Naples Mid-year 2023 Market Stats
And read these articles:
Florida News
Insurance Reform : Premiums still rising sharply (more…)
Open House TODAY: 13243 Wedgefield Drive In Imperial Golf Estate
As you enter through the private courtyard and double front doors you are greeted by a cheerful and sunlit living room boasting soaring ceilings, where you can relish in breathtaking views of the golf course and serene lake. 🏡☀️
Wake up to the melodic sounds of morning doves and catch glimpses of majestic eagles soaring overhead or deer passing by. In the evenings, unwind on your lanai or in the living room, and witness the mesmerizing beauty of vibrant sunsets that will leave you in awe. 🦅🦌🌇
With two bedrooms and a versatile den/bedroom option (complete with a closet), this home offers the perfect layout to accommodate both you and your guests. The oversized two-car garage includes convenient built-in storage, ensuring ample space for all your belongings. 🛏️📚🚗
Indulge in the upgraded features, including sleek quartz counters in the kitchen, luxurious walk-in showers in both bathrooms, and impact windows throughout the living room and bedrooms, providing added safety and tranquility. 💎🚿🪟
Located within the highly sought-after Wedgefield Villas, nestled within Imperial Golf Estates, this 28-unit community offers a lifestyle that surpasses expectations. Please note that membership to Imperial Golf Estates is separate from home ownership. 🏘️⛳
Situated in the desirable North Naples area, you’ll enjoy proximity to pristine beaches, a plethora of dining options, and shopping delights at Mercato. Additionally, the convenience of a short drive to Southwest Florida International Airport ensures easy travel for your getaways. ✨🌴🛫
Don’t miss the opportunity to make this your dream home in paradise. Caome to today’s Open House from 1-4 pm or contact me today to schedule a viewing and embark on a new chapter of luxurious living in North Naples!
Andrew Oliver 617.834.8205
#LuxuryLiving #NaplesRealEstate #GolfCourseViews #LakefrontLiving #SunsetParadise
And read these articles:
Florida News
Insurance Reform : Premiums still rising sharply (more…)
Collier County property values up 20% in last year
Despite the destructive force of Hurricane Ian, property values in Collier County have not only held steady but have actually increased significantly. According to the county’s tax roll data released on July 1, property values have risen by 20% since last year, reaching a total of $222.5 billion, up from $185.3 billion in 2022.
Several factors have contributed to the rise in property values in 2023. High construction costs, increasing land values, a tight inventory, and higher sale prices have all played a significant role in this upward trend, as reported by the Collier County Property Appraiser’s Office.
Concerns that Hurricane Ian would negatively impact property values have been proven unfounded. (more…)
Insurance Reform : Premiums still rising sharply
This article reports the highlights from legislation passed in 2021 and 2022, key aspects of the My Safe Florida Home program, and includes comments from insurance agents on the impact on homeowners’ insurance premiums.
The background
Over the last 2-3 years it has become increasingly difficult to get insurance on a property with a roof more than 15 years old – and here I am talking of the asphalt roof prevalent in Florida.
Part of the problem stems from Hurricane Irma and the widespread fraud after that event when roof contractors got homeowners to sign up for new roofs based upon “hurricane damage.”
In 2021, Florida represented just 6.9% of total homeowner’s claims, but 76% of the nation’s homeowner’s lawsuits, and many insurers either withdrew from Florida or became insolvent.
2021 Legislation
A comprehensive property insurance reform bill was passed and signed into law in 2021, introducing several measures to tackle the escalating insurance costs within the state.
One significant change included in the bill was the limitation on contractors’ practices concerning insurance claims for roof damage. This measure aimed to curb fraudulent activities and ensure fair practices within the industry. Additionally, the bill placed limitations on the fees that attorneys representing claimants can receive, preventing excessive charges.
The legislation mandated that policyholders had to file claims within two years of a loss, in an attempt to streamline the claims process and ensure timely resolution. It also strengthened the oversight of the Florida Office of Insurance Regulation (OIR) on companies affiliated with Florida property insurers.
2022 Legislation
In 2022, additional property insurance reforms were enacted to address ongoing issues in the property insurance market. These reforms included: (more…)
Naples Single Family Market Summary YTD May
Overall in Naples, the median price of Single Famly homes sold in the first 5 months of 2023 increased 4% on a 25% decrease in sales. As usual, there were variations by area.
In July I will publish a report showing the breakdown by Quarters and also showing a longer-term view as in my Q1 statistics.
And read these articles:
Florida News
5 things people don’t know about Naples
How to protect your house from title fraud
News from District 2
Q1 Market Stats (more…)
Naples Condo Market Summary YTD 2023
In Naples overall, the median price of Condos sold in the first 5 months of 2023 increased 15% on a 21% decrease in sales, with variations from area to area.
In July I will publish reports showing the breakdown by Quarters and also showing a longer-term view as in my Q1 statistics.
And read these articles:
Florida News
5 things people don’t know about Naples
How to protect your house from title fraud
News from District 2
Q1 Market Stats (more…)
Naples Villa Market Summary YTD 2023
Overall in Naples, the median price of Villas sold in the first 5 months of 2023 was steady on a 28% decrease in sales, with variations from area to area.
In July I will publish reports showing the breakdown by Quarters and also showing a longer-term view as in my Q1 statistics.
And read these articles:
Florida News
5 things people don’t know about Naples
How to protect your house from title fraud
News from District 2
Q1 Market Stats (more…)
Naples May Market Summary
A more detailed analysis will be published shortly.
And read these articles:
Florida News
5 things people don’t know about Naples
News from District 2
Q1 Market Stats
Naples a top city for corporate headquarters post-pandemic
Naples grabs No. 1 spot on this ‘Best Places to Live’ list
Collier County : news from District 2 Commissioner
District 2 in North Naples spans from Pine Ridge Road to Bonita Beach Road at the Collier-Lee county line.
Click District 2 Update to read the latest newsletter.
Features include new business openings; new residential construction; affordable housing plans; storm risk management; July 4 plans – and much more. (more…)
5 things people don’t know about Naples
Rich Native American History: Naples has a rich Native American history that predates European settlement. The Calusa tribe, known for their sophisticated shell mound constructions and fishing techniques, inhabited the region for thousands of years before contact with Europeans. The remnants of their civilization can still be found in archaeological sites and shell mounds around the area.
Secret Mangrove Tunnels: Naples is home to a network of secret mangrove tunnels that can be explored by kayak or paddleboard. These hidden waterways wind through dense mangrove forests, offering a unique and adventurous way to experience the natural beauty of the area. Many visitors and even some locals are unaware of these hidden gems, making it a special find for those who stumble upon them.
Ancient Fossil Discoveries: Naples is a treasure trove for fossil enthusiasts. The region’s ancient limestone deposits have yielded remarkable fossil discoveries, including those of prehistoric sharks, giant sloths, and mastodons. The Naples area is particularly famous for its well-preserved shells and shark teeth that can be found on the beaches and in the surrounding waters.
The Birthplace of Swamp Buggy Racing: Naples is the birthplace of a unique motorsport called “swamp buggy racing.” In the early 20th century, hunters and fishermen needed a way to navigate the swampy terrain, so they modified their vehicles to tackle the challenging conditions. Over time, these modifications led to the development of a competitive racing sport that has become a local tradition. Naples hosts the annual Swamp Buggy Races, where drivers compete on a specially constructed track filled with mud, water, and obstacles.
A Haven for Birdwatchers: Naples is a paradise for birdwatchers, with a diverse range of avian species that inhabit the area. The city is home to several important birding sites, including the Corkscrew Swamp Sanctuary, which provides a protected habitat for numerous rare and migratory bird species. From majestic bald eagles to vibrant roseate spoonbills, birdwatchers can find a wealth of feathered friends to observe and photograph in the Naples area.
And read these articles:
Florida News
Q1 Market Stats
Naples a top city for corporate headquarters post-pandemic
Naples grabs No. 1 spot on this ‘Best Places to Live’ list (more…)
Two signs inflation is slowing
During the supply problems of recent years, two products that seemed to be particularly affected – and whose prices rose sharply – were kitchen appliances and cars.
Here are two indications from my mailbox this week that the situation has changed (the first is from a car dealer, the second from Home Depot):
And read these articles:
Mortgage and Economic commentary
Why Mortgage rates Will Fall
What drives Mortgage Rates in one chart
Lies, Damned Lies and Inflation “Statistics”* (more…)
First Quarter Market Stats
Here are the Q1 stats (and 3-year history) for areas:
Naples Q1 2023 Stats
Bonita Springs_Q1 2023 Stats
and communities:
Bay Forest Q1 2023 Stats
Bonita Bay Q1 2023 Stats
Imperial Golf Estates Q1 2023 Stats
Island Walk Q1 2023 Stats
Pelican Bay_Q1 2023 Stats
Pelican Marsh Q1 2023 Stats
And read these articles:
What drives Mortgage Rates in one chart
Lies, Damned Lies and Inflation “Statistics”*
HOW AND WHEN WILL HOUSING REBOUND?
Why Mortgage rates Will Fall
Federal Reserve increase rates; Mortgage Rates drop
Too often I see a headline like this one: “Mortgage Rates Continue to Slide Despite Fed Hike.” The 30-year Fixed Rate Mortgage (FRM) does NOT follow the Federal Reserve’s rate increases!
Look at this chart for the last few months:
Note the correlation between the 10T (red line) and FRM (green) – and the lack of correlation between FFR (blue) and FRM.
Let’s look at this another way, the spread (difference) between the FRM and 10T, and between FRM and FFR:
Over the last 6 months, the spread between FRM and 10T has been in a tight band between 2.69% and 3.04%, while that between FRM and FFR has dropped from 3.04% to 1.42%.
For a more detailed explanation of what drives mortgage rates – and why the FRM will fall at some point – read Why Mortgage Rates Will Fall
And read these articles:
What drives Mortgage Rates in one chart
Lies, Damned Lies and Inflation “Statistics”*
HOW AND WHEN WILL HOUSING REBOUND? (more…)
Sales Up, Prices Down After 131-Month Streak
Existing-home sales reversed a 12-month slide in February, registering the largest monthly percentage increase since July 2020, according to the National Association of Realtors® (NAR). Month-over-month sales rose in all four major U.S. regions – but they also all saw year-over-year declines.
February median existing home prices fell for the first time in 131 months– almost eleven years – according to NAR. The median existing-home price for all housing types was $363,000, a decline of 0.2% from February 2022 ($363,700), as prices climbed in the Midwest and South yet waned in the Northeast and West.
Total existing-home sales – completed transactions that include single-family homes, townhomes, condominiums and co-ops – climbed 14.5% from January to a seasonally adjusted annual rate of 4.58 million in February. Year-over-year, sales fell 22.6% (down from 5.92 million in February 2022).
Total housing inventory at the end of February was 980,000 units, identical to January and up 15.3% from one year ago (850,000). Unsold inventory sits at a 2.6-month supply at the current sales pace, down 10.3% from January but up from 1.7 months in February 2022.
Properties typically remained on the market for 34 days in February, up from 33 days in January and 18 days in February 2022. Still, most homes (57%) sold in February were on the market for less than a month.
Buyer types (more…)
Florida lawmakers eye property insurance reforms
Over the past year, state lawmakers have made changes on paper through several attempts to cure Florida’s property insurance crisis. But a homeowner in Florida who opens their annual renewal and sees their premium has increased, or finds out their carrier has suddenly dropped them, may not have noticed anything different.
State Sen. Jim Boyd, R-Bradenton, noted during the first of last year’s special sessions to address insurance that relief from any measures taken by lawmakers wouldn’t be realized for at least another 18 months. That session took place in May 2022.
Since then, two hurricanes hit the state. Lawmakers then held a second special session on insurance in December. Six property insurance companies were declared insolvent last year. Citizens Property Insurance Corp., the state-run “insurer of last resort,” continues to grow with more than 1 million policies.
And now the annual, 60-day regular legislative session is underway. The session is largely where party-line battles are taking center stage, but not insurance. And those homeowners with delayed or unfulfilled property damage claims may find their legal recourses slashed, owing to legislation approved in the special sessions to limit what the insurance industry and lawmakers said was too much litigation over property insurance claims and disputes between homeowners and their insurers.
The story remains the same as it was a year ago: it’s lawyers, contractors and public adjusters versus lawmakers and insurance companies. (more…)