Garren Grup, REALTOR, CDPE, GRI… Naples & Bonita Springs, FL

Naples was declared as a recovering market that was "slightly undervalued" by Richard Dekaser who was also the one that proclaimed "three years ago, the poster child for excess valuation in America was Naples, Florida!"

In an interview with CNBC Wednesday night, Richard Dekaser, a senior vice president and chief economist at National City Corp., singled out Naples in talking about the "first rays of sunshine on a possible end to the housing crisis."

No longer is it overvalued. Through the second quarter of this year, prices have dropped 33 percent, he said, leading him to judge the market as "slightly undervalued." That means home prices are actually lower than where they should be.

I believe it's been apparent that many of the resort communities have been extremely well valued since the end of last year. In many cases you could not rebuild the homes and condos that buyers are able to purchase for even 10% or 20% more than what they are listed for! I have been telling customers this since early in the year and I've seen a great number of them lose the properties that they truly wanted because they waited. I actually called on a home just yesterday that one of my clients wanted to purchase and it has 2 offers for over 20% more than what my buyer was going to offer and the home is just over $400,000!

The media which often lags in reporting statistics has been reporting on the Naples & Bonita Springs market improvement since early in the year. As a matter of fact a recent market analysis shows that the sales have been up in all 8 months(not just 7, noted in article) this year in light of what has been going on in the credit markets.

This article on Naples News comes out at a time when anyone with the desire & means to purchase is finding it incredibly difficult to deny the value offered given historic pricing and the current (bargain) cost of construction.

August is historically among the slowest months for sales in the Naples, Bonita Springs & Estero real estate markets, August 2008 actually had more sales than January, March or June 2008.  The average number of sales for August, using the past nine years to compute the average, is 649.  In August 2008, the number of pended sales is 729, well above the historical average, and the highest August recorded for the past three years.

See the CNBC Video Here

Garren Grup, REALTOR®, GRI...

Noteworthy Results in Naples, Bonita Springs & Estero!

The Naples area market continues to improve through the recent trials in the credit markets. Recent articles have even indicated that the Naples area market may be undervalued which is not a surprise to those of us that have been telling customers that since the beginning of the year!

Our most recent market report that looks at the sales data in Naples, Bonita Springs & Estero shows that the local market has improved every month in 2008 over 2007 and our typically slow August is not only up more than 10% over the average sales (9 year average) but it is also more than January and March which are two of our busiest months throughout the year!

Some things to note:

• Although August is historically among the slowest months for sales in the Naples, Bonita Springs, Estero real estate markets, August 2008 actually had more sales than January, March or June 2008. The average number of sales for August, using the past nine years to compute the average, is 649. In August 2008, the number of pended sales is 729, well above the historical average, and the highest August recorded for the past three years.
• The July market report produced by this office showed pended sales increases in 5 of the 7 months in 2008. While pended sales have increased over prior year in 6 of the 8 months in 2008, CLOSED SALES (due to some corrections in MLS numbers) now reflect increases over prior year in all 8 months!
• Median and average sales prices continue to decrease, reflective of the fact that 71% of all closed sales are under $500,000, (with 36% under $250,000).
• John R. Wood Realtors continues to lead the local market recovery with over 1100 closed sales in 2008. This places us well ahead of any other broker in the area!
• Several of the neighborhoods in our sample tracking now have less than a one year inventory of available product, based on recent absorption rates.
• As winter residents begin returning in October, we will undoubtedly see the seasonal increase in available properties for sale. We will also see a greater number of buyers in the market, likely resulting in greater competition for properties that are well positioned relative to price, condition and location. Price will remain the key to successful selling as the market continues to stabilize.

CLOSED SALES

• Closed units in August were up 13% over August 2007 and the highest August since 2005.
• Year-to-date closed units up 12% over same period 2007. Volume down 10%.
• Median sales price year-to-date August is down 18% from August 2007. Average sales price down 20%.
• Year-to-date sales under $500,000 represent 71% of all closed sales and continue to be the only price segment showing an increase over prior year. The $500,000 - $750,000 category may be gaining strength as it stands at only 7% below 2007.

PENDED SALES

• August pended sales are up 62% over August 2007. Naples up 68% and Bonita / Estero up 40%.
• Cumulative pended sales through August are up 20% over prior year.
• Pended sales over $2M were below August 2007 after three months of gains over prior year. This segment should continue to strengthen over the coming months.

LISTINGS

• Number of new listings taken in August is 16% less than August 2007.
• Active listing inventory on September 1, 2008 stands at 13,124 in the combined Naples, Bonita Springs, Estero markets (6898 single family homes and 6226 condominiums). This represents a 5% decline from September 1, 2007.

See the current, historical and sales numbers by price point... Here

Garren Grup, REALTOR®, GRI...

Noteworty Results in Naples, Bonita Springs & Estero!

Third Thursday on Third - Take a stroll down Third Street in the center of historic Naples and enjoy a variety of free performances including live music.

Third Street South
Naples, FL 34102
Admission: FREE
Contact: (239) 434-6533

September 18, 2008

• 7 PM to 10 PM
• Presented by Bentley, Jaguar, Aston Martin, Land Rover of Naples, Porsche of Naples, and the Third Street Merchants Association.
• Manhattan Connection in front of Gattle's
• J Robert in front of Tony's Off Third.

Numerous shops and variety of outdoor dining invites people to enjoy the flavor of Third Street. This monthly Event takes place the Third Thursday of every month with various live entertainment and sponsors from throughout the Naples area.

Dining option include dining at Campiello's historic building, the casual and tropical cuisine of Tommy Bahamas, trendy contemporary setting at Blu Sushi as well as Handsome Harry's, The Old Naples Pub & Ridgeway's among others.

Garren Grup, REALTOR

Noteworthy Results in Naples, Bonita Springs & Estero!

The final Jazz on the Green for this summer at the Naples Beach Hotel is this Saturday September 13^th, 2008 at 7:00pm. The annual concert that takes place monthly in the summer concludes with the Stacey Knights Group, lead by the talented vocalist/songwriter/saxophonist/flutist Stacey Knights, performing a blend of rythms with contemporary, pop & jazz influences. The Naples Beach Hotel offers fabulous Gulf views with spectacular sunsets within ear shot of the tunes pumped out by various artists throughout the summer.

The Naples Beach Hotel and Golf Resort is one of the few beachfront bar/restaurants that host large events on their lawn & beach area and is open to the public. The outdoor bar seperates the beach from the pool area(which abutts the lawn).

Showing up early to enjoy the beach and secure a good spot on the lawn or beach is a good idea. The lawn and beach often times fill up just as fast as the few bar seats. You may even want to plan on having dinner at HB's on the Gulf which is Naples only beachfront restaurant. You'll likely want to call for reservations to HB's at 239-435-4347. Don't worry if they are booked though, many of the local restaurants reserve a good amount of space for walk-ins.

If you don't get there early enough to get a lawn seat you may be forced onto the beach :( In either case you'll probably want to bring a blanket or chairs to sit on.

Saturday Sept 13th 2008 at 7:00pm
Naples Beach Hotel & Golf Club Resort
851 Gulf Shore Blvd. North
Naples, Florida 34102

Garren Grup, REALTOR®...

Noteworty Results in Naples, Bonita Springs & Estero!

Florida Insurance Commissioner Orders State Farm to Refund $120 Million to Policyholders for Unpaid Mitigation Discounts

As Florida state regulators began looking into State Farm's handling of its mitigation discount program in which homeowners were supposed to be given credits for installing wind mitigation devices like hurricane shutters, State farms own internal audit identified about 98,000 current and former policyholders to whow it will now provide credits or refunds.

TALLAHASSEE, Fla. - Florida Insurance Commissioner Kevin McCarty today announced that he has ordered State Farm Florida (State Farm) to issue credits or refunds totaling $120 million to current and former policyholders who did not apply for or who did not receive the Windstorm Loss Reduction Rating Plan discount for making their homes more resistant to wind damage.

In addition, State Farm must pay a $1 million penalty to the Florida Insurance Regulatory Trust Fund.

State Farm will be send notices to policyholders which include home & condo owners as well as renters and association policies of both apartments and condominiums.

Additionally, State regulators began investigating State Farm's discount program in July. Last month, McCarty struck an agreement with Allstate requiring the company to pay a $5 million fine, reduce homeowner insurance premiums statewide by 5.6 percent, add 100,000 new homeowner policies within three years and forgive a $175 million loan to its Florida subsidiaries.

Florida law requires insurers to provide discounts for home features that fortify homes against hurricanes and to notify customers about the discounts when a policy is purchased or renewed.

Additionally, state regulators are not finished investigating discount programs from insureers. Last month, McCarty struck an agreement with Allstate requiring the company to pay a $5 million fine, reduce homeowner insurance premiums statewide by 5.6 percent, add 100,000 new homeowner policies within three years and forgive a $175 million loan to its Florida subsidiaries.

See more Naples News on this and other stories by clicking Here

Garren Grup, REALTOR

Delivering Information with Noteworthy Results in Naples,Bonita Springs & Estero!