Michele Harrison, MBA, CRS, CRB, MIRM

The Naples area real estate market has had an outstanding year for sales. Year to date mutiple listing pended sales and closings through August are at highest numbers since 2005. The over $1,000,000 year to date is up 33% from the same period in 2009. Inventory continues to decline, as it has since March 2008 and new listings year-to-date are the lowest since summer 2005.

While these figures are encouraging and a strong indicator of the Naples market rebounding, we should also note that the average sales price is down. Strongest activity continues to below $300,000, up almost 30% year to date over 2009. For those that have been following our market here in the Naples area you will remember, real estate below $300,000 was non-existent in the height of the hottest real estate market. While many of the current buyers are investors, sale are predominantly to first time purchasers and second home end users, another strong sign that buyers are jumping off the fence.

All appearances indicate that we are in a more traditional Naples real estate market with summer activity low and seasonal activity strong. This leveling of the Naples real estate market may just be a barometer of our country climbing out of the dismal past number of years.

Democrats and Republicans unanimously voted to pass the Neighborhood Prevention Act. This program if also passed in the Senate would allow banks to negotiate option purchase agreements that would position former owners to buy back their homes. It would also remove roadblocks that federally regulated banks face now that keep them from entering into long-term lease (up to 5 years) with former owners of foreclosed homes.

One of the many benefits of this program is it would keep the property occupied with a tenant that would have a vested interest in maintaining the property as well aid in the elimination of the blight that has been happening in many neighborhoods with foreclosures.

While this is just a simple brief of the program, it does make you think, why not offer this program before a homeowner gets to that point of foreclosure or short sale. Wouldn't all sides benefit by keeping a homeowner as that, a homeowner?

Creativity in today's market demands our constant attention. Naples Florida, though coming out of the real estate slump, still has a ways to go before we start seeing the activity of 2003. I have been given the opportunity to market some wonderful properties and have been thinking back to years ago when I last lived through a similar market, to dig up some ideas for getting the job done in todays market. While we didn't have Short Sales back then, we did have owner financing. If your seller is in a position to do so, owner financing can not only get the property sold but also give them more in interest than they will likely get in any bank. Real estate is and always will be a good investment, it's the holding time that needs to be remembered. We fell into the trap of thinking real estate is a short term investment when in reality, it was never intended to be such. Here in Naples we have had double digit appreciation for many years running, until the market tanked. We will see those numbers again, it is just a matter of time.

Talk to your sellers and buyers about the opportunity to think out of the box to get the job done today!

Check out the news report on Studio 55 of the Naples Daily News. This conference was held this morning at the Naples Area Board of Realtors by the Media Task Force. Multiple TV stations and publications were in attendance.

Great news continues for the real estate market in the Naples area.

NAPLES DAILY NEWS

Video:

Carrie Wise, Producer/Host of Studio 55

Here is a link to a video stream of the media conference http://www.naplesnews.com/videos/detail/state-naples-real-estate-market/ posted on Naplesnews.com under Naples Video: State of the Naples Real Estate Market. This video was broadcast live during the conference to the Naplesnews.com website and was recorded at the same time it ran live.

Though the high season is past, the real estate activity is hotter than it was in season. Buyers are recognizing that the bottom hit locally and if they don't find property and purchase it now, they missed the boat. Sales activity has been strong across all price sectors which has not been the case over the last year. We were seeing the under $300,000 as the strongest segment up until the last few months. Now it is being felt up over the million plus price points. We all assumed that the turn would be felt locally first and it has proved to be the case again, as in past downturns. There is only one Naples, Florida!