Once again this month, market statistics show a soaring Naples luxury home market. All key indicators - sales, median closed price and inventory - point to a continuing upward trend in our local real estate market.

Let’s look at the numbers, compared to the third quarter of 2012:

• Overall sales are up 22% 
• Median home prices are up 24%
• Overall inventory is down 20%
• Closed sales in the $500 K - $1 million market segment are up 48%
• Closed sales in the $2 million plus market segment are up 128%
• Homes are moving fast. Our measure of “days on the market” decreased 18%.

Coastal properties lead the pack in pending sales. Demand for coastal homes is driving other market segments forward, due in large part to reduced home inventory. 

Monthly statistics point to a vibrant fall and winter season in Naples real estate. Especially active is the $2 million + market segment, which showed a 45% increase over September 2012. 

Where do condominium sales stack up in the total market picture? In September 2013, condo sales were up a whopping 102% over September 2012. Quarterly statistics show a 31% increase in condo sales over 2012. Demand for condominium units is aggressive, regardless of location; condo inventory has dropped 26% from the third quarter of 2012. 

Again this month, the law of supply and demand proves true. With fewer homes on the market and demand increasing, prices are headed upward. Bottom line? It’s all good news. People are buying homes!

If you wonder whether it’s a good time to get serious about your home search, let me answer that question with a resounding YES! Interest rates remain low as we move into season, and homes are expected to sell even more quickly through the winter months. 

It’s still a great time to get into the market for a home in Naples. I am delighted to work with returning clients and new clients alike as we look for the home that represents the best investment for your needs. Whether you are a full-time Naples resident, seasonal resident, investment buyer, condo buyer, or single-family home buyer...I am ready to help you find the right property in this booming market.

Fall has arrived in Naples! The weather is beautiful; humidity is down, and evenings are cool. There’s even a bit of crispness in the early morning air. 

Downtown Naples will be abuzz starting this weekend - City Fest begins October 19, and events are scheduled all the way through October 31. 

What’s going on? Take a peek at the varied activities on the calendar! Here are a few highlights:

Music:

• Enjoy the Naples Concert Band and the Naples Philharmonic during City Fest concerts. at Cambier Park. 
• Cruise over to Tin City for special music during the Stone Crab Festival October 25-27 from 4-10 pm. A special highlight will be Beatlemaniax, a Beatles tribute band, on October 26. 
• Even more music will keep your feet tapping at Bayfront Inn on October 26 and 27. 

Art:

• Enjoy the “Palette to Palate” City Fest events at Crayton Cove. Enjoy the arts at The Cove Inn’s special exhibit and the many fine galleries in the Crayton Cove area. Watch plein air painters and a batik artist at work. 
• Cambier Park hosts the first arts and crafts festival of the season on October 26. 

Food:

• The Dock, Chez Boet, and Bleu Provence in the Crayton Cove area welcome you with discounts as part of the “Palette to Palate” event.
• As always, Fifth Avenue South eateries will be bustling during City Fest. Stop in to an old favorite....or try something new!
• Over at Tin City, Pinchers Crab Shack and RiverWalk await with wonderful seafood offerings. Pick up a bottle of wine at the Naples Winery, or indulge in some delicious Monkey Bread. 

Special Discounts:

• Enjoy special discounts on the Naples Princess sightseeing cruise, dolphin watch cruises, and jet ski rentals from Port O’Call Marina near Tin City. 
• From Bayfront Naples, pick up a bargain on a paddleboard rental, kayak rental, or Segway tour. (And don’t those Segways look like fun?)

Shopping:

• There’s nothing like a great bargain! Catch Sidewalk Sales on 5th Avenue South and 3rd Street South October 23-26. 

Special Events: 

• On October 19, whether you participate or not, the “Stiletto Sprint” race is a sight to behold. Runners and walkers are required to race in 2” (or higher) stiletto heels. 
• Also on October 19, Miss Southwest Florida will be crowned at Cambier Park.
• Don’t miss the Fifth Avenue South Halloween Spooktacular on October 31! Costume contests, a street dance on Fifth Avenue South, music, food, and trick-or-treating for the kids will make wonderful memories for all. 

Stone Crab Festival: 

• Celebrate Stone Crab season at Tin City and the Bayfront with events for the whole family. Food, music, activities, and fun will run throughout the weekend. 
• Watch for special events at Pinchers Crab Shack, including the cracking of the first stone crab of the season. 

It’s going to be a great season in Naples. See you downtown!

Is Naples real estate a good investment? According to Business Insider - definitely yes!

Naples 34102 zip code is tied for #8 on the list of America's Most Expensive Neighborhoods, with seven homes sold for over $10 million in the past year. (The other #8 ranked communities are Santa Barbara and Laguna Beach California). 

Even if a $10 million home is a bit beyond your budget, our entire community benefits from this positive ranking. Property values and community amenities are two great reasons to check out a new home in Naples!

Copy and paste this link to see the full list of America's Most Expensive Neighborhoods:

http://www.businessinsider.com/most-expensive-zip-codes-2013-10

Heading north of Naples on I 75, it is almost exactly 100 miles to another lovely beach and arts community - Sarasota. You might enjoy a day trip to explore the museums, beaches, and dining options that await on an enjoyable day trip.

What's to do in Sarasota?

Sarasota is home to the Ringling Museums (yes, as in Ringling Brothers Barnum and Bailey). The Ringling is the State Art Museum of Florida and is administered by Florida State University. It features an art museum, historic mansion, circus museum, historic theater, conservation laboratory, and research library, situated on sixty-six acres of spectacular bayfront property. In fact, if you have read the book or seen the movie Water for Elephants, much of the research was conducted at the Ringling Museum.

Learn about the Gulf of Mexico habitat at the Mote Marine Aquarium. Explore touch pools and meet amazing sea creatures with a marine biologist as your guide. If you have time, take the sea safari to visit a sand bar and wade through sea grass to "trawl" for sea creatures. Aquarium interpreters observe strict environmental and conservation guidelines to assure that no damage is done to native species.

Enjoy the outdoors by hiking or biking one of Sarasota's trails. The Legacy Trail runs eleven miles south from Sarasota. If that seems a little ambitious, opt for a leisurely stroll through the Marie Selby Botanical Gardens.

The Burns Court area is home to the Burns Court Cinema, where you can catch an Independent film, as well as unique galleries and cafes. Just two blocks long, Burns Court caters to those who have an artsy flair.

Toss your beach gear into the car and stroll the famed Siesta Key Beach. Consistently rated one of the top beaches in the US, Siesta Key is known for its incredibly soft sand.

What's a day trip without trying the cuisine? A personal favorite in Sarasota in Columbia Restaurant in St. Armand's Circle. The original Columbia Restaurant in Tampa is Florida's oldest restaurant. Th Sarasota location retains the high quality and varied menu selections of the original. Try the classic 1905 salad or sample the tapas - whatever your choice, you won't go wrong at Columbia.

I know you'll enjoy a day in Sarasota - a great place to visit from your new home in Naples!

From Writer June Fletcher in today's Naples Daily News:

http://www.naplesnews.com/news/2013/oct/01/naples-marco-market-no-1-in-home-price-forecast/?partner=popular

Naples, Fla. (September 20, 2013) – The Naples area real estate market continues to see its median home price shift upward for the 14th consecutive month 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 median home price has been on a steady incline from $175,000 in December 2011 to $229,000 in August 2013. 

The Median Home Price is a mathematical result of home sale prices wherein one half of the group is higher and one half lower than the indicated median home price. (See Median Home Price chart, page 2 attached).

Home sales, particularly condo sales in the $1-2 million price category, have been quite impressive. Statistics show a 53 percent increase, from 173 units to 264 units sold in that market for the 12 month period ending August 2013. 

NABOR® officials point to three market indicators that are contributing to steady sales: 1. Rising median home prices, 2. New construction, and 3. National chain interest in the Naples area.

“Our commercial market is showing improvement, particularly those properties that were once empty shopping centers. National chains are signing leases in our area,” said Wes Kunkle, NABOR® President. “Burlington Coat Factory and Hobby Lobby have signed leases to join Chuck E. Cheese at Granada Shoppes, and Culvers has chosen Naples as its first Florida franchise location. We consider a surge in large retailer interest in Naples a clear indication that these corporations are confident the Naples area is ripe for residential growth.”

“Our office is seeing an increase in requests for proposed residential new construction appraisals,” says Cindy Carroll, SRA, with the real estate appraisal and consultancy firm Carroll & Carroll. “Alternately, the report shows a low inventory of 3,225 homes priced under $500,000 in August 2013 which is 29% lower than the inventory of 4,151 in August 2012 in that price category.” 

The median home price increase has risen consistently though gradually alongside August sales, demonstrating a continually improving market. 

The NABOR® August 2013 report provides annual comparisons of single-family home and condominium sales (via the Southwest Florida MLS), price ranges, and geographic segmentation and includes an Overall Market summary. The NABOR® August sales statistics are presented in chart format, with these overall (single-family and condominium units) specifics:

• The overall median closed price increased 19 percent from $192,000 to $229,000 for the 12-month period ending August 2013.

• Overall pending sales increased 8 percent from 10,315 units to 11,178 units for the 12-month period ending August 2013. Overall pending sales increased 32 percent in the $300,000-$500,000 category, from 1,462 units to 1,933 units, and increased 30 percent in the $2 million and above category, from 273 units to 354 units, for the 12-month period ending August 2013.

• The overall average Days on Market (DOM) is just over five months, reflecting a 12 percent decrease from 177 days on the market in August 2012 to 155 days in August 2013

• Overall inventory decreased by 19 percent, from 6,043 listed properties in August 2012 to 4,913 in August 2013. Pending sales with contingent contracts are included in the overall inventory number.

• Overall pending sales in the Naples coastal area increased 15 percent from 1,950 units to 2,233 units, and closed sales also increased 15 percent, from 1,750 units to 2,019 units, for the 12-month period ending August 2013.

• Condominium pending sales increased 54 percent in the $2 million and above category from 74 units in August 2012 to 114 units in August 2013. 

This has been a better summer for home sales across the board than we have seen in years who added that many of the local real estate brokerages have seen steady sales throughout 2013. This is a little unusual as there has not really been a so called ‘off season’ so far. Buyers don’t want to miss opportunities because of the low inventory so they are making purchasing decisions throughout the summer season, which is traditionally slow.

View the Full Report CLICK HERE

Recent news articles and market statistics show that the Naples real estate market has come full circle. We’ve recovered from the serious dip of 2009, and we’ve seen a steady and encouraging market rebound.

As the saying says, “It’s all good. So good, in fact, that some business writers speculate that we are at the brink of bidding wars here in Naples. 

Bidding wars?  Really?

When asked if this speculation could become a reality, I had to acknowledge that we are certainly at the point where low-ball bids are a thing of the past. The truth is, we have been at that point for several months.  

In the past, summer in Naples real estate was the off season. This is no longer the case; the Naples market has become a full-time, year-round market over the past few years. 

My prediction is that by the time the holidays roll around and  the 2013-14 “season” begins, Naples will indeed be a tougher market for house-hunters. 

With prices on the rise, sellers are eyeing higher price brackets. And with the limited inventory that we have seen for the past several months, buyers may find that the variety of homes is more limited than it was six months or a year ago....or even than it is today.

It can be frustrating, or even disappointing to clients to find that highly desirable properties have moved up in price, or that the selection of desirable properties is limited in some price categories. 

 It can be surprising to out of town buyers to discover that their hoped-for “really great deal” in Florida real estate just doesn’t exist in today’s Naples market, or to learn that recent sales include properties selling at or near the full listed price. 

 These trends point out the importance of a close relationship with my clients. I am tuned in to new listings, new construction, pricing trends, pending sales, and the flow of the market from day to day and week to week. My experience and understanding of the Naples luxury real estate market allows me to guide you toward the home that is perfect for your needs. 

 When we find the home that is right for you, I will encourage you to move forward with a strong offer. Don’t delay! Let me work for you to assure that timing and the local market work in your favor. 

If you or someone you know were one of the thousands of home owners who were forced to foreclose, short sale or even declare bankruptcy due to extenuating circumstances caused by the recent recession, you may not have to wait any longer to buy a home of your own!

The new “Back to Work” program is reopening the housing market to many of those who would otherwise have to wait several more years before qualifying for a mortgage again. With this unprecedented new program, FHA is recognizing that for many who’s credit was negatively affected by recession-related hardships, their credit history may not fully reflect their true current ability or propensity to repay a mortgage.

As a result, if you have had a foreclosure, short sale, loan modification, bankruptcy or other derogatory credit event, you may be eligible to qualify for a home loan again. To qualify for the “Back to Work” program, potential applicants must have experienced an economic event and be able to document that:

1. Certain credit impairments were a result of a loss of employment or a significant loss of household income beyond the borrower’s control;
2. The applicant has demonstrated a full recovery from the event; and (no late debt payments for 12 months)
3. The applicant has completed a housing counseling class.  (available in person, online or via phone and usually lasts about 1 hour)

The “Back to Work” program does not affect your loan rate or available loan size any differently than you would get with traditional FHA loan options. With rates and home prices still fairly low, it is a great time to get back into the the housing market.

CALL YOUR SUMMIT LOAN OFFICER FOR DETAILS: Jonathan Schulman 239-601-3399

From the Naples Daily News: Take a look at some real-life examples of the incredible Naples market these days. While these stories are excerpts from a news story, I'll be glad to share a few of my own!

Arnie and Kathy Szajna closed on a vacation condo overlooking a fountain in Falling Waters in East Naples in late May, just as the weather and the housing market started to heat up. The Romeo, Mich., couple hadn’t planned on buying, but decided to act after seeing about 15 properties in the community fly off the shelf. Now, a bit more than two months later, properties similar to their two-bedroom furnished unit are selling for as much as $15,000 more than he paid.“I’m so glad we bought when we did,” said Arnie, 67, a retired human relations specialist.

For sellers such as Fatima Heath, 64, the influx of buyers has made it easier to hold the line on the price of her two-bedroom waterfront condo on Marco Island. She’s asking $345,000.She had received an offer when she first listed her condo in February, but rejected it as too low. So she pulled the unit off the market.Two weeks ago, she re-listed the place, and was delighted to get a nearly instant response from three good prospects.
Retired pastor Ken Morgan had been looking at resale properties over the summer but found none that had what he called “that ‘wow’ factor.” So in July, he decided to visit the models at The Preserve in Estero. The 69-year-old retired pastor found a three-bedroom floor plan he liked, priced in the mid-$500,000s, but didn’t put down a deposit right away. When he went back to the sales office two days later, the price had gone up $1,500. He signed a contract immediately, and was glad that he did. Two weeks later, the price went up again by more than $4,000. “If you’re looking for a home, you’d better buy now,” he said.

Buyers who assumed they could get bargains on Southwest Florida houses as easily as they could nab a restaurant seat on Fifth Avenue are in for a surprise this summer. The Naples housing market has become seasonless. In fact, if anything, the once-sleepy summer housing market is even more wide-awake than it was during the winter season. Summers typically have slumped in Southwest Florida, making it the prime time to shop for bargain-hunters, but there was always another group of buyers who preferred that time, too — Europeans, who usually vacation during August, and families with children, who want to get settled before school starts. Now these buyers are being joined by investors, employees being relocated by Hertz and other companies, and seasonal residents. All are becoming panicky about the rapidly rising market and the prospect of higher interest rates, agents say.

Source: Fletcher, June. "Summer Home Sales - From Slump to Sizzle," Naples Daily News. August 5, 2012