Home > Blogs > Jim Shaw > Naples Area Real Estate News & Trends

Naples Area News, Real Estate & Trends

By Jim Shaw

Real Estate Agent with Premiere Plus Realty Co.

October 23, 2010 02:25 AM

Naples Area News, Real Estate & Trends

Newsletter-October 2010

FOR IMMEDIATE RELEASE

Contacts: Mike Hughes, NABOR Media Relations Director, (239) 261-2244 / (239) 263-4218 Marcia Albert, NABOR, Manager of Events & Marketing, (239) 216-4148

NAPLES HOUSING MARKET WEATHERS PERFECT STORM

Report Shows Median Closed Price Stabilizing

NAPLES, Fla.-October 15, 2010- The Naples area housing market shows stability despite the ending of the homebuyer tax credit, financing challenges and the news of the oil spill in North Florida, according to a report released by the Naples Area Board of REALTORS® (NABOR), which tracks home listings and sales within Collier County (excluding Marco Island).

“Our inventory is at a historical low as we enter season despite the news of the oil spill in the media and the financing and appraisal challenges right now,” stated Michele Harrison, REALTOR® with John R. Wood REALTORS®. The available inventory decreased four percent to 8,800 properties in the third quarter of 2010 compared to 9,209 properties in the third quarter of 2009.

According to Steve Barker, Managing Broker of Amerivest Realty, “The fact that pending sales decreased in the third quarter but increased 20 percent for the 12 months ending September 2010 indicates that buyers may have brought forward their purchases to get the homebuyer tax credit. This resulted in the number of pending sales decreasing for the quarter.”

“While overall pending sales decreased slightly this quarter, this is only the second time in five years that we have seen over 2,000 contracts go pending in the third quarter,” stated Mike Hughes, NABOR Media Relations Director, and Vice-President of Downing-Frye Realty.

The third quarter 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 sales saw a 2 percent decrease, with 2,090 contracts in the third quarter of 2010 compared to 2,129 contracts in the third quarter of 2009. Overall pending sales for the 12 months ending September 2010 increased 20 percent with 9,419 sales compared to 7,881 sales for the 12 months ending September 2009.

Single-family overall closed sales decreased 13 percent with 891 sales in the third quarter of 2010 compared to 1,030 sales in the third quarter of 2009. Single-family overall closed sales for the 12 months ending September increased 19 percent with 4,137 sales in the third quarter of 2010 compared to 3,483 sales in the third quarter of 2009.

Condo sales showed no change in pending sales in the third quarter of 2010. For the 12 months ending September 2010, overall condo closed sales increased 45 percent to 3,996 sales compared to 2,749 sales for the 12 months ending September 2009.

The overall median closed price decreased 3 percent in the third quarter of 2010, to $170,000, down $6,000 from the $176,000 registered in the third quarter of 2009. The drop was confined to the $300,000 and under price segment. Excluding properties in that segment, the third quarter 2010 data reveals an across the board jump in each of the other price segments. The end of third quarter 2010 shows an overall price increase of $48,000 for properties closed from $300,000 to 2 million, to $567,000 versus $519,000 one year ago.

The September 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 sales increased 11 percent to 764 contracts in September 2010 compared to 688 in September 2009.

Single-family pending sales increased 5 percent with 426 contracts compared to 407 contracts in September 2009. For the 12 months ending September 2010 single-family closed sales increased 14 percent with 4,084 sales compared to 3,579 sales for the same 12 months last year.

Condo pending sales increased 20 percent with 338 contracts in September 2010 compared to 281 contracts in September 2009.

“I believe trends are better measured by 12 month comparisons. The data as of September 2010 places the overall median closed price at $182,000, up 1 percent from September 2009. Exclusion of the $300,000 and under segment reveals a 2 percent increase over September 2009 to $540,000. These numbers are significant, considering the major problems faced by our marketplace during the past 12 months, said John Steinwand, President of Naples Realty Services.

To view the report, go to www.Naplesarea.com

To Search for Single Family Homes in Naples

To Search for Condominiums in Naples

To View My Website

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 4,000 plus member-customers. NABOR is a member of Florida 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.

Brand It, Market It & Promote It The City of Naples has a plan to improve business around Fifth Avenue South. The City Council approved the city staff to begin creating a “Business Improvement District”. The district would allow Fifth Avenue South businesses to tax themselves through a special assessment. That money would be used to market, promote and manage the area.

The Inn on Fifth, 699 Fifth Ave. South, Naples, has four new vacation packages available through the end of 2011. Packages are based on availability and start at $295.40 per person for a four-day/three-night stay with breakfast, lunch and dinner, sightseeing and gift basket. Their spa or beach package’s have rates of $349 and $409 per person for three-days/two-nights. Call 888-403-8778 for information or reservations. www.InnOnFifth.com

Nonstops to Kansas City on the way! Frontier Airlines adds new, seasonal weekly, nonstop flights beginning December 18^th between Kansas City, Mo. And Fort Myers. In February, it will increase to two-round –trip flights per week. A 99-seat Embraer 190 aircraft will serve the new route. Customers will enjoy comfortable leather seating in a two-by-two configuration with four rows of seating.

24 PGA TOUR STARS PREPARE FOR THE SHARK SHOOTOUT

The lineup was announced for the 22nd edition of The Shark Shootout, which returns for the 10th consecutive year from Dec. 8 to 12 to Tiburón Golf Club at The Ritz-Carlton Golf Resort in Naples. The field includes 11 participants in this year's Ryder Cup and has amassed 154 total career victories as a group. The Shark Shootout, created and hosted by Greg Norman, is an annual PGA Tour sanctioned event that raises funds and awareness for CureSearch for Children's Cancer. For more information, visit www.thesharkshootout.com.

The Plaza on Third Street in Old Naples has new owners. Third Street Plaza and 2000 Neapolitan Limited Partnership have acquired ownership and taken possession of The Plaza on Third Street in Old Naples. The commercial plaza, which includes 53,650 square feet of rentable space on more than two acres, is located in the heart of the Third Street Shopping District. The new owners of the plaza, which in years past has included a variety of business, retail and restaurant tenants, are assessing the condition of the property. Several of the storefronts are currently closed.

Hawthorn Suites of Naples (www.hawthornnaples.com) was honored as the Hotel of the Year for 2010 by the Wyndham Hotel Group. The boutique all suites hotel was honored with the award during a dinner at the Wyndham Hotel Group’s global conference in Las Vegas on Sept. 27. The “Hotel of the Year” award is bestowed upon the hotel that receives outstanding scores in a multitude of areas including customer service, attitude and overall performance.

The 14th annual Naples Invitational Art Fest will be held Jan. 29-30 in Naples' Fleischmann Park. The two-day event includes a juried art show judged by art collectors, gallery owners, educators and guest artisans, and an “Art for Autism” silent auction. Previously ranked as one of the country’s top 10 art festivals by Sunshine Artists Magazine, proceeds from the festival’s silent auction, concessions and entry donations benefit Eden Autism Services Florida (eden.florida@edenservices.org). Artists interested in participating can download an application and entry instructions at www.edenartfest.com or contact Taire Malloy at (239) 992-4680, ext. 207. Applications are due by Nov. 15.

The United Arts Council of Collier (www.uaccollier.com) presents its annual kick-off party for Celebrate the Arts Month on Oct. 30 at the Naples Hilton. The theme for the event is “Masquerade Magic,” and plans include unveiling the arts and cultural season for 2010-11. It will feature gourmet food stations, music and dancing. Ticket prices are $75 for general admission and $125 for the VIP package, which includes reserved seating, two drink tickets and gift bags.

Hodges University (www.hodges.edu) reached the 3,000-student enrollment milestone for fall semester 2010, topping that mark for the first time ever. This follows a census of the university’s main campuses, learning sites and online programs. It comes just three years after the university eclipsed the 2,000-student mark. The school attributes the increased enrollment to the current recession. The Naples location is in the NE section of I-75 & Immokalee Rd. Hodges University is one of several excellent community colleges in SW Florida.

Southwest Florida International Airport (www.flylcpa.com) passenger traffic in September totaled 374,590, an increase of 4.1 percent compared with September 2009. Year-to-date passenger traffic is down 0.6 percent from the same period last year. The traffic leader in September was Delta with 86,411 passengers traveling to and from Fort Myers. Rounding out the top five airlines were AirTran (53,985), Southwest (52,686), JetBlue (45,778) and US Airways (39,474).

20 RESTAURANTS SIGN ON FOR 2010 TASTE OF THE ISLANDS

Clinic for the Rehabilitation of Wildlife’s (CROW) 29th annual Taste of the Islands will offer sample dishes and desserts from 22 of Sanibel and Captiva’s finest restaurants, including: Blue Giraffe, Bubble Room Restaurant, Cantina Captiva, Doc Ford's Sanibel Rum Bar & Grille, East End Deli, Gramma Dot's, IL TESORO, Island Pizza Company/Island Wok, Jacaranda Restaurant, Lazy Flamingo II and Matzaluna's. The event will be held from noon to 5 p.m. on Nov. 21 at Sanibel Community Park at 2231 Periwinkle Way on Sanibel Island. Tickets are $5 per person at the gate, or can be purchased in advance starting Nov. 1 at a discount rate of five tickets for $20 at CROW’s Visitor Education Center. For more information, visit www.tastesanibelcaptiva.com

New Retail

Publix Hybrid Supermarket and Café has opened in the former home of Albertsons in the Marketplace at Pelican Bay, 8833 U.S. 41 North. The Publix across Vanderbilt Beach Road in the Pavilion shopping center has closed. It is the first of its kind for Publix in Florida.

The new Publix Hybrid Supermarket & Café is nearly 55,000 square feet and will feature conventional Publix items combined with an extensive selection of Earth-friendly, all-natural and organic products. It will also have a large selection of freshly prepared foods. A café seating area offers Wi-Fi and a variety of cuisine from a Pacific wok area for Asian dishes to a location for gelato and gelato smoothies. A wide variety of dishes and appetizers available include specialties such as cedar plank salmon, quinoa salad, a salad bar with 20 fresh selections and a soup bar with four gourmet choices daily.

Lowes is set to open by the end of the year. It will be located at the corner of U.S 41 East & Collier Blvd. The 116,000 square-foot store will be welcomed by Marco Island and South Naples residents.

Norman Love Confections (www.normanloveconfections.com) recently announced that he has signed a lease at Parkshore Plaza in Naples for the second location of Norman Love Confections. Construction on the chocolate salon will begin soon with a projected opening before Christmas.

Toys R Us Express has opened at Miromar Outlets in Estero and Prime Outlets at 6060 Collier Blvd. in Naples.

New Restaurants

The Lazy Parrot Bar & Grill is near Tin City at 1100 Sixth Ave. S. The tropical-themed waterside restaurant will be open every day for lunch and dinner and is permitted to feature indoor entertainment Wednesday through Sunday evenings.

Pastrami Dan’s, 586 U.S. 41 North has reopened after being temporarily closed for vacation and remodeling.

Update on Listings, Pending Contracts, and Closed Sales for September, 2010 vs. 2009:

Bonita Springs & Estero Areas:

Year	2009	2010	Difference
Listings	2,371	2,271	-100
Pending Contracts	455	108	-347
Closed Sales	150	134	-16

Naples Area:

Year	2009	2010	Difference
Listings	8,051	7,932	-119
Pending Contracts	555	478	-77
Closed Sales	526	499	-27