“Both Collier and Lee counties have been among the very strongest population growth markets in the entire nation over the past five years,” said Brian Alford, Florida director of market analytics for CoStar Group, which specializes in worldwide real estate data. “There have also been numerous corporate relocations and expansions over the past decade, including large expansions over the past couple of years by firms such as Gartner and Arthrex, adding even more jobs.” (Naples Daily News)
Some of the workers live in Bonita Springs, about halfway between Naples and Fort Myers. Incorporated only at the start of this century, Bonita for the first time barely edged into the Top 50 of the most populated in Florida, joining Cape Coral, Fort Myers and North Port.
“Demand to move here has always been strong, but lately, low interest rate policy, and coupled with lockdown fatigue up north, increased demand even more, which explains the larger-than-expected increases in population down here,” said economist Christopher Westley, dean of Florida Gulf Coast University’s Lutgert College of Business. (more…)
The Federal Housing Finance Agency (FHFA) announced that Fannie Mae and Freddie Mac will eliminate the Adverse Market Refinance Fee for loan deliveries effective August 1, 2021.
Lenders will no longer be required to pay Fannie and Freddie a 50-basis point fee when they deliver refinanced mortgages. The fee was designed to cover losses projected as a result of the COVID-19 pandemic. “The success of FHFA and Fannie and Freddie’s COVID-19 policies reduced the impact of the pandemic and were effective enough to warrant an early conclusion of the Adverse Market Refinance Fee.” FHFA’s expectation is that those lenders who were charging borrowers the fee will pass cost savings back to borrowers.
“Santa Claus has come early for homeowners looking to refinance their mortgages,” said Greg McBride, chief financial analyst for Bankrate.com. “The fee had often resulted in an increase of one-eighth percentage point in rate.” (more…)
The 3-month median price for Single Family Homes in Bonita Springs continued to rise sharply, reaching $531,000 for the April-June quarter, some 38% higher than a year ago, and breaking decisively upwards from the $400,000 level.
Dramatic price movements often occur when the number of sales is small, but that has not been the case in Bonita Springs, where sales have increased sharply over the last year: (more…)
The 3-month median price for Single Family Homes in Fort Myers continued to rise sharply, reaching $368,125 for the April-June quarter, some 25% higher than a year ago, and breaking decisively upwards from the $250-300,000 range of the previous 5 years:
Dramatic price movements often occur when the number of sales is small, but that has not been the case in Fort Myers, where sales have exceeded 1,000 per quarter for the last year: (more…)
The 3-month median price for Single Family Homes in Central Naples – the area bounded by David Blvd, Goodlette-Franke, Pine Ridge and Collier Blvd. (see map below) covering zipcodes 34104,34105 and 34116 – continued to rise sharply, reaching $489,000 for the April-June quarter, breaking strongly through the $400,000 level:
Dramatic price movements often occur when the number of sales is small, but that has not been the case in the whole Naples area, which has seen a major increase – although less so in Central Naples:
The 3-month median price for Single Family Homes in South Naples – the area bounded by 41, David Blvd and Collier Blvd.(see map below) covering zipcodes 34112 and 34113 – continued to rise sharply, reaching $537,500 for the April-June quarter, breaking strongly through the $500,000 level:
Dramatic price movements often occur when the number of sales is small, but that has not been the case in the whole Naples area, which has seen a major increase: (more…)
April’s tourist numbers naturally show a huge increase from a year ago, when the national lockdown was underway, but more relevantly they are also show strong gains compared with 2019:
– A 9% increase in visitors
– A 24% increase in room nights
– A 20% increase in economic impact
– A 2% increase in occupancy
In Collier County, April might have been a bit unusual, drawing visitors here who may have wanted to come sooner, but waited to get vaccinated — or just to feel more comfortable with traveling, according to Anne Wittine, the director of data analysis for Research Data Services, the county’s tourism consultant. (more…)
Tom Brady has decided that it is time to upgrade from his current boat, a 55-footer made famous in February when the Super Bowl QB (and GOAT) launched the Lombardi trophy from the stern across the water to another yacht during the Buccaneers’ victory boat parade.
“Moving down to Tampa Bay last year, I live right on this beautiful bay — Old Hillsborough Bay — and the first thing I did when I got here was say, ‘I need a boat. I gotta be able to get out on this beautiful water.’ And I was able to do it,”
“I think the 77 will be a little bit more suited for what we need it for down here, which is a few more day trips and weekend trips,” Brady said of the upgrade.
I wonder if the new boat will have a platform as a stable base from which to throw next year’s trophy to Gronk? (more…)
Travel + Leisure recently wrote that the Southwest Florida city is the No. 1 U.S. beach town to live in. The magazine cited the personal finance site WalletHub for determining the best beach towns to live in around the United States.
WalletHub ranked them according to 63 indicators, including “affordability, weather, safety, economy, education and health and overall quality of life.” WalletHub rated 145 total cities.
The New York City-based monthly publication lauded Naples for its “unbeatable quality of life and relative affordability.”
“Located on Florida’s Paradise Coast along the Gulf of Mexico,” the magazine said in its April issue, “the town offers lots to see and do, including pristine, white-sand beaches and day trips to nearby Everglades National Park.”
If you would like to buy a piece of paradise, please contact me: (more…)
When you start looking for your dream home, you need to know how much mortgage you will qualify for. Your real estate agent might ask you to get a pre-qualification letter. However, just because you are pre-qualified doesn’t mean that you will get the loan. You need a pre-approval for that, and even then, the mortgage company might not approve your application.
A pre-qualification letter just tells you how much loan you can afford. The lender does not check your credit, your debt-to-income ratio or other factors before issuing a pre-qualification letter. Additionally, a pre-qualification letter is dependent on the information you provide to the lender. The pre-qualification essentially gives you an estimate of how much home you are able to afford so that you do not look at homes that are not within your range.
To get a pre-qualification, you supply the lender with your assets, debt and income. Because the lender bases its decision on the information you provide, rather than information from outside sources, a pre-qualification is not a guarantee that you will get the loan. (more…)
The March 2021 Market Report, released by the Naples Area Board of REALTORS® (NABOR®), which tracks home listings and sales within Collier County (excluding Marco Island), shows that March was the highest performing month in the 13 years NABOR has tracked these metrics.
Sellers are raising prices and multiple offers are still coming in,” said Budge Huskey, CEO, Premier Sotheby’s International Realty. “This is because inventory is limited, and more sellers are realizing now is a good time to place their home on the market and get top value in the current market conditions!”
Broker analysts predict the level of demand experienced in March is sustainable and should be expected to continue for the next few months, or longer. “Season was disrupted this year because many people elected to hold off relocating until they were fully vaccinated,” added Huskey. “Agents also report that many seasonal visitors are staying longer than in previous years, possibly because they can afford to wait in anticipation of more homes becoming available in the luxury market. I believe we’ll continue to see more newcomers from northern states looking for homes in the high end in the coming months. Beyond that, and as we enter the summer season, we might begin to see a second wave of international buyers entering our market as travel restrictions begin to relax.”
Median closed prices in March increased 12.2 percent to $415,000 (the highest median price increase month/month on record since 2008) from $370,000 in March 2020. In March 2021, there were just 1,819 homes in inventory (the lowest it has been since 2014), which was a 73.2 percent decrease from 6,795 homes in inventory in March 2020.
The March report revealed that the Naples area now has only a 1.6 month supply of homes available to buyers
The following charts give a visual summary of market activity: (more…)