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.”
Thursday, December 16, 2010
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"
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