Let's Talk... 

June Real Estate Market Shows Signs Of Balance...

Data reflecting activity in the Naples area housing market during June showed signs of a return to pre-pandemic summer activity when market conditions were balanced. According to the June 2022 Market Report by the Naples Area Board of REALTORS® (NABOR®), which tracks home listings and sales within Collier County (excluding Marco Island), pending sales decreased 36.8 percent in June to 794 pending sales from 1,236 pending sales in June 2021, and closed sales decreased 38.4 percent in June to 952 closed sales from 1,545 closed in June 2021. On the positive side, an 80.5 percent increase in inventory during June to 2,294 properties from 1,271 properties in June 2021 is expected to spark sales.

____________________

Contact me today for more information on our south west Florida market.

Let's Talk...Hot Off the Press!

For archived newsletters, visit GulfshoreBusiness.com.

Photo credit: Tim Aten

DEVELOPER INTENDS TO RESTART STALLED ONYX  TOWNHOME PROJECT IN EAST NAPLES The developer building a townhome community in East Naples intends to restart the residential project, which has been stalled since the early stages of the pandemic.  Onyx Townhome Villas masonry was completed for two of the eight two-story townhome buildings and the gated community’s clubhouse, but the majority of the 48-unit project has yet to be started on 8.7 acres on the corner of Santa Barbara Boulevard and Polly Avenue, about a half-mile north of Rattlesnake Hammock Road. The project stalled in 2020 when the developer was unable to travel here from South America because of travel restrictions during the pandemic, according to the owner’s representative, Claro Development Solutions, a Miami company that specializes in providing development services and construction management to owners and developers.

 

Let's Talk Market Report... April 2022

 

Contact me today for the full report by e-mail at Michelle@NaplesHomeSweetHome.com.

Naples, FL (May 23, 2022) – Overall inventory in Naples during April increased 16.5 percent to 1,668 properties from 1,432 properties in April 2021. Fueled by a swell of new single-family home listings, up 5.7 percent over last year, broker analysts reviewing the April 2022 Market Report by the Naples Area Board of REALTORS^® (NABOR^®), which tracks home listings and sales within Collier County (excluding Marco Island), are confident the Naples area housing market has reached a crossroad and is making its turn toward a balanced and healthy market.“It’s been thirty months since we’ve seen this many single-family home sellers enter our market in one month,” said Bill Coffey, Broker Manager of Amerivest Realty Naples. Coffey, along with several top brokers in Naples, say the shift indicates the Naples area housing market is redefining itself. Another major factor that signified the market was self-correcting to a new normal in April were the 549 price reductions (33 percent of the inventory) during the month.

“What we are seeing today are more sellers setting realistic list prices from the start and more buyers less willing to settle for homes that don’t meet their exact needs and desires,” said Brenda Fioretti, Broker Associate at Berkshire Hathaway HomeServices Florida Realty, who added that the report showed “we now have 1.5 months of inventory, the highest level since March 2021.”

 

Demand for the Naples lifestyle remains strong. Days on market for April was 16 days, considerably less than the historic 90-day average. As inventory begins to rise, days on market may increase and list prices in some neighborhoods may shift down slightly; but broker analysts agree that we should not expect home prices to drop to anywhere near pre-pandemic levels.

 

“There is virtually no data in the MLS for home sales below $300,000,” said Molly Lane, Senior Vice President at William Raveis Real Estate. 

Coffey remarked that the $300,000 and below market was once the biggest category for closed sales in Naples. But rapid sales during the last 18 months severely depleted inventory in this price category. As such, there were only 96 properties below $300,000 in April’s inventory.

The overall median closed price in April increased 39.2 percent to $599,000 from $440,000 in April 2021. The uptick reflects the low number of sales in the $300 and below price category. Median closed prices continue to rise in the single-family home market, up 8.7 percent from March, but median closed prices during April in the condominium market decreased 1.1 percent from March.

The NABOR^® April 2022 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. NABOR^® sales statistics are presented in chart format, including these overall (single-family and condominium) findings for 2022: 

Contact me today for the full report by e-mail at Michelle@NaplesHomeSweetHome.com.

 Let's Talk... Hot Off the Press

ESTIA GREEK RESTAURANT REPLACING 

BOKAMPER’S IN NORTH NAPLES

An upscale restaurant coming to North Naples next year intends to transport diners to a stunning Mediterranean home in the Greek islands. 

Estia, planning to transform the recently shuttered space of Bokamper’s Sports Bar & Grill, will be the first in Florida for the Pashalis family, which operates a restaurant group that includes three Estia Greek-Mediterranean restaurants in the Philadelphia and South Jersey area. Siblings Anastasia and Gus Pashalis are part of the Greek family involved in the Naples expansion. “My brother and I are first generation," Anastasia Pashalis said. “My parents and uncle immigrated to the United States in the 1970s.”  

“We are very excited and look forward to serving everyone in the Naples area," she said. “The décor and food will make you feel like you are at a Greek island. The interior will be light and airy. We will offer whole fish simply grilled along with lamb, which is eaten often in Greece.” 

From Gulfshore Business Daily

 

Let's Talk... Did You Know!

HOFFMANN BUYS OLD CORKSCREW GOLF CLUB, COTTAGES FOR $19 MILLION

Naples-based Hoffmann Family of Companies closed this month on the Old Corkscrew Golf Club and the adjacent Cottages at Old Corkscrew in two real estate transactions totaling $19 million. 

“We officially closed on Old Corkscrew," said Naples billionaire David Hoffmann, founder of Hoffmann Family of Companies. “We also bought the adjoining land next to Old Corkscrew, about 20 acres where we’re going to develop.” 

Hoffmann Old Corkscrew Golf Club LLC acquired Old Corkscrew Golf Club in Estero for $14.5 million from Old Corkscrew Development Group LLC, the recorded deed shows. Although Hoffmann announced the sale last fall, it didn’t actually close until last Friday. 

READ MORE HERE 

Published in Gulfshore Business Daily

Let's Talk...

Did You Know!

NAPLES AIRPORT AUTHORITY LAUNCHES A LIVE FLIGHT TRACKING SYSTEM FOR PUBLIC USE 
The Naples Airport Authority launched a new flight tracking system on its website where the public can watch time-delayed movement of aircraft arriving, departing and flying over Naples Airport and Southwest Florida. The new system also allows users to submit a written comment regarding aircraft operations on the tracking system website while noise comment information is documented, time-stamped, and submitted to the NAA to be included as part of the noise comment report which is reviewed and submitted to the NAA Board of Commissioners and the Noise Compatibility Committee. 

From Gulfshore Business Daily

 Let's Talk... HOT Off The Press...

SKYSAIL OPENS FOR PRESALE IN GOLDEN GATE ESTATES by Neal Communities 

The new SkySail community, a 642-acre parcel that includes 246 acres of lakes, on Oil Well Road in Golden Gate Estates opened for presale with a variety of homesites within three sections. With presales by appointment only until after the community’s grand opening, SkySail homes offering 1,500 to 3,5000 square feet with up to five bedrooms and two- and three-car garages will begin in the $500,000s. Neal Communities plans to build up to 1,500 single-family and multifamily homes in the community. 

News provided by newsletters@gulfshorebusiness.com