By RISMedia Staff | RISMEDIA, Monday, August 12, 2019
Amid encouraging indicators in the labor market and mortgage rates, Americans’ confidence in housing is up, according to the Fannie Mae Home Purchase Sentiment Index® (HPSI), recently released. In July, the HPSI surged to 93.7—a new record. Additionally, the amount of buyers confident in their housing prospects rose, as well as the amount of sellers.
“Consumer job confidence and favorable mortgage rate expectations lifted the HPSI to a new survey high in July, despite ongoing housing supply and affordability challenges,” Doug Duncan, senior vice president and chief economist at Fannie Mae, says. “Consumers appear to have shaken off a winter slump in sentiment amid strong income gains. Therefore, sentiment is positioned to take advantage of any supply that comes to market, particularly in the affordable category.
“However, recent financial market events following when the survey data were collected could weigh on consumer views looking ahead,” cautions Duncan.
Source: Fannie Mae
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®
Jennifer Beeson, Naples Daily News Published 10:00 a.m. ET April 28, 2019 | Updated 10:38 p.m. ET April 28, 2019
The 3-bedroom, 3½-bath home at 325 Gulf Shore Blvd. N., sold March 29, 2019 for $25.5 million.
The quaint three-bedroom, 3½-bath home at 325 Gulf Shore Blvd. N., in Old Naples sold March 29. It last sold in 1987 for $1.275 million.
Built in 1948, the salmon-colored home with teal shutters sits on nearly 2 acres overlooking the Gulf of Mexico with 240-feet of beach frontage.
“For a $25 million dollar lot that’s not the kind of home you would want to live in,” said Kathy Morris, a real estate agent with Downing Frye Realty who found the buyer.
The transaction
William Raveis Real Estate agent John Paul Prebish represented the seller.
Previously the 4,261-square-foot home was owned by Harvey and Anne Shreve, who have died in recent years. The identity of the new owners has not been disclosed.
According to the Collier appraiser website the home is owned by Gulf Shore Land LLC.
Morris, who has been selling real estate in Naples for 20 years, said she couldn’t say what plans the new owner has for the property, but she hinted the home is not in any livable condition.
“It’s not like a fixer-upper,” she said. “You can pretty much guess what they’ll do, no one can live in that home in that condition.”
Tear-down trend
Recently a trend of multimillion-dollar homes being torn down to build new contemporary homes has popped up in the Old Naples and Port Royal neighborhoods and has many locals scratching their heads.
“Compared to some of the others that have been torn down recently, this one isn’t anywhere near in the category that those were,” Morris said. “The other ones are kind of hard for me to understand why they were torn down … those homes were maybe 20 years old.”
The priciest home to ever sell in Collier was torn down five months after the new owners purchased the mega-mansion at 2500 Gordon Drive for $48.8 million last June.
That 10,825-square-foot home sitting on 5.49 acres was built in 1994.
Just two houses down a 6,209-square-foot, Southern-Colonial mansion built in 1986 sat on 2.53 acres. That home sold in January for $22.5 million and was demolished two months later.
“People have their own personal tastes and preferences and don’t want to live with decorating decisions that others made I guess,” Morris said.
To read this article in its entirety and to view photos and related articles go to https://www.naplesnews.com/story/money/real-estate/2019/04/28/quaint-beach-home-old-naples-fetches-25-5-million/3561978002/
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.
