Posts made in March, 2010

Summer is usually a slow time of year for Naples real estate, but this year there was increased activity from Northern buyers wanting to take advantage of bargain prices for Naples FL homes. There were over twice the number of contracts written this October as compared to last year. This is a significant indicator that Naples is already well into recovery mode.

Strong demand has already put a dent in higher than normal inventory levels. The available inventory declined 14 percent to 9,347 in October 2009 from 10,815 in October 2008.

Additional signs of strong demand are seen in Naples new construction sales (these are not included in the NABOR statistics above). Marbella Lakes has been the “singlefamily hot spot,” according to local broker Ross McIntosh. “The builder has pulled 119 permits so far this year,” he said.

And according to Patti Fortune, a sales associate at Marbella Lakes, “prices of our Naples homes homes for sale have actually gone up across the board approximately $10,000.00 since we opened at the end of February 2009. We’re seeing increased interest and sales. You simply can’t find a better value in new construction so close to the beach anywhere in Naples.”

Increased sales, inventory declines and new home sales (and even price increases) all point to a strong recovery for Naples real estate. Buyers who hesitate too long will miss the best opportunity in the last decade to purchase Naples FL homes at bargain prices.

• Location - For new homes in this price range the location can’t be better. The beach is only six minutes away and you’re in a corridor of shopping ranging from Gucci and Saks Fifth Avenue to Target and Macy’s.

• Low Property Taxes – At Marbella Lakes you’re ensured you’re paying the lowest property taxes possible. Your taxable value is actually equal to your home’s market value. This is not the case in many communities affected by inordinately decreasing property values. Property owners in other communities have to either file a complaint with the Clerk of the Value Adjustment Board by September 11th, 2009 or wait until the following year to see how much the Property Appraiser has adjusted your home’s value. Why would you want to pay more property taxes or have to fight your way to what you should be paying anyway?

It’s been several years since Naples real estate has been this well located at such a great value. The prices at Marbella Lakes start at $199,900 for the Carriage Homes (condos) and $309,900 for single-family homes. There are several Marbella Lakes homes ready to move in now and others in various stages of construction. Or you can choose your lot and build from the ground up in about four months. For more detailed information or to request a brochure go to the web site at www.Marbella-Lakes.com.

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:

• Overall condo pending sales increased 69 percent with 4,243 contracts in 2009, compared to 2,505 contracts in 2008.

• The days a property was on the market in 2009 decreased 11 percent to 160 days on the market, compared to 179 days in 2008.

• The overall median closed price decreased 35 percent to $178,000 in 2009 from $274,000 in 2008.

Excluding the $300,000 and under segment, comprising a majority of foreclosure related property sales, the overall median price for the market declined only 7 percent from $565,000 in 2008 to $525,000 in 2009. The median refers to the middle value in a set of statistical values that are arranged in ascending or descending order, in this case prices at which homes were actually sold.

The fourth quarter of 2009 showed overall pending sales increasing 92 percent with 2,455 contracts, compared to 1,276 contracts in the same quarter of 2008.

“We are seeing sales steadily move to higher priced ranges,” stated Jo Carter, President of Jo Carter & Associates. Both single-family pending and closed sales increased in all price ranges below two million.

• Single-family home sales in the $300,000 to $500,000 price range increased 43 percent with 163 sales in the fourth quarter of 2009 compared to 114 sales in the fourth quarter of 2008.

• Single-family pending sales in the $500,000 to $1 million price range increased 63 percent in the fourth quarter with 114 contracts compared to 70 contracts in the fourth quarter of 2008.

The NABOR report also showed that in December 2009, the $1 million to $2 million segment of the market was particularly lively, showing a 157 percent increase in pending sales over the previous year. Pending sales of single family homes and condominiums in that luxury home segment showed a 178 percent and 120 percent increase, respectively, over the previous year.

According to Mark Weber, Broker & Owner of White Sands Realty in Naples, Florida, “these are all positive signs of a great year to come for Naples real estate in 2010. If you think about your home purchase too long, you’ll be kicking yourself for missing this buyer’s market. It will end a lot faster than it started and there won’t be any forewarning. These types of statistics are your signal to make a deal now.”