Naples Real Estate

A lot of the media are expressing doom and gloom for the real estate market, and it’s true that sales are down from the previous couple of years. However it should be remembered that real estate should be viewed as a long term investment, not a quick “get rich” scheme. Maybe your home or condo has seen a 30% or more drop in potential selling price in the past few years, but that does not mean it has lost its value as an asset. If you were not ready to sell at that moment, for whatever reason, you haven’t lost anything because you never had it. A good piece of property, properly maintained, is and always will be a good piece of property.

It’s not all doom and gloom for the housing market in Southwest Florida. At least according to one prominent economist. Henry Fishkind, of Fishkind & Associates, informed his audience at the Southwest Florida Economic Outlook Conference last month that he believes that the market has hit its bottom. One reason for this optimism is the general good health of other sectors of the economy in the area. He did add however, that the slump will not have an immediate end because of the vast inventory of homes presently listed for sale.

Open Houses. Every Sunday you will see hundreds of homes from Olde Naples, Park Shore, and Pelican Bay to Grey Oaks, Olde Cypress, and Quail West, having open houses in hopes of selling these properties. There are two main reasons for having them: sellers insisting that their realtor hold them because they believe it gives them the best opportunity for a sale and, realtors having them in order to find potential buyers for any property, not necessarily the one they are showing. The truth of the matter is that only 2% of homes sold are done through open houses. Most of the people attending these events are either nosy neighbors or someone who uses the time as a type of entertainment. The much more modern way to attract buyers for your home is through an active internet presence, where roughly 75% of homebuyers go for their initial search, and dedicated professionals like Chris and Dick can provide that service.

Homeowners have a great deal of confidence in their housing market. According to a recent survey conducted by Harris for Zillow.com, over 3/4 of homeowners believe that their homes are today worth as least as much as they were in 2006, and over 1/3 believe their value increased in 2007. Additionally, a vast majority will continue to spend money in 2008 on improvements to their home, realizing that homeownership is an outstanding investment.

In a recent posting from the National Association of Realtors, they state that “Existing-home sales have moved narrowly since last September, but when the full impact of higher loan limits for conventional mortgages begins to impact the market there is likely to be a notable rise in home sales and prices. If higher limits are enacted very quickly, we’ll see a faster and more meaningful recovery by expanding safe, affordable financing in high-cost areas – that, in turn, would help to stimulate overall economic activity.”

If it seems like there are more foreign tourists around Southwest Florida, it’s because there are. The tourism marketing agent for the state, Visit Florida, recently stated that in their most recent 4 month report that visitors to the state increased almost 5% over the same period last year. Although there were many reasons for this change, the weak dollar was at the top of the list for most, especially for visitors from Canada and Europe.This could help spur a boost in the housing market as well, because our visitors like it here. Collier County reported that 96% of visitors would recommend the County to their friends and relatives, which is an extremely high satisfaction rating.

BUY NOW!!! If you are thinking of the possibility of a new home in Southwest Florida, that is my reccomendation. There are some tremendous values in the market right now, at every price level, and with every type of property, condos, villas, and single family homes, and interest rates are still low. While nationally there may some problems in the real estate market, you must remember that real estate is a local business. Naples is still very much a resort type market, and the sun, the beach, and the recreational facilities will always be in high demand. There are very few places in this country that can offer this wonderful weather, combined with long stretches of sand, world class shopping and dining, and a vast array of activities to be enjoyed

Thanks to Florida voters, the real estate market in Southwest Florida, and perhaps the entire state, got a great boost on January 29, 2008. That was the date Amendment 1 to the state constitution passed, and easily topped the 60% approval needed. Key provisions of this proposal are the doubling of the homestead exemption to $50,000, allowing homeowners to take their tax protection of Save Our Home with them if they move within the state, and capping annual increases at 3%. These measures will save taxpayers money, make it much more cost effective to buy and sell homes, and motivate people to enter the market.

The Naples Winter Wine Festival concluded another successful celebration on Saturday, January 26, 2008. Known internationally for the fabulous auction, as well as extraordinary dining, renowned chefs, and famous vintners, this year’s event raised $14 million, all of which will go to children’s charities in Collier County. The all-time record for the festival was set last year, which brought in $15.6 million.

Shopping, dining, or just people watching has always been fun on 5th Avenue South. Now it is going to be even easier. Starting Friday, January 18, there will be a free trolley service going up and down the street. The route will actually be a loop with six stops, and will take about 15 minutes. It is scheduled to operate between 3:00 p.m. and 11:00 p.m. on Fridays and Saturdays.