Wednesday, May 29, 2013
Naples Housing Market Remains HOT Heading Into Summer!
Naples Real Estate saw record breaking increases this season. Now, here we are, nearing the end of May, and we are still pretty busy. I had two buyer's over the weekend, both had been here during the winter...they came back to buy! The summer promises to be just as active, as stated in the attached article from this week's press release in The Naples Daily News. Click here to read the story: Naples Bullish On Summer Real Estate Market. The Naples Area Board of Realtors referred to the housing market as experiencing a "trifecta factor": 1. Low Inventory 2. Days-On-Market Average Decreasing 3. Median Home Prices Increasing.
To view the entire report, please go to: NaplesArea.com
Naples has traditionally been a seasonal market...All indicators favor strong demand over the next few months. Even our rental agents are seeing an increase in summer reservations. I've had several calls myself from North Easterners, who normally vacation on the Jersey Shore, looking for alternative destinations. All price points are being effected by the "trifecta factor", entry level condominiums on up to the most exclusive Previews luxury residences. As always, even Naples real estate is local, so if you are looking for a specific community, please call on the team of professionals at NaplesRealEstate.com to assist you. 239-370-0574
Thank you, and make it a great day!
The Naples Real Estate Blogger
Wednesday, May 15, 2013
Naples, FL (May 15, 2013) Coldwell Banker Residential Real Estate is pleased to announce that Chip Harris & Michele Peppe of The NaplesRealEstate.com sales team located on 5th Avenue South in downtown Naples, has sold the beach front estate at 3630 Gordon Drive for $7.6 million dollars. They represented the seller in the transaction. The 8426-square-foot home is in the exclusive Port Royal Beach Estates neighborhood. The centerpiece of the home, a dramatic 4-story spiral staircase, is what prompted Peppe to market the home as 'The Nautilus' capturing the attention of thousands of online views of the home over the course of their listing. When asked why the seller selected them to market his home, Michele replied, “You don't win today's games with yesterday's home runs. Today's luxury real estate market is a whole new ballgame and incumbent leaders are not keeping up with technology. The seller is very technology oriented and he appreciated our dedication to including the Internet and social media in our marketing campaign.”
The Coldwell Banker brand dominates the luxury market worldwide, while Chip and Michele's web presence dominates the local market. Peppe went on to say, “NaplesRealEstate.com isn't a grand slam, it's like hitting a grand slam in every single game...what seller wouldn't want to be part of that exposure?” Chip added, "The last 3 beach front homes in Naples, in the past 6 months, have all been marketed by the Coldwell Banker Previews brand"!
*Presently there are 41 homes being actively being marketed in the Port Royal neighborhood with list prices at or above $5 million. There have been 15 closed sales in this community year-to-date, nine of which sold for $5 million or more. Presently there are 8 homes for sale on the beach in the 34102 zip code ranging in price from $9.5 to $19.9 million. Two of the 8 are located in the Port Royal area.
Chip Harris and Michele Peppe and their sales team have over 50 years combined real estate service experience exclusively in Naples, Florida. The team members are certified Coldwell Banker Previews International Property Specialists. In addition, members of their sales team cater to an increasingly international clientele and speak German, French and Spanish. Recently they were named in the 'Top 30' agents in the state by Coldwell Banker Residential Real Estate. The name Previews® has been synonymous with luxury real estate since 1933. Previews sells $70 million+ dollars of luxury homes every day! This exclusive group of luxury certified Previews property specialists consists of approximately 10 percent of the 82,000 Coldwell Banker® sales professionals located in 3100 offices in 50 countries and territories worldwide. Coldwell Banker Residential Real Estate is a leading full-service residential real estate company with more than 80 offices and 4,900 sales associates serving Florida, with eight offices in Southeast Florida. Coldwell Banker Residential Real Estate is a subsidiary of NRT LLC, the nation’s largest residential real estate brokerage company.
Congratulations to my entire team at NaplesRealEstate.com for the efforts involved in getting this sale together!
Thank you, and make it a great day,
The Naples Real Estate Blogger
This is in part, a copy of a press release, submitted to various news agencies for release post closing. *data derived from SunshineMLS and is deemed accurate and reliable.
Friday, May 3, 2013
I will be the first to admit that blogging has taken a back seat this season to customer service, as it should. WE HAVE BEEN BUSY!!!! As always, it is my intention to get the word out there about what is happening the in local real estate market...to talk about select vendors that we've had success with...to share rental opprtunities, news of new restaurants and fun places in town to recreate & relax...I've sat down on more than one occasion to share info about a great property, but honestly, no sooner did i begin to compose a post touting the fabulous features of a new listing when BAM! It's sold!
Our inventory in Naples has been dwindling since hitting its peak in 2008 at approximately 16,000 active listings. Todays' residential listings number less than 5,000 in the Naples MLS, and this low inventory has been one of our greatest obstacles of the 2013 season. There's a lot more to the equation than just this, but this has indeed been our biggest challenge, as is with most of the agents we know.
Chip and I recently attended The 2013 Economic Summit here in Naples at The Waldorf. Nearly 500 attendees were privy to the insight and opinions of some of the nation's leading economists as well as local experts. Here's a summary [I use that word loosely based on the length of this post] of what these experts shared with us that I would like to share with you. More details are available, and I hope to blog about this again in the near future...
Mayor John Sorey was first to speak. One highlight of Mayor Sorey's speech worthy of mention is the fact that housing starts in the City of Naples for the year ending December 2011 was 80. One year later, in December 2012 housing starts in the City of Naples numbered 141! Next to the podium, John Tuscillo, Former Chief Economist to The National Association of Realtors. Mr. Tuscillo touched on many topics, but some of the highlights of his presentation are the following: He said the economy is better than is being perceived. Prices are increasing, employment is up, median home pricing has shown a 149% increase in the past 4 years nationwide--He told the audience that you can relate the real estate market to a country road, "There may be a few bumps in it, but for the most part it's pretty flat." He talked about the fact that the high percentage of cash sales could be a potential negative. Most cash activity is investor activity. Owners typically finance, do improvements and bring 'quality to the market'. Investors don't put down roots that owner occupants do--The mortgage to cash transactions need to be more balanced in order to sustain the recovery. John also spoke of the fact that Florida is doing better than the Nation as a whole, and he expects this to continue at least through the end of 2014. Overall he seemed pretty optimistic.
Next to address the crowd was the Senior Economist of Wells Fargo, Mark Vintner. He began his talk with this: "We are almost 4 years into the economic recovery yet there is still a considerable amount of uncertainty regarding sovereign debt issues in Europe, the federal budget deficit and the willingness of businesses and households to commit to major capital purchases." He believes it is the fiscal policy uncertainty in the US today that is responsible for the record low interest rates. He also shared his opinion on the importance of job creation to the recovery. Unemployment is 7.9%, but it really isn't down--there are actually fewer people actively looking for a job. Young men especially are dropping out of the job force. They lack skills to earn a decent living. The median income in the US = $50,000 and has not gone up in over 7 years! Rising stocks help bolster consumer spending at a time when real incomes have stayed the same. Other topics Mr. Vintner touched upon: The 2010 census added 3 new metropolitan areas to Florida. Florida job growth is still focused on leisure & hospitality, health services and trades & utilities. Interestingly enough though, there are 10% less people working in Naples today than prior to the recession. One quote in particular that I liked, which I will paraphrase: 'Every decision you make equals the risk adjusted to the rate of return'...he said, think about ordering a steak vs. salmon. There are a lot of people ordering steak right now.
Next to the platform was Shelton Weeks from Florida Gulf Coast University. He reiterated Mark's primary focus of the unemployment rate being crucial to a continued recovery. He spoke about our airport: Southwest Florida International, arrivals and departures peak in February and March at 1.1 million each year. Lowest arrivals and departures are in September averaging about 350,000. March is always the #1 Tourist Tax Revenue months. In June 2012, Collier County single family home building permits peaked and he believes we will see an upward trend for the next 12 months. This has been on the rise slowly since 2010 and we saw 2007 levels reached in 2012. Collier County population projections were as follows: 2015=341,959, 2020=375,585, 2025=408,254, 2030=439,367, 2035=468,770 and 2040=497,001. Yes, we are a growing community, and I think that anyone wanting to earn a decent living and live in a beautiful area with natural beauty, good health care and excellent schools should consider getting into one of the fields addressed above, namely: health care, hospitality, construction or service related jobs. One last item...The housing market in SWFL is going through a healing process--Inflation is subdued, but expect inflationary pressures to build as US global economics pick up speed.
Popular local speaker and Naples Real Estate market expert, Cindy Carroll from Carroll & Carroll Appraisers, offered so much great information---enough to fill another 3 or 4 posts. She did however say a few things I want to repeat. Cindy began her presentation saying, "Naples is a very unique market--It's resilient when other areas are not." She spoke of the low inventories. The number of Naples MLS listings are down 14% over this same time period last year while prices are up 17%. She talked about something I cover often: A balanced market! A one year supply of inventory = a balanced market. ~Currently in Naples, across the board, we have less than a 7 month supply. You do need to be careful when using generic statistics however, because each neighborhood is specific! High-end and low end are showing the most movement. She talked about Traditional sales vs. Short Sales and Foreclosures. Now, 84% of our sales are traditional. 12 months ago that number was 75%. In 2011 only 62%. To give an example, there are currently 89 listings in Olde Naples, and only 1 is a short sale opportunity. Cindy gave this brief summary: "There will be continued upward pressure on property values in the resale market in price ranges of diminished inventory...The number of traditional sales will continue to increase....Short sales will be worked out with lenders as opposed to going into foreclosure...The list to sale price ratios will continue to tighten...Properly priced listings will move faster...There will be competition and multiple offers on more properties."
Thanks for reading through this lengthy post. It was a fascinating afternoon spent with some of the best of the best in our industry today. Please do not hesitate to call us if you have any comments or questions. NaplesRealEstate.com is here to give you the latest news and information about real estate trends in our market place. It is our pleasure to assist you in any way we can. 239.370.0574
Thank you and make it a great day,
The Naples Real Estate Blogger