In an effort to help curb homeowners who are upside down on their mortgages from moving to take a strategic default, Fannie Mae is enacting tougher guidelines to make such a move more costly and painful.

Wednesday's announcement by the government-controlled mortgage giant said it would instruct the companies servicing its loans to recommend when it should pursue a so-called deficiency judgment - a court order requiring a defaulting borrower to pay any remaining unpaid portion of the loan after a seized home is sold. In addition, it will make new mortgages harder to obtain for borrowers proven to have opted for a "strategic default" by refusing to buy or guarantee another home loan for them for seven years after their action.

Such a move by Fannie Mae is significant because home buyers have little choice these days for financing except for mortgages bought or backed by Fannie, its sister company Freddie Mac or the Federal Housing Administration, all of which accounted for 95% of new home loans last year. Freddie Mac already blacklists strategic defaulters for five years and HUD bans defaulting borrowers (for any reason) from getting another FHA loan for three years. Both of these mortgage entities also have tougher guidelines currently under consideration including legislation pending in Congress that would impose a lifetime ban on FHA loans to borrowers determined to have made a strategic default.

While these types of policies are designed to help push borrowers into pursuing alternatives other than foreclosure, it's about time that they are held to account. Letting them continue to walk away with little consequence was not an acceptable scenario.

According to an analysis of 2008 tax returns, Forbes ranks Collier County at the top of its list of where the rich are moving in large numbers. The review showed an average reported income of more than $76,000 per person. Quite frankly, it does not come as much of a surprise, as the city of Naples has long been known as a desirable destination for wealthy retirees and corporate executives seeking exclusivity and anonymity.

Naples offers a slower and more laid back high-end lifestyle not found in many other areas around the country. And, wealth obviously attracts wealth. It's very easy for the affluent to become anonymous in Southwest Florida. A low crime rate and good schools also help attract wealthy residents. Throw in a variety of fine dining, exclusive shopping and the Gulf's sugary white sand beaches and it's pretty hard to find a better place to consider living.

Two other areas in Florida also made the list: Nassau County near Jacksonville and Walton County east of Pensacola. Greene County in Georgia and Llano County in Texas rounded out the Forbes top five.

Luxury Naples Real Estate for Sale

Bay Colony Real Estate

Grey Oaks Real Estate

Mediterra Real Estate

Port Royal Real Estate

If you're looking for Luxury Florida real estate with fabulous Gulf beach and boat access, there is no better place to look in Naples other than Port Royal.

Port Royal is without a doubt the most prestigious neighborhood in all of Naples. Created in 1958 by Glenn Sample, Port Royal is surrounded by water, with the Gulf of Mexico to the west, Naples Bay to the east, and Gordon Pass and Key Island to the south. The very private single-family community has fewer than 600 homes with most on generous man-made waterways allowing for deep water gulf access. In addition, owners lucky enough to live in one of the areas opulent and luxurious Gulf or Bay front homes there is also the ability to become a member of the beautiful Port Royal Club. Membership in the club is limited to Port Royal property owners and amenities include 9 tennis courts, complete formal and informal dining facilities, and an Olympic sized pool and cabanas overlooking a serene stretch of Gulf-front beach.

Port Royal Quarterly Closed Sales 2007 - 2010

Port Royal Year to Date Sales Data

Port Royal Home Sales 2010*:

• 20 Closed Sales
• Average Sales Price - $5,986,750
• Median Sales Price - $4,800,000
• Average Days on Market - 241
• Average Sales Price/Square Foot - $836.23
• The list to sales price average for all properties sold was 83.49%.

In comparison with 2009 sales data, we saw a 5% increase in the number of home sales and a 44% increase in their average sales price. The median sales price also rose by 37%. Average days on market fell by 14% and the list to sales price ratio climbed by 6%.

If you would like to explore more of what the Port Royal real estate market has to offer, please contact us at  888-617-3674 and we'd be happy to assist you.

*Sales Data Statistics from NABOR MLS

The sales of homes and condominiums in the Southwest Florida real estate market continued to impress as season wound down in April. The cities of Bonita Springs and Naples saw their property sales rise substantially. Both snowbirds and investors alike pulled the trigger and snapped up one of the many good deals currently available. Buyers who remain in a "wait and see" mode are finding out their choices are becoming more limited and many of the best properties are now receiving multiple offers.

Here's a synopsis of the April sales numbers:

 Bonita Springs Real Estate Sales

Bonita Springs Real Estate Market Highlights:

• April sales totaled 197 and were up 44% from a year ago.
• Single family home sales were up 37% and totaled 91 sales.
• Single family home inventory has fallen to 3.9 months worth of supply.
• Condos sales were up 61% and totaled 106 units.
• Condominium inventory has fallen to 4.3 months worth of supply.
• For the month, there were 26 foreclosures sold, 148 normal sales and 28 short sales.
• The list to sales price average for all properties sold was 87.91%.
• The average Days On Market were 175 for single family homes and 204 for condominiums.

Naples Real Estate Sales

Naples Real Estate Market Highlights:

• April sales totaled 914 and were up 46% from a year ago.
• Single family home sales were up 25% and totaled 407 sales.
• Single family home inventory has fallen to 4.5 months worth of supply.
• Condos sales were up 69% and totaled 507 units.
• Condominium inventory has fallen to 5.9 months worth of supply.
• For the month, there were 145 foreclosures sold, 630 normal sales and 139 short sales.
• The list to sales price average for all properties sold was 90.04%.
• The average Days On Market were 160 for single family homes and 169 for condominiums.

At the end of the month, there were 9,239 active residential properties listed in the Naples MLS. That's a decrease of 13% versus this time last year and reflects a 8.6 months' worth of supply of inventory. Pending sales were up 33% over last year and totaled 1,293. Foreclosures and short sales continue to drag down the median price. The median price of all sold properties was $208,000, up 22% from a year ago. The median price for properties sold above $300,000 was $550,000, up 5% from $525,000 in 2009.

It will be interesting to see how things go as we move into the summer season. If the tighter inventory trend continues, things are going to get tricky as the competition for properties will be fiercer. So, if you're thinking about purchasing a little piece of paradise for yourself and your family, now may be the time to do it. Waiting too much longer and you may just let the deal of a lifetime pass you by.

*Sales Data Statistics from SWFL and NABOR MLS

You gotta love the health care reform bill. It is the gift that just keeps on giving. Seems our beloved legislators added another little goodie that was buried in the mostly unread 2,409 page document. Section 9006 mandates that beginning in 2012 all companies will have to issue 1099 tax forms not just to independent contractors but also to any "individual or corporation" from which you purchase more than $600 in tangible goods or services in a tax year.

Can anyone say bend over again small business and cough up some more bucks so big brother can make sure your not cheating them out of the due tax revenues.

This ridiculous new law will require millions of additional 1099 forms to be sent out. So, buck up my fellow business men and women. Your tax administrative burden just got a lot heavier.

The final impact of the new law won't be known until the IRS issues its regulations sometime next year. In any case, the new 1099 requirement is set to go into effect on January 1, 2012.