Room with a View

Buyers ask, "Is there any place that I can get a view in Old Naples"? Frankly, most people don't buy in Old Naples because they're looking for a view- View just isn't the typical reason for living downtown. Most urban-ites want proximity to beach, the shopping, walking distance to great restaurants, galleries, the parks and the live theatre. It's a lifestyle choice...Dinner at Chop's...a play at Sugden Theater...parades, art shows, Evenings on Fifth...But, if you are one of the lucky few to live downtown AND get a view, well, that dear friends is heaven on earth...Neapolitan-style! For those of you seeking the city life with a priceless view your choices are limited; but, we have several selections that even the most discriminating buyers will find hard to resist. Chip & I have been marketing the Olde Naples Seaport since before the 1st phase was more than just an artist's rendering. With 8 of the 15 residences already sold in the 1st phase and new pricing reflective of today's market we think there has never been a better value on the waterfront in Old Naples! All remaining units have over 3,500 square feet of living area with private elevators, 2 car garages and a roof top terrace featuring a hot tub under the stars! In addition to the town homes available in the 1st phase, there is an extraordinary, one of a kind penthouse in phase 2 for sale with breathtaking direct views of Naples Bay that are beyond description. Come see for yourself! Call us today for details and to schedule a private appointment to tour these fabulous properties! 239-370-0574 Thank you.

2009 Real Estate Predictions

I always try to keep this blog as upbeat as possible. I would like to make a few predictions about where I believe the real estate market in general is headed in 2009. Most of the end results will be very positive, and by this time next year I predict the recession will be over!

• Sellers will continue to face falling prices because they are competing with 1.) banks with larger than normal inventories of foreclosures and 2.) builders who are slashing prices to sell off remaining product.
• Mortgage holders that are in trouble and face the possibility of losing their homes will receive assistance from a variety of programs since the Senate's Joint Economic Committee has predicted 2 million foreclosures in 2009.
• The banks will go through a necessary restructuring making short sales easier to obtain, therefore leading to fewer bank owned properties. Hurray!
• The days of abusive lending practices is over. Thank goodness! Buyers who need mortgages will be required to provide extensive documentation as well as having excellent credit...you know, the way it always should have been!
• There will be a renewed interest in urban living due to buyers wanting to live closer to work, schools and shopping. Much of this is the new "Go Green" philosophy...I predict there will be a demand for smaller, more energy efficient homes close to downtown areas.
• Both buyers and sellers are becoming more tech savvy. I strongly believe that real estate companies & agents who rely on technology for marketing such as websites, social networking groups, multiple photos and video tours, webcasts & podcasts, blogging and other Internet options as well as those using a laptop with wireless or aircard capabilities for "mobile" searching will lead the charge into the new year. Staying ahead of the curve will be necessary for maintaining a market share in today's ever changing real estate climate.

The Harris Peppe Team is committed to staying ahead of the curve with regard to Internet marketing. We strive for customer service and we look forward to continuing our track record of success and earning your business in 2009!

"I skate to where the puck is going, not to where it has been." ~Wayne Gretsky

More Good News

Yesterday, December 16th, 2008: The Federal Open Market Committee voted to establish a target range for the Fed Funds Rate of 0% to 0.25% from 1%. American banks have responded by cutting their prime lending rate by 75 basis points! This translates to the lowest rate in history! Wall Street approved the move by closing the Dow Jones up 359 points...both the Nasdaq and Standard & Poor's 500 index rose more than 5%. Many analysts believe the worst is behind us. Both Anthony Bolton and Warren Buffet predict we are entering a "Bull Market". However, the "price" of money doesn't seem to be as important as the "availability" of money; it is yet to be seen whether this bold move will have an effect of the distressed housing market. Banks are hoping that if consumers are able to get equity lines of credit, this could help spark the economy. ~And since, there is little room to cut rates further, the Feds will have to look to other means of attracting home buyers into the market...It sure looks like everyone is committed to making home buying more affordable. Real estate is the backbone of this nation's economy. Let's hope these rate cuts spur lending! My thinking is that those "baby boomers" with strong equity in their primary homes up north that are looking to invest in a retirement home in Florida could just take that equity out at a very reduced interest rate and pay cash for an investment in the sunshine state and get quite a bargain at that! Just a thought... Some interesting info: The cumulative average of The U.S. Prime Rate from 1947 to the present is 9.842%. The most frequent value from 1947 to today has been 7.5%. The median U.S. Prime Rate during these same years has been 8.75%. The all-time high was in December 1980-January 1981 at 21.50% (the year I got my real estate license). Today's Rate of 3.25% marks a new low! The next meeting of the FOMC will be on January 28th, 2009. Maybe lower? With today's real estate prices and interest rates, there truly NEVER has been a better time to buy! Call us today. We look forward to earning your business! 239-370-0574

To Decorate or Not To Decorate

Several of our sellers have called us to ask if they should decorate their homes for the holidays. Most of the time this is absolutely appropriate. I always like going into a beautifully adorned home this time of year...especially one with a "real" tree! It always smells so nice. I would say you really must use discretion, but it has nothing to do with holiday displays. If your home is crowded with excessive decorations that's another story all together...Also, if you are just now getting ready to list your home keep in mind that all the marketing that will be done now (photographs, virtual tours, etc) will have poinsettias, snowmen and Santas in the brochures long after the tree has been taken down. So, go ahead and decorate to your heart's content. This is a wonderful time of year and just because your home is on the market shouldn't mean that you don't enjoy living in it! Prospects know that this is the holidays and most of them comment favorably at all the pretty decorations.