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Friday, February 24, 2012

Things to do in Naples Florida!

There is never a lack of activities in this diverse town, that I can assure you, and this weekend is no exception. The Naples National Art Festival is consistently ranked among the top 10 art festivals in the country! Held in beautiful Cambier Park, there are over 260 artists showcasing their talents. Come on down this Saturday & Sunday, February 25th and 26th from 10 a.m. to 5 p.m. The suggested donation is $5. There will also be entertainment and food court! For more information about the event, or other information about the downtown Naples arts log onto The von Liebig Art Center or call 239.262.6517
Another interesting annual event taking place this weekend is the Annual Collier Fruit Growers tree sale. Head on over to Freedom Park this Saturday February 25th from 9 a.m. to 2 p.m. and you will find more than the typical citrus! A few years ago I bought a Jaboticaba tree--a slow grower, but it has been a labor of love trimming it as it has developed into a lovely addition to our backyard...still waiting on fruit, I am going to make my way over between real estate appointments tomorrow to see if i can find another rare and exotic fruit tree! Who knows, maybe a lychee! For more details please log onto the Collier Fruit Growers website!
Last but certainly not least, and now in its 2nd year, the Naples International Art & Antique Fair brings an array of galleries showcasing fine art, jewelry and furniture from around the world. This event takes place now through Tuesday February 28th at the Naples International Pavilion at Immokalee and Livingston roads. I also recommend you log onto the Naples International Art & Antique site, too!
Yes, there is never a dull moment in paradise...and if you have a little bit of free time this weekend to look at some of Naples Best Real Estate, please call one of the experts at The Harris Peppe Team. We promise you, it will be just as much fun and maybe even more interesting than anything else you might decide do this weekend! We look forward to hearing from you soon, and we hope to earn your trust and future business!
Thank you, and make it a great weekend!
The Naples Real Estate Blogger

Thursday, February 23, 2012

Naples Real Estate-Old Naples Condo Update

Here is an example of what is presently happening in Old Naples....
So, we've had this one listing since January 2008....We began with an asking price of $499,000, which was right in line with the most recent closed sale at that time of $465,000. The property went on and off the market a few times over the years, while slowly chasing the market down, like many of the sellers...Numerous price adjustments later, and no offers; again in late 2011 the time had come to review the inventory and determine a list price for the upcoming season. It was the first time in a few years, when comparing the inventory to the closed sales, that we truly believed we had a "balanced" market. Taking everything into consideration, a list price of $299,900 was placed on the listing. This is a 1000 square foot 2 bedroom condo just a couple of blocks to the beach. Nothing fancy, no recent updating...But, it was turnkey furnished and had a nice community pool area and a lucrative rental history. Well, we got 4 offers last week on this listing, all within 24 hours of one another! Multiple offers? When was the last time you heard of "multiple offers"?
Currently there are 45 condos on the market in Old Naples priced at or below $300,000. Only 1 of them is listed as a short sale. In the past 12 months there have been 46 closed sales in this same price point in Old Naples...this is a very balanced market! And it's not just this price range; although this market segment still remains the driving force of our recovery in Naples...and of course, Old Naples is always very popular. Recently, I read that the "middle" price range of $500,000-$1,000.000 has seen a 29% increase this year over last year! That's healthy!
You should see the foot traffic on Fifth Avenue South! This place is bopping! Chip & I both agree that we haven't seen this much action downtown in a few years. It's exciting to be a part of all this activity.
For details or specifics concerning the Old Naples Real Estate market, please give us a call. There are still some excellent values available, and The Harris Peppe Team would be happy to assist you. 239.370.0574
Thank you, and make it a great day!
The Naples Real Estate Blogger
*information from SunshineMLS and is deemed reliable but not guaranteed.

Saturday, February 11, 2012

Naples Florida Real Estate Update

Inventory Is Down ~ Inquiries Are Up!
January is now behind us, and Easter is early this year, which means we are now technically 1/3rd the way through our "season". There are a lot of buyers in the market houses, floor time opportunity, sign calls and Internet leads have all increased substantially. Even the media, for the most part, is reporting good news on the real estate front. Inventory is way down, and in many cases when working with buyers, in just about every price range, we are having trouble finding quality listings that are priced right.
Here are a few examples:
  • Presently there are only 2,636 Active single family homes for sale in all of Naples.
  • 265 of the 2,636 are listed as "short sales"
  • There are 701 single family homes in MLS priced below $300,000., and of those 181 are listed as short sales, which is nearly 70% of all short sales on the market.
  • 2,373 single family homes sold and closed in Naples which were listed at or below $300,000 in the past 12 months. Therefore, based on the 701 currently for sale, this equates to approximately a 3.5 month absorption rate. Those buyers looking for decent low-end housing are running out of options. Many of the listings that are selling are being purchased by investors.
  • Contrary, there have been 370 single family homes sell in Naples in the past 12 months listed at our above $1 million.
  • Presently there are 735 single family homes Active in the Naples MLS priced at or above $1 million. The Naples luxury real estate market is still soft when looked at as a whole, except in those areas where inventory in the under $1 million price point has diminished, such as Olde Naples or Naples waterfront Properties.

If you would like information about any specific neighborhood, or for information about what we believe are today's BEST BUYS, please contact any member of The Harris Peppe Team. We look forward to hearing from you soon, and we hope to earn your business. 239.370.0574

Thank you and make it a great day,

The Naples Real Estate Blogger

*data derived from the Naples multiple listing system, SunshineMLS, info deemed reliable but not guaranteed.