Florida’s existing housing market mirrors national trend at year-end 2007
ORLANDO, Fla. -- Jan. 24, 2008 -- Florida’s housing market followed the national trend in 2007, as mortgage industry issues and a sluggish economy impacted sales and prices. By year’s end, a total of 130,241 homes sold statewide for a 29 percent decrease compared to the 183,988 homes sold in 2006, according to the Florida Association of Realtors® (FAR). However, 2007 is expected to be the fifth highest sales year on record for existing-home sales, according to the National Association of Realtors® (NAR).“What we experienced during the five-year boom cycle (2001-2005) was not a normal housing market,” notes 2008 FAR President Chuck Bonfiglio. “It was a market like we have never seen before. Existing-home median prices went up statewide over the past five years by some 60 percent; prices only declined in 2007 from 2006 by 5 percent. People are still experiencing a sizable return on their investment if they have owned their home over the past six years. The outlook for 2008 is that the housing market should start to normalize, that we should see some gains by the end of the year. Continued efforts to resolve Florida’s property insurance and property tax issues will also help revitalize our state’s housing market.”The latest market outlook from NAR predicts that, as conditions for the mortgage industry continue to improve, existing-home sales should hold fairly steady over the next few months, rise later in the year and continue to improve in 2009. “A meaningful recovery in existing-home sales could occur as early as this spring, or it may be further delayed toward late 2008,” says NAR Senior Economist Lawrence Yun. “Our consumer survey shows buyers today are in it for the long haul, planning to stay in their home for a median of 10 years. This is a wise approach to housing because the data shows the longer you own, the better your investment.”Florida’s median sales price for existing single-family homes for year-end 2007 was $233,600; a year ago, it was $247,100 for a 5 percent decrease. The median is the midpoint; half the homes sold for more, half for less. At the end of 2002, the statewide median sales price for single-family homes was $137,800, for an increase of 69.5 percent over the five-year-period, according to FAR records.Sales of existing condominiums in Florida also decreased last year, with a total of 41,478 condos sold statewide compared to 56,877 in 2006 for a 27 percent decline, according to FAR. The statewide median sales price for condos at year-end was $205,100, down 3 percent from the 2006 year-end condo median price of $211,500. NAR reported the national median existing condo price was $223,500 in October 2007.Interest rates for a 30-year fixed-rate mortgage at the end of 2007 averaged 6.34 percent, according to Freddie Mac, down from the average rate of 6.41 percent at the end of 2006. FAR’s sales figures reflect closings, which typically occur 30 to 90 days after sales contracts are written. Among the state’s larger markets, the West Palm Beach-Boca Raton Metropolitan Statistical Area (MSA) reported 6,971 existing homes sold last year compared to 8,640 homes sold in 2006 for a 19 percent decrease. The market's median sales price for homes was $369,400; in 2006, it was $384,700 for a 4 percent decrease. A total of 5,674 existing condos changed hands in the MSA last year, down 8 percent from the 6,139 condos sold in 2006. The existing condo median sales price in 2007 was $198,000; in 2006, it was $220,400 for a 10 percent decrease.“It’s absolutely critical now for people to work with a knowledgeable local Realtor who can help guide them through the process of buying or selling a home,” says John Mike, president of the Realtors Association of the Palm Beaches and a Realtor-sales associate with Prudential Florida WCI Realty. “We’re more than just a technological resource for a real estate transaction: A professional Realtor is a fountain of information and knowledge to have on your side when making one of the biggest financial investments most people will ever make. Just like in the military, you need the right intelligence to make the right decisions. When you go out to do battle in the real estate market, you ought to be armed with the best intelligence on the local housing market and community. That’s what a local Realtor will provide.”Among the state’s smaller markets, the Gainesville MSA reported a total of 2,644 homes sold in 2007 compared to 3,174 homes the previous year for a 17 percent decrease. The existing home median sales price was $210,400; in 2006, it was $213,200 for a 1 percent decline. A total of 939 existing condos sold in the MSA last year compared to 1,284 condos sold in 2006 for a 27 percent decrease. The market’s existing condo median price was $154,900; in 2006, it was $153,400 for an increase of 1 percent.J. Parrish, president of the Gainesville Alachua County Association of Realtors and president of Coldwell Banker M.M. Parrish, Realtors, says retirement trends for baby boomers likely will benefit the area. “You hear the research on how boomers are retiring earlier than their parents did, and that they want a more active lifestyle,” he says. “Therefore, they’re retiring to places where they can find the amenities of continued education, sports and cultural activities associated with university towns like Gainesville.”
© 2008 FLORIDA ASSOCIATION OF REALTORS
Friday, January 25, 2008
HOME SALES
Monday, January 21, 2008
Latest Sold Stats for Naples Florida
This is the latest Sold stats for the Naples area, The December numbers are a positive step forward in home sales here in Naples.
Monday, January 14, 2008
My New Listing 7488 Berkshire Pines Dr
Come see this beautiful attached villa, completely furnished. This home is freshly painted throughout with faux in both bedrooms, the rest of the house is painted in neutral colors, Pergo floor in living areas, tile in entry way and both bathrooms and kitchen, the den is a complete office with built in units on 2 walls and a day bed for that extra guest.
THE SHORES is a wonderful gated community located close to Downtown Naples and those lovely beaches, shopping and dining, also convenient to I-75 and Southwest Florida Airport and Alligator Alley for Miami and the Keys.
Come see for yourself what a deal this is! Do not delay as these motivated sellers are
stalled out for now in Naples, just waiting to hit the road in their Motorhome.
Don’t Miss out on this deal!
Sunday, January 6, 2008
Year End Sales Numbers 2007
Well 2007 is behind us now lets hope 2008 will be a better Real Estate year.
Our property values are down $75,000 to $125,00 here in The Shores and in the Condominiums at The Preserve we have seen values drop $100,000 plus.
In my opinion the restriction in the availability to hold open houses every Sunday instituted by the Committee is not helping the situation, I have found other subdivision are a lot more flexible and they realize the difficulty in the market here in Naples and surrounding area's. I understand that the committee is concerned with security and fully understand their concern, but they are not helping us with the current rules, I suggest a friendly call to them is needed. The progress on the privacy wall is coming along very well although I am a little concerned with the road construction, it looks like they rip everywhere up and then it just stops, I do not get it and this also is not helping the real estate sales.
If you have friends that would like to read my blog just send this link to them
The latest article in the Naples Daily News today is stating that we may have seen the bottom as December figures are showing an improvement
$320,000 7825 STRATFORD DR THE SHORES 4+Den 3b 2b 2,728 2003 12/21/2007
$215,000 7788 MERIDAN CT BERKSHIRE PINES 3 Beb 2b 1,550 2003 11/29/2007
$295,000 7824 MERIDAN CT THE SHORES 3 Bed 2b,1550 2003 8/20/2007
$350,000 7437 MELDIN CT THE SHORES 3 Bed 2 b 1,857 1999 7/17/2007
$292,300 7715 BERKSHIRE PINES DR THE SHORES 3 Bed 2 b 1,550 2003 6/26/2007
$259,000 7432 BERKSHIRE PINES DR THE SHORES 3 Bed 2 b 1,527 1998 4/23/2007
$250,000 7412 BERKSHIRE PINES DR BERKSHIRE PINES 2+Den 2b 1,490 1999 4/6/2007
$357,500 7504 BERKSHIRE PINES DR THE SHORES 2+Den 2 b 1,490 1999 3/30/2007
$409,500 7905 LEICESTER DR THE SHORES 3 Bed 2 b 1,663 2001 3/19/2007
$340,000 7829 BERKSHIRE PINES DR THE SHORES 2+Den 2b 1,525 2003 2/28/2007
$340,000 7943 WEXFORD DR THE SHORES 3 Bed 2 b 1,852 2000 2/19/2007
$335,000 7707 BERKSHIRE PINES DR THE SHORES 3 Bed 2 b 1,774 2003 1/24/2007
This Is a total of 12 for the year that means we have at the moment a one year, seven Month supply of homes for sale which is not good if you are trying to sell your home.
245,000 7560 MEADOW LAKES DR, #4603 THE PRESERVE 3 Bed 2 b 1,406 1999 2/20/2007
$250,000 7720 WOODBROOK CIR, #4304 THE PRESERVE 2+Den 2b ,311 2001 5/30/2007
$220,000 7780 WOODBROOK CIR, #2703 THE PRESERVE 3 Bed 2 b 1,406 2002 6/1/2007
$225,000 7575 MEADOW LAKE THE PRESERVE 2+Den 2 b 1,311 2000 7/20/2007
$220,000 7665 MEADOW LAKES DR APT 4 THE PRESERVE 3 Bed 2 b 1,311 2001 7/28/2007
$225,000 7755 WOODBROOK CIR CIR N THE PRESERVE 3 Bed 2 b 1,350 2002 8/1/2007
$222,000 7655 MEADOW LAKES DR, #1004 THE PRESERVE 3ed 2 b 1,350 2001 8/23/2007
$200,000 7585 MEADOW LAKE DR THE PRESERVE 3 Bed 2 b 1,406 2000 9/21/2007
$200,000 7665 MEADOW LAKES DR, #2 THE PRESERVE 3 Bed 2 b 1,406 1999 11/30/2007
The Preserve saw a total of 9 Sales for the year and at the moment there is 9 for sale so that is also a 1 year supply, 1 Condo asking less than $180,000.
Bernie East ® your Resident Realtor in The Shores
Amerivest Realty
239-248-1966
Sunday, December 9, 2007
Year to date Sales Report
February 2 sold -Sale price $340,000 & $340,000
March 2 sold - Sale Price $409,500 $357,500
April 2 sold - Sale price $250,000 $259,000
May 0 sold
June 1 sold - Sale price $292,300
July 1 sold - Sale price $350,000
September 0 sold
October 0 Sold
This is a total of Eleven sold for 2007
2007 Sales Report for The Preserve
February 1 sold - Sale price $245,000
March 0 sold
April 0 sold
May 1 sold - Sale price $250,000
June 1 sold - Sale price $220,000
July 1 sold - Sale price $225,000August 2 Sold Sale Price $222,000, $225,000
September 1 - Sold $200,000
October no Sales
This is a total of 8 Sold with 1 under contract 2007 year to date
For any Questions please call
Bernie East 239-248-1966
Amerivest Realty
Monday, November 5, 2007
2007 Single Family Homes & Condo's sold by Month
January 1 sold - Sale price $335,000
August 1 sold - Sales price $295,000
This is a total of Ten sold with 1 under contract 2007 year to date
January none sold
August 2 Sold Sale Price $222,000, $225,000
This is a total of 8 Sold with 1 under contract 2007 year to date
Wednesday, October 31, 2007
Proposed Tax Relief
TALLAHASSEE, Fla. – Oct. 30, 2007 – It’s voters’ turn: The Florida Legislature passed property tax reform and a proposed amendment will appear on the January ballot. The amendment offers moderate relief for homeowners and slight relief for commercial property, but it does not go as far as an earlier House proposal. To become law, the proposal must still receive 60 percent of the votes in the Jan. 29, 2008, election.The vote went down to the wire. Had the House and Senate not agreed by today, it would have been too late to get it on the January ballot, postponing any kind of tax relief.“We are pleased the Legislature understood that missing the deadline for a January vote of the people was not an option,” says the Florida Association of Realtors (FAR) President Nancy Riley. “Tax reform is necessary to stimulate our economy. To put tax relief off to November 2008 would have been devastating to our state.”The discussion included a number of considerations and not all made it into the final version. A complete breakdown of the individual considerations and how they fared in the final tax proposal is available in chart format at www.floridarelators.org under “What’s New.” Highlights of the passed legislation include:• Double the homestead exemption, but only for homes valued at more than $75,000 and not for school taxes• Allow owners of homestead property to transfer up to $500,000 in Save Our Homes benefits, including school taxes, to a new home• Impose a 10 percent assessment cap on non-homestead property for the next 10 years. The cap does not apply to school taxes. After 10 years, voters will have the option to restore the 10 percent cap• Allow businesses to exempt $25,000 in taxes paid on computers, office equipment and other personal propertyWith the deadline at hand, lawmakers had to quickly agree, and the final package represents a product that everyone could accept. The House, however, emphasized repeatedly that it would continue to work on property tax reform during the Legislature’s regular session next year, an opinion echoed by FAR.While in favor of portability, FAR worries about including a portability provision without also adding some kind of relief for first-time homebuyers, a move promoted heavily but one that did not make it into the final version. Without any kind of first-time homebuyer protection, the U.S. constitution’s “right to travel” provision could be the basis of a court challenge.© 2007
FLORIDA ASSOCIATION OF REALTORS®
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