Naples Bonita Springs Estero Florida

This information from the recent NABOR (Naples Area Board of Realtors) May 15, 2009 press release.

Headline: INVENTORY DECLINES 16 PERCENT for PROPERTIES OVER $300,000. Overall pending homes sales increase 87%.

NABOR tracks all Collier county sales excluding Marco Island.

In April of 2009 there were 5,905 properties on the market in this category. This is compared to one year ago where there were 7,088 properties available. How is this accounted for? It's a two part answer. First, month-after-month, we are selling more properties. I have been reporting this. Secondly, a number of properties drop out of this category due to price reductions.

With regard to the actual sale prices above $300,000 the median is just the same in April 2009 as it was in April of 2008 - $535,000. This equates to 50% of the properties sold in the above $300,000 category were less than $535,000 (but above $300,000) and 50% of the properties sold were above $535,000.

Perhaps the most important statistic, in my view, is the days-on-market (DOM) dropped 15% to 165 days. This means that properties are selling faster once listed further contributing to the decline in inventory.

There are two big "takeaways" from this. 1) At least some segments of the market are seeing stabilization. 2) Properties that once were priced over $300,000 are in a more affordable category - buy more for less.

The Strada - "uptown residences" - at the Mercato Naples, Florida has announced its Grand Opening and grand opening prices.

Residences start from $355,000 and furnished lease-back units are available also - two of three remain pictured below. 

The amenities at The Strada are terrific beginning with the beautifully landscaped roof-top sundeck and infinity-edge swimming pool, exercise center, spa and lap pool, private beach shuttle, entertaining center with catering kitchen, fireplace, and flat screen TV.

All this in addition to the amenities at the Mercato - shopping, dining, and the Silverspot Cinema. Some of the store and shops are:

Whole Foods Market | The Capital Grille | Books-a-Million | Coldwater Creek | Sur la table
Jos. A. Bank | McCormick & Schmick's Seafood | Signatures | Z Gallerie | Swim 'n Sport
GiGi's Children's Boutique | The Pub | AZN Azian Cuizine | Blue Martini | Bravo! Cucina Italiana
Piola Famosi Per La Pizza | Silverspot | Stage Deli

CLICK HERE for more information

The data below is from the Naples area multiple listing service for single-family homes and detached villas for the calendar year 2008.

Would you like to know the quanity, and the average, minimum, and maximum prices for homes in these areas? The data is available. Visit www.BobPisa.com and drop me a note to let me know what you are interested. I'm happy to provide this data and any further information to help you with your real estate research.

Report Shows Inventory Declines 8 Percent

So says the headline from the newly released (April 17, 2009) press release from NABOR - Naples Area Board of Realtors(R).

Prices are down, sales are up. Makes sense, I've stated this many times. Now, we are finally seeing the affect of increased sales on the inventory. So the saying will go - prices are down, sales are up, inventory declines. Over the next year if this trend continues to hold true we will add "prices are up" to the saying. We can only hope...as this will be one clear indicator for a key aspect in our economy - the housing/finance market - to begin a recovery.

The desireable Naples and surrounding area is now the most affordable it has been in some time and buyers are taking notice. Highlights from the press release:

• Realistic price adjustments by home sellers are getting the buyers off the fence
• Realtors are reporting significant increase in traffic and activity
• Overall sales volume for properties under $300,000 saw a 113% increase in the first quarter
• Single-family homes under $300,000 increase 242%
• The median sales price for the 12  months ending March 2009 compared to the same period in 2008 end March 2008 dropped to $237,000 from $370,000. This is the "prices are down" piece.
• Home sales have increased 30% for the 12 month period ending March 2009. This is the "sales are up" piece.
• Pending sales in the under $300,000 category are up 194%
• The average days on market decreased 14%

An online listing service provided by HGTV listed Naples as the 'number 2 bagain home buyer market'.

The March 2009 statistics and additional market date may be found here.

I didn't expect to be writing a post such as this for sometime to come but, here it is...

In southwest Florida Naples is leading the recovery with improved sales statistics month-after-month ahead of Bonita Springs and Estero. Many people want Naples property for seasonal or permanent homes and for good reason.

Deals to be had. Without question, the foreclosed property market is scoured daily for the best properties and when these hit so do the offers. Many clients can't believe it when I tell them there are multiple offers and we need to go back with best and final offer. It's so unbelieveable that many will not raise the offer and low and behold, the next phone call is that someone else bought the property...disappointment.

Deals waiting and waiting to be had. Such is the case with short sales as is well known. I have three contracts "in process" for the newly coined "long sale". Those who hang in there will ultimately get a good deal. Although, many lose interest too soon and don't wait it out.

Here today gone tomorrow. I just now received an email inquiry from a customer who waited 12 days after the price was reduced way below the competition in the area for a property they were in interested in. It was not REO or short sale. Sadly, today the property went pending and it's no longer available.

If you would like the receive updates on property listings (new and changed prices) for a general area or a specific property type in a specific area just go to www.BobPisa.com. You may peruse the listings by Community or create your own search as you like and receive daily updates in your email all under your control.

I just love looking at an analyzing the data. You can't argue with it, it is what it is and in this case ending March 31, 2009 there are continued positive trends.

The first graph, below, are the pending homes at the end of each month for the past 24 months. THe end of this curve looks like it's rocketship propelled. It's not unusual to see an increase during the winter season in southwest Florida. In fact, you can see the positive ramp up in the middle the curve for last winter season. However, the steepness of the curve 12 months ago is nothing like this winter season. Why? Simple. Prices are down, volume is up.

The second curve are the actual closed sales for the past 24 months. It's plain to see that the lever the previous months represents is clearly different, and much better, than the 12 months preceeding. The past 12 months show a monthly average improvement in closed sales by 43%! That's pretty good!

24 month pending home sales

24 month closed sales

Now, a fair question to ask is, why doesn't the closed sales trend track the pending homes sales trend? The simple answer is that far fewer contracts written actually close. The primary reason are short sales. Only about 10% of short contract close. Why? Buyer's perceptions are incorrect with the motivation for "the bank" to sell the property. In fact, the bank doesn't own the property until it is foreclosed. Once foreclosed, the close rate is much better. Enough on short sales, I don't intend this to be a tutorial on short sales.

The bottom line is that Naples real estate has always been in demand and it always will be. During 2005-2007 many buyers were priced out of the market. We're now selling property at 2003-2004 prices so for those in the right position this is the time.

For more about the real estate market in Naples or Bonita Springs / Estero, you can read my report and download the data on my website.

I had the pleasure of attending a Realtor event at Mercato this past week. It has been a long time coming, but the end result is just great. Mercato, a joint development of Barron Collier and The Lutgert companies is turning out just great!

There are 92 upscale desginer finished residences of which 28 are sold built on 53 acrea at the corner of Vanderbilt Road and Tamiami Trail North. The complex is a city-village concept with retail - 70% leased already - class A office space - 50% leased - and residences. The amenities for the residences include a gorgeous deck-top 360 degree infinity edge pool, excercise facility, and lounge in addition to all Mercato has to offer.

The 11 screen movice theater will open around june-July and offer online tickets, reserved seats, cocktails, and hors d'hoerves...who needs popcorn!?!

There is one unit offered as a leaseback, and most all remaining units are available with exception of a handful. Units range from under 1500 square feet to more than 2,500. What a great and just perfect seasonal residence not to mention pretty darn good all year around. Step outside and shop at Whole Foods, dine at the Capital Grill, or McCormick and Schmicks to name a few.

Learn about Mercato <-- crazy cool tune too!

And visit my website to see some of the listings.

...at a slower pace albeit. U.S. Census Bureau data being release today and reported in The Bonita Daily News shows the Naples-Marco Island area to now be the 25th fastest growing area in the country over the period of 2000 to 2008. The previous period, 2000 to 2007, Naples-Marco was ranked 16th.

Collier County grows 25%. From April 2000 to July 2008 Collier County grew from 251,377 to 315,258 or 25.4%.

Lee County grows 34%. From April 2000 to July 2008 Lee County grew from 440,888 to 593,136 or 34.5%

Small growth from 2007 - 2008. Collier County and Lee County both grew at by small numbers during the period of 2007 to 2008 - 1,603 and 5,007 respectively.

All the nationwide issues that we are dealing with certainly has affect population growth in this area as well as others. However, one thing that hasn't changed is the desire for people to be in southwest Florida whether it is seasonally with a second home, a permanent family move, or retirement. We this this trend picking up without question during the first quarter of 2009 by measuring real estate sales activity. We breaking records with activity that we have not seen for some time.

Read more of my real estate market analysis on my website.

This according to Naples area Realtors in a report and press release issued Friday March 12, 2009 and also reported in the Bonita Daily News (an edition of the Naples Daily News). The headlines from the press release read:

PENDING SALES AT A THREE YEAR HIGH
Report Shows Inventory Declines 7.6%

The graph is from my monthly real estate market update that you may read on my website (more a fews blog down, data from SunShineMLS). I publish this monthly and if you would like it sent to each month just register, the form is at the bottom of the page. Scroll down in my blog to see the actual Naples-area statistics for closed sales over the past two-years. It's important not to look at trends in too small of a time frame. Looking at the past twelve months is not nearly enough for a good picture of what's going on.

Anecdotal comments in the press release and confirmed with my own experience tells of multiple offers on the same property and over listing price offers in desirable areas such as Park Shore and the Moorings.

My own research for single-family home in the Naples area shows that 55% of the sales are $300,000 and less while 65% of the sales are $400,000 and less. Prices are down, sales are up.

A very important data point reported in the sub-headline is the inventory decrease. This is very good for the market as this will point toward more stabilized prices (the bottom?).

Surge! When was the last time words like that were written in the headline, page 1 of the newspaper? Specifically, this from Bonita Daily News March 12, 2009.

These data from the Fort Myers area Realtor association and therefore underestimates the total sales for property during the period somewhat.

The increase in February 2009 over February 2008 is more than 100%. Anyway that you look at it, this is a significant change.

Now you ask why? Simple...prices are down, sales are up. This scenario just could not be better because it is the beginning for the reduction in home inventories. Now, inventory is not going to drop dramatially because there are more foreclosures to come but I'm pretty well convinced that we know where the bottom is for any given property in any given area.

Property sales and breakdown of sale situation:

Foreclosures: 66.4%, median price $73,000

Traditional sales: 19.3%, median price $196,000

Short Sales: 14.3%, median price $130,000

Short sales have dominated virtually every media outlet for the past year or more. Isn't it interesting that short sales make up the smallest component for properties actually sold? Previsouly, short sales were below 10% so they have improved. But, with the amount time spent to process these still being 3-4 weeks at a minimum many buyers lose patience and move on especially when there are so many other properties that can be purchased more easily.

Make no mistake, purchasing a foreclosed property isn't necessarily fast but at lease you have a response and a contract within 2-5 business days typically.

So, the steals and deals are out there...happy shopping. Want to see them? --> Click here