Naples Real Estate

While everyone knows that Florida is famous for its gorgeous weather, beautiful beaches, sports activities, and wonderful food, it also should get kudos for the tax structure. Property taxes have been very prominent in the media lately, yet Florida is only the 22nd highest in the country, and way more favorable than such states as New York, New Jersey, Massachusetts, Illinois, Wisconsin and California. Florida is also one of the few states that does not have an estate tax, as well as being one of the seven states that does not have an income tax.

There is more great news coming from the Naples Area Board of Realtors (NABOR). According to the latest figures released, in Collier County, not including Marco Island, home sales for the month of May 2008, increased almost 6% over the previos year, with the most activity occuring in the single family home sector. An even better sign that the real estate market is recovering, NABOR also reported that the number of pending sales is up even higher, marking the fourth straight month this statistic has shown an increase.

Even the experts are saying that now is a great time to buy that new home that you have been thinking about. In an address given to the Naples Board of Realtors (NABOR) last month, noted Florida economist, Hank Fishkind of Fishkind & Associates, said that prices have flattened out and should not erode any further. He also stated that the Naples area will be the first to recover because of the lower volume of homes on the market, compared to Lee and Charlotte counties. While this recovery will not happen overnight, sales volumes will really start improving within the next six to twelve months, he added

Coldwell Banker Residential Real Estate, Southwest Florida, reported that its May 2008 sales were 84% better than May 2007. “May’s sales results provide clear evidence that buyers are beginning to enter the market in numbers we haven’t seen in some time. Rates remain historically low and pricing is at a point where consumers are making decisions to take advantage of the exceptional values available in the market,” said Charles Richardson, Regional Senior Vice President, Coldwell Banker Residential Real Estate, Southwest Florida.

Even the experts are saying that now is a great time to buy that new home that you have been thinking about. In an address given to the Naples Board of Realtors (NABOR) last month, noted Florida economist, Hank Fishkind of Fishkind & Associates, said that prices have flattened out and should not erode any further. He also stated that the Naples area will be the first to recover because of the lower volume of homes on the market, compared to Lee and Charlotte counties. While this recovery will not happen overnight, sales volumes will really start improving within the next six to twelve months, he added.

As predicted, home sales in Naples are on their way back. The latest figures released by the Naples Area Board of Realtors (NABOR) show that there was a 6% increase in closed sales for the month of April this year, as compared to 2007. The large part of this increase was for properties under $300,000, both for single family homes as well as condos. There was also a significant increase in the number of pending sales, which could illustrate that the market may have hit bottom and people are realizing that there many excellent values in the market today.

Are you bridging a home purchase with a home sale? Do you feel a little anxiety? Don’t worry, you are not alone. According to a recent survey by RealEstate.com, over 2/3 of people who have done this, have had the same feelings. And the good news is that the majority have closed both deals successfully!

When looking for a Qualified Intermediary (QI) for your 1031 Exchange, one of the first things you should ask is, “Is the money in my account commingled with anyone elses account, or is it held in a separate account for each client?” You want your money to be safe and having your own segregrated account, especially one that has its own individual bond, is easily the best way to go. You may even be able to monitor it online. Call Chris and Dick for more information on 1031 exchanges 239-293-1969.

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.

The term iROX comes from I-75 Road Expansion, and gives a spiffy name to this huge $470 million project in Southwest Florida. Thirty miles of the road will be expanded from four lanes to six lanes, beginning in Collier County at the Golden Gate Parkway exit and extending into Lee County at Colonial Boulevard. Drivers should expect delays, however officials of the expansion stated that they do not plan any lane closures during the busiest hours from 8:00 A.M. until 5: P.M. Completion of the project is scheduled for late 2010.