Ken Smith, a Chicago real estate agent from Arlington Heights, IL, created a lenses for his community on Squidoo. He plans to continue to enhance the lens for potential visitors, by adding a substantial amount of information about Arlington Heights.
Naples Condo Market Update
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The Naples condo real estate market is still languishing in the volume of sales, however based upon the overall view there does appear to be some light at the end of the tunnel for sellers willing to price their properties reasonably. For a buyer, it does bear closely watching the market, as there could be a bottoming out of the market as pending sales reflect.
Sales Volume:
During November, 103 condominium units were closed. This figure is far less than in 2005, where 252 units closed. During the previous month of October a total of 104 condos closed. Volume is slightly down from the months of September and August where closed sales ranged from 136 to 120 units, respectively.
Median Sales Price:
In November the median sales price of a condominium in Naples was $322,500. The previous year the median was $379,000 or a reduction of about 15%. In looking at the median prices paid in August and September ($322,000 and $329,500, respectively), there is appearance of the stabilization taking place in the condo market.
Average Sales Price:
The November average sales price was $610,876 versus the last year’s $536,394. The average sales price increase represents the higher priced condos being sold. The average sales price in October was $554,419.
Average Days on Market:
The average number of days on market for November was 125 days. Last year the average days on market was 61 days. This represents over a doubling of the average marketing time. Over the previous 3 months the days on market average between 117 and 123 days.
Pending Sales:
In November, 130 condominiums had offers and were placed in a pending sales or under contract status. During October the number was 136 – therefore, almost a similar level of activity. The median list price was $324,450 in November, while in October it was $288,500. The average list price in November was $572,127 versus October’s average of $494,611. Average days on market for November was 114 or 8 days less than October’s 122 days.
Overall, the condominium real estate market may still have a narrow corridor for price reductions with sellers being more cognizant of how their property is priced in comparison to other properties both within their community as well as within the Naples area (micro and macro views). For buyers attention needs to be paid to the pending sales information in order to catch the market prior to an acknowledged market turn around has taken place.
The statistics for this update are from the SunshineMLS.
To view Naples Florida condominiums for sale, please do not hesitate to visit my website adeltarealty.net.
If you have any questions or comments about this article, you are encouraged to post them for a prompt response.
Naples Homes Market Update
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For the calendar month ended November 30, 2006, the Naples home market continued to show some signs of stabilization.
Sales Volume:
During November a total of 150 homes were closed, which is about 50% of the number of homes sold last November (302). The number of homes closed did increase over the previous month by 6 homes. Volume of sales still remains relatively low.
Median Price:
The median price paid for a single family home in Naples during November was $437,000, which is about $33,000 less than last year’s median price of $470,000. At the same time the median price has risen from October by about $44,500. The median price for November, in addition, was higher than the months of September and August. This is a positive sign towards stabilization.
Average Price:
The average price paid in November was $790,128 versus last year’s average price of $706,935, obviously, significantly higher. The average price paid also was improved over the preceding 3 months.
Average Days on Market:
The average days on market for closed sales in November were 130 days. This represents an increase from last year’s 57 days. The average days on market for the previous three months ranged from 102 to 115 days.
Pending Sales:
In November a total of 165 homes had offers, negotiated and accepted. During the previous month, 168 homes were pended. Considering the number of days in November (30 days) – the number of pending sales although lower that daily volume is higher. The median price was $489,000, the average price of $990,839 and the average days on market of 134 days. These factors also give the appearance of the stabilization taking place within the Naples area.
These statistics were obtained from the SunshineMLS and do not include manufactured or mobile homes nor Marco Island properties.
Please contact Glenn Ginsburg, your Naples buyer agent, if you are considering purchasing a home in the Naples area.
Your questions and/or comments are encouraged.
10 Fixed Option ARM
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The 10 Year FIXED Option ARM solves the problem of the option ARM in the borrower’s favor.
First and most importantly, the actual rate at which the loan accrues interest is FIXED for the first 10 years. The borrower will not get run over by a rising rate market.
Second, the loan allows for the 4 “options” just like the other ARM loans. Under the fourth option, the less-than-interest only payment will stay the same for 7 years. In the 8th, 9th, and 10th years it goes up on a pre-determined scale. This is much better than the standard product where the payment goes up every year for the first 5 and then the payment is recast based on the outstanding balance and the new prevailing rate.
Finally, the loan allows for a rate and program change if the market becomes favorable for the borrower. For a small fee, the borrower can choose to peg the rate at the current market price on any of the loan programs available, namely 3/1, 5/1, 7/1, and 10/1 ARMS.
These superior features greatly benefit the borrower.
· Have a fixed actual rate for an extended time.
· Have a fixed payment for an extended time.
· The margin is a low 1.875% over the LIBOR Index
· Pay the loan off at whatever pace is in their best interest.
· If rates fall, the borrower can change the rate for a small fee.
But it gets even better.
A. The rate on the 10 Year Fixed rate Option ARM is very competitive. The borrower does not pay higher than market rates for this flexible loan.
B. The guidelines are flexible. There is a stated income option for some borrowers. But for many, full information is reviewed and certain exceptions are made for debt to income ratios or loan amounts compared to the value of the property.This loan is designed for the borrower with excellent credit worthiness. Generally the borrower will have a high credit score, reasonable debt for their income and plenty of liquid assets as part of their portfolio.
C. Almost any type of residential improved property is eligible. This includes new Naples FL condos, co-ops, construction to perm loans, and standard condos and single family homes.
If you are thinking about buying property in Naples, be sure to use Glenn Ginsburg, your Naples buyer agent.
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Esperia Bonita Springs Luxury Condo
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Esperia is a luxury 27 story high-rise condominium in Bonita Bay with only 119 resiendence that overlooks the Gulf of Mexico, Estero Bay and both preserves and golf courses.
Esperia has some of the best resort style amenities available – lagoon style pool, spa, BBQ grills, screened cabana with fireplace and bar, clubroom with bar, mini-theatre, game room, health and fitness center, steam and message rooms.
As an owner of Esperia you will enjoy the amenities of Bonita Bay that include tennis courts, golf courses, boat facilities, beach club all within a guard gated community.
The prices for a residence in Esperia range from the low $800′s to over $2 million.
For more information about Esperia – please contact your Bonita Springs Realtor – Glenn Ginsburg via email.