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 a Broker. 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 a Broker. “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 a Broker. “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 2017
|
Q1 2018
|
CHANGE
|
|
Total homes under contract (pending sales) (quarter/quarter)
|
3,097
|
3,177
|
+3%
|
|
Total closed sales (quarter/quarter)
|
2,205 |
2,306 |
+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)
|
6,389 |
6,112 |
-4% |
|
Average days on market
|
95 |
95 |
0% |
|
Single-family closed sales (quarter/quarter)
|
1,059 |
1,050 |
-1% |
|
Single-family median closed price (quarter/quarter)
|
$410,000 |
$448,000 |
+9% |
|
Single-family inventory
|
3,236 |
2,964 |
-8% |
|
Condominium closed sales (quarter/quarter)
|
1,146 |
1,256 |
+10% |
|
Condominium median closed price (quarter/quarter)
|
$270,000 |
$299,000 |
+11% |
|
Condominium inventory
|
3,154 |
3,148 |
0% |
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 a Broker, 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 a Broker. 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.
Several brokers who reviewed the reports, are 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 a Broker, 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.
If you are looking to sell a home in Naples, contact a REALTOR® who has the experience and knowledge to provide an accurate market comparison so you can determine the right asking price. A REALTOR® can also ensure your next purchase in the Naples area is a success. Find our more at 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.
Mystique aerial view.
Photo: mystiquepelicanbay.com
Pelican 1 Owner LLC, the developer for Mystique, announces that the seventh floor of the 20-story tower has been formed and poured, with additional floors underway. 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).
Construction at the ultra-luxury high-rise continues to progress as the pouring of the seventh floor is completed, with the eighth floor expected to be completed by the end of the month. In early February, installation of the exterior glass storefront and window systems and metal framing of interior partitions on the first residential floor (Jardin residences) is expected to begin.
Upcoming milestones at Mystique also include the pouring of the ninth, 10th and 11th floors, which are expected to be completed by the end of February. Mystique’s Certificate of Occupancy is estimated to be achieved in March 2019.
“As construction progresses and this tower continues to rise, so does the momentum and enthusiasm surrounding Mystique,” said Gulf Bay President Aubrey J. Ferrao. “Mystique offers an ultra-luxury lifestyle that is unrivaled in Naples, and the interest and response, not only in Naples, but throughout the U.S. and abroad, has been extraordinary.”
Located close to the beach on one of only two remaining zoned developable land parcels in Naples between The Ritz-Carlton, Naples 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, billiards room, board room, 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 amenities of Pelican Bay, including private beachfront dining, extensive walking and biking trails, chauffeured tram service, and private access to nearly three miles of Gulf of Mexico beaches.
- Estate residences at Mystique range 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 range in price from $1.2 to $2.2 million.
- Mystique’s penthouse residences, priced starting at $8 million, have been sold.
Founded in 1986, Gulf Bay has completed 14 luxury properties along the 1.5-mile stretch of Gulf-front land within Pelican Bay. In addition, Gulf Bay’s other developments include The Brittany on Park Shore Beach; Marco Beach Ocean Resort® on Marco Island; and the 4,000-acre 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 $5 billion.
For sales information, contact David Critzer at 239-285-1086 or David@DavidFlorida.com.
Outdoor bar at Mystique Pelican Bay. Photo: mystiquepelicanbay.com
Collier County has a lot on its plate this year for growth and development, according to Collier County Planning Commission Chairman Mark Strain.
Strain delivered a data-packed presentation at a Wake Up Naples breakfast Wednesday with updates on hot topics including new development and roads.
“We’ve got so much growth going on in Collier County right now,” said Strain, the county’s hearing examiner. ““We have been busier (than) I’ve seen than all the years I’ve been here.
“Ironically I thought Hurricane Irma would have slowed things down. So we are doing surprisingly well in spite of the hurricane.”
Collier is geographically the largest county in Florida and has a permanent population of 365,000, with many thousands more during season, according to a census report. The county’s population is expected to reach more than 482,000 by 2040.
Strain emphasized that Collier will see a lot of density and urbanization but that it will never be like Miami, considering 77 percent of the 1.5 million acres in Collier are permanent preservation land and will not be developed.
The four multimillion-dollar residential tower projects Strain discussed at last year’s meeting have down-sized to three, he said, with the Ritz-Carlton deciding not to proceed with building another tower.
Updates on multimillion-dollar residential towers:
- Mystique, an 81-unit high rise in Pelican Bay, is under construction and will have a sister building.
- Last year developers of One Naples had a vision to build a mixed-use project that would include an 18-story luxury tower with 300 residences. However, their website says they are redefining the One Naples project to address the feedback received from the community.
- Kalea Bay, approved in 2000 for a five-building project with 590 units, now has one tower built, and the second is in the sales stage. They also have plans for a golf course across the street.
- As for affordable housing, Strain said Ave Maria and Orangetree are helping to fill that niche, but he noted that the more affordable housing is built to the east, the worse Collier’s roads and traffic will be.
- “It’s kind of a dynamic we haven’t addressed yet,” he said.
- Stores like the new Publix at Neighborhood Shoppes at Orangetree have helped ease that traffic, Strain said.
- “What happens is when you put commercial out where the rooftops are, those people don’t drive all the way to urban area and crowd up the roads,” he said.
- In an effort to reduce the ongoing traffic issues, Strain said the county is working on building overpasses and flyovers.
- “I don’t like the roads, either,” he said. “It’s something we will work our way through, and we have plans to really resolve them, but all that takes is money and time.”
- Overpasses are planned at Collier Boulevard and U.S. 41 East and at Immokalee Road and Collier Boulevard, and a flyover at Davis Boulevard and Collier Boulevard.
- Job growth will come from businesses like Seed to Table, a 60,000-square-foot grocery store being finished where Albertsons use to be on the northeast corner of Livingston and Immokalee roads in North Naples.
- Strain said the developer and owner of Oakes Farms, Alfie Oakes, has been traveling the country visiting other grocery stores to find out what will attract people and will be unique to Collier.
- Seed to Table is expected to employ 400 people. Strain said it is projected to open at the end of 2018.
- Strain also touched base on what he finds to be a funny trend — storage facilities.
- There are 58 storage facilities in Collier, and 10 more have been approved.
- “I think it’s a conspiracy theory,” he said. “It’s a sign of the times that maybe we spend too much money on things that we store.”
- Strain also touched on the proposed Sports Park at Interstate 75 and Collier Boulevard, plans for more WaWa gas stations, more Arthrex projects and other plans for new development and redevelopment.
Online Views Spike in the Bonita Springs and Estero Real Estate Markets
Altaira, high-rise homes in Bonita Springs, Florida
Bonita Springs, FL | February 22, 2018 —— According to the Bonita Springs-Estero REALTORS® Media Committee, the overall number of pending sales have increased by 13 percent in January 2018 versus January 2017. Additionally, closed sales in the same time comparison have also increased by 10 percent. “The increase in demand for homes in this market is further corroborated by the number of online views in the market as reported by Realtor.com,” stated a local Broker. “Realtor.com showed 8.9 million active listing page views in Bonita Springs and Estero for January 2018 versus 5 million in December 2017,” he adds. “Buyers are actively looking in this market.”
In the luxury market, which are homes priced $1 million and above, area brokers have reported an oversupply of inventory with less activity than other price segments. “The slower activity in the luxury market may be due to larger scale storm damage, which takes longer to repair,” stated Julie Ross, Appraiser, Carroll & Carroll. Ross adds, “In all other price segments, appraisal activity has been steadily increasing since December 2017.” Overall inventory also saw an increase but was offset by the increase in pending sales.
The market continues to follow a stable path in both pricing and the days on market. Combined with the notable increase in online views, the Bonita Springs and Estero markets are a viable and desirable option for buyers, perhaps more so than surrounding markets. “Buyers are savvy enough to know that they can get the same gulfside lifestyle in this market, but with a better value than other neighboring cities”, stated a local Broker. “This makes Bonita Springs and Estero the top of the list for buyers.”
The Bonita Springs-Estero REALTORS® February 2018 Report shows these overall findings for both single family and condominiums combined for the month of January 2018.
|
Month overMonth1/2017 |
Month overMonth1/2018 |
% Change |
|
|
|
|
| Pending Sales Units |
295 |
332 |
13 |
| Closed Sales Units |
190 |
209 |
10 |
| Median Closed Price |
$310,000 |
$295,000 |
-5 |
|
|
|
|
|
12-Month Ending1/2017 |
12-Month Ending1/2018 |
% Change |
|
|
|
|
| Pending Sales Units |
2,980 |
3,013 |
1 |
| Closed Sales Units |
2,892 |
2,952 |
2 |
| Median Closed Price |
$304,000 |
$294,000 |
-3 |
| Average Days on Market |
93 |
96 |
3 |
| *Active Inventory |
1,810 |
1,784 |
-1 |
| *Avg Month’s Supply |
6.9 |
6.8 |
0.1 |
To ensure your next real estate transaction in the Bonita Springs or Estero market is a success, contact a Bonita Springs – Estero REALTOR® member by visiting BonitaSpringsRealtors.com.
*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 using properties 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 850 REALTORS® and more than 120 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.
Released by WBN Marketing LLC
Unlike national figures for home sales in January which, according to the National Association of Realtors®, dropped 4.8 percent compared to sales in January 2017, home sales in Collier County rose 11 percent in January to 671 home sales in January 2018 from 603 home sales in January 2017. In fact, closed sales of luxury properties (homes above $1 million) were quite remarkable in January with a 123 percent increase over the number of closed sales of luxury properties in January 2017, according to the January 2018 Market Report released by the Naples Area Board of REALTORS® (NABOR®), which tracks home listings and sales within Collier County (excluding Marco Island).
“Thank goodness for the luxury properties for sale; they are driving the market,” said a local Broker, who added, “Pending sales of homes priced above $1 million increased 67 percent in January compared to last year.”
Broker analysts reviewing the report agreed that many of the high-end speculative homes that had been on the market for over two years, especially in desirable locations like the Naples Beach area, were sold in January.
Another local Broker said, “An increase in motivated sellers is demonstrated by January’s overall pending sales, which increased 11 percent.”
“I think we had a lot of pent up demand from wealthy buyers who waited to see how the new tax laws would affect them,” said another local Broker . “Once they understood the law, they obviously felt confident in making a big purchasing decision.”
As such, January’s median closed price decreased 19 percent in the $2 million and above price category. For the entire market, the overall median closed price increased 19 percent in January.
“The storm blew in a lot of business,” remarked a local Broker, who added, “I believe that some buyers who would have purchased in the fourth quarter of 2017 delayed their decision until the first quarter of 2018. It looks like we are off to a good start this year with respect to sales.”
Overall median prices in January decreased for homes up to $1 million compared to last year. For example, median closed prices for properties in the $300,000 and below price category decreased 6 percent in January to $205,000 from $219,000 in January 2017.
“For a long time we saw double digit increases in median closed prices for single-family homes in the $300,000 and below market,” said Cindy Carroll, SRA of Carroll & Carroll Appraisers and Consultants LLC. “But for January, the report showed only a 4 percent increase [year over year (or a 5 percent increase month over month)].”
Overall inventory in Collier County decreased 5 percent in January to 6,071 homes from 6,393 homes in January 2017. However, inventory has been on the rise over the past few months and while the nation continues to experience declining inventory levels that resulted in a 3.4 months supply for January, the Naples area market is seeing its inventory levels increase to 8.2 months of inventory for January.
However, the report also showed a 21 percent decline in inventory for single-family homes in the Naples Beach area, which Carroll says can be attributed to a rush of speculative homes sales in that area.
According to Carroll, the South Naples (34112, 34113) and East Naples (34114, 34117, 34120, 34137) single-family home markets continued to see the strongest increases in value in January, as reflected in 8 and 9 percent increases in median closed prices, respectively.
Interestingly, and as confirmed by several broker analysts reviewing the January report, an unusual closed sales anomaly transpired in January that, while impacting figures for the month, does not influence the market’s activity trend on a 12-month ending basis.
Basically, and as explained by analysts, “The newly constructed luxury high rise condominium in North Naples delayed the closings for 79 of its units that were previously pending until January. This in turn, influenced NABOR®’s closed sales, median closed price, and days on market statistics for the month.”
As reflected in the report, there were 150 closed sales of condominiums in the North Naples area in January (a 150 percent increase over January 2017). By the same token, because the 79 condominiums sold between $1.8 million and $2.5 million, the median closed price in this geographic area increased by 428 percent. The data also showed 0 days on the market for the 79 units. The closings were apparently postponed as a result of the hurricane disruption and not completed until January.
“This type of anomaly is why it’s best for REALTORS® to also review the 12-months ending data that accompanies each monthly report,” said Brenda Fioretti, Managing Broker at Berkshire Hathaway HomeServices Florida Realty. “We feel a long-view of the statistics reflects the market’s true behavior better and will help REALTORS® educate both buyers and sellers on how the market is really performing.”
It would be my honor to assist you and your family and friends with your real estate needs.
Best,
David
(239) 285-1086
Belfield new construction home at Naples Reserve – Stock Development photo: stockdevelopment.com
Beautiful Belfield home is ready for you to move-in at Naples, Reserve. The lovely neutral finishes will welcome your style. The open great room floor plan is perfect for your Naples lifestyle.
Living A/C 2,812 sq ft
Entry 137 sq ft
Garage 772 sq ft
Covered Lanais 691 sq ft
Grand Total 4,412 sq ft
- Three Bedroom
- Three Full and One Half Bath
- Great Room
- Kitchen and Nook
- Dining Room
- Study (Optional Fourth Bedroom)
- Outdoor Living
- Pool and Spa
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Was $964,860 Now Offered At $939,860
Belfield new construction home at Naples Reserve – Stock Development floor plan image: stockdevelopment.com
This ready to live in home can be yours! Contact David at 239-285-1086 or David@DavidFlorida.com for additional information, to view this beautiful home, and make it yours.
*Pictures represent a fully furnished model, actual furnishings and options may vary. **Plans and elevations are artist’s renderings and may contain options which are not standard on all models. In all cases Square Footage represents a “closest to accurate” approximation of final Square footage, however final may vary slightly from original approximation. All prices subject to change without notice. Prices may not reflect lot premiums, upgrades and options. In some cases Community Association and/or Club Membership fees may be required. Stock Development and its associated entities reserve the right to make any necessary changes to pricing, specifications, community amenities, etc. without prior notice.
