Naples Homes for sale in Golf Course Communities

Why local real estate values are not just "local" to Naples in general, but also why each community and price point has its own trends based on supply and demand:

I've been showing property to a very nice couple who are looking to be in a golf course community in the Naples area in a single family home priced somewhere between $1 million to $1.5 million dollars. Of course, there are other particulars such as the number of bedrooms, view and exposure; and mandatory features such as all living areas being on one level and that there be a private pool. Keeping all things relative, I have found about 80 homes that meet their general criteria, but then narrowed down the search when considering the homeowner's handicap and course preference, club fees, and other amenities as well as the location of the country club and proximity to I-75, the beaches and downtown Naples.  I will be able to show a total of 10-12 homes to this particular buyer. Now, the one thing that I find interesting in this exercise is this: Even though across the board it would appear that inventory is greatly diminished, there are still neighborhoods that have over a one year supply in this price range! As an example: The Vineyards Country Club currently has 12 active listings that match this criteria, however they have only had 7 closings in the past 12 month in this category. A seller in this community might read the reports in the paper or online and think they can stay firmer to their asking price as the market leans more in their favor, when in actuality there is over a one year supply on the market which still favors the buyer. When considering the broad brush of Naples in general, with approximately 80 active listings and 67 closings year-to-date that match these search parameters, that equates to just over a 1 year absorption rate. This commentary is true in many communities, however, many communities have a shortage of inventory, while others are still struggling with an over supply.

Here is a list of the "Years of Supply" currently available in some of the golf course communities in the Naples area which only includes single family homes in these neighborhoods:

• Quail Creek currently has a 1.38 "years of supply".
• Grey Oaks has a 1.5 "years of supply", but had over a 4 year supply just 8 months ago. Wow!
• Quail West [Collier County only] has a 1.5 "years of supply", which is much improved from their market high in December of 2008 when they had over a 7 year supply!
• Pelican Landing has a 7.7 month supply! They have actually had a balanced supply since July of 2010!
• Bonita Bay currently has a 1.15 "years of supply", whereas both Copperleaf and Shadowood have less than a one year supply.
• The Vineyards presently has a 1.1 "years of supply".
• Pelican Bay has an 8 month supply! 
• Collier's Reserve has a 1.2 "years of supply".
• Imperial Golf Estates has a 5.4 month supply.
• The Strand has a 10.5 months supply.
• Wyndemere Country Club presently has 36 homes for sale and 12 closed sales in the past 12 months which equates to a 3 year supply.
• Here's one that is unbelievable: Eagle Creek has had 2 single family homes close in the past 12 months, yet there are 24 homes currently on the market in MLS. It will be a long time before that comes back to a balanced supply.
• Windstar currently has a 6 month supply of homes in their inventory!

If you can think of any other neighborhoods that you'd like me to cover, please let me know. You can reach me by sending me a quick email to: TheBlogger@NaplesRealestate.com

Thank you again for your time! I hope you are having a wonderful day!

The Naples Real Estate Blogger

*The data in this post is derived from SunshineMLS and a report called: A Reflection of Supply and Demand by Cindy Carroll of Carrol & Carroll State certified Residential Real estate Appraiser RD615

Realogy Shares Began Trading on the NYSE Today!

Realogy Prices IPO

Guess who rang the bell this morning at the New York Stock Exchange? That's right, the executive leadership team and members of The Realogy Board of Directors were guests this morning at the NYSE, where they commemorated the new listing by ringing the signature Opening Bell. Up until now, Realogy has been a privately owned company that provides real estate and relocation services. It owns several of the leading real estate brands and brokerages in the world including NRT LLC, Better Homes and Gardens, Century 21, The Corcoran Group, ERA, Sotheby's International Realty, and of course, the company that we are with, Coldwell Banker. Realogy operates in 103 countries and territories around the world with a sales force nearing a quarter of a million associates. 

Realogy is led by Chariman, CEO & President Richard A. Smith who is a prominent figure on the national housing scene. In Mr. Smith's latest post on the company's internal social media site, Conversations That Matter, he was quoted as saying he was 

"pleased to inform you that we have successfully completed our IPO...and have priced the 40 million shares at $27.00."  *The shares will trade under the symbol RLGY. This will make Reaolgy the 3rd largest IPO in the United States this year, and the 10th largest IPO internationally to date! In conjunction with the IPO, Realogy also unveiled a new logo [pictured above] which incorporates a distinctive 'house within a globe' icon, but keeps the same colors and similar look. This was done to emphasize the company's focus on their international reach. 

It is our great privilege to be associated with a company of this magnitude. The services that we, at The Harris Peppe Team can offer you, far exceed any other real estate company. In addition to residential real estate and relocation services, we can also provide you with resources for investment opportunities in the commercial real estate arena, seasonal and annual rentals, title and settlement services, lending services and homewatch services. We ARE full service! We ARE Naples Real Estate! We have local knowledge and global connections! Please call us with any comments or questions. 239.370.0574 We hope to hear from you soon, and we look forward to earning your business!

Make it a GREAT day,

The Naples Real Estate Blogger

     

*information derived from a Realogy Communication dated October 10th, 2012 6:10 PM 

Welcome to the 4th Quarter of 2012!

Naples Real Estate 3rd Quarter Update

I know I've been saying this a lot lately, but so has just about everyone else I know..."2012 is flying by!"  ~Here it is, already October 1st, and I can't believe I am doing research for the Naples Real Estate 3rd quarter sales report...oh my. There is quite a bit to report, and as always, I will try to keep it as concise as possible. One thing in particular that truly stands out as I prepare to post this blog is the lack of quality inventory in just about every market segment. Although housing [which I believe is the foundation of a healthy economy] continues to be the rare shining bright spot out there; without good, quality, saleable listings we cannot feel too good going into the upcoming selling season. That is the challenge that most of my colleagues are facing. Prices have indeed leveled out, and in many cases, especially due to the lack of inventory, they're even edging up--The 3rd quarter in many areas in Naples matched prices last seen in the 2003 season. But, if we don't have something to sell the buyers will likely go elsewhere. I am concerned. We are getting a promising sign from the closely watched S&P Case-Shiller national home price index which marked the 3rd straight month in a row with prices up in all 20 markets that they follow. Also, mortgage rates again last week fell to record levels. The 30 year fixed rate is at 3.49% from 3.55% the previous week, and the 15 year fixed is at 2.77%. Potential home buyers still have to qualify with the tighter restrictions. With nearly 75% of the closings in Naples being cash sales, the lower interest rates don't effect us as much as they do in other areas of the country, or even the state for that matter. The investors, which are still, if they can find a bargain, scooping up some of the best values; and the lower rates are helping them when they finance. I think the person who has lived in a home for a few years and can refinance now is probably best served by today's low rates.

Presently there are a total of 4,882 Active residential listings in the Naples MLS. Of those only 279 are short sales, and 210 of those are priced below $300,000. Those numbers are way down when compared to a year ago. On a side note, in all of Naples only 8 properties are short sales listed above $1 million! The Naples Luxury Housing Market is rebounding, as is seen with the number of closed sales year-to-date in this upper price point. 

Let me share with you a few facts:

• *As of this writing there are a Total of 4,882 Active Residential Listings in Naples. However, there have been 7,021 closed sales year-to-date. This is approximately a 6 month supply. A balanced market would have a 12 month supply. This is a clear illustration of the lack of inventory we are experiencing.
• A total of 1,941 active single family homes and 3,286 closed year-to-date.  Currently there are 500 single family homes for sale in Naples priced below $300,000. However, YTD there have been 1,923 homes sell in this price point.
• Presently there are 3,735 Active condos in the Naples inventory, and 2,941 closed condos YTD.
• There are 304 condos for sale listed at or above $1 million, and 226 closed YTD. Similarly, there are 521 single family homes for sale in Naples, and a total of 349 closed sales in the over $1 million range YTD.
• There are 52 single family homes for sale in downtown Naples, referred to as NA 06 in the MLS, this encompasses Old Naples from South Golf Drive south to approximately 14th Avenue South, bordered on the west by the Gulf of Mexico, and the east by US 41. In this geographic area YTD there have been 63 Closed Sales. 20 of the 63 Closed Sales have been homes priced below $1 million. Current inventory only has 4 homes presently listed below $1 million!
• The same scenario in the waterfront segment. When searching for single family homes for sale on the water with "direct access' [no bridges], there are presently 28 that show up in MLS in all NA areas priced below $1 million. Only 6 are in the 34102 zip code!  A total of 61 closed single family homes with direct access have closed YTD. Let me repeat that: 28 active listings, 61 closed sales YTD priced below $1 million!

As always, I would be happy to do a custom search for you based on your specifications. Every neighborhood has its own trends and data relative to inventory and closed sales. I've just reported the tip of the iceberg. The Harris Peppe Team is gearing up for season and planning our upcoming marketing strategies. If you are considering putting your property on the market it could be worth more than you realize. We would like to be considered if you are interviewing. Please allow us to do a no-obligation market analysis to help determine the value of your home or condo. Even if you are not thinking about selling, we would be happy to perform this service for you. I think everyone should have an update of what their home is worth in today's ever changing market. Call us at 239.370.0574, or contact us directly via our award winning website at NaplesRealEstate.com or email me at The Naples Real Estate Blogger.

Thank you for your time. Make it a great day!

Sincerely,

The Naples Real Estate Blogger

*All information and data is derived from SunshineMLS and is believed to be true.