Naples Florida Newsletter    Nov. 2009
Naples Florida Real Estate

Picture / Image of The Naples Pier

Pete & Karen Smith
Pete... Downing-Frye Realty      Karen... Vineyards Properties
petesmith@comcast.net            karen@vineyardsnaples.com

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Market Conditions...  Market conditions have improved considerably since my last real estate newsletter.  Sales are way up at most real estate firms in Naples.   Sales have been particularly strong over the last few months.  Property prices have continued to fall, but in many cases are now leveling off.  There are terrific bargains to be had in the lower price ranges compared to what you would have paid 2-3 years ago.  Half of all sales so far in 2009 have been for under $200,000 and about 70% have been for under $300,000.  The market for condos in the $130-230,000 is hot right now.  Inventories are way down from a year ago.  Properties priced in the $230-450,000 range have come down quite a bit and the price decline is slowing considerably.  Inventories are still a little heavy in the $450-1million range.  Sales over $1million are still slow and in my opinion prices will continue to fall in that price range. 

Most of the properties selling in the lower price ranges are condos.  There are shortages starting to show up in the category of nicer homes priced in the $300-400,000 range.  Prices in that range are not falling so much any more.  With inventories down and some prices firming, many are thinking this could be a great time to buy.  Many buyers are convinced that this is the bottom and they believe prices won't drop much further.  In many cases some of the better properties are now selling as soon as they hit the market.  What is an example of a better property?  It is a home that is in a great neighborhood and it shows really well and is priced at or below the most recently sold similar home.  It has 3 bedrooms plus a den and a pool with a 2-car garage.

The Vineyards...  There have already been approximately 150 sales in The Vineyards so far in 2009.  Single family homes have come way down in price and prices are firming.  Condos in the mid to upper $200s are selling well.  Contact Karen Smith, the expert at The Vineyards for all your real estate needs in The Vineyards.  karensmith@vineyardsnaples.com

Seminole Casino...  A man from Bonita Springs won $3.5 million on a slot machine at the Seminole Casino in Immokalee on a progressive " Wheel-of-Fortune " slot machine with a $5 bet.  He was on his way out of the casino to go home after having a great day and having already won about $8,000 for the day.  He hesitated before going out the door because he was still feeling lucky, so he stopped at a machine and kept on gambling and hit the progressive jackpot.

WCI...  WCI communities coming out of bankruptcy is now owned by a private company.  It has a new board of directors, many of whom were creditors prior to the bankruptcy.  Hopefully, this will allow them to continue selling in South Florida and build up their reputation again as a top developer in the area.

Wildside Cafe...  The Wildside Cafe is now open for dinner Wed.-Sat.  It is located in The Carillon Shopping Center at Airport and Pine Ridge.  It's a good alternative during the busy winter season when you cannot get into half the restaurants in town. 

                                                                                                             
                                        Pete Smith                                                                             Karen Smith
                                    Broker - Associate                                                                      Realtor - Associate
                                Downing-Frye Realty                                                                     Vineyards Properties
                          239-304-1150 cell: 239-370-2783                                                      239-304-3105 cell: 239-860-6018
                        email: petesmith@comcast.net                                                email: karensmith@vineyardsnaples.com
                      www.petesmithnaplesrealestate.com