Short Sale and Foreclosure Update

I like sharing statistics about the Naples real estate market...I'm known around the office as the one with all the data and percentages...it is important to me when showing homes to have facts to back up my reasons for why I selected certain homes to show over others. I am a bit of a 'numbers freak'. Lately, I have been asked quite a bit to share some facts about the short sales and foreclosures in Naples.  It is no secret that when the term "short sale" was first coined, I made the decision not to work in this market...After nearly 30 years in the business, I wasn't thrilled with the idea of a less than 10% return on my time. Recent studies indicate that in the state of Florida, approximately 30% of the short sales that are under contract will go through to a successful closing. In Naples it's presently only about 16%.  Recently our company implemented a department within our title company, *Sunbelt Title Services,  that is handling the communication between the sellers and the lenders (*see blog post June 24th, 2010). This is helping to expedite the process. It has been a huge learning curve for everyone, especially the banks, who are overrun with inquiries and negotiations. But, as time goes on, I realize that all price ranges are being effected by this anomaly, which is becoming much more the norm. ~And so, what I originally said I wouldn't do...well let's just say I'm going to the seminars and watching the webinars, and trying to learn what I can to be as knowledgeable as possible in order to give the best service to the buyers and sellers with whom I work. 

Here is some information that I found very interesting:

Currently there are 2,267 Active Residential listings (homes and condos) in NA 01-08. [This is the geographic areas west of U.S. 41, closest to the beach and on the water.] Of those 2,267 listings only 144 are "short sales". AND Of the 144 listings only 12 are priced above $1 million dollars! Of the 2,267 residential listings, only 19 are foreclosures! AND, none of the foreclosures are priced over $1 million dollars!  

Contrary to what many of the buyers are hearing on the news, and reading in the papers, much of the real estate in and near the beach communities of Naples are not being effected by the short sales much as one may think. For a complete list of homes for sale in the waterfront and beach communities of Naples, please call The Harris Peppe Team today. 239.370.0574

Thank you and make it a great day!

Gulf and Radio Waves

Earlier today Chip and I were interviewed by a correspondent from Deutschlandfunk, Germany's National Public Radio station.  [Similar to the BBC and our PBS.]  The reporter, Bettina Klein,  found us by doing an Internet search, and thereby locating our website, NaplesRealEstate.com. She called yesterday to arrange the meeting here at our office on Fifth Avenue South in downtown Naples. She had never been to Naples, so we spent a good portion of the interview telling her all about The Paradise Coast and why we believe Naples is the most beautiful city in Florida. Having driven over from Miami, she noticed the laid back demeanor of the area not long after arriving. During the interview, she was primarily interested in our thoughts about the oil spill and its effects on our local real estate market. Of course we shared with her how glad we are that the 'cap' appears to be working. We are cautiously optimistic. In addition, we showed her graphs and trajectory charts indicating the unlikelihood that the spill will ever reach the Naples shoreline. We told her that a good percentage of our customers were holding off on making any buying decisions until after the repair was assessed and the cleanup was well underway.  All in all we think it was a good interview, and a great opportunity for The Harris Peppe Team to get their name out to the international community. We normally have an influx of Europeans coming to our area in the late summer and early fall. Hopefully this will help lay to rest any uncertainty the listeners may have concerning the effects of the oil spill on Naples beaches, which is the primary reason why many Germans come to our area to begin with. In an effort to continue to bring the best service to our clients, Chip and I have aligned ourselves with a colleague that speaks German fluently, hoping to capture a portion of these potential buyers.  

For information about Naples Real Estate and the best buys on the beach, please call us today at 239.370.0574. We also have a FREE e-book download on our website which is very informative about Florida Beaches. We invite you to log on and find the link on the menu bar on our homepage. Click here.

We hope to hear from you soon, and we look forward to earning your business.

Thanks, and make it a great day!

Cool Things To Do In Naples Florida In The Summer!

The long, hot days of summer are here, and if you are looking for something really cool to do, we can suggest a few of our favorites!

How about summer golf? The South Florida PGA 2010 GolfPass membership is available for only $48 per individual. It offers play on over 200 South Florida courses! Look for GOLFPASS on the menu bar on their homepage! This is an unbelievable opportunity!

If Art & Culture is your thing, a day wandering through the 15 exhibit halls at The Naples Museum of Art is a fabulous way to pass the day--and it's air conditioned, now that's cool! My mom and i just did this, and we had a great afternoon together! Peruse the galleries on Fifth Avenue South, perhaps a stop at the beautiful von Liebig Art Center? Both the Collier County Museum and Palm Cottage have summer hours, too. The Downtown Naples Association website has a lot of good information. Click HERE!

Do you want to be entertained? The Naples Beach Hotel hosts FREE Jazz concerts on their lawn [see photo inset]...bring a beach blanket, watch the sunset, listen to jazz! Mark your calendars for July 24th, August 28th and September 18th. For more details you can log onto their website NOW!  There is also a lot going on at The Naples Philharmonic..and they already have their 2001-2011 season posted. Just log onto The PHIL and check it out! Be there when they raise the curtain at The Sugden Theatre...our very own live theater right downtown...It's an intimate venue where we get to see our very own Naples Players perform!

Maybe getting close to nature is what you are longing for...Did you know that Naples residents can go to the Naples Zoo for free on the first Saturday of every month? If you haven't been there lately, the new bear exhibit is absolutely wonderful! Of course, one of my personal favorites: The Corkscrew Swamp Sanctuary, maintained by The Audubon Society, is alive with wildlife and color in the summer months...and you just might get really lucky and get the opportunity to view the rare and beautiful ghost orchids. Read all about this precious blossom on their website! --Why not rent a boat or a jet-ski? The backwaters in Naples lead directly to the ten thousand islands and some of the most pristine beaches and mangrove islands in the world...not to mention the world-class fishing!

We cannot forget that so many of our favorite restaurants offer summer specials! We happily recommend Cafe Luna and The Mangrove Cafe! Check out the 2010 "Chip's Picks" on our website for more information! ~A great way to end any day: Sunsets at the historic 1000' Naples Pier, always the best place in town to watch the sun dipping down into the gulf. You can talk to all the fishermen, meet the tourists, and enjoy the ambiance of Naples most famous landmark! 

Last, but certainly not least, it's a great time to buy Naples real estate!  I think that could just about be the coolest idea of all! Please contact The Harris Peppe Team today at  239.370.0574. We would be happy to prepare a list area's best values specific to your needs and wants.  We've been selling the Naples lifestyle since 1981 and we would consider it a privilege to assist you or someone you know with a summer sale in paradise!

Thanks, and make it a GREAT summer!

"I Should Have Taken That Offer!!!"

I can't even count the number of times over the course of my nearly 30 year real estate career that a seller did not accept a reasonable offer on their home, only to call me days or weeks later asking, "Has that buyer has bought anything yet?"

Today's market does not lend itself to sellers holding out for top dollar...Unless of course, they really don't need to sell...and then I wonder, Why are they testing the market now anyway? Not a good time to just put a sign in your yard and hope someone loves your decorating. The media is inundating us all with news of foreclosures and short sales, sales not going through due to low appraisals, and now added to the mix, a major oil spill! This has every potential Florida Real Estate purchaser leery of the uncertainty...Yesterday, in one of the dozens of online publications to which I subscribe, it was reported that Southwest Florida has less than a 1% chance of being effected directly by the spill. That being said, we are all feeling some peripheral fallout from this disaster.

Keeping all this in mind, I suggest every homeowner that thinks they want to sell their home in today's present market climate, reconsider and only make the decision to sell if you are willing to negotiate a fair price for your property.  I'm not suggesting you give your homes away, but a ready, willing and able cash buyer is something I urge you all to take very seriously!

Case in point: I wrote an offer on Tuesday for a lovely, furnished villa in one of the most exclusive country club communities in Naples. The buyer just happens to also be a real estate agent from the Northeast. It was their third 'real estate shopping' trip to Naples this year. We based the offer on facts derived from multiple listing data and public records. It was a CASH offer with a quick closing and no contingencies! The seller did not even counter! Imagine my shock [never mind the buyer's disappointment] when the listing agent informed us they felt we were too far apart to warrant a counter! I assure you, the offer was a VERY good offer! Who ever heard of a seller in this market not wanting to negotiate? ~Ah, well. Luckily, I'm working with super buyers, and they know that I will be here to help them whenever the right property comes up on the market...and, When it does, I'm fairly certain we just might hear this seller say, "I should have taken that offer!"

For an updated, detailed list of the best real estate buys in Naples Florida, please call one of the Harris Peppe Team members today. We hope to hear from you soon, and we look forward to earning your business. 239.370.0574

News From The National Association of Realtors

In a letter dated today, July 1st, 2010, the National Association of Realtors President, Vicki Cox Golder, announced the extension of the Homebuyer Tax Credit closing deadline to September 30, 2010. This is a huge win for REALTORS and homebuyers as well as the National Association of Realtors [NAR] who all worked closely with members of Congress to make it happen! The extension applies only to transactions that have ratified contracts in place as of April 30th and have nort yet closed.

Additionally, Congress extended the National Flood Insurance Program [NFIP] through September 30, 2010. The bill is retroactive and will cover the lapse period from June 1st, 2010 to the date the law is enacted. (Awaiting the president's signature making the bill into law).

For more details on both the tax credit deadline and the NFIP, you can visit the REALTOR website by clicking HERE.


Thanks to all the NAR members who made their voices heard. These bills would not have passed without their support.