop relates, at least in part, to a bill passed during the 2013 session of the Florida Legislature to ease the court burden of foreclosures in the state. St. Petersburg foreclosure attorney Matthew Weidner tells the Tampa Tribune that mortgage servicers and banks now have more trouble proving that they own a mortgage, which the legislation requires.
That could mean lenders are doing more prep work before filing foreclosure paperwork, which would impact the foreclosure numbers. However, RealtyTrac Vice President Daren Blomquist says it’s too early to know the impact of Florida’s new foreclosure law.
In addition, Florida is not the only state to see a dramatic drop in foreclosure numbers.
From Florida Realtors newsletter.
Nationally, RealtyTrac reports that national foreclosure filings – default notices, scheduled auctions and bank repossessions – decreased 2 percent from the previous month and 34 percent year-to-year, the 35th consecutive month where foreclosure activity has decreased on an annual basis. One in every 1,019 U.S. housing units had some kind of foreclosure filing activity during the month.
Some experts say the Florida drop relates, at least in part, to a bill passed during the 2013 session of the Florida Legislature to ease the court burden of foreclosures in the state. St. Petersburg foreclosure attorney Matthew Weidner tells the Tampa Tribune that mortgage servicers and banks now have more trouble proving that they own a mortgage, which the legislation requires.
That could mean lenders are doing more prep work before filing foreclosure paperwork, which would impact the foreclosure numbers. However, RealtyTrac Vice President Daren Blomquist says it’s too early to know the impact of Florida’s new foreclosure law.
In addition, Florida is not the only state to see a dramatic drop in foreclosure numbers.
From Florida Realtors newsletter.
Monday, September 9, 2013
Tuesday, September 3, 2013
Pirate ship or Cattle Barge?
Last May, David Carr was puttering along the mangroves across from Rumrunners in Cape Coral, when he saw something strange in the ochre shallows: rows of seaweed growing in straight lines. Looking closer, Carr noticed the plants were growing from what looked like a ship’s ribs; when he hauled up the anchor, a tarred plank came up with it.
Carr, 46, was convinced he’d discovered a British pirate ship, captured and scuttled by the U.S. Navy at the end of the Civil War. Never mind that last month, a team of state archaeologists concluded it’s a barge that once hauled cattle across the Caloosahatchee; Carr disagrees. He’s certain he found historic treasure.Whatever it is it's certainly old and a piece of local history.
Here is the Fort Myers News press link to the full article:
http://www.news-press.com/article/20130903/NEWS0101/309030012/Is-Cape-Coral-wreck-sunken-treasure-merely-barge-
Wink News link:
http://www.winknews.com/Local-Florida/2013-07-30/Sunken-pirate-ship-discovery-a-treasure-for-Cape-Coral#.UiXr3RTD_Vg
Tuesday, August 27, 2013
Bald Eagle pics
What a beautiful animal!!!
Here are some pics that my wife took of a bald eagle on Fort Myers Beach.
Here are some pics that my wife took of a bald eagle on Fort Myers Beach.
Monday, August 26, 2013
Very nice Beachfront 2 BR 2 Bath condo
Follow this link to the youtube video:
http://www.youtube.com/watch?v=HAx2pmfE1qY
Contact me for more information.
Tuesday, August 20, 2013
Upstate New York, Ft. Myers-Cape Coral Lead Housing recovery
RealtyTrac states that Fort Myers- Cape Coral is 2nd in the nation for Real Estate recovery.
"Strong numbers in another upstate New York metro, Albany, helped that market post the third highest recovery index, slightly behind the southwest Florida market of Cape Coral-Fort Myers, one of the hardest-hit markets in the last seven years. Recovery in the Cape-Coral-Fort Myers market is being driven by strong home price increases, which are being fueled by a high percentage of cash and institutional investor purchases, along with sharp decreases in foreclosure activity."
Follow this link for the full article.
SW Florida 2nd among recovering markets
Thursday, August 8, 2013
Deep Glow Underwater Light
I put a Deep Glow underwater light at my dock and it is awesome. It pulls in all kinds of fish at different times in the night. The Catfish seem to have taken up residence but we've had Ladyfish, Snook, Snapper, Jacks, Lookdowns, Sea slugs, Shrimp, Seahorses, Tarpon and Bottlenose dolphin hanging around as well.
It's like having my own giant salt water aquarium with no maintenance.
Check them out: http://www.deepglow.com/
It's like having my own giant salt water aquarium with no maintenance.
Check them out: http://www.deepglow.com/
Tarpon
Dolphin
Sea Slug
Florida Lobster Season Opens
Come get your bugs. It's a great time and they're delicious.
These are from previous trips, I don't think I can go this year. I'm disappointed.
These are from previous trips, I don't think I can go this year. I'm disappointed.
Wednesday, August 7, 2013
Sunset over Buccaneer Lagoon Fort Myers Beach
Awesome!
I am so lucky to have scenes like this in my backyard.
I am so lucky to have scenes like this in my backyard.
Tuesday, August 6, 2013
Laguna Shores Pool and Bay Home
Gorgeous Laguna Shores Pool and Bay Home for sale. It doesn't get any better then this! Dock and lift, long views of Buccaneer Lagoon. Watch the Manatees and dolphin frolic from your deck.
Contact me for more information.
Contact me for more information.
Friday, August 2, 2013
Thursday, August 1, 2013
Car drives into 7-Eleven
Thank goodness nobody was injured when a car drove all the way into the 7-Eleven next to my office. It went right through the front doors and in front of the registers.
Thursday, July 18, 2013
Manatee drinks at my dock
I was flushing my outboards and a thirsty Manatee decided to enjoy a little fresh water.
They're so cute! (in an ugly sort of way)
Manatee drinks at my dock VIDEO
Waterside at Bay Beach
Waterside at Bay Beach is a gated community of 404 luxury condominium residences situated at the south end of Fort Myers Beach. It consists of 7 high rise buildings and one vacant building site permitted for the last remaining high rise on Fort Myers Beach. The first building dates to 1998 and the last building (BLDG 7) was completed in 2008. There are 8 remaining new units available in building 7 and we have a number of re-sales in buildings 1,2,3,4,5,7 and 8. The pad for building 6 is for sale.
Each building has amenities like covered parking or garage, pool and spa, social rooms, exercise rooms and deeded beach access. The is a community fishing pier and tennis courts. There is a public 18 hole executive golf course located at Bay Beach. Docks, boat slips up to 60' are available for purchase to owners at Waterside.
Here is an aerial view of the community.
Here is an aerial view of the community.
Fort Myers Beach Map
Here's a link to a printable map of Fort Myers Beach with all of the condominium locations marked and named. It's very handy if you're trying to find one or more of them.
Click for Fort Myers Beach Map
Click for Fort Myers Beach Map
Wednesday, July 17, 2013
Veterans.. Put this in your calendar for August 11
Keep the Spirit of 45 Alive!
Junkanoo Restaurant
Start Sun August 11, 2013 4:30 PM
End Sun August 11, 2013 7:00 PM
A special tribute to our WWII heroes! WWII Veterans and their guests/spouses are invited to arrive at 4:30pm at Junkanoo on the Beach, 3040 Estero Blvd., Fort Myers Beach for cocktail hour (cash bar). Junkanoo is providing a free dinner to all veterans and their guests/spouses. All others may purchase food and beverages in the main restaurant. Reservations are required. Please RSVP to Casey at 239-560-4682. Everyone is welcome to attend Ceremonial Festivities beginning at 6:00pm. Entertainment will include: Color Guards Presentation by Local Veterans Organizations and Lee County Sheriffs Department, Bagpipers, National Anthem by Terry Stewart, Helicopter Fly-Over by Lee County Sheriffs Department, Aerial Salute to American Flag by Fort Myers Beach Fire and Rescue Dept., Wreath at Sea Ceremony, 21 Gun Salute, and Taps Across America at 7pm.
See more at: http://www.fortmyersbeach.org/official-fort-myers-beach-events-calendar/#sthash.PN8Xx3nu.dpuf
Junkanoo Restaurant
Start Sun August 11, 2013 4:30 PM
End Sun August 11, 2013 7:00 PM
A special tribute to our WWII heroes! WWII Veterans and their guests/spouses are invited to arrive at 4:30pm at Junkanoo on the Beach, 3040 Estero Blvd., Fort Myers Beach for cocktail hour (cash bar). Junkanoo is providing a free dinner to all veterans and their guests/spouses. All others may purchase food and beverages in the main restaurant. Reservations are required. Please RSVP to Casey at 239-560-4682. Everyone is welcome to attend Ceremonial Festivities beginning at 6:00pm. Entertainment will include: Color Guards Presentation by Local Veterans Organizations and Lee County Sheriffs Department, Bagpipers, National Anthem by Terry Stewart, Helicopter Fly-Over by Lee County Sheriffs Department, Aerial Salute to American Flag by Fort Myers Beach Fire and Rescue Dept., Wreath at Sea Ceremony, 21 Gun Salute, and Taps Across America at 7pm.
See more at: http://www.fortmyersbeach.org/official-fort-myers-beach-events-calendar/#sthash.PN8Xx3nu.dpuf
Tuesday, July 16, 2013
A little about Fort Myers Beach.... past and present.
The town of Fort Myers Beach occupies Estero Island on the west coast of Florida just southwest of the City of Fort Myers in Lee County. The Bluegreen warm gulf waters are a glittering invitation for swimmers, fisherman, sunbathers and anyone who can appreciate the feel of white sugary sand between their toes. The island and surrounding waters of Estero Bay have historic significance that matches their great beauty.
Human habitation on Estero Island dates back roughly 2000 years, the island and nearby Mound Key were the center of the ancient Calusa Indian civilization. The name Calusa means "Fierce People" and they lived up to it. In 1513 Juan Ponce De Leon landed on Florida's east coast and claimed "la Florida" for Spain. he continued his exploration south along the east coast, the Florida Keys and the islands he named the Dry Tortugas. He continued north along Florida's west coast and stopped in the Charlotte Harbor area. As the Spaniards explored the area for fresh water and other resources they came upon the Calusa tribal village at Mound Key. (just southeast of Estero Island)The hostile Calusa drove them back to their ships and out of the area. Ponce Deleon returned in 1521 to establish a colony with over 200 settlers, horses and the tools needed to establish a settlement and begin some agriculture. The settlers had frequent skirmishes with the Calusa, Ponce Deleon was wounded in an ambush and the settlers abandoned southwest Florida and retreated to Cuba. Ponce De Leon died from his wounds a short time after at age 61.
In 1566 the Spanish conquistador Pedro Menendez De Aviles arrived and stopped at Estero Island. The Calusa Indian king whom the Spaniards called Carlos ruled an empire encompassing much of southwest Florida from his ceremonial settlement on Mound Key. Pedro Menendez was not successful in pacifying the Calusa people or establishing a Jesuit mission on Mound Key. The Calusa Indians gradually disappeared by the end of the 17th century, victims of disease and increased hostility.
From the late 17th century this area was settled by Cuban fisherman in seasonal fishing villages and by the Creek Indians who replaced the Calusa.
The first American settlements on Estero Island occurred in the late 1800s. The first subdivision and rental cottages were developed in 1911 and by 1914 all of the island property was homesteaded. Very little industry existed aside from fishing, some agriculture and a sawmill operated by the Koreshan Unity. The Koreshan's were an odd communal society that believed in a hollow, inhabited Earth and had established a settlement on the mainland across the bay in present day Estero.
Development on Crescent Beach as Estero Island was then called increased in the 1920s. After a toll bridge was erected in 1921 the construction of 2 casinos and hotels soon followed.
The Island was a popular recreation spot for Army Air Corpsmen during WWII who were training at Buckingham Air Field. Tourist development began in earnest in the 1950s with many new hotels and motels, the first swimming pool on the island and electric power to operate the swing bridge.
The Town of Fort Myers Beach was incorporated in 1995. Today Fort Myers Beach is a vibrant and eclectic mix of condos...low rise and high rise, single family homes that range from quaint but primitive beach cottages to multi-million dollar luxury homes. There are small motels and large hotels and an interesting mix of eateries and bars. A friendly and laid back attitude pervades the locals and visitors alike and is reminiscent of the Keys (without the weirdness).
Fort Myers Beach is convenient to the City of Fort Myers, Sanibel Island, Bonita Springs and Naples.
SW Florida international airport is an easy 30-40 trip. There are many shopping and golf opportunities in close proximity. Lovers Key State Park is a stones throw from the south end of Estero island.
If you enjoy dropping a fishing line in the water or enjoying the sunny skies while enjoying a cool drink or kayaking in the warm gulf waters or through the unspoiled mangrove island in the back bay. If you like good food and live music and cool gulf breezes, we have a place for you.
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