Naples Area Board of REALTORS | Naples, Fla. (July 18, 2014)
Positive activity within various pockets of Naples area real estate contributes to a stable market overall in the second quarter of 2014 as indicated in a report released by the Naples Area Board of REALTORS® (NABOR®), which tracks home listings and sales within Collier County (excluding Marco Island).
“The statistics show key indicators of a stable real estate market in the Naples area with no real significant gains or losses overall in the Second Quarter 2014 compared to the Second Quarter 2013,” said NABOR® president and corporate trainer at Downing-Frye Realty Pat Pitocchi. Our statistics, comparing the second quarter 2013 to the second quarter 2014, show that:
- Overall Pending Sales are down 8 percent from 3,197 to 2,949;
- Overall Closed Sales are down 4 percent from 3,165 to 3,054;
- Overall Median Closed Price is up 10 percent from $249,000 to $273,000;
- Overall Inventory is down 9 percent from 4,086 to 3,723; This has been a good, strong quarter.”
Overall, the luxury segment of the market improved with 156 closed sales over $2 million in the second quarter, up 42 percent from the same time last year. Single-family homes in the $2 million and above market rose 44 percent from 68 to 98 closed sales quarter over quarter and condos in the $2 million and above market rose 38 percent from 42 to 58 closed sales, same time period. Confidence in the market combined with appealing inventory has increased the number of high-end buyers.
Another key indicator of a stable housing market is that conventional financing is making a comeback. According to the report, in June 2014, 37.5 percent of homes sales were financed with conventional mortgages vs. cash in June 2014. That’s up 10 percent compared to January 2013 when conventional financing was 27 percent of the market.
The NABOR® Second Quarter 2014 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® Second Quarter 2014 sales statistics are presented in chart format, including these overall (single-family and condominium) findings:
- Overall pending sales decreased 8 percent from 3,197 in the Second Quarter 2013 to 2,949 in the Second Quarter 2014. A 14 percent decrease in the $300,000 and under price category and 6 percent decrease in the $1 to $2 million price category weighted this figure.
- Pending sales for condominiums decreased 7 percent from 1,626 in Second Quarter 2013 to 1,510 in Second Quarter 2014, with reductions reported in all price categories.
- Overall closed sales increased 11 percent for homes priced above $500,000.
- Overall closed sales for homes in the $2 million and above market increased 42 percent from 110 in the Second Quarter 2013 to 156 in the Second Quarter 2014.
- Closed sales for single family homes $300,000 and under decreased 23 percent from 677 in the Second Quarter 2013 to 521 in the Second Quarter 2014.
- The overall median closed price increased 10 percent from $249,000 in Second Quarter 2013 to
$273,000 in Second Quarter 2014.
- The overall median closed price decreased 4 percent for homes $1 million to $2 million from
$1,387,000 in Second Quarter 2013 to $1,325,000 Second Quarter 2014
- The median closed price for single-family homes in the $2 million and above category decreased 15 percent from $3,225,000 in Second Quarter 2013 to $2,750,000 in Second Quarter 2014.
- Overall inventory decreased 9 percent from 4,086 homes in Second Quarter 2013 to 3,723 homes Second Quarter 2014.
- Inventory in the single family home market increased 4 percent from 1,896 in Second Quarter 2013 to 1,964 in Second Quarter 2014.
- Inventory of condominiums decreased 20 percent from 2,190 condominiums in Second Quarter 2013 to 1,759 condominiums in Second Quarter 2013.
- The overall average days on market are at 94 for Second Quarter 2014.
“There is an influx of new construction, which is adding to the inventory,” said Brenda Fioretti, Managing Broker at Berkshire Hathaway HomeServices Florida Realty. “It should be said, however, the Southwest Florida MLS does not report activity in the new home construction market.”
Analysts at NABOR® explain that market stabilization is further evident as reflected in the Second Quarter 2014 Market Report wherein only 9 percent of all closed sales in June 2014 were non-traditional (short sale or foreclosed). Comparatively, in July 2009, when NABOR® began collecting this data, 49 percent of sales were non traditional.
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Special to The News-Press The 240-acre lake glistens a brilliant turquoise under the sparkling sun. The water is clear almost like the Caribbean. This lake is nothing like most man-made watering holes in Southwest Florida.
The lake, which is the showcase of the new development Corkscrew Shores, was created when the site was a quarry for the excavation of limestone that was used for buildings, roads, bridges and more. Excavators dug 70 feet below the surface, making this body of water extremely deep.Read the full story
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Victoria floor plan has 1,850 air-conditioned square feet.
Move-in-ready homes are available at Millbrook, a Mediterranean-style village in the luxury, master-planned community of Fiddler’s Creek.
The four floor plans available range from 1,649 to 2,246 air-conditioned square feet with prices starting at $342,990.
The Victoria floor plan has 1,850 air-conditioned square feet. This split floor plan has two bedrooms, two baths, a den and a pool bath, great room, kitchen and dining room. The master suite has separate his-and-her vanities and a walk-in closet. Lennar is offering a move-in-ready Victoria for $420,000.
The Nina plan has 1,649 air-conditioned square feet and features a split floor plan, two bedrooms, two baths and den with a great room, open kitchen and an adjoining dining area and breakfast nook.
The Sophia is another one-story residence with 2,032 air-conditioned square feet. The Sophia is ideal for entertaining with three bedrooms, three baths and a den. The master suite features dual sinks, an oversized Roman tub and a large walk-in closet that rivals the other bedrooms. There also is a screen covered lanai with optional outdoor kitchen, plus a two-car garage.
The Isabella floor plan offers 2,246 square feet under air. Three bedrooms, two baths and a den with great room; the master bedroom has separate walk-in closets and a master bath with double vanities.
Luxury features include granite countertops and GE stainless steel appliances and gas cooktop, and raised panel wood cabinets with crown molding in the kitchen. Designer baths have granite counter tops, under mount sinks and a energy-saving features.
Located between Naples and Marco Island, community amenities include the 54,000-square-foot Club & Spa, fitness center, tropical lagoon-style swimming complex, tennis courts, tot lot, and restaurants.
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By JUNE FLETCHER | Wednesday, June 4, 2014
NAPLES — Single-family home prices in Naples-Marco Island are the highest in Florida — and still have room to run, researcher Local Market Monitor said.
Prices in Cape Coral-Fort Myers also will stay on a tear for the next few years, the Cary, N.C.-based firm forecast.
Ingo Winzer, the firm’s president, is bullish on Southwest Florida because of strong job growth, particularly in tourism and retail; incomes that rank among the highest in Florida; and continued interest from investors.
“Combine speculative interest with good fundamental economic demand and you have a lot of people who want to buy property,” he said Wednesday.
In its residential real estate report for the second quarter, Local Market Monitor said single-family home prices for the Naples area reached a median of $276,086, the highest in any of the 20 cities they tracked in Florida. That’s an 8 percent bump from the same quarter a year earlier.
Cape Coral-Fort Myers was ninth on the list, with prices reaching a median of $184,976 for the quarter, a 12 percent jump from the year before.
Both markets will experience double-digit growth over the coming year, Local Market Monitor predicted.
Prices in Naples-Marco Island are expected to rise an additional 11 percent by the second quarter of 2015, while Cape Coral-Fort Myers will rise another 12 percent.
By the second quarter of 2017, cumulative price increases for the three-year period will have reached 29 percent in Naples-Marco Island and 31 percent in Cape Coral-Fort Myers.
Despite the predicted increases, Winzer is confident Southwest Florida isn’t headed for bubble territory.
Given rising demand and the healthy local economy, “prices are 20 percent lower than they ought to be,” he said.
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Home builders across the United States are most likely to focus on “convenience, livability and energy efficiency” when constructing a typical single-family home today, according to a recent survey by the National Association of Home Builders.
“Home builders are including features that are practical and functional for the daily lives of today’s home buyers. The features that are most likely to be included in a typical single-family home this year are:
- a walk-in closet in the master bedroom
- low-E windows
- a laundry room and
- a great room.
Energy efficiency is a key theme with Energy-Star rated appliances, programmable thermostats and Energy-Star rated windows at the top of the list.”
Beyond those big three features, plenty of other “practical and functional” amenities were cited by the builders in the survey as key selling points, so we found examples of some of them.
Scroll through the slideshow to see what’s hot in new homes right now.
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New Homes are Less Expensive to Maintain
RISMEDIA, Monday, April 21, 2014
April is new homes month. And one of the virtues of a newly constructed home is the savings that come from reduced energy and maintenance expenses.
In a previous analysis, we used data from the 2009 American Housing Survey (AHS) to offer proof. The AHS classifies new construction as homes no more than four years old.
For routine maintenance expenses, 26 percent of all homeowners spent $100 or more a month on various upkeep costs. However, only 11 percent of owners of newly constructed homes spent this amount. In fact, 73 percent of new homeowners spent less than $25 a month on routine maintenance costs.
Similar findings are available for energy expenses. According to the 2011 AHS, on a median per square foot basis, homeowners spent 81 cents per square foot per year on electricity. Owners of new homes spent less: 68 cents per square foot per year. For homes with piped gas, homeowners spent on average 50 cents per square foot per year. Owners of new homes spent just 34 cents per square foot per year.
The 2011 data show similar results for various other utilities. For water bills, homeowners averaged 28 cents per square foot per year, while owners of new homes averaged 22 cents. For trash bills, the median for all homeowners was 15 cents per square foot per year, while for new construction the median was 13 cents per square foot per year.
These data highlight that a new home offers savings over the life of ownership due to reduced operating costs. And in fact, these reduced costs result in lower insurance bills as well. The median cost for all homeowners of property insurance is 39 cents per square foot, while it is only 31 cents per square foot for owners of new homes.
These reduced expenditures represent one of the many reasons that the current system of appraisals needs updating to reflect the flow of benefits that come from features in a new home.
View this original post on the NAHB Eye on Housing blog.
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Positive activity within various pockets of Naples area real estate contributes to a stable market overall in the second quarter of 2014 as indicated in a report released by the Naples Area Board of REALTORS® (NABOR®), which tracks home listings and sales within Collier County (excluding Marco Island).
