Tag Archives: pending sales

  • JOLLY JOLLY HO HO.. Naples, FL Properties are on Everyone’s List

    We round out 2012 in sunny Naples and the hot topic continues to be Inventory!  Where is the inventory?  We spent much of 2011 having plenty of properties to show prospective buyers and now many “new” resale properties are those that were taken off the market earlier this year and now are back, yet there […]

  • Rocktober

    Rocktober Continues …Statistics Prove Naples Properties Keep Moving!

    October has been a very busy month; the news world is in a tizzy with the presidential debates, continued drama over the European debt crisis and the “return of the housing market”!  As usual the media chooses to bombard the public with facts and figures and it is our quest to break down the flood […]

  • Naples Is A Happy Place; Local Market Strides towards Economic Recovery

    Memorial Day weekend marks the beginning of the lazy days of summer with family gatherings and beach holidays high on the “to do” list.  In Naples this is the time of year when things begin to slow down and we reflect on the results of our “season”.  Costal Living recently named Naples as one of […]

  • Like Sands through the Hourglass….So are the Days of Jumbo Loan Mortgages

    on October 1, 2011 Fannie Mae and Freddie Mac will reduce the maximum mortgage loan amounts from $729,750 to $ 625,000?In Naples, a total of 273 homes were sold for over $ 1 Million within the first quarter of 2011, yet a majority of these properties were purchased with cash funds.While these government run entities may be getting out of the jumbo loan market, Guy Cecala from Inside Mortgage Finance believes that other players are making a move. The market is already moving to compensate for the new regulations and private lenders will slide in to fill in the funding gap. Should a lender wish to write loans over $ 625,000 the lender will be required to hold the mortgage themselves or find a private investor to buy them. It seems as though all lending routes for jumbo loans may end up in the hands of private lenders? The impact of this eventuality may not be felt in our market for some time..which gives us all food for thought.

  • Naples Rises from Florida Housing Swamp as Wealthy Buyers Return

    Late last week Bloomberg released the news article below, which highlights Naples as a prime Florida location that continues to attract domestic and international buyers. I predicted the reaction to this article would get the phone ringing but the response has been beyond what we expected. On March 24, 2011 there were a total (year to date) of 3,044 sold properties and 81 pending sales (sales that are awaiting to close). As of March 31, 2011 at noon a total of 3,383 sold properties and 39 pending sales.In the past 8 days a total of 339 properties have changed hands between buyers and sellers. How does this compare to last week or the previous? From February 21- February 28 there were a total of 326 sales, and from March 7th – 14th there were 282 sales which we could argue was a light week due to St Patrick celebrations, since Naples is dedicated to spreading the cheer during this and all holidays!The positive press simply underscores what many prospective purchasers know; that Naples real estate is a value proposition.The spring season is usually a time when we see a decrease in activity though I believe this year we are in for a bit of surprise. As always I look forward answering your questions regarding the Naples real estate market!

  • A REAL RE-BOUND for Existing and New Home Sales in Naples, FL and Beyond

    The State of Florida made significant gains to round out 2010. Existing home sales rose 5 percent for the year; totaling 170,848 sales compared to 162,873 total sales in 2009. Healthy predictions continue as the National Association of Realtors (NAR) anticipates the sale of existing homes to rise 7.9 percent to 5.3 million in 2011.We enter the busiest time of the year on an upswing. Naples is a beehive of activity, especially as the remainder of the country continues to endure freezing temperatures and snowstorms.According to the Naples Board of Realtors (NABOR) overall closed sales increased by 10 percent from 7,126 sales in 2009 to 7,840 sales in 2010. While the under $300,000 price point has dominated our market for the past three quarters, a significant increase has been detected in the $1 million and above price category.Jobless figures will begin to dwindle as consumers embrace new spending patterns and corporations and investors fuel new ventures.For those of us fortunate to have the ability to purchase luxury goods and real estate, the attraction can be categorized as altruistic. Options for acquiring sound investments abound, and such acquisitions will directly influence the economic climate of the local area. Is there really a better incentive to open up those checkbooks?

  • National and Local Housing News Update

    National Association of Realtors chief economist, Lawrence Yun commented that relatively flat home prices have been the hallmark of the 2010 housing market.Construction of new homes and apartments declined in October and a recent report suggests that housing production in 2008 and 2009 fell one million units short of required figures needed in a normal functioning economy.National Association of Homebuilders Chairman Bob Jones commented, “pent-up demand for housing will at some point need to be worked off, pushing single-family production in a positive direction. In the meantime, the deficit continues to grow as builders remain cut off from the credit they need to begin developing and building new housing.”While the busiest months in Naples are typically January to March, the influx of visitors to the area ahead of schedule has been noted. Figures through October 2010 indicate a total of 9,044 available homes in the Naples area. Median prices have held at $180,000, yet for properties priced above $ 300,000 the median price has climbed from $525,000 in October 2009 to $541,000 in October 2010. A total of 492 residences have been sold thus far in the month of November with over 900 pending sales contracts. Pending sales provide an accurate gauge as to the direction of the market, given that contracts in this category are expected to close within thirty to sixty days given the current climate.