We have been lucky the last few years in Southwest Florida
as far as damage due to tropical storms is concerned. There haven’t really even
been any close calls to speak of. That can change at any time though with dire
consequences if you are not prepared. Are you fully insured for an incidental
or catastrophic loss due to a tropical storm or hurricane? The official
hurricane season is just around the corner beginning on June 1. It’s not too
late to protect your home or property, but many policies can take as long as a month
to be fully active. And many companies will not write policies while there are
active tropical storms in the vicinity of the U.S. So don’t waste any more
time, be sure to make sure your policies are current and up to date. Another
good practice is to keep your insurance paperwork in a safe, secure place along
with itemized lists of the expensive items and contents of your home. It’s even
a good idea to make video records of your possessions, so you have the proper
documentation should you need to make a claim with your insurance provider. Don’t
be caught unprepared for the upcoming 2014 tropical season.
Hurricane Season and Home Owner Insurance
2
Collier County Florida January 2014 Real Estate Report
The closed sales for Collier County Florida showed an astonishing increase as reported by NABOR. Leading the charge was the sale of luxury condos over $2 million, which in turn significantly reduced the inventory of those properties. Single family homes had more modest increases in closed sales, but still saw enough activity to raise median prices and also reduce the available inventory. Also good news for the local market is a dramatic reduction in the sale of distressed properties, either short sales or foreclosures. Licensed real estate agent Scott Riddle is very much aware of all these trends and will be more than pleased to help you navigate the Collier County market, as well as the Lee County market, in your search to buy or sell property in Southwest Florida. Feel free to call him at (239) 289-1849 any time. For immediate access to his full service website please visit http://www.esteronapleshomesearch.com/.
NABOR 2013 Collier County Real Estate Market Report
NABOR 2013 Market Report. A service from the Naples Area
Board of REALTORS®
Paradise in Demand: 2013 Solid Year for Real Estate
NAPLES, FL - All signs point to stabilization for the local
housing market as evidenced in the 2013 Annual Market Report released by the
Naples Area Board of REALTORS® (NABOR®), which tracks home listings and sales
within Collier County (excluding Marco Island). Overall pending and closed
sales for homes over $300,000 increased by double digits in 2013.
"The first sign of stabilization can be seen in the
increase of traditional closed sales for 2013," said Pat Pitocchi, NABOR®
President and Corporate Trainer at Downing-Frye Realty. "At the beginning
of the year, 74 percent of sales were traditional, while 26 percent were
non-traditional [short sale and foreclosed properties]; but by December,
traditional sales rose to 83 percent of all sales leaving 17 percent as
non-traditional."
"This report indicates a tremendous market shift from
home sales in the under $300,000 category to home sales in the over $300,000
categories," said Bill Coffey, Broker Manager of Amerivest Realty Naples.
"Sales over $300,000 now drive the market. Closed sales of homes in the
over $300,000 price categories increased by 22.5 percent in 2013."
According to the report, the overall housing market inched
ahead of activity reported in 2012, which was considered a recovery year by
market expert Cindy Carroll, SRA, with the real estate appraisal and
consultancy firm Carroll & Carroll, Inc. Overall median prices for
properties between $300,000 - $2 million leveled off in 2013 with little or no
change. However, median prices in the lower-end (under $300,000) and higher-end
($2 million+) increased 16 and 5 percent, respectively.
"The report shows a clear and steady demand for housing
in Naples," said Glenn Ginsburg, Broker/Owner of A Delta Realty of Naples,
Inc. "The condo market was especially hot in 2013 with the most impressive
activity in the $2 million and above category, which realized a 62 percent
increase in closed sales from 60 units sold in 2012 to 97 units sold in
2013."
The NABOR® 2013 Annual Report provides comparisons of
single-family home and condominium sales (via the Southwest Florida MLS), price
ranges, and geographic segmentation and includes an overall market summary. The
NABOR® Annual 2013 sales statistics are presented in chart format, including
these overall (single-family and condominium) findings:
• Overall
closed sales in both the $300,000 - $500,000 and $2 million and above segments
increased 27 percent from 1,366 in 2012 to 1,730 in 2013 and 234 in 2012 to 298
in 2013, respectively.
• Median
prices for single family homes in the $300,000 and below category increased by
17 percent from $150,000 in 2012 to $175,000 in 2013.
• Overall
inventory decreased by 18 percent from 6,557 properties in 2012 to 5,403
properties in 2013.
• Inventory
in the condo market decreased by 23 percent.
• Closed
sales in the single-family market rose 1 percent, while closed sales in the
multi-family or condo market rose 8 percent.
"The report indicates the housing market is behaving in
a normal manner," said Mike Hughes, Vice President and General Manager of
Downing-Frye Realty. "The solid incremental growth we experienced in 2013,
especially in the middle priced markets, is a good sign our housing market has
recovered. Homeowners that want to sell but are sitting on the fence need to
understand that the lax lending environment, which created the last spike in
prices, no longer exists. Demand for existing homes has increased in all price
segments and in all neighborhoods. This may change when new home construction
catches up, so now is a good time to call a REALTOR®."
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