March 22, 2014

Southwest Florida February Market Update

Lee County-Prices Continue to Rise

Market update

Inventory, or in this case, the lack of, continues to be a driving factor of the rise in Lee County's median price.  All property types saw an increase, from single family homes to condo's.  We also saw a decrease in the total amount of homes sold versus February 2013.  Though volume year over year decreased, it was still an increase over total sold homes in January 2014.

  • 1823 single family homes were listed for sale in February
  • There were 245 fewer homes listed for sale in February versus January 2014
  • Single family home median price increased 19.4% to $185,000
  • Median condo price increased 10.7% to $155,000
  • 779 homes sold in February, down 13.7% year over year

Download the full Lee County Report here

 

Distressed properties (short sales and foreclosures) represented 21.1% of home sales with traditional sales making up the remaining 78.9%.  The number of distressed properties continues to decline as the market and overall economy improves.

  • Median days on market for single family homes is 52 days before going under contract
  • The average home is selling at 93% of the listed sale price
  • The total number of homes for sale in February is 6,271
  • There is a 6.3 months supply of inventory currently versus 6.5 months supply in February 2013

Collier County-Seasonal Outlook Good

Seasonal activity has been strong this year for both buyers and sellers alike.  Lower priced homes are moving very quickly and many people do not get a second chance to look at properties that are priced right.  Buyers are having to act swiftly or miss out.

  • Pending and Closed sales both increased at a rate of 5% in the 12 months ending February 2014
  • Closed sales in the $300,000 and below segment decreased 5%
  • Closed sales in the over $300,000 segment increased by 20%
  • Inventory for the $300,000 and below segment decreased 20%
  • Inventory for all other price points decreased only 12%

Download the full Collier County Report here

 

In 2013 homes under $300,000 represented a 66% market share.  For the month of February that was down to 39%.  This market segment continues to shrink as more buyers have realized the time to buy is now.

The majority of sales in Collier county are either below $300,000 or above $500,000.  The mid market segment is very stable.

  • Condo sales above $2 million increased 102%
  • Under $300,000 segment median price increased from $155,000 to $179,000
  • Average days on market is down to 94 from 169 in February 2013
  • Overall inventory is down 15% with 4633 homes for sale in February 2014

Well that's it for this months update.  To work with one of our real estate professionals simply call 239.671.4046 or click the contact us button to your right.  We will get you the right home, in the right place, for the right price...that's the Pinnacle Promise!

Sincerely,

Roberto Lee
Managing Broker, Pinnacle Property Group 

Follow us on Twitter at @PinnacleBroker and let us know how we're doing. 

Jan. 23, 2014

Southwest Florida December Market Update

Southwest Florida December Market Update

Southwest Florida Market updateLet's talk big news first...LEE COUNTY'S MEDIAN PRICE CLIMBED 24% IN DECEMBER! Wow, big year over year jump from $142,750 to $177,000.  So what does that mean to you?  Well, most importantly it means Southwest Florida is in a healthy market.  December sales of Foreclosures and Short sales totaled only 27.8% of the market, with the other 72.2% being traditional sales.  This is great news as bidding wars are down and you are not competing with all cash investors all the time.

Download the full Lee County Market Report here

Sales in December were virtually unchanged, with 992 homes sold versus 1000 sold in December 2012.  Overall we finished the year 3.2% greater than 2012 with 12,144 homes selling (11,765 for 2012).  

Okay so maybe you're not a buyer but looking to sell...how's the seller's market doing?  Glad you asked!  Inventory year over year remained the same with a 6.1 month supply of homes to sell.  That's right in the sweet spot for a normal market.  The best part is the days on market improvement.  Last year the median days on market was at 51 days, now we have improved to 43 days!  That's just over a week less to sell your home.  

Download the full Collier County Market Report here

Now keep in mind this is considering the home is priced at fair market.  Overpriced listings will still take time to sell until either the market reaches you or until you come down to market.

With peak season in full gear there will be plenty of buyers, and sellers making real estate transactions.  But don't expect to be able to lowball offers.  On average homes in December sold for 93.5% of the listed price.  So keep this in mind if you are selling or buying, there's only about 7% wiggle room considering a fairly priced home.

FUN FACT:  How many homes sold in Lee County this past December over a Million Bucks?  (for the answer scroll down to the info graphic and see the last line)

So let's sum all this info up.  Prices are up but still historically very reasonable.  With rates under 5% this represents one of the best opportunities to buy a home or sell.  There is plenty of inventory for everyone to find what you need, just keep the offers reasonable.  And if you're selling, we can sell your home in just over a month...not bad!!

Well that's it for this months update.  If you want to work with one of our real estate professionals simply call 239.671.4046 or click the contact us button to your right.  We will get you the right home, in the right place, for the right price...that's the Pinnacle Promise!

Sincerely,

Roberto Lee
Managing Broker, Pinnacle Property Group 

Follow us on Twitter at @PinnacleBroker and let us know how we're doing. 

Lee County housing stats

Nov. 25, 2013

Southwest Florida October Market Update

Southwest Florida October Market Update

The Florida real estate market has continued to improve and grow in 2013 although some aspects of the market are changing.  Close sales increased 12.2% year-over-year for single family homes in Lee County.  The median sale price of homes increased to $157,000 with a nice gain of 12.1% year over year.

Download the Full Lee County Market Report

Investor activity in the marketplace continues to decline as first time home buyers and second homeowners continue to make their way off the fence and make that purchase.  Cash sales as a percentage of close sales in October represented 52.9% of the transactions.  This is a 10.9% decline in cash sales year-over-year.  Cash sales are the indicator for which investors are participating in the market since they are most likely to have cash available for purchasing a home.

Another aspect of the market, inventory, has made a change in direction.  Over the last three years we’ve seen inventory levels continue to tighten.  But over the last three months the supply of inventory has increased from five to 5.7 months supply.  This range of inventory indicates a balanced market.  The higher the inventory the more it favors buyers.  The lower the inventory the more it favors sellers.

Download the Full Collier County Market Report

I want to point out a significant inventory number here.  As of the end of October, those homes priced under $150,000 only represented 24% of the market share.  Not a lot of inventory considering this is the sweet spot for local residents as well as investors.  If this is your budget my best advice is to move quickly on an offer!  Don't send in any lowballs and give yourself an opportunity to compete for your home.

So where are all the short sales and foreclosures?  Year-over-year short sales declined over 51% and the median price for short sales increased almost 24%.  This indicates that while there are still opportunities for distressed sales the banks are no longer working with lowball offers.

Foreclosures actually saw an increase of over 33% in closed sales year-over-year.  Let’s qualify this figure by stating it only represented 194 sales in Lee County.  This is due in large part to banks eliminating red tape and processing foreclosures much quicker.  With private equity firms such as Blackstone purchasing foreclosure portfolios directly from lenders we will not be seeing a flood of  foreclosures into the market as some had previously expected.

So what should you take from this market report?  We’re still in one of the best real estate markets to buy in years! Mortgage rates are still historically low and there are still plenty of opportunities to buy right.

Lee Market Report Summary

Well that’s it for this month’s update.  If you are ready to take the next step click the contact us button or call 239.671.4046 and we will get you the right home,  in the right place,  for the right price…that’s the Pinnacle Promise!

Sincerely,

Roberto Lee
Managing Broker, Pinnacle Property Group 

Follow us on Twitter at @PinnacleBroker and let us know how we're doing. 

Oct. 8, 2013

Rose Gardens Vacation Villa

Secluded Rose Gardens Vacation Villa

3 bed, 2 bath southern exposure with head pool, located in the desirable Rose Gardens

 Sleeps 8, Beds for 8

  • Bedroom 1: 1 king
  • Bedroom 2: 2 queen 
  • Bedroom 3: 1 queen (Bedroom has office set up with comfortable Murphy bed)
  • Master with en suite bath.

Cape coral rose garden vacation villa

Quiet Neighborhood walking distance to Tarpon Pointe Marina 

Circular driveway - easy in and out

Circular driveway - easy in and out with your vechicles.

Beautiful secluded pool area

Enjoy your privacy with this beautiful secluded pool area.

cover lanai

Enjoy a evening with friend on your covered lanai.

open kitchen

Prepare all your meals in this open kitchen looking over the family room.

 Eat-in Kitchen area leading to the lanai

Eat-in Kitchen area leading to the lanai

family room

Family Room off of kitchen.

dinning room

Dinning area

Master with slider leading to pool and lanai

Master with slider leading to pool and lanai

guest  bedroom

Bed room 2 with two queens

Pool Bath

Pool bath that leads to pool area

Bedroom 3 with office area

Bedroom 3 with office area and pull down murphy bed.

 

For more information please visit us at www.vrbo.com/494425

 

 

 

Oct. 8, 2013

Looking to Build in Cape Coral?

Pinnacle Building Solutions - Tarpon Model

Built by Pinnacle Property Group, the Tarpon model boasts 2,552 total square feet with no hallways - a unique feature allowing maximum living area with no wasted space! Curb appeal is abundant with attractive driveway pavers, a  tile roof, automatic garage doors and a generous landscape package with a sprinkler system. 

Tarpon elevation pinnacle building solutions

Pinnacle building solutions tarpon floorplan

 

Another unique feature is that each bedroom includes its own master bathroom – each with decorative floor-to-ceiling tile and glass tile accents

pinnacle building solutions tarpon master bathroom

picture of guest bathroom tarpon model

guest bathroom pinnacle building solutions

 

This home offers 3 bedrooms, 2 bathrooms, a great room and study, separate dining and kitchen bar areas, a spacious master suite, low impact hurricane windows throughout and a 3-car garage.

pinnacle building solutions tarpon model great room

pinnacle building solutions tarpon den

With sophistication in mind, this home’s color palette is warm and inviting with espresso cabinetry, rich earth tones and tray ceiling features throughout. Eight-foot solid wood interior doors, crown moulding and 7.5” baseboards greet owners and guests alike, and draws attention to the decadent pine tray ceiling with LED lighting in the great room. Additionally, media set-up features are included with surround sound and a custom 50” built-in television alcove.  Equally as unique is the affinity-edge great room slider, giving a full unobstructed beautiful water view.

tarpon model 90 degree slider

tarpon model entry new homes cape coral

The gourmet kitchen includes a double-split refrigerator/freezer unit, a 36” 5-burner glass top stove with a microwave/convection oven range, and a double oven below. The master suite’s amenities include a soaking tub, his/her closets, and slider door entry to the lanai and pool

pinnacle building solutions tarpon

kitchen tarpon model

The back lanai also has decorative pavers, a pool with a built-in sun shelf, pool bath, outdoor wet bar, a waterfall feature and a wide view of intersecting canals– perfect for entraining or relaxing

pool bar pinnacle building solutions tarpon model

new home pool

intersecting view of canal from pool

 

 

Oct. 2, 2013

Canadian Financing News

Big thanks to Karen at PNC mortgage for providing this update on their new program for Canadian buyers.  Very competitive!

See her bio here

We spoke last week regarding Canadian buyers and what PNC Mortgage can offer.  Below is a brief overview for you, please just have the client reach out to me and I will walk them through the process.  

The MOST important thing is that we require them to have an established PNC account at time of application for the mortgage and ALL of our account openings must be face to face.  As such, it will be important for them to establish an account while they are in Florida looking at properties.   

Canadian Product Features: 

Must be a second home 
Max loan to value of 70% 
Fixed rate loans from 15 to 30 Years 
Six Month Reserves of PITIA (Principal, Interest, Taxes, Insurance) must be verified with assets- we do not hold these funds - just have to verify their existance 

Click here  to download the Canadian Buyer Survival Guide Here

I hope this helps.   

I am also attaching a flyer for your review and you may email this to your clients if you wish.  I also offer portfolio jumbo loans, all conventional, FNMA HomePath, FHA and VA. 


Karen Boring 
Mortgage Loan Officer  NMLS# 572256 
PNC Mortgage, a Division of PNC Bank, NA 

PNC Financial Services Group 
9430 Bonita Beach Road (XM-YMBJ-01-1) 
Bonita Springs FL  34135 

239-250-3570 cell 
877-750-4981 fax 
nkarenboring@pncmortgage.com 
www.pncmortgage.com/karenboring 

Sept. 20, 2013

Can you include Furniture in the sales contract?

Pinnacle Property Commonly Asked QuestionsI get a lot of questions regarding this issue...Personal Property in the Contract:?

 

  • IF the contract contains "All furnishings and furniture," then we require an Estate Appraisal to be completed – because I know of no other option to take into consideration ALL furnishings and furniture.  A Consignment "appraisal" is not a true appraisal, as they are only telling us what the Consignment company can sell certain items for in their store and certain items that they would NOT sell in their store.  An Estate Appraisal can be costly, but is the only way to make certain that ALL personal property has been considered.

 

  • Obtaining a listing and eBay or Craig’s Listings for each item is not acceptable for these types of items.?

 

  • IF the contract calls for a specific Room of Furniture or specific Items of Furniture or specific furnishings, then the Listing Agent and Seller should provide a list of those same items and an eBay or Craig’s Listing of same items (same items) being offered for sale and at what price will be reviewed and considered.

 

  • IF the contract includes items like Speed Boats, Ski Boats, Jet Ski’s, Pontoon Boats, Motorcycles, Riding Mowers,Golf Cart's then those will need to be documented as to the make, model and year so that a value of the item can be looked up.

 

  • Lastly, removal of the items from the contract is NOT allowed.? Commentary on the contract that the personal property has "no value whatsoever" is not acceptable. ?

 

A dollar for dollar reduction of the lower of the Sales Price or Appraised Value will then be made and the loan amount adjusted, accordingly, to take into consideration these items.?

Eaisiest SOLUTION....Don't put it on the Contract....

Shelia Marshall
Mortgage Loan Originator NMLS # 277964
Fifth Third Bank
5425 S.R. 54  New Port Richey, FL 34652
Cell: 813-765-3557(Best# Voice & Text accepted)   Fax: 727-209-1626
Fifth Third Bank ranked #7 strongest Bank in the World and top US Bank, May 2011
Aug. 28, 2013

Southwest Florida July Market Update

SOUTHWEST FLORIDA JULY MARKET UPDATE

Steady Improvement is this month’s message from Florida Realtors Chief Economist John Tuccillo.

Watch and learn why Florida may have reached the bottom of its inventory decline.

July Housing Report

SOLD! SOLD! SOLD! Sales of single family homes in Lee County have exceeded 1,000 per month for five straight months.  In July sales increased 6.8%, from 941 July 2012 up to 1,005 in 2013.  This is showing us  a continued demand for homes in the area even with supply being limited and prices (along with mortgage rates) going up.

So what about all those foreclosures and short sales you ask?  Distressed properties accounted for 25.4% of existing home sales in July.  Last year, same month, they represented 33% of the market sales.  That’s a pretty significant change in the market and just goes to show the continued healthy improvement we are seeing.

Download the Full Lee County Market Report

Even though normal home sales dominated the market with a 74.6% piece of the pie, the median price in the area dropped 11.9% from June.  Now at $163,000, the median price is still 20.7% above the July 2012 mark of $135,000.

What’s interesting to note is the amount of pending (under contract) single family home sales.  In July there were 1,149 homes that went under contract, a whopping 24.6% increase month over month. 

Now let’s talk supply.  Inventory, or lack thereof, has been one of the big market drivers over the last year.  In July there were 4,924 properties for sale compared to 5,668 in July 2012.  This shows a drop of 13.1%, although I must note the inventory decreases have leveled off.

Download the Full Collier County Market Report

Doreen Falcone, Realtor Association President, states “Strong sales in July reflect that many local residents and investors are competing for limited inventory in lower pricing tiers.  The market remains challenging for local residents as there is stiff competition from cash sales and only 27% of available inventory is priced under $150,000”.

So how long does it take to sell a home now?  Glad you asked! The median days on market for a single family home is now at 49 days.  This is on par with July 2012.  However, this is a drop off from June of 8 days.  As a whole, we now have 5.0 months of inventory on the market based on where we are with current sales.

Miss out on June's market update? Take a look at it here.

July Housing Stats

Well that’s it for this month’s update.  If you are ready to take the next step click the contact us button or call 239-671-4046 and we will get you the right home, in the right place, for the right price…that’s the Pinnacle Promise!

Sincerely,

Roberto Lee
Managing Broker, Pinnacle Property Group 

Follow us on Twitter at @PinnacleBroker and let us know how we're doing. 

Aug. 19, 2013

Fishing Southwest Florida

Lets Go Fishing!

Fishing with your dogSouthwest Florida is home to some of the most beautiful and well-known beaches in the United States. Visitors from every region of the country know about the famous beaches on Sanibel Island, Naples, and Fort Myers, but these same locales offer some great fishing opportunities as well. The waters in Southwest Florida are filled with snook, mackerel, tarpon, snapper, and a host of other varieties, so there is something for everyone who enjoys baiting a hook. And because the region is such a popular destination, making new fishing buddies is almost too easy.

Although freshwater fishing is possible, though limited, in Southwest Florida, the region really hangs its hat on the popular saltwater seas. Casual and professional anglers alike will find something to catch, and no shortage of local fishing shops and ocean veterans with great tips to offer, such as using live bait like shrimp as opposed to lures.
Another popular way to fish in Southwest Florida is by chartered boat, complete with a captain. Reservations are needed for most, and rates and hours should be researched, but the excitement is worth the time and investment. Most charters are kid friendly, too, and the Gulf of Mexico provides all types of fishing for all ranges of ages. And most charters guarantee everyone on board will catch something, a guarantee that is almost always fulfilled, sometimes by way of hooking a hammerhead shark.


Additionally, for those who take their fishing a little more seriously, Southwest Florida also offers fishing tournaments all year round. Some may prefer sleeping beneath a sunset with a line in the water and a cooler full of a favorite beverage, but for those that enjoy mixing their fishing with a little competition, there is no better region than Southwest Florida. And there's virtually no better way to establish fishing credentials than winning a tournament in some of the most popular waters on the planet.


So whether fishing from a long pier, a chartered boat, or the shore of a pristine beach, success is almost guaranteed. All that is needed is the right bait, a little patience, and a gorgeous and breezy day. Luckily enough, the Gulf of Mexico and its shores provides plenty of all three, and the cities and counties of Southwest Florida are happy to provide anything else.

Posted in Activities, Fishing
July 30, 2013

Southwest Florida June Market Update

Southwest Florida June Market Update

I'd like to start out this months update with a message from Florida Realtors Chief Economist John Tuccillo.  

Watch and learn why the current market is tilting in favor of sellers!!

June Housing Market UpdateIn Lee County, the total number of homes sold, including all property types, totaled 1568.  This represents a decrease of 4.3% when compared to June 2012.  Of those, single family homes represented a 3.8% decrease versus June 2012.

Distressed single family sales showed a significant decrease year over year.  Short sale solds totaled 101 in June 2013 representing a whopping 43.9% decrease!  The number of foreclosure sales in June, 124, represented a 35.1% decrease from last year. The traditional non distressed single family home resale increased by 14.5% to total 827 sales this past June.  These are all continued signs of returning to a normal healthy market.

Download the full Lee County Market Report

The total number of distressed sales in June 2013 made up 21.4% of single family home sales.  The remaining 78.6% were traditional sales.  Last year distressed sales in June totaled 34%, again showing a significant decrease in the foreclosure and short sale market.  

Download the full Collier County Market Report

Now this next stat is quite impressive.  The median price of existing homes in June increased 32.1% to $185,000!  Since January 2013 Lee County’s median price has shot up 30.7% further bolstering the fact that now is the time to buy.

“Not only are first time homebuyers looking to purchase a home, but many current homeowners recognize that they need to act now before affordability and interest rates rise further” said Doreen Falcone, President of the Realtor® Association of Greater Fort Myers and the Beach.

Those homes that are under contract, or “pending”, numbered 1,154 in June.  This represents an increase over last year of 17.5%.

Overall the market has continued to improve month after month.  The real need in the market place now is more inventory for the total number of buyers.  A larger amount of home sellers will take some of the pressure off continued increases in median value.

Miss out on May's update? Take a look at it here

Well that’s it for this month’s update.  If you are ready to take the next step click the contact us button or call 239-671-4046 and we will get you the right home, in the right place, for the right price…that’s the Pinnacle Promise!

Thanks for a great year.

Sincerely,

Roberto Lee
Managing Broker, Pinnacle Property Group 

Follow us on Twitter at @PinnacleBroker and let us know how we're doing. 

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