The Florida Sales Report for September 2008 has been released for Single-Family Existing Homes and Existing Condominiums. (Please remember that whenever you see highlighted text in this blog, you can click on it to be taken to the reports.) The great news is that the number of sales Statewide is up 24% for single-family existing homes and 11% for existing condominiums, comparing September 2007 to September 2008. Statewide year-to-date numbers show a 9% decrease in single-family sales and a 13% decrease in existing condominiums.
Statewide sales prices have decreased year-to-date 18% for existing single family homes and 17% for existing condominiums. Comparing September 2007 to September 2008, existing single family homes decreased in value 22% and existing condominiums decreased 17%. Please keep in mind that the Naples Board of Realtors contributes data to this report but there is no line item for Naples.
The Naples Board of Realtors released their September 2008 sales report. Both the reports for single family homes and condominiums show an increase in both pending and closed sales. This is also good news. When you review the reports, you will see that a HUGE portion of both the pending sales and closed sales are all under $300,000.00!
41% of all the single family homes closed in the 12 month ending period of 9/2008 in Naples were UNDER $300,000.00. 58% of all the condominiums closed sales in the 12 month ending period in Naples of 9/2008 were UNDER $300,000.00! Hey guys pay attention! If you have been hoping to own a home in Naples, you better get off the fence and buy something........NOW!
If you have a home on the market between $500,000.00 - $1,000,000.00 and "really don't have to sell", pay attention! Condominium closed sales in the 12 month ending period in Naples of 9/2008 in this price range only represented 14% of the total sales closed. Single-family closed sales in the 12 month ending period in Naples of 9/2008 in this price range only represented 17% of the total sales closed. I say to sellers in this price range.......Look at the odds! If you "really don't have to sell", get your home off the market until the market improves!
When will the market improve? If I still had my Ouija board it might say, "Who knows!" Bottom line is that Naples has roughly enough inventory in both condos and single family homes to last about 27-29 months. The properties that are selling are taking about six months to sell and close. Mr. and Ms. Seller, even if your property is priced at market, it still might take six months to sell! Do the math. If your price range only represents 14-17% of the market, it is going to take longer than six months to sell, even if it is priced well.
It has been my experience in the last 30 years of selling real estate that election years have always been rotten for real estate. This year we have the double whammy of the problems with our economy. Most people I meet, whether they are in the real estate market or not, are afraid. People have seen their portfolios drop. Many of Naples' buyers are retirees. These buyers may have to postpone retirement because of the effect of our current market conditions. Two people who have been close to me joked that they will probably have to work until they are 80. One of them commented that at least they are optimistic that they will even reach 80, though they will most likely be working as Wal-Mart greeters.
In one of my past postings, I wrote about another friend who talked about buying when there is "blood in the streets". If you have the funds to buy a place in Naples, now is the time!
Naples, FL is a beautiful place to live. Being able to see sunsets like this give me great peace, even in this crazy market.
There have been several recent store openings in Naples. One of the most advertised was Whole Foods. The store is located at 9101 Strada Place, which is off 41 just North of the Walgreens at Vanderbilt and 41. It is on the East side of 41 in the new Mercato Center.
After work the other day, I visited the store. I have to tell you this store is HUGE! They have a full-service and self-service hot bar, salad bar, soup bar and dessert bar. There is also a deli counter with cold prepared foods you can heat at home. Since I was tired from working, I splurged buying some pre made turkey meatloaf, wild rice and roasted vegetables. Nothing is as good as home cooking but this was fast, easy and tasted fine. Come this season, I imagine that this place will be a mad house. The service people in the store were all friendly and willing to explain the products and where they were located in the store.
In my errand running this week I also stopped into the newly opened Kohl's located at 6381 Naples BLVD. The store is near the Best Buy and Costco for those of you not familiar with the street name. As I entered the store, imagine my surprise seeing a rainbow forming over the building!
My little phone camera does a pretty good job, doesn't it? I did not purchase anything in this store as all the clothing displayed was WINTER clothing. This post menopausal woman would die of the heat wearing these clothes in Naples. I imagine our Northern visitors will find some good values in this store.
My errands that day were filled with rainbows!
If you look closely you can almost see the double rainbow in this photo:
Big Cypress Market Place opened October 10th. It is located on 41 East about 4 miles East of Collier BLVD. This is an air-conditioned flea market that currently has about 150 vendors.
The long awaited opening of Nordstrom's is planned for November 7th. This store will be located in the Waterside shops.
With all that has gone on with the economy in the last few weeks, I wish all these new stores well. The stock market's wild ride has decreased many people's portfolios and made people afraid of buying ANYTHING let alone real estate.
I have a friend of mine who keeps talking about buying real estate when there is blood in the streets. He is right. In times of unrest the best buys are normally found. If you are looking to buy that second home in Naples, now may be the time.
Sellers, I have said this before and I will say it again. If you do not have to sell your home, GET IT OFF THE MARKET! Hoping a buyer will agree to your price is not realistic in today's market.
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