Many people think with a slow economy, renting is easy - but it's just the opposite. Two months ago there were 250 homes for rent in the Multiple Listing Service (MLS) ranging between $6,000-$45,000/month for the season, and today there are only 49 homes for rent in this price range in the MLS.
Naples Luxury Rentals have been very busy in Bay Colony, Pelican Bay, Vanderbilt Beach, Park Shore and Port Royal/Aqualane shores. Here are a few that are recently listed or still on the market:
Park Shore condo, 4501 N Gulf Shore Blvd and its the penthouse.
Bay Colony condo, 8171 Bay Colony Drivie CARLYSLE AT BAY COLONY
Bay Colony condo, 8473 BAY COLONY DR Biltmore at Bay Colony.
Bay Colony condo, 8787 Bay Colony Drive Trieste at Bay Colony.
Vanderbilt Beach Condo, 11000 Gulf Shore Drive -Moraya Beach Tower
Pelican Bay condo, 7425 Pelican Bay Blvd - Marbella
Find more Naples Luxury Rentals by clicking here and Naples Real Estate and Architect Design.
Monday, November 30, 2009
3 economic reports give reasons for optimism
MIAMI – Nov. 30, 2009 – In a hopeful sign for the economy, the number of newly laid-off workers filing claims for unemployment benefits fell below 500,000 last week for the first time since January.
In addition, consumer spending also picked up in October, and new-home sales hit their highest point in more than a year. Combined, the news suggested that the economy should be able to sustain at least a modest rebound, even as some economists have worried that the country might be at risk of slipping back into recession.
There were no local or state figures released with the reports.The number of people filing first-time claims for jobless aid fell by 35,000 to 466,000, the Labor Department said Wednesday. That was the fewest since September of last year. "More Details"
In addition, consumer spending also picked up in October, and new-home sales hit their highest point in more than a year. Combined, the news suggested that the economy should be able to sustain at least a modest rebound, even as some economists have worried that the country might be at risk of slipping back into recession.
There were no local or state figures released with the reports.The number of people filing first-time claims for jobless aid fell by 35,000 to 466,000, the Labor Department said Wednesday. That was the fewest since September of last year. "More Details"
Saturday, November 14, 2009
Naples Area Board of Realtors - Fall Sales Report
IMMEDIATE RELEASE
Contacts: Brett Brown, NABOR, President, 239/948-4292
Marcia Albert, NABOR, Manager of Events & Marketing, 239/216-4148
FALL SALES SURGE
Report Shows Inventory Declines 14 Percent
NAPLES, Fla.-November 13, 2009-Overall pending home sales increased at least 100 percent in October 2009 compared to October 2008 in each price category under 2 million, according to a report released by the Naples Area Board of REALTORS® (NABOR), which tracks home listings and sales within Collier County (excluding Marco Island).
"The number of contracts written in October 2009 (904 contracts) was more than twice the number of contracts written in October 2008 (409 contracts). The volume of activity is significant at what is usually a slow time of year," acknowledged Mike Hughes, Vice-President of Downing-Frye Realty.
The properties in the under $300,000 market have led the way in sales for the past few months. However, the market recovery is now working its way up to the higher priced properties. Pending sales in the $300,000 to $500,000 price segment have increased 150 percent from 48 contracts in October 2008 to 120 contracts in October 2009.
"Low interest rates and the federal tax credit are helping to drive more sales. Buyers are getting off the fence," stated John Steinwand, President of Naples Realty Services. "Inventory continues to go down from its peak."
The available inventory has declined 14 percent to 9,347 in October 2009 from 10,815 in October 2008
Contacts: Brett Brown, NABOR, President, 239/948-4292
Marcia Albert, NABOR, Manager of Events & Marketing, 239/216-4148
FALL SALES SURGE
Report Shows Inventory Declines 14 Percent
NAPLES, Fla.-November 13, 2009-Overall pending home sales increased at least 100 percent in October 2009 compared to October 2008 in each price category under 2 million, according to a report released by the Naples Area Board of REALTORS® (NABOR), which tracks home listings and sales within Collier County (excluding Marco Island).
"The number of contracts written in October 2009 (904 contracts) was more than twice the number of contracts written in October 2008 (409 contracts). The volume of activity is significant at what is usually a slow time of year," acknowledged Mike Hughes, Vice-President of Downing-Frye Realty.
The properties in the under $300,000 market have led the way in sales for the past few months. However, the market recovery is now working its way up to the higher priced properties. Pending sales in the $300,000 to $500,000 price segment have increased 150 percent from 48 contracts in October 2008 to 120 contracts in October 2009.
"Low interest rates and the federal tax credit are helping to drive more sales. Buyers are getting off the fence," stated John Steinwand, President of Naples Realty Services. "Inventory continues to go down from its peak."
The available inventory has declined 14 percent to 9,347 in October 2009 from 10,815 in October 2008
Monday, November 2, 2009
New fed guide on commercial real estate loan mods
WASHINGTON – Nov. 2, 2009 – Banks must accurately identify their potential losses when modifying troubled commercial real estate loans under federal guidelines issued Friday.Regulators have warned that rising losses on commercial real estate loans pose risks for U.S. banks, with small and mid-size banks especially vulnerable. Nearly $500 billion in commercial real estate loans are expected to come due annually over the next few years.Agencies including the Federal Deposit Insurance Corp., Federal Reserve and Office of Thrift Supervision released the new guidelines for banks, which emphasize that modifying loans in a prudent fashion is often in the best interest of both the bank and the creditworthy commercial borrower.
Under the guidelines, loans to creditworthy borrowers that have been restructured and are current won’t be classified as high risk by regulators solely because the collateral backing them has declined to an amount less than the loan balance.Banks that put prudent modifications into effect after making a full review of the borrower’s financial condition “will not be subject to criticism (by regulators) for engaging in these efforts,” even if the reworked loans end up being classified as high risk, the agencies said. They said their bank examiners will take “a balanced approach” in evaluating banks’ risk management practices in this area.
Bank failures for the year hit 106 last week, the most since 1992 at the height of the savings-and-loan crisis, as institutions nationwide have succumbed under the weight of soured real estate loans and the recession.The failures have cost the FDIC’s fund that insures deposits an estimated $25 billion so far this year and are expected to cost around $100 billion through 2013. To replenish the fund, which has fallen into the red, the agency wants the roughly 8,100 insured banks and savings institutions to pay in advance $45 billion in premiums that would have been due over the next three years.Depositors’ money – insured up to $250,000 per account – is not at risk, with the independent FDIC backed by the government.
Under the guidelines, loans to creditworthy borrowers that have been restructured and are current won’t be classified as high risk by regulators solely because the collateral backing them has declined to an amount less than the loan balance.Banks that put prudent modifications into effect after making a full review of the borrower’s financial condition “will not be subject to criticism (by regulators) for engaging in these efforts,” even if the reworked loans end up being classified as high risk, the agencies said. They said their bank examiners will take “a balanced approach” in evaluating banks’ risk management practices in this area.
Bank failures for the year hit 106 last week, the most since 1992 at the height of the savings-and-loan crisis, as institutions nationwide have succumbed under the weight of soured real estate loans and the recession.The failures have cost the FDIC’s fund that insures deposits an estimated $25 billion so far this year and are expected to cost around $100 billion through 2013. To replenish the fund, which has fallen into the red, the agency wants the roughly 8,100 insured banks and savings institutions to pay in advance $45 billion in premiums that would have been due over the next three years.Depositors’ money – insured up to $250,000 per account – is not at risk, with the independent FDIC backed by the government.
Pending home sales rise again
WASHINGTION – Nov. 2, 2009 – Pending home sales rose again, marking eight consecutive monthly gains – the longest streak since measurement began in 2001, according to the National Association of Realtors® (NAR).The Pending Home Sales Index, a forward-looking indicator based on contracts signed in September, rose 6.1 percent to 110.1 from a reading of 103.8 in August, and is 21.2 percent higher than September 2008 when it stood at 90.9.
The gain from a year ago is the largest annual increase on record, and the index is at the highest level since December 2006 when it was 112.8.Lawrence Yun, NAR chief economist, said the momentum is understandable. “What we’re witnessing is a rush of first-time buyers trying to beat the expiration of the tax credit at the end of this month,” he says. “Home values will stabilize sooner rather than over-correcting. That, in turn, will mean wealth stabilization for the vast number of middle-class families and lay the foundation for a durable economic recovery.”NAR estimates approximately 3 million renters are now financially well-qualified to buy a median-priced home. "More Details"
The gain from a year ago is the largest annual increase on record, and the index is at the highest level since December 2006 when it was 112.8.Lawrence Yun, NAR chief economist, said the momentum is understandable. “What we’re witnessing is a rush of first-time buyers trying to beat the expiration of the tax credit at the end of this month,” he says. “Home values will stabilize sooner rather than over-correcting. That, in turn, will mean wealth stabilization for the vast number of middle-class families and lay the foundation for a durable economic recovery.”NAR estimates approximately 3 million renters are now financially well-qualified to buy a median-priced home. "More Details"
Congress extends higher mortgage loan limits
WASHINGTON – Nov. 2, 2009 – On Thursday, the U.S. Congress passed a congressional resolution to extend the current higher Fannie Mae, Freddie Mac and FHA loan limits through 2010. The present, higher loan limits expire at the end of 2009 and revert to previous lower limits. The move still needs to be signed by President Obama, which is expected shortly. The National Association of Realtors® (NAR) thanked Congress for speedy action.“NAR commends both houses of Congress for their quick action in continuing these higher limits during a time for recovery in the housing market and national economy,” says NAR President Charles McMillan.
“The higher limits, along with the homebuyer tax credit extension, are necessary to keep the markets moving at this critical time.“Home sales have shown significant movement upwards in the past six months, and reduced inventory in some segments of the housing market, but not in all. Home purchases in the middle-income and higher brackets have not moved much, and those markets must improve before we can experience a fully sustained housing recovery. These higher loan limits will help motivate qualified homebuyers to purchase in those markets,” McMillan said.
The resolution would extend the present loan limits for FHA, Fannie and Freddie through the 2010 calendar year at 125 percent of local median home sales prices, up to a maximum of $729,750 in high-cost areas. The floor for FHA is $271,050; the floor for Fannie Mae and Freddie Mac conforming loan limits is $417,000.
“The higher limits, along with the homebuyer tax credit extension, are necessary to keep the markets moving at this critical time.“Home sales have shown significant movement upwards in the past six months, and reduced inventory in some segments of the housing market, but not in all. Home purchases in the middle-income and higher brackets have not moved much, and those markets must improve before we can experience a fully sustained housing recovery. These higher loan limits will help motivate qualified homebuyers to purchase in those markets,” McMillan said.
The resolution would extend the present loan limits for FHA, Fannie and Freddie through the 2010 calendar year at 125 percent of local median home sales prices, up to a maximum of $729,750 in high-cost areas. The floor for FHA is $271,050; the floor for Fannie Mae and Freddie Mac conforming loan limits is $417,000.
Wednesday, October 28, 2009
Home prices rise in most major cities in August
NEW YORK (AP) – Oct. 28, 2009 – Home prices rose in August for the third straight month, a rapid pace of recovery that surprised economists and raised questions about how long the trend can last.After a steep three-year descent, home prices rebounded this summer at an annualized pace of almost 7 percent, the Standard & Poor’s/Case-Shiller home price index showed Tuesday.
Against a backdrop of rising unemployment and falling consumer confidence, the speed of the recovery stumped Robert Shiller, economist and co-creator of the index.“It’s a time of exceptional uncertainty,” Shiller said. “It doesn’t seem like a time to see home prices booming, but that’s what’s happening.”He expects prices will continue to rise for the next few months, but can’t forecast beyond that, explaining, “There’s no way to be a statistician about this.”The Case-Shiller index of 20 major cities climbed 1 percent from July to a seasonally adjusted reading of 144.5.
While prices were down 11.4 percent from August a year ago, the annual declines have slowed since February.Rising home prices are a key ingredient to rebuilding the economy. Homeowners feel wealthier when their property appreciates in value and are more likely to spend money. Rising prices also help millions of homeowners who owe more to the bank than their homes are worth "More Details"
Against a backdrop of rising unemployment and falling consumer confidence, the speed of the recovery stumped Robert Shiller, economist and co-creator of the index.“It’s a time of exceptional uncertainty,” Shiller said. “It doesn’t seem like a time to see home prices booming, but that’s what’s happening.”He expects prices will continue to rise for the next few months, but can’t forecast beyond that, explaining, “There’s no way to be a statistician about this.”The Case-Shiller index of 20 major cities climbed 1 percent from July to a seasonally adjusted reading of 144.5.
While prices were down 11.4 percent from August a year ago, the annual declines have slowed since February.Rising home prices are a key ingredient to rebuilding the economy. Homeowners feel wealthier when their property appreciates in value and are more likely to spend money. Rising prices also help millions of homeowners who owe more to the bank than their homes are worth "More Details"
Friday, October 23, 2009
Florida’s existing home, condo sales up in September 2009
ORLANDO, Fla. – Oct. 23, 2009 – Florida’s existing home sales rose in September, which marks more than a year (13 months) that sales activity has increased in the year-to-year comparison, according to the latest housing data released by Florida Realtors®.
September’s statewide sales also increased over sales activity in August in both the existing home and existing condominium markets.Existing home sales rose 34 percent last month with a total of 14,419 homes sold statewide compared to 10,778 homes sold in September 2008, according to Florida Realtors.
Statewide existing home sales last month increased 4.1 percent over statewide sales activity in August.Florida Realtors also reported a 77 percent increase in statewide sales of existing condos in September compared to the previous year’s sales figure; statewide existing condo sales last month rose 8.9 percent over the total units sold in August. "more Details"
September’s statewide sales also increased over sales activity in August in both the existing home and existing condominium markets.Existing home sales rose 34 percent last month with a total of 14,419 homes sold statewide compared to 10,778 homes sold in September 2008, according to Florida Realtors.
Statewide existing home sales last month increased 4.1 percent over statewide sales activity in August.Florida Realtors also reported a 77 percent increase in statewide sales of existing condos in September compared to the previous year’s sales figure; statewide existing condo sales last month rose 8.9 percent over the total units sold in August. "more Details"
Thursday, October 22, 2009
Commercial: Is the other shoe dropping?
MIAMI – Oct. 21, 2009 – Commercial real estate vacancy rates in Florida have followed the state unemployment rate upward as it doubled in two years. But empty spaces and falling rental rates aren’t why there’s talk of a coming bust in commercial real estate. For that explanation, turn to property values – down 35 percent since 2007, says Moody’s Investors Service – and the banks. The fortunes of commercial real estate and Florida banks are joined at the hip.
Florida banks have $56 billion in loans for commercial real estate on their books – 34 percent of bank assets, according to FDIC reports. They aren’t doing well. Severely distressed loans at Florida banks, as a percentage of assets, are 15 times what they were in 2006. At the end of the second quarter, Florida banks had $5.1 billion in commercial, apartment and construction and land development loans in default, up from $274 million in 2006, according to FDIC reports.
The worry is that commercial real estate owners won’t make good on the estimated $530 billion in loans maturing nationally in the next three years, triggering a new wave of bank failures and killing any budding recovery.“A challenging situation right now. There’s no question about that,” says Bill Moss, senior managing director and Florida regional manager for CB Richard Ellis. How we got here ... "More Details"
Florida banks have $56 billion in loans for commercial real estate on their books – 34 percent of bank assets, according to FDIC reports. They aren’t doing well. Severely distressed loans at Florida banks, as a percentage of assets, are 15 times what they were in 2006. At the end of the second quarter, Florida banks had $5.1 billion in commercial, apartment and construction and land development loans in default, up from $274 million in 2006, according to FDIC reports.
The worry is that commercial real estate owners won’t make good on the estimated $530 billion in loans maturing nationally in the next three years, triggering a new wave of bank failures and killing any budding recovery.“A challenging situation right now. There’s no question about that,” says Bill Moss, senior managing director and Florida regional manager for CB Richard Ellis. How we got here ... "More Details"
Friday, October 16, 2009
Market Statistics for 3rd Quarter - Naples Real Estate sales
Press Release and Market Statistics
Summer Sales Up 96 Percent. Report Shows Inventory Declines 14 Percent. Read the Press Release. Download September Statistics. Download Third Quarter Statistics.
Summer Sales Up 96 Percent. Report Shows Inventory Declines 14 Percent. Read the Press Release. Download September Statistics. Download Third Quarter Statistics.
SUMMER SALES UP 96 PERCENT
Report Shows Inventory Declines 14 Percent
NAPLES, Fla.-October 16, 2009-Summer was an unusually strong selling period, according to a report released by the Naples Area Board of REALTORS® (NABOR), which tracks home listings and sales within Collier County (excluding Marco Island).
The Naples area housing market continues to show steady increases in both pending and closed sales in the third quarter of 2009. Pending sales increased to 2,570 contracts in the third quarter of 2009 compared to 1,314 contracts in the third quarter of 2008. "In the third quarter of 2009, the Naples area is seeing an overall increase of pending sales in all geographic areas. Showings continue to remain strong, as buyers take advantage of the unique opportunities in today’s market," acknowledged Mike Hughes, Vice-President of Downing-Frye Realty.
The available inventory decreased 14 percent in the third quarter of 2009 to 9,209 compared to 10,658 in the third quarter of 2008. The third quarter report provides annual comparisons of single-family home and condo sales (via the SunshineMLS), price ranges, geographic segmentation and includes an overall market summary. The statistics are presented in chart format, along with the following analysis: Overall pending sales under $300,000 saw a 126 percent increase with 1,917 contracts in the third quarter of 2009 compared to 849 contracts in the third quarter of 2008.
Single-family homes sales increased 87 percent with 1,488 sales in the third quarter of 2009 compared to 795 sales in the third quarter of 2008. The overall median closed price decreased 30 percent to $176,000 in the third quarter of 2009 from $250,000 in the third quarter of 2008. The median refers to the middle value in a set of statistical values that are arranged in ascending or descending order, in this case prices at which homes were actually sold. It should be noted that in any given period the median could vary greatly if there is an anomaly, a single sale that is significantly higher or lower than other properties in the area.
In the September report, compiled by NABOR, overall condo pending and closed sales increased in all geographic areas. "Condo sales continue a steady climb, as pending sales increased 159 percent with 350 contracts in September 2009 compared to 135 contracts in September 2008.
Closed sales also saw a double digit increase in September, as sales rose 60 percent compared to the same month last year," stated Jo Carter, President of Jo Cater & Associates.
"September marks the sixth consecutive month of an increase in pending sales in the $500,000 to $1 million category," stated Bill Coffey, Managing Broker of Coldwell Banker. "This indicates that the high end market is returning."
The median closed price for properties excluding the under $300,000 section of the market decreased only 6 percent to $525,000 in September 2009 from $557,000 in September 2008. "Market Details"
NAPLES, Fla.-October 16, 2009-Summer was an unusually strong selling period, according to a report released by the Naples Area Board of REALTORS® (NABOR), which tracks home listings and sales within Collier County (excluding Marco Island).
The Naples area housing market continues to show steady increases in both pending and closed sales in the third quarter of 2009. Pending sales increased to 2,570 contracts in the third quarter of 2009 compared to 1,314 contracts in the third quarter of 2008. "In the third quarter of 2009, the Naples area is seeing an overall increase of pending sales in all geographic areas. Showings continue to remain strong, as buyers take advantage of the unique opportunities in today’s market," acknowledged Mike Hughes, Vice-President of Downing-Frye Realty.
The available inventory decreased 14 percent in the third quarter of 2009 to 9,209 compared to 10,658 in the third quarter of 2008. The third quarter report provides annual comparisons of single-family home and condo sales (via the SunshineMLS), price ranges, geographic segmentation and includes an overall market summary. The statistics are presented in chart format, along with the following analysis: Overall pending sales under $300,000 saw a 126 percent increase with 1,917 contracts in the third quarter of 2009 compared to 849 contracts in the third quarter of 2008.
Single-family homes sales increased 87 percent with 1,488 sales in the third quarter of 2009 compared to 795 sales in the third quarter of 2008. The overall median closed price decreased 30 percent to $176,000 in the third quarter of 2009 from $250,000 in the third quarter of 2008. The median refers to the middle value in a set of statistical values that are arranged in ascending or descending order, in this case prices at which homes were actually sold. It should be noted that in any given period the median could vary greatly if there is an anomaly, a single sale that is significantly higher or lower than other properties in the area.
In the September report, compiled by NABOR, overall condo pending and closed sales increased in all geographic areas. "Condo sales continue a steady climb, as pending sales increased 159 percent with 350 contracts in September 2009 compared to 135 contracts in September 2008.
Closed sales also saw a double digit increase in September, as sales rose 60 percent compared to the same month last year," stated Jo Carter, President of Jo Cater & Associates.
"September marks the sixth consecutive month of an increase in pending sales in the $500,000 to $1 million category," stated Bill Coffey, Managing Broker of Coldwell Banker. "This indicates that the high end market is returning."
The median closed price for properties excluding the under $300,000 section of the market decreased only 6 percent to $525,000 in September 2009 from $557,000 in September 2008. "Market Details"
Subscribe to:
Posts (Atom)
Posts
