Category Archives: Market Data

Bay Villas at Pelican Bay

Bay Villas at Pelican Bay offers buyers tremendous value in a tranquil area situated in the south side of Pelican Bay with easy access to Clam Pass, Waterside Shops and Artis Naples.

These attached and detached villas with Mediterranean style were built between 1981 and 1983.   There are 71 units consisting of either 2 or 3 bedrooms and range in size from 1,540 square feet to over 1,900 square feet.  Many of the units have a private pool and a two car garage.   Brick courtyards and lush tropical landscaping, including magnificent palm trees are found throughout this well maintained community.  This is the closest thing to single family living without the added upkeep.

The rental policy for Bay Villas at Pelican Bay allow Bay Villa owners to rent their properties a maximum of two times a year with 60 day minimums.  Bay Villas at Pelican Bay is a pet friendly community and are conveniently located next to six tennis courts.

There are five active listings in Bay Villas as of April 2014.  Listing prices range from $680k to $795k.  Thirteen properties in Bay villas have sold in the last 2 years with an average sales price of $647k.  Sold prices range from $530k to $737k; average days on market is 106.

For information on Bay Villas or Pelican Bay, please call me, Frank Petras at (239) 595-2221 or visit www.FrankPetras.com.

As a REALTOR in Naples, Florida with a very impressive international client list, I am known for my incomparable market knowledge, exceptional customer service, superior negotiating skills, high-end global targeted marketing and tremendous results.  I have an unrivaled reputation as a luxury property specialist. I have earned local and national recognition for marketing and selling multimillion dollar luxury waterfront and golf course estates and other fine properties in Naples, Bonita Springs, Estero and the surrounding areas.

Voted Best Real Estate Agent in Client Satisfaction in Southwest Florida – Gulfshore Life Magazine

John R. Woods’ Emerald and Platinum Circles of Excellence

Realty Alliance Leading Residential Real Estate Sales Professional in North America

Appointed to Who’s Who in Luxury Real Estate

Awarded Million Dollar Guild Recognition by The Institute for Luxury Home Marketing

 

Luxury Home Sales Soar

Homes in Naples are flying off the market as soon as they are listed with the number of closings for the first two months of 2014 at the highest on record, exceeding the previous 2005 high of 1,772 closings.  The number of sales above $2,000,000 during January and February are at 2005 levels (83 in 2005 vs 82 in 2014).

Average closed sales price in Naples year-to-date is $556,377 and the average for Bonita Springs / Estero is $357,009 which is a good thing for home sellers. Median sales prices year-to-date are up 17% over the same period 2013. Sales greater than $1,000,000 posted the largest gains in average sales price, up 24.5% over the first two months of 2013. This is driven by a substantial increase in the number of closed sales above $5,000,000 (12 in 2014 vs 3 for the same period 2013).

It takes a true luxury sales professional to navigate these brisk waters. When buying or selling luxury property you can count on me, Frank Petras, for exceptional service and knowledge. Please call me at (239) 595-2221 or visit www.FrankPetras.com.
As a REALTOR in Naples, Florida with a very impressive international client list, I am known for my incomparable market knowledge, exceptional customer service, superior negotiating skills, high-end global targeted marketing and tremendous results. I have an unrivaled reputation as a luxury property specialist. I have earned local and national recognition for marketing and selling multimillion dollar luxury waterfront and golf course estates and other fine properties in Naples, Bonita Springs, Estero and the surrounding areas.

Voted Best Real Estate Agent in Client Satisfaction in Southwest Florida – Gulfshore Life Magazine
John R. Woods’ Emerald and Platinum Circles of Excellence
Realty Alliance Leading Residential Real Estate Sales Professional in North America
Appointed to Who’s Who in Luxury Real Estate
Awarded Million Dollar Guild Recognition by The Institute for Luxury Home Marketing

Market Demand; Naples Area Uptrend Continues

The Naples area real estate market is outperforming last year’s third quarter activity as shown by three key real estate market indicators: sales, median closed price and inventory.  The key indicators signal that the uptrend in the real estate market continues and it’s still a great time to get in.

Naples park shore“Demand for homes in the coastal area is driving activity in other segments due to reduced inventory,” said Kathy Zorn, Broker at Florida Home Realty, Inc. “Your average days on market [DOM] for single family homes in this coastal area went from 215 days in the third quarter of 2012 to 131 days in the current third quarter.  That’s a 39 percent decrease of days on the market, and the DOM decreased a whopping 62 percent from 249 days in September 2012 to only 95 days on the market in September 2013.

“Demand is also aggressive in the condominium market regardless of location.  The third quarter report shows a 31 percent increase in condominium sales overall with a 26 percent decrease in condominium inventory from 3,263 properties available in the third quarter of 2012 to 2,418 properties available in the third quarter of 2013.

On that point, Brenda Fioretti, Managing Broker at Berkshire Hathaway HomeServices Florida Realty added, “As we prepare to move into season, right now is the prime time for sellers and buyers to take action.  Interest rates are still very low and the days on market are projected to keep dropping.”

For answers to all of your real estate questions, please call me, Frank Petras, at (239) 595-2221 or visit www.FrankPetras.com.

As a REALTOR in Naples, Florida with a very impressive international client list, I am known for my incomparable market knowledge, exceptional customer service, superior negotiating skills, high-end global targeted marketing and tremendous results. I have an unrivaled reputation as a luxury property specialist. I have earned local and national recognition for marketing and selling multimillion dollar luxury waterfront and golf course estates and other fine properties in Naples, Bonita Springs, Estero and the surrounding areas.

Voted Best Real Estate Agent in Client Satisfaction in Southwest Florida – Gulfshore Life Magazine

John R. Woods’ Emerald and Platinum Circles of Excellence

Realty Alliance Leading Residential Real Estate Sales Professional in North America

Appointed to Who’s Who in Luxury Real Estate

Awarded Million Dollar Guild Recognition by The Institute for Luxury Home Marketing

Up to the Minute Real Estate News that Matters

summer 2013

Florida’s housing market continued its positive trend in August with increased closed sales, higher median prices, more pending sales and a stable supply of homes for sale, according to the latest housing data released by Florida Realtors®.

“Both sales and prices demonstrate that Florida’s housing market is growing and continuing to gain strength,” says 2013 Florida Realtors President Dean Asher, broker-owner with Don Asher & Associates Inc. in Orlando.  “The growth in jobs and other positive signs are putting buyers at ease with how the economy is progressing.  At the same time, prices are encouraging sellers to get off the fence and helping to ease inventory pressures.

The story is the same in Naples; as the saying goes “This town is on Fire.”

On September 1, 2013, available inventory in the combined Naples, Bonita Springs and Estero market stands at 4,932 units (2,422 single family homes and 2,510 condominiums).  This represents a 4.9 month supply based on the number of closings in the past 12 months.

The supply of single family homes and condominiums for sale decreased 20% from September 1, 2012 (6,162 to 4,932) and the average list price as of September 1, 2013 is $748,255.

  • YTD the number of closed sales for sales greater than $1,000,000 is up 25% over 2012 (718 versus 575); volume increased 21%.
  • The number of closed sales in August 2013 is the highest for the month since 2005.

Buyers and sellers can both benefit from this market, just ask me how.  Please call me, Frank Petras, at (239) 595-2221 or visit www.FrankPetras.com.

As a REALTOR in Naples, Florida with a very impressive international client list, I am known for my incomparable market knowledge, exceptional customer service, superior negotiating skills, high-end global targeted marketing and tremendous results.  I have an unrivaled reputation as a luxury property specialist.  I have earned local and national recognition for marketing and selling multimillion dollar luxury waterfront and golf course estates and other fine properties in Naples, Bonita Springs, Estero and the surrounding areas.

Voted Best Real Estate Agent in Client Satisfaction in Southwest Florida – Gulfshore Life Magazine

John R. Woods’ Emerald and Platinum Circles of Excellence

Realty Alliance Leading Residential Real Estate Sales Professional in North America

Appointed to Who’s Who in Luxury Real Estate

Awarded Million Dollar Guild Recognition by The Institute for Luxury Home Marketing

Slowdown in Home Prices? No Reason to Panic

beach bridgeNationally, home prices have risen nearly 12 percent from a year ago with even better returns here in SW Florida. 

A slowdown is expected soon, but when? 

How high will prices go?

“Prices are still going to rise – just not as at brisk a pace as we’ve seen over the past year,” The Wall Street Journal reports.  “This should calm down those pundits who have fretted over a new crop of housing bubbles.”  According to a report by Goldman Sachs economists, home prices will likely moderate because they have returned to “fair value” and are no longer being viewed as “undervalued,” as they were for the past two years.  Also, a rise in mortgage rates may cause some buyers to re-evaluate their options.

For the first time this year, buyer traffic dropped below agents’ expectations, and “the next few months will be crucial to determining whether this is just a pause or something more,” the Goldman Sachs report notes.  Locally, most experts predict a brisk selling season with prices rising in the short term.

What’s more, the inventory of homes for sale is starting to loosen as more sellers look to put their homes on the market.  Those sellers, in turn, will then be looking to purchase another home, so prices will still likely continue to rise until new-home construction catches up.  “With the improving underlying housing demand driven by household formation and economic recovery, we think housing activity will remain on an upward trajectory, despite occasional ups and downs along the way,” says the Goldman report. 

Locally, we expect listings to hit the market as we move into season; sales should be brisk.  Let’s get ready now!  Also, as the report notes, investors will likely slow their purchases as the number of foreclosures dry up; this will give buyers more opportunity to buy into the market now.  Nobody knows the Naples housing market better than an experienced luxury specialist like
me, Frank Petras. 

If you are ready to buy or sell, please call (239) 595-2221 or visit www.FrankPetras.com.

As a REALTOR in Naples, Florida with a very impressive international client list, I am known for my incomparable market knowledge, exceptional customer service, superior negotiating skills, high-end global targeted marketing and tremendous results.  I have an unrivaled reputation as a luxury property specialist.  I have earned local and national recognition for marketing and selling multimillion dollar luxury waterfront and golf course estates and other fine properties in Naples, Bonita Springs, Estero and the surrounding areas.

Voted Best Real Estate Agent in Client Satisfaction in Southwest Florida – Gulfshore Life Magazine

John R. Woods’ Emerald and Platinum Circles of Excellence

Realty Alliance Leading Residential Real Estate Sales Professional in North America

Appointed to Who’s Who in Luxury Real Estate

Awarded Million Dollar Guild Recognition by The Institute for Luxury Home Marketing

Source:  The Wall Street Journal (Aug. 12, 2013) 

NAPLES AREA CONDO SALES SURGE IN JULY

sales upThe Naples area condominium market has rebounded with full force as evidenced in a July 2013 report released by the Naples Area Board of REALTORS® (NABOR®), which showed a 143 percent increase in condominium closed sales in the $300K-$500K price category and a whopping 1200 percent increase in the $2M+ price category from July 2012 compared to July 2013.

“The condominium market is hot,” according to Mike Hughes, Vice President and General Manager of Downing-Frye Realty.  “The July SunshineMLS statistics show us that high-end buyers were out condo shopping as demonstrated by an increase in condominium pending sales of 167 percent in the 2M+ price category from July 2012 to July 2013.  Overall, if you subtract the ‘bubble years’ of 2004 and 2005, 2013 is looking to be one of the best years on record for home sales.”

NABOR® officials point to a prediction made by Dr. Lawrence Yun, Chief Economist at the National Association of REALTORS®, who stated at the 2011 NABOR® Economic Summit that a sense of urgency would drive the market in 2013.

“His prediction has become reality,” said Steve Barker, Advising Broker for Equity Realty, who explains, “The SunshineMLS statistics show that the inventory is decreasing and the median home price is increasing.  This creates a market where buyers are afraid there won’t be anything left in their price range if they do not buy now.  They are looking for homes in a limited inventory and prices are on the rise.”

If you are ready to buy or sell now, please call me, Frank Petras, at (239) 595-2221 or visit www.FrankPetras.com.

As a REALTOR in Naples, Florida with a very impressive international client list, I am known for my incomparable market knowledge, exceptional customer service, superior negotiating skills, high-end global targeted marketing and tremendous results.  I have an unrivaled reputation as a luxury property specialist.  I have earned local and national recognition for marketing and selling multimillion dollar luxury waterfront and golf course estates and other fine properties in Naples, Bonita Springs, Estero and the surrounding areas.

Voted Best Real Estate Agent in Client Satisfaction in Southwest Florida – Gulfshore Life Magazine

John R. Woods’ Emerald and Platinum Circles of Excellence

Realty Alliance Leading Residential Real Estate Sales Professional in North America

Appointed to Who’s Who in Luxury Real Estate

Awarded Million Dollar Guild Recognition by The Institute for Luxury Home Marketing

Contacts: Wes Kunkle, NABOR® President & Media Relations Committee Chairman, (239) 216-2839,  Marcia Albert, NABOR® Director of Marketing, (239) 597-1666

Luxury Market Continues to Lead the Residential Real Estate Recovery

naples beach umbrellas

What’s happening in the luxury marketplace?

The answer as of mid-year is good news!  Realtors and home owners are now enjoying a seller’s market in luxury homes.  As the second half of 2013 begins, it is apparent that the national luxury market continues to lead the residential real estate recovery.  

While we understand that there is no such thing as a “national” market – conditions vary market to market — it is still useful to look at a composite of many local markets to get a sense of the general trends.  Today’s luxury market trends point toward a solid recovery in the high-end with strong hints in many areas of a coming “sellers’ market” (when demand exceeds supply). 

The high-end homebuyer has stepped back into the market and is shopping and purchasing in increasing numbers, often with all cash.  However, this is not an exact return to the luxury markets of the past.  Today’s high-end homebuyer has a new set of priorities and is focusing on a somewhat different product.  The post-recession luxury home buyer wants more information than ever before, is looking for future profitability, defines “value” in many ways, often wants a slightly smaller home than previously, and is seeking uniqueness and artisanship.  

Luxury homebuyers are most certainly shopping for condos for sale along Gulf Shore Blvd in Naples.  The average sale price of closed properties on the beach during the quarter was $1,284,564, a 5% increase from Q2 2012 and a 13% increase from Q2 2009.  There were 115 beachfront condominiums for sale on July 1, 2013, which is only a 6.2 month supply.  The buildings with the highest closing prices were Regent at $6,000,000 on May 1, 2013 and Aria at $4,425,000 on April 29, 2013.

Condos on the bay also saw an increase in home values.  Average sale price of closed properties on the bay during the quarter was $446,345 with 29 condominiums for sale on the bay as of July 1, 2013, which is a 4.1 month supply. The building with the highest closing price was Ardisonne, where a unit closed on May 1, 2013 for $1,325,000.

If you are thinking about selling your current property in Naples now is the time.  If you would like an up-to-date property evaluation, please call me, Frank Petras, Certified Luxury Home Marketing Specialist.  I can be reached at (239) 595-2221 or online at www.FrankPetras.com

As a REALTOR in Naples, Florida with a very impressive international client list, I am known for my incomparable market knowledge, exceptional customer service, superior negotiating skills, high-end global targeted marketing and tremendous results.  I have an unrivaled reputation as a luxury property specialist.  I have earned local and national recognition for marketing and selling multimillion dollar luxury waterfront and golf course estates and other fine properties in Naples, Bonita Springs, Estero and the surrounding areas. 

Voted Best Real Estate Agent in Client Satisfaction in Southwest Florida – Gulfshore Life Magazine

John R. Woods’ Emerald and Platinum Circles of Excellence

Realty Alliance Leading Residential Real Estate Sales Professional in North America

Appointed to Who’s Who in Luxury Real Estate

Awarded Million Dollar Guild Recognition by The Institute for Luxury Home Marketing

NABOR Reports and Consumers Smile

 sales up

The Naples area real estate market continues to improve in all sectors as shown by key indicators: an increase in pending sales, closed sales, and median closed prices.  According to a report released by the Naples Area Board of REALTORS® (NABOR®), which tracks home listings and sales within Collier County (excluding Marco Island), the Naples area housing market’s second quarter 2013 surged ahead of the second quarter 2012 in pending sales by 11 percent and in closed sales by 6 percent.

During the second quarter of 2013, the Naples area experienced a robust 13 percent increase in the overall median closed home price, which rose from $220,000 in the second quarter of 2012 to $249,000 in the current reported second quarter.

“Buyer demand is definitely increasing,” stated Steve Barker, Advising Broker for Equity Realty, who also pointed out that inventory continues to be constrained in all price segments as evidenced in the SunshineMLS statistics, which showed a 16 percent reduction in inventory overall from 6,310 in the second quarter 2012 down to 5,282 properties in the second quarter 2013, the lowest it has been since NABOR® began tracking in January 2007 when inventory was 10,864.

Home prices in the Naples area continue to show promise, as the median closed price of the single-family home increased 26 percent from $252,000 in the second quarter 2012 to $318,000 in the second quarter 2013. In addition, the condo median closed price increased 8 percent from $191,000 in the second quarter 2012 up to $207,000 in the second quarter 2013.

Brenda Fioretti, Managing Broker at Prudential Florida Realty pointed out that “the distressed market [foreclosures and short sales] is becoming a negligible factor in home sales.  SunshineMLS statistics show a decrease in distressed sales from 56 percent of the total closed sales in August 2010 to only 15 percent of total closed sales in June of 2013.”

How does this affect the value of your home?  For a free home evaluation, please call me, Frank Petras, Certified Luxury Home Marketing Specialist.  I can be reached at (239) 595-2221 or online at www.FrankPetras.com

As a REALTOR in Naples, Florida with a very impressive international client list, I am known for my incomparable market knowledge, exceptional customer service, superior negotiating skills, high-end global targeted marketing and tremendous results.  I have an unrivaled reputation as a luxury property specialist.  I have earned local and national recognition for marketing and selling multimillion dollar luxury waterfront and golf course estates and other fine properties in Naples, Bonita Springs, Estero and the surrounding areas. 

Voted Best Real Estate Agent in Client Satisfaction in Southwest Florida – Gulfshore Life Magazine

John R. Woods’ Emerald and Platinum Circles of Excellence

Realty Alliance Leading Residential Real Estate Sales Professional in North America

Appointed to Who’s Who in Luxury Real Estate

Awarded Million Dollar Guild Recognition by The Institute for Luxury Home Marketing

Sales Strong Along Southwest Florida’s Coast and Waterways

naples condos with venetian villas

Buyers are looking for property and coming up short. 

Sales in Naples on the beach and bay continued at a brisk pace during the second quarter, with sales on the beach (Gulf of Mexico) reaching the highest level since first quarter 2005.  Bayfront sales were the second highest quarter on record.  Although inventory along the beach remains balanced at a six-month supply, some buildings and locations are already experiencing a shortage of available product.   

Average sale price of closed properties on the beach during the quarter was $1,284,564, a 5% increase from Q2 2012 and a 13% increase from Q2 2009.  There were 115 beachfront condominiums for sale on July 1, 2013, which is a 6.2 month supply.  The buildings with the highest closing prices were Regent at $6,000,000 on May 1, 2013 and Aria at $4,425,000 on April 29, 2013.

Average sale price of closed properties on the bay during the quarter was $446,345.  There were 29 condominiums for sale on the bay on July 1, 2013, which is a 4.1 month supply.  The building with the highest closing price was Ardisonne, where a unit closed on May 1, 2013 for $1,325,000.

Average sale price on the beach has increased in each of the past three quarters, and is currently 13% higher than Q4 2012, and 5% higher than Q2 2012.  Prices of bayfront properties remained stable for the past three quarters, and actually, posted a slight decrease (4%) from Q2 2012.  The John R. Wood Market Research Department will closely monitor this segment going forward.  The current four-month supply, coupled with existing strong demand could lead to escalating prices on the bay over the coming months.

Gerald Murphy, District Manager and Managing Broker of Coldwell Banker, adds, “Normally there are more homes available for sale than there are closed sales each month, but right now the available properties are being gobbled up as fast as new listings are being added to the market.  SunshineMLS statistics demonstrate that for every closed home sale, one new listing becomes available.  This ratio underlines the low inventory and is producing a sense of urgency in buyers, as options are becoming scarce.”

How does this effect the value of your home?  For a free home evaluation, please call me, Frank Petras, Certified Luxury Home Marketing Specialist.  I can be reached at (239) 595-2221 or online at www.FrankPetras.com

As a REALTOR in Naples, Florida with a very impressive international client list, I am known for my incomparable market knowledge, exceptional customer service, superior negotiating skills, high-end global targeted marketing and tremendous results.  I have an unrivaled reputation as a luxury property specialist.  I have earned local and national recognition for marketing and selling multimillion dollar luxury waterfront and golf course estates and other fine properties in Naples, Bonita Springs, Estero and the surrounding areas. 

Voted Best Real Estate Agent in Client Satisfaction in Southwest Florida – Gulfshore Life Magazine

John R. Woods’ Emerald and Platinum Circles of Excellence

Realty Alliance Leading Residential Real Estate Sales Professional in North America

Appointed to Who’s Who in Luxury Real Estate

Awarded Million Dollar Guild Recognition by The Institute for Luxury Home Marketing

 

 

Mediterra Banks on Continued Recovery of Housing Market

Naples is a seasonal market; many residents arrive in the fall only to leave again before the heat of summer hits.  This decrease in population tends to slow down sales of homes and other large investments during the “off” season.  This year, Naples enjoyed a strong selling season and the real estate market looks as though it will continue to gain momentum through the summer months.  The Naples Area Board of REALTORS® (NABOR®) attributes this to low overall inventory, a lower average for days-on-the-market and increases in median home prices.

Mediterra is banking on the continued recovery of the housing market by bringing fresh and innovative homes to the market.  The Eloro is the most recent addition to Lucarno at Mediterra, offering up a bright, clean design to compliment the luxuriously intimate lakefront neighborhood.

Eloro Model Home Mediterra

This fully furnished luxury villa model offers 3,380 square feet of air-conditioned living space (4,031 total square feet) with a study, great room, wine pantry, and full outdoor kitchen with grill and under-cabinet refrigerator.  It has three bedrooms, three full baths, a powder room, and an enlarged laundry area leading out to the two-car garage. 

The open floor plan is emphasized by volume ceilings in the great room, an oversized space offering dining, and gathering areas that flow into the adjoining kitchen and outside through pocketing sliding glass doors to the covered living area.  The Eloro is priced at $1,693,460 and is available for immediate occupancy.

Eloro Kitchen

In addition to offering very exclusive homes, Mediterra is known for its top notch sports programs.  The Sports Club at Mediterra aims to continually provide state-of-the-art amenities to its Naples community and its tennis program is a prime example of that initiative.  With seven award-winning, soft ‘Har-Tru’ subsurface irrigated courts and an extensive program consisting of round robins, lessons, clinics, and five lit courts for night play, the tennis program at Mediterra is fit for tennis players of any skill level; in fact, Venus Williams even hosted a clinic on the courts.

For more information on housing prices and new models in Mediterra and all around Naples, please call me, Frank Petras, Certified Luxury Home Marketing Specialist.  I can be reached at (239) 595-2221 or online at www.FrankPetras.com. 

As a REALTOR in Naples, Florida with a very impressive international client list, I am known for my incomparable market knowledge, exceptional customer service, superior negotiating skills, high-end global targeted marketing and tremendous results.  I have an unrivaled reputation as a luxury property specialist.  I have earned local and national recognition for marketing and selling multimillion dollar luxury waterfront and golf course estates and other fine properties in Naples, Bonita Springs, Estero and the surrounding areas. 

Voted Best Real Estate Agent in Client Satisfaction in Southwest Florida – Gulfshore Life Magazine

John R. Woods’ Emerald and Platinum Circles of Excellence

Realty Alliance Leading Residential Real Estate Sales Professional in North America

Appointed to Who’s Who in Luxury Real Estate

Awarded Million Dollar Guild Recognition by The Institute for Luxury Home Marketing