Kelly E. Capolino PA Real Estate Market Update: December 2010 Shows Consumer Confidence is Back in Southwest Florida
Developers have returned to the Southwest Florida real estate market and buyers are once again purchasing well-priced properties.
Naples, FL, January 20, 2011 --(PR.com)-- Southwest Florida real estate professional and founder of the Diamond Volunteer Program, Kelly E. Capolino, reports in her monthly real estate market update that consumer confidence is on its way back in Southwest Florida. Sales show that buyers are saying yes to well priced properties.
The local real estate market finished December 2010 with 70% more properties under contract than 2008. This number of properties was 964 in December 2010 verses 567 in 2008. The actual closed sales where up 30% with 690 verses 527 in 2008.
The market did experience a small dip in closed sales units month to month '09-'10 by 170 units due to lender slow downs in bank approvals of foreclosures, short sales and loans.
“We found the lenders not closing as quickly even though buyers and sellers where prepared to close. We expect the slow down is due to more checks and balances from the subsequent government infusion of funds to our lending institutions,” stated Capolino.
“More importantly are the number of units on market for sale. We entered the new year with 10,283 properties, which remained constant for the year 2010. This is the Best news, with inventory remaining rather constant it creates a sense of calm for everyone. In my own experience, I have found sellers and buyers have finally become realistic about pricing and after five years of our challenged Southwest Florida market most have recognized -- it is what it is," added Capolino.
The best rise in median price properties was in the condominium market. This number rose on average of $30,000 between November and December of 2010. A simple review of this market shows that investors who took a high risk of buying the ‘in debt’ communities where able to sell at a profit. Single family homes closed at $222,000 median with an overall market median of $185,000. The 2010 year closed out with just shy of 10,000 unit sold.
The market seems to be gaining confidence, however Capolino warns that unrealistic appreciation will not be happening anytime soon in her opinion. The trend tends to be that smart sellers are making changes and selling what they currently have and buying other options in the market that favor their lifestyle changes. Many other buyers are taking advantage and buying for the future. Many baby boomers are following an easy step-by-step approach in our area, the idea is to buy now and rent the property out while planning for retirement. Buyers are taking advantage of the today’s low prices while reaping the benefits of tax advantages and future appreciation.
Best news yet, according to Capolino, is that developers are back in the area making plans for growth. WCI has planned to complete and continue their work on eight communities in Southwest Florida. Spec builders are also creating more activity by beginning to build multimillion dollar homes in the area.
About Kelly E. Capolino:
Capolino, founder of the Diamond Volunteer Programs and an agent with Keating Associates, is a residential real estate “Listing Leader” and “Top Producer” in Naples. She ranked #16 out of 5,000 real estate agents with the Naples Board of Realtors in 2009, excluding foreclosure agents. Her expertise in real estate is far-reaching with extensive knowledge and experience in luxury properties, acreage properties, investment properties, and renovation opportunities.
Capolino’s office is located in downtown Olde Naples on 5th Avenue South. She can be reached at 239-877-6700 or 239-262-6606 ext. 319 or online at Kelly@Naples.net or at www.KeatingRealty.com.
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The local real estate market finished December 2010 with 70% more properties under contract than 2008. This number of properties was 964 in December 2010 verses 567 in 2008. The actual closed sales where up 30% with 690 verses 527 in 2008.
The market did experience a small dip in closed sales units month to month '09-'10 by 170 units due to lender slow downs in bank approvals of foreclosures, short sales and loans.
“We found the lenders not closing as quickly even though buyers and sellers where prepared to close. We expect the slow down is due to more checks and balances from the subsequent government infusion of funds to our lending institutions,” stated Capolino.
“More importantly are the number of units on market for sale. We entered the new year with 10,283 properties, which remained constant for the year 2010. This is the Best news, with inventory remaining rather constant it creates a sense of calm for everyone. In my own experience, I have found sellers and buyers have finally become realistic about pricing and after five years of our challenged Southwest Florida market most have recognized -- it is what it is," added Capolino.
The best rise in median price properties was in the condominium market. This number rose on average of $30,000 between November and December of 2010. A simple review of this market shows that investors who took a high risk of buying the ‘in debt’ communities where able to sell at a profit. Single family homes closed at $222,000 median with an overall market median of $185,000. The 2010 year closed out with just shy of 10,000 unit sold.
The market seems to be gaining confidence, however Capolino warns that unrealistic appreciation will not be happening anytime soon in her opinion. The trend tends to be that smart sellers are making changes and selling what they currently have and buying other options in the market that favor their lifestyle changes. Many other buyers are taking advantage and buying for the future. Many baby boomers are following an easy step-by-step approach in our area, the idea is to buy now and rent the property out while planning for retirement. Buyers are taking advantage of the today’s low prices while reaping the benefits of tax advantages and future appreciation.
Best news yet, according to Capolino, is that developers are back in the area making plans for growth. WCI has planned to complete and continue their work on eight communities in Southwest Florida. Spec builders are also creating more activity by beginning to build multimillion dollar homes in the area.
About Kelly E. Capolino:
Capolino, founder of the Diamond Volunteer Programs and an agent with Keating Associates, is a residential real estate “Listing Leader” and “Top Producer” in Naples. She ranked #16 out of 5,000 real estate agents with the Naples Board of Realtors in 2009, excluding foreclosure agents. Her expertise in real estate is far-reaching with extensive knowledge and experience in luxury properties, acreage properties, investment properties, and renovation opportunities.
Capolino’s office is located in downtown Olde Naples on 5th Avenue South. She can be reached at 239-877-6700 or 239-262-6606 ext. 319 or online at Kelly@Naples.net or at www.KeatingRealty.com.
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Contact
Kelly E. Capolino
E. Sue Huff
239-262-6606 ext.316
www.keatingrealty.com
E. Sue Huff
239-262-6606 ext.316
www.keatingrealty.com
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