Ready or Not, Here "I" Come!

I can't believe we are more than half-way through September. Where has this year gone? And, it's not just me...everyone I talk to is saying the same thing. Honestly, today's newspaper fliers were filled with ads for Halloween decorations and winter clothes! You know what that means, don't you? We need to start asking ourselves, "Where are we having this year's office Holiday Party?" That, among the many other questions that we haven't had to ask ourselves in awhile...think about it...what questions do you have running around in your head?

We have already begun to see the arrival of the car transporters...much earlier than usual I might add. Who can blame them, check out the map to see today's highs in all of our feeder markets...yupper, there's already frost on the pumpkins in many areas! Typically we don't see the 18 wheelers with their cargo of automobiles rolling into town until mid-October. These cars, with their Michigan, Indiana and Jersey plates [to name a few] will soon be crowding our roadways, making illegal u-turns, honking their horns and running red lights. Now, don't get me wrong...I love our loyal snowbirds-- With the crowds come mostly good things. This is when we prosper. This is when all the service industries in Southwest Florida thrive. We look forward to the return of the snowbirds [just not their driving habits]. It is a good thing that they come back to this beautiful place someone named Naples long ago...It is a good thing that it gets so darn cold up there so that we can sell some of them pretty houses and condos in paradise!

So, ready or not, here comes "season"! Please be extra careful on the roads everyone...and please let us know if we can help you or someone you know find a winter home or condo in Naples!

Thanks, and make it a great day,

The Naples Real Estate Blogger

Select Vendor of the Week

"If you are really thankful, what do you do? You share."

~W.Clement Stone

As many of you already know, Naples is a very service oriented community. From lawn care to pool care...cleaning services, professional shoppers, home watch services...you name it. An exclusive area like Naples simply lends itself to creating entrepreneurial opportunities for those willing to take care of the needs of others, and do a good job! Each week we are trying to share with you some of the good experiences we have had over the years with service providers in our area. This week are are very pleased to announce that Premier Polishing is our Naples Select Vendor of the week!

Premier Polishing is a small, family operated company that caters to a clientele that demands perfection. Chip and I highly recommend them. They have taken care of the detailing of our boats and cars for many years. Owner, Nathan Moran is a true professional...a great young man that always delivers the utmost in customer satisfaction. He uses a combination of products that creates a high gloss finish that protects and lasts longer in the hot Florida sun than anything else in the industry today. He is also a master at restoring faded finishes. Whether it is an automobile, boat or yacht, RV or aircraft, Nathan is the one to call to keep your vehicles looking as exquisite as they should! Just today his crew came right to our office and detailed both mine and Chip's cars...how convenient! And, we won't have to have them waxed again for a year! His prices are competitive, but I think you'll agree-once you hire Nathan and his team, you will make his service part of your annual maintenance. Call Nathan today at 239.404.5174.

For a complete list of The Naples Real Estate select vendors, please call us...we'd be happy to share! 239.370.0574

Thank you, and make it a great day!

The Naples Real Estate Blogger

A Reflection of Supply and Demand

The Coldwell Banker Residential Real Estate offices in Naples and Bonita Springs Florida recently had the honor of having Cindy Carroll as a guest speaker at their joint monthly business meeting. Cindy is a State-Certified Residential Real Estate Appraiser who I happen to go back with to the days when we were both picking up our kids at the same day care. In other words, she's been around the block a time or two, and her knowledge of the market is unsurpassed. Cindy shared with us some market statistics, some of which I found to be absolutely stunning. As a point of clarification, the dates noted, being referred to as the "date of survey" indicate closed sales in the 12 months prior to the survey date.

Here are a few examples of a reflection of supply and demand in the Naples Residential Real Estate from Carroll and Carroll:

• Aqualane Shores: Peaked at years supply in April 2007 with 3.63 years. Had only 7 closed sales the 12 months prior to July 2009, and presently has 43 active listings, 21 closed sales from May 2010-May 2011, and a current absorption rate of 2.05 years.
• Olde Naples/Single Family Homes: Peaked at 3.2 years supply in December 2008, presently has 77 active listings, down from the peak of 116 in April 2007. Today's absorption rate is just under 1 year.
• Olde Naples/Condominiums: Inventory peaked in April 2007 with a 4.6 years supply. As a comparison, There were 74 active listings in February 2005 and 172 closed sales in the 12 months prior to that date. Currently there is a 1.48 year supply.
• Port Royal: As far back as the survey was taken Port Royal has maintained approximately a 2 year supply. Absorption rate was 2.7 in June 2003, it was 2.35 in October 2008, 2.21 in April 2010, and currently with 61 active listings the years supply is 1.49 with 41 closed sales in the past 12 months.
• Royal Harbor: One of the most astonishing statistics comes to us from the Royal Harbor area. In April 2007 the years supply was 9.6 years! With 48 active listings at that time and only 5 closed sales in the 12 months prior to that date. Closed sales in Royal Harbor peaked in 2004 with 44 closings. Currently there are 38 actives, 27 closed sales in the past 12 months, and a 1.41 years supply-An amazing recovery!
• Moorings, Park Shore & Coquina Sands/Single Family Homes: The years supply in this area peaked in April 2007 at 3.7 and currently has one of the healthiest absorption rates at 1.07 years supply, 115 active listings, 34 pending, and 107 closed in the past 12 months!
• Moorings, Park Shore & Coquina Sands/Condominiums: Similar to the single family homes west of 41, the condos currently have a 1.29 years supply, and peaked in April 2007 with approximately a 2 1/2 year supply.
• NA 15: This is the area between 41 and Goodlette Road. Single family homes available was at a shortage in November 2010! Currently there is a .56 year supply, with only 39 active listings and 70 closed sales in the past 12 months. Three years ago this zone peaked at 3.5 years supply.
• Several other areas have seen shortages and a balances between supply and demand, they are: Golden Gate City currently at .28 years supply, Lakewood at .57 years supply, Naples Manor at .20 year supply, and Golden Gate Estates which had a shortage of inventory in November 2010.

Cindy shared several other communities with us, and I have information about Pelican Landing, Pelican Bay, Bonita Bay, The Vineyards, Quail Creek & Quail West, Pine Ridge and the Vanderbilt Beach areas. If you would like details about a neighborhood not mentioned in this blog post, please call The Harris Peppe Team today. 239.370.0574 We would be happy to do a no-obligation evaluation of either an area where you are thinking of investing or a home that you presently own.

Thank you, and make it a GREAT day!

The Naples Real Estate Blogger

It's Hurrican Season~Be Prepared!

Today is June 1st, which officially marks the first day of the 2011 hurricane season. This will run for six months, ending on November 30th. Here are a few facts, as well as a few 'links' to informative websites that I'd like to share with you!

Did you know that for hundreds of years hurricanes in the West Indies were named after the particular saint's day on which the storm made landfall? Using a woman's name became customary after a novel called "Storm" was written in 1941 by author George R. Stewart. In 1951 the United States adopted the plan to name the storms after the phonetic alphabet...Able, Baker, Charlie...But, then in 1953 the weather service returned to using only female names. This ended in 1978, when some believe was due in part to the feminist movement, when names from both genders were used to designate storms in the pacific. One year later, male and female names were included for the Atlantic Ocean storms, too. It has remained that was ever since. Once a system with a counterclockwise rotation is identified and a sustained wind of 39 mph is measured, the storm is named. A list of this year's names, as well as other good information for storm preparedness can be found on The National Hurricane Center's Website.

I am also including a link to Collier County's Emergency Management website for those of you reading this in the Naples area. This site offers important suggestions such as having a family plan, among other things. Keep in mind, this post was not written to alarm you. Hurricanes are a fact of nature. Consider this: We are notified days in advance of an upcoming storm. We are very fortunate to live in paradise...I just want you to be prepared!

If you would like additional information about how to best prepare your Naples home or condo for this storm season, by receiving a free Hurricane Preparedness brochure emailed to you directly, please contact The Harris Peppe Team by email at : harris-peppe@naplesrealestate.com

Thank you, and make it a great day!

The Naples Real Estate Blogger

Retirement?

What makes a person decide to retire?

This week a dear friend of mine at the office, a lady about 80, decided to retire....I remember when I met Pat for the first time when I joined Coldwell Banker back in 1986...She was then, about the same age that I am now...Where did those 25 years go? And am I still going to be doing this 25 years from now?

I watched the Oprah finale yesterday--I can't believe Oprah has been on TV for 25 years...This morning I decided to stay home and watch it again. Here in the quiet of my peaceful home, it was like listening to a great sermon...the kind of sermon that you could sit through for hours, that moves you to tears, and makes you feel the holy spirit...and like so many times over the years, Oprah was talking right to me...straight to my heart...my soul soaked up her words...and i began to think about who I am, what I do, and what is my calling...Over the years I've grown along with Oprah--and as many of you know, I could rival her many hairstyles and poor fashion statements...She and I share similar philosophies about life, and love, and God...and she has caused me more times of inner reflection than most of the people in my life that I've known intimately.

Today I needed to hear her message--her simple explanation of 'a calling' prompted me to write this blog post rather than to simply record my feelings in my journal...

There are times, after selling real estate for 30+ years that I ask myself, "Is this my true calling?" At times I wonder, 'is this industry changing so quickly that I cannot continue to keep up with the technology, the marketing, the consumer expectations?'...It is especially at this time of year, after a busy season, when I look back at both our successes and our failures of the past 150 days; the long hours, the seminars & classes, the committee meetings, the ad proofs, the open houses, the paperwork, the deadlines, the leaky roofs, the mold reports, the interruptions at the office, or the contracts that fall apart...yes, this is when i am a bit weary...this is when I ask myself, 'is this my calling?' ~and then all of a sudden, someone like Pat says her good-byes, and 25 years of memories come crashing through...and it is so funny that you don't remember the names of the inspectors that gave you trouble, or which house had termites and which mortgage didn't get approved...In this moment I reminisce about the fun we've had, the holiday parties, the real estate conventions...OK, here it comes, my 'Aha moment': I think about the lives I've touched...the people I've met...the relationships I've made and kept...My calling? Yes, this is my calling...I don't sell bricks and mortar, I help families find homes...I make a difference in people's lives...just like Oprah, just not on as great a scale...

So, what makes a person decide to retire? For each of us it is, or will be a different answer...For some it is the magic number of an age, or the number of years you've been with a company...for some it is the fast pace of an industry changing more quickly than they can keep up with, for others it is the desire to give back...the time to volunteer and serve in a different capacity, for some it is the idea of taking life easy and traveling, and for others still a need to care for a spouse, or to move closer to children...All I know is this: As long as I still feel like I am making a difference in people's lives, I will sell real estate. As long as people like Pat, (not just the Oprahs of the world) touch my heart, I will know that I am indeed, living my calling.

Thanks, and make it a great day,

The Naples Real Estate Blogger

Naples Ranks High On "Most Relaxing Beaches" List

A recent article in U.S. News Travel magazine ranked Naples Florida beaches as the #5 "Most Relaxing Beach" in the United States and the Caribbean. [although I am a bit perplexed as to how Corfu made the list at #6 since I believe it is in Greece, yes?] Anyway, Naples beaches are pretty spectacular. When customers tell me that they are first time visitors to Naples, but follow that comment with: 'I really don't like Florida, but have heard so much about Naples that I wanted to check it out', I tell them: "Naples is unlike any other coastal town in Florida!" Whereas many other Florida beaches are lined with hotels & motels, bars & restaurants, and neon signs leading you into souvenir & T-shirt shops...our beaches are predominantly lined with quiet residential neighborhoods, including the entire beach front south of Coquina Sands comprising of only family homes, mostly mansions, along the gulf. Each avenue ends at the beach with public beach accesses. The multiple entrances guarantee less crowded beaches, even during our peak season there is plenty of room for everyone to spread out. You can walk south for nearly five miles from Golf Drive, past the historic 1000' Naples Fishing Pier, all the way to Gordon Pass without seeing a highrise. The beaches are wide, the sand is soft & pristine white...Very few 'Spring-breakers' come to Naples because it doesn't have the same draw as, let's say, a Ft. Lauderdale or a Clearwater Beach...Not a lot of loud music or frisbee throwing going on here.

I think "relaxing" best describes our beautiful beaches...hope to see you getting a little bit of Naples' sand between your toes soon!

Call us to get information on Naples Real Estate beach properties today! 239.370.0574

Thank you and make it a great day!

The Naples Real Estate Blogger

Zillow Estimates of Value in Naples Florida

More than once in the past few weeks I have had the same conversation with a potential customer having to do with the accuracy of the "Zestimates" on Zillow.com

I just hung up after trying to substantiate an asking price of a home listed on Zillow and decided to view those listings which I know for a fact are priced very well, just to see what value Zillow has put on them. In all cases, [and I checked over a dozen addresses], the zestimate was well below the listed price. In one case the list price for a home directly on Naples Bay was 'zestimated' at over a million dollars below the list price. I think, as an agent, we need to inform the public as to the reason why this happens so often on Zillow. Here's my attempt to clarify:

Let's take the example of a home listed in an estate area within a subdivision. Estate area being considered as one of the premium lots and larger, luxury homes. Also within this particular gated community there are garden apartments, villas and single family homes on zero-lot lines as well as the "estate-size" lots. A diverse selection in price and architecture. Zillow determines value based on the closed sales which have occurred recently in the geographic area closest to the subject property. If the subject property is listed at $1 million dollars, and 2 of the 10 most recent closed sales were also in the estate area of this community, but the other 8 closed sales were in either the villas or the homes on smaller lots, then the value will be based on non-comparable properties because zillow uses all the sales, not just the 2 that were most comparable!

I hope this makes a little bit of sense. In the end, buyers need to work with licensed, professional real estate agents so that they do not overpay for a home and condo--And seller's need to work with agents prepared to determine value by doing a Competitive Analysis based on the best comparables available in any given market.

Please call us personally if you have any further questions or comments. 239.370.0574

Thank you, and make it a GREAT day!

The Naples Real Estate Blogger

To Buy Or Not To Buy?

To buy or not to buy? That is the question.

For the past two days I've been fielding a deluge of calls and emails from my clients and customers concerning the recent article published by CNNMoney. Let me try to clarify...Staff writer Les Christie reports that nearly 20% of Florida homes are vacant. He mentions clearly in the second sentence of his article that he got his information from the United States Census Bureau. He continues on to purport that Collier County is the worst-hit with a "whopping 32% of homes empty".

First of all, these statistics, as previously mentioned, were derived from figures given to Mr. Christie by the Census Bureau. I wonder if he is aware that when the census was taken last year, the "snowbirds" who reside up north, but who also have a 2nd (and sometimes even a 3rd or 4th) residence in Naples, had their properties listed as VACANT in Collier County: because they were UP NORTH! I wonder if the two rental properties I own in Collier County, which were BOTH vacant at the time of the census, were also used in his reporting. Probably. That would make 66.66% of the homes I own in Collier County "vacant", even though they are clearly seasonal rental investment properties. People buy vacation homes in Naples Florida! Many do not live here year round. There are certainly other counties in Florida [there are a total of 67 counties by the way] which have a higher percentage of year round residences. This is a distortion of what is true, and very damaging to the recovery that we are experiencing here in Naples right now.

Secondly, let's remember why most people buy in Naples Florida. They are looking for a haven to escape the cold. They are looking for a lifestyle that supports the years they planned to spend their retirement in a healthy, beautiful place. They are looking for outdoor activities such as a pristine beach and nearly 100 golf courses...boating, fishing, great restaurants, world class arts and entertainment...They are looking for a wonderful, safe place for their friends, their children and grandchildren to come and visit. They are looking for a sense of community, good hospitals, good schools...a place to raise children where they can play outside 12 months of the year. They are looking for an abundance of houses of worship, a convenient airport, several excellent colleges and universities. They are willing to look at real estate, and determine the value of all of these things in spite of some ill informed reporter trying to make my job more difficult!

I'll tell you what Mr. Christie, you just stay right where you are until the late 2030's, which is when you report Celia Chen thinks Naples will "come back"--and I'll just keep showing homes in amazingly beautiful Naples Florida. There are those who want to own a little piece of paradise regardless of whether we have hit the bottom already, or whether we will hit it next year. I believe that some things are more important...There is an intrinsic value in the quality of life to which you cannot put a price tag.

Thank you for letting me vent.

The Naples Real Estate Blogger

The Green Silk Robe

Over 20 years ago I sold a home in Naples to a wonderful couple...Joy was a teacher....we clicked immediately. We've stayed in touch over the years...Sometimes nothing more than just a few of my 'staying in touch' marketing postcards, the annual Christmas card or an occasional personal note to let her know I was thinking of her. When we did have an opportunity to reconnect, it was always like no time had gone by since our last encounter. I've sold over 1,000 homes in the past 30 years...to a lot of wonderful couples, but Joy and her husband's purchase was one that always stands out in my mind--it was such an enjoyable transaction! One of the most delightful aspects of the sale was meeting "Dottie", Joy's mom, who already lived in a condo in Naples. Keep in mind, this was over 20 years ago, and so to this real estate gal who was in her mid-30's at the time, and who has never been one to even try to guess a woman's age, I simply suspected Dottie was at least old enough to collect social security. She was deeply caring and so happy to be involved in the process--She wanted to see the homes Joy & her husband had narrowed down to, and be part of the excitement that her daughter & son-in-law were experiencing buying their first Naples home! She was even at the closing!

Recently Joy called me--we had not spoken in years. She left a sweet message, but before I returned the call I did something I don't think I've ever done before--I search the local paper's obituaries...It was there that I found what I sadly suspected was the reason for Joy's phone call, her beautiful mom had passed away. Joy wanted me to know that her mom had told her a long time ago, "someday when something happens to me I don't want anyone else but Michele to sell my condo." Later that week I met Joy at her mom's home--she had already gone through much of Dottie's things...Together we walked through the bright and cheerful apartment, and I could just feel Dottie's spirit. I made a few suggestions on what needed to be done before we put it on the market, and I told her not to worry, I would get back in there myself and have the place staged...A few more things ended up in boxes, some knick-knacks, books, and some clothes that were headed to the local shelter...Almost all the personal things save this one lovely green silk robe hanging in the closet. It didn't look like it had ever been worn--Joy confirmed that it hadn't and when she saw how I admired it, she asked me if I wanted it. She and her husband had bought it for Dottie--guess she felt it wasn't practical--made me remember when my grandma died and all the pretty robes and pajamas that my mom had given her over the years were still wrapped in tissue paper. "Of course I'll take it, are you sure? Oh my God Joy, it's beautiful!"

Well, yesterday was the closing. Some really nice people bought Dottie's little condo, which made us feel very good. It rained like crazy yesterday...Joy and I held back tears at the closing thinking that the rain drops were Dottie's happy tears...It was really awesome to tell the closing agent how far back we all go and how I came to get this listing...and I came away from that closing with an incredible feeling of contentment. It is good to be reminded sometimes that what we do each day has nothing at all to do with contracts or closings...It's about people who touch your heart...it's about a green silk robe, which by the way, I love to wear...Thank you Dottie!

Thank you,

The Naples Real Estate Blogger

1031 Exchanges

Today I attended a seminar on 1031 exchanges. I've been selling for over 27 years, and I have done my fair share of exchanges, but I went to the class anyway just to see if I could pick up any *new info to share with my customers. The class was given by a gentleman named Marshall Beene who is an exchange account coordinator with U.S. National 1031 Exchange. An investor in real estate understands how important it is to preserve wealth and assets. The investor is fortunate to have this tax code which gives them the ability to defer taxes on their gain and rollover equity of "like kind" properties. Thus, the investor continues to build wealth through real estate investments and maintains the hard earned equity. First of all, let me define what an IRC 1031 Tax deferred Exchange is: A 1031 Exchange is a transaction which specifies if an asset (a form of real estate such as land or a commercial building) is sold and the proceeds of the sale are then reinvested in an asset of a similar kind, therefore no capital gain or loss is recognized, allowing the deferment of capital gains taxes that would otherwise been due on the first sale. The actual law is Title 26, section 1031 of the Internal Revenue Code. All clients should refer to their CPA for tax or legal advice, but if you have basic questions about what an IRC 1031 Tax Deferred Exchange is we welcome your call. Many of these questions can also be answered by logging onto http://www.usnational1031.com/ Okay, now for the *new info...I thought this was interesting...If you, an investor, purchased a property for $200,000. and the current market value is $500,000...BUT, if you have taken equity out of the property over your time of ownership, you will still owe capital gains on the estimated $300,000 difference--known as gain (less added improvements, less depreciation, less selling expenses,etc...I'm just trying to keep the example simple) even if your current mortgage debt is $400,000 or more...The tax due on the sale is based on the estimated gain on the sale regardless of whether you have refinanced or gotten equity out of the property. In this instance, it would be better to consider a 1031 exchange and "roll" the sale into another like kind property of equal or greater value and continue to build wealth rather than get "stuck" owing taxes on a property you now have little or no equity in. Again, I always recommend you call your CPA, but I thought that in today's market there might be a few investors out there in similar situations that might find this info helpful. If you own an investment property here in Naples Florida and want more info about the 1031 exchange and how it could benefit you, please call The Harris-Peppe Team today. 239.370.0574

Thank you, and make it a great day,

The Naples Real Estate Blogger

Florida Homestead Information

Florida Homestead

Every person who owns a dwelling in the state of Florida and who resides in that dwelling and in good faith makes it their permanent residence is eligible for homestead exemption. Once exemption is granted, a reduction of $50,000. is deducted from the assessed value of the dwelling. To qualify you must be a permanent resident of Florida as of January 1st in the year you apply. You must have legal and equitable title to the property and reside in the property as your primary residence as of January 1st. The law does not allow new homestead applications to be filed prior to January 1st of the year the exemption is effected. However, property owners who are not eligible for the current year, but who will be eligible for the following year, may pre-file for the exemption any time after March 1st. New applications for the current year must be made in person prior to March 1st. This is done at the Property Appraiser's office or at any office designated by the Property Appraiser. Only one Homestead Exemption is allowed per "family unit". If you are applying for this exemption you would not be entitled to receive it if you or your spouse are receiving residency-based exemptions in another state. The following items are required as proof of legal residence:

1. Evidence of ownership (deed, tax receipt, etc.)
2. Social security numbers of all owners
3. Voter Registration (if you vote) dated prior to January 1st
4. Florida Driver's license dated prior to January 1st
5. Florida Vehicle Registration dated prior to January 1st
6. If not a U.S. citizen, a resident alien "green" card
7. If your property is held in a trust, a complete copy of the trust agreement
8. If your property is a mobile home, the real property decal number and copy of the registration or title to the mobile home.

For more information about homestead log onto the Collier County Appraiser's website at: http://www.collierappraiser.com/MainHomestead.asp

or call a member of The Harris-Peppe Team today at 239-370-0574

Thank you, and make it a great day,

The Naples Real Estate Blogger