The available homes for sale in the Estero area saw a drop in the number of homes for sale as of the close of business on April 30. The current number of homes for sale was 471. This represents a drop in the inventory of 57 homes. The decline represents of about 11 percent. In the year over year analysis the current inventory represents a decline of 37 homes or about 7 percent. [Read more...]
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
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.
Why buy Naples real estate now
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Jim Cramer: Florida Raises Hope for U.S. Real Estate
It appears that Jim Cramer thinks that Florida is the model for the nation’s real estate market. He thinks that Florida was the first state to feel impact of the real estate bubble and now after 2 years it has bottomed out with the rest of the country to follow. Below is his discussion from a recent interview he had on Wall Street Confidential.
Over the previous months subtle indications in the Naples, Bonita Springs, and Estero real estate markets have shown signs of improvement by the lowering of homes and condos for sale as well as less listings coming on the market than in previous 2 years.
Prices have declined to a point where multiple offers are being presented on properly priced properties.
Buyers need to be aware of the estimated market value of a property and
be prepared to rethink that a full price offer will be
the offer accepted and be willing to offer more than the listed price close to the estimated market value.
Sellers still need to be aware that they need to properly price their properties due to the competition from potential short sales and foreclosures.
Naples Condo Market Update
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August Naples Condo Activity:
Listings:
During the month of August 458 Naples condominiums were listed for sale. For the same month in 2007, 560 condominiums were listed for sale; this represents a decrease of 18.2 percent. The decrease from 2006 was 32.7 percent from the 680 new listings.
In July 2008 there were a total of 499 condominiums listed for sale.
The available for sale Naples condominiums have dropped from 5582 in February 2008 to 4675 at the end of August. This represents a reduction of 907 or 16.3 percent.
The number of months of inventory or the absorption rate is presently 29 months down from February’s 37 months.
Naples Real Estate News 07/14/08
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HOMEOWNERS INSURANCE
Start shopping around now for the best rates on homeowners insurance for your Naples, Bonita Springs or Estero residence. As the largest insurer of homes, condos and apartments in the state, Citizens Property Insurance has nearly 9,000 agents writing policies. But the insurance agents say that Citizens doesn’t pay them enough, especially in light of the heavier workload expected in February when new forms are introduced for its windstorm policies.
FHA
Starting today, homeowners trying to save their homes from foreclosure may find it easier to get federal help. FHASecure guidelines have been relaxed, expanding its eligibility standards to include borrowers with ARMS who were late on two monthly mortgage payments in the past 12 months, even if they were consecutive.
FORECLOSURES
With foreclosure rates at record highs, the Bush administration has been trying to keep people from losing their homes. But “many of today’s unusually high number of foreclosures are not preventable,” Treasury Secretary Henry Paulson said last week. “There is little public policymakers can, or should, do to compensate for untenable financial decisions.”
MORTGAGES
If Fannie Mae and Freddie Mac collapsed, it would deal a blow to the mortgage market. But the federal government unveiled a broad program yesterday to bolster the troubled mortgage giants. Both companies said they were financially sound but grateful for the confidence-building efforts.