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!

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
May 13, 2018

Market Watch May 2018

High-end Selling

By Robert L. Nardi

 

 

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). 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.  There was 109 percent increase during the quarter in pending sales for condominiums over $2 million.   This month there was many statistics provided, so below is a chart outlining the change in percentage from 2017 to 2018.  See below:

 

CATEGORIES                                                                                           IQ2017             1Q 2018                 CHG%

  • 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

And for those of you who really like statistics, I have two charts that you can view/print at your leisure. 

March 2018 Statistics

First Quarter 2018 Statistics

What’s Happening?

From the statistics presented sales are brisk in the high-end market ($1M-2M) and home/condominium sales are moving slower in the $1M or below market.  The luxury condominium market has increased greatly because many of the luxury high rises that were offering pre-construction pricing 2 years ago have now received their Certificate Occupancy and now all of those buyers are closing on their new construction.  What’s interesting in my own firm, is that I am noticing there is more of a demand of homes in the $1M or more category.  From the beginning of April to the middle of May 2018, we have had a $4.1M, $1.25M, $1.265M & we will have another closing of $1.3M on May 15, 2018.  That equates to 30% of my sales associates have had individual sales of $1M or more. 

It also appears that season is running late for the firm.  Usually, sales are all wrapped up by the end of March, however, we are seeing brisk sales all the way up until the end of May 2018.  This is a direct effect of a low volume of interest in February 2018 to purchase.  I personally had very little foot traffic/showings in many of my listings. Then, all of sudden in March 2018 it was like a buying frenzy.  Psychologically, people who have been vacationing/renting in Southwest Florida just dreaded the fact that the weather was inclement up North and thought, “Do I really want to go home to that?”  Many vacationers/renters turned into buyers.

Speaking of Renters…

 

As you may know, we have a large rental department.  My best advice is to book early if you are thinking about renting in Southwest Florida for 2019.  I am seeing a lot of new clients booking rentals for next season.  You can call our rental line directly at 239-228-7359.  Please let them know what you are looking for and if we don’t have it in our inventory, you’ll be able to be assigned to one of our astute rental agents to assist you.  Your other options are to either call me directly at 239-293-3592 or go on-line at NardiRealty.com to search properties for sale or available rentals.  What sets us apart from other websites is that our property search engine gives you much more in-depth information like homeowner association & condo fees per year. 

Wishing you a very Happy Spring into Summer.   The cold weather is past us, bring on the warmth!

Posted in Market Updates
April 8, 2018

Market Watch April 2018

Luxury, Luxury, Luxury

By Robert Nardi

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).

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.   In fact in the February Market Report showed 44 of the 52 homes purchased in the $2 million price category were cash purchases.

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 (Click Here).

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.

What Does this all Mean?

It means that the luxury market is booming.   Last year many investors saw a greater return on their investment than they had in a very long time which equates to more wealth.   In addition, I believe that these buyers were educated about the new tax laws that took effect in 2018 and felt comfortable in purchasing.  

I have currently 15 listings and 6 that have gone pending.  It appears that below $400,000 & $800,000 and up seem to be selling.   It is the middle market between $400,000 -$800,000 seem to be a bit stalled.   In February, I did not see a lot of foot traffic (which made me a bit concerned), but then in March, I had some frantic buyers.   They really wanted to purchase before they left Southwest Florida.   I believe the multiple nor’easter weather in the North pushed these potential buyers to purchase.   The thought of dealing with this inclement weather was overwhelming for some.   Hence the reason 4 of my listings went pending in the beginning of March.

Looking to Rent or Purchase?

If you were here as a seasonal renter, I highly recommend that you book early.   There has been quite a demand for seasonal rentals for 2019.   Also, if you are thinking of purchasing, it might be a very good time to do so.   It looks like the current market has turned to more of a buyers’ market depending on the price point & location.   As you know as supply increases and demand decrease, prices tend to decrease.

If I could help in anyway, please let me know.   You can either phone me directly at 239-293-3592 or via e-mail Robert@NardiRealty.com    Or if you like to perform your own searches, I highly recommend that you access www.NardiRealty.com We have an up-to-date property search engine & we do list total annual fees (many other property search engines do not).

 

Happy Spring to all!   Summer is just around the corner!

Posted in Market Updates
March 11, 2018

Market Watch March 2018

Luxury Market Leading the Way!

By Robert L. Nardi

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).

The luxury properties seem to be driving the market.  Pending sales of homes priced above $1 million increased 67 percent in January compared to last year.   It appears there was greater demand between the $1-$2 million and the inventory was 19% lower.   As a result, the median price increased by 17%.   However, it appears that prices did drop almost 19% for the $2 million & up properties.  Yet, pending sales were up almost 88%.  

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.

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.

There are areas in which prices increased.  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.  This is probably due to the vast amount of new construction that is taking place in those specific zip codes.

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 ( CLICK HERE) which would assist you with getting more detailed information.

What does this all mean?

It looks like the luxury market is leading the way.  Numerous spec homes (homes that builders built, speculating that someone would buy them) and new luxury condominiums appear to be our “best sellers.”  Why? Based on what we learned in the report, there was a surge of buying for properties between $1-$2 million, lower inventory & more demand.  Also, prices decreased a whopping 19% over the $2 million mark.  Therefore, Buyers took advantage of these price drops and found the value they were looking for.

In the meantime, Inventory is higher, and demand is somewhat lower in other segments.  When this occurs, prices start to drop.  I believe the reason why demand is lower is because of the new tax laws affecting mortgage interest tax deductions.  People feel insecure until they fully understand the tax law.  

Searching for the Perfect Property?

Are you searching for the perfect property to purchase or rent?  Please feel free to perform your own property search at www.NardiRealty.com.  The search tool is easy to use.  You can also check out all our own properties for sale & for rent with one click of a button.  And as always, I am here to assist. Please feel free to call me directly at 239-293-3592 or e-mail me at Robert@NardiRealty.com.

Spring is just around the corner! Enjoy!

Posted in Market Updates
Feb. 12, 2018

Market Watch February 2018

A Normal Market

By Robert L. Nardi
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.

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). I 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.  This amount of growth is great considering we had a hurricane and we lost over a month of real estate activity.

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 brightest star in 2017 was condominiums in the $1 to $2 million price category. 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 (CLICK HERE), including these overall (single-family and condominium) findings:

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 purchased continued to shift in 2017 with an increase in conventional sales (properties with a mortgage).  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.

My Thoughts

It appears that Naples has returned to a normal market.  In the past few months, I have picked up over 22 listings (you may have an interest in some).  Right now, 5 have sold.  It appears that something goes pending every other week.  The biggest contributor of these pending properties is price or location (on the beach is very hot right now).  It appears there is a lot of movement for people who wish to purchase new construction but live here permanently.  They either want to upsize or downsize depending on their situation but are looking toward new construction as their answer.  However, most new construction is farther east.  Their drive is longer, however, most of these new construction communities are rich in amenities.  These amenities include a resort style pool, Tiki hut with drinks & food available, pickle ball, tennis, golf etc.  Socialization is very important to them now. 16 years ago, I use to assist people with purchasing a home, now I assist them with finding the right lifestyle that suits their needs and then we try to find a home in that community that is a perfect fit. 

Searching

If you are looking to make a move and you wish to look for new construction, click on www.NardiRealty.com scroll down on the right size & you’ll see an icon that says, “Looking for New Home Construction?  Click Here to Search.”  It is very easy to navigate.  Or if you wish to search for resales, please feel free to use the search box on the right side.  The information you’ll find is always up-to-date. 

As always, fi you wish for me to assist you with your real estate needs, you can send an e-mail to Robert@NardiRealty.com or call me directly at 239-293-3592.

 

Happy Valentine’s Day! 

Posted in Market Updates
Jan. 14, 2018

Market Watch January 2018

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).   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.

It appears that 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.

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. 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.

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 ( CLICK HERE ).

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.

Some good news for real estate in Florida concerning the tax reform proposals coming out of Washington, D.C. From what has been read as of late, it appears to present negative tax consequence 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.

Pricing, Staging & Cleanliness

I think “Pricing homes to sell” is the key to success in this market.  When you price your home too high, it just sits on the market and becomes stagnate.  I offer an “Elite Listing” package which includes a professional appraisal, clean-up & staging.  It is so important for a home or condominium to be priced competitively and look its best.  There was a glut of new construction in Southwest Florida in 2002-2006 which were Tuscan inspired and now these homes are “showing their age.”  I show numerous properties to different buyers all the time.  And I hear, “This flooring looks tired.”  The one I hear most often now is “I hate those columns.  Are these columns load bearing?  Can I get rid of them?” Today’s buyers don’t’ want to be bothered with updating.  In fact, some of these buyers don’t even want to deal with taking down wallpaper.  What do they do?  They buy new construction.  They get less home, maybe not the exact location they want to live in, but they get what they want.  Therefore, every resale home/condominium on the market must look perfect.  Good staging & having it in pristine condition could assist with selling a property quickly.

Season is Upon Us!

Tired of the cold & snow already.  We still have some rentals available that will be able to keep you warm & toasty.  Also, my firm has listings priced to sell.  Please visit www.NardiRealty.com when searching for residential or rental properties.  Inventories & changes are always updated every 10 minutes.  No lag like other property search web sites.  Plus, it does disclose yearly HOA/Condo maintenance fees where other sites do not.

Lastly, your referrals are always welcomed.  Please feel free to contact me directly at 239-293-3592 or e-mail me at Robert@NardiRealty.com.  

Wishing you & yours a very Healthy & Happy New Year!

Posted in Market Updates
Dec. 9, 2017

Market Watch December 2017

MARKET WATCH - DECEMBER 2017

Optimistic - Quickly Rebounding

By Robert L. Nardi
The evidence that a hurricane hit the Naples area in September became less visible in October because residents were quick to address damages to their property and our county and utility service providers worked overtime to get the area back to normal as quickly as possible. The Naples area housing market finished on a positive note in October with closed sales increasing 1 percent over last October, according to the October 2017 Market Report released by the Naples Area Board of REALTORS® (NABOR®), which tracks home listings and sales within Collier County (excluding Marco Island). October’s housing market activity was better than NABOR® expected.

There were 57 closed sales of high-end, luxury properties priced above $1 million in October, a 36 percent increase over October 2016. Yet closed sales of properties priced below $300,000 dropped 12 percent, a loss of just 32 sales compared to October 2016. Also reflected in the October report, closed sales for single-family homes priced between $1-$2 million increased 50 percent in October, while closed sales of condominiums priced between $300,000-$500,000 increased 26 percent.

In October the report shows an 8 percent decrease in inventory, or about 400 fewer homes available compared to October 2016 levels.

Inventory increased on the high and low end of the condominium market in October. While the report showed no increase, or decrease in inventory overall, there were an additional 76 condominiums (a 7 percent increase) added to the $300,000 and below market in October, and 10 condominiums (a 10 percent increase) were added to the $2 million and above market.

Median closed prices in the single-family home market increased to $425,000 (13 percent) in October, while median closed prices in the condominium market increased to $250,000 (4 percent). Interestingly, the median closed price for condominiums in the $2 million and above price category dropped 42 percent in October to $2,545,000, while the median closed price for single-family homes in the same price category increased 22 percent to $2,237,000.

The NABOR® October 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® October 2017 sales statistics are presented in chart format (CLICK HERE)

What Does This All Mean?

If the hurricane hadn’t happened and the market had kept the same pace as it did last September and October, we would have seen 400 more sales and been on track for a 6 percent increase in total closed sales year-to-date.  However, it did happen & it was remarkable that we rebounded so quickly in such a brief time.  In fact, new construction is humming along at a quick pace after the hurricane.  With one of my associates, I sold new construction prior to the hurricane.  This new home was supposed to be completed by the end of February early March of 2018.  However, the Buyers were just informed that their new closing date is now on January 22, 2018.  Wow!

As of today, I am currently carrying 14 listings.  I haven’t listed this many homes/condominiums since 2008. The reason for this increase is because many people now either want to upsize or downsize and remain in Naples, Florida.  There is a lot of great opportunities both on the buying & selling side.

What’s selling in my inventory?  Condominiums priced $175,000 & below.  The reason for this is because many mortgage companies are now offering “0” or 3% down for first home buyers.  People who have been renting for years, now have an opportunity to purchase their own property.  For example, if they were spending $1200 on rent a year, with this new loan program their mortgage payment, insurance & HOA fees would amount to that price or less.  As long as they have a credit score of 640 or more, they could qualify for many “First Home Buyer” programs.  If you are a “First Home Buyer” one who has not owned their own home for 3 years or more, I can put you in touch with several mortgage lenders that can assist you. 

The Buzz

Since our launch of the new corporate web site, www.NardiRealty.com we have been receiving a lot of positive feedback from it.  With its easy and accurate search capabilities, you can find what you are looking for (Properties for Sale or Rental Availability) with just a few keys strokes.  In fact, we are only one of the few real estate web sites that gives you the yearly total of HOA Fees.  99% of the other property search web sites do not give you this important financial information.  Of course, if you give me a call at 239-293-3592 or send me an e-mail at Robert@NardiRealty.com I would be happy to assist you with the search widget or I would be happy to perform a customize search for you if you wish.

Wishing you & yours Happy Holidays & a Happy & Healthy New Year!  I know it is going to be a great buying & selling season!!!

Posted in Market Updates
Nov. 8, 2017

Market Stats for October 2017

Naples is Resilent - Third Quarter 2017 Market Report

By Robert L. Nardi

The Naples area housing market maintained positive traction during the Third Quarter of 2017 despite enduring a hurricane that impeded activity for three weeks in September.   According to the September 2017 Market Report released by the Naples Area Board of REALTORS® (NABOR®), which track home listings and sales within Collier County (excluding Marco Island), there were 398 closed sales during the month of September, a 30 percent decrease compared to September 2016.

September proved challenging for the real estate market as homeowners and agents were forced to wait while public and utility services rebuilt or repaired infrastructure damaged by the hurricane. This was reflected in statistics released for September, which affected total outcomes for the Third Quarter of 2017. However, year-to-date numbers tell a different story as activity in pending, closed and median price categories were up year over year at the end of the quarter!

With our county’s hurricane building code standards and quality craftsmanship by local builders helped to greatly reduce the amount of major structural damage in the area.   We had quite a bit of vegetation down/damaged, but not a lot of structural damage.

September is typically when the housing market takes a breath before it begins to intensify again. Yet despite a direct hit by a major hurricane, overall closed sales for the third quarter increased 3 percent (year over year). Not surprisingly, the storm’s short-term impact on the housing market in September only tempered sales slightly in the third quarter by 5 percent (quarter over quarter), which translated to just 86 fewer closed sales than in the third quarter of 2016.

A 55 percent decrease in pending sales for September is equivalent to three weeks of inactivity.  These sales didn’t disappear, they were just delayed.

The hurricane’s force slowed inventory in September, which resulted in a third quarter decrease of 9 percent. This was most likely a result of homeowners either delaying to list because they evacuated or removing a listing because they needed time to clean up and make minor repairs to properties following the storm.

One element the hurricane failed to harm was the continued growth in property value for Naples. Overall median closed prices in the third quarter of 2017 increased 3 percent to $320,000 compared to $312,000 in the third quarter of 2016.   Our survival actually strengthened buyer confidence.

The NABOR® Third Quarter 2017 Market Report (CLICK HERE) & September 2017 Market Report (CLICK HERE) provided in Chart Form 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.

Impact from Irma

Compared to other tropical second-home destinations like Puerto Rico, the Southwest Florida housing market fared quite well after it faced a hurricane.  We may see an uptick in sales from buyers who had their eyes set on an island home in the Caribbean.  The only downside is that building materials will most likely rise in cost based on availability which will mean that homes currently being built will most likely increase their list prices.  In addition, if a buyer is building a home, it will probably take longer to complete, because subcontractors are being pulled for repairs & there may be a shortage of building materials like screening for lanai’s.

Website Enhancements

www.NardiRealty.com new search engine is fast & accurate.  You can search for residential sales & rentals quickly and receive accurate results because it is updated every 10 minutes. I encourage you to “test drive” it and see what you think.

For those of you who would like to get an estimate for what your home is currently valued at (this applies to all homes in the United States), Nardi Realty has a “Property Valuation” widget, if you scroll down, it will be found on the right side of our web page.  Just put your address in & it will give you an automatic valuation report.  Great for those of you who are thinking about listing your property or who just want to get some idea of pricing for their current property.

Please feel free to send me an e-mail at Robert@NardiRealty.com or call me directly at 239-293-3592 for any of your real estate needs or questions.

 

Wishing you a very Healthy & Happy Thanksgiving!  My best always!

Posted in Market Updates