Greg Gorman - Naples Florida Real Estate

Yesterday we were meeting clients at our newest listing and found a classic auto show in the new town of Ave Maria. We'll be posting the listing so watch for the post on this well-priced nearly new home. Until then, here are the photos we took yesterday. And if you haven't explored the new Ave Maria (the town that Domino's Pizza founded) & Ave Maria University (the 1st new Catholic university in in the USA in 50 years) click on the links to learn more.

Here is the Oratory built to be the center of Town

Dottie Babcock, CCIM, CRB and our Chief Operating Officer for John R. Wood Realtors shares the following report for October 2008.

The good news is that inventory is lower now than a year ago. The bad news is that inventory of single family homes and condominiums priced under $250,000 continues to increase, and is higher in 2008 than 2007. Since many foreclosures and short sales fall into this segment, it is likely that this will not change in the near term. Other than single family homes over $5 million, which also shows an increase, all other price segments have decreased from 2007 levels. Since October and November are typically the time of year when listings increase, it remains to be seen whether the pace of sales will also increase and extend this trend.

Also in the category of good news for the market is the ratio of pended sales to new listings taken. Year-to-date October 2007, there was one sale for every four new listings taken. In October 2008, that ratio has improved to one sale for every three new listings taken.

Excellent opportunities abound in the market and now is the time to take advantage of them. Be sure to ask your John R. Wood agent for specific information about communities you may be considering, or about your own community if you are thinking of selling.

HOME PRICES OVER $300,000 HAVE STABILIZED
Report Shows Strong Pending Sales

NAPLES, FL.-November 14, 2008-Over the past 12 months the median sold price for properties over $300,000 has increased and the upward trend continues, 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).

“In the category of homes valued over $300,000 the median sold price increased 1 percent in the past 12 months, indicating that prices have stabilized in that category. In the under $300,000 category, foreclosures and short sales continue to influence home prices as the median sold price decreased 17 percent” stated Phil Wood, Managing Broker of John R. Wood REALTORS®.

For the 12 months ending October, 2008, the median sold price for properties over $300,000 increased 1 percent to $566,000 compared to $558,000 for the 12 months ending October, 2007.

According to Jo Carter, President of Jo Carter & Associates, “The average days a property is on the market has decreased for single family homes and condominiums, demonstrating that buyers are motivated and that there is still a strong interest in the market.”  

The report which 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 home sales in the greater Naples Area, which includes Naples Beach, North Naples, Central Naples, South Naples, East Naples, Immokalee and Ave Maria, increased 83 percent, with 464 in October 2008 compared to 254 in October 2007.

• Overall pending home sales for properties less than $300,000 saw a 255 percent increase with 337 in October 2008 compared to 95 in October 2007.

• Overall home sales increased 40 percent with 363 in October 2008 compared to 259 in October 2007.

• Single-family pending home sales increased 134 percent overall, with 313 in October 2008 compared to 134 in October 2007; Pending sales of single-family properties of less than $300,000 were 230 in October 2008 compared to 28 in October 2007, a 721 percent increase.

• Single-family home sales increased 65 percent overall, with 205 in October 2008 compared to 124 in October 2007.

• Overall condo sales increased 17 percent, with 158 in October 2008 versus 135 sales in October 2007; and pending condo sales under $300,000 increased 60 percent with 107 in October 2008 compared to 67 in October 2007.

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

2009 FAR President, Cynthia Shelton, spoke at the November Business meeting of the Naples Area Board of Realtors on Thursday, 13 November 2008 and delivered a very positive affirming view of Florida's real estate future.

One of Cynthia's tips for Florida Realtors was her encouragement to Realtors to visit the FAR website created to promote positive news about the Florida Market. (By the way...the resources on this website are absolutely awesome!)

http://media.floridarealtors.org/GreatTimeToBuy/

Here is a snapshot of Cynthia's report:

...The one thing on everyone's mind is what's happening with our housing market: While we don't have a crystal ball, we are seeing some hopeful signs that the housing crisis is approaching bottom. The decline in home prices is starting to ease and, in some cities, values are rising again.

We're seeing positive movement in Florida, too. For the first time in almost three years, Florida's existing home sales rose in September, with a 24 percent increase in activity in the year-to-year comparison reported; last month's sales of existing condos statewide increased 11 percent in the year-to-year comparison, according to the latest housing data from the Florida Association of Realtors.

A total of 10,817 existing homes sold statewide last month, up 24 percent over the 8,725 homes sold in September 2007, according to FAR. The last time Florida Realtors reported higher statewide existing single-family home sales was for year-end 2005, FAR records found. In July of this year, six more homes sold statewide than in July 2007, but that increase was statistically insignificant.

Fourteen of Florida's metropolitan statistical areas (MSAs) reported increased sales of existing homes in September; nine MSAs also showed gains in condo sales, marking the third month in a row that a number of markets have noted higher sales activity.

"The September sales report from FAR shows a 24 percent increase in the sales of existing homes in the state; this represents the sixth month in a row that the sales figure has exceeded its 12-month moving average (average of the previous 12 months)," says Dr. Sean Snaith, economist and director of the University of Central Florida Institute for Economic Competitiveness. "This is a clear sign that the significant price declines that have occurred across the state are leading to a more rapid absorption of the housing inventory."

Snaith noted that September 2007 was a volatile time for the housing industry. "The large percentage increase of sales this September versus September 2007 is inflated by the sharp decline in sales that took place in September 2007," he explained. "That was the month following the initial wave of global fallout precipitated by the subprime mortgage meltdown that roiled markets in August 2007."

Florida's median sales price for existing homes last month was $175,100; a year ago, it was $224,700 for a 22 percent decrease. But, looking back to September 2003, the statewide median sales price for single-family homes was $158,800 - an increase of 10.3 percent over the five-year-period, according to FAR records.

In a year-to-year comparison for condos, 2,878 units sold statewide compared to 2,595 sold in September 2007 for an 11 percent increase. The statewide existing condo median sales price last month was $153,800; in September 2007 it was $197,000 for a 22 percent decrease.

The latest housing outlook from the National Association of Realtors® (NAR) predicts that existing home sales nationwide will improve in the coming months, though the speed and timing of a recovery depends on local market conditions. "Sales have picked up significantly in several Florida and California markets," says NAR Chief Economist Lawrence Yun. "The sales turnaround which began in California several months ago is broadening now, but home prices generally follow sales trends after a few months of lag time. We expect more balanced conditions in 2009 and will eventually return to normal long-term appreciation patterns."

Nationally, N-A-R reported that sales of all existing home types rose 5.5% in September from the previous month's sales to a seasonally adjusted annual rate of 5.18 million units. The national median existing-home price for all housing types was $191,600, down 9% from September 2007. Yun noted, "Compared to a fairly small share of foreclosures or short sales a year ago, distressed sales are currently 35 to 40 percent of transactions. These are pulling the median price down because many are being sold at discounted prices. The current market is not being dominated by speculative investors; rather, 80 percent of current buyers are purchasing a primary residence, which is a bit higher than historic norms."

To help spread the word that there are home buying opportunities in Florida, check out the state Association's "Great Time To Buy" Florida Web site, at http://buynow.floridarealtors.org. You can mine the site for content for marketing campaigns, media releases, blogs, speeches and e-mail correspondence. Or find nuggets of data from a research report that supports positive movement in your area.

The site is a reservoir for Florida Realtors that can be tapped daily for success strategies and the latest good news about our state's real estate market. You can listen as Realtor experts talk about who's buying and how to make the most of opportunities in today's market.

The latest quarterly survey of Florida real estate trends from the University of Florida just came out. The study found that the state's real estate experts remain calm about market conditions in the Sunshine State, despite the national economic crisis and serious concerns about the availability of financing.

The investment outlook for various types of properties remains steady, according to Wayne Archer, executive director of UF's Bergstrom Center for Real Estate Studies.

"People who have responded to our surveys have not lost their faith in Florida as a place to be and a place to invest," he says. "We have 40 pages of comments from our respondents, and although the dominant theme is the disruption of financing, perhaps the second theme, as one person put it, is people being on the sidelines with full pads and helmets just waiting to jump back in."

Over the long term, Florida stands to benefit from the migration of new residents, particularly as baby boomers age, Archer said. The Sunshine State's mild climate and outdoor amenities make it an attractive retirement destination, despite high property taxes, insurance rates and hurricanes...

What's happening at FAR? Here's a speech that is updated regularly to reflect the latest industry and association news.

• Download the FAR Update speech: Updated 11.10.08
• Download the FAR Update PowerPoint: Updated 10.29.08

Naples Florida is known throughout the golf world as the unchallenged golf capital of the world with more that 140 golf courses in Naples & Collier County Florida (and as many in neighboring Lee County). To compliment our golf mecca, a new exciting store in the Historic Third Street area is now open. Please go by and see my friend, Kay Fitzpatrick.

Bobby Jones Sportswear Shop
Camargo Courtyard Building
1209 Third Street
Naples, FL 34102
(239) 263-3644
naples@bobbyjonesretail.com

Mon. - Wed, Sat. 10:00am to 6pm
Thurs. - Fri. 10am to 9pm
Sun. - 12pm to 5pm