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Low Property Values Driving Home Sales

“Property values will probably never be this low again,” reports Beverly David, a broker associate in Ft. Myers. Looking for a second home or a retirement home, buyers are taking advantage of new listings that come on the market daily. And sellers are pricing their homes to sell. Much of the real estate business in the Naples and Ft. Myers areas is coming from buyers who plan to live here part time or from people who have rented here for years and are now able to buy.

Ft.Myers, Cape Coral & Naples saw big gains in national rankings for activity in February on Trulia, a national real estate search engine. Single-family home resales for the Ft. Myers-Cape Coral ares jumped 97 percent in February.

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Real Estate Sales Up in Naples Florida, despite being down countrywide

Real estate sales up in Naples, but down countywide

Olde Naples
Olde Naples

There are many aspects to consider when looking at today’s real estate market. When determining how Collier County real estate is doing there are The Bidder’s Brokers and Naples Area Board of Realtors (NABOR) to consider. Ross McIntosh created The Bidder’s Brokers because of the abundance of foreclosures and to assist buyers and investors in finding real estate bargains, including auctions. The Bidder’s Brokers also track monthly residential closings recorded by Collier County Appraiser’s office keeping the most up-to-date information available. Recently NABOR reported an increase in sales activity to be on the rise, but excluded Marco Island sales through MLS (multiple listing service), and sales by owners, builders, and developers. Showing there is a possible glimmer of hope on the horizon for buyers and sellers in Collier County.
With so many homes on the market, buyers and sellers are turning to realtors more often. Before sellers were more willing to sell their homes on their own, but because of today’s tough market, they are looking to attract more buyers and to price their homes correctly with the help of an agent. Bargain hunters are also looking to agents to help wade through the multiple listings to find the best deals. With so many deals out there it is difficult for the untrained eye to find a bargain. Ross McIntosh commented on the current situation by stating, “As the season goes on, things get better.”

Naples Real Estate
Naples Real Estate

Over the past two years sales have been up countywide without counting foreclosures. Single family home sales are up from 320 to 324 in 2007. According to NABOR, pending sales grew 106% and overall home sales have grown 46% for September. Mike Hughes, a vice president for Downing-Frye in Naples stated, “My numbers for the last couple of months have been exceeding all expectations on my end. My September pending sales were up 49% over last September. Last September I had 97 contracts. This year I had 145.” With all the economy is going through, Collier County seems to be doing well and it appears to be getting even better.

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Naples Bay Resort in Naples Florida Earns 4 Stars From AAA

Naples Bay Resort earns AAA’s 4-Diamond award

Naples Bay Resort
Naples Bay Resort

A new addition to the Naples landscape has been awarded American Automobile Association’s Four Diamond Award for accommodations, service, cuisine, and recreational amenities. Naples Bay Resort, located at 1500 5th Avenue South, has placed a new face on upscale vacationing. Less than six months after opening their doors, Naples Bay Resort, a Tuscan style tropical luxury resort, has shown all who have entered its doors what it is like to live out their dream vacation. There are 85 accommodations to choose from at Naples Bay Resort, including 65 designer-furnished single and double bedroom suites, 20 guest rooms, most available with private balconies, overlooking Naples Bay Marina, Gordon River, or Curlew Canal. Alongside the Resort is The Cottages, Naples newest resort enclave, which offers guests 108 two to three private bedroom villas.

Naples Bay Resort has three upscale restaurants to choose from, all conveniently located within walking distance. Olio, Naples Bay Resort’s signature restaurant, is a waterfront Italian eatery inspired by California’s Napa Valley offering a variety of succulent healthful foods to choose from. To view their menu and dining times visit http://www.olioonthebay.com/About_Us/about_us.asp . In an interview with Naples News, Gregory P. Allowe, the resort’s managing director announced, “In the coming months, we look forward to unveiling a new seasonal menu and themed wine dinners at Olio as well as hotel packages geared toward guests who vacation by boat.” A second eatery within steps from the resort is Bonefish Grill, which offers a variety of fish grilled, sautéed, in soups, or salads. Bonefish Grill offers even the pickiest of fish eaters a variety to choose from and try. Located right off one of Naples Bay Resorts private pools is Blue Water Bar and Grill. While enjoying a relaxing day at the pool, guests can take a break and enjoy a variety of snacks and lunch items.

The Cottages at Naples Bay Resort
The Cottages at Naples Bay Resort

When on vacation some may like to fill their days with nonstop activities, while others would rather relax at the spa. Naples Bay Resort can accommodate any vacationer on their exquisite two-acre property. At the Naples Bay Resort Spa guests can treat themselves to a facial, massage, body wrap, or herbal soak all while enjoying the Gulf breeze. There are six private pools located throughout the property each with a different theme: a 5,000 square foot resort-style pool with walk-through waterfall; lazy river; infinity edge lap pool; adults-only pool/whirlpool; and bay front pool. If exercise is what you crave, Naples Bay Resort offers a full service Fitness Center with Technogym equipment and Smartkey personalized reports to keep you on track while on vacation. If tennis is your game there are six lighted Har-Tru courts, a pro shop and lessons available. Perhaps aerobics is what you desire, Naples Bay Resort has Pilates, aerobic classes and yoga all on site. For all the boat lovers there are 97 slips available at the Marina with a Yacht Club, waterfront pool, Ship’s Store, fuel dock, and rental boats with the option of either a 22-foot Kayot or a 24 foot Everglades boats. With so much offered on site there is no reason to leave Naples Bay Resort, but if you choose to you are within walking distance of the famed Naples 5th Avenue, or you can take the private shuttle down to Naples Pier and enjoy one of our famous sunsets.

For information about owning or renting in Naples Bay Resort, please contact Dustin Beard at (239)289-2650.

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Paradise Coast a Hot Market for Foreign Property Buyers

Southwest Florida a hot market for foreign property buyers

Foreign buyers have been purchasing properties in Florida for years, but recently our market has seen a significant boom. A Naples real estate agent, has seen a boost in sales of 74% in the last year due to the weak dollar and low home prices. Mainly British and Canadian buyers are coming to The Sunshine State to purchase low priced, high quality housing. With the Euro reaching its peak at $1.58, usually $1.35-1.40, over the past few months have given the Europeans an edge over Americans when buying homes in a foreign market.

Even with financial woes plaguing economies across the world, Europeans have continued to buy. Last year many foreign buyers reported being on the fence, concerning investing in American soil, but now they are eager to buy and doing so. The National Association of Realtors found that a quarter of home sales are made here in Florida making it the most popular destination in the United States for international buyers. This year sales from foreign nationals have risen from 15%, in 2005, to 29%, with the Paradise Coast market consistently ranking among the top five in the state.

Reports for the foreign market are beginning to see a slump similar to ours. They too are experiencing a problem with mortgage lending and domestic housing. Similar to the United States, Europeans are seeing a hike in down payments of up to 25% more from last year, meaning they have to pay more up front. Supporting this fact is the National Association of Realtors, showing as recently as last year that more European buyers purchased their homes paying in cash. In fact, the 2008 report showed that ratio has been flipped, and local brokers say they see the same trend. It may seem as though the foreign market is starting to dry up, but as one Realtor state, “Florida still has a good climate, and Europe is still cold,” showing that there is still hope for the international market to continue to buy where the sun is always shining.

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Bayfront Naples Florida: Crowning 5th Avenue with great dining & loads of events

Bayfront
Bayfront

Located on the eastern side of Naples 5th Avenue, Bayfront offers exclusive waterfront views with shopping, dining, and one of Southwest Florida’s largest international fine art galleries. Bayfront is an upscale oasis on the Naples Bay with waterside dining and chickee experiences. Dock your boat within steps of restaurants, bars, and shopping with the luxury of convenience only available at Bayfront. There are 156 spacious condominiums to choose from in the Phase 1 building with Phase 2 offering 11 two- and three-bedroom villa-style condominiums.  With everything at the foot of these buildings, residents never have to go far to have a night out.

Bayfront of Naples offers some of the best night life in Naples. With six galleries, bayfront boutiques, and four distinct restaurants with one chickee bar and a martini bar coming soon, there is always something happening at Bayfront. There is also an exclusive marina for all Bayfront residents

Center Street of Bayfront
Center Street of Bayfront

located in the Naples Waterfront District with immediate access to the Gordon River, Naples Bay, and The Gulf of Mexico. The Bayfront Marina offers 42 boat slips that will accommodate boats up to 40 feet with dry storage, and service facilities nearby all for sale or lease.

Bayfront of Naples also offers weekly events for a variety of exciting experiences, just visit bayfrontnaples.com/ for the most up-to-date calendar.  All within walking distance of Naples 5th Avenue there is never a boring moment at Bayfront.

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Park Shore Beachfront Condominium: The Brittany offers the best in high-end beachfront living

The Brittany
The Brittany

With an exclusive panoramic view of the Gulf of Mexico on one side and Venetian Bay on the other, The Brittany offers luxury living on Gulf Shore Boulevard. Residents can enjoy a stroll across Gulf Shore Blvd and enjoy some of Naples most prominent dining at The Village on Venetian Bay or take a short drive downtown to 3rd Street for a full day of exclusive boutique shopping and dining alike. If you are looking to relax, take a short walk out the doors of The Brittany and enjoy private beach access or have a day in and relish in The Brittany’s own private pool and spa. If boating is what you prefer, residents may lease a boat slip at The Venetian Bay Yacht Club for ease and accessibility.

The Brittany was constructed in 1996 by Gulf Shore Development with a total of 127 condominiums, on 21 beautifully designed levels. Each unit was meticulously created with only the finest tastes in mind. Ranging in size from 1,742 to 5,988 square feet, there is plenty of room for any size family. An owner can bring along one pet, either a cat or dog, as long as they stay under the 25 pound maximum. With each unit, residents receive two under-building parking spaces, penthouse residents have three, with the security of an electronic entry gate, closed circuit video system, and uniformed security personnel on duty 24 hours a day. If you are looking to rent at the beautiful Brittany, you may do so twice a year for a minimum of 90 days. Owners at The Brittany can enjoy amenities such as a BBQ picnic area, bike storage, billiards, pool, spa, exercise room, library, four guest suites, tennis, and a vehicle wash.

The Brittany front entrance and villas
The Brittany front entrance and villas

There have been recent upgrades to The Brittany including the newly remodeled, well equipped fitness center for all residents to enjoy. With so many opportunities to enjoy life both at The Brittany or within walking distance from it, residents know why Naples was voted, “the best place in America to live a long life,” by CNN and Money Magazine.

For more information concerning The Brittany or any of its beautiful units for sale, please visit www.DustinBeard.com.

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Park Shore Beachfront Condominium: Allegro

Allegro
Allegro

Standing 13 floors above the beachfront, Allegro offers views of the Gulf unlike any other. With its unique construction allowing for optimal cross ventilation, Allegro is a stunning beachfront property that allows the Gulf right into your living room! Allegro is composed of four free-standing buildings interconnected by breezeways at each of the four connecting points offering tropical landscape with a fresh Gulf breeze at every turn. With the beach at your front and Venetian Village at your back, the options are endless for making every day a memory. Residents of Allegro can choose to walk to the beach, shop at Venetian Village, or take a short drive to any one of the many shopping locations right around the corner. Coastland Center Mall stands just a short distance from Allegro, offering shopping in a resort style setting, or drive down to 5th avenue for Naples premier boutique shopping and world class dining.

Built in 1981 by First Regency Development Corporation/Lutgert, Allegro is comprised of 76 units with the spaciousness of six units per floor. Units range in size from 1,765 to over 2,500 square feet under air. Each unit comes with its own covered parking space, with more available, and a 24 hour security guard on watch. If you are a boating enthusiast, boat docks are offered to either own or lease at the Venetian Bay Yacht Club. Either one dog or cat is also allowed to enjoy this beachfront property as long as they are less than 15 pounds, a second cat could be accepted with prior approval. If you are looking to rent in this exquisite community you can do so twice a year for a minimum of six months. Owners at Allegro can enjoy amenities such as bike storage, billiards, community room, pool, spa, exercise room, library, craft room, and a workshop, all exclusively for members. So have an early morning at the spa or relax by the private pool overlooking the Gulf, at Allegro the options are endless.

Allegro
Allegro

With so much to offer, Allegro continues to upgrade its already immaculate property. Recently all 4 buildings have been painted and a massive cleaning effort has been keeping the common skylights in optimal condition. On the exterior of Allegro enhanced landscaping has been updated to keep the grounds as pristine and tropical as the scenery itself.

For more information concerning Allegro or any of its beautiful units for sale, please visit www.DustinBeard.com.

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Paradise Coast Naples Florida Real Estate Market Update

Naples Florida Real Estate: A ray of sunshine in the housing market, analyst says.

Naples Florida
Naples Florida

Real Estate seems to be the topic of much conversation lately, but who would have guessed that Naples, Florida would have made national news on CNBC among all other markets. In the wake of all the financial trouble on Wall Street the real estate market appears to be making a financial downslope in terms of the market, but according to Senior Vice President and Chief Economist at National City Corporation Richard Dekasar Naples, Florida, where he named only three years ago, “the poster child for excess valuation in America,” seems to be experiencing an increase. In an interview with CNBC Wednesday evening, Dekasar swallowed his prior words and stated that the Naples real estate market may now be seen as “slightly undervalued.” Dekasar singled out Naples, Florida saying it is showing the, “first rays of sunshine on a possible end to the housing crisis. I don’t want to overstate the case, the housing bust is not over, but we are in a later stage of stabilization.” So far second quarter prices have dropped an approximate 33%, meaning houses are slightly undervalued than before. Now is the time to buy, and with home prices lower than they should be houses could become even more undervalued over the next six months. Naples may be witnessing its lowest housing prices right now or soon, but they will begin to rise again as people start to buy more.

Venetian Bay
Venetian Bay

In 2006, National City judged the median home price in Naples, the price at which half of the homes sell for more and half for less, to be valued at $383,000, more than double what they should be. In August, the Naples Area Board of Realtors reported a drop in prices from $375,000, a year ago, to $238,000. Over the past seven months sales have picked up, showing the first positive light to be in Naples. Soon this gap may narrow, though, as foreclosures begin to slow and Wall Street begins to stabilize. Times may look tough around America right now, but it seems as though Naples is looking brighter than ever.

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Naples Florida Real Estate: Park Shore Condominium Pelican Point West

Pelican Point West
Pelican Point West

Positioned amongst Venetian Bay’s most outstanding places to live, Pelican Point West offers private beach access, exclusive boutiques, and entertainment for any kind of taste, just around the corner. West of Crayton Road on Park Shore Drive, Pelican Point West offers a prime location for a short walk to The Village on Venetian Bay, or a stroll across Gulf Shore Boulevard to Park Shore’s private beach access. If you would rather have a boat outing, residents have access to 8 deeded boat slips. Other amenities close to Pelican Point West are the Coastland Mall, which has recently been updated with new stores and restaurants, and the many plazas surrounding the mall offering everything from extraordinary grocery stores to locally owned organic stores and café’s. Entertainment is also close by for Pelican Point West Residents at The Philharmonic where art exhibits from around the world come to visit along with a variety of musical and theatrical entertainment.
Pelican Point West was constructed in 1978.  Consisting of a single building with a total of nine floors, three units per floor, Pelican Point West has something for everyone. Units are offered in either 2-bedrooms or 3-bedrooms with living areas varying in size from 1,400 to 2,000 square feet. Each unit comes with one under-building assigned parking space or a detached carport space in the well lit parking lot. Further security comes from an entry phone visitors must use for access. Pets are not allowed in Pelican Point West. If you are looking to rent, you can do so one time per year for a minimum of 30 days. Owners can enjoy a BBQ-picnic area, bike storage, clubhouse, common laundry, community pool, community/meeting room, and vehicle wash area.

Pelican Point West Pool
Pelican Point West Pool

Recently, Pelican Point West has been busy updating this already amazing building with a new carport and front entry. The exquisitely manicured lawn welcomes all who come to visit Pelican Point West with lush grass, swaying palm trees, and manicured bushes.

Dustin Beard would like to offer a special thank you to Kyle Jameson, Pelican Point West’s property manager, for taking time out of his busy schedule to fill out the questionnaire with the most up-to-date information on his community.
For more information concerning Bay Shore Place or any of its beautiful units for sale, please visit www.DustinBeard.com

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Naples Luxury Real Estate: Monthly Market Update September 2008

Naples Luxury Real Estate: Monthly Market Update September 2008

It’s not quite the sales volume we saw in 2005 (for obvious reasons), but the luxury real estate market in Naples continues to increase year after year.  The graph below shows the combined monthly sales volume of each development west of U.S. 41, from Vanderbilt Beach south to Port Royal.  While each individual community has experienced varying percentages of increase in 2008, the entire market has been realizing a 10% increase in sales volume since 2006.

Monthly Sales Volume for Naples Luxury Real Estate Market

The price per square foot varies greatly across the different price ranges, however, the days on market (DOM) and average discount from list price to sales price stays the same demonstrating the importance of pricing your home correctly.  Those sellers who are pricing their homes to the current market conditions are enduring fewer days on the market and realizing a greater sales price than those who start high and continually lower their asking price.

Sales for the last four months, West of U.S. 41

List Price

No. of Sales

Average Price/sqft

Average Days on Market

Average Discount

$0 – $499,999

63

$271

221

9%

$500,000 – $799,999

66

$358

227

8.64%

$800,000 – $1,199,999

46

$426

185

9.83%

$1,200,000 – $1,499,999

17

$501

167

11.99%

$1,500,000 – $1,999,999

34

$721

195

9.48%

$2,000,000 – $2,499,999

21

$656

263

12.13%

$2,500,000 – $2,999,999

19

$725

253

9.03%

$3,000,000 – over

27

$606

180

7.19%

As you start to break down the Naples luxury real estate market into individual communities, year after year, 2008 has realized more sales in almost all areas.  I would argue the numbers in Bay Colony and Naples Cay are down due to the lack of inventory on the market.  Any person looking for a beachfront condominium in Bay Colony would certainly agree.  Currently, there are only eleven units for sale in five beachfront buildings.

Year to Date Home Sales, 2007 Compared to 2008

Community

2007

2008

% of Change

Vanderbilt Condominium

24

28

16.7%

Vanderbilt Single Family

9

14

55.6%

Bay Colony

39

27

-30.8%

Pelican Bay Condominium

138

125

-9.4%

Pelican Bay Single Family

18

16

-11.1%

Naples Cay

10

7

-30.0%

Park Shore Condominium

75

105

40.0%

Park Shore Single Family

17

20

17.6%

Moorings Condominium

59

64

8.5%

Moorings Single Family

29

29

0.0%

Olde Naples Single Family

32

25

-21.9%

Port Royal Single Family

27

50

85.2%