Wakelin Realty Team January 2018 Newsletter

Hello from Naples!

Happy New Year everyone! We hope your 2017 was wonderful and you’re ready for an even better 2018.

The whole family was together for Christmas since Rae’s daughter Liz and her husband David joined all of us in Naples. We went to the North Naples Church on Christmas Eve for their 6:00 pm candle light service. The Christmas music was fantastic…strings, horns, choir and organ. We had never been there before and were amazed at the quality of the musicians. We would highly recommend it if you are looking for a place to celebrate Christmas next year and they offer several different service times to accommodate everyone’s schedule.


Here’s an interesting article from the Naples Daily News:

Offseason’ not so off for multimillion-dollar home sales in Naples.

The “offseason” wasn’t so off for multimillion-dollar homes in the Naples area. The Southwest Florida MLS, or multiple listing service, shows that seven homes sold for more than $10 million from May to August, not including any private sales. All are at the south end of Naples in Port Royal, considered one of the most prestigious communities in the world.

Local Realtors suggested there could be various reasons for the summer pickup at the high end. Some said the activity could have come from buyers hoping for better deals ahead of season. Others said it might have been pent-up demand.

Interest might have been stronger because some hesitated to buy early in the year, putting the decision off until they saw how the election of a new president would affect the economy and the financial markets, Rogers said.

A few more $10 million-plus home sales have been made since August. In September — usually one of the slowest months for area Realtors — a four-bedroom, three-bathroom estate sold for $11.5 million. At 26 Second Ave. S., the beachfront house in Old Naples with an open, minimalist design spans a little over 4,000 square feet. It’s primarily second-home — or vacation home — buyers driving the sales at the highest end of the market.

That was the case for the stunning estate on Treasure Lane. The buyer snatched it up quickly after he flew in to see it. The custom-built Dutch West Indies-style home, dubbed “The King’s Treasure” and completed in May, offers more than just great waterfront views. It includes wide plank floors, a chef’s style kitchen, custom-built cabinetry, marble and stone tile, a wine cellar, and an oversized infinity pool and spa that appear to merge into Treasure Cove. It sold fully furnished.

The offseason, which typically runs from May to October and marks the time when fewer residents and visitors are in town, started with a bang. A newly built waterfront estate at 3750 Rum Row went for $17.7 million, setting a record as the most expensive home to sell in Naples this year.

“Our very pleased new European owners already had their eye on Naples because this beautiful locale enables them to escape from winter to warm, sunny weather in just five hours on their private jet,” the realtor said. “In addition to blue skies and sunshine, they found everything they were looking for in this magnificent bay front home: a brand-new turnkey residence with breathtaking wide water views.”

Another big sale came in August, when 840 Admiralty Parade changed hands for $14.75 million. Built in 2015, the five-bedroom, seven-bathroom estate, stretching 8,753 square feet, sits on a lot and a half overlooking Admiralty Bay. Standout features include water views through floor-to-ceiling glass, a chef’s kitchen with triple granite islands and hammered copper sinks, and a study with a large aquarium and stone fireplace.

Showings continued to be strong into the fall.  After such a busy offseason, Realtors have geared up for a busier season. In addition, with the continued growth in the economy and the potential for tax reform stimulus of corporate earnings, those who are in a position to purchase will have even more incentive. Hurricane Irma made a mess of Naples when it hit Sept. 10, but it caused no major structural damage in or near the city. Realtors have described it as a “short-term deal,” saying the market already is showing resilience.

“People are naturally optimistic and tend to move on to refocus on what they want,” the realtor said. “In our case, it’s the unparalleled lifestyle of luxury in Naples. “The same reason we stay here is the same reason more will come.”


Naples Weather for December 2017

Temperatures in December were a little warmer than normal for the month. The average max temperature is 76.6…we recorded 78.0. Rain was slightly below average in December. We finished the year, however, with 59.8 inches compared with the normal 51.89.


Book Review: “The Rooster Bar” by John Grisham

Mark, Todd, and Zola came to law school to change the world, to make it a better place. But now, as third-year students, these close friends realize they have a big problem. They all borrowed heavily to attend a third-tier, for-profit law school so mediocre that its graduates rarely pass the bar exam, let alone get good jobs. And when they learn that their school is one of a chain owned by a greedy New York hedge-fund operator who also happens to own a bank specializing in student loans, the three know they have been caught up in a huge dilemma.

But maybe there’s a way out. Maybe there’s a way to escape their crushing debt, expose the bank and the scam, and make a few bucks in the process. But to do so, they would first have to quit law school. And leaving school a few short months before graduation would be completely crazy, right? The answer is in the book!

Although most readers say it isn’t one of Grisham’s best, I thought it was a fun, entertaining and enlightening read. I would heartily recommend it.


Restaurant Recommendation: Ayara Sushi Asian Grill 2650 Immokalee Rd. 

This is another place that we love. The staff is friendly and accommodating. The food is always fresh and delicious plus the service is great. We’ve enjoyed many of family dinners here. There are a wide variety of choices… sushi, sashimi, fried rice dishes, stir fry and complete dinners. Everything has always been consistently good for us. Nicola recommends trying the grilled octopus appetizer…it’s her favorite! Chef Jon Augsondthung who also owns the successful Fuji Sushi Bar and Asian Bistro located on Naples Blvd owns Ayara.

Here are a few recent reviews on Trip Advisor:

“Our son loves sushi and we found this place. We started with calamari and crab Rangoon. I had a spicy scallop roll, our son had spicy tuna tempura roll, and my husband had a choose your items. By far the freshest, best tasting sushi we’ve had locally. We’ll be back! Check it out, you won’t be disappointed!”

“Since I moved to SWFL, I’ve been searching for some good thai food – and I found it! The basil chicken is amazing! Yum! I’ve been to several asian/thai places in this area, and I think this is the best one!”

“Everything was delicious, the apps, chicken lettuce wraps were delicious and the Monogolian beef and the sushi was also delicious! Had a really nice time and so glad we went!”

“We ordered the boat for two and were amazed at how fresh and wonderful our order was. Great presentation of sushi and sashimi. Everyone from sushi chef to our server was extremely pleasant. Looking forward to going back.”


Naples Real Estate:

Here are the YTD December 2017 Naples/Bonita market statistics.

For the year of 2017, there were 12,260 closed sales of existing homes in all of Naples and Bonita.  This compares with 11,954 closed sales for last year. This represents about a 3% year to year increase for existing home sales. It should be noted that hurricane Irma did impact the number of closed sales in the final quarter.

Here’s an interesting chart comparing 2017 to last year:

Closed Sales
Under $300,000
$300,000 to $700,000
$700,001 to $1,000,000
$1,000,001 to $3,000,000
Over $3,000,000
Jan. –Dec. 2016
Jan. – Dec. 2017
% Change
+ 3%

All categories except the lowest price are up from last year. The year 2017 was positive for existing home sales. Growth slowed a little toward the end of the year, but sales of existing homes stayed positive for 2017.

The inventory of available property remains down from last year, but is increasing. As the following table shows, however, the level of inventory varies dramatically by price point:

Naples Home Inventory As of January 5, 2018
Under $300,000
$300,000 to $700,000
$700,001 to $1,000,000
$1,000,001 to $3,000,000
Over $3,000,000
Number Sold Last 12 months
Average Number Sold per Month
Total Available for Sale
Months of Supply as of January 5, 2018

The inventory levels increased about 4% from last month to 7,182properties. This was the third monthly increase in a row. Typically there are a good number of listings that enter the market at this time each year. Also, keep in mind that the figure is still an extremely low number for existing homes. For comparison, the high point of available existing home inventory was June of 2007 when there were 11,601 listed in the MLS system for Naples and Bonita! Also keep in mind, that a significant number of new homes are not included in this number. That’s because they are brand new homes being sold by developers and are not included in the MLS totals. This analysis is strictly related to homes on the secondary market.

It is still a buyer’s market for existing homes priced above $300,000. In the over $3 million market, for example, there are 341properties available. During the last 12 months, 221 properties in this price range have sold…which means an average of about 18 per month. At that rate, the 341 homes available represent about 19 months of supply.

Sellers in the upper price categories are in a highly competitive environment and the median sales price has leveled off in Naples. Which means there are many good buys available in the secondary market.

Another market factor is the supply of new homes that are now being built or permitted. There are many new home developments that are being built or are in the planning stages right now. If you are looking to buy, we can help guide you through the maze of new home availability. If you are planning to sell, you need to know details of the new competition you are facing.


Kensington Real Estate: 

Kensington is the community where Rae and Fred live. As of January 5, 2018 there were 36 active listings in Kensington. This is 7 more than last month.

Type of Property
Lowest Price
Highest Price
Average Price per sq. ft.
Avg. Days on Mkt.
Estate Homes
Coach Homes

There have been 25 closed sales in the past 12-month period. At this average selling rate of 2.08 properties per month, the 36 homes listed represent about 17 months of inventory on average. The number of homes available is 7 more than last month, and it is definitely a buyers’ market for those available. Also there were 4 pending sales and 2 pending sales with contingencies in Kensington on January 5th.


Riverstone Real Estate: 

Riverstone is the community where Jeff and Nicola live. These statistics are taken from the MLS system we use in Naples. Riverstone has now been fully built out and turned over to the residents by the developer, GL Homes. Here’s a look at the MLS market in Riverstone as of January 5, 2018:

Number for Sale
Lowest Price
Highest Price
Avg. Asking Price Per Sq. Ft.
Avg. Days on Market

Here’s a breakdown of what’s currently on the market thru MLS:

$400,000 to $499,999
$500,000 to $599,999
$600,000 to $699,999
$700,000 to $799,999
$800,000 and Over
Number for Sale
Average Price per Sq. Ft.
Average Number of Days on Market

Available inventory is 4 more than last month. As of January 5th there were 37 active listings, 0 pending sale and 4 pending sales with contingencies. The MLS system lists 48 spec and resale homes sold in the last 12 months which means there is currently just over 9 months of inventory in Riverstone.

Give us a call if we can help with any real estate questions you have at 239-398-0028 (Rae) or 239-451-9351 (Nicola).

Rae & Nicola