Vacant homes in foreclosure decrease in Collier and Lee
JUNE FLETCHER | Naples News
The zombies are almost all vanquished in Southwest Florida.
A new report by Attom Data Solutions shows the number of vacant homes in the foreclosure process — known as zombie homes — fell to 13 in Collier County and 62 in Lee County in the third quarter.
In Collier County, the quarter-over quarter drop was 27.8 percent and year over- year decline 18.8 percent.
In Lee County, the declines were 7.5 percent from the previous quarter and 27.1 percent over the year.
Daren Blomquist, senior vice president of the firm based in Irvine, California, said the decline was partly the result of “banks cleaning out the bottom of the barrel when it comes to properties that have been lingering in the foreclosure process for years.”
Continuing demand and short supply of homes at the lowest prices also were factors, he said.
Overall, zombies made up 2.4 percent of the 540 homes actively in the foreclosure process in Collier and 5.9 percent of the 1,058 homes in foreclosure in Lee, the report said.
Nationwide, zombies made up 4.7 percent of properties in foreclosure, representing 18,304 homes. But as zombie homes go through foreclosure and return to lenders’ possession, they’re increasing the number of vacant bank-owned homes.
Across the U.S., 46,604 homes that have returned to banks were vacant, representing 15.8 percent of the total number of bank-owned homes.
In Southwest Florida a smaller percentage of homes were vacant when repossessed by lenders, the result of banks speeding foreclosures on their legacy distressed inventory to meet demand, Blomquist said.
In Collier, 28 homes, or 6.1 percent of the 460 bank-owned properties, were vacant.
In Lee, 107 properties had no occupants when returned to lenders, representing 7.9 percent of the county’s 1,360 bank-owned properties.
“Given the market conditions in Southwest Florida, I would suspect that these vacant bank-owned properties will sell fairly quickly, even if they are in poor condition,” Blomquist said.
With a small percentage of investment homes vacant in the third quarter, renters had to scramble, too.
Only 2,513 homes, or 2.6 percent, of the total number of Collier County’s investment properties were unoccupied.
In Lee, 3.1 percent, or 4,597 investment properties, were vacant.
Nationwide, 4.3 percent of the investment housing stock is vacant, representing slightly over 1 million homes.
Basements Didn’t Matter: New Homes Were Still Larger in 2015
By Paul Emrath | RISMEDIA, Wednesday, September 07, 2016
A recent National Association of Home Builders (NAHB) post shows that, after rising to a record high, the size of new single-family homes has leveled off and, as of the second quarter of 2016, is now trending downward slightly.
Several things could be responsible. NAHB (and others) have emphasized a changing mix of repeat and first-time home buyers. Before focusing exclusively on this, however, it would be good to eliminate technical details, such as the way square footage of a home is calculated.
Practices vary, but in the Survey of Construction (which is conducted by the Census Bureau with partial finding from HUD and provides the basic data for housing starts and characteristics of new housing) square footage is based on finished floor space. This includes any area in the basement (if present) where the walls, ceiling and floor all are or will be finished. This means that different square footage can be reported for two homes built with the same physical dimensions, depending on how much of the basement is finished.
Since 2009, the average finished floor space of basements has remained small relative to the overall size of a home, but has nevertheless fluctuated noticeably—from 65 square feet up to 99 in 2014, before declining slightly in 2015 (numbers calculated by NAHB from the Census Bureau’s annual public use data set).
These data can be used to net out finished basement area from the size of a new home. Conveniently, this turns out to have little effect on the basic trends. With or without finished basement area, the average size of a new home increased every year from 2009 through 2013, stayed essentially flat in 2014, then increased again to an all-time high in 2015. Similarly, the median size of a new home increased every year from 2009 through 2013, declined slightly in 2014, then increased to an all-time high in 2015—whether or not finished basement area is taken into account.
It’s probably not surprising that adding or subtracting finished basement area fails to change the historical trends in new home sizes in any meaningful way. Given the attention these trends often receive, however, it’s good to be able to eliminate changing treatment of basements as a possible explanation—and time to return to talking about the mix of repeat and first-time buyers in the market.
This post was originally published on NAHB’s blog, Eye on Housing.
Copyright© 2016 RISMedia, The Leader in Real Estate Information Systems and Real Estate News. All Rights Reserved. This material may not be republished without permission.
Pinnacle home model – Ave Maria, Florida – photo: dellwebb.com
In Collier and Lee Counties in Q2 2016, ranked by annual starts.
1. Ave Maria – 290 starts
2. Marbella Isles – 254 starts
3. Bonita Lakes – 237 starts
4. Isles of Collier Preserve – 180 starts
5. Lindsford – 165 starts
6. Pelican Preserve – 137 starts
7. Fiddler’s Creek – 134 starts
8. Plantation – 129 starts
9. Corkscrew Shores – 127 starts
10. Artesia – 119 starts
SOURCE: METROSTUDY
Seaglass floor plan Residence 1 and 6
photo: Ronto Group
Seaglass high-rise condos provide views of Bonita Bay and beyond.
The great room floor plan of end-unit Residences 1 and 6 includes 3 bedrooms, 3 1/2 baths and a den. Tranquil interior finishes give first place to golf and Gulf of Mexico views. This comfortable family residence at Seaglass at Bonita Bay offers opportunities for boating, private beach on Little Hickory Island, 12 miles of trails, and more, all within 1,400 acres of parks and preserves.
“The 26-floor, 120-unit Seaglass at Bonita Bay amenity complex includes a theater, guest suites, card and club rooms, a fitness facility featuring men’s and women’s spas with steam and massage rooms, a resort-style walk-in pool, and a deck with a covered cabana that includes a bar & grill, and plans for a rooftop amenity deck. The amenities of the Bonita Bay Club and Bonita Bay Marina are also available to residents of Seaglass.”….Ronto Group
More information | Contact David@DavidFlorida.com
Toll Brothers Aragon Mediterranean exterior Bonita Lakes Florida | photo: tollbrothers.com
This two-story Aragon Mediterranean-style home in Bonita Lakes home features arched windows, red tile roof and other Mediterranean-style architectural features.
The home has 3,769 square feet with 4 bedrooms and 4 1/2 baths. The open kitchen design with large center island, quartz countertops, stainless steel appliances and Kohler ® fixtures. The 2nd floor loft makes a great guest retreat. The home also features a custom pool with spa. This home by Toll Brothers
“Bonita Lakes is a gated community in the heart of Bonita Springs offering single-family villa and estate homes with sparkling lake views. Centrally located midway between Naples and Fort Myers and only minutes from I-75, Bonita Lakes will provide you and your family with convenient access to shopping and dining at Coconut Point Mall, Miromar Outlets, and Gulf Coast Town Center. Additionally, the pristine Gulf beaches, numerous golf courses, Southwest International Airport and all the cultural and recreational attractions of Southwest Florida are just minutes away. Amenities in Bonita Lakes includes a community clubhouse with a resort-style swimming pool, state-of the-art fitness center, and tennis courts, offering endless options for fun and recreation.” — tollbrothers.com
Buyers Will Find More Homes for Sale This Summer
Naples, Fla. (June 17, 2016) – As predicted by the area’s leading broker analysts, activity in the real estate market for the month of May continued to follow a distinct and successive self-correcting path with areas of impressive growth and opportunity. Buyers and sellers alike will find the numbers encouraging. As identified in the May 2016 Market Report released by the Naples Area Board of REALTORS® (NABOR®), which tracks home listings and sales within Collier County (excluding Marco Island), evidence of increasing consumer confidence is becoming more apparent as sellers returned to the market in May, resulting in a 37 percent increase in overall inventory.
May’s pending and closed sales activity also continued on a trajectory of improvement with a mere 6 percent and 5 percent decrease, respectively, as compared month to month over last year’s very strong results. As summer approaches, buyers will be happy to learn that median closed prices in May continued on the same trend seen in recent months, and remain steady in all price segments above $300,000 (12-months ending May 2016). The median closed price was $338,000 in May 2016 compared to $332,00 in May 2015.
“The properties selling now are homes by owners who have priced their properties realistically,” said Brenda Fioretti, Managing Broker at Berkshire Hathaway HomeServices Florida Realty. “These home sellers have either been watching the market closely themselves or, more likely, have an ally, like a REALTOR®, whose keen eye and experience is helping them price their home competitively to sell.”
There is good news for buyers who previously found it difficult to find a home to buy in our market. Several broker analysts remarked that median closed prices earlier this year were reflective of sellers “testing the ceiling.” But May’s 37 percent climb in inventory coupled with steady prices in most price segments indicates a stable and inviting market environment going into summer.
The report showed condominium inventory increased in every corner of Naples. In fact, there was a huge surge in May listings for condominiums in both the Naples Beach and North Naples areas. The rising inventory offers buyers a wider selection of homes this summer. There were 5,207 homes on the market for sale in May 2016 compared to 3,800 in May 2015.
The NABOR® May 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® May 2016 sales statistics are presented in chart format, including these overall (single-family and condominium) findings:
| CATEGORIES |
May-16 |
May-15 |
CHANGE |
| Total homes under contract (pending sales) |
921 |
977 |
-6% |
| Total closed sales |
838 |
1,010 |
-17% |
| Median closed price |
$338,000 |
$332,000 |
2% |
| Total active listings (inventory) |
5,207 |
3,800 |
37% |
| Average days on market |
73 |
75 |
-3% |
| Single-family closed sales |
396 |
430 |
-8% |
| Single-family median closed price |
$432,000 |
$427,000 |
1% |
| Single-family inventory |
2,744 |
2,168 |
27% |
| Condominium closed sales |
442 |
570 |
-22% |
| Condominium median closed price |
$276,000 |
$268,000 |
3% |
| Condominium inventory |
2,463 |
1,632 |
51% |
Additional activity of interest in the NABOR® May 2016 Market Report includes:
- Overall pending sales in the $300,000 to $500,000 price segment increased 1 percent to 258 in May 2016 from 256 in May 2015.
- Overall pending sales for single-family homes in the East Naples geographic area (34114, 34117, 34120, 34137) increased 14 percent to 129 in May 2016 from 113 in May 2015.
- Overall closed sales in the Immokalee/Ave Maria geographic area (34142) increased 26 percent to 48 homes in the 12-months ending May 2016 from 38 homes in the 12-months ending May 2015.
- Median closed price for condominiums in the $2 million and above price category decreased 19 percent to $2,275,000 in May 2016 from $2,800,000 in May 2015.
- Inventory for single-family homes under $300,000 decreased 5 percent to 291 homes in May 2016 from 307 homes in May 2015.
- Inventory for condominiums in the $1 million to $2 million price category increased 92 percent to 190 in May 2016 from 99 in May 2015.
- Inventory for condominiums in the Naples Beach geographic area (34102, 34103, 34108) increased 71 percent to 638 condominiums in May 2016 from 373 condominiums in May 2015.
- Inventory for condominiums in the North Naples geographic area (34109, 34110, 34119) increased 66 percent to 673 condominiums in May 2016 from 406 condominiums in May 2015.
- Average days on market for single-family homes in the $1 million to $2 million price category saw the largest decrease, 38 percent, to 81 days in May 2016 from 130 days in May 2015.
Contact David for information and listings of homes for sale in Naples – Bonita Springs – Marco Island, Florida.
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