Naples Florida Real Estate
Newsletter
July 2005
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Pete & Karen Smith
Pete...
Downing-Frye Realty, Inc.
Karen... Vineyards Properties, Inc.
petesmith@comcast.net
karen@vineyardsproperties.com
__________________________________________________________
Market Conditions... Naples Florida
Real Estate Activity has begun
to level off. Inventories of properties priced from $275-450,000 are still
low and prices continue to escalate for properties in that price range.
No-one in the Naples area believes that we are in a housing bubble in Naples.
As long as we have low inventories and a continued strong demand, most believe
that prices will continue on the upward trend. However, some speculate
that too many investors have purchased pre-construction in the area which might
lead to a possible over-supply of resales in those areas when the projects are
completed. Personally, I advocate purchasing resales in existing
developments because the demand is more predictable and the supplies are low,
which I think will continue to push prices up in the better communities.
The Collier County Property Appraiser's Office shows that the county taxable values rose by almost 20% (19.9%) during 2004 and were just added to the tax rolls. $2 billion of the increase was new construction that was completed in 2004. However this does not paint an accurate picture of the market place. Excluding new construction, the taxable values increased by 15.7% during 2004. Taxable value is what is left after the homestead exemption, and other exemptions. Keep in mind that many properties went up a whole lot more than 15.7% and some went up less than 15.7%. Also keep in mind that the taxable values for Naples residents that live here all year long and claim the homestead exemption did not see the really high increases added to their taxable values. Because of homestead, their taxable values don't rise any more than about 3%. So a good many properties went up a whole lot more than 15.7%. The properties in the $299-450,000 are continuing to see the best rates of appreciation. Also, location continues to play a key role in determining values.
Real Estate Flippers... According to an article in the Naples Daily News, the Daily News did an investigation of recent county tax records, and 1,100 properties were flipped; sold twice with a three month period between the beginning of 2004 and the middle of 2005. The median price increase was 32%. Keep in mind, this only represents those that were flipped within a 3 month time period. 180 were actually sold twice on the same day. (closed on and resold the same day of closing) They sited Stratford Place as having 107 condos being flipped since the beginning of 2004 with a median gain of over $70,000. Stratford pre-sales started in the $160s to $170s and now the resales are priced closer to $300,000.
Population... Collier County has a little over 300,000 people and most within the Naples mailing area. The 2004 figure was placed at 296,678 which was a 3.69% increase over 2003. About 10,553 residents moved into Collier County during 2004, which is about the same number that moved into the county in 2003. The actual number living within the city limits is just over 21,000.
Airport... The
new Southwest Regional Airport mid-field terminal is scheduled to open this
month. The airport is continuing to break records. In March they had
over 1 million passengers travel through the airport.
High prices in Naples... According to the Florida Association of Realtors, homes in Naples are now at the highest level in the state; even surpassing West Palm Beach.
The Vanderbilt Inn... will be torn down and a 90' condo project will be built on the beach. Part of the deal was to provide a 20' wide beach access for the public, just north of the project.
Parking garage... A 3-story parking garage will be built on Vanderbilt Beach Road near the beach and the Ritz with 342 spaces. Construction will start in the fall and completion is expected sometime in 2006.
Black Bear... In June a black bear was captured in a yard between two homes on Conners Avenue in Vanderbilt.
The Inn at Pelican Bay... Is being sold to Gates McVey Builders. Speculation is that is might be converted to a condo hotel.
Gordon River Development... 3 condo buildings ranging from 6-7 stories high are planned for the 11+ acre site on Goodlette-Frank Rd. at Central Ave. on the river. It is still in the planning stage with very few details available, but it is estimated that the condos will start in the $1-3 million price range.
New Restaurants... The Cheesecake
Factory alongside the Coastland Mall on Rt.-41, Flemings Steak House at the
Pavilion, Nektar at 849 7th Ave., S., The Melting Pot on Rt.-41 2nd floor above
Zazou in Hibiscus Center, USS Nemo at 3745 U.S.-41 (not new but worth
mentioning; get the sea bass), Noodles 1585 Pine Ridge Rd.; their new location,
Joey's Pizza & Pasta House at Pine Ridge and Airport Rd.
Terracina in The Vineyards... This Estate Home offers lavish style and
comfort. The upgrades and designer touches are seen in every room,
including the closets. A step above the ordinary. The cul de sac lot
is private and spacious. The rear of the house faces southeast and
overlooks the lake and fountain. 3 bedrooms, plus a den. 3-car
garage. 4,306 square feet of living area. 6,730 square feet total
area. Built in 2002. Priced at $2,099,900 MLS # 205069118
Pete Smith
Broker - Associate
Downing-Frye Realty - Naples Largest Realty Office
239-304-1150
cell: 239-370-2783
email: petesmith@comcast.net
www.petesmithnaplesrealestate.com
Selling Naples Real Estate for 20 Years
Karen Smith
No one knows the Vineyards like Karen Smith
The Vineyards Expert; selling exclusively in The Vineyards
Vineyards Properties
239-353-3393 cell: 239-860-6018 eve: 239-304-1150
email:
karen@vineyardsproperties.com
www.petesmithnaplesrealestate.com/vineyards.htm
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