22 Casa Mar Lane Naples, Florida

 This has to be one of the most inviting villas being offered in Park Shore. The price has just been reduced from $3,395,000 to $2,975,000.
This is your sunset view that is alone with every penny.



If you walk fifty paces, you will find treasure. The beach is that close to your door. How many beaches look like this one? If you enjoy privacy, you'll love it here.

A private heated pool and spa are located just outside the 1300 SF screened lanai complete with kitchen and full bath. Entertain in style.
Seen on the upper right is the spacious master bedroom terrace where sunning and watching sunsets is a real pleasure.

To see more photos and details, please Click Here . For a private showing of one of Park Shore's best buys, call or email me. It is one of my exclusive offerings.

I'm always most delighted to pass along stories that report good news about the Naples Florida real estate market. In my last two market updates, I provided statistical information that supported that sales were increasing each month in 2008. The prices, as I always emphasize, were still down in certain geo locations. Again, if you buy or own property in what I refer to as the "it" locations, you may have already seen the bottom.

Today, the Naples Daily News (story below) cites an interview on CNBC where Naples is said to be slightly undervalued. Oh la la!  Finally the story we have all been waiting for.  Enjoy and, take heart, for some the bottom may be here at last. A word to buyers - if you're intent is to buy in the market over $300,000, west of 41, waterfront, downtown Naples or certain gated golf course communities, now may be the time.

Buyers, with whom I have worked this year, will attest that some of the best buys they considered are now off the market.  Why?  Because someone bought them.  As these "deals" disappear, and they will, the prices will increase to the level of the next lowest listing in that locale.  The sun is shining again today in Naples.  Just another great reason to live in this little world we call paradise.

Story by Laura Layden
NAPLES - In one economist's eyes, the Naples real estate market is now seen as "slightly undervalued."
In an interview with CNBC Wednesday night, Richard Dekaser, a senior vice president and chief economist at National City Corp., singled out Naples in talking about the "first rays of sunshine on a possible end to the housing crisis."
"Three years ago, the poster child for excess valuation in America was Naples, Florida," he said.
Not anymore. Through the second quarter of this year, prices have dropped 33 percent, he said, leading him to judge the market as "slightly undervalued." That means home prices are actually lower than where they should be.
"Now it could become even more undervalued and I suspect it will," he said in the interview. "But I think we have to appreciate the adjustment that has already occurred."
He said prices could hit bottom within six months as foreclosure rates begin to fall.
"I don't want to overstate the case," he said. "The housing bust is not over. But we are in a later stage of stabilization," he said.
Dekaser is the same analyst who labeled Naples the most overpriced market in the U.S. a few years ago.
At the end of the first quarter of 2006, National City judged that with a median home price of $383,000, prices were more than double what they should be in Naples.
Prices continue to fall.
In August, the median home price - the price at which half of the homes sell for more and half for less - dropped to $238,000 in the Naples area. That was down from $375,000 a year ago, according to a monthly report by the Naples Area Board of Realtors.
For seven straight months, sales have picked up.
It was nice to see Naples shown in a positive light in the media, especially with so much bad news going on in the banking and financial markets, said Brett Brown, president-elect for the Naples Area Board of Realtors.
He said if you took out the under-$300,000 market, where most of the foreclosures and short sales are happening, the median price would have been up 5 percent in August. Short sales are sales made for less than the bank is owed to avoid foreclosure.
Naples was the only market mentioned in the interview with CNBC.
"It shows we haven't fallen off a cliff," Brown said. "We are here. Properties are selling."

Closed sales:Click Here

I have a fabulous new listing in downtown Naples at Bayfront.  To view photos and listing details, please click here.

It is a 2 bedroom, 2 bath condominium listed at $599,000.  For specific information on this, and my other Bayfront listings, you can email me or visit my website.

Bayfront is a destination location that incorporates the "live, shop, play" concept and, in addition, is a waterfront enclave with resident amenties including tennis courts, pools, spas, fitness and clubhouse.  It has a 12 times/year, 30 day minimum rental policy that is attrative to owners who wish to have income when not using it persoanally.

In the heart of Naples, Bayfront is just a walk away from 5th Avenue, 3rd Street, Tin City and the beach. 

Closed Sales 9/7 - 9/8/08: Click Here

Save this link for Local weather as reported by Fox 4 News.  It will keep you up to the minute on our local weather as it changes. 

Closed sales 9/4/08: Click Here 9/5/08: Click Here

Hurricane Update: Ike
I know a lot of you who read this blog do not live in Naples full time but own property here. I always receive phone calls asking me about the weather when storms are approaching. We lucked out with A thru H with Hannah taking a turn north east and missing south Florida. As always, we have to wait it out for days to see where Ike is headed. With a nice high pressure system in place, it looks like he'll head southwest and miss us. Good news so far. We'll know in about 36 hours what the most likely track will be. Again, we'll be on the eastern side, like Gustav, so we may get some wind and rain. I'll update again on Monday.

Lots of new listings to check out in Naples. 

 9/4/08
Closed sales: Click Here

 9/2/ - 9/3/08
Click Here page 2
Closed sales: Click Here

As always, let me know if you need additional information.

I hope everyone had a great weekend. Here is what happened in the real estate world.
Closed Sales 8/30-9/1/08: Click Here

Closed Sales: Click Here
Sorry for the delay in posting today. Busy day. Things are definitely picking up in Naples. If you're planning on listing your property, even if not until November, give me a call so we can get a head start on advertising. We have a one to two month lag time for major publications.
Open this weekend  Sunday 1-4 pm - Downtown Naples: 450 Bayfront Place #5301, 410 Bayfront Place #2404 and 15539 Monterosso Lane #202 in Mediterra.
Thanks for your business - have a great labor day weekend!

It's frustrating after spending time writing a blog you think is worthwhile that no one comments.  I wonder if - is anyone reading them.  Was it too long?  Too short?  Boring?  So, today, I'm going to comment on as many blogs as I can.  I want you to know that if I have time to read your blog, I will take the time to comment.  Good, bad or ugly - Keep on bloggin!

I just read the 2nd quarter Real Estate Market Trends in Naples, Florida that is posted on Zillow that states:

"According to the latest Zillow Real Estate Market Report, home values in Naples decreased 19.90%% in the second quarter of 2008, compared to the second quarter of 2007. Nationally, home values decreased 9.9% during this same period." 

Actually, when I did the calculation, I came up with a 22.56% decrease.  Why? Maybe I'm not good at math or maybe it's because Zillow used Naples and Marco Island and I used only Naples average values provided by our local MLS.  Using only Naples is reason enough to say - please stop using all of Naples to calculate market trends - especially value!  There - I said it.  It's not only Zillow, it's our local and national newspapers and television. 

The reason is obvious to Realtors in Naples but maybe not to a buyer from Wisconsin.  Our local market varies tremendously even within a geo area.  Our MLS includes everything from mansions on the beach to rural properties on septic and well.  Just to illustrate this point, I used NA11 - the geo area where I live.  If I use single family homes only, the values have increased 10.8% in the 2nd quarter of 2008 compared to the same quarter in 2007.  However, if I use only one community within NA 11, I get an entirely different result.   In Mediterra, again where I live, single family home values increased by 13%.

Now that paints an entirely different picture doesn't it?  So if a buyer is considering moving to Naples and wants to buy a single family home, they may decide it's not the right time to buy.  They may think that if they wait, the prices will be even lower.  Maybe they or maybe not.   I would say that buyer just may miscalculate when to buy in NA11. 

Whether a buyer, seller or fellow Realtor,  we should not rely on statistics that are generic in nature and not reflective of a geo area in a regional market.  This holds true for all areas nationally.  We can all add value to the service we provide, especially if working with a buyer who wants to buy outside our area of expertise, by consulting with a fellow rainer.