Today it is reported in the Naples Daily News that London Bay Homes has reached an agreement to purchase 50 single-family and villa homes sites from the financially troubled Bonita Bay Group. London Bay Homes has been a long time builder of homes in Mediterra and sees this move as a long term commitment to the upscale high-end Mediterra development and to the current residents.
Bonita Bay has been actively marketing its amentity and recreation clubs for sale to raise capital. So far, they have reached an agreement with Shadow Wood at the Brooks to sell to the members the golf club and the Commons club. It was also reported today that the members of Mediterra are close to finalizing a deal of their own to purchase the golf club.
We all knew that sooner or later this would happen. Centex (now Pulte the nation's #1 home builder) has managed the inventory well through the downturn. New product was only built to order whether single-family or carriage/coach home. This has resulted, finally, in a reduction of inventory. This coupled with the lower prices fueling demand is now leading to a situation that will support a price increase.
The Granada series home in Bridgetown, at the Plantation, are increased by $17,000.
Incentives are still being offered as follows:
$15,000 design center for single-family homes
$10,000 design center for carriage and twin villa homes
$10,000 Pulte mortgage credit
View more about The Plantation on my website.
Previously reported in the Bonita Daily News, the Bonita Bay Group will close all the clubs it operates, if they are not sold, after September 30 as a result of financial difficulties with running the clubs and the huge liability on the books for members' deposits. Bonita Bay Group suspended its policy of refunding member deposits upon request some time ago due to the large cash drain for resigning members. Bonita Bay Group operates clubs in Verandah, Bonita Bay, Mediterra, Shadow Wood, and Twin Eagles.
Reported in today's Bonita Daily News is that the Boards of Shadow Wood Country Club and the Commons Club at the Brooks agreed to buy both from Bonita Bay Group for $8.3 million dollars and waive the company's responsibility to refund members' deposits.
Now, say that three times fast!
It's the headline from the Naples Area Board of Realtors (NABOR) most recent press release reporting the data for July 2009 sales. The subtitle reads:
Report Shows Strong Pending Sales
Followers of my blog and those who receive my monthy Market Watch Reports should not be surprised. All signs are looking very positive. A recent Wall Street Journal survey of 47 economists reported 27 of them said the recession has ended!
South Florida, including southwest Florida and the Naples area, has been on the recovery train for some time. Prices have come down, the bottom is here (in general), more and more properties are selling, and the inventory of available homes continues to decline. I think that really sums it up.
Here are some specifics from the NABOR press release:
NABOR reports market information for Collier County exclusive of Marco Island based based on the data within the SunshineMLS.
If you would like the complete press release or the actual market report just Contact Me.
...and not just Naples but all of southwest Florida. South Florida was one of, if not, the first areas to burst the housing bubble. It only stands to reason that it will be the first to recover. We're already seeing it.
'Buy when everyone is selling and sell when everyone is buying', how often have we heard that? Well, the real estate investors are eating there way through what the housing bubble has left behind. And I'm not talking about $50,000 specials, or $150,000 fixer-uppers either. How about one investor who went through Port Royal, Naples most affluent areas, and purchased three properties for nearly $14 million! These properties all closed on the same day in May 2009. Do you think someone spending that kind of money is looking into the future? In addition to the high acquisition cost, there will be high carrying costs to hold the property until pay day.
Another major factor that's predicted to drive the southwest Florida recovery are the baby boomers. They have started to retire and the droves are yet to come and they are planning/buying right now.
We all don't have $14 million dollars to spend on speculative investments, but many of us have saved/planned for the future and investing in that is worthwhile. It makes sense to get on with it and get on with it now.
There's one more quote I like a lot, I believe its origin is Warren Buffet..."By time you see the bandwagon, it's too late..."
[Update: I missed one! Same investor, two months earlier made the first Port Royal purchase of 2009 for $4,75MM...]
[Update, update: A different investor must have been Christmas shopping in Port Royal, two properties closed at the end of January for $15MM...]
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With our real estate office in Naples and my home in booming Estero I have great exposure to and knowledge of Naples, Bonita Springs, Estero and south Fort Myers.
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 recently elected Vice President for the Grandezza Master Homeowner's Association and President of the Santa Lucia Homeowner's Association. 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.
Sales recognition. 
Residential + Commercial + Investment + 1031 Exchanges
Read all and recent testimonials here.
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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