Naples Real Estate News

Florida insurance regulators abruptly ended a planned two-day hearing with Allstate executives Tuesday, angered that the company and its attorneys failed to fully comply with a subpoena demanding information on property coverage rates. While Allstate’s four Florida companies had asked for double-digit rate increases, the insurer told state regulators it planned to drop that request.

My personal experience with Allstate Insurance, was that they dropped me after 23 years of paying insurance premiums. The reason allegedly was due to the age of my home and the wind zone that it was located within. Of course, between us - it could have been my insurance claim which was filed and paid from hurricane damage as a result of Hurricane Wilma.

Or, could it be, Allstate is looking to insure only those homes with low risks? Lower the risk, raise the premiums and guess what - more bottom line profits!!

RENTALS - In some of the areas hit hardest by the sub-prime mortgage crisis, finding a rental apartment is easier and, in some cases, cheaper than it was before the credit crunch. Vacancies have risen in 29 markets in the fourth quarter of 2007, including Palm Beach and Orlando, according to Reis Inc., a New York real-estate research firm.

Renters should be aware when signing a rental lease with a property owner, if the property owner is foreclosed upon, they will have to vacate the property. A potential renter should check the county records to determine if a Lis Pendens has been filed by a lender on the property or if a final judgment has been recorded.

FLOOD INSURANCE - When Congress resumes this month, the National Flood Insurance Program’s renewal will be one of many issues before lawmakers. About 33 percent of all NFIP claims are related to homes in minimal-risk areas, and experts estimate during a 30-year mortgage, a home has a 26 percent chance of being damaged by a flood.

My recommendation for all purchasers of residences in the Naples real estate market is to purchase flood insurance regardless if the lender does not require the flood insurance or if the condominium they are purchasing is on the first floor of a condominium building. We are located in a sub-tropical environment and subject to tropical storm downpours periodically.

INCOME TAX TIP - Homeowners with a new mortgage that is covered by insurance can claim a tax break on the insurance this year. Called the qualified mortgage insurance deduction, it lets taxpayers with an adjusted gross income of less than $100,000 write off the full cost of mortgage insurance, while those who earn less than $109,000 can take a write-off for part of it.

Source : http://www.adeltarealty.net/

NABOR resumes release of monthly sales figures, with optimism

Local Realtors see glimmers of hope in a new monthly sales report put out by the Naples Area Board of Realtors.

The first-of-a-kind report, released Tuesday, shows signs of a turnaround in the Naples-area market.

Highlights include:

-- Sales made through the Multiple Listing Service were up for homes under $300,000 in the Naples area in December. There were 110 sales, compared to 103 a year earlier. The same market saw a 33 percent increase in sales in 2007.

-- Overall, there were 275 sales pending in the MLS in December. That came within two sales of breaking a 27-month downward trend.

-- The number of available condominiums dropped to 5,816 in December, down from 6,014 a year ago, a 3 percent decline.

“The facts are the facts, and when you look at the numbers it appears as though we are now once again headed in the right direction,” said Arlene Carozza, NABOR’s president.

Joe Ballarino, president and CEO of Amerivest Realty in North Naples, describes the report as “mixed.” Parts of the market are doing much better than others.

“I think we’re at or near the bottom,” Ballarino said. “We may have finally hit bottom.”

The report reflects sales made in Collier County through the Sunshine MLS, excluding Marco Island. It includes an overall market summary and breaks sales down by geographic area carved out by zip code.

In December, there were 269 single-family and condominium sales, down from 312 a year ago. The median home price fell to $380,000, from $412,000 in December 2006, according to the report.

Last year, 3,889 homes sold, down from 4,518 in 2006, the report says.

In the under $300,000 category, sales rose to 1,401 last year, from 1,066 in 2006, fueled

by a nearly 10 percent drop in median price to $230,000.

“It’s the middle of the market that has been overpriced. The $300,000 to $1 million category is where the sales aren’t happening and that’s because the prices aren’t in line. They need to drop another 5 to 10 percent,” Ballarino said.

In the $500,000 to $1 million price range, 811 homes sold in 2007, down from 1,037 in 2006. The median price dropped by $2,000.

In the $1 million to $2 million category, 374 homes sold last year, compared to 439 in 2006. In December there were 25 sales, the same as in 2006.

“In the luxury market prices are holding well and their sales are already coming back,” Ballarino said.

The Naples beachfront, which includes such affluent neighborhoods as Port Royal and Park Shore, and North Naples are leading markets for sales.

In December, there were 71 sales in the Naples beachfront area, compared to 68 a year ago. In 2007, 926 homes sold, up from 889 in 2006.

In North Naples, 73 homes sold in December, 10 less than a year ago. In 2007, there were

1,161 sales, down from 1,202 in 2006.

Sales have declined most in Central Naples. There were 927 in 2006 and 653 last year.

Last year, condo prices fell the most. The median price went from $365,000 to $300,000. But in some areas of the condo market, prices are already back on the rise.

“I know the average person, when you listen to the news, and read the various news stories, you think everything is going down. Yet that is not the case here,” said Broker Michael Hughes at Downing-Frye Realty Inc. in Naples.

In the $500,000 to $1 million range, the median price for condos went from $670,000 in 2006 to $680,000 last year.

Realtors and brokers say showings are up in recent weeks, another sign of a market turnaround.

Business typically picks up with the start of the winter season, when more northerners come to town to escape the cold. But agents say they are getting more calls and interest than usual for this time of year.

“Pending contracts seem to be falling in a little earlier, which I like,” Hughes said.

He describes his outlook as “cautiously optimistic.”

“You’ve got interest rates that are extremely favorable,” he said. “You’ve got a lot of inventory and you’ve got a very cold winter up North, and the weather down here has been beautiful.”

Brett Brown, a Realtor with Miromar Realty of Southwest Florida Inc., said he’s seen the most activity on homes priced at $300,000 and below. Homes selling for more than $1 million also are generating more interest, he said.

Since Dec. 29, business has been up over last year, Brown said. But there still are many who are looking and not yet buying.

“Everyone is just waiting to see where the bottom is going to be,” he said. “I think we may be reaching it.”

“I don’t expect the market to take off,” Ballarino said. “I think buyers are going to be picky and sellers who have their properties priced properly will get the sale.”

For about a year, NABOR kept its monthly sales from the public. Instead of reporting them to the Florida Association of Realtors, the group started releasing its own quarterly reports, saying they were more relevant and accurate. But there were skeptics.

Last month, NABOR voted to release the new detailed reports every month. Its monthly sales still won’t appear in the statewide report.

Source : http://www.naplesnews.com/

Naples City Council OKs zoning change for garage, condo complex

Naples City Council on Wednesday approved a request to change the zoning and small-scale density for one downtown residential community, giving developers the opportunity to move forward with a four-story, 42-foot-high parking garage and condominium complex.

Council voted 5-2 to change the zoning designation for a 43,000-square-foot parcel of land at Fourth Avenue South and Fourth Street South. The rezone changes the property from a mutli-family, residential zoning district to a planned development.

The move also increases the density in the neighborhood, by allowing developers to build a 22-unit condominium complex.

Councilmen Bill MacIlvaine and Bill Willkomm cast the dissenting vote.

The development would bring up to 52 public parking spaces to the west side of Fifth Avenue South.

The building would be 42 feet tall, with three stories above ground. The first two levels of parking would be built below ground and at ground level, while the upper floors would be residential units.

Developers were able to put parking below ground after tweaking the plans to include about 1,000 square feet of office space in the southwest corner of the garage

Fourth and Fourth Associates, LLC, the developers in charge of the Fourth and Fourth property, agreed to adjust the hours of operation to only allow entry between 7 a.m. and 10 p.m.

Source : http://www.naplesnews.com/

Naples Condo Market Report for November 07

Big drop in median price paid for Naples condos - good news for condo buyers, but not very good for sellers of condominiums.

New Listings:
A total of 767 Naples condominiums were listed in November. When compared to last November, the number of condos listed was 1,003 – a reduction of about 23%. In November 2005, 815 condos were listed – reduction of about 6%. Hence, the rate of new listings is slowing, at least looking at November. Could a trend be developing? The reduction in condominiums coming on the market will eventually have an impact on the number of months of condominium inventories available for sale.

Median Price Paid:
In the month of November the median price paid for a condo in the Naples area was $250,000. In November 2006, the median price paid a condo in Naples was $321,250 or reduction in the median price of about 22%. Looking at November 2005, the median price paid was $379,000 – the reduction in the median price is about 34%. The reduction in median price is most likely due to condos being sold in communities that were heavily investor owned and apartment to condominium conversions.

Closed Sales:
The closed sales for condos in Naples during November were 100. In November 2006, the number of closed was 108 and 247 in November 2005; the respective reductions are about 7% and 60%. The reduction in the volume of closed sales appears to be bad news; however, considering the reduction in “liberal” loan programs and more restrictive underwriting criteria, this could be somewhat positive, when comparing 2006 and 2007 volumes.

Pending Sales:
The volume of pending sales came in at 131 contracts. The 131, is a reduction of about 5% from 2006’s 138, but a 36% below 2005’s 206 pending sales. Although the drop from 2005 levels is large, the drop from 2006 can be considered positive due to the elimination of “liberal” loan program and stricter underwriting guidelines.

Currently, there are about 5,300 condominiums available for sale in the Naples area, representing about 35 months of inventory – this is provides buyers with an excellent selection in a very strong buyers market.

Source : http://www.adeltarealty.net/

Guide to Naples/Marco Island

Golf, Art Galleries, Shopping, Gulf Sunsets...

Arts, culture, shopping, beaches, golf — the best is waiting for you on the Paradise Coast! Naples is "Paradise" in every way. Just this year, the Travel Channel named it "America's Best Beach." Lose yourself in miles of glimmering white-sand beach and great activities in the crystal-clear water. Rent a Wave Runner or spread out a fluffy towel. Take day trips to Marco Island, Bonita Springs and the Everglades while you're here and discover the true magic of the coast.

Of course, Naples IS shopping. The bustling hub of sophisticated Fabulous Fifth Avenue and surrounding areas will keep you busy for days. Step back into Old Naples on Third Street South, where you'll find everything from high-end boutiques to trendy salons set amid historic buildings. Or, try The Village on Venetian Bay, an eclectic mix of specialty shops nestled in a Mediterranean-style complex.

Take a break on a gorgeous golf course. Naples is considered by some the golf capital of the world, and no wonder, with amazing courses designed by world-famous architects and the sunny year-round climate. Architects of this region's golf masterpieces include Norman, Dye, Nicklaus and Jones, to name a few.

Speaking of masterpieces, this coast has a thriving arts scene. Well over 100 galleries house everything from impressionists to cubists, and the Naples Museum of Art has 15 awe-inspiring galleries with permanent and traveling exhibits. Visit the Von Liebig Art Center with a focus on Florida art and learn a few techniques of your own. For a Broadway-caliber performance, see The Naples Players in action. The heart of the creative community here is The Philharmonic Center for the Arts (locals call it "the Phil") — a one-of-a-kind establishment that features both performing and visual arts in a single complex.

Source : http://www.mustdotravel.com/