Bonita Springs 2021 Year End Market Report
This reports shows the median prices for different property types in Bonita Springs in 2021 compared with 2020. At the end of the article is a link to my Guide to Buying and Selling in Southwest Florida.
With extremely low inventory, Q4 saw both a sharp drop in sales and a spike in the sales price per sq. ft. (PSF).
The market statistics produced by Realtor Boards provide a lot of useful information, but group together what to me are wholly different categories – e.g. Detached Villas with Single Family, Attached Villas with Condos. Here then is what I hope will be a more useful and informative analysis, which shows the breakdown using the categories that make sense to me. I also include definitions of the different property types after the charts.
Naples Year End Market Report by Location and Property Type
This reports shows the median prices for different property types for 2020 and 2021 for Naples overall, and also broken down by the 5 areas of Naples. At the end of the article is a map of Naples zipcodes together with a link to my Guide to Buying and Selling in Southwest Florida.
The market statistics produced by Realtor Boards provide a lot of useful information, but group together what to me are wholly different categories – e.g. Detached Villas with Single Family, Attached Villas with Condos. Here then is what I hope will be a more useful and informative analysis, which shows the breakdown using the categories that make sense to me. I also include definitions of the different property types after the charts.
First, the overall market in Naples, showing that median prices increased from 20-29%:
And now by area:
(more…)
Would you like free money for the holidays?
I usually listen to WGB 1030 in Boston on my morning walk and this week I have heard Billy Costa’s ads for Unclaimed Property in Massachusetts. This rang a bell for me as I have found unclaimed property at least twice and received checks.
Click on FindMassMoney and you will find this statement:
“The Unclaimed Property Division is holding over $3 billion in unclaimed funds for the citizens and businesses of the Commonwealth. The Division holds these lost funds until they are claimed by either the original owner or their heirs. Claiming property is fast, easy and free.”
It sure is.
And encouraged by my successes in Massachusetts I have received unclaimed property from Connecticut, where I lived in the 1980s, and today have filed a claim in California for my wife, also from the 1980s. And you can search in other States where you have connections – just type in XState Unclaimed Property and Mr.Google will do the rest. This is the link in Florida: FLTreasureHunt.
So, if it is actually my property, is it really free? I leave you to contemplate this existential question as you bank your check. (more…)
What Makes a Home a Smart Home?
If a property has a reliable internet connection and “smart” items in at least three categories, it is considered a smart home. “Just having a few devices in specific categories – such as certain lighting, security cameras, or appliances – qualifies a home to be a smart home.”
“These homes were once only for the ultrarich, but we’ve gone from only super-wealthy people like Bill Gates having these products to every home now having at least one or two smart items.” (more…)
Florida Dodges Bullet as Storm Season Set to End
While for the second consecutive year the hurricane season has exhausted a list of storm names, Florida has had brushes with only three named systems – Elsa, Fred and Mindy – that were mostly rainmakers with tropical-storm force winds.
All things considered, the state has been relatively unscathed in the highly active storm season, allowing emergency staff in Florida – who also needed to react to wildfires and the COVID-19 pandemic – to continue addressing lingering impacts of past storms.
“We’re still working Hurricane Michael. We’re still working Hurricane Irma, Matthew, Hermine, Dorian and so on,” said Kevin Guthrie, director of the state Division of Emergency Management. “So, yeah, it was good for us to be able to work on some of those past disasters and get them working towards closing out.”
For a third year, Florida can chalk up the outcome of the six-month season to luck or the fate of wobbles. The 2021 hurricane season officially ends on Dec. 1. (more…)
Naples October Market Summary
This infographic is a summary of the overall market in October. Since it includes all types – whether multi-million single family or manufactured houses – in one analysis, it should be regarded more as a general overview rather than providing information on specific market sectors.
For more detailed reports read Naples area Fall Market Reports
And these articles:
Guide to Buying and Selling in Southwest Florida
The Europeans have started to Arrive
Are Mortgage Rates really under 3%?
How accurate are Zillow’s Zestimates?
Andrew Oliver
REALTOR®| Market Analyst | DomainRealty.com
Naples, Bonita Springs and Fort Myers
Andrew.Oliver@DomainRealtySales.com
m. 617.834.8205
www.AndrewOliverRealtor.com
www.OliverReportsFL.com
_____________
Market Analyst | Team Harborside | teamharborside.com
Sagan Harborside Sotheby’s International Realty
One Essex Street | Marblehead, MA 01945
www.OliverReportsMA.com
Andrew.Oliver@SothebysRealty.com
Sotheby’s International Realty® is a registered trademark licensed to Sotheby’s International Realty Affiliates LLC. Each Office Is Independently Owned and Operated
Guide to Buying and Selling in Southwest Florida
The goal of this document is to acquaint you with the process of buying and selling in Southwest Florida.
Buyers
Showings
Listings appear in MLS with a link to ShowingTime to schedule showings. The advantage of this method for a buyer is that I can monitor the number of showings and gain insight into activity.
Two recent examples: a house near me in North Naples was listed at $415,000 on a Friday with Showings starting on Saturday. I could see that showings were back-to-back- to-back and on Sunday the listing agent asked for offers by 5 pm. The house sold for (more…)
Are Mortgage rates really under 3%?
When Freddie Mac released its weekly mortgage survey on Thursday it did so with the heading: “Mortgage Rates Drop Below Three Percent Again.”
Which they are not now.
The problem lies with the methodology. Freddie Mac surveys lenders from Monday to Wednesday with the major weighting given to Monday’s rates. As I have explained in many postings over the years (see Mortgage Rates back to 3% – again as an example), the 30-year Fixed Rate Mortgage (FRM) is priced based upon a premium that investors, when they buy pools of mortgages, demand over the yield on the nearest-equivalent US Treasury – which is the 10-year Note (10T). Thus, if the yield on 10T increases from Monday to Thursday – as it did this week – by the time of Thursday’s announcement the FRM may have changed – as it did this week.
Mortgage News Daily had a great article this week and I am going to use their charts. I recommend signing up for their newsletter, a source of great information and opinion. (more…)
The Europeans have started to Arrive!
The unprecedented travel ban, implemented in March 2020 in response to the pandemic, saw travellers from the UK, EU and various other countries worldwide allowed into the States for only a handful of “essential reasons”.
From 8 November, entry restrictions have been lifted for all fully vaccinated arrivals.
In celebration, British Airways and Virgin Atlantic staged an historic simultaneous take-off from London Heathrow’s two runways yesterday morning.
Contact me to see how I can help you in your search for a home in Paradise!
Read these articles about the impact European – and Canadian – buyers will have on the real estate market: (more…)
International Tourism to Return to Southwest Florida
While Collier County is on pace to see record tourism this year, and Southwest Florida International Airport is seeing record passenger numbers, most of this activity stems from visitors within the State and elsewhere in the US. But that could be about to change.
International tourism to return
International tourism has been almost non-existent in Southwest Florida this year, due to COVID-related travel restrictions that will soon ease.
The U.S. will lift restrictions for fully vaccinated international visitors starting Nov. 8, which is expected to benefit the region in a big way, with the anticipated return of Europeans to the region. (more…)
How accurate are Zillow’s Zestimates?
During the pandemic-spurred housing boom, Zillow Offers emerged as a particularly aggressive iBuyer, or instant buyer, of homes in Sun Belt markets, offering homeowners more than the market value of their properties, with no catch. Zillow has now conceded that it has been paying too much for properties, even in a market characterized by soaring home values. Saying it had lost $1 billion on iBuying, Zillow has shut down its Zillow Offers unit.
“We’ve determined the unpredictability in forecasting home prices far exceeds what we anticipated and continuing to scale Zillow Offers would result in too much earnings and balance-sheet volatility,” Chief Executive Rich Barton said.
Zillow used an algorithm to make home price estimates, called the “Zestimate,” and determine what it would pay home sellers.
Are Zestimates accurate?
Zestimates are somewhat like the National Hurricane Center’s projection for a hurricane’s path: both provide a single price or point, but those prices and points are actually the median of a range.
Here’s an example for a house: (more…)
What I like about Living in a Gated Community
When people are thinking of buying a property in Florida one of the questions is whether to buy in a community with a Homeowners’ Association or a stand alone property. Here’s what I like about living in a gated community.
The gate
While it can at busy times cause a delay for service vehicles entering the property it also provides a sense of security for residents knowing that every car entering the property has to be cleared with an owner
Landscaping
Wednesday is my favourite day of the week – it is the day the landscaping crew of 3 comes. In addition to cutting the grass, they prune and trim trees and plants and will do other work on request.
Just this last week the palm trees were pruned and – best of all – mulch was laid throughout. No more trips to Home Depot for me! (more…)
Travelers are returning to Southwest Florida to find low inventory
Travelers are returning to Southwest Florida after the pandemic grounded flights and restricted some from coming, and RSW has announced new international flights from Frankfurt and Montreal, along with Midwestern and Northeast Destinations.
One recent arrival, Mark Keegans of Toronto, said: “I think the weather is the biggest thing, and my wife and I are looking at buying a place down here to spend the winters down here.” (NBC-2)
Really, really low Inventory (more…)
Pine Island Q3 2021 Market Report
Only 30 minutes from Fort Myers but a world apart, secluded Pine Island offers a quiet, laid-back atmosphere, plenty of great fishing, and lush natural environment.
Most of Pine Island is Single Family homes, often on a canal leading to open waters. Median prices showed steady increase throughout the year. All but 5 of the 2021 Condo sales were in Bokeelia.
Fort Myers Beach Q3 2021 Market Report
Fort Myers Beach sits on a little barrier island, about seven miles long, and the beach is fabulous – wide, gradually sloping, and thick with the area’s justifiably famed sand.
The median price increased significantly in 2021, especially for Single Family homes.
