Naples Real Estate Update

Once again we had the distinct honor of having Cindy Carroll, Florida State Certified Residential Real Estate Appraiser, as a guest speaker at the Coldwell Banker monthly business meeting at The Naples Area Board of Realtors. Cindy came chock-full of good information and reliable market statistics. I would like to share some of the highlights of her talk, much of which is based on data derived from our local multiple listing system, and is a reflection of supply and demand.

One of the interesting points that Cindy made was to identify the 4 tiers of sellers in today's market:

1. Short Sales
2. Foreclosures
3. Investor "flippers"
4. Traditional transactions

It is relatively easy to extract whether a neighborhood is "in-balance" based on supply and demand. If the number of listings is equal to the number of sales in the last 12 months, it is a "balanced" market. In some cases, which I will discuss in this post, the absorption rate is less than a year. Any areas or price ranges, carrying 2 or more years of supply, are still experiencing downward pressure on pricing.

Another interesting point to consider is this: In Naples, approximately 60% of the closed sales are cash transactions. Cash buyers, especially with today's strict financing guidelines, allow our market to "move along". 

Here are a few neighborhood observations:

• Aqualane Shores: was at the "top of the market" in February of 2005 with less than a 4 month supply of houses on the market. In April of 2007 there was a 3.5 year supply. Currently there is approximately an 18 month supply, which has been virtually unchanged in about 2 years. Presently 37 "actives", 5 homes under contract [pending], and 21 closed sales in the past 12 months.
•  NA 06 [Old Naples]:  Presently there is only a 10 month supply of single family homes for sale in Old Naples. This area peaked in February of 2005 with a 5 month supply. In December of 2008 there was a 3.2 year supply. There was a "balance" market reported for the first time in approximately 4 years in September 2011.      
• NA15, the area between US 41 and Goodlette Road, is "on fire"! Currently there are only 26 active listings...27 "pendings" and 92 closed sales in the past 12 months!
• NA 05 [Coquina Sands, The Moorings and Park Shore]: In September 2005 there was a 6 month supply...In September of 2007 there was a 4 year supply! Today's inventory is only a 7 month supply! Great recovery!
• Pelican Bay is one of the least variable neighborhoods. It never really got "over-supplied", and never had the short sales and foreclosure numbers of other communities. In September of 2009 there was a 2.5 year supply, but the market has been balanced for awhile and presently there are 34 active single family homes, 13 under contract and 31 closings in the past 12 months.
• Royal Harbor has one of the best stories in town! Just to give you a history of the area, in September of 2004 there was only a 3 month supply...In April of 2007 there was a 9.6 year absorption rate...As Cindy put it, "it was dreadful!" By November 2010 the Royal Harbor area had improved to a a 3 year supply, which still wasn't great. Presently there are only 25 homes for sale, 16 pendings and 29 closed sales in the last 12 months. This equates to approximately a 10 month supply...a remarkable comeback!
• Vanderbilt Beach area: A year ago had a 2+ year supply of inventory, presently only an 8 month supply.
• Golden Gate Estates: NA 22, the Logan Woods and Oaks Blvd corridor, has been "artificially depressed" due to land values and the inability to finance vacant lots, but the single family home market presented itself with a shortage of inventory by November 2010, and today there is a very healthy 9 month supply!
• The Grey Oaks single family market is "a bit of a mystery"...In September of 2005 there was less than a 6 month supply. In October of 2011 there was nearly a 4 year supply. Currently there are 43 actives and only 14 closed sales in the past 12 months. 

The meeting ended on a high note. Predictions were made: Many neighborhoods will be back to our "last point of sanity", 2004 prices, by year's end. ~And, it is probable that values will go up 10% in the next 12 months! In any event, whether you are inclined to be optimistic or not, the facts speak volumes. Inventory is down in most neighborhoods, demand is great, interest rates are at record lows...The short sales and foreclosures are "clearing out". It's a great time to buy Naples Real Estate! Of course, as with any data, each isolated neighborhood, and types of housing in each area, should be evaluated on its own.  The Harris Peppe Team welcomes your comments and questions. Please call us if you would like additional information in a particular location in Naples. 239.370.0574

Thank you, and make it a great day,

The Naples Real Estate Blogger

22 Shopping Days 'til Christmas!

Have you made your "list" and checked it twice? As any of you who know me well know, I am a list maker...I have lists for everything!

1. The everyday "To do" list
2. The "I never go to the Grocery Store without a" list
3. The Books I want to read list
4. The Birthday and anniversary cards for the month ahead list
5. The Things that need to get done around the house list
6. The Guests attending our Christmas parties [yes, I'm having more than one party] list
7. The What to cook at each party list
8. The Christmas gift list...card list...

Well, you get the picture. It comes from being a first born, organized, sometimes compulsive, cannot say "no", overachiever...lists are what keep me sane! I actually like lists. When I get a little behind, I've even been known to put things on my lists that I've already done...gives me a sense of accomplishment..."check!" ~Have you seen the commercial on TV lately of the woman who goes to the check out and asks the clerk if he can read anything on her list and he says, "No, there's a line through everything."...and she smiles and gives him a "Boo-ya"!

Anyway, I know a lot of you reading this like lists, too. In fact, one of the most requested blog post suggestions I've gotten recently is for me to post lists of what's selling and what I think are some of the best buys around Naples. So here's a short recap of what happened in the market in November, and what is currently for sale in some of the neighborhoods where The Harris Peppe Team lists and sells:

• There were a total of 231 single family homes and 243 condos that closed in Naples in November 2011. Down less than 1% over the same time period a year ago.
• Of those 474 closings, 89 were listed as "Short Sales"...that's about 18%
• 43 of the 89 short sales were priced below $300,000!
• 98 were listed as "foreclosures"...about 20%
• 91 of the 98 were priced below $300,000!
• There was a total of 33 closings priced at or above $1 million
• 3 of the 33 were short sales, and only 1 was a foreclosure!
• There was a total of 20 single family homes that sold last month in NA 04 to NA 08 [this includes but is not limited to Pelican Bay south to Port Royal along the beach and includes Old Naples, and the Royal Harbor Area as well] 3 of the 20 were short sales. There were 49 condo sales in these same areas, and only 2 were short sales.
• Presently there are 67 single family homes for sale in Old Naples [NA 06]. Only 9 are listed below $1 million! The least expensive home for sale in Old Naples as of this writing is priced at $549,000
• There are 139 condos listed in Old Naples starting at $109,000 for a 1 BR/ 1 BA on up to a luxurious villa for $2,550,000
• There are 102 homes for sale in NA 05 [Crayton Road corridor]. With just a handful priced below $500,000, on up to a waterfront home boasting 5,400 sf built in 2004 with an asking price of $5,250,000.
• One of the hottest neighborhoods is NA 15, the area between US 41 and Goodlette Road, which showed a 7% improvement in the past 12 months as compared to the previous 12 months. Presently there are 46 single family homes available. 15 of the 46 are listed as short sales, and 36 of the 46 are priced below $300,000.

Well, that's my list for the day--I hope it helped you get a better picture of what is happening in some of the areas in Naples Real Estate. Please call us if buying a home in Naples is on your list! 239.370.0574

~And remember, Naples is usually Santa's last stop!

Thanks, and make it a GREAT day,

The Naples Real Estate Blogger

*Data is derived from the Naples multiple listing system, SunshineMLS and is deemed accurate but not guaranteed.

How Do You Say, "Lanai?"

Many times, while getting to know a buyer's wants, especially when they are relocating to Florida from a northern home, the square footage needs differ greatly from what they originally specify to what they ultimately buy...People forget, or don't realize, what an intricate part of their home's living space the lanai [also known as a screened porch] becomes. Downsizing from a 4 or 5 thousand square foot home into less square footage may seem daunting to some, until they get here and begin to recognize the lifestyle that outdoor living provides throughout most of the year. Here in Naples people decorate their outside living areas with outdoor wicker & teak and other moisture resistant materials and create wonderful entertainment areas with 'summer' kitchens and bars, dining areas, TVs with comfortable seating arrangements as well as open air patio areas that incorporate the landscaping and lighting. Most rooms in a home open up to the outside and even in private yards, those without views, an outside environment can be created to incorporate the inside out and the outside in. Chip and I have coffee on our lanai almost every morning...we love to sit outside at the end of a long day and enjoy our evening meal together...we cook outside, watch TV outside...much of our home life revolves around our backyard.

So, the next time your real estate agent tells you that you cannot get a 3,000 square foot home in your price range, don't consider it "settling" for less--consider it opening up the possibilities to the true Naples lifestyle of outdoor living--Sometimes less really is more!

Please let us know if we can help you find a pretty lanai in Naples Florida where you can have your coffee each morning! 239.370.0574

Make it a great day,

The Naples Real Estate Blogger

Is It Really Almost May?

I don't know about you, but I am amazed that it is almost May? I don't know where the season has gone! We have been so busy...between work and kids and grandkids and volunteering and the day-in and day-out routines that somewhere along the way February and March slipped into April without any warning and I now find myself scheduling summer activities...Being a real estate agent in Naples Florida, we don't keep regular weekly hours. There are no weekends per say...We work most Saturdays showing homes, and Sundays holding open houses. Mine is a crazy, mad calendar filled with colors coding the daily activities in green, orange and pink highlighters...Now that season is indeed winding down, I thought I would share what we think are some of the best buys in Naples Real Estate!

• Best Buy over $2 million: Look no more if you are searching for a large family compound! This southern exposure residence boasts bay views from most rooms! Over 10,000 total square feet, the many features of this home include a private elevator, billiards room, wonderful vanishing edge pool, impact glass & shutters, sauna, master suite sitting area, and so much more. Click here to view the Virtual Tour.
• Best Waterfront Single Family Home Value between $1.5-$2 million: Seeing is believing in this professionally decorated direct access 4+den, 4 full baths, pool, 60' dock, library, indoor air-conditioned storage, reverse osmosis, gourmet kitchen. The list goes on and on! Click here for the Virtual Tour.
• Best In-Town Buy! This is the Olde Naples lifestyle at its best! Only 1 block to all the fabulous 5th Avenue South restaurants, shopping, galleries and live theatre. Beautifully appointed, this home has every imaginable upgrade and feature that one would expect in a luxury property in downtown Naples. Private pool, private elevator, private gardens with fountain and pavers meander around this picturesque Mediterranean-style villa. You won't want to miss viewing the Virtual Tour here!
• Best Bayfront Condo Buy! Choose from two spacious townhomes in the intimate community of Bayview Estates. Totally updated, with docks included, these 3 bedroom 3 bath residences live like a private home with attached 2 car garage. Tropical pool is shared by only 8 condominums. This lovely complex is located at the end of a tree-lined street directly on Naples Bay! The views are priceless! Click here to view both properties: Virtual Tour 1 and Virtual Tour 2.
• Best Buy between $500,000-$1 million: A remarkable single family home located in a gated community in central Naples. 4 bedrooms + bonus room, 3 1/2 baths. Modern, hip & trendy best describe this custom built home. Soaring ceilings, walnut plant flooring, GE monogram appliances. The backyard is a peaceful oasis. To view this spectacular home click here for the Virtual Tour.
• Best Investment Property: Located a short walk to the pristine gulf beaches, and directly on world famous Fifth Avenue South-this exciting 2 bedroom 2 bath condo allows 52 rentals per year and generates an excellent income! Turnkey furnished, the other amenities include a heated pool, large open patio, plus a new roof & freshly painted exterior. Priced to sell at only $329,900. Click here for the Virtual Tour.
• Best Golf Community Condo: First floor end unit with attached garage and spacious lanai, this 2 BR + den is being offered turnkey furnished. Located in a gated community within a short drive to downtown Naples. The community features a Tom Fazio golf course, tennis, fitness center and lovely clubhouse with Naples Bay views. You won't believe the value at $299,900. Check out the Virtual Tour here.
• Best Condo Buy under $250,000! Bright and cheerful, with south exposure and lake views-this 3 bedroom townhome has an attached garage, vaulted ceilings, large lanai, eat-in kitchen, and best of all: It is located in a gated Resort Community featuring a social center, tennis, fitness center, multimedia room, catering kitchen, lap pool plus a resort-style pool. This is Florida living at it's best! Watch the Virtual Tour and see for yourself!

For more information about these Naples Best Buys, please call The Harris-Peppe Team today. 239.370.0574 It may almost be May, but we still have some excellent buys in Naples Florida!

Thanks, and make it a GREAT day!

The Naples Real Estate Blogger