Newsletter
Naples Florida Real Estate
July 2008

Pete & Karen Smith

            Pete... Downing-Frey Realty           Karen... Vineyards Properties
                      petesmith@comcast.net                      karen@vineyardsnaples.com     

    _____________________________________________________________________________________________

Market Conditions...  During 2007 the number of transactions were falling monthly and prices were coming down across the board.
2008 started off slow but sales began to improve by March.  Over the last several months the transactions have been equal to or slightly better than a year ago.  However, prices were down from a year ago.  Inventories are still high and prices are still coming down, but not as fast as they were 6 months ago.  Many of the buyers have come off the sidelines and are now entering the market to take advantage of the lower prices.   We still have two categories of properties on the market; those that are priced fairly and those that are so overpriced that they will never sell.  Many of the sellers bought during the 2004 - 2006 frenzy and they are stuck trying to sell at those higher levels while at the same time much of the competition bought prior to the speculative frenzy and they are able to price their properties at a much lower price.  Many that were caught in the speculative whirlwind are winding up in foreclosure because they cannot compete with sellers that bought in the earlier years.   Many of the condos that were in the $350-400,000 range 2 - 3 years ago are now priced in the $200s and selling.   Everyone is asking " When is the best time to buy? "   No-one knows for sure, but buyers are coming out finally and making purchases.

Coyotes...  Coyotes are being spotted in lower Lee County and there have been several encounters where they have attacked small dogs that were on leashes while being walked by their owners in The Brooks north of Bonita.  Trappers are trying to help out, but the residents are still quite concerned because the coyotes have no fear. 

Big Cypress Market Place...  Indoor Flea Market opening in September on East US-41 about 4 miles east of Collier Blvd.   150 Merchants.  Air conditioned.  Food court. 

Ted's Montana Grill...  Coastland Mall.  Enter from the outside on the west side of the Mall, just past Sears.  Try their Bison Burger and see if you don't agree that it is the best burger you've ever had.  All their food is fresh.  No freezers or micro-waves.   A great quality restaurant with reasonable prices.

Bonefish Grill...  at The Naples Bay Resort, 1500 Fifth Ave. S.   Great fresh seafood.

                                        Pete Smith
                                                                    Broker - Associate
                                Downing-Frye Realty, Inc.  Naples Largest Realty Company
                                                        239-304-1150      cell:  239-370-2783
                                                            email: petesmith@comcast.net
                                                        www.petesmithnaplesrealestate.com

                                       Karen Smith
                                                                            Realtor
                                        No one knows the Vineyards like Karen Smith
                            " The Vineyards Expert " selling exclusively inThe Vineyards
                                    239-304-3105   cell: 239-860-6018   eve: 239-304-1150
                                            email: karensmith@vineyardsnaples.com
                                                www.petesmithnaplesrealestate.com


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