Shadow Wood at the Brooks Real Estate News | March 2019

Shadow Wood at the Brooks Real Estate News | March 2019

As of March 1, 2019, there are 93  active listings in Shadow Wood; 1 more than last month. There are 63 single-family, listed homes ranging from $435,000 to $2,250,000. The average list price is $1,065,089 and the average days on the market is 148 days. Combined days on the market is 185. In the condo market, there are 29 active listings in Shadow Wood, ranging in price from $275,000 to $669,900. The average list price is $427,317 and the average days on the market is 135. Combined days on the market is 169.

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Ed Gongola

SUMMARY OF SHADOW WOOD HOME SALES

SHADOW WOOD CONDOS

  • Within the last 12 months, there were 29 sales; the average sales price was $339,366; and, these condos were on the market an average of 100 days; combined days on the market is 213.
  • During the 12 months previous, there were 29 sales; the average sales price was $399,810; and, these homes were on the market an average of 116 days; combined days on the market is 180.

SINGLE-FAMILY SHADOW WOOD HOMES

  • During the last 12 months, there were 69 sales; the average sales price was $867,904; and, these homes were on the market an average of 91 days; combined days on the market is 178.
     
  • During the 12 months previous, there were 51 sales; the average sales price was $893,933; and, these homes were on the market an average of 107 days; combined days on the market is 194.

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.

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Research: Florida Coastal Homes Lose Value Because of Rising Sea Levels

NEW YORK (March 1, 2019) – Updated research from the nonprofit First Street Foundation shows that higher sea levels cut home values in 17 states from Maine to Mississippi by $15.8 billion from 2005 to 2017.
 
The greatest loss in relative home values was recorded by Florida at $5.4 billion, New Jersey at $4.5 billion, and New York at $1.3 billion.
 
The report focuses on the impact of rising water levels from 2005 to 2017 for 25.6 million coastal properties.
 
Researchers plan to release data for the rest of the coastal United States in the near future, and then move on to major rivers.
 
The top five cities with the biggest value declines so far are: 
  1. Ocean City, New Jersey ($530 million)
  2. Miami Beach, Florida ($337 million)
  3. Hollywood, Florida ($305 million)
  4. Charleston, South Carolina ($266 million)
  5. St. Petersburg, Florida ($244 million).
Other Florida cities in the report include Fort Lauderdale at No. 8 ($194 million), Key Largo at No. 12 ($160 million), Jacksonville at No. 15 ($146 million), and Key West at No. 17 ($133 million).
 
Source: “Homes lose $15.8 billion in value as seas rise, Maine to Mississippi,” CBSNews.com, Rachel Layne (Feb. 27, 2019)
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Shadow Wood Blog

Most Recent Blog: Behind-the-Scenes Farm Tour

In this special Behind-the-Scenes video, Executive Chef Richard Crisanti takes us on a tour of East Fork Creek Gardens, a local aquaponics farm in Fort Myers, where they are growing fresh, organic artisan lettuce for Shadow Wood Country Club. Chef Rich took a trip to the farm to learn all about the processes in growing the lettuce, and the inner workings of the farm, and got to sample delicious fresh fruits and vegetables along the way. East Fork Creek’s aquaponic farming method uses less than 10% of the water used in conventional growing, and no pesticides, herbicides, GMOs or chemical additives are ever used in any step of the growth process. A top priority for our culinary team is to provide sustainable, unprocessed, locally grown ingredients straight from the farm to your table.Read the entire story here. For more video tips and historical blog posts, visit the blog here.

Voted the best of SWFL

 

Florida’s Housing Market: New Listings, Median Prices, Inventory Up in Jan. 2019

ORLANDO, Fla., Feb. 21, 2019 – Florida’s housing market reported more new listings, higher median prices and increased inventory (active listings) in January compared to a year ago, according to the latest housing data released by Florida Realtors®. However, uncertainty over mortgage interest rates, the stock market and the federal government’s shutdown may have affected home sales, which were lower than the level of sales a year ago. Sales of single-family homes statewide totaled 15,526 last month, down 6.2 percent compared to January 2018.

“As the new year gets underway, more new listings and gains in inventory (active listings) are positive signs for potential homebuyers in Florida,” said 2019 Florida Realtors President Eric Sain, a Realtor and district sales manager with Illustrated Properties in Palm Beach. “Having more homes available for sale in many local markets may start to ease some of the affordability constraints we’ve been seeing for a long time. In January, new listings for existing single-family homes rose 5.6 percent compared to a year ago and new listings for condo-townhouse properties increased 2.5 percent.”

In January, statewide median sales prices for both single-family homes and condo-townhouse properties increased year-over-year for the 85th month-in-a-row. The statewide median sales price for single-family existing homes was $249,900, up 4.1 percent from the previous year, according to data from Florida Realtors Research Department in partnership with local Realtor boards/associations. Last month’s statewide median price for condo-townhouse units was $182,500, up 2.8 percent over the year-ago figure. The median is the midpoint; half the homes sold for more, half for less.

According to the National Association of Realtors® (NAR), the national median sales price for existing single-family homes in December 2018 was $255,200, up 2.9 percent from the previous year; the national median existing condo price was $240,600. In California, the statewide median sales price for single-family existing homes in December was $557,600; in Massachusetts, it was $375,000; in Maryland, it was $284,000; and in New York, it was $272,043.

Looking at Florida’s condo-townhouse market in January, statewide closed sales totaled 6,739, down 10.9 percent compared to a year ago. Closed sales may occur from 30- to 90-plus days after sales contracts are written.

“Inventory levels continued to rise across almost every price level in January, while closed sales were down on a year-over-year basis, as price growth continued on a steady path toward moderation,” said Florida Realtors Chief Economist Dr. Brad O’Connor. “At the end of January, there were 13.8 percent more single-family homes listed for sale (active listings/inventory) in Florida than there were a year prior, reaching a statewide level of single-family inventory not seen since March of 2015. The ongoing rise in inventory continues to be rather broad-based – among the price tiers tracked by Florida Realtors, single-family inventory only fell among the small segment of homes priced below $100,000. This is a significant change from a year ago, when much of the state’s mid-tier inventory was still declining.

“Looking at condo-townhouse properties, the statewide count of active listings in January reached its highest level since May of 2012, after rising by 10.1 percent on a year-over-year basis.”
According to Freddie Mac, the interest rate for a 30-year fixed-rate mortgage averaged 4.46 percent in January 2019, up from the 4.03 percent averaged during the same month a year earlier.

 

 

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


Some years, it is easier to get a read on the market and yet other years, the market sends mixed signals. Our January 2019 pending sales were down compared with last January. In looking into this, I discovered that in January 2018, we had a high month for pending sales. The only logical conclusion was that Hurricane Irma pushed a number of fourth-quarter pending sales into January 2018. In effect, the hurricane delayed some fourth-quarter, pending sales that ultimately were written in January 2018. I should point out that our two previous January pending sales (for January 2017 and January 2016 ) were much lower than the January 2018 pending sales. So, last years January pending sales number was a bit unusual.

Our February pending sales indicate that we have returned to normal. Actually, it is showing that we are having a very good month for pending sales. Through the first 25 days of February in 2018, we had 246 pending sales. This year, we have 270 February pending sales. This is a 10% increase in February pending sales transactions compared with last February. Our pending sales volume for the first 25 days of February 2018 was $138 million. This February, our pending sales volume for the first 25 days amount to $168 million which is a 22% increase over last February.

So what is my read so far? I think the year started off a little slower than last year but it has accelerated in February. With a strong listing inventory, we are poised for a pretty good season and hopefully a strong year for Southwest Florida real estate.

 

Shadow Wood at the Brooks MARCH Events Calendar

DINING & SOCIAL

March 6 | Mardi Gras Happy Hour 
March 14 | St. Patrick’s Dinner 

GOLF EVENTS

March 3 | Couples’ Guest Day
March 13-16 | Men’s Legacy 

TENNIS & BOCCE EVENTS

March 9 | Tennis Cookout
March 24 | Bocce Social Mixer
March 28 | Men’s Tennis Lunch