Ken Smith, a Chicago real estate agent from Arlington Heights, IL, created a lenses for his community on Squidoo. He plans to continue to enhance the lens for potential visitors, by adding a substantial amount of information about Arlington Heights.
The Naples condo real estate market is still languishing in the volume of sales, however based upon the overall view there does appear to be some light at the end of the tunnel for sellers willing to price their properties reasonably.Â For a buyer, it does bear closely watching the market, as there could be a bottoming out of the market as pending sales reflect.
During November, 103 condominium units were closed.Â This figure is far less than in 2005, where 252 units closed.Â During the previous month of October a total of 104 condos closed.Â Volume is slightly down from the months of September and August where closed sales ranged from 136 to 120 units, respectively.
Median Sales Price:
In November the median sales price of a condominium in Naples was $322,500.Â The previous year the median was $379,000 or a reduction of about 15%.Â In looking at the median prices paid in August and September ($322,000 and $329,500, respectively), there is appearance of the stabilization taking place in the condo market.
Average Sales Price:
The November average sales price was $610,876 versus the last yearâ€™s $536,394.Â The average sales price increase represents the higher priced condos being sold.Â The average sales price in October was $554,419.
Average Days on Market:
The average number of days on market for November was 125 days.Â Last year the average days on market was 61 days.Â This represents over a doubling of the average marketing time.Â Over the previous 3 months the days on market average between 117 and 123 days.
In November, 130 condominiums had offers and were placed in a pending sales or under contract status.Â During October the number was 136 â€“ therefore, almost a similar level of activity.Â The median list price was $324,450 in November, while in October it was $288,500.Â The average list price in November was $572,127 versus Octoberâ€™s average of $494,611.Â Average days on market for November was 114 or 8 days less than Octoberâ€™s 122 days.
Overall, the condominium real estate market may still have a narrow corridor for price reductions with sellers being more cognizant of how their property is priced in comparison to other properties both within their community as well as within the Naples area (micro and macro views).Â For buyers attention needs to be paid to the pending sales information in order to catch the market prior to an acknowledged market turn around has taken place.
The statistics for this update are from the SunshineMLS.
If you have any questions or comments about this article, you are encouraged to post them for a prompt response.
For the calendar month ended November 30, 2006, the Naples home market continued to show some signs of stabilization.
During November a total of 150 homes were closed, which is about 50% of the number of homes sold last November (302).Â The number of homes closed did increase over the previous month by 6 homes.Â Volume of sales still remains relatively low.
The median price paid for a single family home in Naples during November was $437,000, which is about $33,000 less than last yearâ€™s median price of $470,000.Â At the same time the median price has risen from October by about $44,500.Â The median price for November, in addition, was higher than the months of September and August.Â This is a positive sign towards stabilization.
The average price paid in November was $790,128 versus last yearâ€™s average price of $706,935, obviously, significantly higher.Â The average price paid also was improved over the preceding 3 months.
Average Days on Market:
The average days on market for closed sales in November were 130 days.Â This represents an increase from last yearâ€™s 57 days.Â The average days on market for the previous three months ranged from 102 to 115 days.
In November a total of 165 homes had offers, negotiated and accepted.Â During the previous month, 168 homes were pended.Â Considering the number of days in November (30 days) â€“ the number of pending sales although lower that daily volume is higher.Â The median price was $489,000, the average price of $990,839 and the average days on market of 134 days.Â These factors also give the appearance of the stabilization taking place within the Naples area.
These statistics were obtained from the SunshineMLS and do not include manufactured or mobile homes nor Marco Island properties.
Please contact Glenn Ginsburg, your Naples buyer agent, if you are considering purchasing a home in the Naples area.
Your questions and/or comments are encouraged.
The 10 Year FIXED Option ARM solves the problem of the option ARM in the borrower’s favor.
First and most importantly, the actual rate at which the loan accrues interest is FIXED for the first 10 years. The borrower will not get run over by a rising rate market.
Second, the loan allows for the 4 “options” just like the other ARM loans. Under the fourth option, the less-than-interest only payment will stay the same for 7 years. In the 8th, 9th, and 10th years it goes up on a pre-determined scale. This is much better than the standard product where the payment goes up every year for the first 5 and then the payment is recast based on the outstanding balance and the new prevailing rate.
Finally, the loan allows for a rate and program change if the market becomes favorable for the borrower. For a small fee, the borrower can choose to peg the rate at the current market price on any of the loan programs available, namely 3/1, 5/1, 7/1, and 10/1 ARMS.
These superior features greatly benefit the borrower.
Â· Have a fixed actual rate for an extended time.
Â· Have a fixed payment for an extended time.
Â· The margin is a low 1.875% over the LIBOR Index
Â· Pay the loan off at whatever pace is in their best interest.
Â· If rates fall, the borrower can change the rate for a small fee.
But it gets even better.
A. The rate on the 10 Year Fixed rate Option ARM is very competitive. The borrower does not pay higher than market rates for this flexible loan.
B. The guidelines are flexible. There is a stated income option for some borrowers. But for many, full information is reviewed and certain exceptions are made for debt to income ratios or loan amounts compared to the value of the property.This loan is designed for the borrower with excellent credit worthiness.Â Generally the borrower will have a high credit score, reasonable debt for their income and plenty of liquid assets as part of their portfolio.
C. Almost any type of residential improved property is eligible. This includes new Naples FL condos, co-ops, construction to perm loans, and standard condos and single family homes.
If you are thinking about buying property in Naples, be sure to use Glenn Ginsburg, your Naples buyer agent.
Esperia is a luxury 27 story high-rise condominium in Bonita Bay with only 119 resiendence that overlooks the Gulf of Mexico, Estero Bay and both preserves and golf courses.
Esperia has some of the best resort style amenities available – lagoon style pool, spa, BBQ grills, screened cabana with fireplace and bar, clubroom with bar, mini-theatre, game room, health and fitness center, steam and message rooms.
As an owner of Esperia you will enjoy the amenities of Bonita Bay that include tennis courts, golf courses, boat facilities, beach club all within a guard gated community.
The prices for a residence in Esperia range from the low $800′s to over $2 million.
Andalucia in Naples isÂ a private gated community of 167 home sites.Â Shopping, restaurants, cultural and entertainment venues and schools nearby.Â Homes have between two to five bedrooms and range in size from 1.767 to 3,350 square feet of living area.Â To date 48 homes have been committed to.Â The amenities found in Andalucia are: community pool, health and fitness center, clubhouse, and gated.Â The home range in price from the $500,000 to $700,000′s.
For more information about the Andalucia development in Naples, please be sure to contact your Glenn Ginsburg, your Naples REALTOR.
The Estero condo market continues to be sluggish. During the month of October 2006, 6 condominium units were closed. The previous month (September), 9 units were sold. For the previous year, October saw 13 units sold, therefore the sluggish market.
The median price paid for an Estero condo in October of this year was $268,950 and the average was $294,650. During September the median price was $294,000 and the average was 317044. The decrease in prices paid in October was largely due to the number of higher priced condominiums sold. In October 2005, the median price paid was $298,000, with the average price of $330,169. The interesting fact here is that larger units (1,423 vs. 1,374) square footage wise were sold in 2006 at a lesser per square foot price than in 2005; price per sq. ft. in 2006 was $207 versus the 2005 figure of $240.
The sluggishness of the Estero condo real estate market can also be seen in the average days on market:
October 2006 – 87 days, September 2006 – 96 days, October 2005 – 26 days.
As of December 9, 2006 there are a total 533 resale condominiums currently on the market for sale.
During the month of October 2006, 12 Estero FL homes were closed.Â The homes had an average price of $491,925 and the median price was $414,050.
In October 2005, 14 homes were sold.Â The average price of these homes was $414,957 and a median price of $393,750.
The average days on market in October 2006 was 136 days versus October 2005â€™s 35 days.
The volume of transactions remained the relatively the same between 2006 and 2005.
Clearly the average price increased, due to 3 homes being sold in excess of $700,000.Â In 2005, the most expensive sold for $649,900.
The median price paid increased due the more expensive homes being sold.Â It can also be seen through the price range â€“ October 2006 – $230,000 to $860,000.Â The price range in October 2005 was $249,000 to $649,900.
The increase in the average days on marketÂ was seen in all price ranges in the Estero area.
If you are thinking about buying or selling, please think of me as your Estero FL REALTOR.
During the month of October 2006, Bonita Springs Florida real estate condo market saw 45 condos sold compared with 55 condos sold in October 2005. The volume of sales reflects only about an 18% reduction.
The median price for a Bonita Springs condo sold in the current year was $415,000 compared with last year’s $335,000. The average price paid in October 2006 was $781,016 versus last year’s $372,661. The increases occurred because of the number of million dollar condos sold in 2006. Last there were no sales in excess of the million dollar mark, whereas, this year there were 12 condos sold. The vast majority of the million dollar sales took place in Bonita Bay.
The average days on market in 2006 were 131 days; 90 days more than last year’s 41 days. There were on 3 condominiums significantly longer on the market for over 100 days.
Compared with September 2006 the number of condominiums sold were 27, with a median price of $320,000 and average price of $328,607. No condominiums sold for over million dollars in September. When looking at the closed sales in October 2006, without the million dollar units the median price is $325,900 and the average price $375,931.
The Bonita Springs condo real estate market appears as though there could be some stabilization taking place.
Market Update for Bonita Springs Florida Real Estate:
During the month of October 2006, a total of 26 Bonita Springs homes were sold. The median price was $355,000 and the average price was $668,844.
Compared to October 2005, 49 homes sold, with a median price of $580,000 and average price of $830,361.
The volume of closed sales for Bonita Springs homes comparing the current year to prior year is a 47% reduction.
The median price shows a reduction of about 39%. The average price also reflected a reduction of about 19%.
The reduction in median and average prices is largely due to the volume of million dollar plus homes in the Bonita Springs area.
The average days on market (listing to contract) increased from 78 days in October 2005 to 148 days in during the same month in 2006.
The statistics for September 2006 activity was 27 homes sold, with a median price of $329,900, an average price of $526,322, and average days on market of 108 days. The difference between September and October 2006 is largely due to the number of million dollar homes sold in October.