| Study: Naples may
be expensive, but its amenities more than make up for it By JENNIFER LARINO, Naples Daily News 4:03 p.m., Sunday, July 5, 2009 NAPLES — Robert Feerick knows the value of Naples. Eight years ago, the prospect of warm weather year-round and Saturday golfing with friends at the Hideout Golf Club were too good to pass up. So he picked up life in Milwaukee and moved his home and business to Naples. Feerick now lives with his wife in Pelican Bay and oversees manufacturing plants located as far away as Vietnam from the Naples headquarters of his private investment holding company, Horizon Partners Ltd. Housing might have been more expensive in Naples but the city had something Milwaukee didn’t, he said. “The reason we’re here is, quite frankly, the quality of life,” Feerick said. And Feerick isn’t alone in his thinking. Naples housing may be expensive but the city provides a lifestyle that pays off for its residents, according to a working paper by University of Michigan economist David Albouy. Naples was ranked as the tenth most valuable city in Albouy’s study, which compared the housing prices of more than 200 U.S. cities to their perks like favorable weather and lively downtown areas. Also in the top 10 were cities like Santa Barbara, Calif., and Honolulu, even metropolitan heavy-hitters like San Francisco, which topped the list, and New York. What put Naples in
such good company? People gravitate toward favorable weather and that’s
one of Naples greatest “natural advantages,” Albouy said. “People
talk about it all the time. |
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MORTGAGE NEWS by Will
Dukes, Summit Mortgage, Sr. Mortgage Banker It was a hectic week in the financial marketplace but like everything else in life, it’s simply one facet of life amongst billions of points of light demanding our attention. The quick-n-dirty is that mortgage rates rose sharply but have now settled back a little. The GREAT news is this increase was partially a function of optimistic predictions about the end of the recession and the stock markets third straight month of gains. Both of these factors will lead buyers to believe that their future is more secure and their portfolios are regaining value for down payment money. More specifics are in order however:
The shout-out-loud news is that mortgage rates rose about a half percent since Tuesday to a high of 5.5% for 30 year fixed customers with the best credit. Yes, you read that right. The surprise surge in pricing started shortly after 1:00 P.M. ET and was the sharpest one-day surge in mortgage rates in recent history. Perhaps ever. CNNMoney economic writers are now predicting rates staying above 5% for the foreseeable future; we’ll see.
Middle-of-the-day, 1/2 percent rate changes don't just happen. This action was the result of a confluence of factors, including: Rising oil and gas
prices |
| MARKET CORRECTION
- by Will Dukes, Summit Mortgage, Sr. Mortgage Banker 239-272-221. wdukes@summit-mortgage.com The good news however is that the market had a very nice correction today taking us back down in the low 5% rate range and that is pretty interesting considering the late stock market rally this afternoon. Per the WSJ, the Dow Jones Industrial Average jumped 100 points in the last half hour of trading on Friday, capping a third straight month of gains for the stock market. Market benchmarks saw their biggest three-month percentage gains in more than 10 years. It is the longest winning streak for stocks since the three months ended in October 2007 -- when the Dow industrials and S&P 500 hit record highs. |
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NEWSEUM WEB SITE -
by Will Dukes, Summit Mortgage, Sr. Mortgage Banker |
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JAZZ ON THE GREEN
- by Will Dukes, Summit Mortgage, Sr. Mortgage Banker |