Naples Bonita Springs Estero Florida

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

Naples Real Estate Market Watch
February 2009

 Naples continues to post strong activity for closed sales. And what a difference a year makes!

The inset to the right is a 24 month picture of closed sales for single-family homes in all Naples geographic areas. The past 12 months shows a 35% increase over the previous 12 months in the average number of closed sales per month.

What's driving the sales activity? The decreased prices, of course!

Click the image to read the complete report and download trend charts.

Yesterday Palmira Golf and Country Club reported according to a press release posted on PRNewswire that documents were signed and converted the Golf Club to fully member owned. The long awaited deal is done.

In September of 2008 Parklands Development LP, Inc., was unable to negotiate the required bank fuunding to allow it to operate the Golf Club and Renaissance Center.

Sometime after that, the Renaissance Center - two swimming pools, restaurant, exercsie center, and other amenities, were taken over by the Master Property Owners Assiciation. Now, the Golf Club is fully member owned.

Palmira is a highly desireble developement and now that the fate of the Golf Club and all the amenities are fully know, I expect the pent up demand for property in Palmira to kick into action.

Learn more about Palmira Golf & Country Club Properties.