The Naples Area Board of Realtors Q1 2018 Market Report:

First Quarter Housing Market Activity Sets the Stage for Strong Year

 
Naples, Fla. (April 13, 2018) – Sales of homes above $1 million in Naples during the first quarter of 2018 drove the market. Their sales increased 61 percent compared to the same quarter of 2017 according to the First Quarter 2018 Market Report released by the Naples Area Board of REALTORS® (NABOR®), which tracks home listings and sales within Collier County (excluding Marco Island).
“January’s results led some to question expectations for the year when compared to last, yet in February the market gained its stride which accelerated in March with closed sales shooting ahead to end the first quarter on a very impressive note,” said Budge Huskey, President, Premier Sotheby’s International Realty. According to NABOR’s monthly reports, January had 672 closed sales, February reported 672 closed sales, but March kept agents very busy with 942 closed sales, driven by a strong high end which included a number of new construction condominiums just delivered.
Pending sales in the first quarter of 2018 increased 3 percent to 3,177 compared to 3,097 in the first quarter of 2017. Although pending sales for both single-family homes and condominiums over $1 million increased by double digits, it was the $2 million and above condominium market that raised eyebrows among brokers who reviewed the reports.
“Tourism was up in our area this season compared to last year so it is not surprising that we would end with strong pending sales for the quarter,” said Kathy Zorn, President/Owner, Better Homes and Gardens Real Estate Pristine. “But I wasn’t expecting to see a 109 percent increase during the quarter in pending sales for condominiums over $2 million!”
“There are very good investment opportunities in the condominium market, especially at both ends of the market,” added Coco Amar, a managing broker at John R. Wood Properties. “The top and bottom price categories are where both the inventory has grown and the prices have dropped.”
As reflected in the market’s year-ending statistics (12-months ending 1Q 2018 versus 12-months ending 1Q 2017), there was a 69 percent increase in closed sales of condominiums in the $2 million and above market, and a 17 percent decrease in its median closed price to $2,450,000 from $2,962,000 in 2017. Despite rocket sales in this high-end sector during the first quarter of 2018 (179 percent increase) and a drop in median closed prices for the first quarter (24 percent decrease), its inventory increased 5 percent! Similarly, median closed prices for condominiums in the $300,000 and below price category dropped 1 percent to $199,000 from $200,000 in the first quarter of 2017, but inventory increased 3 percent.
The NABOR® First Quarter 2018 Market Report provides comparisons of single-family home and condominium sales (via the Southwest Florida MLS), price ranges, and geographic segmentation and includes an overall market summary. The NABOR® First Quarter 2018 sales statistics are presented in chart format, including these overall (single-family and condominium) findings:
CATEGORIES
Q1 2017
Q1 2018
CHANGE
Total homes under contract (pending sales) (quarter/quarter)
3,097
3,177
+3%
Total closed sales (quarter/quarter)
2,205
2,306
+5%
Median closed price (quarter/quarter)
$330,000
$370,000
+12%
Median closed price >$300K (quarter/quarter)
$510,000
$575,000
+13%
Total active listings (inventory)
6,389
6,112
-4%
Average days on market
95
95
0%
Single-family closed sales (quarter/quarter)
1,059
1,050
-1%
Single-family median closed price (quarter/quarter)
$410,000
$448,000
+9%
Single-family inventory
3,236
2,964
-8%
Condominium closed sales (quarter/quarter)
1,146
1,256
+10%
Condominium median closed price (quarter/quarter)
$270,000
$299,000
+11%
Condominium inventory
3,154
3,148
0%
Broker experts analyzing the reports said most counties in Florida continue to see inventories decline, but the Naples area experienced a steady rise over the past few months. In fact, according to Jeff Jones, Managing Broker for Engel & Völkers Naples and Bonita Springs offices, there is currently 8.25 months of inventory available in Collier County. Months of inventory is a nationally accepted measurement of how fast all existing homes on the market would last assuming no additional listings are added and sales activity continues to remain the same as the previous 12 months of sales.
“There were 118 closed sales of condominiums between $1.4 million and just over $2 million in a new development located in North Naples during the last two months that impacted our median closed price statistics,” said Wes Kunkle, President and Managing Broker at Kunkle International Realty. These “one-day-on-the-market” closed sales are one reason why the report showed a 13 percent increase in the median closed price for condominiums in the $1 to $2 million price category and a 24 percent decrease in median closed prices for condominiums in the $2 million and above price category.
Kunkle, along with several brokers who reviewed the reports, is concerned sellers may misinterpret this statistical anomaly as a reflection of the area’s comparable pricing activity. “These sales were for new luxury condos that were secured over a two year period. When the project obtained its final Certificate of Occupancy, the closings were finalized and they all appeared as a one-day sale in the MLS.”
However, this was not the only new construction activity that influenced NABOR®’s first quarter statistics. According to Jones, many sellers of speculative single-family homes that have been on the market for over two years in neighborhoods like Park Shore and the Moorings began to set more realistic list prices this past quarter, which resulted in more sales in the high-end, single-family home market.
“Overpriced homes don’t sell,” said Jones. “In fact, I think sales during January and February could have been better had many of these sellers set their prices realistically earlier. It wasn’t until March that I began to see an uptick in price decreases in the MLS for many of these speculative homes, and then those sellers saw multiple offers from buyers who had been holding out.”
If you are looking to sell a home in Naples, contact The Wakelin Realty Team We have the experience and knowledge to provide an accurate market comparison so you can determine the right asking price. We can also ensure your next purchase in the Naples area is a success.

The Wakelin Realty Team April 2018 Newsletter

Hello from Naples!

Rae and Fred went on another Jazz Cruise in March. The trip originated in Ft. Lauderdale, which makes the experience very simple because it’s a short drive to the cruise terminal and there is parking right next to it; then all that’s left to do is simply board the ship and cruise! The line-up of smooth jazz artists was fantastic…all well-known and best sellers in the genre. This was their fourth or fifth jazz cruise and it was one of the best. The destinations were all in the Caribbean, but they are secondary to the music. If you are into smooth jazz, you should definitely try one of these cruises. They have several each year and they sell out fast. This particular cruise sold out so fast that they added a second one…which also sold out. Rae and Fred are going on another one in August…a riverboat jazz cruise from Prague to Budapest. Stay tuned for details!

Spring Break for local Collier County School District kids also happened in March. So Nicola and Jeff decided to take their daughters’, Natalie and Riley, on a little get-a-way road trip. They drove from Naples through the middle of the state to Central Florida University so Natalie, who is a Sophomore, could take a tour of the campus. They were all impressed with this beautiful school right outside Orlando. After the tour they drove to their hotel in Daytona Beach. Much to their surprise, it was “Bike Week” in Daytona so thousands of biker’s from all over the country were in town. The next day they drove about an hour to St. Augustine, which is a fun, charming, historic town and they were surprised to learn it is actually the oldest continuously occupied European settlement in the United States. After a day of exploring it was back to Daytona and then out again the next day to visit the Kennedy Space Center. The space center was the highlight of their trip and they all were amazed to experience a tour of the launch pads, viewing the Shuttle Atlantis, having lunch with an astronaut and many more amazing things to see and do. They highly recommend a visit to the Kennedy Space Center!

 

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

Brent Batten: New Naples Council members heard voters; their colleagues, not so much. The three successful candidates in last month’s Naples City Council election got the message.But on Wednesday, it didn’t make a difference.

On the campaign trail, the candidates heard one demand — expressed in a variety of ways — more than any other: Keep density low; prevent overdevelopment; maintain Naples’ small city feel.

At Wednesday’s meeting the challenge was presented to the newly constituted council for the first time in a request to rezone a city block along the south side of U.S. 41 between 10th Street South and 11th Street South, east of the Four Corners.

The petitioners, represented by veteran land-use attorney John Passidomo, made a compelling case.

The property encompassing retail shops that burned in a tragic fire that claimed a life in 2015, and other buildings, are zoned under a commercial designation. The owners were seeking a change to a downtown zoning that would allow for greater lot coverage and potentially more than doubling the number of residential units allowed.

Doing so would effectively extend the “Fifth Avenue South” feel of the area, making it more pedestrian friendly and bringing the character of development in line with that of the properties across the street on the north side of U.S. 41.

The current zoning, calling for large, paved parking areas in front of the buildings, is a departure from the look the city strives for in its downtown development plans, Passidomo said. A planned, cohesive redevelopment of the parcel, coupled with the neighboring site of the old St. George and the Dragon restaurant owned by the same group, would link Fifth Avenue South to Naples Bay, he argued.

The move was approved by city’s staff and Planning Advisory Board. And by the City Council — unanimously — acting as the Community Redevelopment Agency board in April of 2017, before the 2018 campaign. Council woman Linda Penniman was in office in 2017 and joined in that approval. Then she campaigned for re-election. On Wednesday, she voted against the rezoning citing the redevelopment concerns she heard from voters. “We are hearing that consistently,” she said. Penniman worries greater lot coverage — up to 100 percent under the downtown zoning — will exacerbate already expensive drainage problems. The present zoning allows only 40 percent lot coverage on the three acres. “The density, intensity we’ve all agreed to, now it’s payback time,” Penniman said.

Gary Price and Terry Hutchison are the other two City Council members who won seats last month. They too voted against rezoning, citing the message from voters.

But it passed 4 to 3, with Mayor Bill Barnett and council members Reg Buxton, Michelle McLeod and Ellen Seigel voting in favor.

The split shows a disparity between long-held city plans and the concerns of residents.

On the one hand, a revitalization plan for the downtown area led to the rebirth of once-moribund Fifth Avenue South. An extension of that plan calls for similar redevelopment east to Naples Bay. Thus, Wednesday’s request for a rezoning. At the March 7 first reading of the rezoning request, Passidomo reminded council members of the importance of allowing developers the option to do things like put buildings close to sidewalks and provide parking in the rear, off site or even underground. It’s too early to say what might go on the property, he explained. The owners don’t have specific plans but wanted to get the zoning in place so they could put together a unified project. Just trying to minimize the size of buildings isn’t always best, he said. “If the measurement is least impactful, we’d never have Fifth Avenue South,” Passidomo said.

To Price’s point that 40 percent lot coverage makes for less intense development, Passidomo pointed to a picture of one of the existing properties with its paved parking lot separating the sidewalk from the building. “There it is. You’ve got 40 percent lot coverage. You have front-yard, asphalt parking lots at the entrance to the city. It’s not what your comp plan says you want, but it’s what you’ve got. That’s where we think there’s this enormous disconnect.”

On the other hand, a growing chorus of voters let the 2018 candidates know they believe new development has been too intense. “It’s very clear to me the community is tired of density and traffic. At some point we’ve got to recognize we’re creating our own problems,” Price said. With zoning in place, the developer’s plans for the site can be approved by city staff without further input, so long as they don’t seek anything outside the base downtown densities. That also makes Price uncomfortable. “If we don’t have a plan what we want the area to look like, the developers will get ahead of us,” he said.

With the battle lines already drawn on March 7, when the council approved the rezoning on the same 4-3 vote, Wednesday’s discussion was little more than a formality. Although voters protested the intensity of redevelopment during the campaign, no one from the public showed up to speak at either of the two council hearings on the question. “This hearing was embarrassing,” Price said Wednesday. “I don’t think we’ve spent enough time on the impact of this zoning

 

Official March 2018 Climate Data at Naples Airport:

March 17
YTD 17
March 18
YTD 18
Normal YTD
Rainfall in inches
.13
1.92
1.33
1.96
6.33
Record High March Rainfall
13.56 (1970)
Record Low March Rainfall
0.0 (1974)
High March Temperature
87
88
Low March Temperature
47
48
Record High March Temperature
91 (1975)
Record Low March Temperature
33 (1980)

Temperatures in March were normal for the month, meaning great weather for all!  The average max temperature in March is 79.9…we recorded 78.5. Reported rainfall at Naples was only 1.33 inches. This means we now have a shortfall of over four inches.

 

Book Review: “The Patriarch” by David Nasaw

In this recent biography, historian David Nasaw examines the life of Joseph P. Kennedy, the founder of the twentieth century’s most notorious political dynasty. Drawing on never-before-published materials from extensive archives and interviews with Kennedy family members and friends, Nasaw tells the story of a man who participated in the major events of his times: the booms and busts, the Depression and the New Deal, two world wars and the Cold War, and the birth of the New Frontier. In studying Kennedy’s life, we relive the history of the American century.

“Riveting . . . The Patriarch is a book hard to put down . . . As his son indelibly put it some months before his father was struck down: ‘Ask not what your country can do for you – ask what you can do for your county.’ One wonders what was going through the mind of the patriarch, sitting a few feet away listening to that soaring sentiment as a fourth-generation Kennedy became president of the United States. After coming to know him over the course of this brilliant, compelling book, the reader might suspect that he was thinking he had done more than enough for his country. But the gods would demand even more.” – New York Times Book Review

I must say, I had no idea Joseph P. Kennedy (JPK) had such an amazing career. I knew he had amassed quite a fortune and that he had attained some serious political clout and connections in his lifetime. Before his sons ever hit the political scene, he was making his mark in a variety of industries… banking, finance, film distribution, politics, liquor importation, the real estate, and more. It was pretty amazing to find out all he had done – even if it took me 800 pages to find out about it. The “remarkable life” part of the title really captures it.

I was interested to learn how this family began, and wanted to read Joseph Kennedy’s life history. I found this book to be a great read. It debunks many of the lies and myths of the Kennedy family stories that I have heard for 50 years. (No, Joseph Kennedy did not get his money as a bootlegger. He didn’t have his daughter lobotomized because she was a shame to the family. He didn’t always dream of Joe Jr. and JFK becoming president.) The real stories are much more interesting. When reading this, I began to understand the depth of love that Joe had for his family. I wouldn’t say that his marriage to Rose was ideal; in fact, it was, to my eyes, very strange. However, they did share love and respect. It’s a fascinating look at American politics from 1900 to 1970. I highly recommend it.

 

Restaurant Recommendation: M Waterfront Grille, Village on Venetian Bay

We dined at this restaurant with friends last week after a long absence. We remember that it was named Maxwell’s on the Bay when we moved to Naples 20 years ago! This iteration is a great improvement. Our server and the chef came up with a great vegan meal, which always makes me think that a restaurant is a “cut above”. Fred had the meal and it sounded so appetizing that one of our friends also ordered it. Both found it delicious and suggested they put it on the menu!

Here are a few recent reviews on Trip Advisor:

“This restaurant is on the water (bay). We made reservations and when we arrived a few minutes early we were seated immediately. As we were celebrating our daughter and son-in-law’s first wedding anniversary our table was at the long windows overlooking the bay without even a request. The wait staff was very good — making good suggestions and on top of everything to make this an enjoyable evening. Food was excellent though pricey but between the service and food it was well worth it. Will definitely return and recommend to friends.”

“We had a very good meal at this lovely restaurant. Reservations are a must during their busy time. I had the veal and shrimp, which was excellent; hubby had the bouillabaisse, which was just okay (fish was overcooked and dry); friend had scallops, which she said was delicious. The best part of the meal was the appetizer we had which was warm brie and stone fruit served with toast points — delicious! Our waitress was Tiffany and she did a great job.”

“Having dined at all of the restaurants on both sides of this complex, some with better views, my favorite is definitely M Waterfront Grille. Food was exceptionally good; the wait staff was polite and accommodating and the manager came over to inquire about our comfort which made for a very delightful experience.”

 

Naples Real Estate:

Here are the March 2018 Naples/Bonita market statistics:

For the month of March, there were 3,175 closed sales of existing homes in all of Naples and Bonita. This compares with 3,172 closed sales for last year. This is an identical year-to-year pattern for existing home sales.

Here’s an interesting chart comparing January thru March of 2018 to last year:

Closed Sales
Total
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
January-March 2017
3,172
1,421
1,243
211
241
56
January-March 2018
3,175
1,325
1,199
205
376
70
Difference
+3
-96
-44
-6
+135
+14
% Change
0%
-7%
-4%
-3%
+56%
+25%

It’s a little early in the year for meaningful comparisons year-to-year. It’s interesting to see what happened in each category though. Clearly, though, the high-end market is doing better than the lower end on a year-to-year basis.

 

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

Naples Home Inventory As of April 6, 2018
Total
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
12,328
5,499
4,764
763
1,069
233
Average Number Sold per Month
1,027
458
397
64
89
19
Total Available for Sale
8,069
2,599
3,377
678
1,037
378
Months of Supply as of April 6, 2018
8
6
9
11
12
20

The inventory levels increased about 1% from last month to 8,069 properties. Typically this is a busy time for listings. Also, keep in mind that the figure is still a 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, however, that a significant number of new homes are not included in this number.

It is still a buyer’s market for existing homes priced above $300,000. In the over $3 million market, for example, there are 378 properties available. During the last 12 months, 233 properties in this price range have sold…which means an average of about 19 per month. At that rate, the 378 homes available represent about 20 months of supply.

Sellers in the upper price categories are in a highly competitive environment. The median sales price has increased slightly in Naples however, there are still many good buys available in all price categories.

Another market factor is the supply of brand new homes which are now either being built or permitted. There are many new home developments either being built or 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 April 6th, 2018 there were 41 active listings in Kensington. This is three more than last month.

Type of Property
Number
Lowest Price
Highest Price
Average Price per sq. ft.
Avg. Days on Mkt.
Estate Homes
5
$1,150,000
$1,299,000
$405
177
Villas
4
$510,000
$1,075,000
$281
45
Coach Homes
29
$319,000
$669,000
$203
164
Total
41

There have been 31 closed sales in the past 12-month period. At this average selling rate of 2.58 properties per month, the 41 homes listed represent about 16 months of inventory on average. The number of homes available is three more than last month, and it is definitely a buyers’ market for those available.

 

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 April 6, 2018:

Property
Number for Sale
Lowest Price
Highest Price
Avg. Asking Price Per Sq. Ft.
Avg. Days on Market
Riverstone
35
$427,500
$1,190,000
$227
118

 

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
5
4
11
11
4
Average Price per Sq. Ft.
$213
$210
$232
$228
$244
Average Number of Days on Market
215
200
77
118
54

Available inventory is 11 less than last month. As of April 6th there were 35 active listings,2 pending sales and 14 pending sales with contingencies. The MLS system lists 38 spec and resale homes sold in the last 12 months.

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

Naples Area Board Of Realtors February 2018 Market Report

February Market Report Shows High End Properties
in High Demand
Naples, Fla. (March 16, 2018) – Buyer interest in homes over $1 million in Naples continued to climb during February as overall closed sales increased 10 percent to 672 homes sold compared to 613 homes sold in February 2017, according to the February 2018 Market Report released by the Naples Area Board of REALTORS® (NABOR®), which tracks home listings and sales within Collier County (excluding Marco Island).
The February Market Report revealed a 9 percent increase in the overall median closed price to $364,000 in February 2018 from $333,000 in February 2017. However, as identified by Bill Coffey, Broker Manager of Amerivest Realty Naples, this was due in part to a 95 percent increase in closed sales for properties priced over $1 million in February. In fact, the median closed price within each of the five price categories tracked by NABOR® actually decreased. The greatest decrease appeared in the $1 million to $2 million price category, which reflected a 12 percent drop to $1,326,000 from $1,500,000 in February 2017.
Inventory continued to rise for the fifth straight month, but it decreased in February by 3 percent to 6,286 properties compared to 6,466 properties in February 2017.
Overall pending sales in February decreased 3 percent, but it increased 14 percent in the $1 million and above price category and 39 percent in the $2 million and over price category. “I believe that the high end market is poised for a good year,” said Mike Hughes, Vice President and General Manager of Downing-Frye Realty, Inc. “The economy is doing much better. The stock market has risen substantially over the last year. All in all many Americans have seen their financial picture improve. This should translate to improved sales, particularly with the high-end market.”
“The new tax laws appear to be inspiring confidence in wealthy buyers,” said Kathy Zorn, broker/owner, Better Homes and Gardens Real Estate Pristine, who also pointed out that the February Market Report showed 44 of the 52 homes purchased in the $2 million price category were cash purchases.
Growth in the luxury home market in Naples is not just a seasonal phenomenon. According to Phil Wood, President & CEO of John R. Wood Properties, “The 12-month rolling numbers are remarkable for properties above $1 million, especially in the condominium market where the data shows a 60 percent increase in closed sales over the last 12 months.”

The NABOR® February 2018 Market Report provides comparisons of single-family home and condominium sales (via the Southwest Florida MLS), price ranges, and geographic segmentation and includes an overall market summary. The NABOR® February 2018 sales statistics are presented in chart format, including these overall (single-family and condominium) findings:

CATEGORIES
Feb 2017
Feb 2018
CHANGE
Total homes under contract (pending sales) (month/month)
1,092
1,056
-3%
Total closed sales (month/month)
613
672
10%
Median closed price (month/month)
$333,000
$364,000
9%
Median closed price >$300K (month/month)
$488,000
$570,000
17%
Total active listings (inventory)
6,466
6,286
-3%
Average days on market
99
96
-3%
Single-family closed sales (month/month)
294
298
1%
Single-family median closed price (month/month)
$402,000
$472,000
17%
Single-family inventory
3,259
3,050
-6%
Condominium closed sales (month/month)
319
374
17%
Condominium median closed price (month/month)
$270,000
$275,000
2%
Condominium inventory
3,207
3,236
1%
The February report showed a 6 percent increase in inventory for condominiums in the $300,000 and below market. This was the highest increase reported among all price categories and home types. Interestingly, this segment’s median closed price dropped 2 percent in February (month over month) to $200,000 from $205,000 in February 2017.
Geographically, sales activity in the Naples Beach single-family homes market outpaced all other areas. Increased buyer interest in luxury properties located in this highly valued location resulted in a 33 percent uptick in closed sales, yet the heightened attention also influenced median closed prices, which rose 52 percent in February to $1,350,000 from $860,000 in February 2017.
Coincidentally, similar to an unusual closed sales anomaly in January that was reported last month, a high number of delayed closed sales in one luxury condominium located in North Naples influenced February’s closed sales, median closed price, and days on market statistics for the month. As reflected in the report, there were 56 closed sales of condominiums above $1 million in the North Naples area in February (a 211 percent increase over February 2017). A great majority of them were identified as having zero days on market, which broker analysts contend were from one particular condominium’s sales activity.

 

If you are looking to sell a home in Naples, contact The Wakelin Realty Team because we have the experience and knowledge to provide an accurate market comparison so you can determine the right asking price. We can also ensure your next purchase in the Naples area is a success.

Wakelin Realty Team March 2018 Newsletter

Hello from Naples!

Rae and Fred attended the YMCA Gala at the Naples Sailing and Yacht Club in February. The Gala included a dinner, auction and a great presentation of what the “Y” means to Naples residents. The proceeds support the “Y” and all of its initiatives, which include after school programs, day camps for kids, an early learning center, swimming and other fitness activities.

The “Y” is going thru some challenging times right now…storm damage repairs from Hurricane Irma, needed repairs at the Norris Pool facility and a search for a new CEO. Many of us got our start in sports and team activities at our local YMCA when we were young. It’s a great time to step up and help this wonderful organization in a time of need.

 

Here’s an interesting article from the Naples Daily News: Luxury Home Sales Surge…Lower Priced Lag

The New Year came with some big purchases for Naples homebuyers. Closed sales of luxury properties — homes above $1 million — increased 123 percent over closed luxury sales in January 2017, according to the January 2018 market report released by the Naples Area Board of Realtors.

The monthly NABOR report tracks all sales made through the Southwest Florida MLS, excluding Marco Island. NABOR reported overall closed sales for January to be up 11 percent in Collier County compared to January 2017. There were 671 single-family and condominium sales in January, up 11 percent from last January, according to NABOR data. There was a 23 percent decrease in the number of single-family homes sold in the under $300,000 range, and pending sales, or new contracts written, declined 24 percent year-over-year. The number of sales in the $300,000-$500,00 price range declined to 156 in January, a 4 percent decrease over the same month last year.

Naples Beach area stood out to buyers in the single-family home market with pending sales up 51 percent over last January. Median closed prices throughout Naples were also up in January compared to last January. For the entire market, the overall median closed price increased 19 percent to $375,000 in January. January’s median closed prices decreased 19 percent in the $2 million and above price category. The median price is the price at which half of the homes sell for more and half for less.

“For a long time we saw double-digit increases in median closed prices for single-family homes in the $0 to $300,000 market,” said Cindy Carroll, SRA of Carroll & Carroll Appraisers and Consultants LLC. “But for January, the report showed only a 4 percent increase year over year.”

The January report showed the median closed price for homes under $300,000 was $255,000. However, the median closed price of homes over $300,000 was $505,000. While prices continued to increase, Collier County inventory showed a decrease of 5 percent. That translated to 258 fewer homes on the market compared to last January’s inventory.

“There’s an ongoing shortage of housing inventory in many markets across Florida,” said Florida Realtors President Christine Hansen, broker-owner with Century 21 Hansen Realty in Fort Lauderdale. “January’s statewide home sales reflected the tight supply, and — when combined with rising median sales prices — it puts pressure on potential homebuyers.”

January was a hot month for condominium sales in Naples. Closed sales of condominiums increased 23 percent in January compared to January 2017, while closed sales of single-family homes decreased 1 percent, according to NABOR reports.

“Lately, condo and townhouse sales growth has been outpacing that of single-family homes, and the reason is that the picture for condos and townhouses has been much more balanced. The single-family home market, by contrast, continues to be held back by inadequate levels of new construction,” said Florida Realtors Chief Economist Dr. Brad O’Connor.

Reports reflected 150 closed sales of condominiums in North Naples in January, a 150 percent increase over January 2017. The median closed prices in North Naples increased 428 percent. According to a NABOR release, 79 closings from a newly built luxury high-rise condominium in North Naples impacted closed sales, median closed price and days on market figures for the month. Those 79 condominiums sold between $1.8 million and $2.5 million, NABOR reported.

 

Official February 2018 Climate Data at Naples Airport:

Feb. 17
YTD 17
Feb. 18
YTD 18
Normal YTD
Rainfall in inches
1.13
1.92
0.10
.63
3.95
Record High February Rainfall
7.99 (1983)
Record Low February Rainfall
0.0(1949)
High February Temperature
88
89
Low February Temperature
51
53
Record High February Temperature
89 (2018)
Record Low February Temperature
28 (1981)

Temperatures in February were above normal for the month. It seemed more like April than February. The average max temperature in February is 76.9…we recorded 84.6. We tied the record for the month at 89 degrees on three different days! We were the warmest place in the country for much of the month. It was a great month to be vacationing or living in Naples! Reported rainfall at Naples was only .10 inches. This means we now have a shortfall of over three inches.

 

Book Review: “The Great Alone” by Kristin Hannah

I loved Hannah’s book “The Nightingale” which was named Goodreads Best Historical fiction novel for 2015 and won the coveted People’s Choice award for best fiction in the same year. Additionally, it was named a Best Book of the Year by Amazon, iTunes, Buzzfeed, the Wall Street Journal, Paste, and The Week. So I was excited to read her latest, “The Great Alone”!

This is a spectacular book. Set in the 1970’s in Alaska, it tells the story of a family, Lenora (Leni), her parents, Cora and Ernt, who had been a prisoner of war in Vietnam whose experiences had “snapped something in him.” He is full of pain and suffering and flashbacks before we knew what PTSD could do to a person, and the effects it had on the people they loved. It is much more than a story of his pain, however. His daughter, Leni, becomes an unforgettable character and is really the heroine of the book. She and her mother, Cora, face many ordeals and challenges.

A love for Alaska shines through the twisting, turning story of this small family who both loves and hurts each other. When the characters move to Alaska the story comes vividly alive…the scenery, the characters and action.

Here is a passage that exemplifies the book:

“Two kinds of folks come up to Alaska, Cora. People running to something and people running away from something. The second kind-you want to keep your eye out for them. And it isn’t just the people you need to watch out for, either. Alaska herself can be Sleeping Beauty one minute and a bitch with a sawed-off shotgun the next. There’s a saying: Up here you can make one mistake. The second one will kill you.”

I highly recommend you read this book.

 

Restaurant Recommendation: La Cuisine 3861 Tamiami Trail E., Naples

We dined at this restaurant with friends last week. When they told us the name, we thought it must be a French restaurant. Not so… it’s Peruvian! It’s a small place, but we loved the food. Our waiter was knowledgeable and steered us to some great dishes. They even came up with a terrific vegan dish. We were also surprised how fast we got there from our place in Kensington; we made it there in less than 20 minutes in February!

Here are a few recent reviews on Trip Advisor:

“Fantastic authentic flavor from Peru, I had the fish tacos which were outstanding, excellent portion size reasonable pricing. The service was exceptional I will definitely come back!”

“This place is special! Made fresh and all wonderful Appetizer are all unique— cheese wontons, cold potato shrimp and egg, fried rice with shrimp, steak with rice and fries, shrimp with stir fried veggies Waitress the best— always smiling. Worth the stop!”

“The food here was so great we went three times for dinner in two weeks….and are planning a weekly visit for the remainder of our “snowbirding” winter in Naples…just to try every entree. The dinner salad was excellent (the scallops appetizer was tasty but very small…just a few bites to wet the appetite). The corvina entree with seafood was outstanding, as was the lamb chop entree. Both fillet mignon dishes were also excellent…those are the entrees we have tried so far…can’t wait to try the others!!”

 

Naples Real Estate:

Here are the February 2018 Naples/Bonita market statistics.

For the month of February, there were 1,822 closed sales of existing homes in all of Naples and Bonita. This compares with 1,793 closed sales for last year. This represents about a 2% year to year increase for existing home sales.

Here’s an interesting chart comparing January thru February of 2018 to last year:

Closed Sales
Total
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.-Feb. 2017
1,793
826
689
123
127
28
Jan.-Feb. 2018
1,822
773
646
105
265
33
Difference
+29
-53
-43
-18
+138
+5
% Change
+ 2%
-6%
-6%
-15%
+109%
+19%

It’s a little early in the year for meaningful comparisons year-to-year. It’s interesting to see what happened in each category though. Clearly, the high-end market is doing better than the lower end.

 

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

Naples Home Inventory As of March 3, 2018
Total
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
12,298
5,521
4,736
747
1,069
225
Average Number Sold per Month
1,025
460
395
62
89
19
Total Available for Sale
8,167
2,581
3,459
709
1,037
381
Months of Supply as of March 3, 2018
8
6
9
11
12
20

The inventory levels increased about 14% from last month to 8,167 properties. This was the 5th monthly increase in a row and the largest number in quite some time. Typically this is a busy time of year for listings. Also, keep in mind that the figure is still a 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, however, 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.

It is still a buyer’s market for existing homes priced above $300,000. In the over $3 million market, for example, there are 381 properties available. During the last 12 months, 225 properties in this price range have sold…which means an average of about 19 per month. At that rate, the 381 homes available represent about 20 months of supply.

Sellers in the upper price categories are in a highly competitive environment. The median sales price has increased slightly in Naples. There are many good buys available in all price categories in the secondary market.

Another market factor, which has been in play for several years, is the supply of brand new homes. There are many new home developments either being built or 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 March 3rd, 2018 there were 38 active listings in Kensington. This is two more than last month.

Type of Property
Number
Lowest Price
Highest Price
Average Price Per Sq. Ft.
Avg. Days on Mkt.
Estate Homes
5
$1,150,000
$1,375,000
$410
143
Villas
4
$510,000
$899,000
$280
138
Coach Homes
29
$359,250
$656,000
$203
151
Total
38

There have been 27 closed sales in the past 12-month period. At this average selling rate of 2.25 properties per month, the 38 homes listed represent about 17 months of inventory on average. The number of homes available is two more than last month, and it is definitely a buyers’ market for those available.

 

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 March 3rd, 2018:

Property
Number for Sale
Lowest Price
Highest Price
Avg. Asking Price Per Sq. Ft.
Avg. Days on Market
Riverstone
46
$427,500
$1,190,000
$227
118

 

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
8
7
10
11
10
Average Price per Sq. Ft.
$217
$224
$222
$228
$241
Average Number of Days on Market
187
130
81
113
97

Available inventory is 2 less than last month. As of March 3rd there were 46 active listings, 2 pending sales and 5 pending sales with contingencies. The MLS system lists 41 spec and resale homes sold in the last 12 months, which means there is currently a 13-month supply 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

Naples Area Board Of Realtors January 2018 Market Report

Luxury Market Surges in January
Naples, Fla. (February 26, 2018) – Unlike national figures for home sales in January which, according to the National Association of Realtors®, dropped 4.8 percent compared to sales in January 2017, home sales in Collier County rose 11 percent in January to 671 home sales in January 2018 from 603 home sales in January 2017. In fact, closed sales of luxury properties (homes above $1 million) were quite remarkable in January with a 123 percent increase over the number of closed sales of luxury properties in January 2017, according to the January 2018 Market Report released by the Naples Area Board of REALTORS® (NABOR®), which tracks home listings and sales within Collier County (excluding Marco Island).
“Thank goodness for the luxury properties for sale; they are driving the market,” said Bill Coffey, Broker Manager of Amerivest Realty Naples, who added, “Pending sales of homes priced above $1 million increased 67 percent in January compared to last year.”
Broker analysts reviewing the report agreed that many of the high-end speculative homes that had been on the market for over two years, especially in desirable locations like the Naples Beach area, were sold in January.
Dominic Pallini, Broker at Vanderbilt Realty said, “An increase in motivated sellers is demonstrated by January’s overall pending sales, which increased 11 percent.”
“I think we had a lot of pent up demand from wealthy buyers who waited to see how the new tax laws would affect them,” said Jeff Jones, Managing Broker for Engel & Völkers’ Naples and Bonita Springs offices. “Once they understood the law, they obviously felt confident in making a big purchasing decision.”
As such, January’s median closed price decreased 19 percent in the $2 million and above price category. For the entire market, the overall median closed price increased 19 percent in January.
“The storm blew in a lot of business,” remarked Mike Hughes, Vice President and General Manager for Downing-Frye Realty, Inc., who added, “I believe that some buyers who would have purchased in the fourth quarter of 2017 delayed their decision until the first quarter of 2018. It looks like we are off to a good start this year with respect to sales.”
Overall median prices in January decreased for homes up to $1 million compared to last year. For example, median closed prices for properties in the $300,000 and below price category decreased 6 percent in January to $205,000 from $219,000 in January 2017.
“For a long time we saw double digit increases in median closed prices for single-family homes in the $300,000 and below market,” said Cindy Carroll, SRA of Carroll & Carroll Appraisers and Consultants LLC. “But for January, the report showed only a 4 percent increase [year over year (or a 5 percent increase month over month)].”
Overall inventory in Collier County decreased 5 percent in January to 6,071 homes from 6,393 homes in January 2017. However, inventory has been on the rise over the past few months and while the nation continues to experience declining inventory levels that resulted in a 3.4 months supply for January, the Naples area market is seeing its inventory levels increase to 8.2 months of inventory for January.
However, the report also showed a 21 percent decline in inventory for single-family homes in the Naples Beach area, which Carroll says can be attributed to a rush of speculative homes sales in that area.
The NABOR® January 2018 Market Report provides comparisons of single-family home and condominium sales (via the Southwest Florida MLS), price ranges, and geographic segmentation and includes an overall market summary. The NABOR® January 2018 sales statistics are presented in chart format, including these overall (single-family and condominium) findings:
CATEGORIES
Jan 2017
Jan 2018
CHANGE
Total homes under contract (pending sales) (month/month)
924
1,030
11%
Total closed sales (month/month)
603 671 11%
Median closed price (month/month)
$314,000 $375,000 19%
Median closed price >$300K (month/month)
$485,000 $646,000 33%
Total active listings (inventory)
6,393 6,071 -5%
Average days on market
91 91 0
Single-family closed sales (month/month)
284 280 -1%
Single-family median closed price (month/month)
$397,000 $430,000 8%
Single-family inventory
3,219 2,961 -8%
Condominium closed sales (month/month)
319 391 23%
Condominium median closed price (month/month)
$265,000 $320,000 21%
Condominium inventory
3,174 3,110 -2%
According to Carroll, the South Naples (34112, 34113) and East Naples (34114, 34117, 34120, 34137) single-family home markets continued to see the strongest increases in value in January, as reflected in 8 and 9 percent increases in median closed prices, respectively.
Interestingly, and as confirmed by several broker analysts reviewing the January report, an unusual closed sales anomaly transpired in January that, while impacting figures for the month, does not influence the market’s activity trend on a 12-month ending basis.
Basically, and as explained by Hughes, “A newly constructed luxury high rise condominium in North Naples delayed the closings for 79 of its units that were previously pending until January. This in turn, influenced NABOR®’s closed sales, median closed price, and days on market statistics for the month.”
As reflected in the report, there were 150 closed sales of condominiums in the North Naples area in January (a 150 percent increase over January 2017). By the same token, because the 79 condominiums sold between $1.8 million and $2.5 million, the median closed price in this geographic area increased by 428 percent. The data also showed 0 days on the market for the 79 units. The closings were apparently postponed as a result of the hurricane disruption and not completed until January.
“This type of anomaly is why it’s best for REALTORS® to also review the 12-months ending data that accompanies each monthly report,” said Brenda Fioretti, Managing Broker at Berkshire Hathaway HomeServices Florida Realty. “We feel a long-view of the statistics reflects the market’s true behavior better and will help REALTORS® educate both buyers and sellers on how the market is really performing.”
To ensure your next sale or purchase in the Naples area is a success, contact The Wakelin Realty Team at Berkshire Hathaway HomeServices Florida Realty.

Wakelin Realty Team February 2018 Newsletter

Hello from Naples!

Jeff Wakelin (Nicola’s husband) managed to acquire 4 tickets to the Patriots-Jaguars playoff game in Foxborough, MA two weeks ago. We decided that Jeff, daughter Natalie, Fred (Rae’s husband) and daughter Liz would be the lucky ones to go. Liz flew into Boston from Greensboro and met the rest of the crew from Naples.

They took a tour of Tufts University Saturday afternoon, as Natalie is looking at colleges, however it did not displace her #1 choice of BC. Then they enjoyed a great dinner with many of Jeff’s college buddies from UMass on Saturday night in Boston. They went to the game on Sunday afternoon. The temperature was in the mid-forties which was a heatwave for the locals and somewhat tolerable for the Floridians. The game was exciting and (for the majority of fans in attendance) turned out the right way. Most of the USA was rooting for the Jaguars to upset the Patriots, but New England came thru in the end. Our gang from Naples was thrilled!

 

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

Argo breaks ground on residential land in East Naples

Argo Land Development is clearing land at U.S. 41 East and Manatee Road for a future residential community near Manatee Middle and Elementary schools in East Naples.

Argo’s Manatee project is destined to be a gated community with multifamily twin villas and single-family detached homes. The proposed planned unit development on slightly more than 75 acres at 13792 U.S. 41 E. permits 225 residential units. More than 13 acres of the development will be preserved as native vegetation, Collier County records show.

The developer recently was permitted for 191 home lots at that site, said Scott Bland, president of Argo’s Florida division.

“We are zoned for up to 225 units out there,” Bland said. “We haven’t sold the lots yet or gone to market with the lots.”

The new community is planned on each side of Manatee Road where it intersects with the East Trail. In addition to abutting the county schools’ property, the development will border the Enchanting Shores mobile home community on Manatee Road.

Of the total 191 home lots, the site plan shows 162 lots on more than 45 acres on the southwest corner of Manatee and U.S. 41. The future Yellowfin Drive residential street off Manatee Road will lead to Yellowfin Circle, which will ring an irregularly shaped lake and homes on Yellowfin Court cul-de-sac, which is planned to jut into the lake.

Another 29 home lots are planned along the future Tripletail Lane on 7 acres of land on the southeast corner of Manatee and the East Trail. A future amenity center with a swimming pool and grilling facilities for residents is planned on the lake off Yellowfin Circle, plans show.

A prospective move-in date or even a target start date for home construction are not available yet because Argo still needs to sell the lots to a builder, Bland said.

“It’s premature to pin down dates,” he said.

Argo purchased the undeveloped acreage in August 2016 for $4 million, county property appraiser records show.

Based in Ontario, Canada, Argo has its United States headquarters in Estero. After developing communities in Canada for 25 years, the company began its development push south of the border more than three years ago in Southwest Florida.

It nears completion of the Compass Landing residential development along Tree Farm Road off Collier Boulevard between Immokalee Road and Vanderbilt Beach Road in North Naples.   Mattamy Homes, Canada’s largest privately held homebuilder, is building 273 single-family homes in that gated community.

Argo also is behind two future residential communities in Estero — the Corkscrew Crossing community on nearly 400 acres off Corkscrew Road east of Interstate 75; and Estero Park on 77 acres off U.S. 41.

 

Official January 2018 Climate Data at Naples Airport:

  
January
17
YTD 17
January
18
YTD 18
Normal YTD
Rainfall in inches
0.79
.79
0.53
.53
1.85
Record High January Rainfall
9.4 (1991)
Record Low January Rainfall
0.0(1949)
High January Temperature
86
82
Low January Temperature
42
36
Record High January Temperature
88 (1975)
Record Low January Temperature
26 (1982)

Temperatures in January were below normal for the month. The average max temperature in January is 74.7…we recorded 73.1. It was much colder than last year, with temperatures reaching a low of 36 at the Naples airport on the 18th. Reported rainfall at Naples Airport was only .53 inches which means we begin the New Year with a shortfall of over an inch.

 

Book Review: “The Mountain Between Us” by Charles Martin

On a stormy winter night, Dr. Ben Payne and writer Ashley Knox are stuck in Salt Lake City airport when their flights home are canceled because of a storm. Both of them are in hurry; Ben has patients to attend to and Ashley is getting married the following day. Ben hires a charter plane and offers Ashley a seat and the rest of the story becomes a wonderful book. It is a must read and one you won’t want to put down. The author talks of life, love, hardship, perseverance and mending of hearts.

This novel has everything. Suspense, adventure, mystery and romance come together in a masterful tale. Martin’s descriptions of the Wasatch Mountain Range are masterful. The book puts you in the shoes of Ben, the narrator, as though you are walking with him throughout the adventure.

I was spellbound until the end and the climax wasn’t anything I saw coming! In hindsight, I probably should have guessed the twist at the end.

 

Restaurant Recommendation: Barbatella 1290 Third St. South

Rae, Nic and daughter Riley dined here last week and loved it. Both Rae and Nicola ordered the scallops and said they were the best in Naples. Barbatella has a beautiful courtyard setting with views along historic Third Street South. Inside are casual and relaxed dining rooms with brick floors and wood accents. There is also a pizza oven and custom gelato counter that enlivens the decor. A twenty-seat bar which features 100 wines available by the glass, made possible by a state-of-the-art wine preserving system.

The menu includes pasta with typical ingredients from Emilia-Romagna, the Veneto, Tuscany, Puglia and the Adriatic shores. Meat and fish prepared on the rotisserie, the grill, the deep fryer, and the smoker: whole roast duck, smoked pork baby back ribs, Venetian style meatballs, and much more. Signature pizzas with cheeses and garnishes that emphasize a fresh Italian take on favorites from a wood-burning oven.

Here are a few recent reviews on Trip Advisor:

“ Calamari and eggplant appetizer were great! The entrees were good as well especially the pork. I enjoyed my experience here. A little hectic but it was a Saturday night during season so it was expected!”

“We visited with another couple. The mozzarella and burrata appetizers were really delicious – they are large enough that 2 were more than adequate for the four of us. The salads were large and dressed just enough. The entrees we tried were Pappardelle Bolognese, Rigatoni alla Norma, Ligurian Seafood platter and the Seared Scallops. We all thought all these were excellently prepared as well. The wine list choices were also among the more diverse and affordable we have seen. The serving staff was very attentive and friendly.”

“We eat here often, because it’s always fun and always delicious. Pizza is spectacular! As is the pasta. It’s hard to decide what to order, everything is delicious. Service is great. The staff is very helpful and attentive. And, a great wine list!!!”

 

Naples Real Estate:

Here are the January 2018 Naples/Bonita market statistics.

For the month of January, there were 884 closed sales of existing homes in all of Naples and Bonita. This compares with 848 closed sales for last year. This represents about a 4% year to year increase for existing home sales.

Here’s an interesting chart comparing January of 2018 to last year:

Closed Sales
Total
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. 2017
848
389
325
54
65
15
Jan. 2018
884
373
303
44
149
16
Difference
+36
-16
-22
-10
+84
+1
% Change
+4%
-5%
-7%
-19%
+129%
+7%

It’s too early in the year for meaningful comparisons year-to-year but it’s interesting to see what happened in each category.

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

Naples Home Inventory As of February 2, 2018
Total
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
12,335
5,571
4,770
757
1,016
221
Average Number Sold per Month
1,028
464
398
63
85
18
Total Available for Sale
7,799
2,399
3,342
671
1,012
375
Months of Supply as of February 2, 2018
8
5
8
11
12
21

The inventory levels increased about 9% from last month to 7,182 properties. This was the 4th monthly increase in a row and the largest number in a while. Typically there are a good number of listings that hit the market about 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.

It is still a buyer’s market for existing homes priced above $300,000. In the over $3 million market, for example, there are 375 properties 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 375 homes available represent about 21 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 February 2, 2018 there were 36 active listings in Kensington. This is the same as last month.

Type of Property
Number
Lowest Price
Highest Price
Average Price Per Sq. Ft.
Avg. Days on Mkt.
Estate Homes
6
$1,150,000
$1,350,000
$380
121
Villas
5
$485,000
$750,000
$271
222
Coach Homes
25
$359,250
$669,000
$206
151
Total
36

There have been 26 closed sales in the past 12-month period. At this average selling rate of 2.17 properties per month, the 36 homes listed represent about 17 months of inventory on average. The number of homes available is the same as last month and it is definitely a buyers’ market for those available. There are 5 pending sales and 5 pending sales with contingencies on February 2nd.

 

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 February 2, 2018:

Property
Number for Sale
Lowest Price
Highest Price
Avg. Asking Price Per Sq. Ft.
Avg. Days on Market
Riverstone
48
$427,500
$1,290,000
$227
106

 

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
6
7
12
13
10
Average Price per Sq. Ft.
$214
$228
$216
$225
$248
Average Number of Days on Market
 162
 98
 92
 120
78

Available inventory is 11 more than last month. As of February 2nd there were 48 active listings, 0 pending sales and 3 pending sales with contingencies. The MLS system lists 44 spec and resale homes sold in the last 12 months, which means there currently is a 13-month supply of inventory.

 

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

Naples Area Board of Realtors 2017 Market Report

Naples Real Estate Market Showed Resilience & Strength in 2017
NABOR® Releases Annual Market Report for 2017

Naples, Fla. (January 19, 2018) – Home sales increased 4 percent in 2017 and the median closed price increased 3 percent, according to the Year End 2017 Market Report released by the Naples Area Board of REALTORS® (NABOR®), which tracks home listings and sales within Collier County (excluding Marco Island). The report also showed heightened activity in the high-end market, with closed sales of homes in the $2 million and above price category skyrocketing 20 percent in 2017.

“Real estate sales are based on many other economic factors,” said Tom Bringardner, Jr, President and CEO of Premier Commercial. “In 2017, we saw above average employment rates, low inflation, record stock market activity, and increased consumer confidence. Looking into 2018, there are additional reasons for buyers to be optimistic including new tax cuts on the horizon and continued growth of their investment portfolios.”
Adam Vellano, West Coast Sales Manager, BEX Realty – Florida, agrees with Bringardner and also points to the unusually frigid weather in northern states recently, which he says will encourage more people to head south and buy homes. “Now is a great time to diversify and invest in property because there’s still plenty of inventory and prices have remained stable.”
This may not always be the case as indicated by Cindy Carroll, SRA of Carroll & Carroll Appraisers and Consultants LLC, who advises real estate agents to start watching closely for pockets that may soon show an increase in value. “Overall we had a solid year, but there are hints that change is coming with opportunities for increasing values in market sectors with tightening inventories.”
According to Vellano, pending sales during the 3rd Quarter increased 5 percent (12-months ending August 2017), while pending sales at the end of the 4th Quarter increased 2 percent (12-months ending December 31, 2017). “We can only imagine how much more activity the statistics would reflect if the market had not been shut down for nearly five weeks because of a major hurricane in 2017.”
The year-end report showed a 4 percent increase in closed sales to 8,815 in 2017 compared to 8,510 in 2016. Many brokers, including Budge Huskey, President of Premier Sotheby’s International Realty,think, “4 percent growth is great considering we had a hurricane and we lost over a month of real estate activity.”
“Between December of 2015 and December of 2016, overall market inventory increased 54 percent; between December of 2016 and December of 2017 overall inventory has decreased 11 percent. The single family and condominium markets are well positioned with about 7.5 months of supply in each,” said Carroll.
“Other areas in Florida, like Tampa Bay, have less than 2 months worth of inventory,” said Vellano.
Properties priced below $300,000 experienced the fewest days on market in 2017. Some broker analysts reported that they saw many of these properties go from list to close in less than 10 days. Inventory continued to struggle in the low end of the market making options difficult for buyers looking for single-family homes in this price range. In fact, 1,265 of the 1,554 available properties in the $300,000 and below price category were condominiums.
“The shining star in 2017 was condominiums in the $1 to $2 million price category,” said Brenda Fioretti, Managing Broker at Berkshire Hathaway HomeServices Florida Realty. “This category had a 28 percent increase in pending sales and a 14 percent increase in closed sales.”
The NABOR® Year End 2017 Market Report provides comparisons of single-family home and condominium sales (via the Southwest Florida MLS), price ranges, and geographic segmentation and includes an overall market summary. The NABOR® Year End 2017 sales statistics are presented in chart format, including these overall (single-family and condominium) findings:
CATEGORIES
2016
2017
CHANGE
Total homes under contract (pending sales) (year/year)
8,903
9,121
2%
Total closed sales (year/year)
8,510 8,815 4%
Median closed price ((year/year)
$320,000 $330,000 3%
Median closed price >$300K (year/year)
$520,000 $514,000 -1%
Total active listings (inventory)
5,946 5,491 -8%
Average days on market
89 104 17%
Single-family closed sales (year/year)
4,268 4,347 2%
Single-family median closed price (year/year)
$400,000 $418,000 4%
Single-family inventory
3,015 2,685 -11%
Condominium closed sales (year/year)
4,242 4,468 5%
Condominium median closed price (year/year)
$253,000 $263,000 4%
Condominium inventory
2,931 2,806 -4%
Geographically, condominiums in North Naples were the biggest sellers in 2017. Closed sales in this region increased 17 percent, while pending sales increased 15 percent.
How homes are purchased continued to shift in 2017 with an increase in conventional sales (properties with a mortgage). According to Mike Hughes, Vice President and General Manager for Downing-Frye Realty, Inc., “Only 54 percent of home sales in Naples were cash buys in 2017 compared to 69 percent in 2013. Many factors play into this trend including the fact that we have more end users and fewer investors. Also, a buyer’s ability to lock in a low interest rate allows them to continue to enjoy the high performing stock market, which had a 25 percent increase in 2017.”
To ensure your next sale or purchase in the Naples area is a success, contact The Wakelin Realty Team.

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
Total
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
11,954
5,676
4,506
716
859
197
Jan. – Dec. 2017
12,260
5,570
4,772
766
931
221
Difference
+306
-106
+266
+50
+72
+24
% Change
+ 3%
-2%
+6%
+7%
+8%
+12%

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
Total
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
12,260
5,570
4,772
766
931
221
Average Number Sold per Month
1,022
464
398
64
78
18
Total Available for Sale
7,182
2,224
3,083
604
930
341
Months of Supply as of January 5, 2018
7
5
8
9
12
19

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
Number
Lowest Price
Highest Price
Average Price per sq. ft.
Avg. Days on Mkt.
Estate Homes
7
$1,150,000
$1,650,000
$394
155
Villas
6
$465,000
$780,000
$265
199
Coach Homes
23
$359,250
$669,000
$203
155
Total
36

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:

Property
Number for Sale
Lowest Price
Highest Price
Avg. Asking Price Per Sq. Ft.
Avg. Days on Market
Riverstone
37
$455,000
$1,290,000
$230
121

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
7
4
7
9
10
Average Price per Sq. Ft.
$218
$227
$225
$227
$245
Average Number of Days on Market
157
175
67
136
99

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

Naples Area Board of Realtors November 2017 Market Report

November Housing Market Returns to Normal

Naples, Fla. (December 15, 2017) – Home sales in the Naples area increased 3 percent in November year over year, according to the November 2017 Market Report released by the Naples Area Board of REALTORS® (NABOR®), which tracks home listings and sales within Collier County (excluding Marco Island). The report also showed heightened activity in the single-family home market in November where sales of properties priced above $300,000 increased by double digits. Local brokers analyzing the Market Report said they were pleased with the high-end market’s closed sales activity in November, which experienced a 21 percent increase in single-family home sales and a 22 percent increase in condominium sales in the $2 million and above price category.

“November was a good month for both buyers and sellers,” said Lauren U. Melo, PA, a Licensed Real Estate Broker with Florida’s Realty Specialists. “Sellers are pricing homes to sell and there were 521 homes sold in the month of November despite the effects of Hurricane Irma. This is only 51 fewer homes than sold in November 2016.”
These observations were also recognized by the Vice President and General Manager for Downing-Frye Realty, Inc., Mike Hughes, who said, “Buyers and sellers have good reason to be confident as there are many positives on both sides of the fence. Sellers should get their properties on the market now and buyers should move quickly as multiple offers could occur as a result of the tight inventory.”
The November Market Report showed the overall median closed price rose 9 percent to $330,000 compared to $303,000 in November 2016, and overall pending sales in November increased 2 percent to 728 compared to 713 last year. More impressively, pending sales for homes valued at $1 to $2 million increased by 30 percent in November to 61 from 47 last November.
“There were 116 cash transactions for properties below $300,000 in November,” said Melo. “This was higher than expected and may indicate the return of investors to the market.”
The report also showed that a 12 percent decrease in single-family inventory during November led to a subsequent 9 percent increase in the market value of single-family homes. The Naples Beach area saw a 28 percent increase in its median closed price to $975,000 from $762,000 in November 2016.
“The luxury market has gone wild,” said Phil Wood, President & CEO of John R. Wood Properties. “November had a 63 percent increase in pending sales for single-family homes over $1 million. This is a clear indication that high-end buyers continue to find Naples a desirable location for investment.”

The NABOR® November 2017 Market Report provides comparisons of single-family home and condominium sales (via the Southwest Florida MLS), price ranges, and geographic segmentation and includes an overall market summary. The NABOR® November 2017 sales statistics are presented in chart format, including these overall (single-family and condominium) findings:

CATEGORIES
Nov 2016
Nov 2017
CHANGE
Total homes under contract (pending sales) (month/month)
713
728
2%
Total closed sales (month/month)
572 521 -9%
Median closed price (month/month)
$303,000 $330,000 9%
Median closed price >$300K ((month/month)
$519,000 $482,000 -7%
Total active listings (inventory)
5,733 5,322 -7%
Average days on market
88 101 15%
Single-family closed sales (month/month)
268 271 1%
Single-family median closed price (month/month)
$397,000 $433,000 9%
Single-family inventory
2,971 2,606 -12%
Condominium closed sales (month/month)
304 250 -18%
Condominium median closed price (month/month)
$251,000 $250,000 0%
Condominium inventory
2,762 2,716 -2%
As pointed out by Cindy Carroll, SRA, with the real estate appraisal and consultancy firm Carroll & Carroll, Inc., the November report showed a high concentration of condominiums available in the $300,000 and below price category (1,228). “Even though they appear to be a more affordable option, condominiums often have obstacles during the buying process like 55 and older age restrictions or high annual fees.”
Despite these challenges and a 2 percent decrease in inventory in November, condominiums in both the $300,000 and below and the $2 million and above price categories saw inventory rise by 4 percent.
Geographically, sales activity for single-family homes in the North Naples market is heating up as evidenced in the 21 percent increase in pending sales during November. Also hot are condominiums in the Naples Beach area, which saw an 11 percent increase in pending sales during November.
According to Dominic Pallini, Broker at Vanderbilt Realty, “The tax reform proposals coming out of Washington, D.C., appear to present negative tax consequences for many people living in states with high state income tax burdens. This may make relocation to Florida even more attractive in 2018, especially to the wealthy since Florida does not impose an individual income tax.”
Before you sell your home, seek guidance from The Wakelin Realty Team who knows the local market and can help you price your property correctly. We can also locate properties that match buyer needs and negotiate a purchase price that reflects the current market.

Wakelin Realty Team December 2017 Newsletter

Hello from Naples!

This month we are happy to share some exciting news! Rae and Nicola have moved to Berkshire Hathaway HomeServices Florida Realty. They are excited about the change because they now represent one of the world’s most respected brands. It’s a great affiliation for their current clients as well as for new buyers and sellers. The brand is inspired by world-renowned Berkshire Hathaway, Inc…Warren Buffet’s worldwide holding company for his many diverse and successful businesses. It gives Rae and Nicola many more unique tools to help both buyers and sellers. Affiliation with a worldwide organization is a big plus when buying or selling a home in this global real estate market.

Also, Rae and Fred just returned from a transatlantic repositioning cruise aboard Oceania’s Riviera. This is the time of year that the cruise lines move their ships from Europe to the Caribbean, which provides an opportunity to cross the Atlantic. The crossing takes 5 days, but there are many ports of call in Europe before the crossing as the cruise originates in Rome and then ports of call in the Caribbean before the cruise ends in Miami. The cruise was 18 days in all and if anyone is thinking about taking this trip in the future, please contact Rae as she can provide some good tips!

 

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

Who owns the beach in Collier County?

For decades, Collier County’s beachfront in Southwest Florida has been a welcoming place.

Naples’ founding fathers ended the city’s east-west avenues at a street now buried under the sand. The extended avenues mean that, even today, each beach end has parking on every block. For a while, that was enough.

But explosive growth soon made beach parking a big issue. City leaders threatened to start charging county residents for beach parking stickers. The county built the Vanderbilt Beach parking garage to help alleviate the coastal space strain.

So when the Ritz-Carlton first tried to mark off its beach south of the new garage for the exclusive use of hotel guests, the public fought back. It was Collier’s first realization that the beach might not be the publicly owned sandy park everyone believed they had an undisputed right to roam.

The Florida Department of Environmental Protection was called in to make sure the line was drawn in the right place. During especially busy times, the Ritz would post a guard to shoo away visitors who weren’t hotel guests. The county and the Ritz settled into an uneasy understanding in which the hotel uses the entire length of its beach for guests about 30 peak days a year and opens some of it to the public on other days.

Then one spring morning in 2010, visitors walked onto Vanderbilt Beach and found cones and signs marking off a part of the beach in front of the Moraya Bay condominium. For more than a week, the condo was the focus of angry beachgoers who wanted back what they thought was theirs all along: the beach. They overran County Commission chambers, demanding commissioners fight back. They did, voting to take whatever steps were needed, including going to court.

Moraya Bay eventually relented, removing the cones and the signs, and making court action moot. “It looks like a free country,” a 77-year-old Cape Cod woman observed as beachgoers spread their chairs and blankets over sand that had been off-limits the day before.

Moraya Bay developers argued they were simply trying to make the same use of its private beach as other Collier beach clubs, including the Port Royal Club, the Edgewater Beach Hotel, the Naples Beach Hotel and Golf Club, the Ritz-Carlton and La Playa.

After a new County Commission was seated this year, commissioners received emails from the Naples Park Association and beach access advocate Graham Ginsberg about Moraya Bay again marking off its beach.

“Collier County government has yet to provide a solution and fairness for the public use of our beaches,” Ginsberg wrote in one email.

County Attorney Jeff Klatzkow told commissioners this summer he could offer a public beach access law for their review. It would be limited to Vanderbilt Beach and based on the customary use doctrine and the $20 million in public money used to maintain the beach, he wrote. But, he added, it also might not be worth the trouble unless more beach visitors come forward with stories of being wrongfully run off the beach.

“My concern is that such an ordinance will be controversial, will bring out both the private property groups as well as the public access groups, and may result in bad feelings among many,” Klatzkow wrote.

Happening in Naples in December 2017:

December     2017
Sun
Mon
Tue
Wed
Thu
Fri
Sat
1
2
3
4
Kidz Act Presents Elf the Musical
5
Holiday Origami
6
Holiday Tree Lighting at Mercado
7
Naples Players Miracle on 34th St
8
Walking Tour of Naples Historic District
9
Farmers’ Market Shoppes at Vanderbilt
10
Ship and Shop Sunday at Waterside
11
Tour of Palm Cottage
12
Ten Days of Christmas at Palm Cottage
13
Guided Kayak Tours Rookery Bay
14
Edison and Ford Holiday Nights
15
Holiday Pops Concert Artis
16
Christmas Santa Stroll and 5K
17
Annual Christmas Tree Lighting 5th Ave.
18
Naples Players Miracle on 34th St
19
Mercato Movies on the Lawn
20
Walking Tour of Naples Historic District
21
Third Thursday on Third St
22
Edison and Ford Holiday Nights
23
Holiday on Venetian Bay
24
Guided Kayak Tours Rookery Bay
25
Christmas Day
26
Fitness Camp Miromar
27
Art After Hours Artis
28
Tai Chi in the Garden
29
Tour of Palm Cottage
30
Farmers’ Market Shoppes at Vanderbilt
31
New Year’s Eve Fireworks at Naples Pier

 

Official November Climate Data at Naples Airport:

November 16
YTD 16
November 17
YTD 17
Normal YTD
Rainfall in inches
T
44.2
3.29
58.74
50.44
Record High November Rainfall
17.52 (1951)
Record Low November Rainfall
T (2016)
High November Temperature
89
86
Low November Temperature
48
59
Record High November Temperature
92 (1944)
Record Low November Temperature
31 (1970)

Temperatures in November were about average for the month. The average max temperature is 81.2…we recorded 82.4. Rain was below average in November. YTD number is still significantly more than normal, however. November marks the end of rainy, hot summer days and the beginning of dry, cooler weather that will dominate the region until the spring of 2018.

 

Book Review: “I am Pilgrim” by Terry Hayes

A friend recommended this book and she steered us right! As we later learned, Terry Hayes wrote the script for a movie called Dead Calm…that was Nicole Kidman’s starring debut. I’ve always admired that film and the book was great, too.

This action-packed thriller has a few stories going on simultaneously that make no sense at first but once you start to catch on, this book is a page turner. Written with well- researched detail, vivid wording to help you get immersed in the story and surprising twists and turns.

It’s the best spy thriller I have read in a while. The book is long, and covers several sub-plots (that are tied together at the end). It’s told in the first person, by a character that is an ex-spy turned crime investigator. The story is of a bio-terror plot against the United States, a confusing pair of murders, and how events can come back to bite us in the future.

I hope there is a sequel!

 

Restaurant Recommendation: Bricktop’s Waterside Shops Naples

We love this place; the food is always consistently good, the wait staff is friendly and it’s in a fantaic location close to movie theatres, shopping and Naples Artis. Reservations are highly recommended during the season. The Naples location is one of nine in this expanding company based in Nashville, TN. They specialize in “American Bistro” cuisine.

Here are a few recent reviews on Trip Advisor:

“Excellent menu choice, highly recommend the Tuna, cooked perfectly and service is second to none, a lovely restaurant in lovely setting”

“Bricktops is consistently brilliant for great menu service (love the bar area). Milanese Chicken is fantastic and great mashed potato. The ribs here are also amazing. We try and go twice a week when we are here and also fit a lunch in as the Wedge and Cobb salads are great.”

“Had a very nice dinner here with great drinks, great food, great atmosphere and great service. Can eat inside or outside and has a really nice bar with TV.”

 

Naples Real Estate:

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

For the first eleven months of 2017, there were 11,263 closed sales of existing homes in all of Naples and Bonita. This compares with 10,957 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 impacted the number of closed sales in September.

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

Closed Sales
Total
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. – Nov. 2016
10,957
5,244
4,109
641
783
180
Jan. – Nov. 2017
11,263
5,121
4,392
706
837
207
Difference
+306
-123
+283
+65
+54
+27
% Change
+ 3%
-2%
+7%
+10%
+7%
+15%

All categories except the lowest price are up from last year. The first eleven months of 2017 have been positive for existing home sales. Sales slowed a bit in November, but sales of existing homes stayed positive for the first eleven months of 2017.

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

Naples Home Inventory As of December 4, 2017
Total
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
12,193
5,513
4,778
772
906
224
Average Number Sold per Month
1,016
459
398
64
76
19
Total Available for Sale
6,906
2,126
2,993
587
870
330
Months of Supply as of December 4, 2017
7
5
8
9
11
17

The inventory levels increased about 9% from last month to 6,906 properties. This was the second 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 a 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.

It is still a buyer’s market for existing homes priced above $300,000. In the over $3 million market, for example, there are 330 properties available. During the last 12 months, 224 properties in this price range have sold…which means an average of about 19 sold per month. At that rate, the 330 homes available represent about 17 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 December 4, 2017 there were 29 active listings in Kensington. This is four more than last month.

Type of Property
Number
Lowest Price
Highest Price
Average Price per sq. ft.
Avg. Days on Mkt.
Estate Homes
7
$1,145,000
$1,650,000
$379
184
Villas
5
$485,000
$819,900
$265
219
Coach Homes
17
$425,000
$780,000
$205
183
Total
29

There have been 26 closed sales in the past 12-month period. At this average selling rate of 2.17 properties per month, the 29 homes listed represent about 13 months of inventory on average. The number of homes available is four more than last month, and it still is a buyers’ market for those available. There was one pending sale and 3 pending sales with contingencies on December 4.

 

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 December 4, 2017:

Property
Number for Sale
Lowest Price
Highest Price
Avg. Asking Price Per Sq. Ft.
Avg. Days on Market
Riverstone
33
$455,000
$1,290,000
$228
123

 

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
8
5
5
8
7
Average Price per Sq. Ft.
$221
$209
$223
$227
$251
Average Number of Days on Market
115
197
68
126
114

Available inventory is 4 more than last month. As of December 4th there were 33 active listings, 1 pending sale and 2 pending sales with contingencies. The MLS system lists 51 spec and resale homes sold in the last 12 months which means there is currently an 8 month supply of inventory in Riverstone.

 

Thanks for taking the time to read our newsletter. Give us a call if we can help with any of your real estate questions at 239-398-0028 (Rae) or 239-451-9351 (Nicola).

Rae & Nicola