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Multiple Condo Owners – Restricted Use

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Buyers looking to take advantage of today’s low real estate prices in Naples maybe considering purchasing a vacation condominium with another party or parties.

When purchasing a condominium in this manner it could be viewed as fractional ownership.

Condominium associations do not look favorably upon this type of ownership or on multiple owners not of the same immediate family, to prevent a transient atmosphere of the community. This could result in the unsuspecting restricted of the condo unit. [Read more...]

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Granada Lakes – half a million dollars in past association dues

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As prospective buyers run towards the purchase of less expensive condominiums in the Naples area – their attention has not been to the financial stability of the association. In other words they are running into condominium complexes that could be facing a financial distress situation. Warnings regarding the apartment to condominium complexes and their potential financial distress situations have taken place over several months, starting with the doubling of quarterly association fees of a North Naples condominium complex. [Read more...]

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Naples Condos for Sale – September

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The condominium market for the Naples real estate area at the start of September 2009 declined down to 4095 units for sale. In the year over year comparison the number of unit declined 580 or about 12 percent from the 4675 condominiums on the market in September 2008.

The September 2009 was also a decline from the August 2009 4248 condominiums on the market. The decline represents a about 3.6 percent reduction.

The graph below shows the inventory of condominiums for sale since January 2008:

Naples condos for sale - September

Naples condos for sale - September

The composition of various types of possible real estate transactions of the September condos for sale are broken down as follows:
Traditional condos for sale – 3482
Potential short sales – 533
Foreclosed condos – 80

The pie chart below shows the breakdown in a graphical format:

Composition of Naples Condos for Sale - September

Composition of Naples Condos for Sale - September

In August the breakdown of condos for sale was as follows:
Traditional sales – 3629
Potential short sale – 542
Foreclosed condos – 77

Overall the number of Naples condos for sale declined from the previous month, the composition remained the same with the largest drop in the traditional condos for sale.

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Naples Condo Market Update – May

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The Naples real estate market for condos is starting to show signs of strengthening in many aspects and prospective buyers should be aware of the positive changes. The statistics presented and discussed below are global in nature for the Naples area and do not represent the more important micro-market views which can vary greatly from the global view.

Listings:

During the month of May a total of 536 condos were listed for sale. In May 2008, the number of condos listed for sale in the Naples area was 599. In addition the 536 condos listed for sale was less than the 757 condos in May 2007. The downward trend of new listings is continuing. The volume of listings in January were 990, February with 745, March with 771, and April with 657. Other than October 2008, the listings for May was the lowest number over the past 4 years. [Read more...]

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Naples Condos for Sale Inventory

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The available condos for sale in the Naples area saw a drop in the number of condos for sale as of the end of April or start of May. The current number of condos for sale is 4954. This represents a drop in the inventory of 274 condos from the end of March. The decline represents of about 5 percent. In the year over year analysis the current inventory represents a decline of 369 condos or about 7 percent. Below is a graphical presentation of the historical data for active listings by month from January 2008 to April 30, 2009.

Naples Condos For Sale - January 2008 to April 2009

The composition of the type of listings available for sale is rather interesting and could represent a major difference between prospective buyers’ perceptions, as well as, what is being reported by others as to how dire the Naples real estate market is. The vast majority of listings fall within the traditional listing category (traditional listings are listings being offered as a normal sale), followed by foreclosures, and potential short sales. The raw numbers for the various categories are 4289 for traditional listings, 595 potential short sales and 70 foreclosures.

Composition of Naples Condos for Sale

Composition of Naples Condos for Sale

A question arises – do the closed sales for April reflect the classification of the listings? The answer to this question will appear on this blog sometime between May 8 and May 11.

Your thoughts and comments are always welcomed.

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