Newsletter-June 2009  

Naples Area News, Real Estate & Trends  

 FOR IMMEDIATE RELEASE

Contacts: Brett Brown, NABOR, President, 239/948-4292

Marcia Albert, NABOR, Manager of Events & Marketing, 239/216-4148

SALES UP IN ALL AREAS

Report Shows 10 Percent Inventory Reduction

NAPLES, Fla.-June 12, 2009- May home sales in all Naples geographic areas showed a substantial increase over 2008, according to a report released by the Naples Area Board of REALTORS® (NABOR). The report, tracks home listings and sales within Collier County (excluding Marco Island).

Overall pending home sales in the greater Naples Area, which includes Naples Beach, North Naples, Central Naples, South Naples, East Naples, Immokalee, and Ave Maria, saw an increase of 101 percent with 1,029 units in May 2009 compared to 511 in May 2008.

"Pending sales in all geographic areas increased at least 50 percent from May 2009 compared to May 2008," stated Jo Carter, President of Jo Carter & Associates. "This is encouraging as all areas are seeing conditions improve, not just a select few."

"The market continues to trend upward, with an increase in sales and a reduction in inventory. Home sales increased 36 percent to 5,446 for the 12 months ending May 2009, compared to 4,005 for the 12 months ending May 2008," stated John Steinwand, President of Naples Realty Services.

The available inventory decreased 10 percent to 10,046 in May 2009 compared to 11,175 in May 2008.

The report provides annual comparisons of single-family home and condo sales (via the SunshineMLS), price ranges, geographic segmentation and includes an overall market summary. The statistics are presented in chart format, along with the following analysis:   

-Overall pending home sales for properties under $300,000 saw a 177 percent increase, with 5,160 pending for the 12 months ending May 2009 compared to 1,860 for the 12 months ending May 2008.

-The average days on the market decreased 24 percent to 155 in May 2009 compared to 203 in May 2008.

-Single-family home sales increased 53 percent with 383 in May 2009 compared to 251 in May 2008; single-family pending home sales saw a 110 percent increase with 603 in May 2009 compared to 287 in May 2008.

-Condo sales saw a 24 percent increase with 313 in May 2009 compared to 253 in May 2008.

-"A traditional market recovery begins in the lower priced end of the market, and gradually works its way up to the higher price ranges. This trend is now occurring in the Naples area, as the volume of pending sales that are scheduled to close is rising in every price segment," acknowledged Phil Wood, President of John R. Wood REALTORS®.

-According to Tom Bringardner, President of Premier Properties, "Over the last several months, we have not seen a precipitous drop in the median price for properties over $300,000." For the 12 months ending May 2009, the median price for properties over $300,000 decreased only 1 percent to $550,000 compared to $555,000.

-The median refers to the middle value in a set of statistical values that are arranged in ascending or descending order, in this case, prices at which homes were actually sold. It should be noted that in any given period the median could vary greatly if there is an anomaly, a single sale that is significantly higher or lower than other properties in the area.

-To view the entire May report, go to www.Naplesarea.com

-The Naples Area Board of REALTORS® (NABOR) is an established organization (Chartered 1949) whose members have a positive and progressive impact on the Naples community. NABOR is a local board of REALTORS® and real estate professionals with a legacy of nearly 60 years serving 5,000 plus member-customers. NABOR is a member of the Florida Association of REALTORS® and the National Association of REALTORS®, which is the largest trade association in the United States with more than 1.3 million members and over 1,400 local boards of REALTORS® nationwide. NABOR is structured to provide programs and services to its membership through various committees and the NABOR Board of Directors, all of whose members are non-paid volunteers.

-FIRST TIME HOMEBUYER'S $8,000 TAX CREDIT

•·         It is available to first-time home buyers only, but that means people who have not owned a home in the past three years. The home must be the principal residence and there is a recapture provision if one moves out or sells before the end of three years. 

•·         It is limited by income and starts to phase out for individuals at $75,000 and couples filing jointly at $150,000. The credit completely phases out at $95,000 and $170,000 respectively.

•·         It expires on November 30, 2009. For existing home buyers you must close by that date, for new construction buyers you must occupy by that date.

•·        
 It is not available directly at the closing table, though a number of states are creating bridge loan programs. So far, Colorado, Idaho, Missouri, Nebraska, Ohio, Pennsylvania, South Dakota, Tennessee and Texas have or expect to have bridge loan programs up and running. There are other ways to leverage the credit at closing, but you must close before you can claim the credit. 

•·        One does not need to wait till 2010 to claim the credit. One can claim it on their 2008 taxes by filing an amended return after they close on their home. If one has not filed yet, they can claim it on their return due April 15th or file for an extension. The credit is 10% of the price of the home or $8,000, whichever is less. If more than one eligible person is making the purchase, the credit must be divided. In other words, it is up to $8,000 per home purchased, not per first-time home buyer. So if two eligible buyers buy a home together, they must split the credit. The same is true for a married couple filing separately. Best of all, the credit is refundable, which means even if one does not owe taxes or is entitled to a refund, the credit is added to the refund.

•·        There aren't many restrictions on the type of home, even houseboats are included; however, one cannot purchase a home from a close relative.

Zillow Real Estate Market Reports

First Quarter: January-March 2009

•·        U.S. home values continued to slide for the ninth consecutive quarter, declining 14.2 percent from a year ago, and falling 21.8 percent since the market peak in 2006. Additionally, one-fifth (21.9%) of all homeowners in the United States is in negative equity, and one in five homes sold in the past 12 months was a foreclosure.

Zillow Q1 Real Estate Market Reports track 161 metropolitan statistical areas (MSAs) throughout the U.S., identifying market trends including, but not limited to: five and 10-year annualized change, negative equity, short sales and foreclosure transactions.

•·        The School District of Collier County is an "A" school district, so designated by the State of Florida Department of Education (DOE).  "We invite the community to join us in celebrating our grade," says Superintendent Dennis L. Thompson.  "The "A" gives us cause to rejoice," adds Chief Instructional Officer Martha Hayes.  The district has maintained a "B" since district grades were first given in 2004, and last year was two points shy of receiving an "A."

•·        Starting in July Northwest Airlines will provide nonstop service to New York's LaGuardia Airport from SW Florida International airport.  Northwest Airlines plans to offer the service five days a week.

•·        Collier Area Transit (CAT) will start testing a state-of-the-art hybrid bus for two weeks beginning June 15.  Collier County commissioners approved the use of the 31-foot "Hybrid Ride."   The test bus is a 2009 International 3200 diesel-electric bus built by Champion.  The county is hoping to save hundreds of thousands of dollars a year on fuel savings with reduced emissions.

•·        The new Collier County Emergency Services Center is a Category 5-resistant building with 100 percent back-up electrical power.  It cost $56 million, $3.2 million of which was provided by federal and state grant money.  It is located at 8075 Lely Cultural Parkway in East Naples.  The new center is 17.5 feet above sea level and all critical components are at least 23 feet above sea level.  The center will coordinate emergencies for hurricanes, wildfires, pandemics and other public safety emergencies.  Some of the 130,000 square foot center's features include a 185-foot communications tower, a large room for tracking storms and planning human services, government and public safety responses; a media briefing room; break-out rooms for training; and the capability to add a fifth floor.  Two generators are run by locomotive engines that can power the center for up to two weeks, if necessary.

•·        All aboard!  Join in the fun.  It's a celebration of Naples.  On the first Tuesday of each month you can hop on a Naples Trolley and be taken to places like Fleming's Steakhouse or Ruth's Chris will provide drink and appetizer specials while artwork from Alan Brown Gallery will be on display in each of the locations.  Fleming's Steakhouse, Shula's Steakhouse and Ruth's Chris Steak House are among the stops for the first trolley hop.  In celebration of the first Trolley Hop on June 2nd, all locations will be providing complimentary hors d'oeuvres for "hoppers" between 5 PM and 9 PM.

•·        Bistro 821 at 821 Fifth Ave. South in Naples is now open from 11 AM to 3 PM for lunch.  The bar will remain open and appetizers and burgers will be available until dinner.  Information 239-261-5821.

New Retailers:            

A new home decor specialty store has arrived in Bonita Springs.  Art Etc. opened in Bonita Commons along U.S. 41, two miles north of Bonita Beach Rd in the space vacated by the Picture Factory.  The 13,000 square foot store offers a wide variety of wall art, lamps, mirrors, accent furniture and accessories.  For information call 239-390-0061 or email tgrace@artetcfla.com. 

Woof Gang Bakery opens in Berkshire Commons.  It is a one-stop shop for pet necessities as well as stylish accessories, including gourmet dog treats, premium pet foods, and collars, leads, toys, bowls and distinctive doggie spa products.  It is located next door to First Watch restaurant.  For information email cara@woorfangbakery.com or visit www.Woof-GandBakery.com

Brooks Village, a new retail center at the southwest corner of Pine Ridge Rd. & Collier Blvd. has opened.  It offers Publix Supermarket, Walgreen's, Hair Cuttery, Lovely Nail, China Star, Bank of America, Mr. Cleaners and Golden Gate Chiropractic Center.       

NEW RESTAURANT: 

Piola at The Mercato in Naples has opened.  Founded in Treviso, Italy, in 1986, Piola currently operates five pizzeria locations in the U.S.  New York, Miami, Miami Beach, Hallandale Beach and Washington, D.C.-in addition to locations in Italy, Brazil, Argentina, Chile and Mexico.  Their food is rigorously Italian specializing in thin-crust brick oven pizzas prepared with homemade dough and original combinations of the freshest ingredients.  Piola also offers a selection of fresh made salads, Carpaccio and Italian pastas.  Open for lunch and dinner.  Information call 239-592-5056.  

Update on Listings, Pending Contracts, and Closed Sales for May, 2009 vs. 2008:

Bonita Springs & Estero Areas:

Naples Area:

Source:  Naples Area Board of Realtors Multiple Listing Service  

NEW COMMUNITIES (PRE-CONSTRUCTION & PRE-DEVELOPMENT) 

If you are looking for the preverbal "Steal," then let me assist you in buying a home/condo that has been built by a developer but not yet sold.  Developers are offering unbelievable steals/deals.  Call me at 239-248-6690 to discuss how you can plug-into one of these deals! 

THANK YOU:

Thank you to Mr. & Mrs. Steve Michaels' for using my services to purchase their new condo in Pelican Bay.  And thank you to Mr. & Mrs. Gustavson for using my services to purchase their new golf condo in Heritage Bay.  Thank you to Dom Varricchio for referring another friend to me.

SOUTHWEST FLORIDA TRIVA:

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 When everything's coming your way, you're in the wrong lane