Bonita Springs – Estero Realtors
Resale Values Continue to Rise Despite Increased Competition from New Construction
BONITA SPRINGS, Florida | May 3, 2019 – New construction communities in Estero and Bonita Springs are sprouting up like weeds overnight. In previous years, a main focal point when buying real estate in Southwest Florida was being within a mile or two of the beaches. “Location, Location, Location” is what this is most commonly referred to in the industry, as the resale value on a beach-centric home is increasingly larger than one beyond the sights of the shoreline. Although the resale value of a home is top priority to a buyer when making a purchase, it is not the only consideration. Agents in the SWFL market are finding that buyers are looking towards new construction communities more now than before as homes near the beach do not offer the same rich amenities and square footage at the same price point.
According to the Bonita Springs-Estero REALTORS® (B.E.R.) Media Committee, with reporting from the SWFLAMLS, year-to-date sales in new construction, pre-construction and under construction homes have increased 29.2% compared to this time last year. Consumers are reminded, if interested in new construction, always engage a REALTOR® from start to finish in order to assist in price negotiations, selecting the right lot and upgrades for future resale value.
Besides being able to purchase more home for the same dollar amount and living in new construction, buyers are migrating away from the beach because of the evolving community that is now the Village of Estero. Over the last decade, there has been tremendous growth in the Estero area, from the expansion of Florida Gulf Coast University (FGCU) to the migration of Hertz Global Headquarters. This alone, along with the opening of many new businesses, has brought more attention to Estero, therefore pushing for the need to build more homes. According to the Village of Estero website, there has been a 23% increase in households from 2014-2019. In layman’s terms, a large influx of people are deciding to make Estero their permanent residence. In addition to this, the average age of residents is decreasing, making Estero more desirable for families and working professionals.
When deciding where to purchase a new home, Estero is becoming more desirable for many reasons, but one that is critically important to families with young children is the ability to attend Estero schools when residing in the town. Thanks to the Estero Education Initiative, families living in Estero now have priority when choosing a school for their children to attend. Nick Batos, former Mayor of Estero and Councilman, states that “The Village of Estero has entered into a public private partnership agreement with Lee County Schools, serving the Estero students to augment and improve the educational opportunities offered to the students. This initiative will allow for additional educational, recreational and aesthetic experiences for our students while at the same time making Estero even more attractive and desirable for students, residents and business alike.” This creates a huge incentive for those considering the move to Estero as the rest of Lee County does not have priority over their school of choice.
Although the new construction market is an option, the resale market is still on an upturn compared to this time last year. Pending sales showed an increase of 9% from March 2018 as well as a 6.5% increase in new listings coming on the market. “Based on current market conditions, it appears that our REALTOR® members will have a busy summer” remarks B.E.R. CEO, Meighan Harris.
The Bonita Springs-Estero REALTORS® March 2019 Report shows these overall findings for both single-family homes and condominiums combined.
| Month over Month | Month over Month | ||
| March 2018 | March 2019 | % Change | |
| New Listings | 426 | 458 | 7.50% |
| Pending Listings | 422 | 459 | 8.80% |
| Closed Listings | 347 | 313 | -9.80% |
| Median Closed Price | $296,415 | $299,560 | 1.10% |
| Average Days on Market | 54 | 65 | 20.40% |
| 12-Month Ending | 12-Month Ending | ||
| March 2018 | March 2019 | % Change | |
| New Listings | 3.543 | 4,926 | 39% |
| Pending Listings | 3,065 | 3,238 | 5.60% |
| Closed Listings | 3,015 | 3,182 | 5.50% |
| Median Closed Price | $291,000 | $297,500 | 2.20% |
| Average Days on Market | 62 | 60 | -3.20% |
| *Current Active Listings | 1,857 | ||
| *Current Avg. Month’s Supply | 7.6 |
To ensure your next real estate transaction in the Bonita Springs or Estero market is a success, contact a B.E.R. member by visiting BonitaEsteroRealtors.com.
Attributions given by B.E.R. Media Committee members Ursula Weinkauff, Joseph Pavich Sr., Angela Parker, Chris Maccarone, Becky Jaarda, Michael Fagan and Julie Ross.
*Inventory calculations are based on property listings that exist within the Southwest Florida MLS. Only properties in zip codes 33928, 34134 and 34135 are included. Single-family homes are tabulated with the building design of single family, villa detached or manufactured with land conveyed. Condo units are tabulated with a building design of low-rise, mid-rise, high-rise or villa attached.
The Bonita Springs-Estero REALTORS® Multiple Listing Service (MLS) syndicates to LISTHUB, which distributes to 2,000+ real estate search websites.
Founded in 1966, the Bonita Springs-Estero REALTORS® is a local trade organization of over 950 REALTORS® and more than 150 affiliated industry members. Bonita Springs-Estero REALTORS® is part of the National Association of REALTORS® and Florida REALTORS® and provides its members with a wide range of services designed to educate and empower members and consumers alike through the opportunity to sell or purchase real property. It also provides the public with up-to-the-minute real estate reports, trends and information about the Bonita Springs and Estero real estate market.
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Released by Bonita Springs-Estero REALTORS®
February Market Report Shows Many Options for Buyers
Home buyers had many more options to choose from in February as housing market inventory increased 7 percent to 7,442 homes in February 2019 compared to 6,912 in February 2018. In addition to 1,498 new listings added to the Southwest Florida MLS in February, the February 2019 Market Report released by the Naples Area Board of REALTORS®, which tracks home listings and sales within Collier County (excluding Marco Island), also reflected a 4 percent decrease in the overall median closed price to $335,000 in February 2019 compared to $350,000 in February 2018.
“This is typically the time of year when we see inventory jump,” said a local Broker. “New listings increased 34 percent in the single-family home market and 7 percent in the condominium market [based on a comparison of February statistics]. That’s a lot of great new options for buyers!”
The February Market Report showed inventory for each home type was about even in February with 3,801 single-family homes available (a 10 percent increase compared to February 2018) and 3,641 condominiums available (a 4 percent increase compared to February 2018).
While there were 100 fewer closed sales in February 2019 compared to closed sales in February 2018 (a 14 percent decrease), the added inventory has broker analysts convinced that buyers are not rushing into a sale like many did when inventory levels were much lower; and instead, are meticulously evaluating all their options that include new and existing homes.
The average days on the market increased in February, which tells me that buyers are looking at more homes before they make an offer. Plus, there is a lot more new construction this year than a year ago. Agents were rarely in the office in February because showings really increased dramatically.
Unlike many Florida markets, sales of homes in Naples are very geographically influenced. Historically, the closer a property was to the beach, the faster it would sell. But that’s not always the case anymore. Days on market were the lowest in the South Naples area (34112, 34113) in February; yet prices for single-family homes in this geographic area decreased 25 percent to $420,000 in February 2019 from $560,000 in February 2018.
“Our statistics show that the closed prices of properties that were sold in February averaged 95 to 96 percent of the current list price,” Brenda Fioretti, Managing Broker at Berkshire Hathaway HomeServices Florida Realty. “This shows that once a property is priced to attract buyers, the seller can realize a final closing price within 4 to 5 percent of asking price.”
Fioretti added that “many of the current listed properties are priced in excess of the range that is attracting buyers so sellers often have to reduce their asking price to the point where buyers are interested, looking and ready to make an offer. Pricing a home appropriately from the start helps the seller realize a much shorter marketing time and makes for a smoother transaction.”
I help buyers find the right homes at the right price in the right area faster because I understand how each geographic area and the neighborhoods within them are different. For example, closed sales of single-family homes near the beach decreased in February compared to a year ago while its median closed price increased; but closed sales of single-family homes increased in the South Naples area during February and its median closed price fell.
The high-end market continues to do very well in our area, Those high-end sales are usually made by very astute buyers and if the economy was bad or on a path to becoming bad, then they wouldn’t be buying as they are currently.
You can’t look at our market with only one lens, a lot can change in a quarter mile. Sellers are best served when they work with a REALTOR®, whose job is to offer home buyers and sellers a good understanding of neighborhood market trends and comparative pricing strategies. This is very important during high season, and especially today, when buyers have more housing options.
If you are looking to buy or sell a home in Naples, I have the experience and knowledge to provide an accurate market comparison or negotiate a sale. A REALTOR® can ensure your next purchase or sale in the Naples area is a success. Search for your dream home and find a Naples REALTOR® on Naplesarea.com.
It would be my honor to serve the real estate needs of you and your friends and family. Please contact me, David Critzer for additional information, and to arrange to view homes, call 239-285-1086 or email david@davidflorida.com.
Substantial completion estimated by spring 2019 for Mystique
Printed From Gravina, Smith, Matte & Arnold Marketing and PR, Special to Naples Daily News
Pelican 1 Owner, LLC, the developer for Mystique, announces that construction progress at the iconic, 20-story tower is on track for substantial completion in April 2019. Pelican 1 Owner, LLC, is an equal partnership between an affiliate of the global investment firm Kohlberg Kravis Roberts & Co. L.P. (KKR) and an affiliate of the Gulf Bay® Group of Companies (Gulf Bay).
After topping out last summer, Mystique’s construction has continued steadily, and the December removal of the of the site’s two massive tower cranes, signaled the end of vertical construction. Currently, permanent power has been provided for the tower’s second through 20th floors, and final connection of the underground utilities is near completion for the tower. Additionally, startup and commissioning of the tower’s major MEP (mechanical, electrical and plumbing) equipment is underway.
Other construction milestones include kitchen, bathroom and laundry room cabinetry installation through the 18th floor and drywall installation through the 20th floor. Two service elevators are fully operational with installation of the four passenger elevators underway. Mystique’s Certificate of Occupancy is estimated to be achieved in April 2019.
Located just steps from the beach on one of only two remaining permitted and developable high-rise land parcels in Naples between The Ritz-Carlton on the beach and Port Royal, Mystique offers 68 estate and four penthouse residences with expansive living spaces and terrace views toward the Gulf of Mexico from most units. Additionally, Mystique offers nine Jardin residences.
Mystique’s building amenities include a 24-hour staffed front desk with a monitored video/electronic closed circuit surveillance system, surveillance cameras at all owner entry accesses, and a two-level parking garage with controlled access. Additionally, Mystique offers SmartEstate™ integrated technology that features state-of-the-art home automation and monitoring systems, private elevators with biometric/alphanumeric access, and the opportunity to access an Electric Vehicle (EV) charging system.
Mystique’s resort-inspired outdoor recreational amenities include a tropical pool, sun deck with pergolas and lush landscaping, and two Har-Tru tennis courts above the garage deck. Mystique’s lobby-level amenities offer custom-designed interior spaces for socializing, including a club room, parlor, salon, library and solarium/card room. Mystique also features a theater, billiard room, board room, state-of-the-art health and fitness club with the latest in exercise and wellness equipment, ladies’ and men’s steam rooms and showers, and massage rooms with on-call masseurs and masseuses.
Residents also will enjoy the exclusive and renowned amenities of prestigious Pelican Bay, including private beachfront dining, extensive walking and biking trails, chauffeured tram service, and private access to nearly three miles of unspoiled Gulf of Mexico beaches.
Estate residences at Mystique range in size from 4,003 to 5,280 square feet of air-conditioned living space and are priced from over $3 million to over $7 million. Jardin residences offer 1,370 to 2,396 air-conditioned square feet and are priced to $2.2 million. Mystique’s four expansive penthouse residences, priced from $8 million, have been sold.
Founded in 1986, Gulf Bay has successfully completed 15 luxury properties along the 1.5 mile stretch of Gulf-front land within Pelican Bay. In addition to its history in Pelican Bay, Gulf Bay’s other award-winning developments include The Brittany on Park Shore Beach; Marco Beach Ocean Resort® on Marco Island; and the 4,000-acre award-winning, master-planned community of Fiddler’s Creek®.
Gulf Bay’s completed and under development build-out market value of luxury residential properties is estimated in excess of $8 billion.
KKR is a leading global investment firm that manages investments across multiple asset classes, with over $100 billion in assets under management.
For more information about Mystique and to arrange a visit to any of these luxury homes, call David at 239-285-1086 or email david@davidflorida.com.
Seagate exclusive custom builder at Esplanade Lake Club
Reprinted From Caffrey & Associates, Special to Naples Daily News
Seagate Development Group has been selected as the exclusive custom homebuilder at Esplanade Lake Club, a new 778-acre resort lifestyle community being developed by Taylor Morrison in Fort Myers. The gated community is positioned on a 352-acre lake.
Seagate’s Esplanade Lake Club offering includes four floor plans designed by RG Designs that range from 3,500 to more than 4,500 square feet under air. Custom homes by Seagate will be built on 11 of the community’s most exclusive lakefront home sites. Seagate is currently developing plans for the construction of its Monaco furnished model that will feature an interior designed by Theory Design’s Vice President of Design Ruta Menaghlazi. Outdoor Productions is designing the model’s landscaping, outdoor living area, pool and spa.
The Monaco model’s 3,299 square feet under air open-concept floor plan features an entry sequence that includes a covered front porch. A spacious great room with beamed ceiling details and a wet bar will open to a covered lanai and an outdoor living area with an outdoor kitchen, a pool bath, and an expansive deck with a custom pool and spa. The lanai and outdoor living area will overlook Esplanade Lake Club’s stunning lake views. The master suite will feature a bedroom with a sitting area that opens to the outdoors, two walk-in closets, and a morning bar. The master bath includes his and her vanities, a free-standing tub, and a walk-in shower. Two VIP guest suites will feature private baths. The Monaco plan also features an owner’s study, a dining room that opens to the outdoor living area, an island kitchen with counter-height seating at the island and a walk-in pantry, an audio/visual control center, and a three-car garage. Pricing for Seagate’s furnished Monaco model will be determined when construction commences.
Menaghlazi has created a coastal beach style interior for the Monaco model that will convey a casually elegant feeling. Wall tones in various shades of white will be accented by soft tans, warm greys, and light blues. The palette will play against light oak hardwood flooring. Intriguing ceiling details will be found throughout the home, including reverse soffit details in the great room.
Esplanade Lake Club is located just east of I-75 in Fort Myers and provides easy access to Southwest Florida’s stunning beaches, the Southwest Florida International Airport, golf courses, cultural activities, upscale shopping and dining entertainment, schools, medical facilities, and employment corridors. As planned, on-site amenities will include a resort-style pool, the outdoor Bahama Bar and Grille restaurant, the full-service Koquina Sand Spa that will feature a Lakeside Spa Cabana, sports courts featuring tennis, pickleball, and bocce ball, a waterfront walking trail, a kayak launch, and a learning space for residents to utilize for meetings, social activities, gaming, and more. A full-time on-site lifestyle manager will plan special events, parties, and gatherings for the residents.
Seagate Development Group continues to expand its custom home construction and luxury home remodeling activity throughout Southwest Florida’s finest communities and neighborhoods. In addition to Esplanade Lake Club, the award-winning developer and homebuilder is currently building custom end-user residences at Renaissance in Fort Myers, Quail West, Miromar Lakes Beach & Golf Club in Estero, Windward Isle in North Naples, Talis Park in North Naples, and at Hill Tide Estates at Boca Grande on Gasparilla Island. Remodeling projects are underway in Estuary at Grey Oaks and Pelican Bay, Quail West, the Shadow Wood community, in Miromar Lakes Beach & Golf Club, and on Boca Grande where Seagate is renovating the Boca Grande Lighthouse United Methodist Church. The projects include extensive interior renovations, remodeling of master baths and kitchens, and exterior projects ranging from transforming outdoor living areas to new dock construction. The end-user custom home construction and remodeling activity are being undertaken as Seagate is continuing to develop new furnished models at Windward Isle, Hill Tide Estates, Miromar Lakes, Quail West, and at the new Isola Bella neighborhood at Talis Park.
Seagate has completed ten end-user homes at Windward Isle, a gated enclave of 28 single-family luxury homes just south of Orange Blossom Drive on Airport-Pulling Road in North Naples. Four additional end-user homes and two furnished models are under construction. Two completed models are open for viewing and purchase. Seagate’s Windward Isle offering includes eight one and two-story open-concept designs by Weber Design Group and RG Designs. Seagate will also build custom residences designed for construction on Windward Isle’s home sites. The two furnished models that are open for viewing and purchase feature Seagate’s Sea Breeze I and Abacos floor plans. The models under construction showcase the Cayman II and Grenada plans. Seagate announced earlier that a Grenada model currently under construction has sold, the second time a Grenada model has sold prior to completion. Fourteen home sites have been sold and nine buildable sites remain available for purchase.
Theory Design’s Ruta Menaghlazi has created the interior for Seagate’s furnished Captiva model at Hill Tide Estates that is scheduled for completion in mid-April and priced at $5,995,000 furnished. Outside Productions, Inc. is designing the landscaping, outdoor living area, pool, and spa. Hill Tide Estates is a 9.98-acre gated enclave on the southern tip of Boca Grande being developed by Seagate. The Captiva floor plan includes 4,865 square feet under air and 11,184 square feet under roof. In addition to an on-site sales center at Hill Tide Estates, Seagate and Theory Design have opened a Showroom situated in the heart of downtown Boca Grande’s heralded Historic District at 411 Park Avenue, Suite 1. The Showroom presents home furnishings and finish selections available through Theory Design.
Seagate’s furnished Sabbia model in Miromar Lakes Beach & Golf Club’s Sardinia neighborhood is completed and open for viewing and purchase. Priced at $4,650,000 with furnishings, the three-level, 6,227 square feet under air Sabbia model was designed RG Designs. Situated on a lakefront home site, the Sabbia’s open-concept plan includes a sit-down bar, refrigerated wine storage, and a built-in media center in the great room, a spacious kitchen with island seating, a dining area, three guest suites, and a powder bath on the first living level. The second level hosts the master suite, another guest suite, a clubroom, morning bar, and the laundry room. The master bedroom opens to an owner’s sundeck. A second sundeck and a bathroom with a walk-in closet and shower are located off the clubroom. The outdoor living area features a fireplace, gas grill and refrigerator, a powder bath, dining and conversation areas, an elevated pool and spa, and a sundeck.
Seagate is nearing completion of its previously sold 5,800 square feet pre-sold Spring Hill custom grand estate end-user residence at Quail West, one of three end-user residences being built by Seagate at Quail West. Seagate is also in the final permitting stage for two new furnished grand estate models at Quail West. Construction of one of the models, The Oak Hill, is expected to start this month. The second model, The Streamsong, is scheduled to start first quarter 2019. Both models are being designed by RG Designs. The models will feature interiors by Theory Design.
Seagate has started infrastructure installation at Isola Bella, an exclusive 4.5-acre enclave of 17 single-family waterfront home sites situated adjacent to the Talis Park community’s Grand Piazza that showcases the iconic Great Lawn and the Vyne House clubhouse. The Isola Bella home sites present spectacular water and golf course views and can accommodate estate residences from 3,500 to more than 5,000 square feet. Seagate anticipates beginning construction of two furnished models designed by RG Designs in April. The models will feature interiors by Theory Design.
Contact David for additional information, floor plans, and pricing, and to arrange a visit to any of these luxury homes, call 239-285-1086 or email david@davidflorida.com.
5 Positive Trends for Buyers & 5 Positive Trends for Sellers in 2019
NABOR® Year End 2018 Market Report was Good for All!
The Naples area housing market ended 2018 with impressive annual activity statistics in all areas of the residential real estate market including an 11 percent increase in total closed sales and a 14 percent increase in inventory compared to 2017. Sales of homes over $1 million continued to drive the market in 2018, especially in the condominium market where closed sales of condominiums over $1 million increased 37 percent! According to the Year End 2018 Market Report released by the Naples Area Board of REALTORS® (NABOR®), which tracks home listings and sales within Collier County, inventory at the end of 2018 was the highest on record in six years.
“Prices held steady in 2018 with just a 3 percent increase in median closed price,” said Brenda Fioretti, Managing Broker at Berkshire Hathaway HomeServices Florida Realty. “However, for homes over $300,000, the median closed price actually decreased 1 percent.”
Upon reviewing the YE 2018 Market Report, Fioretti concluded that there are many positive trends for both home buyers and sellers in 2019. The top 5 positive trends for home buyers and sellers are:
5 POSITIVE TRENDS FOR SELLERS
- Colder winters up north are bringing more visitors to the Naples area
- Naples area homes are selling faster (average days on market decreased 9 percent from list to closing)
- Buyers interest in the Naples market is on the rise as a result of aggressive builder advertising in northern markets
- More comparable home prices are available with the increase in inventory
- Location, location, location continues to appeal to home buyers
5 POSITIVE TRENDS FOR BUYERS
- Inventory is increasing which translates to more options for home buyers
- There are as many condos for sale as there are single family homes which expands overall opportunities for home buyers (Total: 6,261)
- The stability of the overall median closed price builds buyer confidence in the market
- Mortgage interest rates are currently low (<5%) spurring home buying decisions
- Location, location, location continues to offer appeal!
Single-family homes in the Naples Beach area reported the highest median closed price increase (14 percent) in 2018 compared to 2017. But that’s most likely due to closed sales of a few multimillion homes that took place last year including a $48.8 million transaction in June for a home in Port Royal.
The median closed prices listed on NABOR®’s market reports do not reflect average sales prices. Rather, the median closed price demonstrates a rate wherein half the closed sales were purchased for amounts below the figure (median) and half the sales were purchased for prices above it. As such, of the 662 single-family homes located in the Naples Beach area that sold in 2018, the median closed price was $1,268,000 in 2018 compared to the 652 single-family homes that sold in 2017 where the median closed price was $1,117,000. Incidentally, closed sales in this area increased only 2 percent.
Conversely, closed sales of single-family homes in the Ave Maria/Immokalee area increased 233 percent to 143 homes in 2018 compared to 43 single-family homes in 2017. Median closed prices for single-family homes in the Ave Maria/Immokalee area decreased 4 percent to $245,000 in 2018 compared to $255,000 in 2017.
According to a local Broker, many small builders are listing their newly constructed homes on the Southwest Florida MLS (multiple listing service), which is reflected in the increased inventory statistics in all price points and in all geographic locations. “Inventory for single-family homes under $500,000 increased the most in 2018, which is good news for buyers who don’t necessarily require a home within walking distance of the beach. In fact, the highest increase in inventory for 2018 was 34 percent, and it appeared in the under $300,000 single-family homes category.”
While the Ave Maria/Immokalee area also reported the highest increase in single-family inventory (40 percent) among all geographic areas tracked, the single-family home inventory in Central Naples increased 38 percent to 391 homes in 2018 from 283 homes in 2017.
As pointed out by another local Broker, the 3 percent increase in overall pending sales for 2018 concerned him at first as it looked too low compared to activity in other areas of the report. However, after much discussion with several broker analysts also reviewing the annual market report , it was determined that, the smaller-than-expected increase was because many closings for a large percentage of homes under contract in the 4th quarter of 2017 were delayed while repairs from Hurricane Irma damage took place.
The NABOR® Year End, 4th Quarter and December 2018 Market Reports provide comparisons of single family home and condominium sales , price ranges, and geographic segmentation and includes an overall market summary. NABOR® sales statistics are presented in chart format, including these overall Year Ending 2018 (single-family and condominium) findings:
CATEGORIES YE 2017 YE 2018 CHANGE (percentage)
- Total homes under contract (pending sales) (year/year) 9,121 9,365 +3
- Total closed sales (year/year) 8,815 9,771 +11
- Median closed price (year/year) $330,000 $339,000 +3
- Median closed price >$300K (year/year) $514,000 $510,000 -1
- Total active listings (inventory) 5,491 6,261 +14
- Average days on market 104 95 -9
- Single-family closed sales (year/year) 4,347 4,768 +10
- Single-family median closed price (year/year) $418,000 $425,000 +2
- Single-family inventory 2,685 3,131 +17
- Condominium closed sales (year/year) 4,468 5,003 +12
- Condominium median closed price (year/year) $263,000 $265,000 +1
- Condominium inventory 2,806 3,130 +12
Even though the Southwest Florida MLS system is not as widely used by REALTORS® working in commercial real estate in Naples, the data collected does help agents gauge this sector of the market. According to a local Broker, “Vacancy rates for commercial properties are low right now. I’m seeing most vacancy rates well under 5 percent.”
Historically, commercial real estate activity is directly affected by the residential real estate market. When nearly 1,000 more homes are sold annually compared to a previous year, as was the case between 2017 and 2018, it is realistic to expect the number of businesses will increase to meet the needs of those new consumers. Dozens of new commercial properties are in various stages of development across Collier County, many of which have large grocery store anchors.
If you are looking to buy or sell a home in Naples, please contact me, I have the experience and knowledge to provide an accurate market comparison or negotiate a sale. It would be my honor to assist you and your friends and family with your real estate needs. Feel free to contact me anytime.
Best,
David
239-285-1086




