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A Hot Real Estate Market in Naples Florida

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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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Vacation Home Sales Surge

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

Naples Real Estate Heating Up (Click Full Screen)

Click here to download:
Newsletter SWFL Feb2011.pdf (880 KB)
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Pending Sales Up Again- Could 2011 be the Start of a Real Estate Turn Around?

WASHINGTON – Jan. 27, 2011 – Pending home sales improved further in December, marking the fifth gain in the past six months, according to the National Association of Realtors® (NAR).

The Pending Home Sales Index (PHSI), a forward-looking indicator, increased 2 percent to 93.7 based on contracts signed in December from a downwardly revised 91.9 in November. The index is 4.2 percent below the 97.8 mark in December 2009. The data reflects contracts and not closings, which normally occur with a lag time of one or two months.

“Modest gains in the labor market and the improving economy are creating a more favorable backdrop for buyers, allowing them to take advantage of excellent housing affordability conditions,” says Lawrence Yun, NAR chief economist. “Mortgage rates should rise only modestly in the months ahead, so we’ll continue to see a favorable environment for buyers with good credit.

“In the past two years, homebuyers have been very successful, with super-low loan default rates, partly because of stable home prices during that time. That trend is likely to continue in 2011 as long as there is sufficient demand to absorb inventory,” Yun said. “The latest pending sales gain suggests activity is very close to a sustainable, healthy volume of a mid-5 million total annual home sales. However, sales above 6 million, as occurred during the bubble years, is highly unlikely this year.”

The PHSI in the Northeast increased 1.8 percent to 73.9 in December but is 5.3 percent below December 2009. In the Midwest, the index rose 8.0 percent in December to 84.6 but is 5.1 percent below a year ago.

Pending home sales in the South jumped 11.5 percent to an index of 101.9 and are 1.7 percent above December 2009. In the West, the index fell 13.2 percent to 105.8 and is 10.7 percent below a year ago.

© 2011 Florida Realtors®

Beach Real Estate Sales are Hot!

COLLIER COUNTY — As 2010 ticked away, two of the year’s top 10 residential sales in Collier County closed less than a week apart – on the same street in Port Royal. Click the link to read the entire story.
http://www.naplesnews.com/news/2011/jan/06/naples-real-estate-sales/

30 Year Interest Rates Hit 40 Year Low

NEW YORK – Jan. 7, 2011 – Rates on fixed mortgages dipped this week after rising steadily over the last two months.

Freddie Mac said Thursday the average rate on the 30-year mortgage dropped to 4.77 percent from 4.86 percent the previous week. It hit a 40-year low of 4.17 percent in November.

The average rate on the 15-year loan slipped to 4.13 percent from 4.20 percent. It reached 3.57 percent in November, the lowest level on records starting in 1991.

Rates have been rising since November. Investors have shifted money out of Treasurys and into stocks. Many expect the tax-cut plan will fuel economic growth and increase inflation. Yields tend to rise on inflation fears.

Mortgage rates tend to track the yield on the 10-year Treasury note. Those rates have been fluctuating in recent weeks.

Low mortgage rates did little to boost home sales last year and higher rates now could hamper a robust recovery.

The number of borrowers who applied for a mortgage in December was 10 percent below the same month in 2009, according to Capital Economics. Refinance activity has dropped off 44 percent since rates hit their lows. The number of purchase applications has been rising along with sales, but last year’s sales pace was shaping up to be the slowest in 13 years.

To calculate average mortgage rates, Freddie Mac collects rates from lenders across the country on Monday through Wednesday of each week. Rates often fluctuate significantly, even within a single day.

The average rate on a five-year adjustable-rate mortgage slipped to 3.75 percent from 3.77 percent. The five-year hit 3.25 percent last month, the lowest rate on records dating back to January 2005.

The average rate on one-year adjustable-rate home loans fell to 3.24 percent from 3.26 percent.

The rates do not include add-on fees, known as points. One point is equal to 1 percent of the total loan amount. The average fee for the 30-year and 15-year loans in Freddie Mac’s survey was 0.8 point. The average fee for the five-year ARM was 0.7 point, and the fee for the 1-year ARM was 0.6 point.
AP Logo Copyright 2011 The Associated Press, Janna Herron (AP Real Estate Writer). All rights reserved. This material may not be published, broadcast, rewritten or redistributed.