Jim’s Newsletter-July 2011
Market Watch:
FOR IMMEDIATE RELEASE
Contacts: Brenda Fioretti, NABOR President, (239) 595-6219
Marcia Albert, NABOR Director of Marketing, (239) 216-4148
INVENTORY DECLINES 18.5 PERCENT
Report Shows Increase in Home Sales
NAPLES, Fla.-July 15, 2011- The housing supply in the Naples area has had a sharp decline during the past 12 months, 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).
“Although the inventory has been consistently decreasing since November of 2008, the percentage decline of 18.5% during the past year is indicative of the rapidly escalating market,” said Brenda Fioretti, NABOR President and Managing Broker of Prudential Florida Realty.
Overall home sales continue a steady increase, resulting in the continuing reduction of available inventory.
Overall pending sales increased three percent in the second quarter of 2011 with 2,879 contracts compared to 2,807 contracts in the second quarter of 2011. The Naples Beach geographic area saw the most activity, where pending sales increased 23 percent with the posting of 537 contracts in the second quarter of 2011 compared to 435 contracts in the second quarter of 2010.
“The largest increase in pending sales for the second quarter of 2011 is in the Naples Beach area. This area continues to improve and as the volume of inventory declines it’s creating urgency for the serious buyer to purchase now, before the best properties disappear,” said Steve Barker, Supporting Broker with Amerivest Realty.
According to Phil Wood, President of John R. Wood REALTORS®, “Tear down sales should begin increasing because of the new construction shortage and the volume of sales activity in the Naples Beach area.”
Available properties declined to 7,208 at the end of the second quarter of 2011, an 18.5 percent drop from the 8,845 available at the end of the second quarter of 2010.
“The reduction in inventory and available properties that we are seeing in the resale market will encourage Builders to step up their new production to meet this demand,” said Kathy Zorn, Broker/Owner of Florida Home Realty.
The second 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 for the 12 months ending in the second quarter of 2011 increased 6 percent with 9,950 contracts compared to 9,364 contracts in the second quarter of 2010.
Single-family home sales for the 12 months ending in the second quarter of 2011 increased 5 percent with 5,127 sales compared to 4,881 sales in the second quarter of 2010.
Single-family home sales in the $2 million and above category increased 56 percent with 64 sales in the second quarter of 2011 compared to 41 sales in the second quarter of 2010.
Condo pending sales increased 6 percent with 1,383 contracts in the second quarter of 2011 compared to 1,308 contracts in the second quarter of 2010.
The June 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 home sales in the $1 million to $2 million price category increased 21 percent with 41 sales in June 2011 compared to 34 sales in June 2010.
Single-family pending sales in the $2 million and above price category increased 100 percent in June 2011 with 22 contracts compared to 11 contracts in June 2010.
Condo sales saw a 7 percent increase with 381 sales in June 2011 compared to 3256 sales in June 2010.
“The high end of the market continues to strengthen as pending and closed sales increase in the $1 million and above price categories,” said Wes Kunkle, Broker/Owner of Kunkle Realty.
To view the entire report, visit www.NaplesArea.com
Developer Confidence Increasing
Over the past month or so three Developers have extended/renewed their permits for three new large communities to be built. These three communities are all in Collier County and would total approximately 4,500 to 6,000 new homes. Another positive sign is the new construction in several existing communities in Collier County.
Madison Marquette has taken an ownership interest in four Naples, Florida retail properties, including Mercato, Crossroads Market, Neapolitan Way, and Midway Plaza. "Naples is an affluent market that is gaining strength and we are delighted to have acquired these well-positioned centers," David Brainerd, managing director of Investment at Madison Marquette, said in a statement.
Naples Area Happenings:
Tourism up 7.5% in May. There were 120,300 visitors in Collier County in the month of May, up from 111,700 a year ago. The economic impact was $108.9 million, up 10.8% from a year ago.
The Mangrove Café to Open by This Fall. As you recall, this popular Fifth Avenue South restaurant was suffered a gas explosion five months ago. The original building was able to be saved with extensive work from the roof down. The café owner Diane Amaral says work will begin immediately. The restaurant will be completely new inside, from the ceilings to the floors, the kitchen and bathrooms will all be new. Amaral estimates rebuilding costs will be about $650,000.
Southwest Florida International Airport traffic increased 6.4% in May compared to the same month the previous year. There were 587,633 passengers traveled through the airport this May. Year-to-date, passenger traffic is up 6.1% from the same period last year.
Naples Plaza, Park Shore Plaza, Freedom Square & Morse Shores Under New Owership. BRE Retail Holdings, Inc., an affiliate of Blackstone Real Estate Partners VILP are the new owners. The company acquired hundreds of neighborhood shopping centers in the U.S. with its purchase of Centro Properties Group, headquartered in New York. Include in the sale are 585 community and neighborhood shopping centers and retail assets, which total 92.1 million square feet in 39 states.
Local Cupcake Shop Goes On National TV. Sassy Cakes Inc. (www.sassycakesinc.com), a Naples boutique cup-cakery, owner Bayah Harrison and her assistant, Sara, will be featured on the third season of Cupcake Wars. Their episode aired July 5th on the Food Network. Cupcake Wars is a reality show in which four chefs and their assistants compete against each other for a $10,000 prize. The teams are eliminated during three separate rounds. The first round is judged on taste alone, the second according to taste and presentation, and in the final round contestants must create a 1,000 cupcake display on which they are judged.
Cleava, Invented by Naples Woman, Gives the Illusion of a Camisole Without the Extra Layers. Michelle De Sousa no longer experiences wardrobe malfunctions, bulging layers and the need to constantly readjust her top. She solved these problems for herself when she invented the Cleava, a snap-to-bra camisole by BraNovations, the self-created line. De Sousa’s job in the construction industry required her to dress modestly. She now works full time managing her business in Naples. It comes in more than 40 colors and designs. The retail price is $19.95. http://cleava.com/
Denmark Flights Huge Success. All the flights so far have been sold out! Therefore, Southwest Florida International Airport plans to extend the offer in the winter and spring. The airport plans to offer two flights a week from December 19th through March 2nd. Southwest Florida International Airport is one of six airports in the U.S. offering 10-hour nonstop service to Denmark. http://www.comefly.dk/
NAPLES AIRPORT TO DISPLAY MILITARY ARTIFACTS
The City of Naples Airport Authority (www.flynaples.com) unanimously voted to provide space at Naples Municipal Airport for the Museum of Military Memorabilia. The museum is constructing display cases to exhibit photos, medals, flight jackets, uniforms, newspaper clippings and as many as 500 of the museum’s 10,000 artifacts. Aircraft models also will be showcased in the 900-square-foot space in the airport’s commercial service terminal along North Road.
RIB CITY’S GROWTH GARNERS NATIONAL RANKING
Restaurant Business magazine and MonkeyDish.com (www.monkeydish.com) recently ranked Rib City (www.ribcity.com) as the 11th fastest-growing restaurant chain. The Future 50 is an annual ranking of the top 50 fastest growing chains with sales of $25 million to $50 million. In 1989, father-and-son team Paul and Craig Peden opened the first Rib City in Fort Myers. Twenty-two years later, there are 13 Rib City corporate-owned restaurants in Florida and 16 franchise restaurants located across the country including Washington, Utah, Colorado, Missouri, Tennessee, Ohio, Illinois and Maryland.
New Retail:
Pikolinos Shoe’s Will Open its First U. S. Store in Naples this October. It will open at the Mercato. Pikolinos promotes itself as a business that aim for design, quality and originality. It boasts “comfort fashion,” rather than high fashion. The brand promises comfort because of the way the leather is treated. All Pikolinos shoes are made of vegetable leather. The material goes through a tannery in Spain, where it is treated with all natural products. The leather stays in the tannery for at least three weeks, resulting in a product that will form to your foot and last. www.pikolinos.com/us/en/default
New Restaurants:
Latitude is located at 2500 Vanderbilt Beach Road, Suite 1100, occupying the former space of Café Italia in Naples Walk shopping center. Chef Ross A. Peterson has solid credentials hailing from Hawaii and having experience in well-know restaurants like Syrah, Roy’s and Trilogy. Everything is made from scratch! Information 239-596-5600 or www.LatitudeNaples.com
Jana’s Little Prague Restaurant is open at 289 U.S. 41 South. The new Czech restaurant is owned and operated by Jana and Douglas Conte of Naples. Jana, a Czech chef, previously owned a restaurant outside the Czech Republic for nearly a decade. The new menu will be 20 percent lower prices than most other area restaurants.
Heidelberg Bistro is the new name of the former Bohemian Schnitzelhouse, at 835 Vanderbilt Beach Road, in the Pavillion shopping center.
Fit & Fuel Café opened at 819 Vanderbilt Beach Road in the Pavillion shopping center. The café is open 6:30 a.m. to 2:30 p.m. every day, features a full espresso bar and serves light morning fare and lunch items such as pastries, oatmeal, fruit bowls, salads, sandwiches and wraps.
Menchie’s Frozen Yogurt opened in Naples and will be the first of five new SW Florida locations. The California-based chain opened in the Boulevard Shoppes, 6355 Naples Blvd. across from the Hollywood 20 movie theaters in the same strip center with Redbrick Pizza. Menchie’s lets customers serve themselves any frozen yogurt flavors from a side selection and top it with any of about 50 items such as nuts, fruit, sprinkles, candies or hot fudge. You pay by the weight of your treat!
Update on Listings, Pending Contracts, and Closed Sales for June, 2011 vs. June 2010:
Bonita Springs & Estero Areas:
|
Year |
2010 |
2011 |
Difference |
|
Listings |
2,205 |
1,668 |
-537 |
|
Pending Contracts |
167 |
166 |
-1 |
|
Closed Sales |
196 |
218 |
+22 |
Naples Area:
|
Year |
2010 |
2011 |
Difference |
|
Listings |
7,730 |
6,014 |
-1,716 |
|
Pending Contracts |
528 |
564 |
+36 |
|
Closed Sales |
782 |
831 |
+49 |
Average Days On Market:
Second Quarter
2010= 176
2011= 186
During the past year, Naples continues to reduce its excess residential real estate inventory, with the housing supply dropping by 18.5% during the past 12 months.
The Naples MLS Area Recorded 831 Closings in June 2011
Distressed Sales Represented 40% of these Closings
Distressed Sales Are Foreclosures and Short Sales
Source: Naples Area Board of Realtors Multiple Listing Service
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