Naples, Fla. (January 22, 2015) – Activity in the housing market for much of Collier County in 2015 looked like year-end activity in 2014, according to broker analysts who reviewed the Annual, 4th Quarter and December 2015 Market Reports released by the Naples Area Board of REALTORS® (NABOR®), which tracks home listings and sales within Collier County (excluding Marco Island).
Much like 2014, and as evidenced in the Annual 2015 Market Report, overall pending sales (homes under contract) and closed sales in 2015 were steady in all price segments above $300,000, with the $300,000 – $500,000 price category experiencing the most dramatic increase. The median closed price for homes on both ends of the price spectrum rose the sharpest in 2015, while all remaining price categories in the middle of the market stayed relatively balanced. And inventory for all price categories grew in 2015, with the exception of the $300,000 and below price segment, which saw a reduction of 261 homes.
According to the 2015 year-end report, overall pending sales decreased 1 percent in 2015 from 10,494 homes in 2014 to 10,366 homes in 2015. However, pending sales in all price categories above $300,000 increased. Of note, pending sales in the $300,000 – $500,000 price category rose 21 percent from 2,137 homes in 2014 to 2,580 homes in 2015. Likewise, overall closed sales decreased 2 percent from 9,902 homes in 2014 to 9,751 homes in 2015. And similar to pending sales, overall closed sales in all price categories above $300,000 increased, with the $300,000 – $500,000 price category experiencing the largest increase (20 percent) going from 1,978 homes in 2014 to 2,382 homes in 2015.
The median closed price rose 14 percent from $270,000 in 2014 to $308,000 in 2015. Driven mostly by homes $300,000 and below (which rose 12 percent from $179,000 in 2014 to $200,000 in 2015), and homes $2 million and above (which rose 9 percent from $2,950,000 in 2014 to $3,212,000 in 2015), the overall median closed price for price segments in the middle of the market remained temperate.
According to a broker, the report showed a significant price increase in the $2 million and above single-family home market in 2015. “This category experienced a 12 percent increase in price from $3,000,000 in 2014 to $3,350,000 in 2015, despite also having a 12 percent increase in its inventory.”
The NABOR® 2015 Annual 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® Annual 2015 sales statistics are presented in chart format, including these overall (single-family and condominium) findings:
- Overall pending sales decreased 1 percent from 10,494 homes in 2014 to 10,366 homes in 2015.
- Pending sales for single-family homes in the $300,000 and below price category decreased 30 percent from 2,394 single-family homes in 2014 to 1,686 single-family homes in 2015.
- Overall closed sales decreased 2 percent from 9,902 homes in 2014 to 9,751 homes in 2015.
- Closed sales for condominiums in the $300,000 to $500,000 price category increased 26 percent from 773 condominiums in 2014 to 972 condominiums in 2015.
- Overall median closed price increased 14 percent from $270,000 in 2014 to $308,000 in 2015.
- Overall median closed price for homes over $300,000 decreased 3 percent from $536,000 in 2014 to $520,000 in 2015.
- Overall median closed price for homes in the Immokalee/Ave Maria geographic area increased 42 percent from $151,000 in 2014 to $215,000 in 2015.
- Overall inventory increased 1 percent from 4,351 in 2014 to 4,408 in 2015.
- There is a 5.42 months supply of inventory.
- Average days on market decreased 10 percent from 87 days in 2014 to 78 days in 2015.
- Average days on market for condominiums in the $2 million and above price category decreased 40 percent from 136 days in 2014 to 82 days in 2015.
Many brokers believe uncommonly warm weather in northern states delayed buyer migration to Naples in the fourth quarter 2015, contributing to the 12 percent decrease in closed sales for the fourth quarter of 2015. However, overall activity in 2015 made great strides.
“We currently have a 5.42-month supply of inventory, which is up 6 percent over 2014 [5.12],” said Cindy Carroll, SRA, with the real estate appraisal and consultancy firm Carroll & Carroll, Inc. “Granted, we are nowhere near our historic peak in 2008 when we had a 3-years supply of inventory, but this is definitely the first year since the recession that we’ve seen an increase.”
The report also showed traditional sales (versus short sale and foreclosed property sales) held steady at 92 percent of all transactions in the last three months of 2015. And conventional sales (properties that obtained financing) increased 3 percent to consume 35.7 percent of the market in December 2015 compared to 32.6 percent in December 2014.
In January 2015, broker analysts predicted a self-correcting housing market based on activity in 2014. Today, broker analysts assessing overall activity in 2015 say they remain confident that the local housing market will continue to perform in a steady manner.
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.
By Suzanne De Vita | RISMEDIA, Saturday, January 23, 2016
Insulating a home ceiling
Favorable economic conditions have long triggered investment in home improvements—more money, more upgrades—and progress on the housing front is set to spur the next wave of homeowner spending on both necessary and discretionary projects.
How should homeowners invest their remodeling dollars this year? By and large, homeowners can expect to reap the highest returns on projects that cost relatively less, according to REMODELING magazine’s 2016 Cost vs. Value Report.
On a national scale, the top five projects with the greatest return on investment (ROI) in the report’s “midrange” cost category are:
1. Attic Insulation (Fiberglass) (116.9% ROI)
Average Cost: $1,268
Average Resale Value: $1,482
2. Manufactured Stone Veneer (92.9% ROI)
Average Cost: $7,519
Average Resale Value: $6,988
3. Garage Door Replacement (91.5% ROI)
Average Cost: $1,652
Average Resale Value: $1,512
4. Entry Door Replacement (Steel) (91.1% ROI)
Average Cost: $1,335
Average Resale Value: $1,217
5. Minor Kitchen Remodel (83.1% ROI)
Average Cost: $20,122
Average Resale Value: $16,716
On a national scale, the top five projects with the greatest ROI in the report’s “upscale” cost category are:
1. Garage Door Replacement (90.1% ROI)
Average Cost: $3,140
Average Resale Value: $2,830
2. Siding Replacement (Fiber-Cement) (78.1% ROI)
Average Cost: $14,520
Average Resale Value: $11,342
3. Window Replacement (Vinyl) (73.3% ROI)
Average Cost: $14,725
Average Resale Value: $10,794
4. Window Replacement (Wood) (72.1% ROI)
Average Cost: $18,087
Average Resale Value: $13,050
5. Grand Entrance (Fiberglass) (69.6% ROI)
Average Cost: $7,971
Average Resale Value: $5,545
On the whole, regional data mirror these national findings, but variations exist in markets abuzz with real estate activity. Homeowners in the Pacific region (California, Hawaii, Oregon and Washington), for instance, can expect to see six of the 30 projects analyzed in the report recoup over 100 percent of their cost.
Read on for the 5 Home Improvements that Don’t Pay Off…
Naples metro area projected 11th for 2016
naplesnews.com | by Laura Layden
Cape Coral-Fort Myers is No. 1.
Out of all metros in the country, it took first place for anticipated job gains in 2016 in the latest study by IHS Global Insight, a Colorado- based research firm.
The metro also landed in the top spot in the nation for its expected growth rate in economic output this year.
Naples-Marco Island did well, too, placing 11th for its anticipat ed job growth and sixth for its projected increase in economic output, or gross metropolitan product, in 2016.
Gross metropolitan product is the value of all finished goods and services produced. That can include anything from real estate commissions to restaurant sales.
“A lot of the growth we are seeing now is predicated on the post-recession bounce back, which is still going strong,” said Karl Kuykendall, a regional economist with IHS.
The new report was prepared for the U.S. Conference of Mayors. The annual rankings are based on year-over-year percentage increases.
A year ago IHS ranked Naples-Marco Island first in the nation for its projected job gains in 2015, but the area’s fall out of the top 10 metros this year shouldn’t set off any alarms, Kuykendall said.
“Put simply the Naples economy has been coming back in recent years,” he said. “Population has come back very strong, housing starts and construction have taken off, and people are flocking to the metro area.”
In 2015, Naples-Marco Island saw a job growth rate of 3.9 percent, and it’s expected to see another 3percent increase this year. In 2015 the metro added 5,100 jobs, and IHS predicts it will create another 4,100 this year.
Cape Coral-Fort Myers, a much larger metro area, added 8,600 jobs last year, and it’s expected to gain about 9,000 this year. It saw a growth rate of 3.7 percent last year, and it’s expected to see another 3.6 percent increase in jobs this year.
“There is one thing you’ve got to consider: The smaller the metro is, the easier it is to move the needle,” Kuykendall said.
Naples-Marco Island and Cape Coral-Fort Myers have come a long way since the Great Recession. Their job numbers didn’t get back to where they were before the recession until the last quarter of 2014, Kuykendall said.
“They both recovered before Florida did overall, but theU.S. recovered faster, in the second quarter of 2014. It was close, though. That’s still impressive for Naples and Cape Coral, in the sense that their recessions were so much worse than they were for a lot of metros in the U.S. and they had a lot more area to recover.”
Both metros saw job losses in the double-digits during the recession. “Cape Coral-Fort Myers and Naples-Marco Island were among the worst,” Kuykendall said.
This year IHS predicts the Cape Coral metro will see a 4.6 percent increase in its economic output to $26.2 billion, including adjustments for price changes. Naples-Marco Island is expected to see a 4.2 percent gain to $18.1 billion.
Both metros are benefiting from population growth, including retirees making their way to Florida.
In the Naples area, 28 percent of the population is 65 or older. In the Cape Coral area, the older demographic makes up 25 percent of the overall population.
IHS expects Naples-Marco Island to add 10,400 residents this year, bringing its total population to about 371,000. Meanwhile, Cape Coral-Fort Myers is projected to gain another 21,900 residents, for a total of about 727,000.
The tourism and construction industries continue to fuel growth in both counties, too.
“One of the differences is that Naples tends to have higher incomes,” Kuykendall said. “Maybe that’s because they attract wealthier retirees. That’s one of the key differences.”
naplesnews.com by Laura Layden | January 16, 2016
Raven Air Island Hoppers is spreading its wings.
Under new ownership, the business will soon start offering scheduled flights between Marco Island and Key West.
The service is expected to take off on Feb. 15.
From the Marco Island Executive Airport, where it has been based since 2008, the company will offer direct flights to Key West on Mondays, Fridays and Sundays, starting at $89 for a one-way ticket (with taxes and fees it comes to $104.18).
Flights, lasting 45 minutes, will leave Marco at 9 a.m. and Key West at 4:30 p.m.
“We have people on the first day,” Raven Air owner Jeffrey Fonner said.
The company has offered on-demand air charters, aerial tours, aircraft maintenance and aerial photography and will continue to do so, he said.
Fonner, 53, purchased the business in July after working more than 20 years in the insurance industry. He owned an insurance agency in Indiana, which he has since sold.
“Aviation was my first passion,” he said.
He relocated to Naples about a year ago. Asked why, he said, “The weather — I don’t like cold weather anymore.”
He sees a strong need for scheduled flights between Marco Island and Key West, with the closest ones operating out of Southwest Florida International Airport in south Fort Myers.
Phone calls and emails have flown in for the new service, with 125 advance bookings made so far, Fonner said.
The flights will be on a 10-seat Cessna 402, with the pilot taking up one of those seats.
The flights, geared to older adults, have been marketed to travel agents and through social media, namely Facebook.
“Our market is generally 45 to 65. That is generally what we are getting,” Fonner said.
He hopes for repeat business and will offer a 10-pack of one-way tickets for $800.
(c) 2015 Journal Media Group | owered by TECNAVIA
naplesnews.com by Jospeh Cranney | January 16, 2016
The small stretch of Third Avenue South that recently opened as the first phase of a major downtown development project looks, as City Councilman Sam Saad put it, like “the ideal” street design.
The avenue has sidewalks, bike lanes, two traffic circles and 28 new parking spaces. It is brick paved, which the city says is better for storm water management. And other elements, such as palm trees and decorative fountains, add to the streetscape.
The avenue helps downtown traffic flow east to Goodlette-Frank Road and also provides access to the Bayfront shopping and dining complex.
The design of the avenue was approved by Naples City Council in 2013, part of one of the largest development projects in the city’s history. The project, called Naples Square, will include four residential buildings, each with 75 units, and a yet to- be determined amount of commercial space.
Read the complete article here.
Dartmouth floorplan at Naples Square, Naples Florida new construction condos
