It appears that we may be finding the bottom of the median price drop..   After a peak of $462,000 back in 2006, the market looks like it’s settling in around $170,000.  The following graph shows the last 12 months of median price for all Naples areas, gathered from local MLS statistics.

Posted by Joe Ballarino, President & Founder - Amerivest Realty

Amerivest Realty, headquartered in North Naples, has opened at the former location of RealtyUSA office giving it a desired location downtown.  Along with the location, Amerivest Realty has added Joni Albert as a Managing Broker & Recruiter.  17 of the 20 RealtyUSA agents also made the transition.

Amerivest Realty now has about 225 agents serving Naples, Bonita Springs & Estero.  Through it’s franchise relationships, Amerivest Realty covers all of Southwest Florida, including Marco Island, Ft Myers & Cape Coral.

Excited to see the Fort Myers Real Estate office move to their new location at 7800 University Pointe Drive, Suite 400 – Ft Myers, Florida 33907.

Over the last 12 months our Naples web site (www.AmerivestRealtyofNaples.com) had clients and customers from 150+ different countries generate over 600,000 visits viewing 9 million+ pages. Click the logo in the upper right to see why!

NAPLES — More home buyers are jumping off the fence.

Bargain prices are driving more offers and more home sales in the Naples area. Investors are in on the action, especially on the cheapest homes.  There were 585 Realtor-assisted sales last month, up more than 20 percent from 486 a year ago. Of that total, 418 sales were made for less than $300,000.

Information gathered from a report by the Naples Daily News & The Naples Area Board of Realtors.

Updated the theme of our blog to allow for more posts that are shorter, to allow more info to flow to our clients faster.

Amerivest Realty Realtor, Susan Owens, was featured in Gulfshore Life Magazine:

“While on a Caribbean cruise, Hanna befriended a woman who referred her to Amerivest Realty real estate agent Susan Owens, who met Hanna for breakfast on her next trip to Naples.

“She came with her printed MLS [Multiple Listing Services] list of homes available to rent and homes for sale—she hit the ground running,” Hanna says of Owens. “I liked her right away. She was real. She was a worker, and she was ready to help me.”"

Read the Article

ORLANDO, Fla. – March 23, 2009 – Florida’s existing home sales rose in February, making it the sixth consecutive month that sales activity showed increases in the year-to-year comparison, according to the latest housing data released by the Florida Association of Realtors® (FAR). February’s statewide sales also increased over January’s figures in both the existing home and existing condo markets.

Released by the Florida Association of Realtors
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The following is a statement by National Association of Realtors® President Charles McMillan:

“The American Recovery and Reinvestment Act is important for the U.S. economy and contains some important housing provisions. Eliminating the repayment provision in the $7,500 first-time home buyer tax credit will help bring buyers to the market and reduce housing inventory. NAR has been advocating that this provision be improved – the change will stimulate more than 200,000 additional home sales, which will help stabilize home values.

“Reinstating the higher loan limits for FHA, Fannie Mae and Freddie Mac for mortgages in high-cost areas is also important and will help reduce inventory and improve liquidity in the overall mortgage market. The allocation of resources for neighborhood stabilization efforts to help communities purchase and rehabilitate foreclosed and vacant properties is also very promising for the housing market. This funding will help protect communities across the country and preserve home values from further decline.

“As the leading advocate for homeowners and the real estate industry, NAR will continue to address issues facing Americans who are trying to purchase a home, protect their current home or preserve investment opportunities in residential and commercial properties. NAR recognizes the efforts of the members of Congress who understand that without a housing recovery, an overall economic recovery is impossible.

“NAR believes that positive steps are being taken to improve the housing market and will continue to work with President Obama, Congress and regulators to make housing stabilization a key component of any federal recovery plans.”
Source: Realtor.org

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The National Association of Realtors® hailed the Senate for passing its stimulus bill that expands the homebuyer tax credit, an important housing component that will help shrink housing inventory, bring stability to home values and move the country closer to an economic recovery.

The bill now heads to conference committee to reconcile differences between the Senate and House versions. Congressional leaders hope to have the bill ready for President Obama’s signature by the weekend. NAR will continue to press the need for housing stabilization measures with Congress and the Obama administration to make housing a primary component of the government’s economic recovery plans.

Additionally, NAR commended the Obama Administration for the financial stability plan announced today by Treasury Secretary Timothy Geithner. Geithner stressed the importance of improving the housing market by reducing foreclosures, making credit more available and by bringing mortgage interest rates down.

About the tax credit, Charles McMillan, NAR president said, “The credit of up to $15,000 for homebuyers is a critical provision in the Senate bill that will result in approximately 1 million additional home purchases this year,” McMillan said. The provision also eliminates the repayment feature of the earlier tax credit, makes the credit available for all purchases of primary residences and extends the credit for one full year. These are all provisions NAR has continually called for in any federal stimulus plans.

The Treasury’s plan anticipates lower interest rates through the ongoing Federal Reserve program to purchase mortgage-backed securities (MBS). The Treasury has also agreed to buy commercial MBS, a bold step in helping preserve the commercial real estate sector.

“The housing sector is at the core of the current economic crisis. A renewed, revitalized and robust housing market is essential to generate commerce and help families build wealth and stability. “We will continue working with the Obama administration and Congress to quickly implement The American Recovery and Reinvestment Act of 2009, the Treasury’s financial stability plan, and other stimulus efforts for families and housing,” said McMillan.
Source: Realtor.org

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Luxury condominiums overlook Wiggins Pass…
Aqua, the luxury waterfront condominium that opened earlier this month at Wiggins Pass, has announced a program of open houses for real estate agents. In addition to touring the building and its amenities, agents will have access to models designed by Roz Travis and Robb & Stucky.

The open house schedule is as follows: •3-5 p.m. Thursdays, Feb. 19

•9-11 a.m. Thursday, Feb. 26

•3-5 p.m. Thursdays, March 5, 12, 19 and 26

An intimate community of just 80 residences, Aqua was conceived and created with exceptional standards in construction, amenities, finishings and services. Included among its offerings is a private yacht harbor from which boats up to 55 feet long have the most immediate deepwater Gulf access in Naples. Overlooking the harbor, a resort-style pool is graced with lush palm canopies and two heated spas. Landscaped petfriendly areas are nearby.

Aqua’s indoor luxuries include a fully equipped fitness center and spa with steam and sauna; a sweeping social salon; an indoor/outdoor Sky Lounge; private dining room; theater; business center; and a luxury guest suite available to owners to accommodate friends and relatives.

Each residence has two under-building parking spaces; penthouse owners benefit from a private, air-conditioned two-car garage. Air-conditioned storage is provided to each residence.

Priced from under $2 million, threeand four-bedroom residences range from 3,500 square feet to 6,000 square feet and feature sunlit living areas, spacious terraces, high ceilings and gourmet kitchens and sunlit back-to-front living areas.

For Aqua residents, the highest level of personal service is customary. A fulltime resident manager supervises a staff that includes a concierge, valet, amenities attendant and privacy officer after business hours. Upon request of the concierge, virtually any service can be extended: limousine, valet, auto care, shopping assistance, grocery delivery, pet care, housekeeping, handyman, personal fitness and spa treatment. Also, through special arrangements secured exclusively for Aqua residents, memberships to Collier’s Reserve Country Club and LaPlaya Beach and Golf Club are available.
Source: Florida Weekly

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Miramonte is a private enclave of 36 luxury villas in the Mediterranean style at Grey Oaks. Residence C is one of four floor plans in the community by The Newport Companies. The two-story residence has 5,000 square feet under air, with four bedrooms, a library and game room, family room and 4½ baths.

Throughout Miromante, one- and two-story villas with lake and garden views line brick cul-de-sacs accented with tropical foliage. Connie Dickinson, director of sales for Grey Oaks Realty, reports the first model of Residence C recently sold for $2,895,000, and two new models under construction should be completed this spring.

Grey Oaks Country Club is off of Airport Pulling Road north of Golden Gate Parkway. Resident and non-resident memberships are available for the club that has three championship golf courses, 5,500 square feet of fitness facilities, a tennis club with eight lighted Har-Tru courts and pro shop, a heated pool and formal and casual dining at two clubhouses
Source: Florida Weekly

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Median Price has been on a steady tumble in Southwest Florida due to the current economic crisis. Here are the latest numbers:

January 2006: $450,000 (market peak)
January 2007: $407,000
January 2008: $380,000
January 2009: $190,000

Lower median prices leads to new highs in activity based on Pending Sales numbers:

January 2006: 721
January 2007: 587
January 2008: 501
January 2009: 885 (market peak)

It’s clear that buyers have determined that these prices are too good to ignore. The only question to be answered is how much lower can prices go when demand is returning.

The numbers above were compiled from the local MLS system for the combined Naples and Bonita Springs geographic areas by Joe Ballarino, President & Founder of Amerivest Realty.

NEW YORK – Feb. 10, 2009 – Housing prices will hit bottom in the fourth quarter of 2009, predicts Moody’s Economy.com in a new report.“Despite the darkening national economic outlook and the weak conditions in the housing market, some positive signs give hope that a bottom in the housing market is coming into view,” the report says.

On average, home prices will decline 36 percent from the peak in the first quarter of 2006, the report says.

By the end of the housing downturn, nearly 62 percent of the nation’s 381 metropolitan areas will have experienced double-digit-percent declines in house prices, peak-to-trough, says the report.

The declines will exceed 20 percent in about 100 metro areas, according to the report, and the recovery will be “lackluster.”“A number of uncertainties in both the housing and economic outlooks remain, and the risks tilt to the downside,” says Moody’s Economy.com Chief Economist, Mark Zandi.

Source: The Wall Street Journal, James R. Hagerty (02/06/2009)© Copyright 2009 INFORMATION, INC. Bethesda, MD (301) 215-4688

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Scuba Outfitters will officially open on Saturday, 1-31-09, signified by a Celebration from Noon – 7pm. The celebration will be a multifaceted event. Free food and refreshments, discounts on merchandise and training, special dive trips and hourly prizes will be offered all day intertwined with educational and fun events.

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Bonita Bay Group is offering the Southwest Floridians the opportunity to tour more than 60 model homes behind the gates of four private, master planned communities during its Showcase of Homes. The exclusive two-day event will be held Friday and Saturday, Jan. 30 and 31, from 10 a.m. to 4 p.m.
The Showcase of Homes will feature homes in Mediterra in North Naples, TwinEagles in Naples, Sandoval in Cape Coral and Verandah in Fort Myers. During the two-day event, many of Bonita Bay Group’s preferred builders within the four communities are offering a 10 percent reduction on select models as well as a 5 percent reduction on future homes.

Admission is free by registering for the event online. Gate passes are required to enter the private communities during the Showcase of Homes. To register online and receive your gate passes, go to www.BBGShowcase.com.
Source: Florida Weekly

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Don’t look now, but those with a net worth of more than $1 million who may have gotten burned in the stock market are starting to get interested in one of the most basic of investments-real estate.

That’s according to a recent Spectrum Group newsletter, Millionaire’s Corner. Nearly 20% of high-net worth investors consider real estate a good investment and plan to buy more in the future, says Spectrem Group, a Chicago-based market research and consulting firm specializing in the affluent market. Moreover, a full 34% of millionaires between 25 and 45 are intrigued by real estate. The research came from online quanititative studies of more than 750 millionaires and focus groups in five cities conducted last fall.

The millionaires reported that since they don’t know when the stock market is going to recover and with interest rates so low and real estate so depressed, “a lot of the people said they thought real estate looked interesting,” George Walper Jr., president of Spectrum Group, told Barron’s. He said the finding was consistent with research in a book he co-authored with Catherine McBreen, Get Rich, Stay Rich, Pass It On.

While the millionaires didn’t specify the type of real estate they’d look at, Walper said he believes people are interested in income-producing properties like small apartment buildings or strip malls. That would be in keeping with activity by one supremely savvy investor- Warren Bufett’s No. 2, Charlie Munger- who is said to be investing in a shopping center in California.

Source: Barron’s, Jan. 26, 2009

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Aqua, the luxury waterfront condominium at Wiggins Pass in North Naples, has opened its doors and its first model residence.

The community of 80 residences boasts a private deep water harbor for yachts up to 55 feet in length, an owners’ theater, social and private dining rooms, a business center, luxury guest accommodations, pet-friendly outdoor areas, a rooftop lounge and fitness and spa facilities.

A full-time resident manager supervises a staff that includes a concierge, valet, amenities attendant, and privacy officer after business hours. Upon request of the concierge, virtually any service can be extended, including limousine, valet, auto care, shopping assistance, grocery delivery, pet care, housekeeping, handyman, personal fitness and spa treatment. Through special arrangements secured exclusively for Aqua residents, memberships to Collier’s Reserve Country Club and LaPlaya Beach and Golf Club are available.

Three- and four-bedroom residences range from 3,500 square feet to 6,000 square feet and feature expansive windows, spacious terraces, high ceilings, gourmet kitchens and sunlit back-tofront living areas. Two under-building parking spaces are provided for each residence; penthouse owners benefit from a private, air-conditioned two-car garage. Air-conditioned storage is provided to each residence. Prices begin at just under $2 million.
Source: Florida Weekly

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Existing-home sales rose unexpectedly while inventory declined, led by a surge of sales in the West, according to the National Association of Realtors®.

Existing-home sales – including single-family, townhomes, condominiums and co-ops – jumped 6.5 percent to a seasonally adjusted annual rate of 4.74 million units in December. The number compares to a downwardly revised pace of 4.45 million units in November, but 3.5 percent below the 4.91 million-unit pace in December 2007.

For all of 2008, there were about 4.9 million existing-home sales — 13.1 percent below the 5.65 million transactions recorded in 2007. This is the lowest volume since 1997 when there were 4,371,000 sales.

Total housing inventory at the end of December fell 11.7 percent to 3.68 million existing homes available for sale, which represents a 9.3-month supply at the current sales pace, down from a 11.2-month supply in November.

“We’ve added 25 million people to our population over the past decade and housing affordability conditions are the best we’ve seen since 1973, but household formation is much lower than expected,” he said. “Consequently, there is a pent-up demand which could be unleashed with the right stimulus, including a non-repayable home buyer tax credit. The Obama administration and Congress need to move fast to stimulate a spring sales upturn which will help to stabilize home prices and set the foundation for a sustainable economic recovery.” -Lawrence Yun, NAR chief economist

Source: Realtor.org

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There’s a lot going on at Treviso Bay, the 1,050-acre golfing community east of St. Andrews Boulevard on U.S. 41 in Naples. Early last month, the community’s PGA Tour TPC golf course, the only TPC course in Southwest Florida, opened all 18 holes for members-only play. The opening came just days after the course was named home of the PGA Tour’s Champions Tour ACE Group Classic hosted by Peter Jacobsen. Celebrating its 22nd year in Southwest Florida, the ACE Group Classic is one of the most prestigious events on the PGA Tour’s Champions Tour schedule.

TPC Treviso Bay will host its first ACE Group Classic Feb. 16-22. Eight past champions have committed to play. Bobby Wadkins (2007), Loren Roberts (2006), Craig Stadler (2004), Gil Morgan (1998 and 2002) and Hale Irwin (1997 and 2001) will join defending champion Scott Hoch; inaugural champion Gary Player (1988) and Bob Murphy (1995) will also return.

TPC Treviso Bay is the centerpiece of a community that will have approximately 1,200 residences upon completion. The 7,367-yard, par-72 course was designed by Arthur Hills, with PGA Championship winner and Ryder Cup Captain Hal Sutton as player consultant.
Source: Florida Weekly

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In Southwest Florida, “Home for Christmas” took on a new meaning last month.

In December, home sales made with the help of a Realtor grew in the Naples and Fort Myers markets, though the median price for those sales continued to fall.

In the Naples area, there were 409 single-family and condominium sales, compared to 285 a year ago, nearly a 44 percent increase, according to a monthly report by the Naples Area Board of Realtors (NABOR). The report reflects sales made through the SunshineMLS, or multiple listing service, in Collier County, excluding Marco Island.

Sales in the Naples area grew for the 11th straight month in December. Single-family home sales alone were up more than 71 percent last month.

Pending sales _ sales that have yet to close _ continued to grow in December in the Naples market. There were 519, up from 259 a year ago. Pending sales for homes priced at less than $300,000 grew 304 percent last month to 384, up from 95 a year ago. Home inventories are shrinking in both markets.

In December, there were 10,326 single-family homes for sale in the Fort Myers area through the MLS. That’s less than a nine-month supply, down from nearly a two-year supply a year ago.
In the Naples area, there were 10,851 homes listed for sale in December, down from 11,456 a year ago.

“Over the past 12 months, 5.3 percent of the available inventory has depleted, indicating that the properties that are priced right are being picked off,” said JP Antonmattei, NABOR’s president-elect with Amerivest Realty in Naples. “Inventory is not building up exponentially.”
Source: Naplesnews.com

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A bill that embraces the need for righting the housing market—the first big step toward economic recovery—was introduced Friday in the U.S. House of Representatives.

H.R. 384, The TARP Reform and Accountability Act, was offered by Rep. Barney Frank (D-Mass.), chair of the House Financial Services Committee. The bill would require the Treasury Department to develop a program, outside the Troubled Asset Relief Program, to stimulate demand for home purchases and lower property inventories, by making affordable mortgages available for qualified buyers through interest rate buydowns, a priority of the National Association of Realtors®.

The measure would amend the TARP provisions of the Emergency Economic Stabilization Act of 2008 to make significant steps to reduce foreclosures, strengthen accountability and close loopholes. Treasury could consider the impact of areas with the highest inventories of foreclosed properties.

The plan would require that foreclosure assistance must apply only to owner-occupied residences. Further, the bill would provide liability protection for loan servicers who engage in loan modifications. Such servicers would have to report regularly to the Treasury.

In addition, the Treasury would be authorized to provide support for commercial real estate loans and commercial mortgage-backed securities, an NAR priority.
Source: Realtor.org

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The Urban Land Institute Southwest Florida District Council presents its 12th annual Winter Institute on Thursday, Jan. 29. The half-day program will focus on the current and future trends in five distinct areas of real estate development: lending economics, responsible and sustainable master planned community development, real estate development financing, development in metropolitan cities and Florida’s economy.

For more information or to register, call the ULI Southwest Florida District Council at (800) 321-5011 or visit www.uli.org.
Source: naples.Floridaweekly.com

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The two championship Arthur Hills golf courses are open. The golf shop is fully stocked. The resort-style clubhouse is busy with activities, from bridge games and bocce to dinner dances and wine tastings. The clay tennis courts are ready for play.
Inside the clubhouse, the fitness center offers its usual classes, from Pilates to yoga. The salon still pampers members with massages and pedicures.

Two weeks ago, affiliates of developer Ginn Cos. based in Celebration in Central Florida, filed Chapter 7 bankruptcy petitions related to investments made in two high-end communities: Tesoro in St. Lucie and Quail West.

The filing for Quail West didn’t include the clubhouse, the golf courses or any of the common areas. They are controlled by the Quail West Foundation, the community’s homeowners association, said John Gamba, a foundation board member.

The bankruptcy involves 262 lots in Quail West, beach property off Hickory Boulevard and a sales office that were owned by Ginn-LA, he said. The sales office is now closed.

“The association at Quail West is not part of that filing. That entity is still an operating entity,” said Tom O’Brien, a foundation board member. The trustee for the Chapter 7 case has told residents the priority is to keep the club operating. The club has hundreds of members. No one has pulled out because of the bankruptcy filing, Kessel said.

One way the association is looking to better the situation is to offer trial memberships that require paying dues only, and no membership fee, as a way to increase revenues. The association is also looking at lowering its initiation fee of $175,000 to bring in more members temporarily.

“You’ve got a lot of residents in this community that are committed,” Kessel said. “That’s what you need to keep a community going.”

Source: Naplesnews.com

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Construction of Tavira at Bonita Bay has topped out. The last major roof slab on the 26-story residential high-rise has been poured, and construction is on schedule with completion slated for next fall.

Forty-three of Tavira’s 90 residences, including the two penthouses, have been sold. Remaining residences, offered in four floor plans, range from 3,517 square feet to 4,146 square feet of air-conditioned living space, with terraces providing an additional 546 square feet to 716 square feet. Interiors have 10-foot-tall ceilings, gas fireplaces and wood cabinetry. Screened terraces will be equipped with outdoor summer kitchens including electric grills, sinks and cabinetry.

Home prices range from $1,606,000 to $2,853,000.

Bonita Bay was included among Travel + Leisure Golf’s top 100 golf communities in America in 2008, Links Magazine’s lists of America’s Premier Properties from 2006 through 2008, and Golf Connoisseur’s 2007 list of the top 40 golf communities in America.

Source: naples.floridaweekly.com

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