The Ultimate Truth about Housing Affordability

There have been many headlines decrying an Affordability Crisis in the residential real estate market. While it is true that buying a home is less affordable than it had been over the last ten years, we need to understand why and what that means.

 

Multigenerational Homes Are on the Rise

As loved ones start to get older, we start to wonder: how long will they be able to live alone? Will they need someone there to help them with daily life? There’s a reason to ask those questions now more than ever, as the average age in the U.S. is 78 years old! As a result, 41% of Americans in the market are searching for a home that can accommodate a multigenerational family.

The graph below shows the number of people by generation that purchased a multigenerational home because they will either be taking care of an aging parent or they just want to spend time together.

More Southwest Florida Real Estate News

Naples Golf Guy Monthly Real Estate Report – New

Naples Home Sales End March Strong

The latest Naples Home Sales report for the week of March 25th show there were 486 Properties Sold in the Naples area up from 313 homes sold the previous week.  East Naples remained in the top spot for the most real estate transactions for the week with 103 homes sold compared to 69 transactions the prior week. North Naples remained in the second position with 95 homes sales versus 65 sales the week of the 18th. And finally, the city of Naples had another very strong week with 64 real estate transactions compared to 52 Naples home sales the week before.

So, of the 103 real estate sales in East Naples, 7 percent were vacant lots, 26 percent were single family homes and 64 percent were condos. The remaining properties sold were mobile homes.

And, in North Naples, of the 95 transactions closed, 16 percent were vacant lots, 38 percent were condos and 43 percent were single family homes. Additionally, the remaining properties sold were mobile homes.

Finally, of the 64 Naples homes sold in the City, 37.5 percent were single family homes and 62.5 percent were condos.

In summary, the latest Naples home sales report for the week of the 25th show sales were broken down as follows: 179 single family homes, 211 condos, 89 vacant lots and 7 mobile homes sold throughout Collier County.

Naples Home Sales for the week of 25th by zip code:

City of Naples

• 34102 – 13 properties sold (7 single family home and 6 condos)
• 34103 – 25 properties sold (7 single family homes and 18 condos)
• 34105 – 26 properties sold (10 single family homes and 16 condos)

North Naples

• 34109 – 23 properties sold (3 vacant lots, 7 single family homes and 13 condos)
• 34110 – 28 properties sold (2 mobile homes, 12 single family homes and 14 condos)
• 34119 – 44 properties sold (1 mobile home, 12 vacant lots, 22 single family homes and 9 condos)

East Naples

• 34104 – 34 properties sold (1 vacant lot, 12 single family homes and 21 condos)
• 34112 – 50 properties sold (3 mobile homes, 5 vacant lots, 10 single family homes and 32 condos)
• 34113 – 19 properties sold (1 vacant lot, 5 single family homes and 13 condos)

Ave Maria and Immokalee

• 34142 – 10 properties sold (6 vacant lots, 3 single family homes and 1 condo)

Barefoot Beach

• 34134 – 5 properties sold (1 single family home and 4 condos)

Big Cypress

• 34117 – 11 properties sold (4 vacant lots and 7 single family home)

Chokoloskee

• 34138 – 1 property sold (1 condo)

Coco River

• 34108 – 16 properties sold (3 vacant lots, 5 single family homes and 8 condos)

Corkscrew

• 34120 –  67 properties sold (31 vacant lots, 26 single family homes and 10 condos)

Eastern Collier County

• 34114 – 57 properties sold (1 mobile home, 19 vacant lots, 17 single family homes and 20 condos)
• 34116 – 16 properties sold (1 vacant lot, 12 single family homes and 3 condos)

Everglades City

• 34139 – 1 property sold (1 condo)

Marco Island

• 34145 – 40 properties sold (3 vacant lots, 16 single family homes and 21 condos)

2 Things You Need to Know to Properly Price Your Home

Are you considering selling your home and you want to properly price your house from the start? In today’s housing market, home prices are increasing at a slower pace (3.7%) than they have over the last eight years (6-7%). However, they are still are above historical norms. Low supply of listed homes and high demand from buyers has pushed prices to rise rapidly.

 

2019 Lee County April Real Estate Review

The latest Lee County April Real Estate reports show the market is slowing which is normal for this time year. Closed sales have fallen for both single family homes and condos in the Bonita Springs and Estero areas.  Additionally closed sales decreased for condos, however, pending condo sales ticked up by double digits. What’s most notable across all home types is the significant increase in the median number of days from listing to contract. The time to contract for single-family homes increased a staggering 94 percent. The median days on market for single-family homes rose to 130 days which is 4.3 months just to enter a contract. You’re looking at approximately 5.5 months from contract to close.

Similarly, condos median time to contract was up over 43 percent and median days to close were up 27 percent. Again, this means if you’re selling a condo in Bonita Springs or Estero you are looking at about 4.5 months from listing to close. As we head into summer, we could see these numbers increase even more. So what’s the good news? Based on the latest April real estate activity, a healthy market is one with 6-7 months supply of inventory which is right where we stand for the Bonita Springs and Ester area. This should lead to normal real estate activity levels over the next month.

2019 Lee County April Real Estate Activity for Single Family Homes

2019 Lee County April Real Estate Highlights for Single Family Homes

• Closed sales decreased 30.6 percent down to 100 from 144 homes sold
• Inventory increased 3.5 percent up to 681 compared to April of last year when there were 658 homes for sale
• Median days to contract increased to 130 days which represented a 94 percent increase
• Average sales price increased from $491,590 up to $565,042 or a 14.9 percent increase
• Total months’ supply of inventory fell 4.1 percent down to 7.1 percent

2019 Lee County April Real Estate Activity for Condos

2019 Lee County April Real Estate Highlights for Condos

• Closed sales decreased 2.2 percent down to 139 from 136 homes sold
• Inventory increased 1.6 percent up to 572 compared to April of last year when there were 563 homes for sale
• Median days to contract increased to 93 days which represented a 45.3 percent increase
• Average sales price increased from $311,690 up to $322,339 or a 3.4 percent increase
• Total months’ supply of inventory increased 1.5 percent up to 6.8 percent

View More 2019 Lee County April Real Estate Market Reports

April 2019 Real Estate Summary for Southern Lee County

Lee County’s Latest Real Estate Transactions

Bonita Springs Estero Market Reports

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South Lee County May Real Estate Activity Remains Strong

South Lee County home sales for the beginning of May showed we started the month with strong real estate activity. Based on the latest real estate transactions report for the week of May 4th in the Southern Ft. Myers, Estero and Bonita Springs area, there were 210 properties sold compared to 207 properties sold the prior week.

Southern Fort Myers finished the week with 76 real estate transactions up from 78 during the prior week. Of the 76 homes sold, 34 percent were vacant lots, 13 percent were condos and 49 percent were single family homes. The other properties sold during the week were mobile homes and commercial units.

Bonita Springs was in the second position with 70 sales up slightly from 69 properties sold the week of April 27th. Home sales consisted of 19 percent vacant lots, 43 percent single family homes and 33 percent were condos. So, the other real estate transactions were commercial units and mobile homes.

Finally, Estero rounded out the week with 61 sales up 1 from the previous week when 60 properties sold. Of the 61 real estate sales, 28 percent were vacant lots, 33 percent were condos and 34 percent were single family homes. Similar to Southern Fort Myers and Bonita Springs, the additional property sales in Estero were mobile homes and commercial units for the week.

In review, based on the latest South Lee County Home Sales report for the week of the 4th, sales were broken down by the following property types in Southwest Florida:  89 single family homes, 58 condos, 52 vacant lots, 5 commercial units, 5 mobile homes and 1 multi-family unit sold.

South Lee County Real Estate Activity for the Week of May 4th – Organized by zip code

Bonita Springs

• 34134 – 25 properties sold (1 vacant lot, 12 single family homes and 12 condos)
• 34135 – 45 properties sold (2 commercial units, 2 mobile homes, 12 vacant lots, 18 single family homes and 11 condos)

Southern Fort Myers

• 33912 – 19 properties sold (2 commercial units, 11 single family homes and 6 condos)
• 33913 – 42 properties sold (1 commercial unit, 15 vacant lots, 23 single family homes and 4 condos)
• 33967 – 15 properties sold (1 multi-family unit, 11 vacant lots and 3 single family homes)

Estero

• 33928 – 48 properties sold (1 commercial unit, 2 mobile homes, 17 vacant lots, 16 single family homes and 12 condos)
• 33967 – 2 properties sold (1 single family home and 1 condo)
• 34134 – 1 property sold (1 condo)
• 34135 – 10 properties sold (4 single family homes and 6 condos)

Miromar

• 33913 – 3 properties sold (1 single family home and 2 condos)

More Information About Southwest Florida Real Estate Activity

Naples Real Estate Update

April 2019 Real Estate Summary for Southern Lee County

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Golf Properties for Sale in Private Golf Clubs

View the best golf properties for sale in private golf clubs in Naples, Bonita Springs, Estero and Fort Myers! Florida has seen a record number of visitors this season. Although we typically consider season over after Easter, we still have a significant amount of people still in the area looking for single family homes and condos in private golf clubs.

Also, not only are their significant tax advantages (did I mention there is no state income tax?), we also have perfect weather and an abundance of outdoor activities, shopping, and dining to suit everyone’s lifestyle.  So, whether you are considering relocating to our area or you are looking to buy your dream retirement home, a second, third or fourth home, check out some of the Best Private Golf Clubs and homes for sale in Southwest Florida Golf Communities on the market today!

Quail Creek Mansion – 13323 Rosewood Lane – (Coming Soon!)

Single Family Home (Naples)

8 Beds + Den and 12.5  Baths

19,141 Sq. Ft.

Built 1991

Private Naples Golf Community- 36 holes – Upfront Initiation Fee

(More about Quail Creek) – (Quail Creek Single Family Homes)

Bonita Bay West – 4991 Bonita Bay W. – $6,750,000

Luxury Golf Condo (Bonita Springs)

5 Beds and 5.5 Baths

6,455 Sq. Ft.

Built 2021 (New Construction) More about New Construction

Private Bonita Springs Golf Community – 5 golf courses – Upfront Initiation Fee

(More about this Property) (More about Bonita Bay West) – (Bonita Bay West Single Family Homes) – (Bonita Bay West Condos)

Miromar Lakes – 18104 Via Portofino Way – $3,225,000

Single Family Luxury Golf Home (Estero)

4 Beds and 4 Baths

4,266 Sq. Ft.

Built 2016 (New Construction) More about New Construction

Private Miromar Lakes Golf Community – 18 holes – Upfront Initiation Fee

(More about this property) –  (More about Miromar Lakes) – (Miromar Lakes Single Family Homes) – (Miromar Lakes Condos)

Quail West –  4430 Wayside Drive – $2,949,000

Single Family Luxury Home (Naples)

4 Beds and 4.5 Baths

6,568 Sq. Ft.

Built 2005

Private Naples Golf Community – 36 holes – Upfront Initiation Fee

(More about this property) – (More about Quail West) – (Quail West Single Family Homes)

 

Mediterra – 28040 Castellano Way – $2,820,000

Single Family Luxury Golf Home (Naples)

4 Beds and 5 Baths

4,721 Sq. Ft.

Built 2013

Private Naples Golf Community – 36 homes – Upfront Initiation Fee

(More about this property) (More about Mediterra) – (Mediterra Single Family Homes) – (Mediterra Condos)

 

The Colony – 23841 Tuscany Ct. – Sold Price $2,600,000 (Closed!)  More about The Colony Lifestyle

Single Family Luxury Golf Home (Bonita Springs)

5 Beds and 6.5 Baths

7,080 Sq. Ft.

Built 2002

Private Bonita Springs Golf Community – 18 homes – Upfront Initiation Fee

(More about The Colony) – (The Colony Single Family Homes) – (The Colony Condos)

 

Talis Park – 16373 Corsica Way – $2,695,000 More about New Construction

Luxury Single Family New Construction Home (Naples)

4 Beds and 5 Baths

4,576 Sq. Ft.

Built 2018

Private Naples Golf Community – 18 holes – Upfront Initiation Fee

(More about this property) – (More about Talis Park) – (Talis Park Single Family Homes) – (Talis Park Condos)

 

Gulf Harbour – 11411 Corsica Way – $2,275,000 New Construction

Single Family New Construction Home (Fort Myers)

4 Beds and 4.5 Baths

3,584 Sq. Ft.

Built 2018

Private Naples Golf Community – 18 holes – Upfront Initiation Fee

(More about this property) – (More about Gulf Harbour) – (Gulf Harbour Single Family Homes) – (Gulf Harbour Park Condos)

 

Quail West –  4141 Cortland Way – $2,220,000 (Major Price Reduction – $130K!)

Luxury Single Family Home (Naples)

4 Beds and 4.5 Baths

4,215 Sq. Ft.

Built 2013

Private Naples Golf Community – 36 holes – Upfront Initiation Fee

(More about this property) – (More about Quail West) – (Quail West Single Family Homes)

 

Grey Oaks – 2089 Torino Way  – $1,359,900 ($50K Price Reduction!)   More about Grey Oaks Lifestyle

Luxury Single Family Home (Naples)

3 Beds + Den and 3.5 Baths

3,032 Sq. Ft.

Built 2016

Private Naples Golf Community – 3 golf courses – Upfront Initiation Fee (Equity Memberships Available)

(More About This Property) – (More about Grey Oaks) – (Grey Oaks Single Family Homes) – (Grey Oaks Condos)

 

Treviso Bay – 9663 Lipani Ct. – $1,199,999

Luxury Single Family Home (Naples)

3 Beds and 4 Baths

3,659 Sq. Ft.

Built 2016

Private Naples Golf Community – 18 holes – Bundled Membership

(More About this Property) (More about Treviso Bay) – (Treviso Bay Single Family Homes) – (Treviso Bay Condos)

 

Grey Oaks – 2426 Terra Verde Ln. #2426  – Sold Price $865,000 (Closed!)

Condo (Naples)

3 Beds and 3 Baths

2,434 Sq. Ft.

Built 1999

Private Naples Golf Community – 3 golf courses – Upfront Initiation Fee (Equity Memberships Available)

(More about Grey Oaks) – (Grey Oaks Single Family Homes) – (Grey Oaks Condos)

Twin Eagles – 12664 Kinross Lane, Naples FL 34120 – Sold Price $499,000 (Closed!)

Single Family Home (Naples)

3 Beds + Den and 2  Baths

2,172 Sq. Ft.

Built 2015

Private Naples Golf Community- 36 holes – Bundled Golf Community

(More about Twin Eagles) – (Twin Eagles Single Family Homes) – (Twin Eagles Condos)

 

Pelican Landing at Pelican’s Nest – 24361 Sandpiper Isle Way #404 – Sales Price $435,000 (Closed!)

Condo (Bonita Springs)

3 Beds and 3  Baths

2,540 Sq. Ft.

Built 19962015

Private Bonita Springs Golf Community- 36 holes – Upfront Initiation Fee

(More about Pelican’s Nest) – (Pelican Nest Single Family Homes) – (Pelicans Nest Condos)

 

Palmira – 14511 Bellino Terrace #201  – $374,900

Condo (Bonita Springs)

3 Beds + Den and 2.5  Baths

2,297 Sq. Ft.

Built 2006

Private Bonita Springs Golf Community- 27 holes – Bundled Private Golf Community

(More about Palmira) – (Palmira Single Family Homes) – (Palmira Twin Eagles Condos)

 

Spring Run – 9031 Spring Run Blvd, Estero FL 34135 – $324,999 (Contract Pending!)

Condo (Estero)

3 Beds and 2  Baths

1,502 Sq. Ft.

Built 1999

Private Naples Golf Community- 18 holes – Bundled Golf Community

(More about Spring Run) – (Spring Run Single Family Homes) – (Spring Run Eagles Condos)

 

 

Foxfire Country Club – 308 Foxtail Ct. #308 – $237,500 (Price Reduced!)

Condo (Bonita Springs)

2 Beds and 2  Baths

1,295 Sq. Ft.

Built 1986

Private Bonita Springs Golf Community- 27 holes – Bundled Golf Community

(More about this property) (More about Foxfire) – (Foxfire Single Family Homes) – (Foxfire Condos)

 

Vasari – 10102 Biscayne Bay Lane – $200,000

Condo (Bonita Springs)

2 Beds and 2 Baths

1,524 Sq. Ft.

Built 2003

Private and Public Naples Golf Community – 18 holes – Bundled Golf Community

(More about this Property) – (More about Vasari) – (Vasari Single Family Homes) – (Vasari Condos)

 

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May 26th, 2019 Posted by NaplesGolfGUy

Naples Real Estate Summary for April 2019

The Naples Real Estate Summary for the month of April shows a significant increase in closed sales for the month compared to April of last year. Overall, closed sales increased 12.8 percent to 1,158 properties in April 2019 from 1,027 properties in April 2018. In particular, condo sales were very strong with 656 units sold which is a 20.1 percent increase over last year. Additionally, single-family homes sales increased for the month, up 4.4 percent over the same time last year. Finally, closed sales for this April were 17 percent higher than March of this year and homer buyer traffic continues to be strong despite the fact season has ended.

Mike Hughes, Vice President and General Manager for Downing-Frye Realty, Inc. said, “Despite old-fashioned beliefs that our area is predominately seasonal, the last few years of home sales activity after Easter are proof that this is just not the case anymore.” Hughes added that – from a buyer’s perspective – “the late spring and summer months are a great time to buy because there has always been a good selection of homes in all price ranges.”

 

Naples April Inventory

The latest report from the Naples Area Board of REALTORS® (NABOR®), showed almost 1,000 properties went from active to either terminated, expired, or withdrawn in the Southwest Florida MLS during April. As a result, the inventory level decreased 11.1 percent down to 6,435 properties for the month from 7,239 properties in April 2018. Although overall inventory decreased, listings for condos increased 9.2 percent during April. However, new listings of single family homes fell 3.2 percent.

The Luxury Real Estate Inventory, homes priced above $1,000,000, saw an increase in inventory for single-family homes but a decrease in condos inventory. And, the months’ supply for the Naples Luxury Real Estate Market is in the double digits ranging from 12 to 15.5 months. A healthy inventory level is between 6-7 months. Therefore, if you’re looking to buy a luxury property now is a good time to move forward.  It is definitely a buyers market and sellers should be more willing to negotiate.

On the flip side, inventory of homes priced less than $500,000 only has a 6 to 7 months supply of inventory making it a balanced market.

Naples Geographical Real Estate Trends

From a geographical perspective, the Naples Beach area  (34102, 34103, 34108) was blazing hot! There was a 44.6 percent increase in closed sales for its single-family homes market and a 12.5 percent increase in closed sales for its condo market. Location, location, location!

Also notable was the 22 percent increase in condo sales in the Central Naples area (34104, 34105, 34116). East Naples area had a 36.4 percent increase in condominium sales and the South Naples area (34112, 34113) led the way with almost a 50 percent increase in condo sales during April.

One trend that continues to be applauded by broker analysts is the adoption by sellers to price their homes appropriately – based on actual comparisons of recently sold homes – in order to gauge their home’s estimated value rather than pricing their homes based on unvalidated values.

Naples Real Estate Summary – Percentage Change Year-Over-Year

Naples Real Estate Summary Reports:

April 2019 Statistics

Latest Collier County Real Estate Transactions

Begin Your Own Property Search for Luxury Dream Home:

Should You Buy Now or Wait Until Next Year?

Have you been asking yourself if you should buy now or wait until next year? Waiting until next year to buy a home could make a significant financial impact. In the case of homeownership, it’s better to act sooner than later! Let’s get together to make sure you don’t miss out on any savings if you’re in the market to purchase a home!

More Information About Southwest Florida Real Estate Trends

Naples Golf Guy Monthly Market Report

Naples Real Estate Update

Bonita Springs, Estero and Fort Myers Real Estate News

Begin Your Own Property Search for Luxury Dream Home:

Pelican Landing Condo Sold!

This beautiful Pelican Landing Condo Sold to a fantastic couple I’ve been working with. This condo has three bedrooms and three bathrooms in the Sandpiper Isle neighborhood!  This turnkey furnished end unit is luxurious throughout. From Brazilian hardwood floors, new stainless steel appliances, granite countertops, and vaulted ceilings you would be amazed the second you walked through the door! And you just can’t beat the location and view which overlooks an expansive lake with fountains.

24361 Sandpiper Isle Way #404 Bonita Springs, Florida 34134 – Sold Price $435,000

More About Pelican Landing:

Pelican Landing is a gated community located in Bonita Springs Florida. World class amenities provide you with a luxury lifestyle which is hard to beat.  Located within the community is Pelican’s Nest, a private golf club, which includes two championship 18-hole golf courses designed by Tom Fazio. In addition to luxury golf, residents have access to a private beach park only accessible by water taxi, a state of the art fitness center, lighted tennis courts, pickleball, and a canoe and kayak park.  Finally, it is one of the few golf communities which also has private boat slips with access to the Gulf of Mexico.

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