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 Real Estate NewsNaples Real Estate News - 02/06/08

HOMEOWNERS INSURANCE - Allstate insurance companies can keep writing new policies in Florida under an appeals court ruling late Wednesday that rejected the state’s attempt to stop them, but which also potentially sets up a quick resolution to the standoff.

MORTGAGE RATES - Rates on 30-year mortgages rose for the first time this year, to an average of 5.68 percent, after four straight weekly declines, according to Freddie Mac. Economists attributed the slight increase to the rebound in rates that occurred in Treasury bond markets this week.

ECONOMIC STIMULUS - The United States Senate hasn’t embraced one provision of an economic stimulus package that’s important than to increase in the loan limits backed by Fannie Mae and Freddie Mac. An increase would allow home buyers to qualify for higher-priced homes without relying on higher-rate jumbo mortgages. In addition, it will assist with the refinancing of higher priced properties without the jumbo rate mortgages.

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

Naples Condo Market Report December 07

In the Naples real estate market condominiums show some positive trends in new listings coming on the market, closed sales, and pending sales as one reviews the statistics and analysis, with exception of median price paid. The market report covers not only the month of December, but also for the quarter ended December 31, 2007 and 2007 in totality.

Monthly Analysis:
Listings:
The number of new condo listings coming on the market in December was 535. In December 2006 the number was 683 or a reduction of 22% in volume. In December 2005, new listings were 720 condos or a reduction of about 26%. This represents a positive sign as fewer condos are coming on the market and should eventually be reflected in the gross number of available condos for sale.

The number of months of condo resale inventory is 34 months.

Closed Sales:
The number of closed sales for condominiums in the Naples area in December was 118 versus 140 in December 2006 or a volume reduction of about 16%. Considering the tighter requirements for mortgages and the elimination of sub-prime borrower programs, this is positive for the market. When looking at December 2005, the closed sales totaled 186, a reduction in closed sales volume of 37%. December 2005 many of the sub-prime and liberal loans were available. As many of us are aware the market started to change in the fourth quarter of 2005.

Pending Sales:
A total of 125 condos in the Naples area were pending sale as of the end of December. In December 2006, 120 condos were pending sale as of month end. While in 2005 there were a total of 193. With pending sales we can see the trend or impact of the elimination of liberal underwriting requirements and sub-prime borrower programs, when comparing pending sales between 2005 and 2007. It is interesting to notice that 2007 pending sales for condos are slightly over 2006.

Median Price Paid:
The median price paid for a condo in the Naples for the month of December 2007 was $285,250. The median price paid was $326,000 in December 2006, which represents approximately 12.5% reduction in the median price. The median price paid in 2005 was $406,425. The reduction in whole dollars was $121,175 or roughly 30%.

For the year over year December analysis one can conclude that the real estate market for condominium median prices are declining, while other aspects reflect buyer optimism.

Quarterly Analysis:
Listings:
During the 4th quarter ending December 31, 2007, the total number of new listings was 2,068 versus 2,630 in 2006 and 2,084 in 2005. The reduction in the new listings for the 4th quarter versus 2006 and 2005 could be a sign of the market’s eventual strengthening. With less condominiums coming on the market, the median price paid could in the future could stabilize or trend upwards slightly.

Closed Sales:
A total of 339 condos were sold in the 4th quarter of 2007 versus 354 in 2006 and 583 in 2005. The reduction of 15 condos between 2007 and 2006 equates to about 4%. While between 2007 and 2005 the reduction of 244 or 42% is substantial.

Median Price:
The median price paid for a condo in the Naples area during the 4th quarter of 2007 was $285,500. The median price paid in 2006 was $317,500 and $382,000 in 2005. The median price reduction between 2007 and 2006 was about 10%. However, the reduction between 2007 and 2005 was approximately 25%.

2007 Year Analysis:
Listings:
In 2007 there were a total of 8,836 new listings to come on the market for sale. In 2006, the total was 10,630 and 7,150 in 2005. The new listings in 2007 were less than 2006 and could represent a stabilization or reduction of new listings for condos coming on the market in the future.

Closed Sales:
During 2007, 1,820 Naples condos were sold compared to 1,967 homes in 2006 and 4,293 in 2005. The reduction in the total number of condos sold in 2007 compared to 2006 was 147 condos. This could suggest that the mortgage crisis did not affect the condo market as much as the single family home market as well as buyer confidence in the condo market due to the reduction in median prices paid for a condo.

Median Price:
The median price paid for a condo in Naples in 2007 was $305,000 versus $355,000 in 2006 or a percentage reduction in value of 14%. The median price was $360,000 in 2005. The reduction in value between 2007 and 2005 was about 15%.

What is very interesting to note is that the median price paid for a condo in Naples during 2004 was $241,000. The big question is the prices going to continue to decline? Be sure to read my post on the 2008 real estate forecast from Florida economist, Hank Fishkind.

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