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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Monday, April 20, 2009
Tuesday, April 14, 2009
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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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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Saturday, February 28, 2009
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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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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Wednesday, February 25, 2009
Featured Condo for Sale - SWFL Luxury Real Estate
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.
Contact Bob Norwood, Luxury Waterfront Real Estate Specialist
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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.
Contact Bob Norwood, Luxury Waterfront Real Estate Specialist
Sunday, February 1, 2009
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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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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Saturday, January 24, 2009
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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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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Saturday, October 25, 2008
Sales of existing homes across U.S. up in September
Sales of existing homes rose by the largest amount in more than five years in September, a real estate trade group said Friday. The data is a possible glimmer of hope that the housing slump could be starting to bottom out.
The National Association of Realtors said Friday that sales of existing homes rose by 5.5 percent in September compared to August, the best showing since a 5.6 percent increase in July 2003, during the five-year housing boom.
Lawrence Yun, chief economist for the Realtors, said a sales turnaround first seen in California was beginning to broaden to other regions of the country including Colorado, Kansas, Minnesota, Missouri and Rhode Island.
The rise in September sales pushed activity to a seasonally adjusted annual rate of 5.18 million units last month. Sales were up 9.6 percent on a year-over-year basis before adjusting for seasonal changes.
By region of the country, sales soared by 16.8 percent in the West and rose a more moderate 4.4 percent in the Midwest and 2.2 percent in the South. The only region of the country which saw a decline was the Northeast, where sales fell by 1.1 percent.
Source: naplesnews.com
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The National Association of Realtors said Friday that sales of existing homes rose by 5.5 percent in September compared to August, the best showing since a 5.6 percent increase in July 2003, during the five-year housing boom.
Lawrence Yun, chief economist for the Realtors, said a sales turnaround first seen in California was beginning to broaden to other regions of the country including Colorado, Kansas, Minnesota, Missouri and Rhode Island.
The rise in September sales pushed activity to a seasonally adjusted annual rate of 5.18 million units last month. Sales were up 9.6 percent on a year-over-year basis before adjusting for seasonal changes.
By region of the country, sales soared by 16.8 percent in the West and rose a more moderate 4.4 percent in the Midwest and 2.2 percent in the South. The only region of the country which saw a decline was the Northeast, where sales fell by 1.1 percent.
Source: naplesnews.com
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