Shadow Wood at the Brooks Real Estate News | July 2019

Shadow Wood at the Brooks Real Estate News | July 2019

As of July 1, 2019, there are 60 active listings in Shadow Wood; 2 less than last month. There are 38 single-family, listed homes ranging from $455,000 to $1,999,000. The average list price is $1,083,455 and the average days on the market is 160 days. Combined days on the market is 241. In the condo market, there are 22 active listings in Shadow Wood, ranging in price from $279,000 to $615,000. The average list price is $428,068 and the average days on the market is 113. Combined days on the market is 182.

Whether you are buying or selling, if you are looking for REALTOR® representation, think of me and allow me to share my 30 years of experience putting buyers and sellers together in SWFL

Your Shadow Wood REALTOR®,
Ed Gongola

SUMMARY OF SHADOW WOOD HOME SALES

SHADOW WOOD CONDOS

  • Within the last 12 months, there were 28 sales; the average sales price was $326,264; and, these condos were on the market an average of 118 days; combined days on the market is 227.
     
  • During the 12 months previous, there were 30 sales; the average sales price was $376,990; and, these homes were on the market an average of 95 days; combined days on the market is 167.

SINGLE-FAMILY SHADOW WOOD HOMES

  • During the last 12 months, there were 65 sales; the average sales price was $846,168; and, these homes were on the market an average of 103 days; combined days on the market is 198.
     
  • During the 12 months previous, there were 61 sales; the average sales price was $863,071 and, these homes were on the market an average of 106 days; combined days on the market is 197.
For a list of SHADOW WOOD homes sold during the past 12 months, click here.

For a list of SHADOW WOOD homes that are pending at the moment, click here.

Meet Ed Gongola and discover how he can help you with his concierge style of service when buying or selling your home.

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JULY 2019 MARKET UPDATE

A GREAT SUMMER FOR BUYERS

“With 1,566 closings through June 30th, this year is shaping up to be another solid year for sales,” said Mike Hughes, General Manager for Downing-Frye Realty, Inc. “A nice inventory of properties is helping our market. Buyers will find an ample selection of properties for sale across all price ranges. Builders have been rushing to meet the demands of consumers. We are just starting to feel the presence of the summer buyers. The Southwest Florida real estate market is not as seasonal as it was twenty years ago. Downing-Frye expects to close 700-900 transactions over the summer months. That is a lot of business for the “off” season. Summer is a great time to visit Southwest Florida for a variety of reasons. It is easier to get on our numerous golf courses over the summer. With many of our local restaurants, you can walk right in with no reservation. The fishing in Florida certainly picks up over the summer. Best of all, many of the hotel rates are a fraction of what they were several months ago.”

BONITA /ESTERO: STABLE PRICES

The continued desire for properties in the area was confirmed by members of the Bonita Springs-Estero REALTORS® in a report comparing May 2019 activity to May 2018. New pending sales of single-family homes were up 14.4 percent, and condominium pending sales were up 17.5 percent. Closed sales of single-family homes were up .7 percent, and closed sales of condos were up 24.8 percent. Over 48 percent of the purchases were paid in cash rather than financed. The median sales price of single-family homes was $369,900 (down 2 percent compared to May 2018) and of condos was $260,000 (up 2 percent compared to May 2018). The active inventory of listings was about the same (1,106 in May 2019 compared to 1,114 in May 2018) and about the same number of new listings were reported (235 in May 2019 compared to 233 in May 2018.)

FLORIDA: PENDING SALES & MEDIAN PRICES UP

Florida’s housing market reported more sales, higher median prices and increased inventory in May compared to a year ago. Sales of single-family homes statewide totaled 30,742 last month, up 9.6 percent over May 2018. “May turned out to be our highest single-family home sales’ monthly total for any single month over at least the past 10 years,” said Florida Realtors Chief Economist Dr. Brad O’Connor. “What’s more, this growth was widespread, with sales increasing in 21 of the state’s 22 metropolitan areas. “This resurgence in single-family home sales is largely being driven by a single factor, which is that mortgage interest rates have been declining sharply since late last year.” In May, statewide median sales prices for both single-family homes and condo-townhouse properties rose year-over-year for the 89th consecutive month. The statewide median sales price for single-family existing homes was $266,000, up 4.3 percent from the previous year, and for condo-townhouse units was $195,000, up 3.7 percent over the year-ago figure.

USA: EXISTING HOME SALES SLIDE SHOW MINOR DECLINE

Lawrence Yun, NAR’s chief economist, said the 2.5% jump shows that consumers are eager to take advantage of the favorable conditions. “The purchasing power to buy a home has been bolstered by falling mortgage rates, and buyers are responding.” Total housing inventory at the end of May increased to 1.92 million, up from 1.83 million existing homes available for sale in April and a 2.7% increase from 1.87 million a year ago. Though inventory is up, the months’ supply numbers remain near historic lows, which has a direct effect on price, according to Yun. “Solid demand along with inadequate inventory of affordable homes have pushed the median home price to a new record high,” he said. Given that housing and properties have been selling so quickly, Yun continues his call for new construction. “More new homes need to be built,” he said. “Otherwise, we risk worsening the housing shortage, and an increasingly number of middle-class families will be unable to achieve homeownership.”

Sources: The Bonita Springs-Estero Assoc. of REALTORS®, Naples Area Board of REALTORS®, National Assoc. of REALTORS®, Florida REALTORS®. 

Shadow Wood Blog

Most Recent Blog: 2019Live From The Construction Site

Click image above to view video on YouTube.com.

Danita Osborn, Director of Membership, takes you live to the construction site of Shadow Wood Country Club’s brand new outdoor casual dining restaurant, and chats with project supervisor Jeff B. of DeAngelis Diamond. Enjoy this YouTube video.
 
For more video tips and historical blog posts, visit the blog here
 

Housing Report Finds Challenges and Benefits to Ownership

Joint Center for Housing Studies: Those of lesser means find it difficult to secure housing, but those who can achieve homeownership will have an economic edge.

BOSTON – Housing is harder to find for those of lesser means and people of color – but those who can achieve homeownership will have an economic edge, according to the annual State of the Nation’s Housing report from the Joint Center for Housing Studies at Harvard University.
The report stresses that inventory is tight, with the vacancy rate for owner-occupied homes last year at its lowest level since 1995.  
 
More higher-income people are renting, with researchers citing 311,000 more tenant households earning more than $75,000 last year than in 2017, which poses a challenge for households in need of lower rents. “The focus of new construction on higher-cost units has thus shifted the overall distribution of rents upward,” according to researchers.
 
It is not surprising, then, that more renters are cost-burdened, with one-fifth of renter households devoting 30% to 50% of their income on housing costs, and one-quarter paying more than 50%.
Moreover, close to three-quarters of renters with incomes of $15,000 or less are spending more than half their income on housing.
 
Meanwhile, the share of cost-burdened homeowners continued to decline, hitting the lowest level of the century in 2018; and the amount of equity Americans hold in their homes rose along with home prices.
 
Among other things, the report shows that the black homeownership rate fell to its lowest level since 1995, but every other ethnic group gained ground in the past year.
 
Source: MarketWatch (06/26/19) Riquier, Andrea
© Copyright 2019, INFORMATION INC., Bethesda, MD (301) 215-4688 
 

  Florida Drivers Can Be Pulled Over and Cited for  

Using Cellphones While Driving  

   
Starting Monday, July 1, 2019 drivers in Florida checking the latest news or texting their friends can be pulled over for using wireless devices while driving – and local law enforcement is on the lookout.  
 
“What I am hoping changes is that we actually save a life. If we save one life by this law then we’ve achieved everything,” said Sgt. Terry Smith, of Collier County Sheriff’s Office Safety and Traffic Enforcement.  
 
Before Monday, using a wireless device while driving was a secondary offense and officers could only cite drivers after stopping them for a different offense. 
Now however, Florida statute 316.305 – known as the Florida Ban on Texting While Driving Law – will change to a primary offense and traffic law enforcers can pull over drivers for using a wireless device while operating a vehicle.  
 
A person may not operate a motor vehicle while manually typing or entering multiple letters, numbers, symbols or other characters into a wireless communication device and may also not read any data off a device, according to Florida Statute 316.305. 
The law only applies when a car is in motion.  
 
“If you are stopped at the side of the road or you’re stopped at a red light and you are waiting for the light to turn green and pick up your phone and start looking at it, I don’t recommend that, but you are able to do so,” Smith said.  
 
Effective Monday, drivers in Collier County can be cited $113 for violating the statute, Smith said.  
 
Drivers in Lee County can be cited $111 for violating the statute, but that number can increase slightly if the stop is initiated inside of a municipality, said Lee County Sheriff’s Office Sgt. Alan Canfield.  
 
The Collier County Sheriff’s Office plans to handout pamphlets at traffic stops to educate the public, Smith said.  
 
The Florida Highway Patrol troopers will issue warnings through Dec. 31 to provide drivers with additional education, spokesman Lt. Greg Bueno said via email.  
 
Exceptions would apply in extremely dangerous driving situations, Bueno wrote.  
   SOURCE: Naples Daily News 
 

Voted the best of SWFL

 

Home Sales in May Shifted to the East 

While inventory levels decreased 13 percent to 5,905 homes in May 2019 from 6,785 homes in May 2018, over 2,000 homeowners reduced prices during May according to the May 2019 Market Report released by the Naples Area Board of REALTORS® (NABOR®), which tracks home listings and sales within Collier County (excluding Marco Island).
“Nearly 30 percent of active listings had a price decrease in May,” said Coco Amar, a managing broker at John R. Wood Properties. “This was most apparent in the City of Naples [34102], which reported a 24.9 percent decrease in its overall median closed prices.”
 
Broker analysts reviewing the May report noticed a shift in sales from the traditional high-end market to homes under $500,000 earlier this year. The trend continued to be reflected in the May report, which showed closed sales for homes between $1 million and $2 million decreased 8.9 percent in May, while closed sales of homes between $300,000 and $500,000 increased 10.8 percent. Incidentally, closed sales increased in every price category reported except the $1 million to $2 million price category.
 
The May 2019 report showed closed sales of single-family homes up 12.8 percent compared to a 7 percent increase in closed sales for the condominium market. Interestingly, the decrease in closed sales for the $1 million to $2 million price category appeared in its condominium market, which saw a 23.1 percent decrease, while its single-family homes closed sales actually increased 3.6 percent. In comparison, the $300,000 to $500,000 price category reported a 12.6 percent increase in sales of condominiums and a 9.6 percent increase in sales of single-family homes.
 
“Despite a shift in buyer interest, sales of properties over $2 million continue to perform well,” said Jeff Jones, NABOR® President. This is reflected in a 1.2 percent increase in closed sales during May for homes over $2 million.
 
While the median closed price for May 2019 increased 6.9 percent to $355,000 from $332,000 in May 2018, Amar pointed out that the median closed price for single family homes in May 2019 actually decreased 3.5 percent to $415,000 from $430,000 in May 2018.
 
The NABOR® May 2019 Market Reports provide comparisons of single-family home and condominium sales (via the Southwest Florida MLS), price ranges, and geographic segmentation and includes an overall market summary. NABOR® sales statistics are presented in chart format, including these overall (single-family and condominium) findings: 
 
CATEGORIES
MAY 2018 MAY 2019 CHANGE
Total closed sales (month/month) 1,061 1,165 +9.8%
Median closed price (month/month) $332,000 $355,000 +6.9%
Total active listings (inventory) 6,785 5,905 -13.0%
Average days on market  98 107 +9.2%
Single-family closed sales (month/month) 515 581 +12.8%
Single-family median closed price (month/month) $430,000 $415,000 -3.5%
Single-family inventory 3,355 2,986 -11.0%
Condominium closed sales (month/month) 546 584 +7.0%
Condominium median closed price (month/month) $268,000 $269,500 +0.6%
Condominium inventory 3,430 2,919 -14.9%
 
Geographically, closed sales in East Naples (34114, 34117, 34120, 34137) continued to expand as development in the Collier Boulevard and U.S. 41 corridor continues to grow. According to Wes Kunkle, President and Managing Broker at Kunkle International Realty, commercial interest is high in all areas off the east trail (i.e., property on U.S. 41 heading east from Naples to Everglades City). “This is an ‘Opportunity Zone’ area and its commercial footprint is getting bigger each year.” 
 
An Opportunity Zone provides businesses with permanent exclusion from taxable income of capital gains from the sale or exchange of an investment if it’s held for at least 10 years. There are currently five Opportunity Zones in Collier County: three are located in Immokalee; one in the Naples Manor community west of Collier Boulevard, north of U.S. 41 East and south of Rattlesnake Hammock Road; and another is identified as land in Golden Gate, west of Collier Boulevard, south of Golden Gate Parkway and east of Santa Barbara Boulevard.
“I kind of see East Naples and South Naples as the last growth frontier for the Naples area,” said Mike Hughes, Vice President and General Manager of Downing-Frye Realty, Inc. “A lot of our future growth will be in these two areas. It should be noted that the zip code 34114 saw a 56.2 percent increase in closed sales in May 2019 compared to the previous May.”
 
Upon reviewing the report, Bill Coffey, Broker Manager of Amerivest Realty Naples, added that there were “over 4,000 more showings this May compared to showings in May 2018!” Not surprising, and according to the report, this represented an average of 641 showings each day during May. 
 
If you are looking to buy or sell a home in Naples, contact a Naples REALTOR® who has the experience and knowledge to provide an accurate market comparison or negotiate a sale. A REALTOR® can ensure your next purchase or sale in the Naples area is a success. Search for your dream home and find a Naples REALTOR® on Naplesarea.com.
The Naples Area Board of REALTORS® (NABOR®) is an established organization (Chartered in 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 6,000 plus members. NABOR® is a member of the Florida Realtors and the National Association of REALTORS®, which is the largest association in the United States with more than 1.3 million members and over 1,400 local board 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.
  
The term REALTOR® is a registered collective membership mark which identifies a real estate professional who is a member of the National Association of REALTORS® and who subscribe to its strict Code of Ethics. 
 
 

A Word from Downing-Frye Broker & General Manager Mike Hughes

This new infographic shows Downing-Frye Realty’s prowess in the local market.