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Saturday, January 21, 2012

Naples Real Estate Update

What is happening today in the Naples Real Estate market?
Just released, The NABOR Market Report has some exciting and interesting statistics about the current state of the real estate market in Naples Florida. Several factors are coming into play regarding value, primarily supply and demand. The 2011 housing inventory ended at a 5 year low. Specifically, the number of properties listed below $300,000., which has been the driving force behind our recovery, are way down. There has been a 21% drop in inventory in this price range. This is the lowest level of housing available in the under $300,000 homes and condos since 2007! Of those currently active in this price point, there are only 771 single family homes. This is 'pushing' the average price up in the under $500,000 range. Presently there are nearly 1,600 fewer listings available this January than there was a year ago. This translates to fewer choices for today's buyers.
Sales and average sale prices are increasing across the board. The Previews listings, those listed at or above $1 million have seen the largest increase in both pended contracts and closings. The last quarter of 2011 compared to the last quarter of 2010 saw a 38% increase in the number of closings between $1 - 2 million dollars! The over $2 million luxury homes and condos increased 12%. When you take the under $300,000 closings out of the equation, the overall median closed sale price increased 2%.
Some of the areas where The Harris Peppe Team focuses much of their business are the Old Naples area [NA06], and Naples Waterfront, [NA 07 & NA08] comprised of Port Royal, Aqualane Shores and The Royal Harbor area. The graph above is a stunning visual of the trend of the average price of single family closed sales in these waterfront communities. [click on graph to enlarge].
Presently in Old Naples there are 72 active single family homes available. Only 12 are priced below $1 million. There were 63 single family home closings in 2011, this reflects are fairly balanced market, and those listings on the best lots will sell if priced well this season.
On the water in the Royal Harbor area there currently are 44 single family homes on the market. Only 17 of them are listed below $1 million! Last year there were 38 total closings in the Royal Harbor area. Again, we are seeing just over a one year supply...that is quite a recovery when you take into consideration those neighborhoods had a 9.6 year supply in April of 2007. Here prices are a bit more scattered, but again the best lots priced right will sell. Also, the number of inventory homes in both Old Naples and on the waterfront with gulf access is minimal. If you are looking for a newer home in any of these communities you have very few choices.
People ask me my opinion about what the cynics call the "shadow inventory"...and it is my feeling that our market is in good shape to take on that inventory. Keep in mind, most of the short sales and foreclosures are not in the high-end neighborhoods.
Well, I hope you found this little recap informative. Please call The Harris Peppe Team today to assist you with your Naples Real Estate housing objectives. We are here to help you any way we can. 239.370.0574 and we are always interested in your feedback!
Thank you, and make it a great day!
The Naples Real Estate Blogger
*information derived from SunshineMLS and is deemed reliable but not guaranteed.

Friday, January 20, 2012

Good Intentions

Who is it that said the road to heaven is paved with good intentions? I'm not sure, but if that's the case, I'm well on my way. I had a lofty goal this year: I wanted to post to my real estate blog at least 3 times each week. I had, what I thought, was a fairly easy schedule to implement, and I had a list of wonderful suggestions from some of my faithful blog followers as to the type of content they hoped for...I had every good intention...I was committed...and now I'm beginning to feel like I should be 'committed'.....along comes 'season' and BAM! I had forgotten what it was like to be this crazy-busy! I mean, we are busy all the time, but this month just seems busier than Januaries past...with that being said, I promise, there will be some year-end stats from 2011 coming your way soon...
Thank you, and make it a great day!
The Naples Real Estate Blogger

Monday, January 9, 2012

Naples featured Business of the Week

Hi there! It has already been a crazy first 9 days of 2012. Wow! The feedback I've gotten from the last question posed online regarding content was overwhelming! Thank you all for your emails! I have already decided to change one thing because of the result of asking for your suggestions. Our "Select Vendor of the Week" will now be called "Naples featured Business of the Week". This will also allow me to feature restaurants and galleries and other such businesses that don't really 'qualify' as vendors per se. That being said, The Harris Peppe Team is pleased to feature The Mangrove Cafe restaurant on Fifth Avenue South as our very first selection of the new year. The Mangrove Cafe has been consistently featured on our annual "Chip's Picks" and featured on the restaurant page on our award winning website for many years. It is the longest existing restaurant on Fifth Avenue South! Their motto is "Think Global, Eat Local"! They are ranked #1 on of the over 450 restaurants in the Naples area. It is one of my favorite downtown restaurants, and my two favorite entrees on their diverse menu are The Sweet and sour Snapper & the Maddonini Chicken! Both amazing! They have a fabulous special which they refer to as The Mangrove Cafe Stimulus Package. Every evening, between 5 and 9PM you can get any 2 entrees on the menu along with a salad, bread AND a bottle of wine for $35.00! No is phenomenal!
The Mangrove Cafe is located at 878 Fifth Avenue South. They can be reached at 239.262.7076 or you can view their menu on their website: The Mangrove Cafe. In addition to our "Chip's Picks" they have also been awarded "Best Martini" by Gulfshore Life Magazine, "Best International Menu" by The Naples Daily News, and "Best Creative Menu" by Naples Illustrated Magazine. *Make your reservations today--you might just run into The Naples Real Estate Blogger, too!
Thank you, and Make it a GREAT day!
The Naples Real Estate Blogger
*please tell them The Naples Real Estate blogger sent you!

Friday, January 6, 2012

The Unveiling of a New Year of Blogging!

Greetings Naples Real Estate Blog Fans!
We are nearly one week into the new year and I am trying to come up with some fresh ideas to increase activity on our blog! One thing which I am going to try to do this year is keep a "patterned pace" when posting. I've learned several tips from fellow bloggers, and more regular posting seems to be one of the keys to successful blogging. Keep in mind, when I began to blog 4 years ago, only 3% of the real estate population blogged. That percentage has increased substantially, but as of this writing, I only know of two other agents in my office, of over 80 agents, that blog. Of course, I'm not referring to the "micro-blogging" done on Facebook or TWITTER --I'm talking about a real, honest-to-goodness, consistent blogging! So, with all that being said, I am looking to my faithful followers for any ideas and content suggestions. My intention is to select a local Naples vendor or restaurant to feature every Monday. On Wednesdays I will feature one of The Harris-Peppe Team listings, upcoming open houses, recent price reductions or news and accomplishments of one of our team members. Then on Fridays, I will post about trends in Naples real estate, local statistics, links to news worthy articles, best buys, and other information that I believe will be both interesting and [hopefully] entertaining! I've even thought of maybe doing a monthly "Where in Naples Am I?" with a prize for the first follower to guess my location! Anyway, I am very excited to continue and improve my postings. Since 2007 I have blogged over 300 posts. It is very time consuming, but the results have been extraordinary, and the business we have gotten from this is excellent. Most of my audience isn't ready to buy right now, but I can't tell you how many emails and phone calls we get from folks who tell us that when they are ready to buy their dream home in Naples Florida, they would not consider working with any one else except The Naples Real Estate Blogger!
Thank you again for reading our blog. We wish you a very Happy New Year, and we look forward to hearing from you with any fun ideas and suggestions!
The Naples Real Estate Blogger