Current News & Views

A Pelican Landing listing, and an update

Before I comment on the state of the real estate market in the Bonita Springs/Estero area, I should explain why I am featuring a home for sale. Did you notice the link at the bottom of the home page? If not, go back and follow it and you'll see what I mean. As most of you know, I never represent sellers, so what's the deal here? Well, the house belongs to us, to my husband and me. (That should give you some idea of my faith in the local market.) It is time for us to simplify our lives and find a smaller home. As you've seen, or will see, it is a lovely home and priced to sell.

Where are we now?

We have had many slow months in real estate since I last wrote in this blog. So slow that I had little to write about; I'll try to do better. In fact, August was the slowest month I've seen since I've been in the business. I expected to see an upturn in the fall, and we are beginning to see some signs of life. I did have several clients this summer who were relocating, and they really benefited from the buyer's market. The client who purchased a new home probably benefited the most, with an extraordinary reduction in price on a home that was already completed.

New home sales

New home sales are still very, very slow and buyers are being offered quite a range of incentives to purchase, such as several years of condo fees, several years of home owner association fees, free pools, new cars, thousands of dollars off closing fees, and so on. It is almost impossible for the builders/developers to stop in their tracks, so many of them have been accumulating inventory during this time when sales have been slow. Sales have been slow, of course, because investors have fled the real estate market and the other buyers have been hanging back, afraid they will pay too much if they don't wait long enough. Then, too, some of those buyers have other homes to sell before they can purchase new ones.

Resales

The resale market is also slow, but s ..

Spring 2006: The Residential Marketplace.

This year is an excellent time to buy property in southwest Florida. Many sellers, fearing they waited too long, have finally listed their homes for sale. Many buyers are waiting, afraid they won't get the best deal if they buy too soon. So, although not too many offers are being written right now there is a good bit of pent up demand.

Folks, I don't think there is going to be a big drop in prices in this area. People continue to want to own homes here - both full time and second homes - and we are not seeing the kind of mass exodus that brings home prices down. The only people leaving are some of the speculators, but that will help us reestablish a normal market.

What this does mean is that you, the potential buyer, now have more choices, and you need not feel that you must make a full-price offer on the first suitable home you see. This is a welcome change. However, don't be fooled into thinking that home prices won't start to appreciate again. Once this all sorts out - in twelve to eighteen months or so - demand will once again start to bring upward pressure on prices. So, start looking now. With guidance from a good, experienced REALTOR, especially an exclusive buyers' broker like I am, you can feel free to go ahead and buy when you find the home of your dreams. You won't be sorry.

A very good value available now -

I've had this condo on the list for several months and don't understand why no one has jumped on it. Now at $299,999, it is the least expensive 2 bedroom plus den condo of this size west of 41 in the Bonita Estero area. This special end unit has a private courtyard as well as a screened lanai. Built in 2001, it has 1613 square feet under air and a garage. It is in a gated community with nice amenities, and it is close to everything.

Toll Free: 800 551-3974

zillow.com, a new site for finding home values-CAUTION-Florida home values.

You may have already checked out this new site that allows you to enter a residential address to get what is called a Zestimate of the home's value. When you enter an address, a page comes up showing an aerial view of the home with what is supposed to be its current market value, their Zestimate. Here's the main problem: In valuing Florida homes in at least one county and probably many more, Zillow has not taken into account the consequences of Florida's Save Our Homes legislation. Zillow is using as one of its valuation factors the taxable assessed value of each home rather than the base assessed value. This means that the longer a home has been homesteaded by the same owner, the lower the value Zillow will assign and the more disproportionate that value will be to similar homes not homesteaded, or homesteaded by a succession of owners. Call me for more information and write to Zillow to complain. Another problem with Zillow's values is the inability to keep up to date in areas where prices are rapidly appreciating. Even property appraisers working for lending institutions find it a challenge to reflect current values, so it would be an almost impossible task for a web site portraying millions of homes. As you explore the Site, it does attempt to give you information on how accurate their numbers are. But, there is no explanation on how their accuracy percentage relates to the Zestimate they provide for a specific home. So, you are left in the dark about what to do with the value they offer. I suggest you ignore it and consult a skilled local real estate professional. Toll Free: 800 551-3974