U.S. home sales beat forecast, rise 9.4 percent in September

WASHINGTON — Home resales rose in September to the highest level in more than two years, beating expectations, as buyers scrambled to complete their purchases before a tax credit for first-time owners expires.

The National Association of Realtors said Friday that sales rose 9.4 percent to a seasonally adjusted annual rate of 5.57 million in September, from a downwardly revised pace of 5.1 million in August. Sales had been expected to rise to an annual pace of 5.35 million, according to economists surveyed by Thomson Reuters.

The median sales price was $174,900, down 8.5 percent from a year earlier, and slightly lower than August's median of $177,300.

"There's a mini-boom going on in the housing market," said Thomas Popik, who conducts a monthly survey of real estate agents for Campbell Communications, a research firm.

The inventory of unsold homes on the market fell about 7 percent to 3.63 million. That's a 7.8 month supply at the current sales pace, and the lowest level since March 2007. Nationwide sales are up nearly 24 percent from their bottom in January, but are still down 23 percent from four years ago.

Sales rose around the country, especially in the West, where they grew 13 percent from a month earlier. Foreclosure sales are booming in cities like Los Angeles, San Diego and Las Vegas.

First-time homebuyers and investors are snapping up those homes and taking advantage of low mortgage rates. These buyers can also take advantage of a tax credit of 10 percent of the sales price, up to $8,000, if the sale is completed by the end of November.

The tax credit is so important to some buyers that they are adding a clause to their contracts, allowing them to back out if the sale doesn't close by Nov. 30.

While home sales and housing construction have risen steadily after hitting bottom earlier this year, most economists believe that the worst isn't over for home values.

Prices could see a double dip because rising unemployment is causing more foreclosures. The jobless rate, currently at 9.8 percent is expected to rise as high as 10.5 percent next year, causing more people to be unable to afford their monthly mortgage payment.

"There's more supply that's going to come into the marketplace," said Stan Humphries, chief economist at real estate Web site Zillow.com. "That additional supply will outpace demand."

With concerns about the housing market still prominent, Congress is considering several proposals to extend the tax credit for first-time buyers. Senators Johnny Isakson, R-Ga., and Christopher Dodd, D-Conn., want to extend it through June 30, and expand it to include all home buyers, at an estimated cost of $16.7 billion.

Realtors and homebuilders are pressing lawmakers to do so, arguing that the tax credit is crucial to get the housing market back on its feet.

"We are not there in terms of removing the consumer fear factor," said Lawrence Yun, the Realtors' chief economist.

One potential roadblock, however, emerged this week. There are concerns that some of the 1.5 million applications for the tax credit are fraudulent.

At a hearing on Thursday the Treasury Department's inspector general for taxes questioned the legitimacy of some 100,000 claims for the credit, potentially including some illegal immigrants and 580 people under 18. The youngest taxpayers to apply for the credit were 4 years old.
source: http://www.naplesnews.com/news/2009/oct/23/us-home-sales-beat-forecast-rise-94-percent-septem/

Shrinking Housing Inventory Favors Short-Term Recovery

There are plenty of signs that the housing market can sustain a short-term recovery, even though the sector has lost some of its momentum and will continue to feel the effects of the weak labor market.

First, the government's incentives to attract first-time homebuyers has been a success.
Second, the inventory of new homes is starting to diminish.
Third, there seems to be a healthy correction in the inventory of existing homes.
Lastly, mortgage rates are becoming very attractive.
Source: http://www.nuwireinvestor.com/articles/shrinking-housing-inventory-favors-short-term-recovery-53820.aspx

The short-term recovery looks favorable, though the US is not out of the woods yet so to speak. Other trends such as the rate of unemployment, number of foreclosures, will affect the real estate recovery and the rate of that recovery.

Real Estate Sales Increase For Three Straight Months

Real estate agents in the US are reporting another increases in residential property sales, the third monthly rise in a row, giving rise to further talk of a recovery in the beleaguered property market.
The latest figures from the National Association of Realtors show that overall sales transactions increased 3.6% in June, just slightly below the year-ago level and at a quicker rate than expected. But house prices were still down 15.4% on a year ago. The average sale price now stands at $181,000.
But the figures are injecting hope into the troubled real estate market. ‘This is another hopeful sign. The housing market is healing,’ said Lawrence Yun, the association’s chief economist. ‘The increase in existing home sales occurred in all major regions of the country,’ he added. source: nuwireinvestor.com
Three straight months of increase of sales. This is one sure sign that not only has the market reached the bottom, but recovery is on its way for the US real estate market and the worst may be behind us. View Naples Beachfront Homes for Sale

Naples & Bonita Springs Area - Pending & Closed Sales Trends

As each graph shows, pending and closed sales have been on the rise for both Naples & Bonita Springs Areas.

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Residential Real Estate Is Starting To Bounce Back

Economic growth in the second half of the year is expected to come in “substantially” above previous consensus, according to economic commentary this week from Bank of America/Merril Lynch analysts.

Lori Helwing, an economist at BofA/Merrill Lynch, says the analysts there now expect a 2.1% slip in real gross domestic product (GDP) in 2009, 30 bps improved from the old -2.4% estimate. The US economics team also expects 2.6% growth in real GDP in 2010, up significantly from the old 1.8% estimate.

The revised projections come as the analysts see residential investment starting to bounce back.

Residential investment is now projected to decline 20.1% for all of 2009, nearly two full percentage points improved from the old -22% estimate. Residential investment is seen to grow 4.5% in 2010, a vast improvement over the 4% decline previously projected.

“We are now tracking positive sequential growth in 3Q after 3-1/2 years of declines and a 53% correction from the peak is set to add to growth over the second half” of 2009, Helwing says. “This stabilization in homebuilding and slightly positive home sales could continue going forward.” Source: nuwireinvestor.com

Estimates by analyists are now being revised from previous doom and gloom to a slighly more positive outlook. The real estate market is slowly starting to recover, because of this estimates of home prices will be impacted. Signs in Naples are pointing to the bounce back of the real estate market
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Makeovers of condominiums along Vanderbilt Beach inspire sales

Sales of condominium property throughout the area spiked in the past quarter compared to first quarter 2008 activity, according to statistics released by the Naples Area Board of Realtors (NABOR). Along Vanderbilt Beach, part of the good news is the result of a proactive effort to spruce up buildings and residences up and down Gulf Shore Drive.

Vanderbilt Beach, a 1.3-mile stretch of land between the Ritz-Carlton, Naples and Delnor-Wiggins Pass State Park, contains prime beachfront real estate, much of it in high-rise towers. Upscale dining in the immediate vicinity includes Baleen at La Playa Beach & Golf Resort and the Turtle Club. The neighborhood even holds vestiges of Old Florida with Buzz’s Lighthouse Restaurant and Lighthouse Inn on Vanderbilt Lagoon.

A perfect example of the what is happening in many of Southwest Florida’s more mature high-rise condominium communities is found at Vanderbilt Gulfside Condominium, where exterior common areas as well as residences are sporting sophisticated new looks.

Flexible living space and innovative storage solutions are high on the priority list for those wanting to turn dated vacation condos into year-round residences. In one condominium, the transformation of a two-bedroom layout resulted in two additional remodel contracts for K2 Design Group, a single-source architectural, interior design and construction management firm.

Sitting on 8.8 acres, the 1980s-era high-rise property — 72 residences in each of two towers — is in the midst of an exterior facelift. Parking structures, entry gate and porte-cochère have been replaced. Landscaping has been enhanced and is receiving increased attention with a new irrigation system. Attractive pavers replaced asphalt along the winding driveway and Italian stone was installed around the pool and walkway. In addition to fresh paint, exterior balconies, railings and screens are being upgraded. Source: naplesnews.com

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Real Estate Decline Decelerates Slightly

In an encouragement-is-where-you-find-it report, the latest S&P/Case-Shiller index of home prices released on Apr. 28 reported continuing deep declines in the prices of existing single-family homes in the U.S., but for the first time in 16 months the annual declines in the two components of the index did not set new records.

The data, reflecting home prices through February, indicated 10 of the 20 metro areas in the index show record rates of decline, with 15 showing declines of more than 10% year-over-year. The 10-City and 20-City composite indexes posted year-over-year declines of 18.8% and 18.6%, respectively. That was slightly better than January, when they fell by 19.4% and 19%, respectively, year-over-year.

"While the declines in residential real estate continued into February, we witnessed some deceleration in the rate of decline in some of the markets," David M. Blitzer, chairman of the Index Committee at Standard & Poor's, said in a news release. "Furthermore," he added, "this is the first month since October 2007 where the 10- and 20-City Composites did not post a record annual decline. Source: businessweek.com

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New name for Bonita Springs community

BONITA SPRINGS — The principals of AMA Development LLC have unveiled a new name for their Bonita Springs community — Monaco. The community was previously called Villages at Old Cypress.

AMA’s principals Meir Alice and his brother Aviel have been involved in Southwest Florida real estate for more than 20 years and have participated in the creation of many area neighborhoods.

Monaco is comprised of twin villas and single-family homes in two- to four-bedroom designs. The overall site plan includes streetscapes, landscaping and oversized lakes.

Planned community amenities include Club Monaco, a 2.5-acre complex that will offer recreational activities including a fitness center, grand salon, card room, billiards room and business center/conference room. There will also be a resort-style pool and spa, separate children’s pool, tennis courts and basketball courts.

Floor plans include the Milano, a two-bedroom with den/third bedroom twin villa with 1,600 square feet of air-conditioned living space. The villa lives like a single-family home with a private master suite and large grand living and dining area and encompasses 2,151 total square feet.

The Riviera twin villa has 1,982 square feet of air-conditioned living space and offers three bedrooms, a den or fourth bedroom, plus a large living/dining room that encompasses 2,549 total square feet.

Monte Carlo is a single-family home design with 2,264 air-conditioned square feet, three bedrooms, a den and a great room/dining room. The home has 3,082 total square feet with the option to upgrade to a four-bedroom with an en suite.

Every residence at Monaco includes a gourmet kitchen with granite countertop; wood cabinetry throughout; built-in bar with wine storage; granite and upgraded tile in master suites and master baths, tile roofs, and brick paver driveways and walkways. Homes are priced starting at $219,900. Monaco is off Imperial Parkway, north of Bonita Beach Road. Source: naplesnews.com

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In the Naples area, home resales exceeded new listings in the first quarter.

In the Naples area, home resales exceeded new listings in the first quarter.

That’s one trend emerging from a new quarterly report released Friday by the Naples Area Board of Realtors.

The report is based on sales made through the SunshineMLS, or multiple listing service, in Collier County, excluding Marco Island.

The Realtor board, which has been releasing monthly reports on sales for more than a year, is now generating quarterly reports to show broader trends.

In the first quarter, home listings declined nearly 9 percent. The inventory of homes shrank to 11,211, down from 12,207 in the first quarter of 2008.

Here are some of the other findings for the first quarter of this year:

*Sales for homes under $300,000 saw a 113 percent increase. There were 964, compared to 452 in the first quarter of 2008.

*Single-family home sales under $300,000 increased 242 percent to 510, up from 149 in the first quarter of 2008.

*The median price — the price at which half the homes sell for more and half for less — declined 36 percent to $237,000 for the year ending in March 2009. For the same 12 months a year ago, the median was $370,000.

Over the past year, 5,091 homes have sold in the Naples area. That was 30 percent more than in the previous 12 months, when there were 3,910 home sales.

In the first quarter, 1,335 homes sold, up 33 percent from 1,002 in the same quarter in 2008. North Naples had the most sales at 346. East Naples was second with 322.

“Single-family home sales led the way,” said Brett Brown, president of the Naples Area Board of Realtors and a broker at Downing-Frye Realty.

“We’re outpacing the inventory with closed sales,” he said.

An online real estate listing service called FrontDoor.com recently named Naples the No. 2 bargain home buyer market.

The market continues to be driven by foreclosures and short sales. Buyers are looking for bargains.

While sales more than doubled for homes priced at $300,000 or less in the first quarter, they were down in all other price ranges compared to a year ago.

“That market below $300,000 continues to be on fire and I think it will be for the rest of the year,” said Mike Hughes, a vice president for Downing-Frye.

The stock market tumble has slowed sales above $1 million over the past few months because it had made those heavily invested more cautious about spending money now. However, he noted that median prices do seem to be stabilizing in markets above $300,000.

Low interest rates are helping to drive more sales.

“I think people are concerned about interest rates going up again,” said Michele Harrison, a broker-associate with John R. Wood Realtors.

A year ago, there was a 45-month supply of single-family homes on the market. Now, there’s a 14-month supply, Hughes said.

Realtors are now getting multiple offers for homes priced at under $300,000.

Earlier this week, his company wrote a contract for a home that had four offers on it.

The buyers are mixed. Many are second-home buyers, who only plan to live here a few months out of the year. There are some first-time buyers, who are taking advantage of low interest rates and an $8,000 federal tax credit, and long-term investors.

Downing-Frye has seen many buyers coming from the Northeast and from overseas.

“One thing I’ve learned over the years is Naples has luster,” Hughes said.

John Steinwand, president, CEO and principal broker at Naples Realty Services, said he’s noticed a lot more buyers from Canada. “They’re back,” he said.

Banks and Realtors are getting better at short sales, which is helping to turn more pending sales into actual sales. Short sales are sales made for less than the bank is owed to avoid foreclosure.

“The agents have honed their skills on short sales. They know how to do them now,” said Kathy Zorn, broker-owner and president of Florida Home Realty.

Monthly statistics for March showed sales continue to increase. There were 569 closed single-family and condo sales, up from 411 a year ago.

There were 414 homes sold for less than $300,000 last month, up from 197 a year ago. In every other price category, sales were lower than they were in the same month a year ago.

Pending sales for single-family homes saw nearly a 137 percent increase last month. There were 625, up from 264 in the same month a year ago.

Condo sales increased 11 percent in March to 277, up from 250 a year ago. Pending sales also rose.

The median price for all homes dropped more than 46 percent to $170,000 in March, down from $319,000 a year ago. Source: naplesnews.com

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Gain Seen In Pending Home Sales, Housing Affordability Sets New Record

Pending home sales have edged up, hinting at a possible pickup of sales activity in coming months, according to the National Association of Realtors®.

The Pending Home Sales Index,1 a forward-looking indicator based on contracts signed in February, rose 2.1 percent to 82.1 from a reading of 80.4 in January, but is 1.4 percent below February 2008 when it was 83.3.

Lawrence Yun, NAR chief economist, said the market is continuing to underperform. “Pending home sales have a way to go for there to be a meaningful increase, but recent increases in shopping activity are hopeful indicators that we’ll see additional sales gains,” he said. “More buyers are getting into the market to take advantage of stimulus incentives and much improved housing affordability conditions, but it will take a few months before we could see this turn up in measurable sales contract activity.”

Also in February, NAR’s Housing Affordability Index2 rose to a new high.

The PHSI in the Northeast rose 10.6 percent to 63.9 in February but is 11.2 percent below a year ago. In the Midwest the index jumped 14.5 percent to 83.1 and is 3.4 percent higher than February 2008. The index in the South rose 4.4 percent to 85.8 in February but is 0.1 percent below a year ago. In the West the index fell 13.5 percent to 89.6 and is 1.7 percent below February 2008.

NAR President Charles McMillan, a broker with Coldwell Banker Residential Brokerage in Dallas-Fort Worth, said home buyers are in an excellent position. “The drop in mortgage interest rates and home prices mean the buying power of a typical family has never been better,” he said. “If you have a good job and long-term plans, it’s unlikely that you’ll find a much better time to buy a home. This is especially true for first-time buyers who can qualify for an $8,000 tax credit this year, have a great selection of homes to choose from, and are in a favorable negotiating position.”

NAR’s Housing Affordability Index rose 0.9 percentage points to a record high of 173.5 in February from an upwardly revised index of 172.6 in January, and is 36.3 percentage points higher than a year ago. The HAI, a broad measure of housing affordability using consistent values and assumptions over time, shows that the relationship between home prices, mortgage interest rates and family income is the most favorable since tracking began in 1970.

A median-income family, earning $59,700, could afford a home costing $285,600 in February with a 20 percent downpayment, assuming 25 percent of gross income is devoted to mortgage principal and interest. Affordability conditions for first-time buyers with the same income and small downpayments are roughly 80 percent of that amount. The affordable price is considerably higher the median existing single-family home price in February, which was only $164,600.

“Obviously, potential home buyers need to be managing their existing debt effectively,” McMillan said. “A Realtor® can counsel you on what you may be able to afford given your personal financial situation. In some cases, buyers who want to build their future through homeownership may need to start reducing their debt and improving their credit score before entering the housing market.”

Last year at this time, the typical family could afford a home costing $265,600, which is $20,000 less than the current affordable price. “Homes in many areas are now selling for less than replacement construction costs – clearly this is an abnormal situation which will change once inventory is drawn down and supply and demand come closer into balance,” McMillan said.

Yun said he expects housing inventories to rise through early summer from a normal seasonal pattern of more sellers appearing in the spring. “But with the positive housing stimulus incentives now in place, we expect home sales to gain momentum in the second half of the year with first-time buyers absorbing a lot of the excess inventory,” he said. “Under these conditions, we should see price stabilization in most markets by the end of the year.” Source: realtor.org

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Realtors invited to see for themselves at Aqua

Luxury condominiums overlook Wiggins Pass…
Aqua, the luxury waterfront condominium that opened earlier this month at Wiggins Pass, has announced a program of open houses for real estate agents. In addition to touring the building and its amenities, agents will have access to models designed by Roz Travis and Robb & Stucky.

The open house schedule is as follows:

•3-5 p.m. Thursdays, March 5, 12, 19 and 26

An intimate community of just 80 residences, Aqua was conceived and created with exceptional standards in construction, amenities, finishings and services. Included among its offerings is a private yacht harbor from which boats up to 55 feet long have the most immediate deepwater Gulf access in Naples. Overlooking the harbor, a resort-style pool is graced with lush palm canopies and two heated spas. Landscaped petfriendly areas are nearby.

Aqua’s indoor luxuries include a fully equipped fitness center and spa with steam and sauna; a sweeping social salon; an indoor/outdoor Sky Lounge; private dining room; theater; business center; and a luxury guest suite available to owners to accommodate friends and relatives.

Each residence has two under-building parking spaces; penthouse owners benefit from a private, air-conditioned two-car garage. Air-conditioned storage is provided to each residence.

Priced from under $2 million, threeand four-bedroom residences range from 3,500 square feet to 6,000 square feet and feature sunlit living areas, spacious terraces, high ceilings and gourmet kitchens and sunlit back-to-front living areas.

For Aqua residents, the highest level of personal service is customary. A fulltime resident manager supervises a staff that includes a concierge, valet, amenities attendant and privacy officer after business hours. Upon request of the concierge, virtually any service can be extended: limousine, valet, auto care, shopping assistance, grocery delivery, pet care, housekeeping, handyman, personal fitness and spa treatment. Also, through special arrangements secured exclusively for Aqua residents, memberships to Collier’s Reserve Country Club and LaPlaya Beach and Golf Club are available.
Source: Florida Weekly

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OCEAN HARBOR CONDO - 4753 ESTERO BLVD FORT MYERS BEACH FL - Tour Now

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Fabulous unit in Ft. Myers Beach finest beach and boating resort community! Stunning gulf and bay views from the huge lanai of this corner home. Updated kithen features granite countertops and stainless steel appliances. Wet bar, electric shutters, cheerful colors, master with jetted tub + shower and even a bidet in this exceptionally large 2 bedroom home. Ocean Harbor is mid Island with tennis courts, shuffleboard, fountains, huge pool, club room, theater + boat docks for rent or sale and close to major grocery store. The tropical grounds and buildings, bay front boardwalk, and all amenities are meticulously kept. A liberal rental program and owners may have 2 pets up to 20 lbs each.
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Luxury villas in Miramonte at Grey Oaks exude a Mediterranean influence

Miramonte is a private enclave of 36 luxury villas in the Mediterranean style at Grey Oaks. Residence C is one of four floor plans in the community by The Newport Companies. The two-story residence has 5,000 square feet under air, with four bedrooms, a library and game room, family room and 4½ baths.

Throughout Miromante, one- and two-story villas with lake and garden views line brick cul-de-sacs accented with tropical foliage. Connie Dickinson, director of sales for Grey Oaks Realty, reports the first model of Residence C recently sold for $2,895,000, and two new models under construction should be completed this spring.

Grey Oaks Country Club is off of Airport Pulling Road north of Golden Gate Parkway. Resident and non-resident memberships are available for the club that has three championship golf courses, 5,500 square feet of fitness facilities, a tennis club with eight lighted Har-Tru courts and pro shop, a heated pool and formal and casual dining at two clubhouses
Source: Florida Weekly

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Quail West clubhouse, community thrive despite developer Ginn’s woes

The two championship Arthur Hills golf courses are open. The golf shop is fully stocked. The resort-style clubhouse is busy with activities, from bridge games and bocce to dinner dances and wine tastings. The clay tennis courts are ready for play.
Inside the clubhouse, the fitness center offers its usual classes, from Pilates to yoga. The salon still pampers members with massages and pedicures.

Two weeks ago, affiliates of developer Ginn Cos. based in Celebration in Central Florida, filed Chapter 7 bankruptcy petitions related to investments made in two high-end communities: Tesoro in St. Lucie and Quail West.

The filing for Quail West didn’t include the clubhouse, the golf courses or any of the common areas. They are controlled by the Quail West Foundation, the community’s homeowners association, said John Gamba, a foundation board member.

The bankruptcy involves 262 lots in Quail West, beach property off Hickory Boulevard and a sales office that were owned by Ginn-LA, he said. The sales office is now closed.

“The association at Quail West is not part of that filing. That entity is still an operating entity,” said Tom O’Brien, a foundation board member. The trustee for the Chapter 7 case has told residents the priority is to keep the club operating. The club has hundreds of members. No one has pulled out because of the bankruptcy filing, Kessel said.

One way the association is looking to better the situation is to offer trial memberships that require paying dues only, and no membership fee, as a way to increase revenues. The association is also looking at lowering its initiation fee of $175,000 to bring in more members temporarily.

“You’ve got a lot of residents in this community that are committed,” Kessel said. “That’s what you need to keep a community going.”

Source: Naplesnews.com

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