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Southwest Florida Real Estate Blog      
Southwest Florida real estate and mortgage information Blog.
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[ Date added: 2007-11-11 ]


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Luxury Florida Real Estate - 2011 End of Year Sales Review

The following End of Year 2011 sales data covers some of the best locations for luxury properties in Florida. It includes the cities of Bonita Springs, Naples and Marco Island and will give you an idea of what the market is doing in the much sought after neighborhoods in places like Port Royal, Olde Naples, Pelican Bay, Barefoot Beach and Cape Marco.

Luxury Florida Property Sales $1 Million - $2 Million Total Sales of 527 versus 463 in 2010 - up 14%. 315 Homes Sold versus 302 in 2010 - up 4%. Average Sales Price for Homes - $1,375,226 - down 0.1% Median Sales Price for Homes - $1,350,000 - up 4%. Average Days on Market for Homes was 253 versus 260 in 2010. 221 Condos Sold versus 161 in 2010 - up 37%. Average Sales Price for Condos - $1,381,157 - down 0.6% Median Sales Price for Condos - $1,300,000 - down 6%. Average Days on Market for Condos was 272 versus 257 in 2010. Luxury Florida Closed Sales ($1 Million - $2 Million) 2008 - 2011

Luxury Florida Property Sales $2 Million - $5 Million Total Sales of 222 versus 186 in 2010 - up 19%. 160 Homes Sold versus 137 in 2010 - up 17%. Average Sales Price for Homes - $2,930,442 - down 1% Median Sales Price for Homes - $2,750,000 - up 3%. Average Days on Market for Homes was 283 versus 267 in 2010. 62 Condos Sold vs 49 in 2010 - up 27%. Average Sales Price for Condos - $2,983,827 - up 6% Median Sales Price for Condos - $2,700,000 - up 1%. Average Days on Market for Condos was 243 versus 334 in 2010. Luxury Florida Closed Sales ($2 Million - $5 Million) 2008 - 2011

Luxury Florida Property Sales $5 Million & Above Total Sales of 32 versus 32 in 2010 - Unchanged. 29 Homes Sold versus 29 in 2010 - Unchanged. 3 Condos Sold versus 3 in 2010 - Unchanged. Average Sales Price - $8,707,109 - up 4% Median Sales Price for Homes - $6,873,750 - up 6%. Average Days on Market for Homes was 265 versus 320 in 2010. Luxury Florida Closed Sales ($5 Million & Above) 2008 - 2011

While the sales numbers are encouraging, it's still important to understand most luxury real estate in Florida is located on some of the most prized property available. Hence, the pricing. You don't just give away oceanfront estates, island getaways or high rise condominiums with views to die for just because the rest of the market has hit hard times. In addition, folks who are wealthy enough to afford such properties in the first place are also wealthy enough to carry them as they weather the market downturn. So, the bottom line is you still "gotta pay to play" when it comes to luxury property here in paradise.

*Sales Statistics Data from BEAR and NABOR MLS

Florida Again Ranked in Top 5 for Best on Taxes

Once again, Florida ranked in the Top 5 for best states for taxes on business according to the 2012 State Business Tax Climate Index report from The Tax Foundation. The index focuses on how a tax system enhances or harms a state's businesses by looking at dozens of state tax provisions to create the ranking a single, easy-to-use score that measures each state's tax climate against every other state.

While some states moved up and others down, Florida has remained very steady for eight years in a row. A key factor in Florida's ranking is the lack of a state personal income tax. In addition, Florida also ranked 12th in corporate taxes, 19th in sales taxes, 5th in unemployment compensation taxes and 24th in real estate taxes.

The 10 Top ranked states:

Wyoming South Dakota Nevada Alaska Florida New Hampshire Washington Montana Texas Utah

The 10 Bottom ranked states:

Iowa Maryland Wisconsin North Carolina Minnesota Rhode Island Vermont California New York New Jersey

The Tax Foundation has monitored tax policy since 1937. A copy of the latest report is available at 2012 State Business Tax Climate Index.

Sanibel and Captiva Island Real Estate - 2011 End of Year Sales Review

The 2011 end of year Sanibel and Captiva real estate market statistics for both home and condominium sales are listed below.

Captiva and Sanibel Islands are two of the most sought after destinations in all of Southwest Florida. Everything you could wish for from sunning, shelling, wave running, fishing, sailing, or just relaxing are available and most of it is just minutes away from anywhere you are located. Both markets offer many home choices that are just terrific; seaside condominiums, Gulf front mansions, old restored Florida cottages. Essentially, almost any type of property you can imagine. And, once you find just the right place, youll quickly come to understand, a Sanibel or Captiva Island home is a destination, a refuge, and a way of life unique unto its own.

Sanibel Real Estate Sales Data Total Sales of 250 versus 211 in 2010 - up 19%. 141 Homes Sold versus 110 in 2010 - up 28%. Average Sales Price for Homes - $782,662 - up 5% Median Sales Price for Homes - $575,000 - down 7%. Average Days on Market for Homes was 274 versus 251 in 2010. 109 Condos Sold versus 101 in 2010 - up 8%. Average Sales Price for Condos - $613,776 - down 1% Median Sales Price for Condos - $535,000 - up 1%. Average Days on Market for Condos was 279 versus 322 in 2010.

At the end of the December, there were 408 active residential properties listed in the Fort Myers MLS. That's a decrease of 18% versus this time last year.

Sanibel Island Closed Property Sales 2009 - 2011

Captiva Real Estate Sales Data Total Sales of 46 versus 24 in 2010 - up 16%. 30 Homes Sold versus 14 in 2010 - up 114%. Average Sales Price for Homes - $1,180,914 - up 20% Median Sales Price for Homes - $748,750 - up 14%. Average Days on Market for Homes was 256 versus 217 in 2010. 16 Condos Sold versus 10 in 2010 - up 60%. Average Sales Price for Condos - $641,006 - up 2% Median Sales Price for Condos - $590,000 - down 13%. Average Days on Market for Condos was 374 versus 350 in 2010.

At the end of the December, there were 110 active residential properties listed in the Fort Myers MLS. That's a decrease of 18% versus this time last year.

Captiva Island Closed Property Sales 2009 - 2011

As we head into the 2012 season, the data shows prices are rising and the inventory continues to fall. The bottom line is you need to be prepared for having less choice when it comes to purchasing a home or condo this season. And, in all likelihood, you're going to pay a little more for it this year too.

*Sales Statistics Data from FMLS

Fort Myers Beach Real Estate - 2011 End of Year Sales Review

The 2011 end of year Fort Myers Beach real estate market statistics for both home and condominium sales are listed below.

Fort Myers Beach is the "happening" locale on Southwest Florida's Lee Island Coast. The Beach offers every amenity you can imagine-from seven miles of wide sandy beaches, golf, boating, fishing and more than anything else - relaxing. The Beach is definitely eclectic and diverse; it draws visitors from all over the world and you'll find all sorts of folks from generations of families to Easter Break kids. There's nothing else quite like it anywhere in Southwest Florida.

Fort Myers Beach Real Estate Sales Data Total Sales of 360 versus 309 in 2010 - up 16%. 113 Homes Sold versus 99 in 2010 - up 11%. Average Sales Price for Homes - $445,386 - up 10% Median Sales Price for Homes - $320,000 - down 3%. Average Days on Market for Homes was 169 versus 157 in 2010. 247 Condos Sold versus 210 in 2010 - up 18%. Average Sales Price for Condos - $333,711 - up 3% Median Sales Price for Condos - $275,000 - down 7%. Average Days on Market for Condos was 184 versus 178 in 2010.

At the end of the December, there were 472 active residential properties listed in the Fort Myers MLS. That's a decrease of 18% versus this time last year.

Fort Myers Beach Closed Property Sales 2009 - 2011

As we head into the 2012 season, the data shows prices are rising and the inventory continues to fall. Having had back to back to back top sales years (2009, 10 & 11) in the areas history is truly quite astonishing in this market climate. The bottom line is you need to be prepared for having less choice when it comes to purchasing a home or condo this season. And, in all likelihood, you're going to pay a little more for it this year too.

*Sales Statistics Data from FMLS

Cape Coral and Fort Myers Real Estate - 2011 End of Year Sales Review

The 2011 end of year Cape Coral and Fort Myers real estate market statistics for both home and condominium sales are listed below.

Cape Coral, known as "The Cape," is a boater's and fisherman's paradise and offers almost 200 miles of salt water canals with Gulf access. It is the 3rd largest city in Florida in terms of land mass with nearly 115 square miles of residential and commercial space. Over 55% of its population is under 44, so the city is family oriented, schools are important, and the quality of life is exceptional.

Cape Coral Real Estate Sales Data Total Sales of 5,943 versus 6,491 in 2010 - down 9%. 5,348 Homes Sold versus 5,988 in 2010 - down 12%. Average Sales Price for Homes - $142,504 - up 10% Median Sales Price for Homes - $104,225 - up 10%. Average Days on Market for Homes was 85 versus 149 in 2010. 595 Condos Sold versus 503 in 2010 - up 18%. Average Sales Price for Condos - $120,610 - up 27% Median Sales Price for Condos - $82,500 - up 9%. Average Days on Market for Condos was 102 versus 128 in 2010.

At the end of the December, there were 1,760 active residential properties listed in the Cape Coral MLS. That's a decrease of 23% versus this time last year.

Cape Coral Closed Property Sales 2009 - 2011

Fort Myers is called the "City of Palms." It is a metropolis bustling with historical, cultural, and ecological attractions and is now a blend of both young and old alike. The city sits along the natural splendor and shoreline of the Caloosahatchee River and is nestled around the historic downtown city center.

Fort Myers Real Estate Sales Data Total Sales of 4,360 versus 4,263 in 2010 - up 2%. 2,273 Homes Sold versus 2,087 in 2010 - up 7%. Average Sales Price for Homes - $218,353 - up 6% Median Sales Price for Homes - $163,000 - up 4%. Average Days on Market for Homes was 105 versus 101 in 2010. 2,087 Condos Sold versus 2,176 in 2010 - down 4%. Average Sales Price for Condos - $121,517 - up 10% Median Sales Price for Condos - $99,000 - up 10%. Average Days on Market for Condos was 104 versus 103 in 2010.

At the end of the December, there were 2,364 active residential properties listed in the Fort Myers MLS. That's a decrease of 31% versus this time last year.

Fort Myers Closed Property Sales 2009 - 2011

As we head into the 2012 season here in Southwest Florida, the data shows prices are rising and the inventory continues to fall. And, while overall sales were down slightly in 2011, it still was one of the top three sales years (2009, 10 & 11) in the area's history. The bottom line is you need to be prepared for having less choice when it comes to purchasing a home or condo this season. And, in all likelihood, you're going to pay a little more for it this year too.

*Sales Statistics Data from FMLS

Bonita Springs and Naples Real Estate - 2011 End of Year Sales Review

The 2011 end of year Bonita Springs and Naples real estate market statistics for both home and condominium sales are listed below.

Bonita Springs is quickly emerging as one of the most dynamic coastal communities within all of Southwest Florida. Known as the "Gateway to the Gulf", the city features numerous picture postcard perfect beaches, charming neighborhoods, and championship golf courses, all enticing you to want to stay forever.

Bonita Springs Real Estate Sales Data Total Sales of 1,627 versus 1,452 in 2010 - up 12%. 826 Homes Sold versus 748 in 2010 - up 10%. Average Sales Price for Homes - $387,032 - down 1.5% Median Sales Price for Homes - $255,600 - up 5%. Average Days on Market for Homes was 170 versus 162 in 2010. 801 Condos Sold versus 704 in 2010 - up 14%. Average Sales Price for Condos - $249,943 - up 14% Median Sales Price for Condos - $182,100 - up 6%. Average Days on Market for Condos was 184 versus 198 in 2010.

At the end of the December, there were 1,249 active residential properties listed in the Bonita Springs MLS. That's a decrease of 14% versus this time last year.

Bonita Springs Closed Property Sales 2009 - 2011

Naples is a truly cosmopolitan, quaint, and cultural city. The pace in is slower; the shopping exquisite and the dining is an experience you'll not want to miss. Through in the pristine beaches and you can easily see why it is the "Crown Jewel" of the Southwest Florida gulf coast.

Naples Real Estate Sales Data Total Sales of 8,155 versus 7,798 in 2010 - up 5%. 4,351 Homes Sold versus 4,258 in 2010 - up 2%. Average Sales Price for Homes - $449,449 - up 1.5% Median Sales Price for Homes - $203,500 - down 3.5%. Average Days on Market for Homes was 164 versus 173 in 2010. 3,804 Condos Sold versus 3,540 in 2010 - up 7.5%. Average Sales Price for Condos - $305,614 - up 7% Median Sales Price for Condos - $151,225 - up 1%. Average Days on Market for Condos was 183 versus 177 in 2010.

At the end of the December, there were 7,625 active residential properties listed in the Naples MLS. That's a decrease of 19% versus this time last year.

Naples Closed Property Sales 2009 - 2011

As we head into the 2012 season here in Southwest Florida, the data shows prices are rising and inventory is falling. Having had back to back to back top sales years (2009, 10 & 11) in the areas history really culled the inventory overload. The bottom line is you'll need to be prepared for having less choice when it comes to purchasing a home or condo this season. And, in all likelihood, you're going to pay a little more for it too.

*Sales Statistics Data from BEAR and NABOR MLS

FHA Waiver of 90 Day Anti-Flipping Regulations Extended Through 2012

Acting Federal Housing Administration Commissioner Carol J. Galante announced FHA will extend its temporary waiver of the 90 day anti-flipping regulations through the end of 2012. According to Commissioner Galante, "the new extension will permit buyers to continue to use FHA-insured financing to purchase HUD-owned properties, bank-owned properties, or properties resold through private sales. It will allow homes to resell as quickly as possible, helping to stabilize real estate prices and to revitalize neighborhoods and communities."

All terms of the existing waiver will remain the same. The waiver contains strict conditions and guidelines to prevent the predatory practice of property flipping, thus it continues to be limited to sales meeting the following conditions:

All transactions must be arms-length, with no identity of interest between the buyer and seller or other parties participating in the sales transaction. In cases in which the sales price of the property is 20% or more above the seller's acquisition cost, the waiver will only apply if the lender meets specific conditions and fully "documents the justification for the increase in value." The waiver is limited to forward mortgages only and does not apply to the Home Equity Conversion Mortgage (HECM) for purchase program.
2010 Population Changes - Interactive Map

We found this interactive map online that was published by the NY Times that is a nice tool for looking at the county-by-county population change data from the 2010 Census. It includes 12 map options, some of which pertain to real estate. For example, you can look at the number of occupied and vacant housing units and the changes in vacant housing units over the time period.

In looking at the data for the state of Florida, you can see that many counties saw increases of over 40% between 2000 to 2010 including Lake, Lee, Osceola, Sumpter, and St. Johns. Only two counties actually saw population decreases - Monroe (-8.2%) and Pinellas (-0.5%).

Here's a link to the webpage - http://projects.nytimes.com/census/2010/map. It's kind of cool to see how things have changed around the states in the last 10 years.

HARP Plan Changes Just More Government Insanity

You just cannot make this stuff up, at least not in the real world. However, in the so called reality that is the political realm of Washington, D.C., anything is possible.

Yesterday, the administration announced changes to the Home Affordable Refinancing Program (HARP) that are no better than those that were in place back in the heyday of NINA liar loans. You remember those. Well, under this program, things are eerily similar. No credit review, check. No appraisal per se, check. Limited equity, check. Been late in the past on your mortgage payments, check. Whoopee, you are approved, check.

Oh and by the way, let's not stop just there. Let's also put the taxpayers on the hook if it doesn't work out like we plan, check.

Finally, I saw Franklin Raines (former Chairman/CEO of Fannie Mae) on one of the Monday afternoon business shows touting how great an idea he thought this was going to be. Need I say anymore? In my opinion, I don't think so.

Here's the changes they have released so far. More are set to come prior to November 15th.

The program is offered to borrowers whose loans were sold to Fannie Mae and Freddie Mac on or before May 31, 2009, with current loan-to-value (LTV) ratios greater than 80%. The program should start around December 1st. Removes the current 125% LTV ceiling for fixed-rate mortgages. Word is the new max will be up to twice the current value of the property. The maximum loan amount is what is currently outstanding on the existing mortgage. Eliminates a new property appraisal if there is a reliable AVM (Automated Valuation Model) estimate provided by Fannie Mae or Freddie Mac. One late payment within six months, or more than one in the past year, would mean disqualification. Eliminates certain risk-based fees for borrowers who refinance into shorter-term mortgages and lowers fees for other borrowers. It's voluntary for lenders. A bank remains free to reject a refinancing even if a homeowner meets all the requirements.** Extending the end date for HARP until December 31, 2013.

Please note the ** item above.

Can anyone say epic fail? Big check.

Southwest Florida Foreclosures - 3rd Quarter 2011 Review

The downward trend in Southwest Florida foreclosures abated somewhat in the 3rd quarter. In Lee County, foreclosures rose slightly in September (0.3% over August), ranking it third in the state. The review shows that 1,378 Lee county housing units were in foreclosure (one in every 265), down from 3,823, or nearly 64% from September 2010. In Collier County, foreclosures spiked to 503 housing units (one in every 386), up 54% from 326 in August, but still down 60.3% from 1,267 units in September of last year.

For the 3rd quarter, Lee County totaled 1,453 foreclosures, down 44% from the 2,577 last year. Collier County had a total of 2,164 foreclosures, down 64% over the same time period. Overall, while the numbers rose slightly in September, they are still not too bad when you consider we've had over 100,000 foreclosures in the two county areas since January, 2006.

Foreclosure sales also continued to decline proportionately. For Lee County, 1,224 foreclosures were sold and there are only 493 currently on the market out of 7,393 total listings available for sale. In Collier, 269 foreclosures were sold and there are only 198 currently on the market out of 9,760 total listings available for sale.

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