Naples Real Estate Update

Like any commodity, a home's value will follow supply and demand trends.

Our current MLS inventory in Naples for active residential listings has hovered at 12,000 for several months. Competition is abundant and many buyers are waiting for prices to fall even more. Investors, for the most part, are out of the market, thereby making ours a user-driven market with price being the # 1 consideration when offers are being negotiated. Even if Naples stays on track with approximately the same number of sales this year as 2007, we have a 3 year absorption rate.

Last year MLS reported a total of 3,903 closed residential sales, down from 4,516 in 2006. There were a total of 8,859 closings in 2005 following a record of 8,995 in 2004. (I can track this back further if you are interested)...

Probably the best barometer for determining what is happening NOW in any real estate market is pending sales (actual written business). Year to date in Naples, per the MLS, we have had 1572 listings pended as compared to 1539 in 2007. Up slightly. Each neighborhood should be focused on individually, as statistics vary in certain price points and communities...even absorption rates can vary widely from neighborhood to neighborhood. Please call or email us today for details on any specific property, we are happy to be of assistance and look forward to earning your business and referrals!

239-370-0574 (direct) or harris-peppe@naplesrealestate.com

Excellence is a Habit

"We are what we repeatedly do.

Excellence, then, is not an act, but a habit."

Aristotle

Chip Harris & Michele Peppe are proud to announce that recently at their annual awards banquet, they were awarded the distinction of being named the top listing and selling agents at the prestigious Coldwell Banker Previews office on Fifth Avenue South in Naples for 2008. They were also named as one of the top 10 agents for Coldwell Banker in the region, as well as in the top 100 of all agents statewide!

"Chip and I believe our success can be credited to a number of factors; but mostly it is our commitment to hard work, integrity and customer service. Our market knowledge is stems from our 40+ years of experience selling the Naples' lifestyle...and we want to put this experience to work for you! Please call us today."

While past results may not be the only measure of success, for The Harris-Peppe Team, excellence has become a habit!

Spring Cleaning!

Whether your house is listed or not, these following tips are recommmended for your annual Spring Cleaning!

• Clean sliding doors and tracks & lubricate tracks if needed
• Pull out and wash behind appliances
• Thoroughly clean stove, oven and refrigerator
• Wash blinds, shutters, dry clean drapes if needed
• Clean all cabinet doors, interior & exterior
• Wash and reorganize all drawer interiors
• Wash inside and out of all windows
• Pull out and vacuum under all furniture and beds
• Clean all interior room access doors, closet doors and louvre doors
• Organize linen closets
• Empty and sanitize under bathroom vanities
• Determine if any painting or corrective maintenence is needed such as screens repaired or replaced, decks pressure cleaned, regrouting and sealing, etc.
• Porch furniture cleaned
• Plant spring flowers

Remember, this is not your normal routine cleaning...this is the getting down to the "nitty-gritty' cleaning! So, roll up your sleves, open your windows wide to let the fresh air in, play your favorite tunes and have a Happy Spring!

Portability and Homestead information

For those of you interested in information concerning portability, the additional homestead exemption or other benefits of Amendment 1, please check out the Department of Revenue's website:

http://dor.myflorida.com/dor/property/sb4d.html

The portability application and other pertinent forms can be found at the DOR site!

Pulling out all the stops!

The stock market is up...interest rates are down...The Feds want you to start spending money! They significantly cut rates for the sixth time since September yesterday! They're pulling out all the stops to boost consumer and Wall Street confidence. While rate cuts sound good, people looking at buying real estate need to prepare for what may happen.

Fed cuts directly effect the falling dollar...Fed cuts are inflationary. Oil prices are up, gold prices are up. As a result, mortgage rates inevitably go up because mortgage rates are based on fixed income investments, long term bonds and mortgage backed securities.

If you are looking to buy a home and get financing, please consider this:
Home prices have to fall over 10% on average to make back what you lose in monthly payments if the mortgage rate increases just 1%.

There are some great housing buys out there right now! Real Estate is a LOCAL market, and it always has been! Written business in Naples was up in February. According to The Naples Area Board of Realtors statistics, pending contracts rose 10.6% last month, breaking a 28 month downward trend! The best barometer for determining the current temperature in any housing market is pending sales! Stop reading national publications that report real estate with a broad stroke. Instead, let's take a good hard look at what is for sale in Naples and take advantage of the amazing opportunities out there!

Foreign National Loans

We have had a lot of inquiries from foreigners regarding financing options, so I thought it would make a good blog topic today.

Depending on the borrower; if they have the equity on their primary home (in Canada, South America, Europe, etc.) many may choose to get the monies out of that residence then pay cash for their U.S. purchase. However, if they are seeking "local" financing the following is a recap provided to me by our in-house lender, Sunbelt Lending Services:

• Down payments starting at 25%
• Loan amounts from $50,000 to $2 million
• No American credit necessary
• Full Income documentation AND Stated Income documentation programs available
• Fixed and adjustable rate programs available
• Interest only payments available as well

Other pertinent information which I believe to be helpful:

• Most loans have a pre-payment penalty~usually 3 years
• Loan Limits and Loan to Value limits based on: Property type, Program type, Purchase versus refinance and Loan amount
• All borrowers must supply proper identification: Visa, passport & drivers license
• Most loans require 6 months of reserves deposited into a U.S. bank account prior to closing and authorization for withdrawal

*Obviously all programs are subject to change without prior notice. This is being provided for informational purposes only. For additional information please contact Kelly Rebimbas at 239-273-5239 (direct).

With the strength of our foreign buyer's dollar and the wonderful selection of properties in Naples currently on the market, there has NEVER been a better time to buy real estate than NOW! Log onto our website today to view our fabulous listings http://www.naplesrealestate.com/

Brand new ~ Dock Included

For nearly 27 years now, at this time of year, I have spent most of my Sunday afternoons sitting at open houses. I've met a lot of really wonderful people, sat at a lot of really beautiful properties, and sold a lot of real estate...Today is no different. I am at a condo called The Azzurro in an area of Naples called Oyster Bay. Just about a mile from downtown Naples and within walking distance to all the new Naples Bay Resort amenities...this is an area that is undergoing some positive changes. Many of the older homes and condos are coming down, making way for the newer, safer, more eye appealing residences that take their place. Unlike Olde Naples, the Royal Harbor area "tear downs" aren't quaint and charming...they are mostly 70's vintage ranches without a lot of personality. So, for the most part, I think all the neighbors are pretty happy when a newer building is put in the place of an older dwelling.



The developer of The Azzurro did a nice job getting 6 spacious condos on this southern exposure lot. The pool and deck area is huge, the landscaping is lovely. Each residence includes a 2 car garage and a 26' boat dock...and you are just minutes from Naples Bay! You have direct access to The Gulf of Mexico (no bridges) and a straight shot down the bay to the intercoastal waterway which, within just a few minutes, takes you to the 10,000 islands and some of the most pristine fishing waters in the world.



This is a special condo with fabulous appointments just waiting for 4 more buyers (2 of the 6 condos are already sold) to call The Azzurro home! I believe this to be one of the very best new construction waterfront values in Naples this season! Please call me today for a private showing: 239-250-4370. Thank you and have a happy Sunday!

The World according to Trump

With so many buyers out there reluctant to make decisions...and so many of our foreign friends listening to the negative media hype even tho' their "dollar" is the strongest it has been, when measured against American currency, in years...I came across an ad in the March 2008 Florida Realtor magazine that I felt was worth sharing:

"The World according to Trump:

With so many variables in the marketplace making it impossible to predict, the right time to buy premium real estate is always now.

Never put your life on hold- not for anything.

The worst decision you can make is not making one at all."