Stock Development – new construction at Wild Blue, Muirfield VIII Coastal. photo: Stock Development
By Meghan Belnap RISMEDIA, Monday, October 28, 2019
In most cases, it makes sense to search for older things rather than their newer counterparts when you want to save money. This doesn’t, however, always hold true when it comes to buying a home.
Here are several factors that can lead to older homes costing more than new construction:
Energy Efficiency
One of the great things about buying a new home is that everything inside is new. This generally means that most of the appliances and systems were built in the last few years, which in turn means that they tend to be more energy-efficient. On top of better appliances, newer homes feature the latest in design for insulation, from the framework to the material used in building. This means that, over time, the cost of owning new construction can actually be substantially less than the cost of owning an older home.
Perks Specific to Older Homes
Sometimes buying an older home can also cost more simply because it has perks that aren’t available in new homes. Classic architecture, antique fireplaces or period-specific additions can command a great deal of money, and they’re simply not features that you get in a newer home. Buyers who want these features are willing to pay a premium, which drives up the price of homes that have those touches. As such, new construction may be much cheaper in comparison.
Maintenance Costs
Older homes cost more to take care of than newer homes, if only because time tends to be unkind to any building. In the short term, at least, it’s also more likely that a homeowner would have to replace big-ticket items in an older home than in a newer home. New construction homes may cost more upfront, but the actual cost of living in an older home will generally be quite a bit more.
Property Value
In many cases, the true cost of a home comes down not to the style of the house or what perks it offers, but rather the value of the property on which it sits. New construction can often be less expensive simply because the area in which it was built hasn’t had time to gain the same sort of social cache as older construction. An older home in a well-established neighborhood is almost always going to cost more than new construction in a less desirable area.
Old homes aren’t always cheaper than their newer counterparts. Even when new construction costs more to buy, it can still cost less than living in an older home. As such, it’s always a good idea to look at both types of homes when you’re trying to find something that will fit your budget!
This was originally published on RISMedia’s Housecall.
Meghan Belnap is a freelance writer who enjoys spending time with her family. She finds happiness in researching new topics that help expand her horizons.
To tour new construction homes and existing older properties call David at 239-285-1086 or email david@davidflorida.com.
Click graphic to enlarge September 2019 Infographic.
Home Showings Lead to Increased Sales
Naples, Fla. (October 25, 2019) – The Naples area housing market enjoyed another 7 percent increase in overall closed home sales for the third month in a row. This trend leads a Broker to suggest that the consistent uptick in summer home sales illustrates that Collier County is becoming less seasonal.
According to the September 2019 Market Report released by the Naples Area Board of REALTORS® (NABOR®), which tracks home listings and sales within Collier County (excluding Marco Island), showings in September 2019 were up 31 percent over September 2018. This translated into a 13.7 percent increase in pending sales (written contracts) or 823 pending sales in September 2019 compared to 724 pending sales in September 2018. Strong showing activity during the summer resulted in 698 closed sales during September 2019.
The September report showed median closed prices remained stable during the third quarter (July, August & September). In July, the median closed price was $326,400. By September, the median closed price had dropped slightly to $325,000, which is only a .7 percent decrease from September 2018, which reported a median closed price of $327,408. Interestingly, the median closed price in January 2019 was $325,000.
With over 500 listings pulled from the MLS in September, it is no surprise that overall inventory for the month fell. However, even though it decreased 17.8 percent to 4,989 homes compared to 6,070 homes in September 2018, inventory for September was higher than August by 72 homes.
The NABOR® September 2019 Market Reports provide comparisons of single-family home and condominium sales (via the Southwest Florida MLS), price ranges, and geographic segmentation and includes an overall market summary. NABOR® sales statistics are presented in chart format, including these overall (single-family and condominium) findings:
|
CATEGORIES
|
SEPT 2018
|
SEPT 2019
|
CHANGE
|
|
Total closed sales (month/month)
|
651 |
698 |
+7.2% |
|
Median closed price (month/month)
|
$327,408 |
$325,000 |
-0.7% |
|
Total active listings (inventory)
|
6,070 |
4,989 |
-17.8% |
|
Average days on market
|
93 |
102 |
+9.7% |
|
Single-family closed sales (month/month)
|
321 |
359 |
+11.8%
|
|
Single-family median closed price (month/month)
|
$395,000 |
$405,000 |
+2.5% |
|
Single-family inventory
|
3,208 |
2,567 |
-20.0% |
|
Condominium closed sales (month/month)
|
330 |
339 |
+2.7% |
|
Condominium median closed price (month/month)
|
$242,250 |
$245,000 |
+1.1% |
|
Condominium inventory
|
2,862 |
2,422 |
-15.4% |
As noted by brokers reviewing the housing data, September had a 6-month supply of inventory.
Geographically, condominiums in South Naples (34112, 34113) saw a 22.1 percent spike in its median closed prices to $213,000 in September 2019 from $174,500 in September 2018. Alternately, condominiums in North Naples saw a 16.4 percent decrease in median closed prices to $242,500 in September 2019 from $290,000 in September 2018.
Laura Layden, laura.layden@naplesnews.com
Phil McCabe, hotelier, developer and entrepreneur, talks about his investments on Fifth Avenue South in downtown Naples and why he’s so confident about the future of the swanky street.
Hotelier and real estate developer Phil McCabe couldn’t be happier about the changes he’s seeing on Fifth Avenue South in downtown Naples.
Of course, he’s a big part of them.
That includes a $5 million renovation he recently started at the Inn on Fifth designed to take his luxury hotel up a notch into what he describes as a “deeper four-star rating.”
Putting on his other hat as a developer, McCabe recently completed a new mixed-use building on the swanky street at the northwest corner of Fifth Street South, bringing in new residents and businesses.
He estimates the development, known as The Residences at 5th and 5th, cost him $15 million to $20 million.
McCabe isn’t the only property owner or entrepreneur spending big bucks in the city’s prized shopping and dining district. Others are reshaping the look and feel of Fifth Avenue, with the goal of making it an even better place to live, work and visit — including real estate investor David Hoffmann and his family, who have amassed a portfolio of properties on the street in recent years.
“We’ve got the second best location in town,” McCabe said. “The beach is the best location.”
As for his new three-story building, McCabe considers it a huge success. The residential condos on the top two floors quickly sold out, with the most expensive one fetching $3.65 million.
Click to read the full article on Naples News.
FOR IMMEDIATE RELEASE
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.
###
Released by Bonita Springs-Estero REALTORS®
Lisa Conley, Naples Daily News Published 1:56 p.m. ET May 1, 2019
Plans call for the storied hotel to be torn down and rebuilt as a smaller, world-class resort — and for luxury residential towers to be added on both sides of Gulf Shore Boulevard.
The Naples City Council gave final approval Wednesday to a proposal to redevelop the historic Naples Beach Hotel & Golf Club despite continuing concerns about future uses of the golf course.
The Athens Group plans to tear down the beach hotel and build a smaller resort and add residential condos. Council initially approved the project April 17.
Wednesday’s approval allows the underlying land use changes that will enable the project to move forward into site planning. The Athens Group will come before the planning board and City Council for site plan approval later this year.
In case you missed it: Naples Beach Hotel & Golf Club redevelopment plan approved by City Council
And: Naples Beach Hotel & Golf Club redevelopment plan approved by planning board
Since the developer first announced its plans in November, the proposal has run into opposition over its height and proximity to the road and other buildings.
Members of the community have also repeatedly expressed a desire to preserve the hotel’s golf course as green space in perpetuity, which John Passidomo, the Naples attorney representing the developers, said The Athens Group has agreed to do.
But residents remained concerned.
“I still have questions that aren’t answered,” Keith Kipp, who lives near the hotel’s golf course, said at Wednesday’s meeting. “My concern is the rush. I know they’re going to build a fantastic property … but I don’t know about the future. Who’s going to own the golf course in the future if The Athens Group wants to sell it? You don’t know.”
City Manager Charles Chapman said council would have to approve any changes to the golf course.
“If they were to shut down the golf course and leave the sand traps, the greens, the platforms, nothing is modified … then they don’t have to come back (because) it’s still in compliance with what they said they were going to do today,” Chapman said.
“But if they want to make amendments, they want to move things around, they want to change the landscape a little bit, then we would need to have a site plan review process that comes back before you.”
In addition to preserving the golf course, the developer’s plans also prohibit any structures built on the golf course, such as refreshment stands or pro shops, from exceeding 30 feet in height, Passidomo said, and any structures that exceed 1,000 square feet in size may not be located within 200 feet of residences.
However, some council members didn’t think that’s enough, especially if future owners of the property decide to build tennis or pickleball courts, which are listed as permitted uses under the current agreement.
“That’s not enough of a buffer if you’re going to have potentially very active, maybe louder than some of the other uses that would be permitted,” said Vice Mayor Gary Price.
Passidomo said council ultimately has control over the location of any sport courts, and the developer has no plans to place them next to residences.
“You will in fact approve where any sports courts are located as part of the site plan approval process,” he said. “(There’s also) the practicality of putting sport courts in a place that’s antagonistic to our own interests. We have a self-interest to not do that and an experienced developer who won’t do that.”
Residents have also frequently expressed concerns about the height of the condo buildings. The plans call for the buildings to be four stories to seven stories high, although the bottom of the first floors would start 18 or 19 feet above the ground, as required by the Federal Emergency Management Agency for flood protection.
They would be 11½ feet higher than permitted by the city’s code to give each condo unit a floor-to-ceiling height of 12 feet, said a representative of the developer.
Passidomo has pointed out at previous meetings that under the city’s current code the developer could build 12 seven-story buildings and 157 homes on the golf course. He argues that, given that and the other concessions the developer has made, an additional 11½ feet is a reasonable request.
According to the redevelopment proposal, the hotel’s meeting space will be cut in half but updated. HB’s on the Gulf, the hotel’s signature restaurant, and the Sunset Beach Bar & Grill will be renovated and will reopen to the public, continuing the hotel’s longstanding community connections, said Kim Richards, CEO of The Athens Group.
The Watkins family, which has owned the hotel for decades, plans to continue operating the hotel and golf club through the 2020-21 tourist season. After that, ownership would transition to The Athens Group, which would redevelop the property in phases.
Richards said construction could begin in 2021, and the new facilities could open by Thanksgiving 2023.
Read this article and see photos at its source: https://www.naplesnews.com/story/news/local/2019/05/01/naples-council-gives-naples-beach-hotel-redevelopment-final-approval/3639229002/
Outdoor bar at Mystique Pelican Bay. Photo: mystiquepelicanbay.com
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.
