Naples Bonita Springs Estero Florida

The Mercato is coming along quite nicely. First The Capital Grille opened, Whole Foods just weeks ago, and now McCormick & Schmick's will open in a few weeks.

As for the residences at The Strada, there are two buildings with 80 residences in total. About 30% are sold with the first closings and occupancy set for first quarter 2009, probably February.

With the first buildings to open soon, models are in order. To accommodate that, the developer is now offering 5 units with one or two year lease backs. Additional incentives are available such as a membership at Naples renowned LaPlaya or credit at closing.

There are one bedroom units through penthouse available.

www.BobPisa.com

This paraphrased from a Naples News article by Laura Layden

We all know that Florida, Naples included of course, is the sunshine state so we expect no less than sunshine all the time! There hasn't been much sunshine in the media with regard to real estate in a long time but just maybe it's starting.

It is according to Richard Dekaser, senior VP and chief economist at National Citi Corp., in a very recent interview on CNBC this past Wednesday. Dekaser singled out Naples in talking about "the first rays of sunshine on a possible end to the housing crisis". Can you believe that? He actually used the words 'end to the housing market' and he was talking abut Naples!

"Three years ago,", said Dekaser, "the poster child for excess valuation in America was Naples, Florida." Naples is the only market mentioned during the entire interview.

The sharp decrease in prices, on average, are attributed to the short sales and sales of foreclosed property. The median prive for a single-family home in August was $238,000 down from $375,000 just a year ago. However, if you take out the under $300,000 market where the foreclosures are, the median prices would have increased 5% in August. This from the Naples Area Board of Realtors president-elect Brett Brown.

If these data, information, and subject matter interest you let me know! You may also subscribe to my BLOG by clicking

And don't forget

Twin Eagles is now offering two types of golf memberships. The original refundable membership and a new, reduced cost, non-refundable membership. It may be reduced in cost but it is not reduced in what it offers. It is a full-privileges lifetime membership. The non-refundable membership is available for a limited time only.

Follow the link to view listings - resale and new construction. Read more...

...in Overall Pending Sales. So the headline and sub-headline reads in the most recent press release from NABOR - Naples Area Board of Realtors - about the real estate market data for August of 2008.

Notable points:

• In the over $300,000 category, home prices increased 5% in August of 2008 versus August of 2007
• There is increased sales activity in the under $300,000 segment
• All other categories are stabilizing and trending upward
• All geographic areas show a 13% increase in overall pending home sales

NABOR Summary:

• For the geographic areas tracked, overall pending home sales increased 92% to 527 compared to 274 inin August year-over-year
• For properties under $300,000 there was a 275% increase in overall pending home sales year-over-year.
• Single-family pending home sales increased 103% year-over-year.
• Condo sales increased 24% year-over-year.

Click here to download the market data charts. Scroll to the bottom of the page.

Who wouldn't want to live on Fashion Drive! I'm talking about Fashion Drive in Estero, FL which is in the midst of A Simon Mall, one of its newest. It's an all open and outside mall complete with the best shopping, dining (casual and elegant), and entertainment. But what makes this extra special are the residences - The Residences at Coconut Point are luxurious condominiums complete with all the condominium amenities just "upstairs" from Fashion Drive.

Some of the stand-outs at the mall are: Bag 'n Baggage, Brighton Collectibles, CJ Banks, Coach, Fossil, Marciano, PacSun, Solstice, West Coast Surf Shop, and West Elm, Swoozie's, dELiAs, Build-A-Bear, Bath  Body Works, Merle Norman, Perfumania, Victoria's Secret, Sephora, Chico's, Pier 1 Imports, Blue Diamond Jewelers, and Aeropostale to name a few. As for eats and dining (basic caffeine needs and sumptuous cuisine) there are Ruth's Chris, The Grape, Blue Water Bistro, Hemmingways, Panara, Starbucks, just to name a few.

Dillards is the anchor department store and there is a Super Target set-off for your groceries and everyday needs.

www.BobPisa.com

September 5, 2008 the long awaited Whole Foods supermarket is now open at The Mercato in north Naples at the northeast corner of Vanderbilt Beach Road and U.S. 41. Whole foods is one of the anchor stores for the mixed used "lifestyle center" that is home to 330,000 square feet of retail space including a Cine Unidos 11-screen movie theater, 140,000 square feet of Class A office space (partially committd to by three law firms), and 175 condominium and villa residences at The Strada.

The Mercato comes on the heels of Coconut Point outdoor mall and residences open just a while back located in Estero, FL. This is clearly a trend for other similar developments that are on the books or are already under way.

The Mercato is different in that it is smaller in scale and home to retailers and restaurants that are found nowhere else in southwest Florida.

For the list of other resaturants and retailers see The Strada at The Mercato page.

It's the 1st of the month and I have posted on www.BobPisa.com a report that shows the charts for 12-month running average selling prices and unit volume sales. The data is broken down by area - Naples and Bonita Springs / Estero Florida. It is also broken down by single-family home and condominium. Here are the pending home sales trends...

Bonita Springs / Estero on the left, Naples on the right.

Bonita / Estero have leveled off over the past few months while southwest Florida is "out of season" but the trend is still poistive and it is healthy. There seems to be no stopping Naples though...look at that trend line! You may click on each image to go directly to the report page on my web site.

 According to these excerpts from press releases by FAR and NAR. Now, we're not talking about great numbers here but I do think it's a clear indication of the bottom. I've heard the expression that the market is "bouncing along the bottom" and I think it applies. I don't believe it means each successive month will have an increase but it could. More likely, though, it means we will continue along the current pace for awhile with small changes up and down. I think that this particularly applies to the national numbers. With regard to Florida, however, since we are entering "the season" "down here", we could well see 3, 4, or 5 consecutive months of increased volume. This will be like stabilize prices (i.e. the free fall has ended, except for properties still not adjusted to the current market).

ORLANDO, Fla. - Aug. 25, 2008 - Single-family existing home sales rose in Florida for the first time in more than two years: While only six more homes sold in July 2008 than in July 2007, it could indicate stabilization in Florida's housing sector, according to the latest housing statistics released by the Florida Association of Realtors® (FAR).

WASHINGTON - Aug. 25, 2008 - Existing-home sales rose in July to the highest level in five months, although sales have hovered in a relatively narrow range over the past 11 months, according to the National Association of Realtors® (NAR).

I have various current market data reports available on my website - www.BobPisa.com

What do all these have in common? Tiburon...Naples, Florida.

Tiburon is a development in north Naples that envelopes a Ritz-Carlton 36-hole golf club and picturesque lake settings throughout.

In response to the current market, membership to the private 36-hole golf club has been reduced by some $40,000 for access to two Greg Norman championship golf courses. Did I mention that Tiburon hosts the Greg Norman Shark Shoot-out each year?

In addition to the luxurious amentities of the Tiburon Golf Club (for sports and golf members) is access to select amenities to not one Ritz-Carlton but two of Naples Ritz-Carltons - Ritz-Carlton Golf Resort and the Naples Ritz-Carlton Beach Resort.

There is now one community - Marsala - remaining for single-family custom home construction. The all new Marquesa Royal luxury condominiums units are coming on strong with one of five-buildings complete, sold, and ready for move-in. Sales of other units in buildings coming on line shortly are strong. There are two floor plans, one at about 2500 square feet and the othere at nearly 3,000 square feet. Now that's a condo!

Let's talk about incentives...how about $100,000 paid by the developer directly to your builder on your behalf!

Visit my Tiburon page for more information. New construction and resales properties are available.

www.BobPisa.com