100 Reasons Why I Love Southwest Florida

It might just be because we don't get snow---warm weather leaves some people unable to get into the holiday spirit...But, there are those among us who don't let the climate determine their Holiday Spirit! The decorations in and around the Naples area are second to none! We do fake snow flakes flurrying down on Third Street where Santa arrives in a white Rolls Royce each year at the annual Festival of Lights...and Snowfest in Golden Gate, a tradition for over 25 years brings out the child in all of us as we build snowmen in mittens while wearing shorts and t-shirts! Where else can you have this much fun and stay so warm?

Earlier this year I decided to create blog posts and share my Top 100 Reasons why I love Southwest Florida! I must say, this time of year in particular, the beauty that surrounds me is astonishing! Of course, here in Naples we are surrounded by natural beauty....Ah, but the "man made" holiday lights create such a magical wonderland, it just had to make the list!

 

 

 

Whether you are visiting us downtown on Fifth Avenue South and get to experience the amazing lights stretching from 41 right down to Third Street~ strung from the trees that line Naples' Main Street...Or enjoying driving through the many neighborhoods that go over-the-top such as Victoria Park [one of my personal favorites]...Or, perhaps one of the very best Christmas Light displays in the area: Flesher Farm in Bonita Springs, you in for quite a treat! I brought my kids there when they were little, now they bring their kids!

 

 

 

Enjoy the lights and have a very Merry Christmas, a Happy Hanukkah, and a very happy & healthy New Year!

 

The Naples Real Estate Blogger 

 

 

Happy Thanksgiving

There is Always Room For YOU at Our Table!

 

Wishing a very Happy Thanksgiving to everyone who makes our business a success throughout the year. When we count our blessings, you are right at the top of the list. We would not be who we are without our loyal customers, dependable vendors, wonderful friends, and supportive family! Thank you from the bottom of our hearts for all that you do, all that you are, and all that you mean to us!

 

Everyday is Thanksgiving because of you!

Have a safe and blessed holiday weekend,


The Naples Real Estate Blogger & The entire team at NaplesRealestate.com

 

We Will Never Forget

Can it really be 13 years?

It seems like yesterday to me...I was having coffee with a friend...my phone rang three times. I looked at it finally and saw it was a call from each of my three sons. I called my middle son back first since he was the first call---all he said was that something horrible had happened---he described it briefly, but told me I should get right over to my mom's home as he knew she would be upset. At that point I could not even begin to imagine the enormity of what was ahead for our country that day, and the days to follow. Who could have ever imagined such a horrific event?

 

Today I can still feel that same anguish. The sadness still brings tears to my eyes. The emotion is still fresh in my heart and soul. I cannot even begin to understand how friends and family members of those who lost their lives that day must feel...All I can say is, we will never forget. This country should never forget. Our children and our children's children need to learn and know and believe that this is a great country!  God bless the brave men and women who serve...our soldiers, our first responders. 

 

Please join us in spending a quiet moment today, remembering the souls who lost their lives, sending prayers to each of their loved ones, and lifting up our voices to promise, WE WILL NEVER FORGET!

 

Thank you, and God bless America.

 

The Naples Real Estate Blogger

 

 

 

Mortgage News

New FICO Scoring System

In a recent article published by the National Mortgage Professional Magazine, it was announced that the FICO scoring system will be restructured in order to help borrowers qualify for loans more easily. One of the primary differences we will see is that median FICO score for consumers whose only derogatory references are unpaid medical debts will increase by 25 points.  It has been determined that medical collections should have a lower impact on the score since in most cases it is not commensurate with the credit risk they represent, nor the borrower's ability to repay a mortgage loan.

 

The FICO Score 9 also supports a lender's desire to better assess the risk of a consumer with a limited credit history. Most of the mortgage lenders we have spoken with believe this will open up the housing market to a greater number of qualified buyers. The system will run more efficiently and consistently, and will more precisely assess new applicants.

 

If you would like specific information about local mortgage rates and trends, please call us anytime. We have a full time lender on our team who always welcomes calls from our prospective customers.

1-239-370-0574

 

Thank you, and make it a great day!

 

The Naples Real Estate Blogger

 

 

Record Breaking Rainfall In Naples Florida

Flash Flooding Hits Naples Florida Hard!

Last Monday Naples Florida received over 7" of rain in one day! The heaviest rain came between 1:00 and 2:00 PM where nearly 4" were recorded at Naples airport. This set an all-time record for rainfall, making it the wettest August day on record in Naples. This caused many major roads to close; stranded cars wrecked havoc as they lined up along the side of roads and in the middle of intersections. All available towing companies were backed up for hours trying to assist motorists that ventured out into the deluge. In some areas there was over 2' of water in the streets! 

 

 

 

Aside from the obvious issues that resulted from this flooding, one story in particular needs to be told. Last week we closed on a home in a luxury country club community not far from downtown Naples. The new homeowner hired a Homewatch Service to take care of the property which will be a vacation home and vacant periodically throughout the year. Later in the week was to be the home inspectors first visit to the property, but he decided to check on it the day after the flooding as it is in an area where there had been a significant amount of flooding. Lucky for the new homeowner, the home had suffered considerable water intrusion, which had it been left until the next time the owner came to Naples, the home would have been filled with mold! Had that homeowner NOT contracted a licensed Homewatch company to do weekly inspections he would have had a much bigger problem on his hands. As it turns out now, the Homewatch company is taking care of coordinating all remediation and repairs.

 

We always recommend each new homeowner hire a service to check on their home at least once per week in their absence. I can tell you many stories similar to this one where the inspector thwarted a potential disaster. I can also tell you some horror stories about properties left vacant for extended periods of time and owners coming back to find extensive water damage, termites, rodents and many other unwanted surprises. Why wouldn't everyone protect their investment and interview and hire a professional Homewatch service? We highly recommend The Professional itMan LLC, licensed and insured, and specializing in customer service. 1-239-777-3564

 

Thank you, stay safe, and make it a great day!

 

The Naples Real Estate Blogger

 

 

New Waterfront Listing in Naples Florida

Contemporary Touches Throughout

Royal Harbor ~ Naples Florida

The Harris-Peppe Team has been selected to market this wonderful home!

Fabulous opportunity to own a beautifully renovated 3 bedroom waterfront home located in one of SW Florida's premier boating communities. Move right in and enjoy the meticulous updating, the oversized and private home site offering lush landscaping, and a great location where you can walk or bike to downtown! This boater's dream includes a huge dock, a 15,000lb lift and direct gulf access. Call us today to see why we think this is one of the best values currently available in Naples, Florida. 1-239-370-0574

 

 

 

 

For additional information, or to view a video tour, please log onto the Naples Real Estate award winning website!

 

Thank you, and make it a great day!

 

The Naples Real Estate Blogger

 

 

Why I love Southwest Florida ~ Top 100 Reasons

...The Countdown Continues!

Earlier this month I decided to do a "Top 100 Reasons Why I Love SW Florida" blog feature---honestly, I think when I get to 100, I'll be able to do another 100! There are so many reasons to be grateful we live, work and play in this wonderful town we call 'Paradise', Naples Florida. What I am here to tell you about is what puts the REAL in real estate...those things that give our area its true value. Many are intangible, like that which I am going to post about today...

 

The #3 Reason Why I Love Southwest Florida: Magnificent Sunsets!  

 

 

*Sunset at The Naples Pier



 

Whether you are lucky enough to have a home with a westerly view where you can enjoy the endless beauty each night, or a boat where you can cruise out to the gulf to see the setting sun...perhaps you regularly go to the beach to catch a glimpse of the greatest show on earth...or what some say is the best place in Naples, where the locals & tourists alike, walk out onto the 1,000' pier to gaze out into the beauty of the sunset every evening...endless clouds, the Gulf of Mexico...it cannot be denied: Living on or near the beach is a blessing. Amen. ~And the sunsets in Naples are amazing!

 

Since a picture paints a thousand words, I will just leave you with some of my favorites...there are so many to choose from...

 

 

Sunset At Gordon Pass

 

 

 

Sunset Over Naples Bay

 

 

If you have any pictures of a sunset anywhere in Naples, please share! With your permission, I will post on our website! Photo credits will be given to the artist, of course.

 

Thank you, and make it a great day...better yet, I hope you see a green flash--it's good luck!

 

 

The Naples Real Estate Blogger

 

 

 

 

* Naples Pier photograph by, Art David.

 

 

 

100 Reasons Why I Love Southwest Florida

So Many Restaurants, So Little Time

#NaplesRestaurants

Reason #2 why I love SW Florida: All the fabulous restaurants! I was born in New York City...New York City has great restaurants...but, I am not afraid to say that even small town Naples rivals the Big Apple in great places to eat! I think one could go out every night of the week for a year and never hit the same place twice! In the past month,  Chip and I have gone out to eat twice, both times trying a new place we had never dined at before, and both times being completely smitten with the food, the service and the setting. I recently asked for some suggestions for our Chip's Picks, the list we have been putting together annually for the last 16 years, and several people recommended Inca's Kitchen. Located in Golden Gate City, on Collier Blvd. Quite unexpected at that location, we found a lovely environment with all the fixings of a fine dining including linen napkins and an extensive full bar. The waitress made suggestions since neither of us have ever eaten Peruvian food. Typically we go back to a restaurant 3 times before putting it on our list, but if first impressions matter, we will definitely be going back! We also tried Cibao Grille on the recommendation of a friend who is a regular. He couldn't believe we had never heard of it. It might just be one of the best kept secrets in Naples. Located in Park Shore, right off US 41 on Neapolitan Road, it was a Tuesday night in June and the place was packed! One of the best dining experiences we've had in a long time, and we can't wait to go back!

One of our favorite Naples restaurants is Ristorante Ciao. Located "off the beaten path", one block south of Fifth Avenue S. on 4th Ave., it is the place we go to for special celebrations, anniversaries and birthdays! We love the ambiance, and the calamari is the best ever! Chef and owner, Gianfranco personally greets us each time we dine there, and that is such a nice touch!

Please let us know if you have any restaurants you'd like us to consider adding to our 'Chip's Picks"! Trying out new places to eat is a tough job, but somebody's got to do it!



Thank you for reading, and make it a great day!



The Naples Real Estate Blogger

 

100 Reasons Why I Love Southwest Florida

100 Reasons Why I Love SW Florida

 

 

For those of you who have 'followed' me for awhile, you know that over the years I have been a much more active blogger than this past year or so...Blogging is easy when you're going through an economic downturn, but when you're busy selling, who has the time? Well, I know I've said this before, but I am really going to try to post more often. Recently someone told me I should start a Naples Photo Blog--this person didn't even know that photography is a hobby and one of my most favorite creative outlets...I am taking it into consideration as I regroup and re prioritize all my Internet marketing, social media campaigns, and blogging opportunities. The suggestion did however give me the push I needed to come up with an idea that I think will give me countless topics to write about on my Naples Real Estate blog: 100 Reasons Why I Love Southwest Florida! I take beautiful photos around Naples all the time...why not write about what I love? So today, I begin with reason #1...or perhaps it is reason #100, and I should work my way backwards? Hmmmm....no, I think I will start at #1 and progress from there. In the course of the week, I will continue to write about new listings, rental opportunities and select vendors, as well as other real estate related posts, but mixing it up with some of the things I love about Naples, along with pictures, will I hope create some new followers, an increase in engagement, and more interest in my blog. Here goes.........

Reason #1 Why I Love Southwest Florida: Loggerhead Turtles

 

 

This past weekend, Chip & I went boating south of Naples off Marco Island, near Coconut Island. The natural wildlife we saw was magnificent, but the two sea turtles that surfaced near us throughout the day left us in awe of the beauty of where we live! [click picture to enlarge]

 

 

 

There maybe more, but I know of three common Florida Sea Turtle species: The Loggerhead, the Green Turtle, and the Leatherback. The loggerhead we witnessed on Sunday had to be over 3' long! I would guess his large head was nearly a foot itself! This is the time of year when adults return to their "nesting beach" [the place of their birth] and lay eggs [approximately 100] which take about 60 days to incubate. The nests are taped off and protected, and beach goers are very aware of them and respectful. Keep in mind, these turtles have come to Florida's shores for thousands of years. The coastal habitats were theirs long before we all arrived. We can actively help in many ways to preserve nests. For one, please remember to turn off all lights along the beach after dark---when turtles hatch, they instinctively travel towards the reflection of the moonlight on the water--Many get disoriented when they see the lights coming from the condos along the beach. Also, it is very important to clean up after yourself when visiting the beach. Plastic is deadly in the turtle's world...Did you know you can 'Adopt-A-Turtle? Check out the Sea Turtle Conservancy for details.  It is hard to imagine that only one in 1,000 survives to adulthood! This makes our experience on Sunday even more awesome!

 

 

If you have any ideas of what you would like me to include in my Top 100 List, please let me know! I think this will be lots of fun!

 

Thank you as always for reading my blog. Make it a GREAT day,

 

The Naples Real Estate Blogger

 

 

 

Florida Tops List of International Buyer's Destination!

25% of all international buyers in the USA purchase in Florida!

In a recent article about international buyers, published in the Naples REALTOR magazine, several statistics were shared that I found interesting. Did you know that Florida accounts for nearly 25% of all international sales in the USA? Miami heads the list of destinations, with 21% of the 25%, but the Naples-Marco Island real estate market remains strong at 6.3% of the closed sales in the last 12 months. Canadians, for many reasons select Florida, and Naples is their #1 destination with 13% of Canadians purchasing in Collier County. So far year-to-date 2014 Canadians make up over 60% of our non-domestic closings followed by Germany at 12% and the U.K. at 8%.  International buyers are playing a more important role in our local real estate market and they are drawn here for a myriad of reasons. Most state the weather of course, but other factors include our culture: arts, entertainment and fine dining; as well as the value of housing.

 

 

Coldwell Banker is the most recognized real estate company in the world. We have offices in 51 countries and territories. Given the impact of our presence on the world stage, it makes perfect sense that many of these international buyers trust the name they are most familiar with when doing business. Call us today and let us tell you what we are doing to reach out to our international friends and colleagues. I think you will also be impressed to know that our websites can be translated into 19 languages!  239-370-0574

 

Thank you, and make it a great day!

 

The Naples Real Estate Blogger

 

 

 

 

Old Naples Condo Market

The Old Naples Condo Market is Hot Hot Hot! 

The Colonnade on Fifth Avenue South [photo inset] is priced at $1,270,000. USD and offers the best of the best of downtown living. Located directly on 5th Avenue S., the top floor home has over 2,500 square feet under air! The spacious 3 bedroom residence has many luxury features including granite kitchen, solid wood cabinetry, bamboo flooring and plantation shutters. The master suite has a sitting area, large walk-in closets and a luxurious bath. The open concept floorplan boats a 32' great room and 2 balconies! You are literally steps away from all the wonderful Old Naples amenities including world class restaurants & galleries, live theater, and just a few short blocks to the pristine white sand beaches! Call today for additional information or to set up a private showing for this or other listings currently available in Old Naples. 239-370-0574239-370-0574

Market News:

*Presently there are 67 active condominium listings in the downtown Naples area. Of those, 24 are "Previews properties"; those listed at or above $1 million dollars. Prices currently start in the low $200's and the highest priced listed condo is being offered at $2,799,000. USD There have been 62 closed condo sales year-to-date in Old Naples. That is less than a 3 month absorption rate! Of those closed sales, 16 were listed at or above $1 million dollars. That is remarkably less than a 4 month absorption rate in this luxury price point. The luxury market is extremely robust in many of the coastal neighborhoods, but the activity is more than evident in the number of actives vs. closings in downtown Naples!

If you are interested in more information, please call a member of The Harris Peppe Team today. Our team is ranked in the top 1% of all agents internationally and they have a combined 60+ years of experience selling the Naples Florida lifestyle. They can assist you with relocation, 2nd home services, 1031 exchanges and investment strategies, as well as guiding you through the process in establishing your Florida residency.

 Thank you, and make it a great day,

The Naples Real Estate Blogger

*information from the Naples MLS and is deemed reliable but not guaranteed

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Happy Living Survey

Are you in a "happy place?"

Photo of Naples Pier can be enlarged by clicking on picture

"Are you in a “happy place”? ~Sounds like a funny question, but in the most recent “State of American Well-Being” report, the Gallup-Heathways ‘Well-Being Index’ measured Americans perceptions of happiness! Both physical and emotional health, as well as healthy behaviors, work environment, social and community factors, financial security, and access to necessities such as food, shelter and health care came into play when determining what American cities could be deemed "happy"! *Gallup conducted 500 telephone interviews every day throughout 2013 nationwide. Guess who turned up in the Top Ten? That’s right, Naples ranks number 7 for ‘happiness’ out of all American cities! Topping the list was Provo, Utah at number one, and rounding out the top 10 is Lincoln, Nebraska. Naples was the only town in Florida to make the top 15 list! Click here is you are interested in the full State of American Well-Being report.

If you are interested in being in a ‘happy place’ please call us today. 239-370-0574239-370-0574 We would love to show you beautiful homes in Naples Florida, which I more affectionately call paradise!

Thank you, and make it a great day,

The Naples Real Estate Blogger

*also reported in Realtor magazine April 2nd, 2014

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Another New Listing in Naples Florida

Welcome Home to Colliers Reserve

This estates home has been impeccably maintained and features many custom upgrades and appointments throughout. The interior boasts 4 spacious bedrooms, a formal living room and a comfortable gathering room right off the gourmet kitchen featuring a gas stove and new granite. Tasteful Egyptian limestone flooring, Anderson windows and 8' solid wood doors are some of the many designs of this magnificent residence. Additionally, the home features a wonderful outdoor kitchen, golf-cart garage, custom heated pool with decorative fountain and lovely landscaping that enhances the view of the 4th fairway while ensuring the natural privacy and beauty that Colliers Reserve is best known.

The focal point of the formal dining room is a dramatic mural 

by renowned artist Don Kettleborough.

This is the ideal home for the avid golfer seeking a natural setting, an active club, and an intimate Naples community exclusively made up of single family homes. Click here for a VIRTUAL TOUR! For a private tour of this home, please call The Harris Peppe Team today. 239-370-0574

Thank you, and make it a great day,

The Naples Real Estate Blogger

Colliers Reserve Masterpiece

Stunning Home For Sale in Naples Florida

   

This magnificent home is located in the pristine North Naples community of Colliers Reserve. The gated neighborhood might be one of the most natural in all of Southwest Florida, where 228 single family homes share the 448 acres including 200 acres of habitat preserve. The Cocohatchee River meanders through the Audubon Signature Sanctuary golf course.

From the moment you walk over the threshold into this majestic residence you can see quality everywhere! There are three large bedrooms, all en suite, with lots of closet space. The formal living room has a fireplace and a centrally located wet bar which makes for a flowing floor plan. The formal dining room measures 18' and is perfectly situated with lovely windows overlooking the pristine yard. A huge gourmet kitchen includes a built-in desk, pantry, an island and a charming breakfast nook. Additionally, the home boasts an inviting gathering room with pocket sliding doors, and a fabulous outside grill area under the over-sized covered lanai. There's a 3-car garage, a very private and the landscaping is captivating. The pool and outdoor areas are breathtakingly beautiful as well, with a spa and lovely planters---beauty abounds in this impeccably maintained home which is ready for the most discriminating buyer.  Click here to view the VIRTUAL TOUR.

For a private tour of this residence, please call a member of The Harris Peppe Team today.  We hope to hear from you soon, and we look forward to earning your Naples Real Estate business.  239-370-0574239-370-0574

Thank you, and make it a great day,


The Naples Real Estate Blogger

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Another New Listing In Naples Florida

Located in the beautiful gulf side community of Coquina Sands, this custom built California mission-style residence embraces you immediately upon entering the charming entry courtyard. 

~ Coquina Sands Masterpiece ~

Designed by the prestigious architectural firm of Stofft Cooney, and constructed in 2006 by BCB Homes of Naples Florida, this spacious home features 3 large bedrooms plus a study. Each guest suite has its own private full bath and has direct access to the outdoors! There is a formal living room & formal dining room as well as a casual gathering room with soaring ceilings, and a morning breakfast nook located off the island kitchen surrounded by bright windows! All the windows in the home are impact resistant. Additionally the home includes a 3-car garage, and lots of storage! The below ground pool is spectacular and measures 14' X 40'. Perfect for doing laps! The private backyard boasts tropical fruit trees and lovely gardens.  This is truly a place you'd love to call home!

The architectural detailing in the outside living space is captivating. 

 

The over sized home site is nearly a 1/2 acre and is within walking distance to the beach, and very close to wonderful shopping, golf, fine restaurants, and all the wonderful downtown Naples amenities.  Are you interested in seeing this lovely residence, or perhaps you know someone looking for this style home? Call us. We would love to arrange a private showing at your convenience. In the meantime, here is a VIRTUAL TOUR that you will enjoy! We look forward to hearing from you soon! 239-370-0574

Thank you and make it a great day,

The Naples Real Estate Blogger

 

New Listing Port Royal Naples Florida

Welcome to this magnificent Residence in 

Naples' most exclusive waterfront community, Port Royal.

Moonrise over Rum Row

Casual elegance best describes this lovely home which boasts over 7,800 square feet of living area. The 5 bedroom estate includes a first floor master suite which connects to a mahogany paneled library. A 4-car garage and top floor media room are among its many desirable features. From the moment you walk into the grand foyer you know you have arrived. A sweeping staircase and impeccable ceilings and woodworking details abound. The direct access homesite includes a dock with lift, water and 50 amp service and is a short boat to Gordon Pass and the Gulf of Mexico and the 10,000 Islands! Click here for a Virtual Tour of Rum Row. 

For additional information, or to arrange a private showing of this remarkable estate, please call 239-370-0574239-370-0574. Offered at $6,350,000 USD

If you would like to peruse all Luxury Properties in Naples Florida, log onto our award winning website which features all homes and condos in Naples priced at or above $1 Million. NaplesPreviews 

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

Make it a great day,

The Naples Real Estate Blogger

 

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Naples Real Estate Update

The Naples Real Estate Market Continues to Heat Up

While Cold Temperatures Up North Keep Snowbirds

Flocking To South Florida This Winter!

 

The Naples Pier at Sunset

 

Last week The Naples Area Board of REALTORS^®, known locally as NABOR® published the most recent numbers for the month ending on January 31st, 2014. Here are some of the findings based on the data derived from our MLS for year-over-year comparisons:

 

As Reported by the Naples Area Board of REALTORS^® on February 14, 2014, sales in the Naples luxury condo market soared as shown by a 70% increase in closed sales in the $2 million+ category, and an increase of 40% $1 million – $2 million category for the 12 period ending January 2014. Demand for luxury condos is strong as evidenced by a 29% reduction in inventory in the $2 million+ category and a 17% reduction in inventory in the $1 million – $2 million price range. This is according to the January 2014 Market Report released by the Naples Area Board of REALTORS® (NABOR®), which tracks home listings and sales within Collier County (excluding Marco Island).

Overall home sales increased by 5% from 9,273 properties sold in the 12-months ending January 2013 to 9,754 properties sold in the 12-months ending January 2014. While overall sales were up slightly, overall inventory continued to decline, down another 15% in January 2014. The overall median closed sale price saw a dramatic increase of 18% from $205,000 in the 12-months ending January 2013 to $242,000 in the 12-months ending January 2014.

Statistics compiled by NABOR® for January 2014 show pending sales, which is the best indicator as to what direction the market is moving, have increased 66% for condominiums in the $2 million+ price range. That category is outselling  all other price categories above $300,000 from 12-months ending January 2013 to 12-months ending January 2014.

Some other statistics that you might find interesting are as follows: 

• Closed Sales in the under $300,000 category fell 4 percent from 6,153 properties in the 12-months ending 2013 to 5,900 properties in the 12-months ending 2014. I believe this is due to a drop of inventory in this price range.
• As stated earlier in this post, overall median closed price rose 18 percent from $205,000 in the 12-months ending 2013 to $242,000 in the 12-months ending 2014.
• Overall inventory decreased by 15 percent from 5,642 properties in January 2013 to 4,776 properties in January 2014.
• Closed sales in the condominium market rose 9 percent from 4,679 properties in the 12-months ending 2013 to 5,100 properties in the 12-months ending 2014.
• Inventory in the condominium market decreased by 21 percent from 3,092 units in January 2013 to 2,447 units in January 2014.
• Median home prices in the single family market rose 23 percent from $240,000 in the 12-months ending January 2013 to $295,000 in the 12-months ending January 2014.
• Presently there are 2,204 single family homes for sale in the Naples MLS, and 2,493 condominiums, and a total of 1,820 listings priced below $300,000.

For more details about what is for sale, pending or closed year-to-date in specific Naples neighborhoods, please call a member of The Harris Peppe Team today. 239-370-0574 They are standing by to assist you with all your real estate needs!

 

Thank you, and make it a great day,

The Naples Real Estate Blogger

Naples Real Estate Blog: Naples Real Estate Update

Naples Real Estate Blog: Naples Real Estate Update

Naples Real Estate Update

2013 Market Report for Naples Florida

There's a lot to report when considering the real estate market in SW Florida. I will begin by taking a broad look at the market, from Naples north through Bonita Springs and Estero. We can break down the market into more specific segments in upcoming posts, but for now I want to at least get the year end results posted before the end of this month. We headed into January fully engaged in "season". Our rental agents reported that there are very little vacancies, which is a good sign for things to come. I am going to put it out there however, that I do not believe the market is going to grow at quite the same pace as it did in 2013.  There are several things effecting today's market that did not come into play during the last 'downturn'.  I will cover a few of them in this post.

 

Some interesting *facts:

• In 2008 over 26,000 residential properties came on this market in our area, and only 8,700 properties went under contract. A total of only 6,232 actually closed in 2008. By comparison, in 2012 there were 18,630 homes and condos listed in our area, 11,041 pendings and 11,275 closings. Then, last year [2013] we saw 17,800 active residential listings come up on the market [a decrease of 18%], 16,604 under contract, and a total of 12,017 closed sales! This is the highest number of closed sales recorded since 2000!
• Average sale price in 2008 was $500,102. --In 2013 it was $431,360, up from $380,735 in 2012, an increase of 18%!   A whopping 50.5% of all the closings were in the under $250,000 price range. 28% were in the $250,000-$500,000 range. Less than 8% of all closings last year were listed at or above $1 million. Keep in mind, last month's pendings [December] in the price range $1 million + was the highest it's been since December 2004. And although all price ranges show an increase, the under $250,000 range pendings is down 5%, mainly due to the lack of inventory in this pricing segment.  
• Although the median and average sale prices increased year over year, the average sale price last year was still 37% below the record set in 2006 of $686,015.
• Foreclosures and Short Sales are greatly diminished, and presently very few can be found at all in the beach corridor. Those that come on the market typically command higher than the asking price, and almost all are cash sales.
• Interest rates continue to remain low, and the lending process is leaning more towards 30 year fixed rate mortgages, fully documented, with extensive safeguards in place protecting lenders against the fraud and no-doc loans that contributed to the last real estate crash. 
• There are still a lot of investors in the market, and most are cash buyers looking for a good return, whether it be short term or keeping the properties in a portfolio and renting with some cash flow to offset the debt.
• Due to the low inventory, appraisers cannot keep up with the rising prices in some areas. Supply and demand is determining an asking price in some markets rather than the traditional analysis comparing recent sales.  As an example, we just listed a home in an exclusive golf course community about $100,000 over the comparables simply because there were no other homes for sale in the community...none! The home sold above where it would appraise in less than 30 days! Of course, for cash--and the buyer is very happy!

 

 

Well, that's about it for now---a few interesting tidbits about today's real estate market in SW Florida. My first post of the 2014 season--hopefully the first of many in the new year! If you would like more detailed information about a specific neighborhood, or an evaluation on your own property in the Naples area, please call The Harris-Peppe Team today. We are standing by to assist you. We hope to hear from you soon, and we look forward to earning your future real estate business. 239-370-0574

 

Thank you and make it a great day,

 

 

The Naples Real Estate Blogger

 

 

 

 *Data derived from the Southwest Florida MLS. The accuracy is not warranted and should be verified by any person[s] intending to engage in a real estate transaction. Thank you.