Area Real Estate News & Market Trends

You’ll find our blog to be a wealth of information, covering everything from local market statistics and home values to community happenings. That’s because we at Poteet Properties care about our community and want to help you find your place in it. Please reach out if you have any questions at all. We’d love to talk with you!

 

Aug. 2, 2019

June Market Report

JUNE - THE GOOD, THE BAD, AND THE UGLY.

No we did not have a spaghetti western in June.  Clint Eastwood did not appear, at least I don't think so.  However, the results of June were mixed.   Total number of sales were down compared to last year at this time, but 843 closed sales is still pretty good.  Inventory fell by 13%.  This will help some market as the cheaper priced properties were gobbled up by buyers.  You can see the this conclusion with the 1% gain in Median closed prices.  There is still plenty of product on the market for buyer to choose, plus none of these numbers reflect the new home market.   My ugly is the increase in days on market.  We can sort of justify it by saying summer is typically slower, thus you would normally see more activity the rest of the year.  Regardless, it's inching towards being over 4 months and sellers do not like that. 

 

 

Posted in Market Updates
July 2, 2019

May 2019 Sales Statistics

Under $500,000 leads market for May

The May Sales Report reflects more moderate buyers jumping in the market.  High end home sales declined while homes and condos under $500,000 rose in percentage of total sales volume.  Inventory in the under $300 market took a dip reflecting the hot market.  The overall total market inventory was reduced by 13%.  This is not surprising since it is the end of our sales season and the closings reflect sales contracts executed 30 to 60 days before the property closed.  A lot of the lower end market activity were in the Golden Gate Estates and Ave Maria markets.   Prices overall for the Greater Naples residential real estate market slipped a little over last year at this time, but still are considered strong prices as compared to other parts of Florida.   Commercial properties due in large part to a shortage of product and lack of new commercial developments are retaining their values.

 

Posted in Market Updates
June 25, 2019

Private Property Ruling

This morning I was asked by a Realtor about a recent Supreme Court ruling and how it affects the average Realtor.  
The headline from NAR read "Supreme Court Ruling Stands to Strengthen Private Property Rights". The case was
Knick vs Township of Scott.  What the court ruled was in cases of taking of property by a government entity, property owners can now sue through the Federal Courts at the same time as State Courts. No longer do they have to wait or go through an arduous process to get to Federal Courts.   For property owners this helps level out the playing field.  Lawsuits are very expensive and local Governments seem to have an endless revenue stream available where most property owners have limited resources.   Instead of forcing property owners to sue in lower courts first and then take it to the Federal Courts mounting exorbitant fees to defend their interest in their property, property owners now can plot a legal path that works within their means.  Back to the original question, most Realtors and their customers will never be affected by this ruling, but for the Realtors and their customers/clients that are forced to fight for fairness and settlement equity, this is a welcome site.   There are valid reasons for governments to take properties, but there should be no valid reason to treat those properties owners who are affected by the taking in an unfair or unjust manner.  The Supreme Court apparently agrees and for property owners this is a good thing. 

 

 

Posted in Government Issues
June 6, 2019

April 2019 Stats for Naples, FL

Results for April are Mixed

When you review the info stats below provided by MLS of Naples you will see some things went up and somethings went down.  Look at inventory.   Look at median price.   Look at closings.   It's mixed results.  So what does it mean?  

 Remember back in December and January when the market was incredibly slow.  Many blame the government shutdown.  Whether it was the reason or not, it created a pent up demand with for buyer who wanted to buy but decided to hold up until Washington was behaving better.  Now we are seeing some of the buyers who waited until February and March to make purchases close on their properties.  Inventory also showed a decrease but is that really something new.  Typically we see the inventory decline as the season heads toward its final weeks.  Finally a 6% decrease in median closed price reflects the country's confidence at the time of the purchase.  Remember in February and March we were just getting away from our national leadership's misbehaving in the name of federal immigration.  I don't care which side of the issue you were on back in December and January, those involved on both sides did nothing to ensure the people of this country that everything was going to be ok.  As both sides dug their heals in deeper each day, the real estate economy felt it.  In February seller were lowering prices and adding incentives to move their product.  As the season went on, on less sellers reduced their prices.  I suspect in May or June we will see the median price inch up.  Most economists look at our market being close to stable.  They anticipate prices rising slightly, homes selling at a normal pace, and inventories shrinking slowly.   More homes will be added to our inventory as Sellers get more confidence in the local market which will keep from having dramatically less inventory.  From a Realtors point of view, this is a good thing.  It keeps us working,

Posted in Market Updates
June 6, 2019

HR 2157

June 6, 2019   HR2157  Better know as the "Disaster Relief Act 2019 was signed into law today by President Trump.  Included in this much needed bill was an extension through September 30, 2019 for Federal Flood Insurance.  On Monday in a huge bi-partisan vote, the House of Representatives sent the bill to the President with a 354 to 58 vote in favor of the bill.  Previously the Senate had passed it with a vote of 84 to 9.  It is good to know that when the presidential politics are not surrounding an issue, Congress has the capacity to work together for the better good of the Country.  Now much needed aid will be spread around the country to help those ravaged by fire in California and Florida's panhandle which felt the brunt of Hurricane Michael.  

 

 

Posted in Government Issues
May 27, 2019

Realtors challenge Rental Ordinance

Tomorrow at the Collier County Commission, members of the Naples Area Board of Realtors will challenge the Commission's recent decision to enforce a No Six Month or Less Rental policy that affects the unincorporated areas of Collier County.  Realtors understand some renters violate their privilege to rent homes and condos, but penalizing all those property owners that follow the rules only further exacerbates the problems associated with the Commission's decision.   There are about 14,000 rental units that lease in Collier County according to Jack Wert of Collier County Tourist Development Council.  The rentals account for over $9,000,000 in revenues from rentals less than six months.   It would be terribly irresponsible for the Commission to just give away that money without trying to find a common sense resolution to the problem.   With all 14,000 rentals last year, the County received 66 code enforcement complaints.  A great number of the 66 complaints were simply about the rental period was less than 6 months.  

There are some legitimate complaints against renters.   The neighboring properties need resolution to them also.   Can we not just take away those who break the rules and not violate the property rights of the non offenders?  The Board of Realtors is suggesting we create a stakeholders group and work to find middle ground.  That makes sense.

What does not make sense is how the County can advocate for a rule that they have yet to produce.  The County Attorney states the ban on 6 month or less rentals is in the Land Development Code.  I looked and I can't find it.  Others have looked too.  It's not there.  Therefore without the ban being in an ordinance, there is nothing to inforce.   Yet even knowing this, the Realtors want to find common ground because every property owner has property rights.   Equity needs to prevail.   Hopefully the Commission will listen and make a good decision that is fair to all.

Posted in Government Issues
May 23, 2019

Senate Passes Disaster Relief Bill

Senate passed a much needed Disaster Relief Bill today by a vote of 85-8.  The $17 Billion Bill has already passed the House of Representative.    The President has indicated he will sign it.   The bill will provide financial assistance for victims and communities affected by Hurricane Michael and Hurricane Florence.  It will also cover emergency aid for other natural and manmade disasters including the wildfires in California and flooding in the midwest.

Posted in Government Issues
July 31, 2017

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Posted in Market Updates