What's Going On In The Naples Real Estate Market?

Everyday people ask, "What's going on in the Naples Real Estate market"? This isn't a 'one size fits all' question. As always, each market segment, both geographically as well as price-point has its own set of rules and trends.

Earlier today I was showing condos along the beach. When they didn't like anything I had selected for them, they let me know they'd be patient and would wait for a short sale or a foreclosure. I think she had a hard time believing me when I told her that not only are there none now, there were very few along the beach even when the market was down. "Oh, I'll wait!"  Wait?  Educating buyers is part of the buying process. What she wants is nearly impossible: "We want to be on the beach with a great view, it must have 3 bathrooms, I want a doorman, pets must be allowed, in a newer building, I don't mind changing minor things like paint and flooring as long as the building is perfect and the view is spectacular...oh yes, and it must allow rentals....and I want all this for under $1  million dollars, but less would be better....yes, and I will wait for a desperate seller."  ~We had a great rapport, and I know she is going to trust me to find her the perfect Naples Condo, but my first job is to gently guide her through the process and educate her about the Naples Real Estate market. I asked her if she'd let me find her exactly what she is looking for and show it to her without telling her the price...That usually is an eye-opener. Typically that motivates the buyer to reprioritize and/or compromise...and in some cases, they decide to go up in price. 

Today's buyers don't understand the market...many are still making low offers, putting the seller in a hostile position. It really is our job, more than ever, to educate both parties to a transaction. We have a lot of factors weighing in against our professional opinion. The internet for one, and specifically sites like zillow, often give buyers a false evaluation of a property's true value. 

Seller's on the other hand, with all the talk about low inventories and prices going up, also need to be guided and educated. If a home or condo is not getting showings, it is probably price. If a home or condo IS getting showings but no offers, it is almost always price! Any good agent is simply trying to help a customer meet their housing objectives.

Buyers AND sellers need to find a real estate professional that they like and trust. If you are interested in learning more about what is going on in a particular segment of the Naples Florida Real Estate market, I hope you will call The Harris Peppe Team today. 239.370.0574  Collectively we have served the greater Naples area for over 50 years. We are here to help you with all your real estate needs!

Thank you, and make it a great day!

The Naples Real Estate Blogger

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. 

Naples Real Estate Update

Strong Summer Sales in Naples Florida

Recently released statistics show strong summer sales abound in Naples Florida.  As reported in the Naples Area Board of Realtors Market Report, all three categories documented: Pendings, Closed Sales, and Median Sales Price showed increases for the 12 month period ending July 2012. Comparing July 2012 to July 2011 it is clear to see positive signs in every price point. Those sales posted in all pricing categories over $500,000 range were up a whopping 30%. Additionally, inventory in Naples remains at record breaking lows. Currently there are less than 3,000 single family homes for sale in the Naples SunshineMLS. ~And, considering those that have contracts 'pending with contingencies' are still included when calculating Active Listings, the inventory is even lower than what shows up when the public does independent searches on IDX sites.  The July statistics can be found on the local website which is available to the public by clicking here, Naples Area.

The entire report is quite interesting, and outlines both single family homes as well as condominiums in a chart format that is easy to read. Of course, if you would like information about a specific neighborhood, The Harris Peppe Team at Coldwell Banker Previews International would be happy to assist you.

Many of their prospects have read this report and have mentioned that it really isn't fair to compare 2012 to 2011 and expect to believe the market is as strong as purported. Many think that 2011 wasn't a very good year, so just because 2012 is showing strong sales it doesn't necessarily mean the market is strong overall. My response to this is: I compared the 2012 sales year-to-date to the total sales in 2005, a year that everyone can agree was the peak of the market. In 2005 the Naples SunshineMLS reported a total of 8,856 closed residential sales; this equates to an average of 738 closings per month. So far, in 2012 from January 1st through July 31st we have had 5,698 closings; which translates to an average of 814 closings per month. Approximately a 10% increase in units sold.  A lot of seller's are testing the market at a higher price than the comparables substantiate because of the lack of competition and then reducing the prices until an offer is obtained, rather than listing at a price in line with recent sales. This results in a lag in the list date to sold date and could account for the slight increase in days on the market, up 2% in July 2012 from July 2011. 

One of the "hottest" tickets this summer are listings in the coastal communities. As an example, the areas where we live and sell have had brisk sales and very low inventories. Coquina Sands had 26 closed sales in the past 12 months and presently there are only 8 single family homes on the market. Gina Fischer, the resident specialist for Coquina Sands mentions in her monthly update that there is only 1 home listed in this entire neighborhood priced below $1 million! This could prove to be an opportune time for sellers, especially those in older homes, and should consider having Gina do a no-obligation evaluation. You can reach Gina directly at 239.564.5475. The Royal Harbor Area presently only has 25 homes for sale. With 39 closings in the past 12 months, this means there is less than an 8 month supply of homes for sale in this community. ~And, only 7 of the 25 are priced below $1 million. Olde Naples is another coastal community being effected by high demand and low inventories. If you have any questions about waterfront properties or the downtown market, please call or email Chip Harris. 239.370.0574  

As always, all of us at NaplesRealestate.com hope to earn your business and look forward to hearing from you soon. Thank you again for taking the time to read our blog. Make it a great day!

The Naples Real Estate Blogger   

Rather Than Sitting On The Fence...

...Why not own it?

• Homes are more affordable-According to the Freddie Mac House Price Index, current housing prices are down 27% on average across the nation from their peak values 5 years ago.

• Rates are Low- At an average of 4.6%, a 30 year fixed mortgage interest rate remains at record lows!
• Timing is Everything-New loan limits, as published by FHFA and HUD, state conforming loan limits will be reduced on October 1st, 2011, which will decrease the availability and affordability of mortgage credit for many home buyers in 42 states.
• Homeownership is Still the American Dream-Nearly nine in 10 Americans say that owning a home is an important part of the American Dream!
• Financing IS Available-Please call our Naples mortgage expert, Kelly Rebimbas, today at 239.273.5239. Let Kelly tell you how you can qualify to own a home in paradise!

Now really is the time to make your move. Please allow one of the agents at The Harris Peppe Team at the Coldwell Banker Previews office on Fifth Avenue South in downtown Naples Florida show you the great selection of Naples homes and condos currently for sale here on The Paradise Coast! They hope to hear from you soon, and they look forward to earning your business! 239.370.0574

Thank you, and make it a great day,

The Naples Real Estate Blogger

*Information as published in an ad in the USAToday newspaper on July 13, 2011 by Realogy Corporation.

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

February 2011 Naples Real Estate Statistics

I cannot believe that February is already over and I am working on month end reports again. I know it's a short month, but didn't it just fly by? While reflecting back on last February, and comparing it to the activity here in Naples this February, I found some *newsworthy numbers that I thought you might find interesting.

• Listing inventory is down. Now, that could just be that we are all too busy working with buyers to concentrate on getting new listings...or it could simply mean that many sellers have decided to keep their properties off the market until the over-correction of pricing stabilizes. Whatever the reason, the lower inventory and higher pendings, is establishing a trend that we have not seen in years. In February 2010 in Naples there were 1,633 new Listings that came on the market. In February 2011 only 1,362! ~About a 17% decrease. Those new listings last year that were priced over $1 million numbered 180, and those listed below $500,000 numbered 1,229. This year, February 2011, of those new listings taken, 156 were priced at or above $1 million, while only 1,004 were listed below $500,000! This translates to fewer listings going active in both the higher & lower price points. Those that had been listed above $1 million last year are now feeling the downward pressure and are being priced below $1 million. The lower priced listings continue to be the most popular range in both pending and closed sales. ~and, The middle prices are beginning to see an increase in activity. I call this a trickle up effect. I think we will slowly begin to see an absorption of the better, well priced listings in the lower price range over the course of the next 90 days. Emphasis on well priced! I also believe that we will continue to see an increase in sales in the luxury market--But, since a much lower percentage of those listings are going under contract, they must be much more competitive with pricing in order to take advantage of what's left of the peak selling season!
• Overall Pendings in February 2010 were 1,188 compared to 1,221 in February 2011. Approximately a 3% increase...compound that with a 17% decrease in inventory! There are pockets in Naples where neighborhoods have seen a more substantial increase in sales then 3%. Those homes and condos listed at or above $1 million had 80 listings pend in 2010 and 81 of the 1,221 in 2011 were listed over $1 million. In 2010 February saw 988 residences listed under $500,000. go under contract in Naples, while last month the pending sales of listings priced below $500,000 were 1,038. Approximately a 5% increase.
• Closed Sales were almost identical in Naples MLS: In February 2010, 570 residential listings closed. In February 2011 there were 571 closings. 31 of the 570 in 2010 were listed at or above $1 million. February 2011 40 luxury properties closed, including a home in Port Royal which was listed at $13,900,000 and closed for $10,500,000. Luxury home closings represented 7% of the closings in February. In February 2010 there were 482 closings listed below $500,000 vs. 469 that closed in February 2011. The lower price range is driving the market.

Presently there are 8,015 Active Residential Listings in Naples MLS. 1,364 are Previews Properties: those listed at or above $1 million, which represents 17% of the market. 5,194 are listed at or below $500,000.

If you would like a market analysis of a specific neighborhood, please call a member of The Harris-Peppe Team today. 239.370.0574 Of course, this is a broad brush of the overall real estate market in Naples Florida and does not reflect the statistics of unique communities within Naples. It is always our pleasure to do a more in depth study of a particular area whether you are considering buying or selling, and it is always a no-obligation service.

Thank you, and make it a GREAT day,

The Naples Real Estate Blogger

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

What a Difference a Day Makes

The difference between September 30th and October 1st is this: One day it still feels like summer, the next day you're trying to decide at whose house will you be eating Chistmas dinner...The pumpkin decorations have been out at the stores for weeks, but I was still able to avoid that "the holidays are upon us" feeling....Until today! Turning the calendar page over, and having it read "OCTOBER" does it to me every year....the end of the year is near...I've already volunteered to be on the office holiday party committee...I will be taking my grandkids to Party World tomorrow so that they can pick out their Halloween costumes...I purchased my Thanksgiving cards today, and should have them addressed by Monday--at which time I will begin writing my Christmas card list...Our end-of-the-year business gifts have been ordered, weeks ago, so that I can get them out in November and avoid the December rush! My husband, Sam, my friends and family, all know how [for lack of a better word] organized  I am...some may call it something else...It's OK, I've been called worse things...

Anyway, for those of you who share this characteristic with me, why not plan ahead for the coming season, and check out these two wonderful listings in Glen Eagle Country Club. Naples Florida hasn't been this affordable in years! Click HERE and HERE to view the virtual tours of these wonderful, affordable condos located just minutes to downtown Naples...the beaches, the world class shopping, the gourmet restaurants, fabulous galleries and live theater, all only a few miles away! Under $200,000 never looked so good!

For additional information about these two condos, or other properties for sale in Naples golf course communities, please call The Harris Peppe Team today! 239.370.0574

Thank you, and make it a great October!!

The Naples Real Estate Blogger

Naples Waterfront Real Estate Information

Currently, if a buyer asked me to find them a newer home (built 2007 or later), on the water in Naples with direct gulf access; there are presently only 16 to choose from in *MLS. These homes list from $2,195,000: a 2-story Bermuda-style 4 bedroom boasting over 4,300 square feet of living area (that's about $500. per sq ft.) with a beautiful pool, spa, waterfall, outside fireplace, summer kitchen, elevator, built-in electronics, wine cellar, top of the line appliances, etc etc...you get the picture--to a furnished residence on a southern exposure homesite in prestigious Port Royal with an asking price of $ 14 million! *The average list price per square foot of these homes built 2007 or newer is $585. per sq ft.

Of the 16 direct access homes for sale in this category, only 5 are listed under $3 million. All five are in the Royal Harbor Area (NA 08).

One of the "best buys" is a lovely southern exposure 4 BR + den, 4 1/2 bath residence featuring a luxurious Master suite and bath, a negative edge pool with spa and cascading spillover, a 50' boat dock with 20K lb. lift, and a second floor 'sunset' room where you are treated to views of the gorgeous sunsets over Naples Bay each night! This home is aggressively priced at $2,399,000. ~Click HERE for a virtual tour of this amazing waterfront home.

For information about the waterfront opportunities here in Naples Florida please call us today at 239.370.0574 or log onto our Previews website at www.NaplesPreviews.com

Questions About the Home Buyers Tax Credit

Here is an article that was published yesterday by RISMEDIA which answers the 'Top 4 Questions Home Buyers have about the Tax Credit'. Click HERE for link. For additional information, the Federal Housing Tax Credit Website can be accessed by clicking here HERE. As always, thank you for stopping by and taking the time to read our Naples Real Estate blog. We hope you will call us when you are ready to list or sell in Naples Florida. 239-370-0574

Real Estate Predictions

I thought this was interesting enough to share....384 real estate markets across the United States are being tracked by CNNmoney.com. Check out the predictions for your city/area by clicking on this LINK. For detailed information about Naples Real Estate please call me or my partner, Chip Harris today! 239-370-0574 Thanks and make it a great day!

Say Hello to a Good-Buy!

This is one of the best buys in Naples Florida, priced below $300,000. It is NOT a short sale or a bank owned property...It is just a well priced listing with a motivated seller looking for offers! Beautifully appointed and easy to show...Call today to see this lovely 3 bedroom coach home situated on a lake in a wonderful gated community with resort amenities. Click HERE for details! September is typically a slow month for real estate sales in SW Florida...why not come on down now and beat the rush! Interest rates are still at record lows, inventory in the 'under $300,000' price range is evaporating. Call The Harris-Peppe Team today for a list of all our Super September buys!

Inventory Down. Sales Up!

It's the first day of a new month and a new quarter. We completed our month-end reports yesterday and we are also carefully reviewing the year-to date statistics in each of the markets that we are most active. We found a few interesting conclusions based on data from our local MLS that I thought I would share. Keep in mind, these findings are inclusive of all geographic areas in Naples. Certain market segments are holding there own better than others, and indeed, certain areas are quite active and showing strong signs of leveling off. More than just a few local real estate gurus are predicting we may be at or near the bottom.

• Residential Sold Listings peaked in June of 2005 with three subsequent spikes in the next 3 years in March 2006, May 2007 and May 2008. The most recent peak in May 2009 marks the first time since September 2005 that closings in the Naples MLS exceeded 700 units!

• Residential Pending Sales By Month, which is typically the best barometer for determining what is happening "now" shows a marked improvement when tracking pendings June 2005 through to the present. The average number of pending per month over the past four years has been 475, but in April and May of this year we exceeded 1000 each month!

• Residential Median Sold Price Per Month indicates the "middle" (half sold above this price, half sold below) from June 2005 to May 2009 at $352,006. However, if all listings priced at $300,000 or less are taken out of this equation, the Residential Median Sold Price By Month dramatically becomes $515,718. (keep in mind, 4 years ago you'd have been hard pressed to find any listings priced under $300,000 in Naples Florida. Today approximately 40% of our inventory is listed under $300,000).

• When duplicating this same search, but only going back 12 months to June 2008 another interesting result occurs. The Residential Median Sold Price By Month hit a low of $175,000 last month. However, once again when we eliminate all closed sales of listings priced below $300,000 from the search criteria the median price for this date range is back up to $517,371.

• Currently, Naples MLS inventory is down to under 9,000 Residential Active Listings. Just one year ago, in June 2008, we had a 33.76 month supply in inventory. But, when we take our current inventory and chart it with the current 12 month trend of pendings and closings we calculate that as of June 30th, 2009, we have a 20.79 supply in months of Active Residential Listings.

There is a strong demand for well priced listings; today's buyers are looking for value. Interest rates have remained stable. ~and We feel very lucky to be selling real estate in Naples Florida. Chip & I have had a good 1st and 2nd quarter. Year-do -date pendings and closed sales exceed 2008.

Please don't hesitate to contact us should you have any comments or questions concerning the current state of the real estate market here in Naples Florida. The Harris Peppe Team is happy to provide you with details about any specific communities or condominiums. We hope to hear from you soon and look forward to earning your business. Please call us anytime at 239-370-0574 direct. Thank you...have a super month!

Naples Real Estate Statistics

At this morning's weekly sales meeting, at the Coldwell Banker Fifth Avenue Previews office, our broker shared with us the following statistics from the Naples area MLS: May 2008 vs. May 2009

• The number of pendings of residential listings priced under $300,000 is up 193%. The median price in this same price range is down -39%.
• Pendings of residential listings in the $300,001-$500,000 are up 9%, and the median price is only down -1%.
• One of the most dramatic changes is in the $500,001-$1 million list price range where prices are up 1%, but the number of listings pending is up 24%.
• Listings priced over $1 million dollars saw a 13% increase in the number of properties going under contract last month and the median price was down a mere -3%.

The median sales price of closed sales comparing May 2008 to May 2009 changed from $314,000 to $174,000. But, when you take the closed sales with list prices at or under $300,000 out of the equation the median closed sale price changed from $557,000 to $550,000.

Months of Inventory has been on the decline since February 2008. In May 2008, the Naples inventory had a 35.36 month supply. In May 2009, that supply decreased to 23.15. Inventory is down--Sales are up--interest rates are stable--NOW is a great time to buy!

Call us today for a more detailed analysis of your neighborhood, or of any community or condominium that you might be interested in. The Harris-Peppe Team is looking forward to hearing from you and hoping to earn your business. 239-370-0574

Harris-Peppe Team Earns Distinction

Our broker read a letter this morning at our office's weekly sales meeting announcing that we, The Harris-Peppe Team, earned the distinction of being named in NRT's Top 100 agents for the 1st quarter of 2009 for the nation! The letter was directly from Bruce G. Zipf, President & CEO of NRT LLC, headquartered in Parsippany New Jersey. His letter went on to say, "Your achievement is even more impressive given your high-level of production during what many now feel was the most challenging quarter in our professional lifetime." It went on to say the performance of our team last quarter was "exceptional"! In addition, NRT was recognized once again this spring by Real Estate magazine as the "strongest Power Broker in the nation". NRT LLC is the nation's largest residential brokerage firm which operates under the banners of Coldwell Banker, Coldwell Banker Commercial, ERA, Sotheby's International Realty and The Corcoran Group. It is a subsidiary of Realogy Corporation and has over 52,000 real estate agents nationwide. Chip & I are so proud of this honor. We are dedicated to creating exceptional real estate experiences for our customers, especially in this current economic climate. Of course we share this distinction with our two daughters, Krista and Meagan, and our marketing coordinator, Sam Wells. Together the five of us look forward to earning your future business while continuing the level of service you have grown to expect from our team. Please call us with any of your Naples Real Estate questions or concerns. 239-370-0574 Thank you, and make it a great day!

Naples Real Estate Information

Here are a few interesting things to report which were discussed this morning at the office weekly sales meeting:

• The best news of all, our office was up over 82% in sales pending in the first quarter of 2009 as compared to the first quarter of 2008!
• The average list price in our office was up 5.8%
• Currently there are 10,405 Active residential listings in Naples per the MLS. Of those 1,586 are potential short sales and 339 have been foreclosed. [These figures do not reflect the entire inventory of homes in Naples that are either in foreclosure proceedings or in a short sale position.] These are only taking into account the homes or condos listed for sale in our MLS.
• At this time last year, the MLS inventory was approximately 12,000 residential listings. 12% were either short sales or foreclosed homes or condos as compared to 18% currently.
• 80% of the residential listings in MLS that are either potential short sales or foreclosure properties are listed at or below $300,000.

For additional information about current real estate trends in Naples Florida, or in specific communities and neighborhoods in Collier County, please call the Harris-Peppe Team today at: 239-370-0574.

Thank you and have a great day!

Data has been obtained from the SunshineMLS system and is deemed accurate and reliable but not guaranteed.

Mortgage Rate Update

I just received an email from our mortgage rep outlining the following update: Last week, in just two days, the 10 year yield jumped a total of 31 basis points, mortgage rates were up 20 basis points. Market volatility is at extreme levels as uncertainty over the stimulus package, whether taking bad assets of the books of banks will actually work to open credit markets, investors moving more towards high grade corporates as the Feds want inflation back to target levels of +2.0%. They are now at (negative) -0.48%. The budget deficit is now projected to surpass $2 Trillion this year....and the Feds unsettled the markets further by talking of buying treasuries to keep interest rates low! The enormity of all of this is difficult for the average consumer to even begin to comprehend, but one thing is certain...the people I am talking to don't want a stimulus package passed with a lot of "pork" which will damage the economy even more. It is ALL interconnected, which was obvious with last week's fluctuations of mortgage rates. Who agrees that freeing up the credit markets will help stimulate the economy? The good news is: Sunbelt Lending IS making loans and rates are still the lowest they have been in years! ...and although the market is volatile, if you are waiting for them to go lower...it may not happen any time soon. Currently we can offer a 30 year fixed rate conforming loan at 5.25%. Jumbo 30 year loans are at 7.25%. The 15 year fixed rate is at 5.5%. Perhaps the best Jumbo program is a 5/1 ARM at 5.75%. Please call Kelly Rebimbas if you have any questions or comments. Her direct number is 239-273-5239. *Rates are subject to change due to market fluctuations and borrower's eligibility.