Metas
Naples Florida Real Estate News - 11/21/07
FLORIDA HOME SALES - In third quarter 2007, Florida’s housing sector in many markets continued to report high inventory levels of homes for sale, median prices edging down and sales activity levels reflecting the impact of mortgage disruptions. Statewide sales of single-family existing homes totaled 31,910 for the quarter, a decrease of 29 percent compared to the same period a year earlier, according to Florida Assocation of REALTORS. The statewide existing-home median price was $232,100. National Association of REALTORS reports that a majority of U.S. metro areas showed rising or stable home prices in the third quarter despite a broad decline in existing-home sales.
Refer to Naples Market Update for detail information about the Bonita Springs market or Bonita Springs Market Update for the Naples area.
ECONOMY - Troubles in the mortgage industry are impacting charities that serve those in need. Food banks and homeless shelters are already grappling with reduced federal aid as fears grow that more people will need help just as charity giving starts to decline. “There is some growing concern” about the effect of the housing slowdown on charitable donations, according to Michael Nilsen, a spokesman for the Association of Fundraising Professionals.
COMMERCIAL REAL ESTATE - Commercial real estate market activity is expected to level out, suggesting stable business opportunities for commercial practitioners in the months ahead, according to the latest forward-looking Commercial Leading Indicator for Brokerage Activity from NAR. The index now stands 120.6 in the third quarter, 0.7 percent higher than third quarter 2006.
AUCTIONS - Real estate auctions are making a big comeback in South Florida (Miami area) and throughout the country. After all, what better way to gauge fair-market value than selling through a public forum to whoever’s willing to pay the highest price on a given day?
Sellers could be in for surprise however, the bid price might not be what they felt their property was worth, as well as, laying out in some cases $5,000, without anyone showing up for the auction! In these cases, where a seller is thinking about an auction for their property should do considerable research prior to undertaking this method of selling their property.
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It’s an interesting market. On the one hand it’s a buyers market, and on the other you have Flippers buying auction and foreclosed homes still turning nice profits.