Wednesday, July 27, 2016

Let's Talk...Take a listen and I must say a must Read as well...
Via @NPR: Fish Have Feelings, Too: The Inner Lives Of Our 'Underwater Cousins'

June 20, 2016 • Jonathan Balcombe, author of What A Fish Knows, says that fish have a conscious awareness — 
or "sentience" — that allows them to experience pain, recognize individual humans and have memory


Thursday, July 21, 2016

Let's Talk Hot Off The Press...

Experts Report 2Q 2016 Real Estate Market Remains Balanced

Naples, Fla. (July 21, 2016) - As Collier County's resale housing inventory levels continue to outpace last year's levels, median closed sale prices for homes over $300,000 remain fairly unchanged. Several brokers who recently analyzed the Second Quarter and June 2016 Market Reports released by the Naples Area Board of REALTORS® (NABOR®), which tracks home listings and sales within Collier County (excluding Marco Island), believe the 2Q real estate market's behavior is reminiscent of how the local housing market behaved in 2003.
"During the recession we experienced a dramatic increase in inventory, particularly in properties below $300,000," said Mike Hughes, Vice President and General Manager for Downing-Frye Realty, Inc., "This was then followed by several years of high volume sales, mostly in that $300,000 and below segment of the market. But before all that, from 2000 to 2003, we were in a normal real estate market. This summer feels a lot like that time again."
Hughes added that, "last year was a near record year for closings. So if you look at the decrease in closed sales for this year's second quarter and compare it to last year's second quarter closed sales, it's not really a fair comparison." 
"Sellers who anticipated a continued increase in the value of their homes are getting a dose of new reality," said Cindy Carroll, SRA, with the real estate appraisal and consultancy firm Carroll & Carroll, Inc. "The report showed virtually no increase in closed sale prices in the second quarter versus the first quarter so sellers need to reset their thinking because we have entered a new cycle that looks a lot more like where we were in 2003 and 2004."
Kathy Zorn, broker/owner, Florida Home Realty, echoed Carroll's sentiment and added, "There are many owners who purchased short sales or foreclosures and don't have to sell, so they are willing to hold out for a price they want. This mindset also applies to some investors who would rather collect rent than sell at today's prices. Property is always a great investment and this subset of sellers is perfectly in the right to hold out, but the report tells me that closed prices have barely changed in a year so the days of impressively peaking values and expecting a price over market value are in the past."
Carroll added that she doesn't anticipate overall median closed sale prices will go down anytime this year, but she admitted that she does foresee list prices decreasing. "It's a matter of staying competitive, and right now the competition is more inventory and new construction. So if a seller is really motivated to sell, then their asking price has to be realistic as it will determine how quickly the sale will happen."
Bill Poteet, owner and broker at Poteet Properties, remarked that despite tourism being down this summer and some buyers postponing a purchase until there is more economic certainty, "we are moving property because the  June report showed the average days on market is about 3 months and that hasn't changed from a year ago when we didn't have as much inventory." 
"I'm seeing fewer shoppers and more serious buyers this summer," said Steve Barker, Advising Broker for Equity Realty, who also made mention that he has seen an increase in the number of local British homeowners list their homes for sale to take advantage of the desirable exchange rate and make a good profit.
The NABOR® 2Q 2016 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® 2Q 2016 sales statistics are presented in chart format, including these overall (single-family and condominium) findings: 
2Q 20162Q 2015CHANGE
Total homes under contract (pending sales)
Total closed sales2,6623,109-14%
Median closed price$325,000$318,0002%
Total active listings (inventory)4,9833,69835%
Average days on market 76751%
Single-family closed sales1,2631,388-9%
Single-family median closed price$421,000$399,0006%
Single-family inventory2,6742,13325%
Condominium closed sales1,3991,721-19%
Condominium median closed price$259,000$263,000-2%
Condominium inventory2,3091,56548%
Additional activity of interest in the NABOR® 2Q 2016 Market Report includes:
  • Overall pending sales in the East Naples geographic area (34114, 34117, 34120, 34137) increased 2 percent to 511 pending sales in 2Q 2016 from 501 pending sales in 2Q 2015.
  • Closed sales for single-family homes in the $1 million to $2 million price category increased 10 percent to 131 single-family homes in 2Q 2016 from 119 single-family homes in 2Q 2015.
  • Median closed prices for condominiums in the $2 million and above price category increased 28 percent to $3,875,000 in 2Q 2016 from $3,022,000 in 2Q 2015. 
  • Overall inventory for homes in the $500,000 to $1 million price category increased 40 percent to 846 homes in 2Q 2016 from 604 homes in 2Q 2015.
  • Inventory for condominiums in the $1 million to $2 million price category increased 69 percent to 189 condominiums in 2Q 2016 from 112 condominiums in 2Q 2015. 
NABOR® also released its June 2016 Market Report, which included these overall month over month (single-family and condominium) findings:
Total homes under contract (pending sales)720882-18%
Total closed sales832875-5%
Median closed price$315,000$315,0000%
Total active listings (inventory)4,9833,69835%
Average days on market 827312%
Single-family closed sales412431-4%
Single-family median closed price$400,000$397,0001%
Single-family inventory2,6742,13325%
Condominium closed sales420444-5%
Condominium median closed price$243,000$260,000-7%
Condominium inventory2,3091,56548%
NABOR® President Rick Fioretti, a Broker Associate with Berkshire Hathaway Home Services Florida Realty, said the report also shows "conventional sales are up 9 percent since January. In fact, I believe there are more options now for homebuyers because mortgage rates are still low and there are fewer cash investors stalking the market for distressed properties under $300,000." 
Hughes remarked that "inventory levels have actually been decreasing in the last three months so buyers who are waiting because they think more options will become available may be disappointed. Plus, if they continue to wait, they may miss out on some great low mortgage rates as they won't stay down for long."
If you are buying or selling a home, let me be your guide. With so many different options in the Naples area real estate market, I can provide you with a detailed market comparison and determine a fair and reasonable listing and purchase price. I can also identify properties best suited that fits your criteria and negotiate a purchase price that fits your budget. As always please feel free to contact me with any questions you may have by calling 239.404.7787 or by e-mail at

I look forward to working with you and your family & friends. I have also provided the detailed Q2 Market Report for you as well... just click the link below.

Let's talk soon,


Let's Talk... Hot off the Press!
Florida tops states where foreigners purchase property
Waning economic growth in many countries and higher home prices further enhanced by a strengthening U.S. dollar resulted in a slight decline in international sales dollar volume of U.S. property over the past year and a significant retreat in buying from non-resident foreigners.
This is according to an annual survey of residential purchases from international buyers recently released by the National Association of Realtors. The survey also revealed that the dollar volume of sales from Chinese buyers exceeded the total dollar sales figure of the next top four ranked countries combined.

NAR’s 2016 Profile of International Activity in U.S. Residential Real Estate found that foreign buyers purchased $102.6 billion of residential property, a 1.3 percent decline from the $103.9 billion of property purchased in last year’s survey. Overall, a total of 214,885 U.S. residential properties were bought by foreign buyers (up 2.8 percent), and properties were typically valued higher ($277,380) compared to the median price of all U.S. existing home sales ($223,058).

Lawrence Yun, NAR chief economist, says this year’s findings highlight the tremendous appeal U.S. real estate still has on many foreign nationals despite the price of property becoming less affordable.
“Weaker economic growth throughout the world, devalued foreign currencies and financial market turbulence combined to present significant challenges for foreign buyers over the past year,” Mr. Yun says. “While these obstacles led to a cool down in sales from non-resident foreign buyers, the purchases by recent immigrant foreigners rose, resulting in the overall sales dollar volume still being the second highest since 2009.

“Foreigners — especially those from China — continue to see the U.S. as a solid investment opportunity and an attractive place to visit and live.”
Five states account for half of foreign buyer purchases. Slightly over half of all foreign buyers purchased property in Florida (22 percent), California (15 percent), Texas (10 percent), Arizona or New York (each at 4 percent). Latin Americans, Europeans and Canadians, who tend to buy in warm climates for vacation purposes, mostly sought properties in Florida and Arizona. California and New York drew the most Asian buyers, while Texas mostly saw sales activity from Latin American, Caribbean and Asian buyers.

The median purchase price over the survey period was a tad lower ($277,380) compared to the 2015 survey ($284,900) as a result of the fewer non-resident foreign buyers. Overall, foreign buyers most commonly purchased a home priced between $250,001 and $500,000, while 10 percent paid over $1 million or more. Exactly half of all international transactions were all-cash purchases, which was slightly down from a year ago (55 percent) but still roughly double the overall share of existing sales. All-cash purchases were more common by non-resident foreign buyers (73 percent) and those from Canada, China and the United Kingdom.

A majority of foreign buyers over the past year purchased a single-family home, and nearly half bought in a suburban area. Two–thirds or more of buyers from each China, India, Mexico and the United Kingdom purchased detached single-family homes, while Canadian buyers were the most likely to buy a multi-family home.

The 2016 Profile of Home Buying Activity in U.S. Residential Real Estate can be ordered by calling (800) 874- 6500 or by going to online. The report is free to NAR members, $149.95 for others. ¦