Naples Area Real Estate News & Market Trends
by Robert Nardi

You’ll find our blog to be a wealth of information, covering everything from local market statistics and home values to community happenings. That’s because, at Nardi Realty, we care about the community and want to help you find your place in it. Please reach out if you have any questions at all. We’d love to talk with you!

July 14, 2019

Market Watch July 2019

Home Sales Shifted East

By Robert L. Nardi


In tempo with a recent shift in sales from high-end homes near the beach to homes under $500,000 in areas east of the beach, overall closed sales during May in the Naples area increased 9.8 percent to 1,165 closed sales compared to 1,061 closed sales in May 2018. Closed sales were highest in East Naples (34114, 34117, 34120, 34137), which reported a remarkable 21.7 percent increase.  

While inventory levels decreased 13 percent to 5,905 homes in May 2019 from 6,785 homes in May 2018, over 2,000 homeowners reduced prices during May according to the May 2019 Market Report (CLICK HEREreleased by the Naples Area Board of REALTORS® (NABOR®), which tracks home listings and sales within Collier County (excluding Marco Island).

Nearly 30 percent of active listings had a price decrease in May.   This was most apparent in the City of Naples [34102], which reported a 24.9 percent decrease in its overall median closed prices.

Broker analysts reviewing the May report noticed a shift in sales from the traditional high-end market to homes under $500,000 earlier this year. The trend continued to be reflected in the May report, which showed closed sales for homes between $1 million and $2 million decreased 8.9 percent in May, while closed sales of homes between $300,000 and $500,000 increased 10.8 percent. Incidentally, closed sales increased in every price category reported except the $1 million to $2 million price category.

The May 2019 report showed closed sales of single-family homes up 12.8 percent compared to a 7 percent increase in closed sales for the condominium market. Interestingly, the decrease in closed sales for the $1 million to $2 million price category appeared in its condominium market, which saw a 23.1 percent decrease, while its single-family homes closed sales increased 3.6 percent. In comparison, the $300,000 to $500,000 price category reported a 12.6 percent increase in sales of condominiums and a 9.6 percent increase in sales of single-family homes.

While the median closed price for May 2019 increased 6.9 percent to $355,000 from $332,000 in May 2018, however, the median closed price for single family homes in May 2019 decreased 3.5 percent to $415,000 from $430,000 in May 2018.

My Thoughts…

The reason why closed sales in East Naples have increased is because there is a greater amount of new construction and the price points tend to be lower than other areas of Naples.   Therefore, Buyers tend to get a better overall value.   The “better value” comes from the fact that the land values are not as high in East Naples as other parts of Naples, i.e., North Naples.  

The report also showed a large amount of list price decreases.   This is a direct result of Sellers setting prices in January 2019 and when their listing did not sell during season, they lowered prices in hopes that they could make a sale in May.  

The shift to purchasing $500,000 or less from the $1M to the $2M is a bit skewed.   Kalea Bay, a large luxury high rise in North Naples was completed last January and they sold out of all units.   Closings have been brisk but now there is no more inventory to offer.   They are constructing a 2nd building.   So those $1M to $2M closed sales have stopped for the moment until the 2nd building can be completed.

Just a reminder that season is approaching.   If you are thinking about renting, you should contact me as soon as possible.   Many renters are returning, and new renters may have difficulty finding the right time frame or unit.

Lastly, if you have friends or family looking for property from Marco Island all the way up the west coast to Sarasota, FL and if you refer them to me and it results in a closed sale, I will donate $200 to your favorite charity as a “Thank you!”   Please feel free to contact me anytime at 239-293-3592 or by e-mail, Robert@NardiRealty.com

 

Enjoy the rest of your summer!   It appears to be going fast!

Posted in Market Updates
June 9, 2019

Market Watch June 2019

Increased Sales in April 2019
By Robert L. Nardi

Closed sales during April in the Naples housing market increased 12.8 percent to 1,158 properties in April 2019 from 1,027 properties in April 2018. Broker analysts reviewing the April 2019 Market Report released by the Naples Area Board of REALTORS® (NABOR®), which tracks home listings and sales within Collier County (excluding Marco Island), reported that April was a solid month with strong sales activity in both the single-family and condominium markets.   The report showed overall sales were up 17 percent in April over March, and March's sales were higher than February.

And while April's overall median closed price decreased 5.6 percent to $340,000 in April 2019 from $360,000 in April 2018, April 2019's median closed price was higher than both January and February's median closed prices.

The Report also showed nearly 1,000 properties went from active to either terminated, expired, or withdrawn in the Southwest Florida MLS during April, which directly impacted April's ending inventory level as seen in an 11.1 percent decrease to 6,435 properties in April 2019 from 7,239 properties in April 2018. April saw the number of new condominium listings increase by 9.2 percent; whereas there was a decrease of 3.2 percent for new listings in the single-family homes market.

The NABOR® April 2019 Market Reports provide comparisons of single-family home and condominium sales (via the Southwest Florida MLS), price ranges, and geographic segmentation and includes an overall market summary. NABOR® sales statistics are presented in chart format ( CLICK HERE), for those of you who like statistics.

Geographically, closed sales skyrocketed in April for the Naples Beach area (34102, 34103, 34108), which had a 44.6 percent increase in closed sales for its single-family homes market and a 12.5 percent increase in closed sales for its condominium market. Also remarkable, the Central Naples area (34104, 34105, 34116) had a 22 percent increase in closed sales of condominiums while the East Naples area had a 36.4 percent increase in condominium sales and the South Naples area (34112, 34113) topped them all with an impressive 49 percent increase in closed sales of condominiums during April.

My thoughts…

From this data it shows that a lot of sellers “threw” their properties on the market during the season in hope of making a sale based on their price.   I have several sellers this season set the price even though I had a comparative market analysis showing the proper listing price and if they signed up for my “Elite” listing package, I would have paid for an appraisal.   My philosophy is, “O.K., we can try your price and if we get none to very few showings, we would need to adjust the price.”   They all nod their heads and agree.  Since I do a lot of advertising, I was able to bring in my own customers to view these properties, but an overpriced listing is an overpriced listing.   I would ask these sellers for a price reduction and it seems that they forgot what they agreed to.   Unfortunately, their homes sat on the market this season and eventually they became expired listings.   On the other hand, when I had sellers who understood the market and looked to me for my professional opinion, I was able to start off at the right price and garner a sale or they understood based on feedback and showings that they would have to lower the price, they would garner a sale.   Price a property right and it will sell! (Evident by increased sales in April 2019)

The summer weather is arriving, and I hope you take advantage of it, because in a few short months, winter will be upon us again.   If you think you would like to be in Southwest Florida in the wintertime, please try to book your seasonal rentals as soon as possible.   I have a large rental pool and rental agents that are here to assist you.

Thinking about purchasing, selling or renting?   Please feel free to call me anytime at 239-293-3592 or send an e-mail to Robert@NardiRealty.com.

Happy Summer Everyone!

Posted in Market Updates
May 12, 2019

Market Watch May 2019

March 2019 increased sales compared to February 2019

By Robert L. Nardi

According to the March 2019 Market Report released by the Naples Area Board of REALTORS® (NABOR®), which tracks home listings and sales within Collier County (excluding Marco Island), the median closed price of homes decreased 5.6 percent to $340,000 in March 2019 from $360,000 in March 2018. Broker analysts reviewing the report clarified that the median closed price decrease was due, in part, to an increase in the number of closed sales of homes priced under $500,000 during the last year.  

Another reason for the decrease in median home price is due to sellers pricing their homes appropriately – based on actual comparisons of recently sold homes – to gauge their home’s estimated value rather than pricing their homes based on unvalidated values.

The March 2019 Market Report showed overall closed sales decreased 1.7 percent to 973 in March 2019 compared to 990 in March 2018. This decrease was isolated to the single-family home market, whose sales in March 2019 fell by just 17 total sales compared to March 2018. The condominium market in March ended with 499 closed sales, the same number reported in March 2018.  

The report also showed closed sales in March increased 64 percent compared to February 2019, which reported 595 closed sales; and it increased 65 percent compared to January 2019, which reported 588 closed sales.  

The NABOR® March 2019 Market Reports provide comparisons of single-family home and condominium sales (via the Southwest Florida MLS), price ranges, and geographic segmentation and includes an overall market summary. NABOR® sales statistics are presented in chart format ( CLICK HERE) for those of you who like to statistics in chart form.

Geographically, the median closed price for condominiums in the Naples Beach area (34102, 34103, 34108) increased 13 percent to $805,0000 in March 2019 compared to $711,500 in March 2018, the highest increase of all areas reported. The median closed price for single-family homes increased the most in South Naples (34112, 34113), by 2.6 percent to $410,000 in March 2019 compared to $400,000 in March 2018. Inventory during March increased in only one segment and place: single-family homes in the Naples Beach area. This area’s inventory increased by 4.1 percent and is where a large majority of “spec” home building is taking place.  

What does this mean?

Last year after Hurricane Irma, repairs had to be made to homes, so the buying process and the amount of inventory was lower.  Now we have a surplus of inventory and once a seller finds their realistic list price, the home tends to sell. The proof is in the report, which showed that sellers received 95.3 percent of the final list price in March.  

2019 Economic Summit

I recently attended the 2019 Economic Summit on housing in Naples.   As predicted, we are seeing pockets of areas increasing as well was areas decreasing.   It appears over the next couple of years, the Park Shore & Moorings area will have an increase in value.   Builders are trying to find vacant lots/tear downs to build spec homes.   It seems to be the area where demand is higher and inventory is lower.

The areas showing the decreases are those homes that are “Tuscan Inspired.”   The demand for coastal living homes are on the rise and those home that are very “Tuscan” are having difficulty selling and unfortunately selling for a lower price point.

Your referrals…

I want to thank all my past and present customers for referring me to their friends and family when thinking of listing or buying in Southwest Florida.   I also want to let you know that we can sell/list as far as Bradenton, FL on the west coast.   I have several agents that know areas all the way from Marco Island to Sarasota to Bradenton that have sold and/or live in these areas.   Please keep in mind that we also have a large rental department.   If you are thinking of booking a rental for season, I urge you to do it now.   We already are getting a large amount of bookings for season.   Please contact me at 239-293-3592 or send me an e-mail to Robert@NardiRealty.com so I may assist you with any referrals you may have or to book a rental.   By the way, you can always start your search at NardiRealty.com.

 

Summer is fast approaching!   Wishing you warmth & sunshine always!

Posted in Market Updates
April 17, 2019

Market Watch April 2019

Inventory is Up!

Home buyers had many more options to choose from in February as housing market inventory increased 7 percent to 7,442 homes in February 2019 compared to 6,912 in February 2018. In addition to 1,498 new listings added to the Southwest Florida MLS in February, the February 2019 Market Report released by the Naples Area Board of REALTORS® (NABOR®), which tracks home listings and sales within Collier County (excluding Marco Island), also reflected a 4 percent decrease in the overall median closed price to $335,000 in February 2019 compared to $350,000 in February 2018.

Inventory usually jumps at this time of the year.   New listings increased 34 percent in the single-family home market and 7 percent in the condominium market [based on a comparison of February statistics].

The February Market Report ( CLICK HERE ) showed inventory for each home type was about even in February with 3,801 single-family homes available (a 10 percent increase compared to February 2018) and 3,641 condominiums available (a 4 percent increase compared to February 2018).

What does this mean?

When inventory is up and demand is down, prices tend to drop.   This is what we saw in February 2019.   When I was taking around buyers, they were almost overwhelmed by the amount of inventory there was between resales and new construction (where inventories are much higher than they were last year).  Many of my buyers are either coming back in the fall to start to look again or decided to rent for next season in a community that they liked (sort of a “Try and Buy” situation).   If they like the community, they will most likely purchase next season.   Plus, since our U.S. dollar is very strong, many European’s and Canadians put off buying in hopes that their dollar will increase in value by next season.

My thoughts…

I think that we are going to have a very busy end of summer & early fall.   I believe buyers who did not purchase now, will be back.   Hence, I have a feeling some of the inventory if priced right will sell quickly.   Pricing a property right is key!

If I could help with your property search in anyway please feel free to call me directly at 239-293-3592, or if you wish to search for your own properties, you can access www.BuyNaples.net  You can search for both properties for sale & available rentals.   In addition, if you are curious about the value of your home, we have an automated Custom Market Report (green button on the right side of the website) that can give you a range of value for your current home.   Lastly, you also can search for all new construction in the Southwest Florida via an application on the right side of the website (orange button).

Spring feels like it has sprung!  Enjoy as much sunshine as you can muster!

Posted in Market Updates
Feb. 10, 2019

Market Watch February 2019

4th Quarter Stats - Up

By Robert L. Nardi
The Naples area housing market ended 2018 with impressive annual activity statistics in all areas of the residential real estate market including an 11 percent increase in total closed sales and a 14 percent increase in inventory compared to 2017. Sales of homes over $1 million continued to drive the market in 2018, especially in the condominium market where closed sales of condominiums over $1 million increased a whopping 37 percent! According to the Year End 2018 Market Report released by the Naples Area Board of REALTORS® (NABOR®), which tracks home listings and sales within Collier County (excluding Marco Island), inventory at the end of 2018 was the highest on record in six years.  

Prices held steady in 2018 with just a 3 percent increase in median closed, however, for homes over $300,000, the median closed price decreased 1 percent.

The top 5 positive trends for home buyers and sellers are:

5 POSITIVE TRENDS FOR SELLERS

• Colder winters up north are bringing more visitors to the Naples area  • Naples area homes are selling faster (average days on market decreased 9 percent from list to closing) • Buyers interest in the Naples market is on the rise as a result of aggressive builder advertising in northern markets • More comparable home prices are available with the increase in inventory  • Location, location, location continues to appeal to home buyers

5 POSITIVE TRENDS FOR BUYERS

• Inventory is increasing which translates to more options for home buyers  • There are as many condos for sale as there are single family homes which expands overall opportunities for home buyers (Total: 6,261) • The stability of the overall median closed price builds buyer confidence in the market • Mortgage interest rates are currently low (< 5%) spurring home buying decisions • Location, location, location continues to offer appeal!

Single-family homes in the Naples Beach area (34102, 34103, 34108) reported the highest median closed price increase (14 percent) in 2018 compared to 2017. But that’s most likely due to closed sales of a few multimillion homes that took place last year including a $48.8 million transaction in June for a home in Port Royal. 

The median closed prices listed on NABOR®’s market reports do not reflect average sales prices. Rather, the median closed price demonstrates a rate wherein half the closed sales were purchased for amounts below the figure (median) and half the sales were purchased for prices above it. As such, of the 662 single-family homes located in the Naples Beach area that sold in 2018, the median closed price was $1,268,000 in 2018 compared to the 652 single-family homes that sold in 2017 where the median closed price was $1,117,000. Incidentally, closed sales in this area increased only 2 percent.

Conversely, closed sales of single-family homes in the Ave Maria/Immokalee area increased 233 percent to 143 homes in 2018 compared to 43 single-family homes in 2017. Median closed prices for single-family homes in the Ave Maria/Immokalee area decreased 4 percent to $245,000 in 2018 compared to $255,000 in 2017.

For those of you who like statistics, the NABOR® Year End, 4th Quarter and December 2018 Market Reports provide comparisons of single-family home and condominium sales (via the Southwest Florida MLS), price ranges, and geographic segmentation and includes an overall market summary. NABOR® sales statistics are presented in chart format.  CLICK HERE for Dec 2018 Statistics and CLICK HERE for 4th Quarter 2018 Statistics

My Thoughts…

I threw a lot of statistics at you.  The bottom line is that certain sectors are selling well, and the median sales price is increasing while others are slowing down.  Closer to the beach the higher median price.  We are in a very stable market, but it appears it is starting to swing into more of a buyer’s market.  We currently have 9 months of inventory and just around 8 months ago, we had 6 months of inventory.  As of late, I am getting fewer showings even though it is season. I believe people are still apprehensive concerning purchasing due to the volatility of the stock market in December and the government shut down.  Even now, there is some uncertainty as to whether the government will remain opened.  Once the government does open indefinitely, I believe demand will increase, inventory will lessen, and sale prices will increase.

Lowball Buyers

As of late, Buyers have been putting lowball offers on some of my listings.  They are coming in over 20% below list price (which closed sales prove they should not be coming in that low).  Generally, offers come in 10% below list price.  Then when the seller counters this lower offer, the buyers say that we are too far apart, and they won’t even counter back.  It’s a very odd time.

I hope all of you who are currently up North are staying warm and if you aren’t, we still have some March seasonal rentals available.  If you have any interest, please feel free to call me at 239-293-3592 or send an e-mail to Robert@NardiRealty.com.   The weather down here is picture perfect, upper 70’s low 80’s with little humidity. 

 

Wishing everyone a warm, sunny & happy Valentine’s Day!

Posted in Market Updates
Jan. 13, 2019

Market Watch January 2019

Home sales in November increased by double digits across every price category resulting in an overall increase of 24 percent compared to November 2017. Median closed prices decreased for homes under $1 million in November and inventory rose 12 percent to 5,971 homes, according to the November 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 $0 to $300,000 single-family home market had the most impressive activity in November where inventory rose 38 percent and closed sales increased 30 percent compared to November 2017. This section of the market also saw its median closed price hold steady at $250,000.

The NABOR® November 2018 Market Reports provide 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 November 2018 NABOR® sales statistics are presented in chart format ( CLICK HERE).

Collier’s housing market in November had some interesting pockets of activity. For example, median closed prices decreased 19 percent in the Naples Beach area (34102, 34103, 34108); but increased 12 percent in the North Naples area (34109, 34110, 34119). There was a 90 percent increase in closed sales of condominiums in East Naples (34114, 34117, 34120, 34137), which brokers attribute to an increase in new construction of townhome developments east of Collier Boulevard. And single-family homes in Central Naples (34104, 34105, 34116) sold the fastest with an average 66 days on the market from listing to closing.

My Thoughts…

It appears that we’ve made quite a recovery from Hurricane Irma last year.   The lower priced condominiums and homes under $300,000 are selling quickly.   My biggest concern is new inventory.  If we have Buyers searching in this range, there is very little new construction in Collier County.   The upside is resales.   Sellers with resales in this price range will most likely sell quicker than if they had a higher sales price then $300,000.   It is just convincing Buyers to paint, put new carpet in and do some other updates.  

The December statistics are not out yet, but during the month of December, I saw a slow-down compared to November.   I believe that this slow-down was due to the erratic stock market, the threat of our government shut down and of course the holidays.   It will be interesting to see what those statistics indicate next month.

Get out of the Cold!

Season is upon us and we still have some great rentals available.   If the cold gets to be too much for you, please contact me via e-mail Robert@NardiRealty.com or by phone 239-293-3592.   Why shovel snow and endure the cold when Southwest Florida has so much to offer for the winter?

Wishing you and yours a very Healthy & Happy New Year!   Welcome to 2019!

Posted in Market Updates
Dec. 9, 2018

Market Watch December 2018

Increase Sales - Inventory

By Robert Nardi

Closed sales of homes in the Naples market grew 20 percent to 674 sales in October 2018 compared to 561 sales in October 2017. The last few months have seen not only a return to a steady housing market for Naples since Hurricane Irma, but also an increased buyer appetite for homes in Collier County. We are pleased to report that inventory during October jumped 20 percent to 5,992 homes – the highest October inventory level since 2012 – which is good news for buyers according to leading broker analysts who reviewed the October 2018 Market Report ( CLICK HERE ) released by the Naples Area Board of REALTORS® (NABOR®), which tracks home listings and sales within Collier County (excluding Marco Island).

Overall pending sales for October were up 17 percent with the $1 to $2 million price category reporting the highest increase (39 percent) for the month compared to October 2017.  

The October report also showed the overall median closed price increased 1 percent to $344,000 from $342,000 in October 2017; but went down 1 percent for homes priced over $300,000 to $475,000 from $480,000 in October 2017. Interestingly, the median closed price in the Naples Beach area decreased 13 percent in October to $595,000 in October 2018 from $682,000 in October 2017. However, in the 12-months ending October 2018, the median closed price rose 4 percent to $344,000 from $330,000 in the 12-months ending October 2017. In the Naples Beach area, the median price rose 4 percent in the 12-months ending October 2018 to $790,000 from $763,000 in 12 months-ending October 2017.

My Take…

Increased inventory is expected to lead to increased sales. Higher volume sales during our peak selling months during season is important for both homebuyers and sellers. For home buyers, it means a higher likelihood of finding the right property. For home sellers, it means shorter marketing time and a higher likelihood of finding a buyer.   However, I think based on the increased inventory, Buyers will be driving the market.   Since they’ll have more to choose from, it will be shifting from an even market to a Buyer’s market.  Therefore, listing & selling prices will be decreasing in some areas depending on the amount of inventory available.   For example, in the Naples beach area we are very limited on 3 bedroom & 3 bath condos.   If that is what a Buyer is looking for, then pricing is not going to fluctuate.   However, if you are looking for a pool/spa home built 2003+, with 3-4 bedrooms & den & 3-4 baths that is that is between $2M to 3M West of 41 in the Moorings & Parkshore area, days on Market tend to be longer.   The difference between the sales price & listing price, can be anywhere from 10-15% below asking.   It is a good time for Buyers to purchase, if that is what they are looking for.

Referrals and Giving to Charity

There is no greater compliment then being a recipient of one of your referrals.   Do you have family and friends looking to purchase or sell? I would be happy to assist them with their Southwest Florida property search or sale (call me directly at 239-293-3592 or via e-mail Robert@NardiRealty.com). However, these referrals do not have to be local to Southwest Florida.   I have a network of real estate professionals that can assist you in every state.  If I do receive a referral and a sale occurs, I will donate $200 to your favorite charity!  

Successful Year!

Many thanks to all of you who helped Nardi Realty have the best year ever! The firm is up by 25% from 2017 and my personal business increased by 45%.   Our success is based on our commitment “to treat every customer like our only customer” and all my sales associates are team players.   We help elevate each other to be the best at what we do and all of us are committed to making our customers our number one priority!

 

Wishing all of you Happy Holidays and a very Healthy & Happy New Year!

Posted in Market Updates
Aug. 12, 2018

Market Watch August 2018

Luxury Market Still Soaring!

By Robert Nardi

Activity in the Naples area housing market during the Second Quarter of 2018 remained steady in comparison to activity during the Second Quarter of 2017. According to the 2Q 2018 Market Report released by the Naples Area Board of REALTORS® (NABOR®), which tracks home listings and sales within Collier County (excluding Marco Island), overall closed sales increased 2 percent to 2,926 properties in the 2Q of 2018 from 2,880 in the 2Q of 2017. But in the $2 million and above single-family home market, closed sales rose 25 percent in the 2Q of 2018, which—along with other market indicators—leads many broker analysts to believe that interest in luxury homes will remain in high demand.

Available inventory at the end of the 2Q of 2018 was 5,165 properties, just 24 units behind the inventory level at the end of the 2Q of 2017 (5,189 properties).  Inventory rose 15 percent in the $2 million and above condominium market during the 2Q of 2018, which may be a factor in the uptick of pending sales in the luxury condominium market as it rose 32 percent during the 2Q of 2018.  Inventory in other parts of the state and nation are stretched thin, hovering between 3 and 4 months of inventory, but Naples enjoys almost 7 months of inventory.  There were four property sales over $10 million during the 2Q. Brokers analyzing the market report agreed that multiple offers on luxury properties have risen. But whatever factor(s) is driving the increased interest, closed sales of luxury homes over $2 million are positioned to rise again as the stage has been set in the 2Q where pending sales in this price category increased 22 percent for single-family homes and 32 percent for condominiums. The NABOR® Second 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® Second Quarter 2018 sales statistics are presented in chart format (CLICK HERE).

The benefits to be a Florida resident!

It appears the luxury market has really taken off.  I think one of the contributing factors is that Florida has no state tax.  This could be a huge savings for some.  Also, if you homestead your property here, there are numerous tax benefits that are just too good to pass up.  For instance, your real estate taxes are reduced by $650 and they are capped at 3% a year.  For example, if you owned a home last year that was appraised at $200,000 and the price this year is appraised at $220,000, your value rose 10% ($20,000 more) so typically you would be taxed 10% higher, however, because you have a homestead property, your real estate taxes can only be increased 3% ($6,000).   Since Collier County real estate taxes are 1.25% (relatively low compared to states like New York, New Jersey & Massachusetts) of the appraised value at the 10% you would pay $2750- $650= $2,100, however, because of homestead rule, you would only pay $2575-$650= $1,925.  It doesn’t look like much, but it could be a large tax savings over time and if you owned a multi-million dollar property, the tax savings would be huge.  Other benefits of a homestead property give married couples a large tax savings in case one should die.  The spouse who dies, his/her portion would merely pass to the other spouse tax free.  No probate.  No inheritance taxes.  And the last significant benefit is that if you were in a law suit, and the winning party was able to put a lien on your Florida home, they could never force you to sell your home.  They would have to wait for their monies until your home ownership changed.  I hightly recommend that you contact a Florida tax attorney or certified public accountant to see if you could benefit by being a Florida resident.

Season is quickly approaching.  If you need a rental or are thinking about purchasing, please feel free to contact me at any time.  My phone no. is 239-293-3592 and my e-mail is Robert@NardiRealty.com.

Finally, we did have some Red Tide in Collier County, but it was small compared to some of the north west coast Florida cities.  In fact, this week it has improved greatly.  Very few signs remain.

 

Enjoy the rest of your summer and looking forward to seeing you in season or sooner!

Posted in Market Updates
July 8, 2018

Market Watch July 2018

May 2018 Sales Performed Well

By Robert L. Nardi
For a second consecutive year, housing activity during May demonstrated to broker analysts that May remained a standout month.   Closed sales in May 2018 were higher than all months following May 2017. May also saw inventory levels continue to stabilize, according to the May 2018 Market Report released by the Naples Area Board of REALTORS® (NABOR®), which tracks home listings and sales within Collier County (excluding Marco Island).   Click HERE for the May 2018 Statistics Chart.

Closed sales of properties in the $300,000 to $500,000 price category during May increased 21 percent over May 2017, while closed sales in the $300,000 and below price category were just one sale short of the number of closed sales in May 2017.

There was very good news for buyers in the report as May’s overall median closed price dropped 5 percent to $337,000 from $355,000 in May 2017. Moreover, the overall median closed price for homes priced above $500,000 decreased 14 percent to $507,000 from $590,000 in May 2017.

On the high-end side of the market, despite an 11 percent increase in median closed prices, pending sales of properties in the $2 million and above price category increased 23 percent in May 2018 compared to May 2017.

Geographically, North Naples continues to be a shining star as the only coastal area in Collier County to report an increase in closed sales for May. Activity in the rural Ave Maria area has increased steadily over the last year; but in May, this area saw its single-family home closed sales skyrocket to 40 percent.

My thoughts…

The reason for certain categories having price drops is the direct correlation with new construction being offered.  As I stated in other newsletters, Buyers can purchase a newly constructed single-family home with a pool for $500,000 to $550,000 in Naples proper.  And Ave Maria’s closed sales skyrocketed, because a Buyer can purchase a single-family home for $300,000 (because land values are less due to its location farther east & north).  And lastly, the reason that North Naples continues to sell well is because of the closeness of two beaches; Vanderbilt Beach & Wiggins-Delnoir State Park.   In addition, the Mercato offers world class dining and shopping.   Residents have just a short distance to all these amenities.

Please keep in mind to search for properties for sale or rentals at www.NardiRealty.com.   We are one of the only few search engines that provides information on yearly HOA fees.   Also, if you wish for me to perform a personal search for you, please send me an e-mail to Robert@NardiRealty.comor call me at 239-293-3592.  

 

Enjoy these warm summer breezes!

Posted in Market Updates
June 11, 2018

Market Watch June 2018

$1M & Up Still Surging!

By Robert Nardi
According to the April 2018 Market Report released by the Naples Area Board of REALTORS® (NABOR®), which tracks home listings and sales within Collier County (excluding Marco Island), Collier County enjoys 7.76 months of inventory compared to a 4-month supply nationally. This is great news for Naples REALTORS® as they transition from a very busy high season to what broker analysts believe will be a very strong summer.

Condominium inventory grew 2 percent in April to 3,003 units, over half the entire market, from 2,934 units in April 2017. The $300,000 and below price category experienced the highest increase in inventory (7 percent) to 1,472 units from 1,378 units in April 2017. Pending and closed sales of condominiums in this low-end price category were also strong, with a 17 and 14 percent increase, respectively. Interestingly, the median closed price of condominiums in April dropped 8 percent to $271,000 from $296,000 in April 2017.

What is still a top performer and a trend, the number of closed sales of homes between $1 and $2 million increased 34 percent, while closed sales of homes over $2 million increased 15 percent in April.

The NABOR® April 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® April 2018 sales statistics are presented in chart format ( CLICK HERE).

What does this all mean?

The high-end is still going strong.  If you have $1million to over a $2million listing, you have more of a chance of being sold, then if you had a listing from $300,000 to $999,999.  The growth of the $1Million to $2Million market is a direct result of new high rises going up like Kalea Bay in North Naples. With all new construction, they are offering numerous amenities.  Buyers are no longer looking for a home or a condo, they are looking for a lifestyle which makes it tough to sell resales that either have a few or no amenities.  I have some beautiful homes between $475,000 - $500,000 very close to the Gulf of Mexico and they are just not moving.  Furthermore, today’s buyers don’t want to take on any projects, therefore, new construction seems to be a solution.   A buyer can purchase a brand-new home with a pool at a price point between $450,000-$500,000 (depending on the upgrades they choose).  Location, location, location is no longer important to them.  They don’t mind driving farther east or southeast to get exactly what they want.

Book your seasonal rental in advance

Our rental booking department is already getting very busy for next season (January – April 2019).  My suggestion to you is if you wish to book a rental, please do it sooner than later.  We have a lot of our old customers returning and many new customers booking in advance.  You can search for your own rental at NardiRealty.com or you can call me directly at 239-293-3592 and I can put you with one of our rental agents.

 

Enjoy your summer!  I have a feeling it is going to be a hot one!

Posted in Market Updates