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Issue 62
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P R E S E R V A T I O N I N I T I A T I V E S
OUR MISSION Naples Historical Society is dedicated to preserving Naples history and heritage for the community and future generations to enjoy. |
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Thank you for your interest and support.
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This week, Downing-Frye will have closed over 2000 transactions for the year. Putting this in perspective, in 2007 and 2008, we did not close 2000 transactions for the entire year. Now we are closing 2000 transactions in just over six months. Things have definitely picked up. The declining NABOR (Naples Area Board of Realtors) inventory is further proof that our market has improved. In March of 2007, NABOR reported an inventory of 12,440 units. The June 2011 NABOR report showed an inventory of roughly 7200 units. That's quite a drop in inventory. If you’re interested in Naples area real estate, you might not want to wait much longer. The better properties naturally are the first to go. Give me a call or send me an email to discuss your wants and needs.
Check out this beautiful cabana home in Wilshire Lakes. Over $140k in upgrades, now listed at $417,900. Three bedrooms including the separate cabana, three baths. Private courtyard pool.
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Condo pending sales in the Naples Beach area are leading the way according to a report released by the Naples Area Board of Realtors (NABOR), which tracks home listings and sales within Collier County (excluding Marco Island).
“Overall condo pending sales are up 6 percent. The Naples Beach area contributed significantly to the increase with a 43 percent rise in that area of condo pending sales from April 2010 to April 2011,” said Kathy Zorn, broker/owner of Florida Home Realty.
There were 156 contracts in the Naples Beach area in April 2011 compared to 109 contracts in April 2010.
Naples Beach was recently recognized by national media as one of the top five most relaxing beaches in the world. It was the only beach in Florida listed on the “Most Relaxing Beaches” list.
http://www.naplesnews.com/news/2011/may/21/beach-condo-inventory-continues-drop/
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WASHINGTON – April 18, 2011 – The once-dismal commercial real estate market is turning around far more quickly than analysts expected, with troubled loans falling, occupancy rising and office building sales surging in the largest markets.That’s welcome news for an economic recovery that still faces headwinds such as rising oil prices. The improving market has eased fears that banks might be crippled by heavy losses from their bad construction loans in the mid-2000s and would have to rein in lending just as credit is easing.Lenders were still saddled with $181 billion in distressed loans in February, according to Real Capital Analytics (RCA). But that’s down from $188 billion in September. Mortgage defaults for office, retail and industrial building loans dipped for the first time since 2005 in the fourth quarter, to 4.28 percent from 4.36 percent. They should fall further this year, says RCA economist Sam Chandan. “Worst-case scenarios have been avoided,” he says.The recovery, he says, has finally stabilized building occupancy, letting landlords pay down loans. Vacancy rates in the first quarter dipped slightly for retail and industrial properties, to 7.2 percent and 10 percent, respectively, and were unchanged at 13.4 percent for offices, according to CoStar Group. Occupancy has edged up steadily since early last year.Investors, meanwhile, are clamoring to buy well-leased office buildings in markets such as New York City and Washington, D.C. A big reason: virtually no new development the past few years.In New York, “We’re seeing prices (for prized buildings) return to 2007 levels” after falling 40 percent in the downturn, says Richard Baxter, vice chairman of real estate giant Jones Lang LaSalle.New York’s biggest office landlord, SL Green Realty, has been scooping up buildings. Co-Chief Investment Officer Isaac Zion says credit is available, occupancy and lease rates are up and returns far exceed meager bond yields. “We really saw the writing on the wall and we pounced,” Zion says.Commercial mortgage-backed securities, a big funding source for some buyers, are up this year.More foreclosures are still likely to batter prices in many areas. But the investment furor could spread to cities such as Dallas, Denver and Houston, says CoStar real estate strategist Chris Macke.Rising prices could at least temper foreclosures on the $1.4 trillion in commercial mortgages that Deutsche Bank says are maturing by 2013. Even owners still making payments might not be able to refinance properties whose values fell sharply.© Copyright 2011 USA TODAY, a division of Gannett Co. Inc., Paul Davidson, USA TODAY
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MIAMI – March 23, 2011 – Vacation home and condominium sales in Florida, Hawaii and other states hit hard by the housing downturn have posted dramatic gains.In Miami, existing condo sales surged 58 percent during the year-over-year period ended in February; and statewide, condo and single-family home sales climbed 29 percent and 13 percent, respectively, due to low property prices and mortgage rates.About 50 percent of these sales were cash purchases, and about 70 percent involved foreclosures or short sales.“We’re even seeing instances in certain neighborhoods with multiple offers above asking price,” says Miami Realtors Chairman Jack Levine.This means home prices continue to decline, with the median in Miami down 23 percent for single-family homes and 25 percent for condos from February 2010. However, prices are beginning to pick up on the Miami waterfront, where distressed sales accounted for only a fraction of transactions.
Source: HousingPredictor (03/23/11) Colpitts, Mike© Copyright 2011 INFORMATION, INC. Bethesda, MD (301) 215-4688 |
ORLANDO, Fla. – Jan. 20, 2011 – Sales of existing homes and condominiums in Florida rose in December, a positive trend also reported at the close of 2010 as statewide sales activity posted gains over the previous year, according to the latest housing data released by Florida Realtors®.A total of 15,550 existing single-family homes sold statewide in December, up 4 percent from the 14,923 homes sold in December 2009. The statewide existing home median sales price last month was $133,100; in December ’09 it was $139,800 for a 5 percent decrease, according to Florida Realtors’ data. However, December’s statewide existing home median price was higher than the $132,700 reported in November 2010. The national median existing single-family home price was $171,300 in November, according to the latest data available from the National Association of Realtors® (NAR). The median is the midpoint; half the homes sold for more, half for less.In December, 12 of Florida’s metropolitan statistical areas (MSAs) reported higher existing home sales and 14 MSAs reported higher existing condos sales. In the year-to-year comparison for statewide existing condo sales, a total of 6,673 units changed hands last month, up 12 percent from the 5,955 condos sold in December 2009. The statewide existing condo median sales price in December was $88,100; in December ’09 it was $106,700 for a 17 percent decrease. The national median existing condo price was $165,300 in November, according to NAR.Looking back on 2010, Florida’s existing home sales rose 5 percent for the year, with a total of 170,848 homes sold compared to 162,873 homes sold in 2009. Statewide existing home sales activity in 2010 also was 37.5 percent higher than 2008 statewide sales, records show. The statewide existing home median price for 2010 was $136,500; it was $142,500 in 2009 for a 4 percent decrease.“It’s encouraging to close out the year for Florida’s housing market with increased sales activity,” said 2011 Florida Realtors President Patricia “Pat” S. Fitzgerald, manager/broker-associate with Illustrated Properties in Hobe Sound. “The homebuyer tax credits helped to fuel home and condo sales during the first half of 2010, while favorable affordability conditions and historically low mortgage rates continued to bring buyers into the market in the waning months of the year.“Looking to the future, 2011 is going to be a year of opportunity for buyers and sellers,” Fitzgerald added. “Industry analysts report seeing steady economic improvements, including more jobs and stronger consumer confidence, which will have a positive, stabilizing impact on the housing market.”In Florida’s condo market, a total of 72,050 units sold statewide in 2010, a gain of 29 percent compared to 55,900 units sold in 2009. Statewide existing condo sales activity in 2010 was up 90.6 percent over the 2008 sales level, records show. The statewide existing condo median price in 2010 was $91,300; it was $108,000 in 2009 for a 15 percent decrease.The latest industry outlook from NAR offers positive predictions for 2011. “Continuing gains in home sales are encouraging, and the positive impact of steady job creation will more than trump some negative impact from a modest rise in mortgage interest rates, which remain historically favorable,” said NAR Chief Economist Lawrence Yun. “All the indicator trends are pointing to a gradual housing recovery.”In December, the interest rate for a 30-year fixed-rate mortgage averaged 4.71 percent, down from the 4.93 percent average during the same month a year earlier, according to Freddie Mac. Florida Realtors’ sales figures reflect closings, which typically occur 30 to 90 days after sales contracts are written.
© 2011 Florida Realtors®
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ORLANDO, Fla. – Jan. 3, 2011 – Sales of existing condominiums in Florida rose 11 percent in November, with a total of 5,411 condos sold statewide compared to 4,860 units sold in November 2009, according to the latest housing data released by Florida Realtors®.The statewide existing condo median sales price was $88,200; in November 2009, it was $104,500 for a 16 percent decrease year to year. However, November’s statewide existing condo median price was, month-to-month, 7 percent higher than the statewide existing condo median of $82,400 in October.Meanwhile, in the year-to-year comparison for existing home sales, a total of 11,900 single-family existing homes sold statewide in November compared to 13,961 homes sold in November 2009 for a decrease of 15 percent.Florida’s median existing-home sales price in November was $132,700; a year earlier, it was $139,300 for a decrease of 5 percent. The median is the midpoint; half the homes sold for more, half for less.In a separate report, the U.S. Commerce Dept. announced that sales of newly built, single-family homes increased 5.5 percent to a seasonally adjusted annual rate of 290,000 units in November. The gain represents a partial bounce-back from a near-record low, downwardly revised number of new-home sales in October.The November improvement in new-home sales was driven by gains in two regions. The South, which is the nation’s largest housing market, posted a 5.8 percent gain, while the West showed a 37.3 percent rebound from the previous month. Meanwhile, declines of 26.7 percent and 13.2 percent were registered in the Northeast and Midwest, respectively.The inventory of new homes for sale fell to 197,000 units in November, marking the first time in 42 years that this measure has fallen below the 200,000 level. This amounts to an 8.2-month supply at the current sales pace. © 2011 Florida Realtors®
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Naples Area Real Estate Transactions Released NAPLES, Fla.-December 17, 2010- Home sales continue to increase in the Naples area according to a report released by the Naples Area Board of REALTORS
®
(NABOR), which tracks home listings and sales within Collier County (excluding Marco Island).
In November, overall pending sales increased 13 percent while closed sales for the 12 months ending November 2010 grew 14 percent to 7,863 from 6,884 for the same 12 months last year.
"The 12 months ending statistics reveal year-to-year trends resulting in improved market conditions in pending sales, closed sales and median closed prices,"
Overall condo sales for the 12 months ending November 2010 continue to be strong. Closed sales are up 24 percent overall and in the $500,000 to $1 million price point, closed sales increased 31 percent,"
said Steve Barker, Managing Broker of Amerivest Realty.
"The summer sales reflected the oil spill in the Gulf, the end of the homebuyer tax credit, and the traditional slower season in Naples. We are now seeing sales increase as expected,"
We are coming to an end of a strong year in sales and are upbeat about the coming season,"
said Phil Wood, President of John R. Wood REALTORS®
said Mike Hughes, Vice President of Downing-Frye Realty.
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The report provides annual comparisons of single-family home and condo sales (via the SunshineMLS), price ranges, geographic segmentation and includes an overall market summary. The statistics are presented in chart format, along with the following analysis:
Single-family closed sales increased 6 percent with 3,975 sales for the 12 months ending November 2010 compared to 3,756 sales for the same 12 months last year. Single-family pending sales in the $1 to $2 million category increased 49 percent for the 12 months ending November 2010 with 263 contracts compared to 176 contracts for the 12 months ending November 2009.
Overall condo pending sales for the 12 months ending November 2010 increased 16 percent with 4,466 contracts compared to 3,849 contracts for the 12 months ending November 2009.
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said John Steinwand, President of Naples Realty Services. Pending sales continue their strong trend. Overall pending sales for the 12 months ending November 2010 increased 7 percent. The median closed price for the 12 months ending November 2010 increased 3 percent for properties over $300,000. The median closed price in this price segment increased to $540,000 up from $525,000.
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Number of properties currently listed: 93 Active Listings Average Listing Price for Currently Active Homes: $742,575 Number of Homes Sold in 2009 (YTD): 73 Properties Sold in 2009 Lowest Priced Property Currently Listed: $509,900 3 Bedroom 2.5 Bathrooms Estimated Months of Inventory Available: 15 Absorption Rate: 6.2 units per month |
