Marie Pimm, P.A. - Estero, Bonita Springs, Naples Florida

Downing-Frye Newsletter - May 2012

Marie Pimm, P.A. — Tue, 08 May 2012 17:01:00 GMT

“The story of 2012 continues to be pending sales contracts,” said Mike Hughes, Vice President and General
Manager. “In the first 120 days of the year, Downing-Frye agents have brought in over 1,500 pending sales contracts.
We have a lot of sales momentum heading into the summer. The summer sales have been very good the
last couple of years. I believe that this summer will be another good summer for home sales.
“Our soon-to-be new Naples office, located at 180 9th Street S. (U.S. 41), will open up additional marketing
opportunities for our company. This move has been in planning for a while and it is nice to see that it will come
to fruition in early summer.

Open PDF document here.

Grill Room under construction at Palmira Golf & Country Club

Marie Pimm, P.A. — Mon, 07 May 2012 23:44:00 GMT

Palmira Golf and Country Club has begun construction on its new 6,200-square-foot Grill Room. The scheduled completion date for the facility is October.

The Grill Room, which was overwhelmingly approved by Palmira's 300-plus members, features seating for 150 guests, a full bar, and a fire pit with additional patio seating outside. Overlooking the 9th green of the Ibis golf course, guests will enjoy eating in a relaxed casual atmosphere.

Project participants include McWard Architects; Interior Design Firm Noller Group; and BCBE Construction.

The Grill Room project is another step towards Palmira's goal of being recognized as a premier private golf community, providing well maintained facilities and to enrich and fulfill its members' needs with resort life-style amenities in a fiscally responsible manner

"It was just about 3 years ago that the members purchased the Club. Since that time, the Club has increased our membership by a third, and has grown cash reserves well in excess to cover this project" states Club President, Frank Percuoco.

General Manager and COO Mark Neneman, states that "The addition of the Grill Room is a perfect complement to the many amenities offered to our members. In addition to our 36,000-square-foot clubhouse, members enjoy our 27-hole Gordon Lewis designed course which is meticulously manicured and features strategically placed lakes and bunkers, and contoured greens with subtle rolls and breaks that definitely hold our members' attention. And, with our membership cap of 365, members will never need to worry about available tee times or having a place to eat or enjoy a beverage after their round."

Palmira Golf and Country Club is two miles east of Interstate 75 on Bonita Beach Road. Online at golfclubatpalmira.org.

For more information about Palmira homes for sale, please contact me: (239) 770.3383. Or see Palmira properites currently on the market here on my website.

Source: naplesnews.com

19 luxury condominiums sold in first quarter of 2012 at Tavira at Bonita Bay

Marie Pimm, P.A. — Mon, 07 May 2012 22:55:00 GMT

Southwest Florida's luxury real estate market is on upswing, which included luxury condominium sales at Tavira at Bonita Bay, where 19 condominium residences have sold this year, totaling $31.3 million.

With sales rebounding sharply, more than 50 percent of the tower within one of Southwest Florida's most prestigious golf communities is already sold out, including four sales in just one weekend in March.

The data supports the trend. According to the Naples Area Board of Realtors, pending sales of luxury homes and condos above $500,000 increased 29 percent last month year over year. Inventory numbers indicate a dramatic decline of supply by 13 percent from the first quarter of 2011 to the first quarter 2012.

Tavira is the sixth high-rise in Bonita Bay developed by The Lutgert Companies. With sweeping views of Estero Bay and the Gulf of Mexico, the 26-story residential tower has unique appointments such as private elevator lobbies, gas fireplaces in the great rooms, and outdoor kitchens, complete with electric grills and sinks on screened terraces. The estate-sized residences offer up to 4,100 square feet of living area.

The property has the conveniences and luxuries of a five-star resort with a heated, resort-style pool, whirlpool and an outdoor bar and fireplace within a screened cabana.

Indoor amenities include a clubroom with a bar and catering kitchen, a 10-seat theater, card and game rooms, a health club with a fitness center, an indoor golf simulator, steam and massage rooms, two designer-furnished suites for overnight guests, and a manager in residence.

A nature lovers haven, more than 1,400 acres of the 2,400-acre Bonita Bay community are devoted to open space, including lakes, nature preserve areas and 12 miles of biking and walking paths. Three waterfront recreational areas and a private beach park on the Gulf of Mexico add to its appeal.

Residents are eligible for membership in the member-owned Bonita Bay Club, which features two clubhouses, an 18-court tennis center, fitness center, and 90 holes of golf. There are three Arthur Hills-designed courses within the community and two Tom Fazio courses, providing a pure golf experience nearby.

Please contact me for more information about Tavira in Bonita Bay: (239) 770.3383. Or email Marie@MariePimm.

Progress Made in Widening U.S. 41 in Estero

Marie Pimm, P.A. — Mon, 07 May 2012 18:31:00 GMT

The long-awaited widening of U.S. 41 to six lanes in Estero has progressed with the recent opening of the northbound traffic lanes.

About a week ago, crews shifted the two northbound travel lanes between County Road and San Carlos Boulevard to the recently constructed lanes on the east side of U.S. 41. In addition, crews also reopened Broadway Avenue to traffic on Monday.

For now, southbound traffic will continue using the two travel lanes currently in use.This will allow crews to construct lanes in the median in preparation for the fall 2012 traffic shift. At that time, the two southbound lanes will use these new lanes in the median while crews construct final new southbound lanes on the west side of U.S. 41.

The ongoing project to widen U.S. 41 from four to six lanes between Corkscrew Road to San Carlos Boulevard is expected to finish in the summer of 2013 and will cost $14.2 million.

Moreover, two additional openings for left turns and U-turns were opened at Woodsmoke Campground resort and at Cypress Bend, an RV resort, which reduces the distance to the next opportunity for left turns and U-turns.

This segment in Estero is the last stretch of U.S. 41 to be six lanes from downtown Fort Myers through Naples, east to Collier Boulevard. The four-lane stretch of highway is the final widening of U.S. 41 so that it is six lanes from the Caloosahatchee River Bridge in Fort Myers to Collier Boulevard, east of Naples.

While the median is under construction, U-turns and left turns will be allowed only at Corkscrew Road, County Road, Broadway Avenue, Estero Parkway, Vintage Parkway/Breckenridge Drive, Hickory Drive and San Carlos Boulevard. That's in addition to the newly opened ones at Woodsmoke Campground and Cypress Bend.

Naples Tomato Restaurant Closes After Eight Years

Marie Pimm, P.A. — Thu, 03 May 2012 19:48:00 GMT

Naples Tomato, a popular North Naples restaurant, closed its doors Saturday after the dinner service.

The restaurant has been open for about eight years and was featured in a 2006 New York Times travel piece on Naples.

The restaurant sent out a blast to about 15,000 customers on the company’s email list shortly before 1 p.m. Tuesday.

Other customers learned of the closure when they stopped by the restaurant for lunch. Instead of finding a bustling restaurant, customers were met with closed doors and a mostly empty space.

No sign was on the door, wine bottles were strewed across the bar and all of the furniture — from tables and chairs to plush couches and coffee tables — had been removed.

In its May issue, Gulfshore Life magazine readers voted Naples Tomato as Collier County’s top spot for Italian fare and brunch, and also recognized its wine list as the best in town.

Source: naplesnews.com

Southwest Florida Construction Industry Building Momentum

Marie Pimm, P.A. — Thu, 03 May 2012 19:11:00 GMT

A strong start to 2012 has construction industry leaders hopeful that a housing market recovery is getting rolling in Southwest Florida, but the commercial market is lagging behind, developers and builders say.

In 2011, a promising start had the industry talking, too, but the rest of the year didn't live up to the first quarter, said Kathleen Curatolo, executive director of the Collier Building Industry Association. Curatolo cites CBIA's annual Parade of Homes, which featured twice as many builders this year and more home models than last year.

In the first quarter of 2012, Collier County government issued 297 permits for new home construction, the busiest first quarter at the county permit counter since the numbers bottomed out in 2009. The county issued about 670 residential permits that entire year.
The 2012 numbers so far are building on a 10 percent increase in residential permits between 2010 and 2011, according to county figures.

Permits for new commercial construction in Collier County aren't seeing the same uptick, according to county figures. From 105 permits pulled in 2005, the numbers have fallen off to 27 in 2011.
Lee County issued 116 single-family permits in the first quarter. That was up nearly 47 percent from 79 in the same months a year ago, according to the county’s Department of Community Development.

Beyond the permit figures, other measures point to a housing rebound. The number of new water meter installations in Collier County's water and sewer district went from 395 in 2008 to 786 in 2011, according to county figures.

A fuller recovery will require that another piece of the puzzle fall into place: jobs. More people are out of work now than they were before the crash, which is keeping even buyers with jobs skittish, according to unemployment figures.

Luxury Home Solutions, based in Fort Myers has plans to open a Naples location. The company has focused on high-end remodeling but is starting to get calls from Realtors with clients who want to build new homes in Grey Oaks and TwinEagles, owner Chris Hall said. "It's still a very desirable location for people because of the weather and the beach," Hall said. "Naples drives the market. I think we're very fortunate to have Naples."

While much of the housing rebound is happening first in existing communities, developers are preparing to launch some of the first new projects in years. WCI Communities is opening another phase at The Colony in Pelican Landing, although with multi-family condominiums not high-rises, a market that hasn't come back enough yet, senior vice president Doug Schwartz said. Toll Bros. is building model homes in its new community, Bonita Lakes along Imperial Parkway near Bonita Springs.

"There's a lot of action going on," said Weber, the Toll Bros. regional president.

Buyers are champing at the bit. When GL Homes opened its new North Naples community, Riverstone, in January, it sold 100 homes between $350,0000 and $800,000 in 90 days, said Patty Campbell, Florida west coast division president. She said the company wasn't expecting as busy a tourist season as they had.

"It seems to be hanging on right now," Campbell said. "We're cautiously optimistic this will continue through 2012. It started out with a bang that's for sure."

While the signs are pointing in the right direction, it's too soon to say whether the recovery has arrived in Southwest Florida, said Schwartz, with WCI Communities. A market cool-down may be on the way as the summer heats up, he said.

Source: naplesnews.com. View entire article here.

Collier Real Estate Market on the Rebound?

Marie Pimm, P.A. — Thu, 03 May 2012 18:59:00 GMT

Talk to real estate insiders and experts about the market in Southwest Florida and these terms are bound to come up.

"The downturn we saw ... it was unprecedented," said Bill Poteet, president of the Naples Area Board of Realtors. "Up until then, Naples had been pretty much bulletproof through most recessions."

Everyone knows what happened instead. The rapid descent of Southwest Florida's housing industry into chaos has been well-documented, as has the flood of short sales and distressed properties that defined the market in 2009 and 2010.

After a promising 2011-12 tourist season turned out even better than expected, local market-watchers are saying the real estate market in Collier County is officially back on the mend — save a couple of caveats. With a presidential election approaching, and uncertainty in gas prices and income tax rates — particularly among upper-income brackets — there remain factors that could slow the recovery of the real estate market.

"It's a mini-recovery," John Tucillo, chief economist for Florida Realtors, said during an April 13 economic summit at NABOR. "And we have a long way to go."

In the first quarter, home sales in the Naples market increased 29 percent, according to the Naples Area Board of Realtors. The median home price in the quarter increased by more than 14 percent to $190,000. The median is the price at which half the homes sell for more and half for less.
In Lee County, pending sales – or new contracts written – for single-family homes increased 24.5 percent in the first quarter, compared to a year ago, according to a report by Florida Realtors. In the quarter, new listings dropped by 4.5 percent and the median sales price grew 8 percent to $135,000.

On a whole, however, Realtors in Southwest Florida sound decidedly more upbeat — and less reserved in their enthusiasm — this spring than in recent memory.

Data released by NABOR in mid-April showed that median closing prices for single-family homes increased 17 percent from the first quarter of 2011 to the first quarter of 2012. Meanwhile, inventory was down 13 percent.

It all seems to point to this: the local market is on the upswing.

However, increased sales numbers have been somewhat uneven in some segments of the market, particularly among lower-end and distressed properties, and homes in the $500,000-and-up range. The first-quarter 2012 numbers released by NABOR indicate this trend may be evening out.

Sales of homes in the $500,000 to $1 million range increased 55 percent from February 2011 to February 2012. Overall, from the first quarter of 2011 to the same period in 2012, the increase was a more modest 29 percent.

Sales of homes in the $300,000 to $500,000 price range increased 14 percent from the first quarter of 2011 to the first quarter of 2012. Sales of homes in the $1 million to $2 million range also increased by 14 percent during that time period, according to NABOR.

Meanwhile, speculators and flippers no longer seem to dominate the marketplace.

It means inventory has dropped to roughly the same levels seen in 2004, just prior to the rapid increases that preceded the burst of the real estate bubble in Southwest Florida. Figures released in mid-April by NABOR show there were 7,596 single-family homes on the market in the first quarter of this year, compared to 8,762 homes listed for sale at the same time last year. That's a 13 percent drop.

Source: Naplesnews.com. Link to full article here

Pending Home Sales SURGE PAST EXPECTATIONS - up 4.1%

Marie Pimm, P.A. — Mon, 30 Apr 2012 22:31:00 GMT

Pending home sales in the U.S. surged 4.1 percent in March, topping expectations and hitting its highest level since April 2010.

The National Association of Realtors said sales were 10.8 percent higher than a year ago, and the group revised February data 90 basis points higher to register 0.4 percent growth.

Economists surveyed by Bloomberg were looking for an increase of just 1.0 percent for the March data.

“First quarter sales closings were the highest first quarter sales in five years," NAR Chief Economist Lawrence Yun said. "The latest contract signing activity suggests the second quarter will be equally good."

Source: businessinsider.com

Updated Market Reports for Grandezza and Pelican Sound

Marie Pimm, P.A. — Mon, 30 Apr 2012 13:54:00 GMT

Sales Data for Single Family, Coach and Carriage Homes

Pelican Sound

Grandezza

Contract Signings Hit Highest Level in Two Years

Marie Pimm, P.A. — Sat, 28 Apr 2012 00:57:00 GMT

Pending home sales hit the highest level in two years last month, another sign that the housing market's recovery is gaining traction.

The number of people signing contracts to buy a house, a forward-looking gauge of the housing sector's health, increased 4.1 percent in March to a reading of 101.4, the highest since April 2010, when it hit 111.3, the National Association of Realtors reported on Thursday.

"The housing market has clearly turned the corner," said Lawrence Yun, NAR chief economist.

"Rising sales are bringing down inventory and creating much more balanced conditions around the county, which means home prices will be rising in more areas as the year progresses," Yun said.

The data reflects contracts but not closings, which take a couple of months to complete.
Through the first three months of the year, closings were the highest in five years for the quarter.

Yun said this year is expected to be a year of recovery for housing and that the latest contract signing activity suggests the second quarter will be just as good as the first.

February's figures were upwardly revised to 97.4 in February and is 12.8 percent above March 2011, when it was 89.9.
A level of 100 represents a healthy market.
Regionally, the results were mixed.

The index for the Northeast slipped 0.8 percent to 78.2 in March but is 21.1 percent above the March 2011 level. In the Midwest, the index declined 0.9 percent to 93.3, but is 16.9 percent higher than a year ago. Pending home sales in the South rose 5.9 percent to 114.1 and are 10.6 percent above last year's level. The West saw an 8.7 percent increase to 108, 9 percent higher than a year ago.

Home-Sale Contracts Rise in March

Marie Pimm, P.A. — Sat, 28 Apr 2012 00:54:00 GMT

The index measuring sales contracts for previously owned homes rose in March to its highest level since April 2010, the National Association of Realtors reported Thursday.

The 4.1 percent increase from February — a 12.8 percent year-over-year boost from March 2011 — indicated to Realtors’ chief economist Lawrence Yun that “the housing market has clearly turned the corner.”

“Rising sales are bringing down inventory and creating much more balanced conditions around the country, which means home prices will be rising in more areas” as 2012 progresses, he said.

March contracts in the eight-county Philadelphia region showed even better signs, rising 21 percent from February and 11.4 percent ahead of last year, according to Prudential Fox & Roach’s HomExpert Market Report.

Buyers seem more confident and determined than they have been in recent years, said Diane Williams, a Weichert Realtors agent in Blue Bell: “There is pent-up demand, there have been competitive offers, and sellers are tired of waiting and are being realistic about pricing.”

Continued low interest rates and increased affordability might be contributing to the rise in contracts, which typically go to settlement within 45 to 60 days of signing.

The 30-year fixed mortgage rate averaged 3.88 percent and has been below 4 percent all but one week in 2012, Freddie Mac reported Thursday. The 15-year fixed rate averaged 3.12 percent last week.

Fixed rates held near their lowest points as markets awaited the Fed’s Wednesday monetary-policy announcement, said Freddie Mac chief economist Frank Nothaft.

The Fed expects economic growth to remain moderate and then pick up gradually. Labor-market conditions have improved in recent months, and the unemployment rate is expected to decline gradually.

The Fed’s statement warned that despite some signs of improvement, “the housing sector still remains depressed,” Nothaft said.

Despite rises in sales of previously owned homes and new-housing starts over last year, prices continued to slide, down 0.8 percent in February and 3 percent from the year-ago month, the mortgage technology company FNC reported. That drop coincides with a rising share of distressed properties in total home sales, 22.8 percent in July vs. 27 percent in February.

If this trend continued, “it could further dampen home prices in the coming months,” said FNC spokesman Bill Dabney.

More distressed properties are coming on the market in the Philadelphia region. The real estate information company CoreLogic said Thursday that the area’s foreclosure rate and 90-day delinquency rate rose in February to 2.57 percent and 5.72 percent, respectively, of outstanding loans.

Source: Phildelphia Inquirer April 27

Stunned Home Buyers Find the Bidding Wars are Back

Marie Pimm, P.A. — Sat, 28 Apr 2012 00:50:00 GMT

A new development is catching home buyers off guard as the spring sales season gets under way: Bidding wars are back.

From California to Florida, many buyers are increasingly competing for the same house. Unlike the bidding wars that typified the go-go years and largely reflected surging sales, today's are a result of supply shortages.

"It's a little surprising because we thought bidding wars were done with," said Andy Aley, who is looking to buy his first home in Seattle's Beacon Hill neighborhood. The 31-year-old attorney was outbid this year when he offered up to $23,000 above the $357,000 listing price and agreed to waive inspections and other closing conditions.

Competitive bidding in the current environment isn't producing huge price increases or leaving sellers with hefty profits, as occurred during the housing boom. Still, the bidding wars caused by tight inventory provide the latest evidence that housing demand is starting to pick up after a six-year-long slump.

An index that measures the number of contracts signed to purchase previously owned homes rose in March to its highest level in nearly two years, up 12.8% from a year ago and 4.1% from February, the National Association of Realtors reported on Thursday.

"We very much believe we've hit bottom," said Ivy Zelman, chief executive of a research firm, who was among the first to warn of a downturn seven years ago. Earlier this week, she raised her home-price forecast for the year, calling for a 1% annual gain, up from a 1% decline.

The Wall Street Journal's quarterly survey found that the inventory of homes listed for sale declined sharply in all 28 markets tracked. Real-estate agents consider a market balanced when there is a six-month supply of homes for sale. At the height of the housing crisis, in 2008, there was an 11.1-months' supply. In March, there was a 6.3-months' supply.

Inventory levels in many markets were at the lowest level in years. At the current pace of sales, it would take just 1.5 months to sell all the homes listed in Sacramento, Calif., and 2.4 months to sell all the homes listed in Phoenix. San Francisco and Washington, D.C., each have 3.4 months of supply, while Miami has 4.1 months of supply.

Other markets have plenty of homes. Chicago, for example, has 9.4 months of supply, while New York's Long Island has 16.1 months of supply. Even in those markets, the number of houses for sale is edging down.

Increased competition is frustrating buyers and their agents. "We're writing a record number of offers, but we're not seeing a record number of closings and that's because it's so competitive," said Glenn Kelman, chief executive of real-estate brokerage Redfin Corp. in Seattle with offices in 14 states.

Nearly 83% of offers that Redfin agents have made on behalf of clients in the San Francisco Bay area this year and 71% in Southern California have had competing bids. Redfin represented a buyer that made the winning bid on a Gaithersburg, Md., home earlier this month after agreeing to adopt the dog of the seller, who was relocating and looking to find a new home for "Buddy," a white toy poodle.

Inventories are declining for a number of reasons. Some sellers, unwilling to accept prices that are still down from their peak by one-third, are taking their homes off the market in anticipation of higher prices down the road. Meanwhile, investors have been outmaneuvering consumers for the best properties, often making cash offers that are quickly accepted by sellers.

In addition, some economists say that inventory levels are being held artificially low because Fannie Mae, Freddie Mac and the nation's biggest banks have been slow to list for sale hundreds of thousands of foreclosed homes they currently own. The lenders slowed down foreclosure sales and repossessions after record-keeping abuses surfaced 18 months ago.

Banks and other mortgage investors owned nearly 450,000 foreclosed properties at the end of March, and another two million mortgages were in some stage of foreclosure.

The declining inventory of older homes is spurring sales of new homes. New home sales are up 16% so far this year, compared with a year ago, while inventories of new homes fell in March to their lowest level since record keeping began in 1963.

Meritage Homes Corp., a builder based in Scottsdale, Ariz., reported Thursday a 36% increase in orders for the quarter ending in March versus the previous-year period.

Even though bidding wars are pushing prices higher, many homes are still selling for prices far lower than a few years ago. Increased demand is "entirely affordability driven, which tells me there will be strong resistance to price increases" by buyers, says Jeffrey Otteau, president of Otteau Valuation Group, an East Brunswick, N.J., appraisal firm.

Rents are rising at a time when mortgage rates have fallen to very low levels. The result is that the monthly mortgage payment on a median-priced home is lower than any time since the 1990s. Freddie Mac reported on Thursday that mortgage rates fell to 3.88% for the average 30-year fixed rate mortgage, near its lowest recorded level.

Rates are "so low that we can afford a house that was out of our price range before," said Aarthi Srinivasan, who is looking with her husband for a home around Palo Alto, Calif., one of the country's hottest real-estate markets.

Ms. Srinivasan says she fears that prices are being bid up too quickly. She says she had her "aha moment" earlier this year while touring a 50-year-old house that needed extensive remodeling. The home, listed at $1.1 million, received nearly 10 offers and eventually went under contract for more than $1.3 million to a buyer who hadn't even viewed the property.

"There are only so many buyers who are going to be in such a hurry, so we're hoping it'll top off soon," she says. On Monday, they offered to pay more than the $1.2 million list price for a four-bedroom, bank-owned foreclosure. They haven't found out if they made the top bid.

On the other side of those transactions are sellers like Debbie and Bill Wetherell, who had 17 offers in four days for their four-bedroom home in Danville, Calif. "I was floored. It was so fast, it was surreal," says Ms. Wetherell. The home sold on Wednesday for $796,000, more than $50,000 above the asking price.

Still, the sale is for nearly $180,000 less than what they paid for the house in 2005. Ms. Wetherell's husband has commuted to Reno, Nev., for five years and they have decided to relocate.

Housing markets face other headwinds. More than 11 million homeowners owe more than their home is worth. It is a big reason that the "trade-up" market has been stalled. These homeowners can't sell their current homes, let alone come up with the down payment for their next home.

Mortgage-lending standards remain tough. Real-estate agents say an unusually high share of deals are falling apart because homes won't appraise at the price that buyers have agreed to pay sellers.

Still, borrowers with stable jobs are looking to make deals. Kelly Pajela-Fu and her husband offered to pay the asking price of $600,000 for a four-bedroom home in Marblehead, Mass., within a day of the property hitting the market.

"We just knew this house would go quickly," says Ms. Pajela-Fu, a 31-year-old doctor who had lost out on an earlier offer. Their strategy to avoid a bidding war paid off: The sellers accepted their offer before having an open house.

Source: Wall Street Journal

Naples Home Prices to Appreciate by 10 Percent this Year, Economist Predicts

Marie Pimm, P.A. — Sun, 15 Apr 2012 17:25:00 GMT

Naples homeowners can expect as much as a 10 percent increase in the value of their homes by the end of the year, a national economist told a packed house of Realtors at an economic summit held Friday in North Naples.

In fact, all the speakers at the 2012 Economic Summit were optimistic about the real estate market in Southwest Florida.

Real estate is in recovery, locally and nationally, buyers have stepped up and prices are firming up, said Lawrence Yun, a chief economist and senior vice president of research for the National Association of Realtors.

Some of the hardest hit markets, including Naples, have been leaders in the recovery, he said. That has a lot do with their location.

"As you all know all real estate is local," Yun said. "You can not pick it up and move it somewhere else."

He predicted as much as a 10 percent appreciation in home prices by December in the Naples market over last year.

"This is not some wishful thinking," Yun said, adding that he believed an over correction in the local market has pulled prices down too far.

While the markets in neighboring Lee County are recovering too, it's not happening as fast because they saw more overbuilding during the boom years, he said.

Nationally, Yun said he expects home prices to increase by 1 to 3 percent by December. He expects increasing sales nationally, which he said could be boosted by 15 to 20 percent if banks just went back to using "normal underwriting standards," instead of using such strict standards that are so limiting.

He talked about a shortage of new homes, locally and nationally.

"You build it, they will come," he said, adding that the buyers may not all come this year, but they'll come in the next year or two.

The key to more housing demand is more people with jobs and that's happening in Florida, he said.

Yun was just one of five speakers at the 2012 Economic Summit, a first-time event sponsored by the Naples Area Board of Realtors, or NABOR. The event, held at the Realtor association's conference center off Pine Ridge Road, attracted a sell-out crowd of 250."It sold out before we could even advertise it to our members," said Brenda Fioretti, a Naples broker and NABOR spokeswoman.

Next year, NABOR will move the event to a larger venue with seating for up to 500.

The other speakers were John Tucillo, a chief economist with Florida Realtors, a statewide trade group; Shelton Weeks, a real estate professor and director of the Lucas Institute for Real Estate Development & Finance at Florida Gulf Coast University; Doug Duncan, a vice president and chief economist for Fannie Mae, and Cindy Carroll, the vice president and manager of the residential division at Carroll & Carroll Real Estate Appraisers and Consultants in Naples. All of the speakers delivered a heavy dose of optimism about the real estate market in Southwest Florida, but it came with some caution.

What happens in real estate depends heavily on buyers' perceptions and expectations, Tucillo said.

"People outside the state still think we're in the dumper," he said.

But they're wrong, he said, pointing out that home sales have steadily increased virtually ever month since last year in Florida.

"I think Florida real estate is back in a mini-recovery," Tucillo said, but he added there's still a long way to go.

Uncertainty over how the 2010 Dodd-Frank Act will affect banks in the future is limiting their willingness to give out mortgage loans because they are worried about the "sword hanging over their head," he said.

Distressed homes that have yet to hit the market, known as shadow inventory, are still a concern, but on the bright side the inventory has been shrinking and foreclosures have slowed, Tucillo said.

The good news about the local real estate market came on the heels of a strong season.

On Friday, NABOR released its first-quarter report, which showed the overall housing inventory shrinking by 13 percent and pending sales – or new contracts written – up over the same quarter last year, which was a strong one.

Mike Hughes, vice president and general manager of Downing-Frye Realty Inc. in Naples, characterized the sales activity in the first quarter of this year as "one of the top five ever."

"It was phenomenal," he said. "Really, the amount of pending contracts that were written in the quarter were staggering."

Pending sales increased 14 percent in the $300,000 to $500,000 market. They were up 29 percent in the $500,000 to $1 million market and rose 14 percent in the $1 million to $2 million market.

The median home price in the quarter increased 14 percent. The median is the price at which half the homes sell for more and half for less.

NABOR's report tracks home and condo sales made by its members in Collier County, except in Marco Island.

"I think the mood among the Realtor community is optimism," Hughes said.

Source: Naplesnews.com

New Pizzeria in North Naples offers "Truly Organic Pizza"

Marie Pimm, P.A. — Wed, 11 Apr 2012 17:18:00 GMT

NORTH NAPLES — What restaurant, some would say, would have an owner with a name such as Jason Chang making pizza – a culinary style usually reserved for die-hard Italians or those in some way related or married into an Italian family?

The new owner of Naples' latest entry into the well-served food category, Truly Organic Pizza has an answer and a darn good one at that.

Chang grew up in Bensonhurst, considered the "Little Italy" section of Brooklyn, N.Y., the home of doo-wop and the heart and soul of all things Italian, especially pizza.

And, since Chang said he lived, breathed and loved pizza, growing up around the cuisine and around New York City pizzerias all his life, and he knows what they should look and taste like – he qualifies indeed as a connoisseur of the popular creation.

Add to that considerable and impressive business acumen earned from his days as a Wall Street floor trader and an overseas businessman and you have a savvy restaurant owner who knows how to work his new venture.

To show off his food chops, Chang has created 12 signature pies that not only taste authentic but are nutritionally good for you – his pies are made from USDA-certified organic ingredients, as he says, "with no exceptions."

And, he says that fact earns him boasting rights to advertise his "Truly Organic Pizza" as America's first and only USDA-certified organic pizza eatery.

The rights he said, did not come easy. It took dedication to an arduous certification process that cost thousands of dollars and about 100 hours of work.

Truly Organic Pizza

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"The 300-page application in itself was cumbersome, but I stuck with it. Even ingredients like the black pepper and yeast had to be organic — to my cleaning products and even pest control," he said.

Chang said that he wanted to fill a void and serve a product that is the answer to over-processed ingredients often used to make pizza today. Parents should have a healthful food alternative for their families, he said:

"Too many American children are beset with childhood disease like diabetes and childhood obesity due to unhealthy eating habits and the proliferation of fast food options that are not good eating choices."

And he is betting his business that today's health-conscious public is willing and ready to buy into that concept. And, judging from the 400 visitors who sampled slices at his March 16 pre-grand opening day, business should boom.

That day, the curious and the hungry scarfed down pizza samples with dough made from organic unbleached flour and veggie toppings and dairy products sourced from family farm co-ops that do not use pesticides, fertilizers or herbicides.

The beef in the meatballs comes from grass-fed cows; the pork sausage comes from animals raised without cloning or genetically modified organisms, and his chicken products are antibiotic- and hormone-free.

But aside from the obvious superiority of the organic ingredients, what does Chang think makes a good pie?

Traditional New York pies, he explained, have a crunchy-bottomed crust that is chewy in the middle and topped with plain cheese and tomato sauce; thin-style Neapolitan pies like the Margarita are baked in brick ovens and topped with fresh ingredients.

Both are his favorites. So Chang came up with his version of that he calls New York Neapolitan style pizza, in 12 different varieties.

The pies include a classic cheese pie ($16.95) with that ample crunchy crust made from organic dough, topped with San Marzano tomato sauce that is hand-blended with fresh garlic, olive oil and basil and topped with fresh mozzarella.

At $19.95 are the Tree Hugger, a vegetarian's delight and Jason's pie, a combo of mozzarella, wild mushrooms, peas, slivers of rosemary-roasted potato and hardwood smoked ham. There are also an eggplant parmigiana and Maui Wowie pie that features pineapples and hardwood-smoked ham.

Options for $23.95 are a wild mushroom pie, a buffalo chicken pie, the sausage-andpeppers pie, a chicken Alfredo pie and Jason's meatball pie, topped with thick slices of savory meatballs.

The carnivore at $26.95 serves up a hefty portion of pepperoni, Jason's meatballs and homemade sausage. Add your choice of toppings at $2.25 or $4.50 each for meat choices.

Chang also offers specialty pies that feature local ingredients in season such as a pie topped with feta-stuffed zucchini blossoms. He says he may also add a 10- inch personal-sized pie to the menu.

He is also considering opening additional locations in the future.

For now, anyone as far north as Bonita Beach Road, east to Interstate 75, south to Golden Gate or even west to the beach can take advantage of Chang's free delivery.

Source: Naplesnews.com

Investors, Higher-income Earners Snap Up Properties

Marie Pimm, P.A. — Tue, 10 Apr 2012 14:25:00 GMT

Investors and higher income earners recognize there are golden opportunities in the marketplace. According to the National Association of Realtors, nationwide sales of investment and vacation homes soared in 2011, with their combined market share reaching the highest level since 2005.

The shift in investment buyer patterns last year shows the market, for the large part, is able to absorb foreclosures.

The national group's 2012 Investment and Vacation Home Buyers Survey, covering existing- and new-home transactions in 2011, shows investment home sales jumped 64.5 percent to 1.23 million last year from 749,000 in 2010.
Vacation home sales were up 7 percent to 502,000 in 2011 from 469,000 in 2010.
Vacation home sales accounted for 11 percent of all transactions last year, up from 10 percent in 2010, while investment sales jumped to 27 percent in 2011 from 17 percent in 2010.

Association chief economist Lawrence Yun said investors with cash took advantage of market conditions in 2011. "During the past year investors have been swooping into the market to take advantage of bargain home prices," he said. "Rising rental income easily beat cash sitting in banks as an added inducement."
Yun said due to the surge in investment purchases, REO (bank real estate owned) inventory is not lingering for an extended period. "Any government program to sell REO inventory in bulk to large institutional companies should be limited
to small geographic areas," he said.
All-cash purchases have become common in the investment and vacation home markets, with 49 percent of investment buyers paying cash in 2011, along with 42 percent of vacation home buyers.

Half of all investment home purchases in 2011 were distressed homes, as were 39 percent of vacation homes.
Eight out of 10 second-home buyers said it was a good time to buy.
Half of investment buyers said they purchased primarily to generate rental income, and 34 percent wanted to diversify their investments or saw a good investment opportunity.
Thirty percent of vacation homes and 23 percent of investment properties purchased last year were in the West.

"It's evident that investors realize real estate is a good investment and are not hesitating to purchase property they know will pay off for them as rental property. Current interest rates are at record lows, so those who can are not hesitating to pay cash for second homes which they can use for family vacations, a family retreat or future retirement home," said Suzanne Yost, president of the Silicon Valley Association of Realtors.

The median investment-home price was $100,000 in 2011, up 6.4 percent from $94,000 in 2010.
The median vacation home price was $121,300, down 19.1 percent from $150,000 in 2010.
Investment home buyers in 2011 had a median age of 50, earned $86,100, while the typical vacation home buyer was 50 years old and had a median household income of $88,600.
According to the national group, 42.1 million people in the U.S. are ages 50 to 59, a group that has dominated second-home sales since the middle part of the past decade and established records. An additional 43.5 million people are 40 to 49 years old, while another 40.2 million are 30 to 39.

"Given that the number of people who are in their 40s is somewhat larger than the 50-somethings, the long-term demographic demand for purchasing vacation homes is favorable because these younger households are likely to enter the market as their desire for these kinds of properties grows, and individual circumstances allow," said Yun.

U.S. Census Bureau data shows there are 8 million vacation homes and 42.8 million investment units in the U.S., compared with 75.3 million owner-occupied homes. The 2012 Investment and Vacation Home Buyers Survey, conducted in March 2012, includes answers from 2,241 usable responses about home purchases during 2011.

Information in this column is presented by the Silicon Valley Association of Realtors at www.silvar.org. Send questions to rmeily@silvar.org.

Investment, Vacation Home Sales Soar in 2011

Marie Pimm, P.A. — Mon, 09 Apr 2012 22:09:00 GMT

Investment, Vacation Home Sales Soar in 2011 - and almost half of all investors paid for properties with cash.

Sales of investment properties and vacation homes soared last year as investors snapped up homes that were selling at beaten down prices.

Homes purchased by investors skyrocketed 64.5% to 1.23 million in 2011, up from 749,000 the year before, according to the National Association of Realtors.

Vacation home buyers also came out in larger numbers, with sales climbing 7% year-over-year to 502,000. Meanwhile, sales to ordinary home buyers, who plan on living in the home full-time, fell 15.5% to 2.78 million, NAR said.

"Investors have been swooping into the market to take advantage of bargain home prices," said Lawrence Yun, NAR's chief economist. "Rising rental income easily beat cash sitting in banks."

Many investors were on a shopping spree, with 41% of buyers picking up more than one property during the year, compared with 34% in 2010, according to NAR. The median number of properties they bought rose to three from two during that time.

And almost half of all investors paid for the properties with cash. Even buyers who secured a mortgage to finance the purchase offered hefty down payments. The median down payment for both investment and vacation-home buyers was 27%.

"Clearly we're looking at investors with financial resources who see real estate as a good investment and who aren't hesitant to use cash," said Yun.

Foreclosures have helped fuel the second-home sales surge. Half of the investment purchases made last year were distressed sales, either foreclosures or short sales, as were 39% of vacation home purchases.

According to NAR, the median home price for investment properties was $100,000, a bargain compared to 2005 when the median investment property sold for $150,000. Meanwhile, the median vacation home sold for $121,300, down 19% from 2010 and a significant decline from the median price of $200,000 six years earlier.

Most investors said they intend to hang on to the properties instead of flipping them for a quick profit. The typical investor said they plan to hold the home for 5 years, with half of them reporting that they purchased the property mainly to generate rental income.

In nearly every market in the nation right now, buying is more affordable than renting. Continued tight mortgage financing, however, makes it difficult for some buyers with less than stellar credit history to buy homes.

For real estate investors, that means a steady supply of bargain properties -- and potential renters.

Source: CNN Money

A little Friday Humor...

Marie Pimm, P.A. — Fri, 30 Mar 2012 19:27:00 GMT

Investment home sales jumped last year

Marie Pimm, P.A. — Fri, 30 Mar 2012 18:48:00 GMT

Investment home sales jumped last year. A high-end subset of the housing market showed resilience last year, with sales of vacation and investment homes jumping to the highest level since 2005.

The National Association of Realtors says investment home sales surged 64.5 percent to 1.23 million sales last year. Vacation home sales rose 7 percent to 502,000. Those gains came even as owner-occupied sales fell 15.5 percent to 2.78 million.

Arizona has been a hotbed for investment and vacation home sales in recent years as housing prices have dropped roughly 50 percent since 2007. The NAR doesn't break down sales by state, but 30 percent of all vacation homes sold last year were in the West -- which includes Arizona. Seventeen percent of all investment properties were sold in the West last year.

Vacation home sales accounted for 11 percent of all housing sales last year, while investment sales represented 27 percent of all sales.
The Washington-based NAR says it is a sign investors with cash were taking advantage of market conditions last year.
During the past year investors have been swooping into the market to take advantage of bargain home prices," said NAR chief economist Lawrence Yun. "Rising rental income easily beat cash sitting in banks as an added inducement." These buyers are also more likely to go to the table without a mortgage.
NAR says 49 percent of investment buyers paid all cash last year, as did 42 percent of vacation home buyers. Half of those investment property sales were distressed properties.

"Clearly we're looking at investors with financial resources who see real estate as a good investment and who aren't hesitant to use cash," Yun said.

Source: Phoenix Business Journal - March 29, 2012

Now Available - New Market Reports for Grandezza and Pelican Sound

Marie Pimm, P.A. — Fri, 23 Mar 2012 20:07:00 GMT

Sales Data for Single Family, Coach and Carriage Homes

Pelican Sound

Grandezza

Household Formation Isn’t “Pent Up” - It’s Stretching Its Seams And Getting Comfortable

Marie Pimm, P.A. — Thu, 22 Mar 2012 18:40:00 GMT

Robert Frost said that home is the place where, when you have to go there, they have to take you in. Given the ongoing state of the economy, a lot of folks have have opted to go home. Retired parents who’s investments have taken a hit have moved in with kids, unemployed young adults have moved in with parents, laid off workers have moved in with siblings, and all sorts of other combinations. According to Lawrence Yun, chief economist for the National Association of Realtors, that means that demand for new housing could skyrocket at any time.

About 30 percent of young Americans age 25 to 34 who once left their family homes have moved back in, says a report released Thursday by the Pew Research Center.
Not only is there no stigma attached to being part of the “boomerang generation,” but both parents and young adults seem to be OK with the arrangements, said Kim Parker, author of the Pew report.
Just 24 percent of the young adults said moving home was “bad” for their relationships with their parents; another quarter said it was “good” for everyone, while the rest of the young adults said moving home made no difference in their family relationships.
The trend of young adults returning to their family homes had been growing steadily since the 1980s, and surged in 2007, when the Great Recession upended millions of jobs and housing situations, the Pew report says.

Even with job formation ticking up slightly, wages remain suppressed, and many families can use some extra income:

This boomeranging often eases financial concerns for everyone, Ms. Parker said. High numbers of young adults are paying for groceries and doing chores, and 48 percent pay rent – which in turn is welcomed by about 40 percent of their parents, the report says. In return, the young adults benefit from living with others while they pursue good jobs or education.

It is not uncommon in many cultures for extended families to share a home. [And it wasn't uncommon in the U.S. not so long ago either.] Certainly there are folks who will jump at the chance to have their own place once they have the money, but many, especially older Americans, may not be willing or able to make that choice. Given the pace of the “recovery” it seems unlikely that there will be an “explosion” of people leaving their extended family homes. Those that do move out to a place of their own will leave in a trickle, and not with a bang.

Source: Housingdoom.com

The Impact of Rising Mortgage Rates

Marie Pimm, P.A. — Sat, 17 Mar 2012 18:56:00 GMT

Mortgage rates will be starting to rise from this week on. From the 3.9 to 4.0 percent average rate in the past five months on a 30-year fixed mortgage, the new rates will soon be in the range of 4.3 to 4.6 percent. Usually the initial phase of rising rates can quicken the decision to sign on the dotted line as consumers do not want to face even higher mortgage rates later on. However, a prolonged increase will shrink the pool of eligible home buyers.

Here are some raw statistics to contend with. Let’s say a person is committed to paying at most $1,000 per month in principal and interest to be comfortably within this person’s budget. A mortgage calculator will spit out that at a 3.9 percent rate (last week’s rate), this homebuyer will be able to take out $212,000 in mortgage amount. At 4.5 percent (near future rate), the figure drops to $198,000, or the equivalent to a drop of 7 percent in purchasing power. The homebuyer therefore has to shoot for lower price points.

Another way to view the impact of rising rates is to compute the income required to get the $212,000 in mortgage funds as in the above example. At 3.9 percent, the income would have to be $4,000 per month, assuming that this particular person only feels comfortable with a mortgage payment taking up 25 percent of his or her income. At 4.5 percent, the mortgage payment to buy that same home would be $1,074 per month and the corresponding monthly income requirement would be $4,296. Now, how many people have a monthly income between $4,000 and $4,296 or on an annual basis between $48,000 and $51,552? According to the Census income distribution table, 2.9 percent of the population is between these two incomes. This income gap also represents how many people would have qualified to buy this particular example home before and after the mortgage rate change.

Simply put, if mortgage rates rise to around 4.5 percent in the upcoming weeks from the previous 3.9 percent, then home sales are expected to be impacted by 3 percent. If the 30-year fixed mortgage rate rises to 5 percent then the impact is closer to 6 percent.

This illustration is what economists call a static analysis. It assumes that other variables are not changing. In the real world, the confluence of factors makes the data analysis less clean. The 3 percent impact may not be meaningful if, say, job gains pick up steam or mortgage underwriting standards become less restrictive. Then there are the cash buyers, making up about one-third of all buyers in the past year, who would care squat about rate changes. Still, it is worth keeping in mind that rising rates will put some drag on the broader housing market recovery.

Source: National Association of Realtors

Seniors and Young Adults Will Influence U.S. Housing Markets

Marie Pimm, P.A. — Thu, 15 Mar 2012 00:42:00 GMT

Washington, March 13, 2012: Aging baby boomers and their echo boomer children will significantly impact trends in the nation’s housing market over the next 20 years. In a new report released by the Bipartisan Policy Center, “Demographic Challenges and Opportunities for U.S. Housing Markets,” researchers at the National Association of Realtors®, The Urban Institute, and the University of Southern California analyze key demographic trends and their likely influence on housing and homeownership in the U.S.

Over the next two decades, the aging baby boomer generation will swell the nation’s senior population by 30 million. That demographic shift will likely help increase the supply of housing, since people over age 65 typically release much more housing than they absorb.

“The Northeast and Midwest are most likely to see a large number of older homeowners selling their homes to younger homeowners as the baby boomers age,” said NAR Chief Economist Lawrence Yun. “This increased supply could mean additional buying opportunities for echo boomers. That generation will absorb 75-80 percent of the available inventory of owner-occupied housing by 2020.” The echo boom generation includes nearly 65 million people born between 1981 and 1995. NAR’s analysis illustrates the potential impact of economic and housing policy on this generation’s demand for housing as they come of age.

“Housing, jobs and the economy are inextricably connected,” said Yun. “A strong recovery with favorable housing market conditions would encourage substantial growth in echo boomer households, which would help absorb the current vacant inventory and stabilize conditions for residential construction. Under a reasonable ‘middle’ recovery scenario, approximately 12 million new households will be formed over the next decade, requiring construction of up to 15 million new housing units.”

NAR President Moe Veissi noted that current market trends favor would-be homeowners of all ages. “As the supply of rental housing continues to fall, rents are increasing,” said Veissi, broker-owner of Veissi & Associates Inc., in Miami. “At the same time, affordability for homeowners is at a record high. For buyers who qualify and are ready to assume the responsibilities of owning a home, opportunity is knocking.” The National Association of Realtors®, “The Voice for Real Estate,” is America’s largest trade association, representing 1 million members involved in all aspects of the residential and commercial real estate industries.

Source: Realtor.org

Lovely Single Story with lake, perserve and golf course views in Grandezza

Marie Pimm, P.A. — Wed, 07 Mar 2012 17:27:00 GMT

Tranquil Lake, Preserve & Golf Views

• 2,000 sq. ft., 2 bath, 3 bdrm single story "Open floor plan with expanded kitchen/dining" - MLS® $405,000 - Many Upgrades

Grandezza, Estero - Modified Heron resulting in an open floor plan with expanded kitchen/dining area & 3rd bedroom/den. Tranquil views of lake, preserve & golf course from kitchen, great room & lanai. Seller is an Interior Decorator, no surface has been left untouched. This house is loaded with upgrades! Faux painted walls throughout (except laundry). Crown Molding in Living Room, Dining Room, Kitchen, Halls & Master Bedroom. Silhouettes or plantation shutters on windows, custom window treatments throughout, custom light fixtures, cove lighting in tray ceiling in master bedroom, lighted niche & plant shelf in great room, upgraded kitchen cabinets with lighting above & below, stainless steel appliances in kitchen, 17" floor tile on diagonal.

Every homeowner at Grandezza is social club member which includes the wonderful community pool, spa and cabana, lighted tennis courts, exercise facility and use of two restaurants in one of the most magnificient clubhouses in all of SW Florida.

Grandezza offers competitive Darwin Sharp golf course, luxurious 55,000 sq ft Clubhouse & all its amenities - 2 restaurants, fitness center, tennis courts, community pool.

Grandezza is located close to the airport, the Gulf Coast Town Center, Miromar Outlet Mall, Florida Gulf Coast University and just minutes away from the new Coconut Pointe Town Center-right in the midst of many restaurants and movie theatres.

Property information

Other New Retail Openings

Marie Pimm, P.A. — Tue, 28 Feb 2012 21:32:00 GMT

Miromar Outlet Mall has added several stores recently – Bloomingdales, Michael Kors, HaggarsMens Wear, Spritz Designer Fragrances, Bare Escentuals and Greg Norman’s.

And, we now have Trader Joe’s in the former Borders location at Immokalee Road and US-41.

New Restaurants in Naples, Bonita Springs and Estero

Marie Pimm, P.A. — Tue, 28 Feb 2012 21:26:00 GMT

The restaurant industry is showing signs of improvement in both Lee and Collier counties.

Helped to some extent by a stronger tourist season and international visitors with stronger buying power, we have quite a selection of new venues to try.

Mercato restaurants are doing particularly well; several are at the top for performance in their chains.
Seasons 52 has opened in the Mercato – from the same group as The Capital Grille, this restaurant offers a constantly changing, seasonal menu of meals of 475 calories.
The owners of Angelina’s have opened a second restaurant; Agave Southwestern Grill on Vanderbilt Beach Road featuring Mexican, Spanish and Native American influences.
Shulas of Naples has opened a second location; this one in the SW Florida Airport.
Pate’s House of Prime Rib has opened in the Coastland Mall in the former Ted’s Montana Grill location.
L’Etoile, serving classic French cuisine, has opened 10711 US-41 just south of Immokalee.
Latitude Fusion Cuisine & Piano Bar opened at 2500 Vanderbilt Beach Road
Fish, a new local seafood restaurant is scheduled to open in the Village on Venetian Bay in Naples early February.
Thomas Monaghan, founder of Domino’s Pizza and Ave Maria University opened his first hamburger delivery business, Gyrene Burger in Naples selling just 2 types of burgers, no sides.
Gulf Coast Town Center now has Elevation Burger, Connors Steak & Seafood, Keys Bar & Grille and Olive Garden
And Sam Bucco’s owners have opened Figs Grille, with strong Mediterranean cuisine, in Bonita.

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