By MATT CLARK (Contact)5:41 p.m., Wednesday, May 14, 2008
A Bonita Springs real estate broker has given one soon-to-be mother a free place to stay.
It’s in the flower bed outside his office’s back door.
Despite what some call a slow housing market and a poor economy, Wes Brodersen, President and Broker with EXiT Gulder Real Estate on Bonita Beach Road, said the nesting Muscovy duck didn’t stop in for real estate listings before moving in.
“She just kind of squatted in those flowers and that’s the way its been,” Brodersen said.
The duck hasn’t signed a contract, either.
“We’re sure that she’s going to be moving soon,” Brodersen said.
Not only is the duck living for free, but it’s already had some maintenance requests filled. Two signs have been put up, one on either side of the door near her nest, warning those thinking of using it.
“Do not use this door,” the sign receptionist Jane Bain wrote says. “Duck nesting.”
“She’s sweet as can be and we try to be very quiet around her but we’re all sneaking peaks and anxiously awaiting the arrival of the chicks,” Bain said.
Brodersen is a little worried about some problem tenants he has had in the past.
“We had feral cats out here,” Brodersen said. “We’re hoping they’re not here anymore. That could be real hard on mom and the babies.”
Thankfully, for an office without its second door, it sounds like the Muscovy’s lease is almost up — they nest for about 35 days.
“She’s welcome to stay until she has her babies,” Brodersen said, “and then she’ll go do her thing and we’ll be marching babies across the parking lot.”
Thursday, May 15, 2008
Saturday, April 26, 2008
Houseing market recovery on track in Collier, slower in Lee
By LAURA LAYDEN (Contact)8:52 p.m., Thursday, April 24, 2008
Renowned Florida economist Hank Fishkind spoke the words Naples Realtors and brokers wanted to hear.
The housing markets hit bottom in Collier County and home prices aren’t going to drop anymore, he said Thursday in a talk organized by the Naples Area Board of Realtors. “The markets are not eroding further,” said Fishkind, principal of Orlando-based Fishkind & Associates.
Prices have flattened out and if they were going to fall any more that would have happened in the last six months, he said.
However, he said it will take another six to 12 months for sales volumes to really start improving in the Naples area.
In Lee and Charlotte counties, the recovery is going to take longer because there are higher inventories of unsold homes, Fishkind said. In those counties, there was more overbuilding because land prices were so much cheaper, he said.
While he described the condominium market in Florida as a “disaster” generally because there has been so much overbuilding, he said it’s not as bad in the Naples area because the scarcity of land and high land prices have limited new development.
He described the unsold inventory of new homes in Collier County as “fairly small.”
In February, a little more than 200 existing single-family homes sold at an average price of $540,000 in Collier County, according to deed records, Fishkind said. There were more than 100 new single-family homes that sold for an average price of $375,000.
About 50 new condominiums sold for an average price of $350,000, and about 175 existing ones sold for an average price of $425,000 in February, he said.
“Basically prices are the same as in 2006,” Fishkind said.
He predicts that it will be “years” before prices go up again.
Fishkind also touched on job losses and foreclosures in Collier County.
As of March 8, the county had lost about 7,400 jobs year-over-year. In Lee County, there were 11,000 jobs lost in the same 12 months. Fishkind called it “ugly,” but said he believes the worst is over.
Statewide, more than 77,000 jobs have been lost in the last year. Many were in construction. Builders have been forced to make cutbacks with the slowdown in residential and commercial construction, and some have gone bankrupt.
Collier has been hard hit because its economy isn’t diversified and its main drivers are construction and tourism, Fishkind said.
“Employment growth is going to be modest at best over the next few years,” he said. On the foreclosure front, there have been 1,600 single-family foreclosure filings in Collier since the beginning of the year. In all of 2007, there were 1,500, Fishkind said.
For condominiums, there have been 400 foreclosure filings so far this year, almost as many as for last year.
“I think ultimately we will start to see that peak and then level off. It’s a reflection of all the adjustable rate mortgages coming due,” said Russ Weyer, a senior associate with Fishkind & Associates, in an interview after the talk.
Lee County filings have already showed signs of stabilizing, he said.
The decline in housing starts will bottom out in 2008, but don’t expect them to skyrocket again like “Mount Everest,” Fishkind said.
The housing correction, high energy prices and federal cuts in interest rates all point to a national recession, he said.
He doesn’t expect a recovery in Florida’s economy this year. He predicts that the population won’t start growing again until next year. When people start spending more that will make the difference, he said. That could happen in a few months when millions of taxpayers receive economic stimulus checks from the federal government.
More than 200 people attended Fishkind’s presentation, held at NABOR’s office off Pine Ridge Road. It was a record showing for a NABOR quarterly luncheon.
John Zagar, president for Stock Realty in Naples, said Fishkind reaffirmed his own thoughts about the turning market.
At Lely Resort, one of Stock Construction’s communities off U.S. 41 East, there were 160 sales in the first three months of this year, compared to about 100 for all of 2007, he said.
Arlene Carozza, NABOR’s president, said after the board’s March report showed a sharp spike in pending sales the members started feeling the worst was behind them. Though the busy winter season traditionally ends at Easter, local Realtors continue to be busy with more open houses, showings and closings, she said.
“Usually by this time Naples is cleared out,” Carozza said. “People are staying — and buying.”
To see Hank Fishkind’s full report, visit www.fishkind.com.
Renowned Florida economist Hank Fishkind spoke the words Naples Realtors and brokers wanted to hear.
The housing markets hit bottom in Collier County and home prices aren’t going to drop anymore, he said Thursday in a talk organized by the Naples Area Board of Realtors. “The markets are not eroding further,” said Fishkind, principal of Orlando-based Fishkind & Associates.
Prices have flattened out and if they were going to fall any more that would have happened in the last six months, he said.
However, he said it will take another six to 12 months for sales volumes to really start improving in the Naples area.
In Lee and Charlotte counties, the recovery is going to take longer because there are higher inventories of unsold homes, Fishkind said. In those counties, there was more overbuilding because land prices were so much cheaper, he said.
While he described the condominium market in Florida as a “disaster” generally because there has been so much overbuilding, he said it’s not as bad in the Naples area because the scarcity of land and high land prices have limited new development.
He described the unsold inventory of new homes in Collier County as “fairly small.”
In February, a little more than 200 existing single-family homes sold at an average price of $540,000 in Collier County, according to deed records, Fishkind said. There were more than 100 new single-family homes that sold for an average price of $375,000.
About 50 new condominiums sold for an average price of $350,000, and about 175 existing ones sold for an average price of $425,000 in February, he said.
“Basically prices are the same as in 2006,” Fishkind said.
He predicts that it will be “years” before prices go up again.
Fishkind also touched on job losses and foreclosures in Collier County.
As of March 8, the county had lost about 7,400 jobs year-over-year. In Lee County, there were 11,000 jobs lost in the same 12 months. Fishkind called it “ugly,” but said he believes the worst is over.
Statewide, more than 77,000 jobs have been lost in the last year. Many were in construction. Builders have been forced to make cutbacks with the slowdown in residential and commercial construction, and some have gone bankrupt.
Collier has been hard hit because its economy isn’t diversified and its main drivers are construction and tourism, Fishkind said.
“Employment growth is going to be modest at best over the next few years,” he said. On the foreclosure front, there have been 1,600 single-family foreclosure filings in Collier since the beginning of the year. In all of 2007, there were 1,500, Fishkind said.
For condominiums, there have been 400 foreclosure filings so far this year, almost as many as for last year.
“I think ultimately we will start to see that peak and then level off. It’s a reflection of all the adjustable rate mortgages coming due,” said Russ Weyer, a senior associate with Fishkind & Associates, in an interview after the talk.
Lee County filings have already showed signs of stabilizing, he said.
The decline in housing starts will bottom out in 2008, but don’t expect them to skyrocket again like “Mount Everest,” Fishkind said.
The housing correction, high energy prices and federal cuts in interest rates all point to a national recession, he said.
He doesn’t expect a recovery in Florida’s economy this year. He predicts that the population won’t start growing again until next year. When people start spending more that will make the difference, he said. That could happen in a few months when millions of taxpayers receive economic stimulus checks from the federal government.
More than 200 people attended Fishkind’s presentation, held at NABOR’s office off Pine Ridge Road. It was a record showing for a NABOR quarterly luncheon.
John Zagar, president for Stock Realty in Naples, said Fishkind reaffirmed his own thoughts about the turning market.
At Lely Resort, one of Stock Construction’s communities off U.S. 41 East, there were 160 sales in the first three months of this year, compared to about 100 for all of 2007, he said.
Arlene Carozza, NABOR’s president, said after the board’s March report showed a sharp spike in pending sales the members started feeling the worst was behind them. Though the busy winter season traditionally ends at Easter, local Realtors continue to be busy with more open houses, showings and closings, she said.
“Usually by this time Naples is cleared out,” Carozza said. “People are staying — and buying.”
To see Hank Fishkind’s full report, visit www.fishkind.com.
Monday, April 14, 2008
Special Report: Market turning around for $300,000 and under homes
By LAURA LAYDEN (Contact)5:30 p.m., Saturday, April 12, 2008
Rick DeMinico figured he had nothing to lose.
A few months ago, the young, single salesman for the food service company Sysco in Naples made an offer on a house that he describes as “a little absurd.”
“It was $40,000 less than they were asking for it,” he recalls. “We battled it out and they came down.”
The asking price for his two-story, three-bedroom townhome at Bristol Pines off Collier Boulevard was $249,000. He paid a little more than $200,000 for it _ all he could afford.
The tables have turned in the local real estate market.
A few years ago, it was tough to find a home under $300,000, let alone under $250,000, especially in the Naples area. Now, they’re in the hundreds.
In 2004 and 2005, a frenzy of investors snapped up homes, pushing prices sky high in Southwest Florida.
Community leaders scrambled to try to deal with what became known as an “affordable housing crisis.” The median price for a single-family home in Collier County peaked at $592,500 in February 2007. Now, it’s down closer to $400,000, as sales have slowed and housing inventories have grown.
“The market is feeling like it’s near the bottom,” said Stuart Kaye, owner of Kaye Homes, a Naples homebuilder since 1985.
Doors open
The American dream of home ownership is still out of reach for many low- and moderate-income earners in the region because of shrinking budgets, a tougher economy and tighter lending restrictions.
But falling prices are opening up doors to some who never thought they could afford to buy.
With the more affordable prices and lower interest rates, showings and sales for homes priced at $300,000 or less have picked up over the past four or five months, Realtors say.
“Certainly you can help a lot of people right now,” said Michael Sopka, a broker-associate for Amerivest Realty in North Naples, who found a home for DeMinico.
At 31, DeMinico longed to buy his first home and decided the time was right after watching prices fall. Though he’s only lived in the area a few years, he knew about the ups and downs of the market because his parents bought a home in Naples in 1989.
His home, which cost him about $207,000, is new and in a gated community with basketball and tennis courts, and a fitness center.
No one else has lived in the home. Like so many others investors, the original buyers purchased it in hopes of turning it around for a quick profit and then got caught with a home they didn’t want when the market soured. The home sat on the market for more than a year, DeMinico said.
“I got lucky,” he said. “They just wanted to unload it because they wanted to sell it. They couldn’t really rent it.”
His Realtor also worked with TIB bank to get him a loan that only required a $600 downpayment.
Not alone
Second-home buyers and retirees also are taking advantage of the lower prices.
Gary Gilchrist, a retired school superintendent from New York, recently purchased a condo in the Park Shore neighborhood in Naples for less than $300,000.
The asking price was $319,000.
Gilchrist, 61, looked all over town at dozens of other listings in his price range. He chose his home mostly based on its location.
He can walk almost anywhere he wants to go: to his computer classes, to the gym, to the grocery store, to the beach.
“Some days I don’t even drive my car. I don’t have to,” he said.
His condo is one of only 12 units in a development called Pasada. A few years ago, it probably would have cost him $400,000, more than he could comfortably pay.
Lots of choices
A search of the Multiple Listing Service on Friday showed 899 single-family homes for sale at $250,000 and under in the Naples area.
In Bonita Springs there were 159 and in Fort Myers there were 1,406.
On top of that, there are now hundreds of condos for sale in that range.
That’s good news for Dean Mann, a broker-associate for ERA Faust Realty Group in North Naples, whose company targets the working people.
“Business is basically pretty good. It’s not as good as it was years ago,’’ he said. “But it is coming back. People are starting to realize the homes are affordable.”
He doesn’t expect the really good deals to last long. By next year, he thinks prices in this range will be back on the rise.
Joe Ballarino, president and founder of Amerivest Realty, searched his Web site for homes the other day priced at $150,000 or less and found 579 results for Naples, which he said seemed almost unbelievable.
“The chart for pending sales under $250,000 is off the charts,” he said.
Though the Naples Area Board of Realtors (NABOR) has yet to finalize its March numbers, sales in that price range for the month are likely to to be more than double what they were a year ago, Ballarino said.
For several months, NABOR’s reports have shown most of the activity happening in the lowest price range. Single-family home sales below $300,000 increased to 45 in February from 27 last year, while condo sales in that range rose to 83 from 61 last year. Meanwhile, median prices in this bracket have continued to fall.
Doing the math
After crunching some numbers, homebuilder Kaye found that in the first quarter of this year there were 192 homes sold through the Naples Sunshine MLS for $300,000 or less, compared to 119 a year ago, a more than 60 percent increase.
Sales in this lowest range accounted for more than 30 percent of the total in the first three months of this year, compared to less than 20 percent a year ago, Kaye said.
In 2007, there were a total of 619 sales for the quarter, versus 573 this year, he said.
In February 2007, agents at Downing-Frye Realty Inc. in Naples wrote 25 contracts for homes below $250,000. In the same month this year they did 61.
In March, agents wrote another 88 contracts in the same price range, up from 26 a year ago, broker Mike Hughes said.
“That really helped our overall numbers,” he said. “Overall, our contracts were up 22 percent over the previous year. Sales volume was up slightly.”
The company had a total of 235 sales in March. Last year, there were 192.
It’s not just transactions that are up at Downing-Frye.
Sales volume picked up 19 percent in March, compared to a year ago, Hughes said.
“We are seeing a lot of sellers realize what the current market is, and if they really want to move their property then they get aggressive in their listing prices, and that certainly helps,” he said.
On some homes, asking prices have dropped by $100,000 or more in recent months.
Dragging down
In the past year, mounting foreclosures and short sales, where lenders allow homeowners who can no longer make their mortgage payments to sell their homes for less than they owe, have dragged prices down in Southwest Florida.
In January and February, the Cape Coral-Fort Myers area had the highest foreclosure rate in the country, according to California-based RealtyTrac Inc.
Lee County broke a foreclosure record in February with 2,461 filings, up from 2,297 in January.
These days, it’s much more common to see these phrases on a listing in the MLS: “Short sale, bring all offers” or “This property has just entered foreclosure.”
When he last did a count in February, Matt Steves, with Prudential Florida WCI Realty, found 628 short sales and 72 bank-owned properties in the Naples Sunshine MLS. He lists them all on his Web site, www.funinsunnaples.com.
Not in Port Royal
When it comes to finding the deals, there are many places to look, including East Naples, Golden Gate Estates and North Naples. In Lee County, many of the most affordable homes can be found in Cape Coral and Lehigh Acres.
“You know they are all over,” Ballarino said.
Well, almost all over.
“You won’t see them in Port Royal,” said Hughes, with Downing-Frye
.
Or anywhere else along the Gulf of Mexico. Most of the affordable homes are found east of U.S. 41, away from the water.
In south Lee County, deals can be found at such upscale golf communities as Bonita Bay and Pelican Landing.
A few weeks ago, Mary Catherine White, a Realtor at Amerivest, had floor duty. She got a call from a couple from Chicago looking to buy a retirement home in the area where they could spend part of the year. She took them out the day they arrived in town, and by the next day they had made an offer after finding a great deal on a two-bedroom condo at the Brooks, a gated community in Estero.
They got more than they wanted and paid $180,000, a price that even seemed to surprise White.
“Nobody can believe that we got something for that price in the Brooks,” she said.
The home was once listed at $369,000.
Rick DeMinico figured he had nothing to lose.
A few months ago, the young, single salesman for the food service company Sysco in Naples made an offer on a house that he describes as “a little absurd.”
“It was $40,000 less than they were asking for it,” he recalls. “We battled it out and they came down.”
The asking price for his two-story, three-bedroom townhome at Bristol Pines off Collier Boulevard was $249,000. He paid a little more than $200,000 for it _ all he could afford.
The tables have turned in the local real estate market.
A few years ago, it was tough to find a home under $300,000, let alone under $250,000, especially in the Naples area. Now, they’re in the hundreds.
In 2004 and 2005, a frenzy of investors snapped up homes, pushing prices sky high in Southwest Florida.
Community leaders scrambled to try to deal with what became known as an “affordable housing crisis.” The median price for a single-family home in Collier County peaked at $592,500 in February 2007. Now, it’s down closer to $400,000, as sales have slowed and housing inventories have grown.
“The market is feeling like it’s near the bottom,” said Stuart Kaye, owner of Kaye Homes, a Naples homebuilder since 1985.
Doors open
The American dream of home ownership is still out of reach for many low- and moderate-income earners in the region because of shrinking budgets, a tougher economy and tighter lending restrictions.
But falling prices are opening up doors to some who never thought they could afford to buy.
With the more affordable prices and lower interest rates, showings and sales for homes priced at $300,000 or less have picked up over the past four or five months, Realtors say.
“Certainly you can help a lot of people right now,” said Michael Sopka, a broker-associate for Amerivest Realty in North Naples, who found a home for DeMinico.
At 31, DeMinico longed to buy his first home and decided the time was right after watching prices fall. Though he’s only lived in the area a few years, he knew about the ups and downs of the market because his parents bought a home in Naples in 1989.
His home, which cost him about $207,000, is new and in a gated community with basketball and tennis courts, and a fitness center.
No one else has lived in the home. Like so many others investors, the original buyers purchased it in hopes of turning it around for a quick profit and then got caught with a home they didn’t want when the market soured. The home sat on the market for more than a year, DeMinico said.
“I got lucky,” he said. “They just wanted to unload it because they wanted to sell it. They couldn’t really rent it.”
His Realtor also worked with TIB bank to get him a loan that only required a $600 downpayment.
Not alone
Second-home buyers and retirees also are taking advantage of the lower prices.
Gary Gilchrist, a retired school superintendent from New York, recently purchased a condo in the Park Shore neighborhood in Naples for less than $300,000.
The asking price was $319,000.
Gilchrist, 61, looked all over town at dozens of other listings in his price range. He chose his home mostly based on its location.
He can walk almost anywhere he wants to go: to his computer classes, to the gym, to the grocery store, to the beach.
“Some days I don’t even drive my car. I don’t have to,” he said.
His condo is one of only 12 units in a development called Pasada. A few years ago, it probably would have cost him $400,000, more than he could comfortably pay.
Lots of choices
A search of the Multiple Listing Service on Friday showed 899 single-family homes for sale at $250,000 and under in the Naples area.
In Bonita Springs there were 159 and in Fort Myers there were 1,406.
On top of that, there are now hundreds of condos for sale in that range.
That’s good news for Dean Mann, a broker-associate for ERA Faust Realty Group in North Naples, whose company targets the working people.
“Business is basically pretty good. It’s not as good as it was years ago,’’ he said. “But it is coming back. People are starting to realize the homes are affordable.”
He doesn’t expect the really good deals to last long. By next year, he thinks prices in this range will be back on the rise.
Joe Ballarino, president and founder of Amerivest Realty, searched his Web site for homes the other day priced at $150,000 or less and found 579 results for Naples, which he said seemed almost unbelievable.
“The chart for pending sales under $250,000 is off the charts,” he said.
Though the Naples Area Board of Realtors (NABOR) has yet to finalize its March numbers, sales in that price range for the month are likely to to be more than double what they were a year ago, Ballarino said.
For several months, NABOR’s reports have shown most of the activity happening in the lowest price range. Single-family home sales below $300,000 increased to 45 in February from 27 last year, while condo sales in that range rose to 83 from 61 last year. Meanwhile, median prices in this bracket have continued to fall.
Doing the math
After crunching some numbers, homebuilder Kaye found that in the first quarter of this year there were 192 homes sold through the Naples Sunshine MLS for $300,000 or less, compared to 119 a year ago, a more than 60 percent increase.
Sales in this lowest range accounted for more than 30 percent of the total in the first three months of this year, compared to less than 20 percent a year ago, Kaye said.
In 2007, there were a total of 619 sales for the quarter, versus 573 this year, he said.
In February 2007, agents at Downing-Frye Realty Inc. in Naples wrote 25 contracts for homes below $250,000. In the same month this year they did 61.
In March, agents wrote another 88 contracts in the same price range, up from 26 a year ago, broker Mike Hughes said.
“That really helped our overall numbers,” he said. “Overall, our contracts were up 22 percent over the previous year. Sales volume was up slightly.”
The company had a total of 235 sales in March. Last year, there were 192.
It’s not just transactions that are up at Downing-Frye.
Sales volume picked up 19 percent in March, compared to a year ago, Hughes said.
“We are seeing a lot of sellers realize what the current market is, and if they really want to move their property then they get aggressive in their listing prices, and that certainly helps,” he said.
On some homes, asking prices have dropped by $100,000 or more in recent months.
Dragging down
In the past year, mounting foreclosures and short sales, where lenders allow homeowners who can no longer make their mortgage payments to sell their homes for less than they owe, have dragged prices down in Southwest Florida.
In January and February, the Cape Coral-Fort Myers area had the highest foreclosure rate in the country, according to California-based RealtyTrac Inc.
Lee County broke a foreclosure record in February with 2,461 filings, up from 2,297 in January.
These days, it’s much more common to see these phrases on a listing in the MLS: “Short sale, bring all offers” or “This property has just entered foreclosure.”
When he last did a count in February, Matt Steves, with Prudential Florida WCI Realty, found 628 short sales and 72 bank-owned properties in the Naples Sunshine MLS. He lists them all on his Web site, www.funinsunnaples.com.
Not in Port Royal
When it comes to finding the deals, there are many places to look, including East Naples, Golden Gate Estates and North Naples. In Lee County, many of the most affordable homes can be found in Cape Coral and Lehigh Acres.
“You know they are all over,” Ballarino said.
Well, almost all over.
“You won’t see them in Port Royal,” said Hughes, with Downing-Frye
.
Or anywhere else along the Gulf of Mexico. Most of the affordable homes are found east of U.S. 41, away from the water.
In south Lee County, deals can be found at such upscale golf communities as Bonita Bay and Pelican Landing.
A few weeks ago, Mary Catherine White, a Realtor at Amerivest, had floor duty. She got a call from a couple from Chicago looking to buy a retirement home in the area where they could spend part of the year. She took them out the day they arrived in town, and by the next day they had made an offer after finding a great deal on a two-bedroom condo at the Brooks, a gated community in Estero.
They got more than they wanted and paid $180,000, a price that even seemed to surprise White.
“Nobody can believe that we got something for that price in the Brooks,” she said.
The home was once listed at $369,000.
Southwest Florida dream homes now more affordable
The market slump has enabled many families to purchase their first homes that are no longer out of reach for middle-income earners.
By LAURA LAYDEN (Contact)8:09 p.m., Sunday, April 13, 2008
LEXEY SWALL-BOBAY / Staff
Leslie Mahan has the American dream — a home of her own.
At times, it still seems like a dream.
For years, the Lely Elementary School teacher and her husband, Keith, who’s in charge of purchasing for a local landscape company, found homeownership out of their reach in the Naples area. Prices got too high. Competition was too steep.
“We tried to put offers in and as soon as we put an offer in, someone else would put in a bid that was higher. We couldn’t get a home,” she recalls.
“We couldn’t even play. It was like we were out of the game. As soon as we tried to get in, we were out,” she said.
At one point, the Mahans, both 31, reluctantly considered moving to Georgia, where prices looked so much better.
But with a market slump, they finally realized their dream of homeownership in the Naples area. A few weeks ago, they bought a new four-bedroom home for about $253,000 in Valencia Golf & Country Club, a gated community off Immokalee Road in eastern Collier County. The home was listed at more than $400,000.
What makes the dream even better is that her older sister, Sandie Losoya, got the same kind of deal on a new home in the same community, and the two are now two doors apart.
With so many other homes on the market, and so many buyers still sitting on the fence waiting for the bottom to hit, the developer, DR Horton, was ready to deal.
Losoya and her fiancé Bob Reither, who are in their mid-30s, bought a five-bedroom home for about $266,000. They needed the extra room because they have four kids. The homes include granite countertops and other upgrades that didn’t cost the sisters anything extra, and they both received premium lots on the golf course without an added cost.
“We’ve been looking around for a couple of years, and nothing even came close to our price range of what we thought we could afford,” Losoya said. “When we found this we thought it was just an amazing opportunity.”
Her house, she said, was listed at $470,000, a price totally out of her reach. Losoya and Reither are in the food and beverage industry. She works at The Ritz-Carlton, Golf Resort, in North Naples, and he’s a director at Palmira Golf & Country Club in Bonita Springs. “We make decent money. But it’s not a lot of money,” she said.
She’s happy to not pay rent anymore. But she’s even happier to live so close to family. Now the cousins can play together on the same street and go to the same schools.
“For us, it’s really big for our kids,” said Mahan, choking back tears.
Losoya’s kids range in age from 6 to 15.
Mahan has a 13-year-old son and a 6-year-old daughter. More than anything she wanted to put down roots for her two children in Naples — the same kind she had growing up at her parents’ home in Toledo, Ohio.
She now looks ahead and envisions her son returning home to stay in his old bedroom as a young man after he moves away, in a kind of “ ‘Family Ties’ moment.” It makes her smile.
The Mahans were so eager to get into their new home that on the night of their closing March 21 they brought sleeping bags to the house so they could stay overnight, and they ordered pizza and ate it on the floor.
Now the two sisters say they are here to stay. And they’re not the only ones happy about it.
Their parents, Phil and Darlene Provo, who work as a team at Amerivest Realty in North Naples, found and sold them the homes, and steered them through the home-buying process. Both of their daughters got FHA loans, which allowed them to purchase their homes with low down-payments.
“We were really afraid that they would have to move to another area or another state just to be able to one day own their own homes,” wrote Darlene Provo, who describes herself as the proud “Mimi” to seven grandchildren, in an e-mail.
“Of course we are real happy now, they found just what they needed and could afford .... now our grandkids will grow up here.”
The Mahans are still pinching themselves. They never thought they could afford a house so big in such a tight-knit, peaceful community.
“I never dreamed it,” Leslie said. “My dreams were smaller than this.”
By LAURA LAYDEN (Contact)8:09 p.m., Sunday, April 13, 2008
LEXEY SWALL-BOBAY / Staff
Leslie Mahan has the American dream — a home of her own.
At times, it still seems like a dream.
For years, the Lely Elementary School teacher and her husband, Keith, who’s in charge of purchasing for a local landscape company, found homeownership out of their reach in the Naples area. Prices got too high. Competition was too steep.
“We tried to put offers in and as soon as we put an offer in, someone else would put in a bid that was higher. We couldn’t get a home,” she recalls.
“We couldn’t even play. It was like we were out of the game. As soon as we tried to get in, we were out,” she said.
At one point, the Mahans, both 31, reluctantly considered moving to Georgia, where prices looked so much better.
But with a market slump, they finally realized their dream of homeownership in the Naples area. A few weeks ago, they bought a new four-bedroom home for about $253,000 in Valencia Golf & Country Club, a gated community off Immokalee Road in eastern Collier County. The home was listed at more than $400,000.
What makes the dream even better is that her older sister, Sandie Losoya, got the same kind of deal on a new home in the same community, and the two are now two doors apart.
With so many other homes on the market, and so many buyers still sitting on the fence waiting for the bottom to hit, the developer, DR Horton, was ready to deal.
Losoya and her fiancé Bob Reither, who are in their mid-30s, bought a five-bedroom home for about $266,000. They needed the extra room because they have four kids. The homes include granite countertops and other upgrades that didn’t cost the sisters anything extra, and they both received premium lots on the golf course without an added cost.
“We’ve been looking around for a couple of years, and nothing even came close to our price range of what we thought we could afford,” Losoya said. “When we found this we thought it was just an amazing opportunity.”
Her house, she said, was listed at $470,000, a price totally out of her reach. Losoya and Reither are in the food and beverage industry. She works at The Ritz-Carlton, Golf Resort, in North Naples, and he’s a director at Palmira Golf & Country Club in Bonita Springs. “We make decent money. But it’s not a lot of money,” she said.
She’s happy to not pay rent anymore. But she’s even happier to live so close to family. Now the cousins can play together on the same street and go to the same schools.
“For us, it’s really big for our kids,” said Mahan, choking back tears.
Losoya’s kids range in age from 6 to 15.
Mahan has a 13-year-old son and a 6-year-old daughter. More than anything she wanted to put down roots for her two children in Naples — the same kind she had growing up at her parents’ home in Toledo, Ohio.
She now looks ahead and envisions her son returning home to stay in his old bedroom as a young man after he moves away, in a kind of “ ‘Family Ties’ moment.” It makes her smile.
The Mahans were so eager to get into their new home that on the night of their closing March 21 they brought sleeping bags to the house so they could stay overnight, and they ordered pizza and ate it on the floor.
Now the two sisters say they are here to stay. And they’re not the only ones happy about it.
Their parents, Phil and Darlene Provo, who work as a team at Amerivest Realty in North Naples, found and sold them the homes, and steered them through the home-buying process. Both of their daughters got FHA loans, which allowed them to purchase their homes with low down-payments.
“We were really afraid that they would have to move to another area or another state just to be able to one day own their own homes,” wrote Darlene Provo, who describes herself as the proud “Mimi” to seven grandchildren, in an e-mail.
“Of course we are real happy now, they found just what they needed and could afford .... now our grandkids will grow up here.”
The Mahans are still pinching themselves. They never thought they could afford a house so big in such a tight-knit, peaceful community.
“I never dreamed it,” Leslie said. “My dreams were smaller than this.”
Tuesday, March 18, 2008
Report Shows Overall Pending Sales Increased 10.6%
FOR IMMEDIATE RELEASE
Contacts: Arlene Carozza, NABOR, President, 239/877-7411
Michele Karrasch, NABOR, Manager of Events & Marketing, 239/216-4148
NABOR REPORTS FEBRUARY REAL ESTATE TRANSACTIONS
Report Shows Overall Pending Sales Increased 10.6% Breaking 28-Month Trend
NAPLES, Fla. – March 17, 2008 – For the third consecutive month, real estate activity in the
Naples area steadily increased, with condo sales and single-family homes under $300,000
leading the way, 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).
Most notably, February marked the end of a 28-month downward trend of pending home sales,
which increased 10.6 percent overall from February 2007.
NABOR President Arlene Carozza, a Realtor® and corporate trainer with Amerivest Realty,
attributes the increased activity to lower median prices, reduced interest rates, abundant
inventory and common sense.
“Buyers have realized the incredible values that are currently available and will most likely be
gone by next season,” Carozza stated. “As the lower priced inventory is absorbed, there is
nowhere for prices to go but up.”
The report, which provides annual comparisons of single-family home and condo sales (via the
Multiple Listing Service), price ranges and geographic segmentation, also includes an overall
market summary. The statistics are presented in chart format, along with the following analysis:
♦ Overall pending home sales in the greater Naples Area, which includes Naples Beach,
North Naples, Central Naples, South Naples, East Naples, Immokalee and Ave Maria,
increased 10.6 percent, with 513 in February 2008 compared to 464 in February 2007.
♦ Overall homes sales were 289 in February 2008 compared to 304 in February 2007, a 4.9
decrease.
♦ Overall condo sales increased 4.5 percent, with 162 sold in February 2008 compared to
155 in February 2007, and condo sales under $300,000 increased 36 percent with 83 in
February 2008 compared to 61 in February 2007.
♦ Single-family home sales decreased 14.8 percent overall, with 127 in February 2008 and
149 in February 2007, but sales in the less than $300,000 category saw a 66.6 percent
increase with 45 in February 2008 compared to 27 in February 2007.
♦ The overall median sales price decreased 14 percent from the same month last year.
“There is tremendous activity in the low end of the market,” said Jo Carter, president of Jo Carter
& Associates, acknowledging that homes less than $300,000 is the best-selling category right
now. “Properties that are priced realistically are being sold.”
Tom Bringardner, president of Premier Properties, predicts this activity will have a domino
effect. “In a traditional market recovery, as the lower priced product is sold, it pushes buyers into
the higher price ranges.”
To view the entire February report, go to www.NaplesArea.com.
The Naples Area Board of REALTORS® (NABOR) is an established organization (Chartered
1949) whose members have a positive and progressive impact on the Naples community.
NABOR is a local board of REALTORS® and real estate professionals with a legacy of nearly 60
years serving 5,000 plus member-customers. NABOR is a member of the Florida Association of
REALTORS® and the National Association of REALTORS®, which is the largest trade
association in the United States with more than 1.3 million members and over 1,400 local boards
of REALTORS® nationwide. NABOR is structured to provide programs and services to its
membership through various committees and the NABOR Board of Directors, all of whose
members are non-paid volunteers.
Contacts: Arlene Carozza, NABOR, President, 239/877-7411
Michele Karrasch, NABOR, Manager of Events & Marketing, 239/216-4148
NABOR REPORTS FEBRUARY REAL ESTATE TRANSACTIONS
Report Shows Overall Pending Sales Increased 10.6% Breaking 28-Month Trend
NAPLES, Fla. – March 17, 2008 – For the third consecutive month, real estate activity in the
Naples area steadily increased, with condo sales and single-family homes under $300,000
leading the way, 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).
Most notably, February marked the end of a 28-month downward trend of pending home sales,
which increased 10.6 percent overall from February 2007.
NABOR President Arlene Carozza, a Realtor® and corporate trainer with Amerivest Realty,
attributes the increased activity to lower median prices, reduced interest rates, abundant
inventory and common sense.
“Buyers have realized the incredible values that are currently available and will most likely be
gone by next season,” Carozza stated. “As the lower priced inventory is absorbed, there is
nowhere for prices to go but up.”
The report, which provides annual comparisons of single-family home and condo sales (via the
Multiple Listing Service), price ranges and geographic segmentation, also includes an overall
market summary. The statistics are presented in chart format, along with the following analysis:
♦ Overall pending home sales in the greater Naples Area, which includes Naples Beach,
North Naples, Central Naples, South Naples, East Naples, Immokalee and Ave Maria,
increased 10.6 percent, with 513 in February 2008 compared to 464 in February 2007.
♦ Overall homes sales were 289 in February 2008 compared to 304 in February 2007, a 4.9
decrease.
♦ Overall condo sales increased 4.5 percent, with 162 sold in February 2008 compared to
155 in February 2007, and condo sales under $300,000 increased 36 percent with 83 in
February 2008 compared to 61 in February 2007.
♦ Single-family home sales decreased 14.8 percent overall, with 127 in February 2008 and
149 in February 2007, but sales in the less than $300,000 category saw a 66.6 percent
increase with 45 in February 2008 compared to 27 in February 2007.
♦ The overall median sales price decreased 14 percent from the same month last year.
“There is tremendous activity in the low end of the market,” said Jo Carter, president of Jo Carter
& Associates, acknowledging that homes less than $300,000 is the best-selling category right
now. “Properties that are priced realistically are being sold.”
Tom Bringardner, president of Premier Properties, predicts this activity will have a domino
effect. “In a traditional market recovery, as the lower priced product is sold, it pushes buyers into
the higher price ranges.”
To view the entire February report, go to www.NaplesArea.com.
The Naples Area Board of REALTORS® (NABOR) is an established organization (Chartered
1949) whose members have a positive and progressive impact on the Naples community.
NABOR is a local board of REALTORS® and real estate professionals with a legacy of nearly 60
years serving 5,000 plus member-customers. NABOR is a member of the Florida Association of
REALTORS® and the National Association of REALTORS®, which is the largest trade
association in the United States with more than 1.3 million members and over 1,400 local boards
of REALTORS® nationwide. NABOR is structured to provide programs and services to its
membership through various committees and the NABOR Board of Directors, all of whose
members are non-paid volunteers.
Monday, February 18, 2008
Sales up in Naples area in January, attitudes are upbeat.
In January, home sales rose although prices fell in the Naples area, a report released Thursday showed.
There were 264 home sales last month, compared to 261 a year ago. That included 142 condo sales, compared to 126 in January 2007, a more than 12 percent increase.
“The buyers who are coming down for season haven’t seen prices like this in a while,” said Joe Ballarino, president and CEO of Amerivest Realty in North Naples.
The Naples Area Board of Realtors report released Thursday reflects sales made in Collier County through the Sunshine MLS, excluding Marco Island. It includes an overall market summary and breaks sales down by price and geographic area carved out by zip code.
In January, homes priced at less than $300,000 saw the biggest jump in sales -- from 81 a year ago to 103. Median prices have fallen $20,000 to $30,000 in this price range, spurring activity.
Comparing January 2007 to January 2008, the median sales price for single-family homes has gone from $610,000 to $432,000.
“I think it’s very significant that after these two awful years, we only saw a 7 percent decrease at the end of it. I think there are people out there that read the national media that think we are going to have a 50 percent decrease. It did not happen because there is just still a lot of demand here,” said Phil Wood, president of John R. Wood Realtors Inc. in Naples.
Last month, the Naples Area Board of Realtors began releasing its own monthly statistics. Its first report for December showed signs of a turn-around in the market, including an increase for sales of homes under $300,000.
“That was the biggest surprise, recovery in the bottom end of the market,” Ballarino said.
In January, pending sales for homes under $300,000 increased more than 40 percent to 182, from 128 a year ago.
Soon, Ballarino expects to see more activity in higher price ranges as less-expensive homes are bought and come off the market.
Overall, home sales in the $500,000 to $1 million range decreased in January. There were 50, compared to 60 a year ago. Pending sales also dropped, from 92 in 2007 to 65 this year in that range.
“I think we are looking at a 12- to 18-month slow recovery,” Ballarino said.
NABOR President Arlene Carozza said as word spreads about the positive trends, it’s sure to drive more sales. The group is sharing its reports with Realtors, who are passing them along to buyers.
NABOR President Arlene Carozza said as word spreads about the positive trends, it’s sure to drive more sales. The group is sharing its reports with Realtors, who are passing them along to buyers.
“Good news begets good news,” Carozza said.
She’s convinced the market is turning.
“Every agent that is out there selling is saying they’ve had a tremendous number of showings,” she said. “When showings are up, usually the sales follow.”
It makes sense that more condos are selling because many of the buyers who are out shopping this time of year are northerners looking for winter homes that don’t require a lot of maintenance.
A recent vote by Florida residents to approve a constitutional amendment that doubles the homestead exemption to $50,000 might also be helping spur sales because it means lower taxes, Carozza said.
Some buyers with homes up North are considering establishing a homestead here because of the benefit, she said.
Listings are starting to come down as homes that are priced right sell.
“I think the absorption of inventory is a good sign,” said Tom Bringardner, president of Premier Properties of Southwest Florida Inc.
“I think the absorption of inventory is a good sign,” said Tom Bringardner, president of Premier Properties of Southwest Florida Inc.
He expects season to last longer this year because buyers are getting more serious. Some buyers are losing out because they’re waiting too long to make offers and the homes they want are going under contract, he said.
Besides better prices, pent-up demand and lower interest rates also are driving more sales, Bringardner said.
For his company, escrow deposits are up, showings are up and sales are up.
“Do I see improvement in the market? Yes I do,” he said.
“Do I see improvement in the market? Yes I do,” he said.
To view the entire report, go to www.naplesarea.com.
Wednesday, January 23, 2008
Great Time To Buy Florida’ campaign kicks off
For stories, stats and audio interviews that focus on the upside of Florida’s real estate market. Visit Great Time To Buy Florida. Spread the good news with clients and colleagues!
Thursday, January 17, 2008
NABOR resumes release of monthly sales figures, with optimism
By LAURA LAYDEN (Contact), Naples Daily News
Local Realtors see glimmers of hope in a new monthly sales report put out by the Naples Area Board of Realtors.
The first-of-a-kind report, released Tuesday, shows signs of a turnaround in the Naples-area market.
Highlights include:
-- Sales made through the Multiple Listing Service were up for homes under $300,000 in the Naples area in December. There were 110 sales, compared to 103 a year earlier. The same market saw a 33 percent increase in sales in 2007.
-- Overall, there were 275 sales pending in the MLS in December. That came within two sales of breaking a 27-month downward trend.
-- The number of available condominiums dropped to 5,816 in December, down from 6,014 a year ago, a 3 percent decline.
“The facts are the facts, and when you look at the numbers it appears as though we are now once again headed in the right direction,” said Arlene Carozza, NABOR’s president.
Joe Ballarino, president and CEO of Amerivest Realty in North Naples, describes the report as “mixed.” Parts of the market are doing much better than others.
“I think we’re at or near the bottom,” Ballarino said. “We may have finally hit bottom.”
The report reflects sales made in Collier County through the Sunshine MLS, excluding Marco Island. It includes an overall market summary and breaks sales down by geographic area carved out by zip code.
In December, there were 269 single-family and condominium sales, down from 312 a year ago. The median home price fell to $380,000, from $412,000 in December 2006, according to the report.
Last year, 3,889 homes sold, down from 4,518 in 2006, the report says.
In the under $300,000 category, sales rose to 1,401 last year, from 1,066 in 2006, fueled
by a nearly 10 percent drop in median price to $230,000.
“It’s the middle of the market that has been overpriced. The $300,000 to $1 million category is where the sales aren’t happening and that’s because the prices aren’t in line. They need to drop another 5 to 10 percent,” Ballarino said.
In the $500,000 to $1 million price range, 811 homes sold in 2007, down from 1,037 in 2006. The median price dropped by $2,000.
In the $1 million to $2 million category, 374 homes sold last year, compared to 439 in 2006. In December there were 25 sales, the same as in 2006.
“In the luxury market prices are holding well and their sales are already coming back,” Ballarino said.
The Naples beachfront, which includes such affluent neighborhoods as Port Royal and Park Shore, and North Naples are leading markets for sales.
In December, there were 71 sales in the Naples beachfront area, compared to 68 a year ago. In 2007, 926 homes sold, up from 889 in 2006.
In North Naples, 73 homes sold in December, 10 less than a year ago. In 2007, there were 1,161 sales, down from 1,202 in 2006.
Sales have declined most in Central Naples. There were 927 in 2006 and 653 last year.
Last year, condo prices fell the most. The median price went from $365,000 to $300,000. But in some areas of the condo market, prices are already back on the rise.
“I know the average person, when you listen to the news, and read the various news stories, you think everything is going down. Yet that is not the case here,” said Broker Michael Hughes at Downing-Frye Realty Inc. in Naples.
In the $500,000 to $1 million range, the median price for condos went from $670,000 in 2006 to $680,000 last year.
Realtors and brokers say showings are up in recent weeks, another sign of a market turnaround.
Business typically picks up with the start of the winter season, when more northerners come to town to escape the cold. But agents say they are getting more calls and interest than usual for this time of year.
“Pending contracts seem to be falling in a little earlier, which I like,” Hughes said.
He describes his outlook as “cautiously optimistic.”
“You’ve got interest rates that are extremely favorable,” he said. “You’ve got a lot of inventory and you’ve got a very cold winter up North, and the weather down here has been beautiful.”
Brett Brown, a Realtor with Miromar Realty of Southwest Florida Inc., said he’s seen the most activity on homes priced at $300,000 and below. Homes selling for more than $1 million also are generating more interest, he said.
Since Dec. 29, business has been up over last year, Brown said. But there still are many who are looking and not yet buying.
“Everyone is just waiting to see where the bottom is going to be,” he said. “I think we may be reaching it.”
“I don’t expect the market to take off,” Ballarino said. “I think buyers are going to be picky and sellers who have their properties priced properly will get the sale.”
For about a year, NABOR kept its monthly sales from the public. Instead of reporting them to the Florida Association of Realtors, the group started releasing its own quarterly reports, saying they were more relevant and accurate. But there were skeptics.
Last month, NABOR voted to release the new detailed reports every month. Its monthly sales still won’t appear in the statewide report.
Local Realtors see glimmers of hope in a new monthly sales report put out by the Naples Area Board of Realtors.
The first-of-a-kind report, released Tuesday, shows signs of a turnaround in the Naples-area market.
Highlights include:
-- Sales made through the Multiple Listing Service were up for homes under $300,000 in the Naples area in December. There were 110 sales, compared to 103 a year earlier. The same market saw a 33 percent increase in sales in 2007.
-- Overall, there were 275 sales pending in the MLS in December. That came within two sales of breaking a 27-month downward trend.
-- The number of available condominiums dropped to 5,816 in December, down from 6,014 a year ago, a 3 percent decline.
“The facts are the facts, and when you look at the numbers it appears as though we are now once again headed in the right direction,” said Arlene Carozza, NABOR’s president.
Joe Ballarino, president and CEO of Amerivest Realty in North Naples, describes the report as “mixed.” Parts of the market are doing much better than others.
“I think we’re at or near the bottom,” Ballarino said. “We may have finally hit bottom.”
The report reflects sales made in Collier County through the Sunshine MLS, excluding Marco Island. It includes an overall market summary and breaks sales down by geographic area carved out by zip code.
In December, there were 269 single-family and condominium sales, down from 312 a year ago. The median home price fell to $380,000, from $412,000 in December 2006, according to the report.
Last year, 3,889 homes sold, down from 4,518 in 2006, the report says.
In the under $300,000 category, sales rose to 1,401 last year, from 1,066 in 2006, fueled
by a nearly 10 percent drop in median price to $230,000.
“It’s the middle of the market that has been overpriced. The $300,000 to $1 million category is where the sales aren’t happening and that’s because the prices aren’t in line. They need to drop another 5 to 10 percent,” Ballarino said.
In the $500,000 to $1 million price range, 811 homes sold in 2007, down from 1,037 in 2006. The median price dropped by $2,000.
In the $1 million to $2 million category, 374 homes sold last year, compared to 439 in 2006. In December there were 25 sales, the same as in 2006.
“In the luxury market prices are holding well and their sales are already coming back,” Ballarino said.
The Naples beachfront, which includes such affluent neighborhoods as Port Royal and Park Shore, and North Naples are leading markets for sales.
In December, there were 71 sales in the Naples beachfront area, compared to 68 a year ago. In 2007, 926 homes sold, up from 889 in 2006.
In North Naples, 73 homes sold in December, 10 less than a year ago. In 2007, there were 1,161 sales, down from 1,202 in 2006.
Sales have declined most in Central Naples. There were 927 in 2006 and 653 last year.
Last year, condo prices fell the most. The median price went from $365,000 to $300,000. But in some areas of the condo market, prices are already back on the rise.
“I know the average person, when you listen to the news, and read the various news stories, you think everything is going down. Yet that is not the case here,” said Broker Michael Hughes at Downing-Frye Realty Inc. in Naples.
In the $500,000 to $1 million range, the median price for condos went from $670,000 in 2006 to $680,000 last year.
Realtors and brokers say showings are up in recent weeks, another sign of a market turnaround.
Business typically picks up with the start of the winter season, when more northerners come to town to escape the cold. But agents say they are getting more calls and interest than usual for this time of year.
“Pending contracts seem to be falling in a little earlier, which I like,” Hughes said.
He describes his outlook as “cautiously optimistic.”
“You’ve got interest rates that are extremely favorable,” he said. “You’ve got a lot of inventory and you’ve got a very cold winter up North, and the weather down here has been beautiful.”
Brett Brown, a Realtor with Miromar Realty of Southwest Florida Inc., said he’s seen the most activity on homes priced at $300,000 and below. Homes selling for more than $1 million also are generating more interest, he said.
Since Dec. 29, business has been up over last year, Brown said. But there still are many who are looking and not yet buying.
“Everyone is just waiting to see where the bottom is going to be,” he said. “I think we may be reaching it.”
“I don’t expect the market to take off,” Ballarino said. “I think buyers are going to be picky and sellers who have their properties priced properly will get the sale.”
For about a year, NABOR kept its monthly sales from the public. Instead of reporting them to the Florida Association of Realtors, the group started releasing its own quarterly reports, saying they were more relevant and accurate. But there were skeptics.
Last month, NABOR voted to release the new detailed reports every month. Its monthly sales still won’t appear in the statewide report.
Monday, January 7, 2008
The Top Ten Reasons It's a Great Time To Buy Real Estate!
by Paul Pastore
Selection, selection, selection. There are about 57,000 resale homes on the market in Maricopa county(Phoenix). Regardless of the price range a buyer desires, there are plenty of houses from which to choose. Just a few years ago the resale inventory dropped below 5,000 units. A buyer was forced to make compromises if they were going to locate the home of their dreams. There is a great selection of attached homes, condos, and townhouses. You can find large lots, small lots, and a lot that will accommodate your boat or RV. There are lots of options in this market.
No Bidding Wars. In 2005 we had one client that made an offer on ten homes. They lost the first nine to the 'feeding frenzy' that existed. Other buyers bid the properties up substantially from the original listing price. There were escalation clauses where buyers authorized their agents to outbid other offers by thousands of dollars. There is no competitive bidding in this buyer's market.
You can make an offer. A few years ago when you made an offer, the only question was how high above the list price could the buyer reach in hopes of being the best offer on the table. Today the sell price list vs. price ration is about 96%. A seller will not be insulted if you 'make them an offer they can't refuse'.
Patience is tolerated. In the hot seller's market that existed everything was rushed. Find a house before other buyers did. Hurry up and make the offer. Today a buyer can take their time. Look at several homes and think about your decision for a few hours.
Due diligence is welcomed. In this market a buyer is encouraged to obtain a home inspection, termite inspection, and appraisal. In 2005 many buyers waived these contingencies in order gain an advantage with multiple offers.
There are plenty of specs. In the not too distant past buyer had to 'play games' if they wanted a new home. There were lotteries and waiting lists in order to obtain new construction. Some buyers slept in their cars in order to get to the head of the lines. R.L. Brown estimates that builders have thousands of specs ready for immediate occupancy.
Repair requests are welcomed. After a buyer completes a home inspection, they are allowed to submit a repair request to the seller. In the past a seller might insist the home was sold 'as is'. Many times, there were back-up buyers waiting for a primary buyer to upset the seller whose home was increasing in value almost daily.
Few, if any investors. It is estimated that one third of all sales in 2005 were to investors. These non-owner occupied buyer caused the market to inflate and affordability to decline. Mortgage fraud became commonplace. It's a great time to buy without having to compete with hundreds of prospective landlords.
Location, location, location. Today's buyers can find homes closer to work. In the past buyers flocked to Maricopa and Queen Creek in order to find affordable homes. In this market, reasonably priced homes are within biking or walking distance to schools, rapid transit lines, and relatives.
Real Financing is available. The 'wink, wink' zero down, no doc, adjustable, sub-prime loans are gone. Fixed rates are back. FHA financing, first time homeowner bond programs, special loans for teachers, and police officers are back in business. It's a great time to buy real estate!
About the Author: Paul Pastore, ABR,CRS,CRB,G.R.I.,MRE,e-pro,RECS, Re/Max Achievers.www.paulpastore.com, (480) 603-3800, paulpastore@realtor.com
by Paul Pastore
Selection, selection, selection. There are about 57,000 resale homes on the market in Maricopa county(Phoenix). Regardless of the price range a buyer desires, there are plenty of houses from which to choose. Just a few years ago the resale inventory dropped below 5,000 units. A buyer was forced to make compromises if they were going to locate the home of their dreams. There is a great selection of attached homes, condos, and townhouses. You can find large lots, small lots, and a lot that will accommodate your boat or RV. There are lots of options in this market.
No Bidding Wars. In 2005 we had one client that made an offer on ten homes. They lost the first nine to the 'feeding frenzy' that existed. Other buyers bid the properties up substantially from the original listing price. There were escalation clauses where buyers authorized their agents to outbid other offers by thousands of dollars. There is no competitive bidding in this buyer's market.
You can make an offer. A few years ago when you made an offer, the only question was how high above the list price could the buyer reach in hopes of being the best offer on the table. Today the sell price list vs. price ration is about 96%. A seller will not be insulted if you 'make them an offer they can't refuse'.
Patience is tolerated. In the hot seller's market that existed everything was rushed. Find a house before other buyers did. Hurry up and make the offer. Today a buyer can take their time. Look at several homes and think about your decision for a few hours.
Due diligence is welcomed. In this market a buyer is encouraged to obtain a home inspection, termite inspection, and appraisal. In 2005 many buyers waived these contingencies in order gain an advantage with multiple offers.
There are plenty of specs. In the not too distant past buyer had to 'play games' if they wanted a new home. There were lotteries and waiting lists in order to obtain new construction. Some buyers slept in their cars in order to get to the head of the lines. R.L. Brown estimates that builders have thousands of specs ready for immediate occupancy.
Repair requests are welcomed. After a buyer completes a home inspection, they are allowed to submit a repair request to the seller. In the past a seller might insist the home was sold 'as is'. Many times, there were back-up buyers waiting for a primary buyer to upset the seller whose home was increasing in value almost daily.
Few, if any investors. It is estimated that one third of all sales in 2005 were to investors. These non-owner occupied buyer caused the market to inflate and affordability to decline. Mortgage fraud became commonplace. It's a great time to buy without having to compete with hundreds of prospective landlords.
Location, location, location. Today's buyers can find homes closer to work. In the past buyers flocked to Maricopa and Queen Creek in order to find affordable homes. In this market, reasonably priced homes are within biking or walking distance to schools, rapid transit lines, and relatives.
Real Financing is available. The 'wink, wink' zero down, no doc, adjustable, sub-prime loans are gone. Fixed rates are back. FHA financing, first time homeowner bond programs, special loans for teachers, and police officers are back in business. It's a great time to buy real estate!
About the Author: Paul Pastore, ABR,CRS,CRB,G.R.I.,MRE,e-pro,RECS, Re/Max Achievers.www.paulpastore.com, (480) 603-3800, paulpastore@realtor.com
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