Friday, April 13, 2018


Let's Talk Hot Off The Press...


First Quarter Housing Market Activity 
Sets the Stage for Strong Year

Naples, Fla. (April 13, 2018) - Sales of homes above $1 million in Naples during the first quarter of 2018 drove the market. Their sales increased 61 percent compared to the same quarter of 2017 according to the First Quarter 2018 Market Report released by the Naples Area Board of REALTORS® (NABOR®), which tracks home listings and sales within Collier County (excluding Marco Island).
"January's results led some to question expectations for the year when compared to last, yet in February the market gained its stride which accelerated in March with closed sales shooting ahead to end the first quarter on a very impressive note," said Budge Huskey, President, Premier Sotheby's International Realty. According to NABOR's monthly reports, January had 672 closed sales, February reported 672 closed sales, but March kept agents very busy with 942 closed sales, driven by a strong high end which included a number of new construction condominiums just delivered. 

Pending sales in the first quarter of 2018 increased 3 percent to 3,177 compared to 3,097 in the first quarter of 2017. Although pending sales for both single-family homes and condominiums over $1 million increased by double digits, it was the $2 million and above condominium market that raised eyebrows among brokers who reviewed the reports. 
"Tourism was up in our area this season compared to last year so it is not surprising that we would end with strong pending sales for the quarter," said Kathy Zorn, President/Owner, Better Homes and Gardens Real Estate Pristine. "But I wasn't expecting to see a 109 percent increase during the quarter in pending sales for condominiums over $2 million!" 
"There are very good investment opportunities in the condominium market, especially at both ends of the market," added Coco Amar, a managing broker at John R. Wood Properties. "The top and bottom price categories are where both the inventory has grown and the prices have dropped." 
As reflected in the market's year-ending statistics (12-months ending 1Q 2018 versus 12-months ending 1Q 2017), there was a 69 percent increase in closed sales of condominiums in the $2 million and above market, and a 17 percent decrease in its median closed price to $2,450,000 from $2,962,000 in 2017. Despite rocket sales in this high-end sector during the first quarter of 2018 (179 percent increase) and a drop in median closed prices for the first quarter (24 percent decrease), its inventory increased 5 percent! Similarly, median closed prices for condominiums in the $300,000 and below price category dropped 1 percent to $199,000 from $200,000 in the first quarter of 2017, but inventory increased 3 percent.
The NABOR® First Quarter 2018 Market Report provides comparisons of single-family home and condominium sales (via the Southwest Florida MLS), price ranges, and geographic segmentation and includes an overall market summary. The NABOR® First Quarter 2018 sales statistics are presented in chart format, including these overall (single-family and condominium) findings: 
CATEGORIES
Q1 2017Q1 2018CHANGE
Total homes under contract (pending sales) (quarter/quarter)
3,097
3,177
+3%
Total closed sales (quarter/quarter)2,2052,306+5%
Median closed price (quarter/quarter)$330,000$370,000+12%
Median closed price >$300K (quarter/quarter)$510,000$575,000+13%
Total active listings (inventory)6,3896,112-4%
Average days on market 95950%
Single-family closed sales (quarter/quarter)1,0591,050-1%
Single-family median closed price (quarter/quarter)$410,000$448,000+9%
Single-family inventory3,2362,964-8%
Condominium closed sales (quarter/quarter)1,1461,256+10%
Condominium median closed price (quarter/quarter)$270,000$299,000+11%
Condominium inventory3,1543,1480%
Broker experts analyzing the reports said most counties in Florida continue to see inventories decline, but the Naples area experienced a steady rise over the past few months. In fact, according to Jeff Jones, Managing Broker for Engel & Völkers Naples and Bonita Springs offices, there is currently 8.25 months of inventory available in Collier County. Months of inventory is a nationally accepted measurement of how fast all existing homes on the market would last assuming no additional listings are added and sales activity continues to remain the same as the previous 12 months of sales.
"There were 118 closed sales of condominiums between $1.4 million and just over $2 million in a new development located in North Naples during the last two months that impacted our median closed price statistics," said Wes Kunkle, President and Managing Broker at Kunkle International Realty. These "one-day-on-the-market" closed sales are one reason why the report showed a 13 percent increase in the median closed price for condominiums in the $1 to $2 million price category and a 24 percent decrease in median closed prices for condominiums in the $2 million and above price category. 
Kunkle, along with several brokers who reviewed the reports, is concerned sellers may misinterpret this statistical anomaly as a reflection of the area's comparable pricing activity. "These sales were for new luxury condos that were secured over a two year period. When the project obtained its final Certificate of Occupancy, the closings were finalized and they all appeared as a one-day sale in the MLS." 
However, this was not the only new construction activity that influenced NABOR®'s first quarter statistics. According to Jones, many sellers of speculative single-family homes that have been on the market for over two years in neighborhoods like Park Shore and the Moorings began to set more realistic list prices this past quarter, which resulted in more sales in the high-end, single-family home market. 
"Overpriced homes don't sell," said Jones. "In fact, I think sales during January and February could have been better had many of these sellers set their prices realistically earlier. It wasn't until March that I began to see an uptick in price decreases in the MLS for many of these speculative homes, and then those sellers saw multiple offers from buyers who had been holding out." 
As always feel free to contact me with any questions you may have.
Michelle

  
To view the entire report, visit www.NaplesArea.com

The Naples Area Board of REALTORS® (NABOR®) is an established organization (Chartered in 1949) whose members have a positive and progressive impact on the Naples Community. NABOR® is a local board of REALTORS® and real estate professionals with a legacy of nearly 60 years serving 6,000 plus members. NABOR® is a member of the Florida Realtors and the National Association of REALTORS®, which is the largest association in the United States with more than 1.3 million members and over 1,400 local board of REALTORS® nationwide. NABOR® is structured to provide programs and services to its membership through various committees and the NABOR® Board of Directors, all of whose members are non-paid volunteers.
  
The term REALTOR® is a registered collective membership mark which identifies a real estate professional who is a member of the National Association of REALTORS® and who subscribe to its strict Code of Ethics.


Thursday, April 12, 2018

Downtown Naples just off Fifth Avenue...
Stores, parking garage planned to replace 
St. George restaurant in Naples...

Published 12:24 p.m. ET April 13, 2017 | Updated 6:29 p.m. ET April 14, 2017
Joseph Cranney...joey.cranney@naplesnews.com; 239-213-6035

A prospective buyer wants to transform the site of what was an iconic Naples restaurant into a commercial complex with three stories of above-ground parking.
The Brookline Cos., based in Clearwater, would tear down the old St. George and the Dragon restaurant building near Fifth Avenue South and 10th Street South.
The popular steakhouse, known for its dim lights and wood-paneled walls, operated for more than 40 years before it closed in 2012.
In its place, Brookline is planning a three-story project with 51,000 square feet of commercial space, including 22,100 square feet of ground-floor retail space and a parking garage with 242 spots. The parking would be open to the public.
Bill Yeomans Jr., Brookline’s manager, declined to disclose any potential retail tenants or other possible uses of the commercial space.
“It’s still too early,” he said.
Read more at NaplesDailyNews.com

Saturday, March 17, 2018


Let's Talk Hot Off The Press...
February Market Report Shows High End Properties
in High Demand

Buyer interest in homes over $1 million in Naples continued to climb during February as overall closed sales increased 10 percent to 672 homes sold compared to 613 homes sold in February 2017, according to the Market Report released by the Naples Area Board of REALTORS® .
The February Market Report revealed a 9 percent increase in the overall median closed price to $364,000 in February 2018 from $333,000 in February 2017. However, this was due in part to a 95 percent increase in closed sales for properties priced over $1 million in February. In fact, the median closed price within each of the five price categories actually decreased. The greatest decrease appeared in the $1 million to $2 million price category, which reflected a 12 percent drop to $1,326,000 from $1,500,000 in February 2017.

Inventory continued to rise for the fifth straight month, but it decreased in February by 3 percent to 6,286 properties compared to 6,466 properties in February 2017.

Overall pending sales in February decreased 3 percent, but it increased 14 percent in the $1 million and above price category and 39 percent in the $2 million and over price category. I believe that the high end market is poised for a good year. "The economy is doing much better. The stock market has risen substantially over the last year. All in all many Americans have seen their financial picture improve. This should translate to improved sales, particularly with the high-end market.

The new tax laws appear to be inspiring confidence in wealthy buyers ,the February Market Report showed 44 of the 52 homes purchased in the $2 million price category were cash purchases.

Growth in the luxury home market in Naples is not just a seasonal phenomenon. The 12-month rolling numbers are remarkable for properties above $1 million, especially in the condominium market where the data shows a 60 percent increase in closed sales over the last 12 months.

The NABOR® February 2018 Market Report provides comparisons of single-family home and condominium sales (via the Southwest Florida MLS), price ranges, and geographic segmentation and includes an overall market summary. The NABOR® February 2018 sales statistics are presented in chart format, including these overall (single-family and condominium) findings:

CATEGORIES
Feb 2017
Feb 2018
CHANGE
Total homes under contract (pending sales) (month/month)
1,092
1,056
-3%
Total closed sales (month/month)
613
672
10%
Median closed price (month/month)
$333,000
$364,000
9%
Median closed price >$300K (month/month)
$488,000
$570,000
17%
Total active listings (inventory)
6,466
6,286
-3%
Average days on market 
99
96
-3%
Single-family closed sales (month/month)
294
298
1%
Single-family median closed price (month/month)
$402,000
$472,000
17%
Single-family inventory
3,259
3,050
-6%
Condominium closed sales (month/month)
319
374
17%
Condominium median closed price (month/month)
$270,000
$275,000
2%
Condominium inventory
3,207
3,236
1%

The February report showed a 6 percent increase in inventory for condominiums in the $300,000 and below market. This was the highest increase reported among all price categories and home types. Interestingly, this segment's median closed price dropped 2 percent in February (month over month) to $200,000 from $205,000 in February 2017.

Geographically, sales activity in the Naples Beach single-family homes market outpaced all other areas. Increased buyer interest in luxury properties located in this highly valued location resulted in a 33 percent uptick in closed sales, yet the heightened attention also influenced median closed prices, which rose 52 percent in February to $1,350,000 from $860,000 in February 2017.

Coincidentally, similar to an unusual closed sales anomaly in January that was reported last month, a high number of delayed closed sales in one luxury condominium located in North Naples influenced February's closed sales, median closed price, and days on market statistics for the month. As reflected in the report, there were 56 closed sales of condominiums above $1 million in the North Naples area in February (a 211 percent increase over February 2017). A great majority of them were identified as having zero days on market, which broker analysts contend were from one particular condominium's sales activity.

It would be my honor to assist you and your family and friends with your real estate needs.
Michelle
To view the full report, please click here.
Michelle J. DeNomme, REALTOR, GRI
Cellular Phone I  239.404.7787
Berkshire Hathaway HomeServices Florida Realty
Office: 239.659.2400
E-Fax Number: 239.236.5550
Twitter: DeNommeRealtor

Office Address: 621 Fifth Avenue South Naples, Florida 34102

Member Of Naples Board Of REALTORS 
Member Of Florida REALTORS 
Member Of National Association Of REALTORS 
Graduate Of REALTOR Institute (GRI)

Thursday, January 18, 2018



Let's Talk Open House...
Castillo at Tiburon
2809 Tiburon Blvd East  Unit 2-103
Naples, Florida
https://tours.napleskenny.com/927965
Open House
Sunday, January 21, 2018
From : 1:00 to 4:00 PM

  • Castillo's “Riaza" Third Floor Plan design condominium at Tiburon
  • 3rd Floor Home with western exposure
  • 3 Bed, 2 Bath, 2 Car, 2,502 sq ft
  • Private Elevator, hurricane shutters
  • Split Floor Plan with two private Bedrooms & Bath
  • Furnishings Negotiable outside of contract