When it comes to pricing in the local real estate market. I have to say that virtually everyone I talk to is not. Everyone believes the market is heading south, still. To the point that I'm afraid to answer the question as it raises some doubt with regard to perceived motivations in line with the reply. Or, people just don't want to hear the news because they are now in the market as a buyer. Everyone wants to sell high and buy low. Me too. The reality is, the market is what the market is.
While preparing a January 2012 market update that I usually do, I plotted some interesting data. I usually run trend reports over a four year period to see the "big picture." Just for fun, I reset the timeframe and plotted all the data I have accumulated.
So, without answering the question I'm always asked look at the data below and you decide.
What do you think is happening to the price buyers are paying for property in the Naples and Bonita Springs / Estero real estate market?
Yesterday GL Homes held the grand opening for Riverstone, a new 850 home community in north Naples adjacent to Olde Cypress Golf and Country Club.
For several weeks now I've been watching bull dozers move dirt around in Bonita Springs with a "coming soon" sign from Toll Brothers.
Today Toll Brothers annouced the coming of Bonita Lakes Imperail Parkway just north of Hawthorne, a Pulte Homes Community,
Bonita Lakes will include 268 single-family homes on 120 acres. There will be eleven models, each with four elevations, and square footage from 2,058 to 4,354 of air conditioned space in single-story and two-story homes. Two and three car garages will be offered, too.
Starting a new trend in real estate marketing, development and community specific websites devoted exclusively to the development by area REALTOR experts.
This past Friday 12/9/2011 Downing-Frye closed 3,000 real estate transaction for the year!
If you discount the two "crazy" real estate sales years - 2004 and 2005 - this will be the highest number of transactions in the company's history and that dates back to the 1980's.
What accounts for this given this economy? It's one word...price!
And the prices are what they are due to the overall real estate situation, the economy in general, and the high inventory of homes. The overall real estate situation nationwide, in general, in not changing much right now and neither is the economy. But, in southwest Florida the inventory of homes has plummeted from more than 12,000 in the summer of 2010 to just over 7,000 homes today.
If you follow the market report data that I report, you know that Florida, in particular southwest Florida, has experienced a terrific year for real estate sales with substantially declining inventory. Now, the indicators are starting to spread throughout the nation. First to boom, first to bust, first to recover.
I sense a general change in certain trends with many potential buyers, despite the good year, still sitting on the sideline. This is changing. The season rental market for 2012 is all but booked up. People are scrambling to find a property. Those who waited for the last minute in years gone by are now out of luck or settling for something other than the ideal property.
It's my guess that the surge in rentals this year is, in part, due to people you have finally decided to wait no longer and buy. This will be the last time for their seasonal rental. The winter of 2013 they will spend in their own property.
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Reproduced from the Florida REALTORS with permission
Pending home sales jump in October
WASHINGTON – Nov. 30, 2011 – Pending home sales rose strongly in October and remain above year-ago levels, according to the National Association of Realtors® (NAR).
The Pending Home Sales Index (PHSI), a forward-looking indicator based on contract signings, surged 10.4 percent to 93.3 in October from 84.5 in September and is 9.2 percent above October 2010 when it stood at 85.5. The data reflects contracts but not closings.
“Home sales have been plodding along at a sub-par level while interest rates are hovering at record lows, and there is a pent-up demand from buyers who normally would have entered the market in recent years,” says Lawrence Yun, NAR chief economist. “We hope this is indicates more buyers are taking advantage of the excellent affordability conditions. Many consumers recognize that homebuyers in the past two years have had one of the lowest default rates in history. Moreover, continued inventory declines are another healthy sign for the housing market.”
The PHSI in the Northeast surged 17.7 percent to 71.3 in October and is 3.4 percent above October 2010. In the Midwest the index jumped 24.1 percent to 88.7 in October and remains 13.2 percent above a year ago. Pending home sales in the South rose 8.6 percent in October to an index of 99.5 and are 9.7 percent higher than October 2010. In the West, the index slipped 0.3 percent to 105.5 in October but is 8.1 percent above a year ago.
“Although contract signings are up, not all contracts lead to closings,” Yun says. “Many potential homebuyers inadvertently hurt their credit scores and chances of getting a mortgage through easily averted actions, such as cancelling an old credit line while taking on a new one. Such actions could unwittingly prevent buyers from obtaining a mortgage if their credit score is close the margins of qualifying – or they might get a loan but with less favorable terms.”
© 2011 Florida Realtors®
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With our real estate office in Naples and my home base in booming Estero I have exposure and knowledge of Naples, Bonita Springs, Estero.
Robert (Bob) Pisa moved to the Naples area after spending 30 years in the Boston area. He was raised in the metro-NYC area and graduated from the Rochester Institute of Technology (Rochester, NY) in 1974. His career has been primarily in high-technology manufacturing and enterprise software for multi-national companies. Bob was also a successful small business entrepreneur and ultimately sold his start up business after six years of operation to a major corporation. He is the former Vice President for the Grandezza Master Homeowner's Association (two terms) and former President of the Santa Lucia Homeowner's Association (three terms.) Bob attained his real estate license in 2005, and is working in commercial and residential real estate. He is a member of Naples Area Board of Realtor®, NAR, and FAR.
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Howard and Kathy - Ft. Lauderdale, FL
Bob Pisa is a true professional. After working with two other realtors in the Naples area, we almost gave up altogether in our search for a new home. Bob was a breath of fresh air; not pushy or overbearing, allowing us to direct the search, while keeping us informed every step of the way, and giving us great advice. Bob pointed out quite a few issues that we were completely unaware of, even though this was our fifth home purchase. Every point of negotiation in our purchase turned out in our favor. His referrals to inspectors and title company were great as well. We could tell right away that Bob knew the real estate business inside and out and only had our best interest as his focus. That blend of knowledge, professionalism and integrity is a rare find these days. We could not have asked for more!
Howard and Kathy
John and Lisa - St. Louis, MO
Bob, Thanks for your assistance in helping us purchase our town home in Naples. Since we live so far away, it was really nice to have worked with someone who answered our calls and emails promptly! Your help in showing us on line listings of what was available in the location that we wanted saved us so much time and effort. I appreciate your being there to do the walk through for us when we closed since we were not able to be there ourselves.Thanks again for all your help!
John and Lisa
Anthony Elia - Attorney at Law
I am an attorney in Connecticut specializing in real estate transactions. My wife and I recently purchased a home in Punta Gorda with the help of Robert A. Pisa of Prestige Properties of South Florida. Attempting to buy a home so far away can be a daunting task, but Bob went out of his way to make us feel comfortable, going so far as to take photos of various homes and the rooms inside to provide us with as much information as possible. He was forthright and honest with his recommendations and we soon became aware that his opinions were right on target and that we could trust his judgment. Bob was extremely helpful in negotiating a fair price for our home once we finally found something that was to our liking, a process throughout which Bob exhibited an abundance of patience. His dedication to us as home buyers did not stop once we purchased our home, as he has again gone far beyond the call of duty to assist us with matters which came about after the closing. There are many real estate agents who would forget you even exist once they are handed their commission check, but I can assure that Bob is not one of them. I have been practicing law in the Connecticut for almost 30 years and I can tell you from experience that real estate agents of Bob's caliber and expertise are few and far between. We are very fortunate to have chosen Bob as our real estate agent and we highly recommend his services to anyone who is interested in buying a home in Southwest Florida.
Sincerely,
Anthony J. Elia, Jr.
Connecticut
Andy J. - Denver, CO
Going through a process of purchasing a second home is never easy, especially when you have to complete the deal from a distance. Bob's professionalism made our process much easier and convenient. My introduction to Bob came from this wonderful website. His responsiveness to my many questions and inquiries was always truthful, honest, and prompt. It is rare that you find someone who is patient, who strives to understand a client's needs, and then organizes a trip that will guide you through a difficult decision. Through this process, Bob became friend, colleague, and real estate advisor for my family. What more can you ask...If you are looking for someone who has these qualities, I highly recommend that you speak with Bob.
Andy J.
Brian O'Donnell, CEO | Fraysen Systems Ltd.
I have worked with Bob on a number of projects going back almost twenty years. I have always have found him trustworthy and committed to getting the job done. I have highly recommended him to a number of associates and will continue to do so.
Brian F. O'Donnell
Tom Barrett, Director | EqualLogic Inc.
I have known Bob for more than ten years with much of that time in a professional environment where I found Bob to be nothing other than the quintessential professional. Bob's ability to research the relevant data and apply a highly analytical approach always leads to well informed conclusions and good decision making. These traits in addition to his commitment to get-the-job-done and attention to the details are exactly what you want from your real estate professional. Bob's recommendation comes to you without any hesitation whatsoever.
Bob Thaler, Sr. Director, Marketing Communications | Acronis, Inc
I have known Bob Pisa for more then 10 years as a business associate, peer and close friend.
Bob is a man of great integrity, is extremely dedicated to his family, his work, and is trustworthy beyond reproach. Highly motivated to always do the best in every aspect of his chosen field, he does whatever it takes to ensure a satisfied customer. His dedication to hard work, identifying the best solutions for his clients, establishing life-long friendships and a sincere drive for honesty makes Bob Pisa the consummate professional.
Furthermore, his expert ability to research critical information necessary to make important buying decisions will serve his clients well when considering a real estate transaction.
I have first hand knowledge of Bob's character and credentials because of our peer relationship at a firm selling very complex software to the semiconductor industry. His performance was so impressive; Bob was rewarded with a promotion to Senior Director.
Bob Thaler
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