As people grasp for signs of an economic recovery, a multi-million dollar beachfront property sale in Port Royal has people wondering if the local real estate market is regaining its heartbeat. The short answer: Yes.
“There is definitely a confidence in the air,” says Brenda Fioretti, president of the Naples Area Board of Realtors.
Fioretti says that the real estate market has improved over the past two years, but those improvements have been slow and difficult to quantify until now.
On the heels of last week’s sale of James Lennane’s beachfront home and property on Gordon Drive in Port Royal to a trust for $14.55 million, Fioretti says that home sales of over $10 million more than doubled in the past two years – going from three sales over $10 million in 2009 to 8 sales over $10 million in 2010.
“Investing in real estate is on its way back,” Fioretti says.
And as long as you’re realistic about the returns of those investments, Fioretti says you can be optimistic.
“We don’t expect the 20 percent appreciation any time soon,” Fioretti says. “But we do expect three percent in 2011.”
Jim Gorman, of Downing Frye Real Estate in Naples, handled the Port Royal property listing – 8,477 square foot, two-story, five-bedroom and six-bathroom home on a 1.29-acre lot, located at 4228 Gordon Drive in the Port Royal section of Naples.
Gorman says that while it’s not realistic to equate a beachfront, Port Royal property sale to countywide real estate trends, he does recognize that price-savvy buyers are out there and willing to invest.
“The beachfront property market is not, as a whole, indicative of the rest of the real estate market,” Gorman says. “But the buyers’ mentality and motivation is definitely indicative of buyers across the county.”
“Are people throwing money around? No,” he says. “People are out there looking for value. And they will buy, if they perceive it as a great value.”
Gorman says that he saw beachfront properties hit bottom last season, both in price and numbers. But he says this recent sale, along with the four other sales of beachfront properties in Naples in the last 12 months, shows that the beachfront market is coming up.
“Because of a lack of supply, is a great time to put beachfront properties on the market,” Gorman says. “I have at least there other buyers looking to buy on the beach in Naples, Florida.”
Phil McCabe, a Naples restaurateur and hotel owner who lives in Port Royal and owns several properties in Naples, says that just by looking around town, market improvement is obvious.
“My sense of the market is it’s very, very strong,” McCabe said.
"More Details"
Wednesday, December 29, 2010
Prices have already adjusted, and are probably undervalued in most cities
NEW YORK (CNNMoney.com) - Home prices took a shockingly steep plunge on a monthly basis, an indication that the housing market could be on the verge of -- if it's not already in -- a double-dip slump.
Prices in 20 key cities fell 1.3% in October from a month earlier, an annualized decline of 15%, according to the S&P/Case-Shiller index released Tuesday. Prices were down 0.8% from 12 months earlier.
Month-over-month prices dropped in all 20 metro areas covered by the index. Six markets reached their lowest levels since the housing bust first began in 2006 and 2007. They were Atlanta, Charlotte, N.C., Miami, Portland, Ore., Seattle and Tampa, Fla.
"The double-dip is almost here," said David Blitzer, chairman of the Index Committee at Standard & Poor's. "There is no good news in October's report. Home prices across the country continue to fall."
The report was far more dire than anticipated by industry experts, who had forecast an almost flat market in October. It followed weak September numbers.
"It was a bit of a surprise," said real estate analyst Pat Newport of IHS Global Research. "I wasn't expecting it to lag so badly in all 20 cities."
He, along with many other experts, has been forecasting further price erosion over the next few months of 5% to 7%, but didn't expect the price drop to hit so fast and so hard. It's mostly attributable to the end of the tax credit for homebuyers, the effects of which started to vanish beginning in June.
"The trends we have seen over the past few months have not changed," said Blitzer. "The tax incentives are over and the national economy remained lackluster in October, the month covered by these data."
Sales volume continues to lag, off 25% even from last October, when markets could hardly be described as robust.
The inventory of homes on the market is up about 50% compared with last year at this time, and there are millions of potential homes for sale waiting on the sideline for markets to improve.
Much of that "shadow inventory" is held as repossessed properties by banks, who will eventually have to release them back on the market.
Prices in Atlanta, down 2.9%, and Detroit, off 2.5%, took a particular beating in October. Las Vegas and Washington came out of the month only slightly bruised, down just 0.2%.
The report ran counter to what have been generally positive signs of economic recovery, according to Richard DeKaser, an independent housing market analyst and founder of Woodley Park Research.
"The market is not showing much improvement after the summer slump," he said. "Housing is acting as a drag on recovery."
The coming of the second of the double dip is icing on the cake for homebuyers, who already have benefited from prices not seen in years in most markets.
"Prices have already adjusted, and are probably undervalued in most cities," said Newport. "This will make them even more undervalued."
Prices in 20 key cities fell 1.3% in October from a month earlier, an annualized decline of 15%, according to the S&P/Case-Shiller index released Tuesday. Prices were down 0.8% from 12 months earlier.
Month-over-month prices dropped in all 20 metro areas covered by the index. Six markets reached their lowest levels since the housing bust first began in 2006 and 2007. They were Atlanta, Charlotte, N.C., Miami, Portland, Ore., Seattle and Tampa, Fla.
"The double-dip is almost here," said David Blitzer, chairman of the Index Committee at Standard & Poor's. "There is no good news in October's report. Home prices across the country continue to fall."
The report was far more dire than anticipated by industry experts, who had forecast an almost flat market in October. It followed weak September numbers.
"It was a bit of a surprise," said real estate analyst Pat Newport of IHS Global Research. "I wasn't expecting it to lag so badly in all 20 cities."
He, along with many other experts, has been forecasting further price erosion over the next few months of 5% to 7%, but didn't expect the price drop to hit so fast and so hard. It's mostly attributable to the end of the tax credit for homebuyers, the effects of which started to vanish beginning in June.
"The trends we have seen over the past few months have not changed," said Blitzer. "The tax incentives are over and the national economy remained lackluster in October, the month covered by these data."
Sales volume continues to lag, off 25% even from last October, when markets could hardly be described as robust.
The inventory of homes on the market is up about 50% compared with last year at this time, and there are millions of potential homes for sale waiting on the sideline for markets to improve.
Much of that "shadow inventory" is held as repossessed properties by banks, who will eventually have to release them back on the market.
Prices in Atlanta, down 2.9%, and Detroit, off 2.5%, took a particular beating in October. Las Vegas and Washington came out of the month only slightly bruised, down just 0.2%.
The report ran counter to what have been generally positive signs of economic recovery, according to Richard DeKaser, an independent housing market analyst and founder of Woodley Park Research.
"The market is not showing much improvement after the summer slump," he said. "Housing is acting as a drag on recovery."
The coming of the second of the double dip is icing on the cake for homebuyers, who already have benefited from prices not seen in years in most markets.
"Prices have already adjusted, and are probably undervalued in most cities," said Newport. "This will make them even more undervalued."
Saturday, December 18, 2010
Naples News Article - New homes are being built again
NAPLES — A shortage in new home inventory and decreased impact fees are motivating developers to build in Collier County, according to business leaders.
Stock Development’s newly announced project, a neighborhood to be built in Lely Resort called Lakoya, is evidence of shifting trends.
“This is a green shoot, the first land development community project to be announced in Southwest Florida in several years,” said Ross McIntosh, a Naples real estate broker and housing expert.
The East Naples project is among the largest in Collier County after four years marked by a tanking economy, decreased residential construction and a foreclosure crisis.
“What we had been seeing is, obviously, people are taking advantage of the lower prices in the existing inventory of foreclosures and short sales,” said Mike Timmerman, a senior associate with the economic consulting firm Fishkind and Associates. “What’s ending up happening now that the impact fees have been reduced, we’re seeing builders look to build something new again.”
Stock Development’s newly announced project, a neighborhood to be built in Lely Resort called Lakoya, is evidence of shifting trends.
“This is a green shoot, the first land development community project to be announced in Southwest Florida in several years,” said Ross McIntosh, a Naples real estate broker and housing expert.
The East Naples project is among the largest in Collier County after four years marked by a tanking economy, decreased residential construction and a foreclosure crisis.
“What we had been seeing is, obviously, people are taking advantage of the lower prices in the existing inventory of foreclosures and short sales,” said Mike Timmerman, a senior associate with the economic consulting firm Fishkind and Associates. “What’s ending up happening now that the impact fees have been reduced, we’re seeing builders look to build something new again.”
Thursday, December 16, 2010
Florida, still tops the list of best places to retire
Despite the hurricanes, heat and housing market, Florida, and particularly Southwest Florida, still tops the list of best places to retire.
Eight of the Top 10 places to retire are in Florida and three of the Top 5 are in Southwest Florida, according to a study released Thursday by Portfolio.com, a national business news Web site.
Naples landed in fifth place, right behind the Cape Coral-Fort Myers area. Bradenton-Sarasota was first out of 157 ranked cities, 13 of which were in Florida.
”I don’t know what the criteria was, but I think Naples is No. 1,” said Arlene Carozza, Realtor and president of the Naples Area Board of Realtors.
Naples City Councilman John Sorey said just being on the list is reason enough to be proud.
“I think that obviously we would like to be No. 1,” he said. “But, I think as long as we’re in the Top 5 or Top 10, that’s a pretty high level of competence, that’s pretty competitive.”
Portfolio.com used a six-part formula to rank the most popular retirement destinations. As part of the formula, it used raw data from the U.S. Census Bureau. It chose the 157 areas because of their senior population, setting the minimum at 40,000 senior citizens.
“The reason I think people retire to Naples — other than structurally since we have no state income tax — I think people retire to Naples for the same reason I retired to Naples,” Sorey said. “I traveled around the world and visited many locations to retire, but look at quality of life, climate, citizens that are here, the arts, and restaurants. It’s just a wonderful place to retire.”
Eight of the Top 10 places to retire are in Florida and three of the Top 5 are in Southwest Florida, according to a study released Thursday by Portfolio.com, a national business news Web site.
Naples landed in fifth place, right behind the Cape Coral-Fort Myers area. Bradenton-Sarasota was first out of 157 ranked cities, 13 of which were in Florida.
”I don’t know what the criteria was, but I think Naples is No. 1,” said Arlene Carozza, Realtor and president of the Naples Area Board of Realtors.
Naples City Councilman John Sorey said just being on the list is reason enough to be proud.
“I think that obviously we would like to be No. 1,” he said. “But, I think as long as we’re in the Top 5 or Top 10, that’s a pretty high level of competence, that’s pretty competitive.”
Portfolio.com used a six-part formula to rank the most popular retirement destinations. As part of the formula, it used raw data from the U.S. Census Bureau. It chose the 157 areas because of their senior population, setting the minimum at 40,000 senior citizens.
“The reason I think people retire to Naples — other than structurally since we have no state income tax — I think people retire to Naples for the same reason I retired to Naples,” Sorey said. “I traveled around the world and visited many locations to retire, but look at quality of life, climate, citizens that are here, the arts, and restaurants. It’s just a wonderful place to retire.”
Using Mediterra as an indicator, future is bright for luxury homes
SPECIAL TO FLORIDA WEEKLY
The high-end home market in Naples has come back to life if 12-month sales at Mediterra can serve as a barometer.
Recently named Community of the Year with homes priced above $2 million by the Collier Building Industry Association, Mediterra in North Naples has posted more the $97 million in sales since its members purchased the club assets and London Bay Homes assumed sales and marketing in December 2009. Since that time, the community has recorded 64 sales of singlefamily homes, villas, coach homes and individual home sites. In 2009, 33 sales totaled $47,007,873.
“This demonstrates that high-end communities have not lost their appeal with affluent homeowners who still see Naples as a premier primary or second home destination,” London Bay President Mark Wilson says about the recent numbers.
From December 2009 to December 2010, the sale of 54 homes and home sites at Mediterra totaled $86,774,833. There are also 10 pending sales in the community that total $10,850,300. Of note, 21 of the 64 sales, representing more than $39 million, were sales of builder models or newly contracted construction.
Mediterra includes two Tom Fazio-designed golf courses, a 25,000-square-foot clubhouse, private beach club, sports center with tennis and fitness facilities, three community parks and eight miles of walking and bike trails.
“Sales center traffic continues to improve, with a high percentage of the visitors in a decision-making frame of mind,” Mr. Wilson adds. Through October, he adds, the sale of homes priced over $1 million is up 40 percent in Collier County. “That, too, is a positive trend as we move into season.”
Real estate analyst Michael Timmerman of Fishkind & Associates agrees. “I think many of the buyers who are looking at the higher end of the market are also rebuilding their portfolios,” he says “As their confidence increases, so will their appetite for higher end homes, leading to a nice rebound in this sector.”
The high-end home market in Naples has come back to life if 12-month sales at Mediterra can serve as a barometer.
Recently named Community of the Year with homes priced above $2 million by the Collier Building Industry Association, Mediterra in North Naples has posted more the $97 million in sales since its members purchased the club assets and London Bay Homes assumed sales and marketing in December 2009. Since that time, the community has recorded 64 sales of singlefamily homes, villas, coach homes and individual home sites. In 2009, 33 sales totaled $47,007,873.
“This demonstrates that high-end communities have not lost their appeal with affluent homeowners who still see Naples as a premier primary or second home destination,” London Bay President Mark Wilson says about the recent numbers.
From December 2009 to December 2010, the sale of 54 homes and home sites at Mediterra totaled $86,774,833. There are also 10 pending sales in the community that total $10,850,300. Of note, 21 of the 64 sales, representing more than $39 million, were sales of builder models or newly contracted construction.
Mediterra includes two Tom Fazio-designed golf courses, a 25,000-square-foot clubhouse, private beach club, sports center with tennis and fitness facilities, three community parks and eight miles of walking and bike trails.
“Sales center traffic continues to improve, with a high percentage of the visitors in a decision-making frame of mind,” Mr. Wilson adds. Through October, he adds, the sale of homes priced over $1 million is up 40 percent in Collier County. “That, too, is a positive trend as we move into season.”
Real estate analyst Michael Timmerman of Fishkind & Associates agrees. “I think many of the buyers who are looking at the higher end of the market are also rebuilding their portfolios,” he says “As their confidence increases, so will their appetite for higher end homes, leading to a nice rebound in this sector.”
Wednesday, December 15, 2010
Federal Reserve keeps interest rates steady
WASHINGTON – Dec. 15, 2010 – At the conclusion of its regularly scheduled meeting yesterday, the Federal Open Market Committee confirmed that the economic recovery is continuing, though at a rate insufficient to bring down unemployment. Household spending is increasing at a moderate pace, and business spending on equipment and software is rising, though less rapidly than earlier in the year. Investment in nonresidential structures continues to be weak.
“The unemployment rate is elevated, and measures of underlying inflation are somewhat low, relative to levels that the Committee judges to be consistent, over the longer run,” the Committee said in its statement. As a result, interest rates were unchanged at the target range for the federal funds rate at 0 to 1/4 percent.
The Committee called progress toward its economic objectives “disappointingly slow.”
The Committee will maintain its existing policy of reinvesting principal payments from its securities holdings. In addition, the Committee intends to purchase $600 billion of longer-term Treasury securities by the end of the second quarter of 2011, a pace of about $75 billion per month.
The Committee also suggested that it would not raise interest rates in the near future, saying it “continues to anticipate that economic conditions – including low rates of resource utilization, subdued inflation trends, and stable inflation expectations – are likely to warrant exceptionally low levels for the federal funds rate for an extended period.”
“The unemployment rate is elevated, and measures of underlying inflation are somewhat low, relative to levels that the Committee judges to be consistent, over the longer run,” the Committee said in its statement. As a result, interest rates were unchanged at the target range for the federal funds rate at 0 to 1/4 percent.
The Committee called progress toward its economic objectives “disappointingly slow.”
The Committee will maintain its existing policy of reinvesting principal payments from its securities holdings. In addition, the Committee intends to purchase $600 billion of longer-term Treasury securities by the end of the second quarter of 2011, a pace of about $75 billion per month.
The Committee also suggested that it would not raise interest rates in the near future, saying it “continues to anticipate that economic conditions – including low rates of resource utilization, subdued inflation trends, and stable inflation expectations – are likely to warrant exceptionally low levels for the federal funds rate for an extended period.”
Tuesday, November 23, 2010
Commercial Real Estate show signs of Recovery
Dividends start to rise at commercial REITs
NEW YORK – Nov. 22, 2010 – Some of the country’s biggest real estate investment trusts, ranging from Simon Property Group Inc. to Kimco Realty Corp. to Nationwide Health Properties Inc., raised their quarterly dividends this month.
More commercial property companies are expected to follow suit in the weeks and months to come. The higher quarterly payouts reflect the better occupancy levels and higher rents, which are boosting the income pool for dividends.
That is a stark contrast from the last few years, when REITs were busy slashing or suspending dividends to preserve cash and ride out the recession. Since the first of this year, dozens of REITs have reversed course.
Brad Case, vice president of research and information at the National Association of Real Estate Investment Trusts, confirms, “The operating fundamentals in commercial real estate seem to be getting better in the major markets in general.” This week, he will make his bullish case about real-estate stocks at the REIT World conference in New York.
While conditions are indeed improving, dividends still are not as lucrative as they were at the height of the market in 2005 and 2006. Mike Kirby, director of research for Green Street Advisors, reasons that most REITs are trying to be conservative.
NEW YORK – Nov. 22, 2010 – Some of the country’s biggest real estate investment trusts, ranging from Simon Property Group Inc. to Kimco Realty Corp. to Nationwide Health Properties Inc., raised their quarterly dividends this month.
More commercial property companies are expected to follow suit in the weeks and months to come. The higher quarterly payouts reflect the better occupancy levels and higher rents, which are boosting the income pool for dividends.
That is a stark contrast from the last few years, when REITs were busy slashing or suspending dividends to preserve cash and ride out the recession. Since the first of this year, dozens of REITs have reversed course.
Brad Case, vice president of research and information at the National Association of Real Estate Investment Trusts, confirms, “The operating fundamentals in commercial real estate seem to be getting better in the major markets in general.” This week, he will make his bullish case about real-estate stocks at the REIT World conference in New York.
While conditions are indeed improving, dividends still are not as lucrative as they were at the height of the market in 2005 and 2006. Mike Kirby, director of research for Green Street Advisors, reasons that most REITs are trying to be conservative.
Saturday, November 20, 2010
Naples - PENDING SALES UP, INVENTORY DOWN
Report Shows Median Closed Price Stabilizing
NAPLES, Fla.-November 19, 2010- Real estate activity in the Naples area is trending upward according to a report released by the Naples Area Board of REALTORS® (NABOR), which tracks home listings and sales within Collier County (excluding Marco Island).
“We saw how the third quarter sales were impacted by the end of the homebuyer tax credit and the news of the oil spill, but we are now seeing a resurgence in the marketplace,” stated Michele Harrison, REALTOR with John R. Wood REALTORS®. “The pending sales activity that was missing during the summer is back.”
"The overall pending sales trend when compared year over year shows the market is moving back up,” said John Steinwand, President of Naples Realty Services. Overall pending sales for the 12 months ending October 2010 increased 11 percent when compared to the 12 months ending October 2009. Overall pending sales increased to 9,400 compared to 8,437.
Phil Wood, President of John R. Wood REALTORS® agrees, “In the $1 million and over price segment, pending sales are up over 40% this year.”
The number of available properties decreased 3 percent to 9,044 down from 9,347.
“The bank freeze on foreclosed homes has not scared buyers away, they are still buying properties,” said Steve Barker, Managing Broker of Amerivest Realty.
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 closed sales for the 12 months ending October 2010 increased 19 percent with 7,912 sales compared to 6,645 sales for the 12 months ending October 2009.
Single-family pending sales increased 20 percent with 436 contracts in October 2010 compared to 363 contracts in October 2009. Single-family pending sales in the $1 to $2 million category increased 54 percent for the 12 months ending October 2010 with 263 contracts compared to 171 contracts for the 12 months ending October 2009.
Condo pending sales increased 6 percent in October 2010 with 345 contracts compared to 326 contracts in October 2009. Condo closed sales increased 31 percent with 3,897 contracts for the 12 months ending October 2010 compared to 2,964 contracts for the same 12 months last year.
The overall Median Closed Price for the 12 months ending October 2010 showed no change from one year ago, remaining at $180,000. However, there was a 3% overall increase in the median for properties in the price segments above $300,000. “The median closed price continues to stabilize.
For properties under $300,000 the median closed price increased 2 percent and single-family homes median closed price increased 12 percent for the 12 months ending October 2010,” said Jo Carter, President of Jo Carter and Associates. Charts/Statistics
NAPLES, Fla.-November 19, 2010- Real estate activity in the Naples area is trending upward according to a report released by the Naples Area Board of REALTORS® (NABOR), which tracks home listings and sales within Collier County (excluding Marco Island).
“We saw how the third quarter sales were impacted by the end of the homebuyer tax credit and the news of the oil spill, but we are now seeing a resurgence in the marketplace,” stated Michele Harrison, REALTOR with John R. Wood REALTORS®. “The pending sales activity that was missing during the summer is back.”
"The overall pending sales trend when compared year over year shows the market is moving back up,” said John Steinwand, President of Naples Realty Services. Overall pending sales for the 12 months ending October 2010 increased 11 percent when compared to the 12 months ending October 2009. Overall pending sales increased to 9,400 compared to 8,437.
Phil Wood, President of John R. Wood REALTORS® agrees, “In the $1 million and over price segment, pending sales are up over 40% this year.”
The number of available properties decreased 3 percent to 9,044 down from 9,347.
“The bank freeze on foreclosed homes has not scared buyers away, they are still buying properties,” said Steve Barker, Managing Broker of Amerivest Realty.
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 closed sales for the 12 months ending October 2010 increased 19 percent with 7,912 sales compared to 6,645 sales for the 12 months ending October 2009.
Single-family pending sales increased 20 percent with 436 contracts in October 2010 compared to 363 contracts in October 2009. Single-family pending sales in the $1 to $2 million category increased 54 percent for the 12 months ending October 2010 with 263 contracts compared to 171 contracts for the 12 months ending October 2009.
Condo pending sales increased 6 percent in October 2010 with 345 contracts compared to 326 contracts in October 2009. Condo closed sales increased 31 percent with 3,897 contracts for the 12 months ending October 2010 compared to 2,964 contracts for the same 12 months last year.
The overall Median Closed Price for the 12 months ending October 2010 showed no change from one year ago, remaining at $180,000. However, there was a 3% overall increase in the median for properties in the price segments above $300,000. “The median closed price continues to stabilize.
For properties under $300,000 the median closed price increased 2 percent and single-family homes median closed price increased 12 percent for the 12 months ending October 2010,” said Jo Carter, President of Jo Carter and Associates. Charts/Statistics
Monday, November 15, 2010
Florida economy is recovering - Moody's Report
Moody’s hopeful on recovery, notes pent-up Fla. demand
PHOENIX – Nov. 15, 2010 – The pace of the national recovery is moderating and the lift spurred by nearly $800 billion in federal stimulus spending is fading, but there are several promising signs that growth will continue, including in Florida, a leading national fiscal analyst told reporters Friday morning.
Moody’s Analytics economist Chris Lafakis said the Federal Reserve will remain aggressive, with a quantitative easing plan that he equated to “basically flooding the global monetary system.” Lafakis predicted the strategy would lift asset prices, reduce corporate borrowing costs, and increase the willingness of consumers to spend.
Lafakis predicted substantial growth in Florida’s economy, mentioning that the Miami, Orlando and Tampa areas are expected to recover “quite significantly” due to a rebound in population growth and an increased willingness of people to travel to Florida for vacations. “The story of pent-up demand is true in no place more so than Florida,” he said.
Nationally, corporate balance sheets are strong and business profits have “fully recovered from the recession,” he said, adding that businesses are in a position to hire more employees, though their level of willingness varies.
“It’s truly the case that profit growth leads job growth,” Lafakis told state government reporters gathered for the annual conference of the Association of Capitol Reporters and Editors. "More Details"
PHOENIX – Nov. 15, 2010 – The pace of the national recovery is moderating and the lift spurred by nearly $800 billion in federal stimulus spending is fading, but there are several promising signs that growth will continue, including in Florida, a leading national fiscal analyst told reporters Friday morning.
Moody’s Analytics economist Chris Lafakis said the Federal Reserve will remain aggressive, with a quantitative easing plan that he equated to “basically flooding the global monetary system.” Lafakis predicted the strategy would lift asset prices, reduce corporate borrowing costs, and increase the willingness of consumers to spend.
Lafakis predicted substantial growth in Florida’s economy, mentioning that the Miami, Orlando and Tampa areas are expected to recover “quite significantly” due to a rebound in population growth and an increased willingness of people to travel to Florida for vacations. “The story of pent-up demand is true in no place more so than Florida,” he said.
Nationally, corporate balance sheets are strong and business profits have “fully recovered from the recession,” he said, adding that businesses are in a position to hire more employees, though their level of willingness varies.
“It’s truly the case that profit growth leads job growth,” Lafakis told state government reporters gathered for the annual conference of the Association of Capitol Reporters and Editors. "More Details"
Tuesday, November 9, 2010
Global investors poised for activity
SEATTLE – Nov. 9, 2010 – The United States’ investment sales market has the potential for increased fluidity in the year ahead, based on findings from Colliers International’s Q3 2010 Global Investor Sentiment Survey.
More than six out of 10 U.S. real estate investors responding to the survey indicated that they are considering selling property over the next year, up considerably from the 23 percent reported in the Q1 response. Meanwhile, 85 percent of U.S. investors expressed a desire to buy assets domestically during that time, with a focus on primary markets nationwide. The combined forces may position a significantly increased number of U.S. assets to trade over the next 12 months. In particular, U.S. investors noted markets in California, Texas, New York/New Jersey and Florida, as well as Washington, D.C., Boston, Atlanta, Chicago, Denver and Seattle as key targets.
Further, 60 percent of U.S. real estate investor respondents expect to expand their portfolios in the coming year. An additional three out of 10 expect to maintain the size of their portfolios, with some of those expressing an interest in rebalancing their portfolios among different asset classes "More Details"
More than six out of 10 U.S. real estate investors responding to the survey indicated that they are considering selling property over the next year, up considerably from the 23 percent reported in the Q1 response. Meanwhile, 85 percent of U.S. investors expressed a desire to buy assets domestically during that time, with a focus on primary markets nationwide. The combined forces may position a significantly increased number of U.S. assets to trade over the next 12 months. In particular, U.S. investors noted markets in California, Texas, New York/New Jersey and Florida, as well as Washington, D.C., Boston, Atlanta, Chicago, Denver and Seattle as key targets.
Further, 60 percent of U.S. real estate investor respondents expect to expand their portfolios in the coming year. An additional three out of 10 expect to maintain the size of their portfolios, with some of those expressing an interest in rebalancing their portfolios among different asset classes "More Details"
Thursday, October 14, 2010
States’ probe of foreclosures could force reforms
WASHINGTON – Oct. 14, 2010 – A joint investigation by every state and the District of Columbia could force mortgage companies to settle allegations that they used flawed documents to foreclose on hundreds of thousands of homeowners.
It could take months, at least, for any settlement to be reached. But legal experts say lenders could be forced to accept an independent monitor to ensure they follow state foreclosure laws. The banks could also be subject to financial penalties and be forced to pay some people whose foreclosures were improperly handled.
For banks, “the most efficient way for them to get out from under this is to settle across the board,” said Kathleen Engel, a law professor at Suffolk University in Boston.
Employees of several major lenders have acknowledged in depositions that they signed thousands of foreclosure documents without reading them as required by state laws.
“This is not simply about a glitch in paperwork,” Iowa Attorney General Tom Miller, who’s leading the probe announced Wednesday, said in a statement. “It’s also about some companies violating the law and many people losing their homes.”
At a news conference, Miller said the states might be open to alternatives to financial penalties for the banks. They might, for example, agree instead to have lenders step up their efforts to help people reduce their loan payments so they can avoid foreclosure.
The document problems could prolong the housing downturn if many homebuyers become unwilling to purchase foreclosed homes. But for a few months anyway, the problems could help prop up prices, because fewer low-priced foreclosed homes will be for sale.
Analysts don’t expect many people who lost homes to foreclosure to recover them.
Lenders seized more U.S. homes this summer than in any three-month stretch since the housing market began to bust in 2006, according to data released Thursday by RealtyTrac Inc., a foreclosure listing service. But many of the foreclosures may be challenged in court because of the allegations of flawed documents.
Banks have seized more than 816,000 homes through the first nine months of the year. They had been on pace to seize 1.2 million by the end of 2010. But fewer are expected now that several major lenders have begun to respond to pressure from state and federal officials. They have done so by suspending some foreclosures and sales of repossessed homes until they can sort out the foreclosure-documents mess.
JPMorgan Chase & Co. said Wednesday it would extend its review of its foreclosure cases to 41 states - doubling the number of its cases under review to 115,000. JPMorgan had previously said it was halting foreclosures in the 23 states where foreclosures must be approved by a judge.
This week, GMAC Mortgage, a unit of Ally Financial Inc., said it had hired legal and accounting firms to review its foreclosure procedures in all 50 states. GMAC has halted some foreclosures in 23 states. Bank of America has done so in all 50.
And Wells Fargo & Co. has said it would review pending foreclosures for potential defects. Wells says it’s discovered no problems.
In their announcement Wednesday, the state officials said they would review evidence that documents were signed by mortgage company employees who didn’t verify the information in them. They also said many documents appeared to have been signed without a notary public witnessing that signature – a violation of state law.
Attorneys general have taken the lead in responding to the revelations. State officials, not the federal government, enforce foreclosure laws, which vary by state.
Not all attorneys general have identical powers to investigate. Without clear evidence of a crime, they usually file lawsuits to force businesses to stop actions or to pay damages to wronged consumers.
The filing of false documents in court can be prosecuted as perjury. Any lawyers involved in improper foreclosures could suffer sanctions or lose their law licenses for unethical activity.
As part of their probe, state officials will be able to issue subpoenas to extract potentially incriminating documents from the industry. Such evidence could be used in lawsuits or to force settlements with lenders.
A key question is whether state investigators can persuade bank employees to divulge some of the industry’s secrets, said Ray Brescia, an Albany Law School professor who has tracked the mortgage crisis. Some mortgage company workers could have a powerful incentive to do so rather than face criminal charges, he noted.
“It’s quite possible that there will be insiders who come forward to reveal the inner workings of these “boiler room” foreclosure mills, which likely won’t be good for the banks,” Brescia said.
A lawsuit that Ohio Attorney General Richard Cordray filed this month against GMAC Mortgage and Ally Financial could preview things to come around the country.
Cordray’s lawsuit seeks to halt potentially illegal foreclosure practices. It also asks that a judge stop sales of any foreclosed homes involving paperwork filed by a GMAC employee who signed hundreds of faulty documents. And it aims to toss out foreclosure judgments on homes that haven’t yet sold.
The Ohio lawsuit also seeks damages for consumers and civil penalties of $25,000 for each separate violation. If similar cases were brought in all 50 states, it could total billions of dollars in damages and fines for lenders and others involved in foreclosures.
The allegations raise the possibility that foreclosure proceedings nationwide could be subject to legal challenge. More than 2.5 million homes have been lost to foreclosure since the recession started in December 2007, according to RealtyTrac Inc.
Kendall Coffey, a former U.S. attorney in Miami, said that fixing faulty or fraudulent mortgage paperwork can be relatively easy if a case is ongoing. But it’s far more complex if a foreclosure has been completed and the home already sold.
There also are limits to what officials in some states can do.
For example, in Florida, an epicenter for foreclosure cases, Attorney General Bill McCollum suffered a setback last week in a probe into practices by four law firms that handled foreclosures. A judge ruled that McCollum had no authority to subpoena records from one firm. It said the state’s bar association was the proper forum to decide whether to sanction the firm.
A different Florida firm involved in that investigation, the Law Offices of David J. Stern, is seeking a similar ruling. Government-controlled mortgage buyers Fannie Mae and Freddie Mac have stopped referring foreclosures to Stern’s firm while they review the firm’s filings.
Also Wednesday, federal regulators said all mortgage companies that work with Fannie and Freddie will have to review foreclosure documents and refile them if they spot problems. That will affect most of the industry, because Fannie and Freddie own or guarantee about half the nation’s home loans.
In cases where no problems turn up, foreclosures “should proceed without delay,” the Federal Housing Finance Agency, the agency that regulates Fannie and Freddie, said.
It could take months, at least, for any settlement to be reached. But legal experts say lenders could be forced to accept an independent monitor to ensure they follow state foreclosure laws. The banks could also be subject to financial penalties and be forced to pay some people whose foreclosures were improperly handled.
For banks, “the most efficient way for them to get out from under this is to settle across the board,” said Kathleen Engel, a law professor at Suffolk University in Boston.
Employees of several major lenders have acknowledged in depositions that they signed thousands of foreclosure documents without reading them as required by state laws.
“This is not simply about a glitch in paperwork,” Iowa Attorney General Tom Miller, who’s leading the probe announced Wednesday, said in a statement. “It’s also about some companies violating the law and many people losing their homes.”
At a news conference, Miller said the states might be open to alternatives to financial penalties for the banks. They might, for example, agree instead to have lenders step up their efforts to help people reduce their loan payments so they can avoid foreclosure.
The document problems could prolong the housing downturn if many homebuyers become unwilling to purchase foreclosed homes. But for a few months anyway, the problems could help prop up prices, because fewer low-priced foreclosed homes will be for sale.
Analysts don’t expect many people who lost homes to foreclosure to recover them.
Lenders seized more U.S. homes this summer than in any three-month stretch since the housing market began to bust in 2006, according to data released Thursday by RealtyTrac Inc., a foreclosure listing service. But many of the foreclosures may be challenged in court because of the allegations of flawed documents.
Banks have seized more than 816,000 homes through the first nine months of the year. They had been on pace to seize 1.2 million by the end of 2010. But fewer are expected now that several major lenders have begun to respond to pressure from state and federal officials. They have done so by suspending some foreclosures and sales of repossessed homes until they can sort out the foreclosure-documents mess.
JPMorgan Chase & Co. said Wednesday it would extend its review of its foreclosure cases to 41 states - doubling the number of its cases under review to 115,000. JPMorgan had previously said it was halting foreclosures in the 23 states where foreclosures must be approved by a judge.
This week, GMAC Mortgage, a unit of Ally Financial Inc., said it had hired legal and accounting firms to review its foreclosure procedures in all 50 states. GMAC has halted some foreclosures in 23 states. Bank of America has done so in all 50.
And Wells Fargo & Co. has said it would review pending foreclosures for potential defects. Wells says it’s discovered no problems.
In their announcement Wednesday, the state officials said they would review evidence that documents were signed by mortgage company employees who didn’t verify the information in them. They also said many documents appeared to have been signed without a notary public witnessing that signature – a violation of state law.
Attorneys general have taken the lead in responding to the revelations. State officials, not the federal government, enforce foreclosure laws, which vary by state.
Not all attorneys general have identical powers to investigate. Without clear evidence of a crime, they usually file lawsuits to force businesses to stop actions or to pay damages to wronged consumers.
The filing of false documents in court can be prosecuted as perjury. Any lawyers involved in improper foreclosures could suffer sanctions or lose their law licenses for unethical activity.
As part of their probe, state officials will be able to issue subpoenas to extract potentially incriminating documents from the industry. Such evidence could be used in lawsuits or to force settlements with lenders.
A key question is whether state investigators can persuade bank employees to divulge some of the industry’s secrets, said Ray Brescia, an Albany Law School professor who has tracked the mortgage crisis. Some mortgage company workers could have a powerful incentive to do so rather than face criminal charges, he noted.
“It’s quite possible that there will be insiders who come forward to reveal the inner workings of these “boiler room” foreclosure mills, which likely won’t be good for the banks,” Brescia said.
A lawsuit that Ohio Attorney General Richard Cordray filed this month against GMAC Mortgage and Ally Financial could preview things to come around the country.
Cordray’s lawsuit seeks to halt potentially illegal foreclosure practices. It also asks that a judge stop sales of any foreclosed homes involving paperwork filed by a GMAC employee who signed hundreds of faulty documents. And it aims to toss out foreclosure judgments on homes that haven’t yet sold.
The Ohio lawsuit also seeks damages for consumers and civil penalties of $25,000 for each separate violation. If similar cases were brought in all 50 states, it could total billions of dollars in damages and fines for lenders and others involved in foreclosures.
The allegations raise the possibility that foreclosure proceedings nationwide could be subject to legal challenge. More than 2.5 million homes have been lost to foreclosure since the recession started in December 2007, according to RealtyTrac Inc.
Kendall Coffey, a former U.S. attorney in Miami, said that fixing faulty or fraudulent mortgage paperwork can be relatively easy if a case is ongoing. But it’s far more complex if a foreclosure has been completed and the home already sold.
There also are limits to what officials in some states can do.
For example, in Florida, an epicenter for foreclosure cases, Attorney General Bill McCollum suffered a setback last week in a probe into practices by four law firms that handled foreclosures. A judge ruled that McCollum had no authority to subpoena records from one firm. It said the state’s bar association was the proper forum to decide whether to sanction the firm.
A different Florida firm involved in that investigation, the Law Offices of David J. Stern, is seeking a similar ruling. Government-controlled mortgage buyers Fannie Mae and Freddie Mac have stopped referring foreclosures to Stern’s firm while they review the firm’s filings.
Also Wednesday, federal regulators said all mortgage companies that work with Fannie and Freddie will have to review foreclosure documents and refile them if they spot problems. That will affect most of the industry, because Fannie and Freddie own or guarantee about half the nation’s home loans.
In cases where no problems turn up, foreclosures “should proceed without delay,” the Federal Housing Finance Agency, the agency that regulates Fannie and Freddie, said.
Thursday, September 23, 2010
AFFORDABLE SALES LEAD THE WAY
AFFORDABLE SALES LEAD THE WAY
Report Shows Strong Summer Sales
NAPLES, Fla.-September 17, 2010- Home sales under $300,000 continue to be very active in the Naples area according to a report released by the Naples Area Board of REALTORS® (NABOR), which tracks home listings and sales within Collier County (excluding Marco Island).
"Pending sales in the $300,000 and under price range increased 11 percent in August and lead the market in sales, as buyers seek value,” said Michele Harrison, REALTOR® with John R. Wood REALTORS®. Pending sales for properties under $300,000 increased 11 percent with 548 contracts in August 2010 compared to 494 in August 2009.
“Despite the fact that the first time homebuyer tax credit ended, pending sales in the $300,000 and under price range remain strong,” stated Steve Barker, Managing Broker of Amerivest Realty. Pending sales for properties under $300,000 increased 19 percent in a comparison of the 12 months ending August 2010 and the 12 months ending August 2009.
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 pending sales for the 12 months ending August 2010 increased 22 percent with 9,607 contracts compared to 7,881 contracts for the 12 months ending August 2009.
• Overall closed sales for the 12 months ending August 2010 increased 30 percent with 8,094 sales compared to 6,232 sales for the 12 months ending August 2009.
• Single-family pending sales increased 14 percent with 436 contracts in August 2010 compared to 383 contracts in August 2009.
• The available inventory declined 4 percent to 8,745 in August 2010 compared to 9,140 in August 2009.
The overall median closed price decreased 6 percent to $160,000 in August 2010 from $170,000 in August 2009. “While the overall median closed price dropped 6 percentage points, it actually increased for closings in the price ranges between $300,000 and 2 million. This is good news for many sellers, in spite of the fact that properties selling at $300,000 and under continue to lead the market in sheer number of closings,” said John Steinwand, President of Naples Realty Services.
Condo closed sales declined 2 percent with 244 sales in August 2010 compared to 248 sales in August 2009. Condo closed sales for the 12 months ending August 2010 increased 45 percent to 3,980 sales compared to 2,749 sales for the 12 months ending August 2009 “Foreclosure closings were very active in August which resulted in a lower median price for condo sales,” said Phil Wood, President of John R. Wood REALTORS®. The median price for condos decreased 17 percent in August 2010 compared to the same month last year.
To view the report, go to www.Naplesarea.com To See Statistics showing increase in acivity of $300,000+ sales and a reduction of inventory go to statistics for August 2010.
Report Shows Strong Summer Sales
NAPLES, Fla.-September 17, 2010- Home sales under $300,000 continue to be very active in the Naples area according to a report released by the Naples Area Board of REALTORS® (NABOR), which tracks home listings and sales within Collier County (excluding Marco Island).
"Pending sales in the $300,000 and under price range increased 11 percent in August and lead the market in sales, as buyers seek value,” said Michele Harrison, REALTOR® with John R. Wood REALTORS®. Pending sales for properties under $300,000 increased 11 percent with 548 contracts in August 2010 compared to 494 in August 2009.
“Despite the fact that the first time homebuyer tax credit ended, pending sales in the $300,000 and under price range remain strong,” stated Steve Barker, Managing Broker of Amerivest Realty. Pending sales for properties under $300,000 increased 19 percent in a comparison of the 12 months ending August 2010 and the 12 months ending August 2009.
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 pending sales for the 12 months ending August 2010 increased 22 percent with 9,607 contracts compared to 7,881 contracts for the 12 months ending August 2009.
• Overall closed sales for the 12 months ending August 2010 increased 30 percent with 8,094 sales compared to 6,232 sales for the 12 months ending August 2009.
• Single-family pending sales increased 14 percent with 436 contracts in August 2010 compared to 383 contracts in August 2009.
• The available inventory declined 4 percent to 8,745 in August 2010 compared to 9,140 in August 2009.
The overall median closed price decreased 6 percent to $160,000 in August 2010 from $170,000 in August 2009. “While the overall median closed price dropped 6 percentage points, it actually increased for closings in the price ranges between $300,000 and 2 million. This is good news for many sellers, in spite of the fact that properties selling at $300,000 and under continue to lead the market in sheer number of closings,” said John Steinwand, President of Naples Realty Services.
Condo closed sales declined 2 percent with 244 sales in August 2010 compared to 248 sales in August 2009. Condo closed sales for the 12 months ending August 2010 increased 45 percent to 3,980 sales compared to 2,749 sales for the 12 months ending August 2009 “Foreclosure closings were very active in August which resulted in a lower median price for condo sales,” said Phil Wood, President of John R. Wood REALTORS®. The median price for condos decreased 17 percent in August 2010 compared to the same month last year.
To view the report, go to www.Naplesarea.com To See Statistics showing increase in acivity of $300,000+ sales and a reduction of inventory go to statistics for August 2010.
Florida’s existing home, condo sales up in August
ORLANDO, Fla. – Sept. 23, 2010 – Sales of existing homes in Florida rose 1 percent in August, with a total of 13,997 homes sold statewide compared to 13,908 homes sold in August 2009, according to the latest housing data released by Florida Realtors®. Statewide existing home sales in August increased 3 percent over statewide sales activity in July.
Ten of Florida’s metropolitan statistical areas (MSAs) reported higher existing home sales last month, while 13 MSAs posted increased existing condo sales. Florida’s median sales price for existing homes last month was $134,000; a year ago, it was $146,500 for a decrease of 9 percent. The median is the midpoint; half the homes sold for more, half for less.
The national median sales price for existing single-family homes in July 2010 was $183,400, up 0.9 percent from a year earlier, according to the National Association of Realtors® (NAR). In Massachusetts, the statewide median resales price was $333,000 in May; in California, it was $314,850; in Maryland, it was $267,489; and in New York, it was $227,000. "More Details"
Ten of Florida’s metropolitan statistical areas (MSAs) reported higher existing home sales last month, while 13 MSAs posted increased existing condo sales. Florida’s median sales price for existing homes last month was $134,000; a year ago, it was $146,500 for a decrease of 9 percent. The median is the midpoint; half the homes sold for more, half for less.
The national median sales price for existing single-family homes in July 2010 was $183,400, up 0.9 percent from a year earlier, according to the National Association of Realtors® (NAR). In Massachusetts, the statewide median resales price was $333,000 in May; in California, it was $314,850; in Maryland, it was $267,489; and in New York, it was $227,000. "More Details"
Tuesday, September 21, 2010
Florida sees increase in international buyers
ORLANDO, Fla. – Sept. 21, 2010 – A number of factors contributed to the decline in home sales nationally and in Florida specifically, but the growing importance of foreign homebuyers has offset some of the damage. Roughly two out of every three Realtors in the state had at least one international transaction within the past year.
While U.S. buyers continue to struggle, foreign buyers generally see U.S. real estate as a desirable, profitable and secure investment. In addition, a weak U.S. dollar has made Florida real estate even more attractive recently.
The National Association of Realtors®, in cooperation with Florida Realtors, conducted a survey of Florida members, asking them about their experience working with international clients. The survey was conducted in July-August 2010. A total of 936 responses were received.
Report highlights
• 65 percent of survey participants – members of Florida Realtors – worked with an international client in the past 12 months. One in five worked with two international clients, and 18 percent working with three or more.
• Half of the respondents said that international clients accounted for 25 percent or less of their business; 15 percent reported that international homebuyers accounted for more than half of their business. "More Details"
While U.S. buyers continue to struggle, foreign buyers generally see U.S. real estate as a desirable, profitable and secure investment. In addition, a weak U.S. dollar has made Florida real estate even more attractive recently.
The National Association of Realtors®, in cooperation with Florida Realtors, conducted a survey of Florida members, asking them about their experience working with international clients. The survey was conducted in July-August 2010. A total of 936 responses were received.
Report highlights
• 65 percent of survey participants – members of Florida Realtors – worked with an international client in the past 12 months. One in five worked with two international clients, and 18 percent working with three or more.
• Half of the respondents said that international clients accounted for 25 percent or less of their business; 15 percent reported that international homebuyers accounted for more than half of their business. "More Details"
Thursday, September 2, 2010
Pending home sales rise
WASHINGTON – Sept. 2, 2010 – Following a sharp drop in the months immediately after expiration of the homebuyer tax credit, pending home sales have modestly risen, according to the National Association of Realtors® (NAR).
The Pending Home Sales Index (PHSI), a forward-looking indicator, rose 5.2 percent to 79.4 based on contracts signed in July from a downwardly revised 75.5 in June; it’s 19.1 percent below July 2009 when it was 98.1. Pending sales data reflects contracts and not closings, which normally occur with a lag time of one or two months.
“Home sales will remain soft in the months ahead, but improved affordability conditions should help with a recovery,” says Lawrence Yun, NAR chief economist. “But the recovery looks to be a long process. Homebuyers over the past year got a great deal, and buyers for the balance of this year have an edge over sellers. For those who bought at or near the peak several years ago, particularly in markets experiencing big bubbles, it may take over a decade to fully recover lost equity.” Market Details
The Pending Home Sales Index (PHSI), a forward-looking indicator, rose 5.2 percent to 79.4 based on contracts signed in July from a downwardly revised 75.5 in June; it’s 19.1 percent below July 2009 when it was 98.1. Pending sales data reflects contracts and not closings, which normally occur with a lag time of one or two months.
“Home sales will remain soft in the months ahead, but improved affordability conditions should help with a recovery,” says Lawrence Yun, NAR chief economist. “But the recovery looks to be a long process. Homebuyers over the past year got a great deal, and buyers for the balance of this year have an edge over sellers. For those who bought at or near the peak several years ago, particularly in markets experiencing big bubbles, it may take over a decade to fully recover lost equity.” Market Details
Thursday, August 26, 2010
BEACH SALES STRONG JULY
BEACH SALES STRONG
Report Shows 17 Percent Increase in Median Closed Price
NAPLES, Fla.-August 13, 2010- The Naples Beach area leads the way to the market recovery with strong summer sales according to a report released by the Naples Area Board of REALTORS® (NABOR), which tracks home listings and sales within Collier County (excluding Marco Island).
Overall pending sales in the Naples Beach area increased 13 percent with 112 contracts in July 2010 compared to 99 contracts in July 2009. "Despite the concerns that we had last month regarding the extent of the oil spill, sales on the beach remained strong," said Tom Bringardner, President of Premier Properties.
“The median closed price for single-family homes in the Naples Beach area increased 123 percent,” stated Kathy Zorn, Broker/Owner of Florida Home Realty of Collier County. The Naples Beach median closed price for single-family homes increased to $1,117,000 in July 2010 up from $500,000 in July 2009.
The available inventory declined 7 percent to 8,731 in July 2010 compared to 9,359 in the same month last year.
“The fact that the month’s supply continues to go down and the median price is slowly increasing, indicates the Collier Real Estate market is continuing to recover,” said Michael J. Timmerman, Senior Associate, Fishkind & Associates, Inc.
The overall median closed price for properties over $300,000 increased in July 2010 compared to the same month last year. According to Mike Hughes, NABOR Media Relations Director, and Vice-President of Downing-Frye Realty, “The median closed price for properties over $300,000 is up significantly. It increased 21 percent to $592,000 up from $489,000 a year ago. More Details
WWW.VanderbiltBeachRealEstate.Net With show you our new software designed to show Naples current real estate Market Trends in the area you want to follow. Just enter your zip code area you want to follow, price range, bedrooms, sq ft and you will see all closed sales information updated daily. You will also see current listings and charts showing trends, days on the market and other information. This information was just approved in July to be used by everyone not just realtors.
Report Shows 17 Percent Increase in Median Closed Price
NAPLES, Fla.-August 13, 2010- The Naples Beach area leads the way to the market recovery with strong summer sales according to a report released by the Naples Area Board of REALTORS® (NABOR), which tracks home listings and sales within Collier County (excluding Marco Island).
Overall pending sales in the Naples Beach area increased 13 percent with 112 contracts in July 2010 compared to 99 contracts in July 2009. "Despite the concerns that we had last month regarding the extent of the oil spill, sales on the beach remained strong," said Tom Bringardner, President of Premier Properties.
“The median closed price for single-family homes in the Naples Beach area increased 123 percent,” stated Kathy Zorn, Broker/Owner of Florida Home Realty of Collier County. The Naples Beach median closed price for single-family homes increased to $1,117,000 in July 2010 up from $500,000 in July 2009.
The available inventory declined 7 percent to 8,731 in July 2010 compared to 9,359 in the same month last year.
“The fact that the month’s supply continues to go down and the median price is slowly increasing, indicates the Collier Real Estate market is continuing to recover,” said Michael J. Timmerman, Senior Associate, Fishkind & Associates, Inc.
The overall median closed price for properties over $300,000 increased in July 2010 compared to the same month last year. According to Mike Hughes, NABOR Media Relations Director, and Vice-President of Downing-Frye Realty, “The median closed price for properties over $300,000 is up significantly. It increased 21 percent to $592,000 up from $489,000 a year ago. More Details
WWW.VanderbiltBeachRealEstate.Net With show you our new software designed to show Naples current real estate Market Trends in the area you want to follow. Just enter your zip code area you want to follow, price range, bedrooms, sq ft and you will see all closed sales information updated daily. You will also see current listings and charts showing trends, days on the market and other information. This information was just approved in July to be used by everyone not just realtors.
Saturday, August 14, 2010
BEACH SALES STRONG
Report Shows 17 Percent Increase in Median Closed Price
NAPLES, Fla.-August 13, 2010- The Naples Beach area leads the way to the market recovery with strong summer sales according to a report released by the Naples Area Board of REALTORS® (NABOR), which tracks home listings and sales within Collier County (excluding Marco Island).
Overall pending sales in the Naples Beach area increased 13 percent with 112 contracts in July 2010 compared to 99 contracts in July 2009. "Despite the concerns that we had last month regarding the extent of the oil spill, sales on the beach remained strong," said Tom Bringardner, President of Premier Properties.
“The median closed price for single-family homes in the Naples Beach area increased 123 percent,” stated Kathy Zorn, Broker/Owner of Florida Home Realty of Collier County. The Naples Beach median closed price for single-family homes increased to $1,117,000 in July 2010 up from $500,000 in July 2009.
The available inventory declined 7 percent to 8,731 in July 2010 compared to 9,359 in the same month last year.
“The fact that the month’s supply continues to go down and the median price is slowly increasing, indicates the Collier Real Estate market is continuing to recover,” said Michael J. Timmerman, Senior Associate, Fishkind & Associates, Inc.
The overall median closed price for properties over $300,000 increased in July 2010 compared to the same month last year. According to Mike Hughes, NABOR Media Relations Director, and Vice-President of Downing-Frye Realty, “The median closed price for properties over $300,000 is up significantly. It increased 21 percent to $592,000 up from $489,000 a year ago.” "More Details"
NAPLES, Fla.-August 13, 2010- The Naples Beach area leads the way to the market recovery with strong summer sales according to a report released by the Naples Area Board of REALTORS® (NABOR), which tracks home listings and sales within Collier County (excluding Marco Island).
Overall pending sales in the Naples Beach area increased 13 percent with 112 contracts in July 2010 compared to 99 contracts in July 2009. "Despite the concerns that we had last month regarding the extent of the oil spill, sales on the beach remained strong," said Tom Bringardner, President of Premier Properties.
“The median closed price for single-family homes in the Naples Beach area increased 123 percent,” stated Kathy Zorn, Broker/Owner of Florida Home Realty of Collier County. The Naples Beach median closed price for single-family homes increased to $1,117,000 in July 2010 up from $500,000 in July 2009.
The available inventory declined 7 percent to 8,731 in July 2010 compared to 9,359 in the same month last year.
“The fact that the month’s supply continues to go down and the median price is slowly increasing, indicates the Collier Real Estate market is continuing to recover,” said Michael J. Timmerman, Senior Associate, Fishkind & Associates, Inc.
The overall median closed price for properties over $300,000 increased in July 2010 compared to the same month last year. According to Mike Hughes, NABOR Media Relations Director, and Vice-President of Downing-Frye Realty, “The median closed price for properties over $300,000 is up significantly. It increased 21 percent to $592,000 up from $489,000 a year ago.” "More Details"
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