About Us

Hello, we're George and Lorraine Keough and we would like to welcome you to our website. Our goal in putting this together was not simply to give you access to yet another Realtor, but to provide:

For our buyers a place where they could find the information they need to make an informed and confident decision

Our sellers likewise need to understand the variety of options available to them, ensuring the greatest benefit, regardless of their situation.

And finally, for those of you who have purchased homes here, we will provide articles about the many recreational, shopping and dining highlights in the area.

We hope you find this site informative and helpful, and as always, we look forward to helping make your home buying or selling experience a pleasure.

It seems to be a sign of the times that more often than not the properties we see for sale are listed as short sales. Short sales mean different things to the different parties involved in a transaction, but before we look at that, a definition and brief explanation of the short sale process might be in order.

First, it's called a short sale because the property is being sold “short” or for less than the amount remaining on the mortgage. Not every listing however qualifies for a short sale. The seller must have a demonstrable financial hardship, and some lenders require that the borrower has missed payments.

To begin a conventional short sale, the property owner lists his home, as a short sale, with a Realtor, preferably one who has completed the prescribed course and gained their CDPE (Certified Distressed Property Expert) designation. This ensures that your agent is capable of navigating the time consuming and often difficult path to negotiating the best deal for you while protecting your interests.

Once an offer is received on your property, the offer, along with the required documents are submitted to the lender for their approval. It is from this point that the waiting begins and the time frame can vary from three to four months to over a year depending on the bank and other circumstances which vary with each case.

When the offer is accepted by the lender, the sale can proceed along the lines of a conventional sale to closing. However, the bank will typically reserve the right to pursue a deficit judgment against the seller for the difference owed. Additionally there is the possibility of a tax liability known as a 1099, for the amount forgiven. Regarding this tax liability, these issues are addressed in the Mortgage Forgiveness Debt Relief Act of 2007, and in all cases an accountant familiar with these laws should be consulted.

In part 2, we'll be looking at the advantages to pursuing a short sale from the viewpoint of a seller, a buyer, and a lender. If you have any questions regarding your real estate situation, please contact us at the following numbers: Lorraine – 239-322-8972 or George – 239-322-9173.

In part 1, we looked at what a conventional short sale is and how the process works. This month we'll look at the benefits a short sale provides to each of the parties involved.

At first glance it would seem that the lender is the big loser here and in many ways they are. Remember a short sale occurs when a lender is willing to accept less than the amount owed them to release their lien on the property. However, it's a matter of degree, it will generally cost the lender ten to twelve thousand dollars more to foreclose on a property than to process a short sale. Additionally, a short sale generally takes less time, and allows the lender to clear non-performing loans from their books that much sooner. For the seller there are a number of advantages, primarily from the standpoint of minimizing the damage to your credit rating. While the number of points an individual's score will drop depends on the number of missed payments, credit card defaults etc., with diligence one's score can be restored in as little as 18 months. By contrast a foreclosure is the one credit report item that is almost impossible to have “repaired” and must always be disclosed on future mortgage applications. One other consideration for the seller in a conventional short sale is the possibility of a deficiency judgment. This is a court judgment issued in favor of the lender giving them the right to pursue collection against the borrower for their loss. While this is always a part of the settlement in a foreclosure, in a short sale, getting a judgment against the borrower involves the lender filing suit and incurring additional expense knowing there is very little chance of them actually collecting anything. For this reason it's not unusual for the lender to simply accept the amount realized in the sale. Either way, the seller is almost always better off pursuing a short sale rather than allowing a foreclosure to take place.

What then is the advantage for a potential buyer of a short sale? First, in the present market, it substantially increases the number of properties available. Secondly, it will generally allow the buyer to purchase a property marginally below market value. On the other hand, it generally takes longer to complete the purchase, in extreme cases up to a year. For this reason it's usually not a viable choice for someone who needs to close on a home quickly.

As in most things, short sales provide advantages and disadvantages to all the parties involved. Whether you're a buyer or seller be sure to discuss your plans with a Realtor experienced in the short sale process. In part 3, we'll look at the government's short sale program known as HAFA. If you have any questions or would like a no obligation consultation, please give us a call.
George Keough – 239-322-9173
Lorraine Keough – 239-322-8972

Our Local Real Estate Market- Short Sales
Part 3

In the previous two articles we looked at the conventional short sale process and while the advantages may be obvious, so are the downsides. For many buyers and sellers, the long time frames become burdensome. Buyers seldom want to wait six months or more to know if they've bought a house and they frequently purchase something else during that time. Sellers have typically been dealing with their own financial issues and just want the process to be over with. Part of the problem has been the lack of a uniform procedure as well as the need for lenders to maintain communication with their investors in the secondary market.

To address these issues, in April of this year (2010) the treasury department launched a program known as HAFA (Home Affordable Foreclosure Alternatives). In order to participate in this program, the seller must apply, and meet their requirements which are:
1.There must be a demonstrable hardship eg. Loss of job, illness, transfer, pay reduction etc.
2.Borrowers total monthly payments (principle, interest, taxes & insurance) exceeds 31% of their gross income.
3.Mortgage is delinquent or default is reasonably foreseeable.
4.Must be your principle residence and be occupied by you. (There are some exceptions)
5.Mortgage originated before 2009 and unpaid principal balance does not exceed $729,750.
One of the advantages to this program is the establishment of time allowances for each stage of the process, for example, your property will be listed for 120 days (servicers may extend this up to 12 months if agreed to by the borrower). Within 3 days of receiving a signed purchase agreement, the agent must submit a request for acceptance to the lender. The lender has 10 days to approve or disapprove the offer and notify the seller or his agent. From this point the property can close in 45 days or sooner if seller agrees. Clearly this shortens the entire sales process and makes a short sale purchase a more realistic option for the buyer. However, the real benefit to HAFA is to the seller. In addition to a quicker settlement, the HAFA program requires the lender to release the borrower from any future responsibility for the forgiven amount and if there is a secondary lender that receives an incentive from HAFA they too must forgive the debt.
In addition to freedom from a deficit judgment, HAFA also allows a $3,000 relocation payment to the seller at closing.

Although no short sale is without its challenges, the HAFA program serves to make the whole process smoother while providing excellent financial incentives to the seller allowing them to get back on their feet sooner while moving ahead with their lives. If you have any questions concerning this program or would like to discuss your options, please call George or Lorraine Keough, Realtors with Sellstate Priority Realty.

George: 239-322-9173
Lorraine: 239-322-8972
E-mail: George@CapeCoralTopAgents.com

Hello, As someone considering purchasing a home in Cape Coral, I feel it would be to your benefit to understand how the city's utility assessment program works.

The utilities we are discussing here are water, sewer, and irrigation. Not all of Cape Coral is currently served by city utilities, in fact, most homes in the northeast and northwest as well as some in the southwest are still served by well and septic systems.

By state law, the city is required to provide water and sewer service to all properties within a fixed time frame. However with the current economy there have been extensions to the original time line and the city council has revised the original plan several times.

Nevertheless, when shopping for a home the assessments and the amounts outstanding should be considered. For many properties, especially in the southeast, you will see that the assessments are “in and paid”, this is great because all you owe is your monthly utility bill. Because the assessments and impact fees can be paid over a 20 year period, being added to the tax bill, it's quite common to find homes with outstanding assessment balances of $10,000 or more. This should be seen as quite normal especially with newer homes, but as a buyer you should be aware of it.

For those properties still on well and septic, obviously your only expenses would be maintaining your systems which is minimal. You should be aware however that at some time in the future, the city's utility expansion project will include all properties and at that time your property will be charged with impact fees and assessments typically amounting to $20,000 or more. As I mentioned before, this amount can be paid in installments over 20 years along with your property taxes.

Whichever type of property you choose, as long as you're aware of these expenses up front, you can make an informed decision that best suits your needs. As your Realtor, I will make sure you are aware of any outstanding expenses on any property you might consider.

My wife Lorraine and I look forward to working with you.

One of the great attractions of southwest Florida, besides the beautiful beaches, and the great climate, and the affordable housing market, and the abundance of restaurants and shopping, is that this area is truly a boaters paradise.

While boat ownership can open up a whole new world of experiences like island hopping, family picnics, and world class sports fishing, not everyone wants to make the financial and time commitments that ownership entails. Additionally, many residents enjoy our area on a seasonal basis, which makes ownership more complicated.

The solution? The boat club. By joining a boat club, you get the benefit of having a boat when you want it without the headaches of maintenance and storage fees. Additionally, you have the freedom to choose the type of boat you want depending on your outing. Perhaps you want to see how much you'll enjoy boating before committing to a purchase. Regardless of your situation, it might be worth while to see what these clubs have to offer.

Here are a couple of links to check out:

Boat Club 1

Boat Club 2

Although Cape Coral is a relatively new city, its origins dating only to the late 50s, this does not mean it is lacking in a rich and fascinating history. Before the city we now occupy existed, this region was home to a variety of settlers and Native Americans providing us with a colorful past full of adventure and growth.

If you would enjoy learning how our area developed and perhaps sharing it with others, you might find our historical society is just your thing. Make a visit to their museum at:
544 Cultural Park Blvd., Cape Coral. Phone: 772-7037. They are open on Wednesday, Thursday and Sunday, 1:00-4:00 and are closed July and August.

Our Burrowing Owls

Part of the enjoyment of moving to another area of the country, especially from New England to Southwest Florida, is the complete change of environment. While the change of climate is obvious, and the main reason we came here, pretty much everything else is different also. Of course we have the many varieties of palm trees and all the native fruits, even the grass is different but I never imagined even our owls would stand out as special.

Cape Coral currently has the largest concentration of burrowing owls in Florida earning them the recognition of being Cape Coral's official bird. It is estimated there are at least 1000 nesting pairs and 2500 burrows in the Cape. Additionally, they are designated as a “species of special concern” and protected by the state.

The burrowing owl, unlike most owls, lives in underground burrows instead of nesting in trees or elevated locations. Also, they hunt during the day instead of nocturnally and dig their burrows in flat, open areas with low grass so they can watch and protect their nests. Frequently you will see “tee” perches have been placed near the burrows to allow them a better vantage point while watching for intruders.

Recently, I noticed one had taken up residence in the drainage culvert that runs under my driveway and realizing this was not the best place for him, I e-mailed the city at: wildlife@capecoral.net. The response was quick and helpful with suggestions on luring him to a more favorable location, however, after two days he realized the culvert wasn't the best home location and he moved on but not before I got his picture.

For more information on these fascinating birds you can go to the city's website by clicking here

Referred to in the days of it’s founding as a “Waterfront Wonderland”, Cape Coral has the singular distinction of having over 400 miles of navigable canals, surpassing even the famed water city of Venice. These waterways provide and excellent recreational resource and need to be understood to take full advantage of them.

The Cape’s canal system consists of both fresh and salt water canals which are distinctly separate. The fresh water canal system is made up of groups of canals, many of which connect with the Cape’s extensive lake system. These afford an excellent opportunity for fishing, boating and kayaking. Please be aware that the freshwater canals are not all interconnected, and while some canal groups go on for miles, others are very limited in extent. If you are considering purchasing a home or building site on a freshwater canal I would advise you to consult a map which shows these canals clearly to be sure the location meets your needs. If you would like a canal map of Cape Coral, click on the "Contact Us" button at the top of the page and provide us with your name, address, and email. We will get one out to you as soon as possible.

The saltwater canals, while not interconnected, all provide access to the Gulf either directly or by way of the Caloosahatchee River. As with the freshwater canals, the saltwater canals are not all equal, those located behind a lock or boat lift are referred to as limited access while those that have open waterways but pass under bridges are known as direct access. The best condition is called sailboat access, having open water and no bridges to restrict your passage. In addition to variations in access, these canals also vary in width from 80 feet to over 200 feet this might be a consideration depending on the size of your boat. In the following installments of "Our Canals and Waterways",we'll look in greater detail at the various parts that make up the whole of our incomparable waterway system.

To many, speaking of Cape Coral's waterways brings to mind images of the most extensive navigable canal system of any city in the world. However, the Cape's recreational waterways are not limited to just the canals, there are also 61 lakes and 6 basins. As a point of interest, I asked a number of people involved with our waterways, both public and private, what was the difference between the lakes and basins in Cape Coral. I received no definite answer. There are fresh and saltwater lakes and fresh and saltwater basins, a quick look at a map will show that size is not a factor and I've been told that the depths are all similar. If anyone has the answer to this question, please let me know and I'll pass it on in the next issue.

Besides offering a wide range of fishing and boating opportunities, the shores of these lakes and basins provide home sites with expanded vistas not usually found on the canals. It should be noted however that like the canals, these lakes are not all inter-connected. If you are interested in purchasing waterfront property or simply enjoying our resources, I recommend you contact us using the link at the top of the page and request your free map of Cape Coral's waterways, please include your name and mailing address. We look forward to helping you.

Situated on the northern shore of Lake Kennedy at 400 Santa Barbara Boulevard, we find this months “Our Parks” destination. The Sun Splash Family Waterpark. Operated by the Cape Coral Parks and Recreation Department, Sun Splash is the largest water park in southwest Florida providing over fourteen acres of refreshing recreation for the the whole area. With nearly two hundred employees, the park is beautifully maintained and enjoys the reputation of being one of the safest water parks around. In addition to maintenance, improvements to the existing park as well as the addition of new attractions helps keep Sun Splash a fresh and exciting destination for the whole family.

The reason it's called a “Family” destination is because there's plenty of refreshing fun for every age group. For the young children, you'll find the Family pool, The Pro Racers, The Rain Tree and the Tot Spot. From there we advance to the more thrilling rides for older children and adults, these are the Zoom Flume, Cape Fear, The Fun-L-Tunnel, the Drop Slides, The Electric Slide and the Power Surge. If these are not exciting enough for you , I'm certain a plunge down the three slide combination of the Thunder Bump, The Terror Tube and the X-celerator will provide all the exileration you need. Each of these involves a drop of five stories in addition to the unique thrill that each one provides.

If you're looking for a more relaxed time, perhaps the Lazy River tube ride would be more suitable. Meandering slowly through the park on a tube while enjoying the scenery seem to be a very popular attraction for many of the guests. In addition to the many rides, there are several refreshment stands providing ice cream and drinks as well as the Calypso Cafe which serves a wide variety of food selections. If you're looking for a really special family day, one that won't soon be forgotten, plan a trip to the Sun Splash Family Water Park. For more information on schedules, admission prices, and seasons passes, visit their website at: SunSplash I hope to see you there.

Opened in 1962, by Jack and Leonard Rosen, the developers of Cape Coral, The Cape Coral Yacht and Racquet Club was built to provide residents with a multi-use recreational facility and at the same time promote the Cape as a great place to live with a lot to offer.

Today, The Yacht Club Community Park, under the direction of the Parks and Recreation Department, is the source of many of amenities and activities to enhance Cape life. While the name “Yacht Club” might suggest a private or exclusive club of some sort, this is not the case. All the facilities are available to the public although in some cases there are fees attached to help defray the costs.

The public beach presents an enjoyable location for a family outing or just a relaxing day in the sun. In addition to 634 feet of sandy beach, there is a childrens playground for ages 2-12, a covered pavillion, BBQ grills and clean restrooms. If you are planning a party or large get-together, there is an enclosed pavillion with food preparation and serving facilities available for rent. For more information on facilitiy rentals, clickhere Extending out 600 feet with a 200 foot tee at the end, the Yacht Club fishing pier which is lighted and open 24 hours a day, provides an ideal location to get in a little fishing. Before dropping a line however, make sure to get a fishing license as fines have a way of spoiling the fishing day. In case you work up an appetite fishing or tanning, there's a great little restaurant/snack bar known as KC's River Stop. Here you can choose from the usual selection of beach/comfort foods like burgers, hotdogs, nachos, shrimp etc. which together with a cold soda or beer makes for a pleasant lunch on the deck overlooking the river. In addition to food, this Cape Coral landmark also provides gas for your boat and bait for your fishing.

Welcome back! In part 1, we took a walk on the beach and a stroll down the pier before having lunch at KC's River Stop restaurant. Now I thought we would look at the Yacht Club's boating and recreational facilities.

Accessed by way of the Flamingo Canal, the yacht basin contains 93 slips which are available for annual or transient rental. These slips can accommodate recreational boats up to 55 feet long and provide electric and potable water hook-ups along with showers, laundry facilities and pump out services, free access to both the swimming pool and tennis courts is included with any boat slip rental. Additionally, the Yacht Club provides a public boat ramp with parking available for your trailer.

The community swimming pool, available to all residents, consists of a heated, Jr. Olympic size pool and also has a kiddie pool area and fountain. Additional recreation is provided by the five lighted tennis courts with a pro shop, two racquetball courts, and shuffle board courts. Although there are fees for use of the pool and tennis courts, the other facilities are free of charge. For more information click here

Next month we'll finish up on the Yacht Club with a look at the Tony Rotino Senior Center, the ball room , and the events calendar.

In part 1 we looked at the the beach area, the fishing pier and related recreational facilities. In part 2 we checked out the yacht basin, boat launch area, racquet ball and tennis courts and the community pool. Now I would like to wrap up our look at the yacht club by mentioning some of the activities that take place at the main building. As the home of the Tony Rotino senior center, the Yacht Club serves not only as the meeting center but as the location of many senior center activities including dances and dance classes. This facility is also used by a variety of organizations including the Cape Coral Social Club which uses it for their meetings as well as their monthly dinner dances. Like the pavilion, the ball room can be rented for weddings and other activities. For more information on facility rentals: click here


Whether you're a resident or visitor to our city, I urge you to take a walk around the grounds and discover what this city park has to offer.

Words cannot express how blessed we feel to have met you. The help you provided and level of professionalism is unsurpassed. Then, to add the kindness and thoughtfulness you have shown us on top of that - Priceless!! We love our house, and you two were instrumental in helping us realize our dream.
-B&L - Calif.

George and Lorraine, Thank you so much for all your help with our short sale. At times it was stressful and you were always there to calm us down and give us hope. We're so glad we met you, and wish you a happy and and healthy future. We know you will help others who are going through the same process, thank you again.
-A&H - Michigan