Pending sales of all single-family homes and condos increased

Naples, Fla. (Feb. 17, 2012) — Pending home sales of Naples area mid-priced single-family homes and condos (between $300,000 and $ 1 million) surged 29 percent in January 2012, 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).

According to Phil Wood, President & CEO of John R. Wood Realtors, “Pending sales were very strong in January, plus some of the transactions were new development projects.”

Naples Area Board of REALTORS® data shows that the overall market experienced 8,295 closed sales for the 12 months ending January 2012, a 5 percent increase over the 12-month period ending January 2011 (7,879 closed sales).

“The number of recent building projects indicates the belief, from many builders, that the market has turned the corner on new home construction,” stated Brett Brown, Director of Sales at Fiddler’s Creek Realty, Inc.

NABOR® data shows:

• Overall pending sales in the $300,000 to $500,000 category increased 34 percent from 115 in January 2011 to 154 in January 2012.

• Closed sales in the $1 million to $2 million category increased 13 percent from 336 to 379 for the 12- month period ending January 2012.

• Inventory dropped 19 percent from 9,388 in January 2011 and remains at a low level with 7,860 available properties in January 2012.

• Average days on the market (DOM) in the $500,000 to $1 million category decreased 10 percent from 213 in January 2011 to 192 in January 2012.

• Overall sales of homes and condos between $1million and $2 million increased 53 percent, January 2012 compared to January 2011.

“The $500,000 to $1 million category has been historically a leading market indicator, and that category experienced a 23 percent rise in pending sales from 100 in January 2011 to 123 in January 2012, a positive sign,” remarked Dr. Shelton Weeks, Director of the Lucas Institute for Real Estate Development & Finance at Florida Gulf Coast University.

“A good report from developers, along with positive comments of an overall healthy market, may bring more buyers off the side-lines,” said Mike Hughes, General Manager of Downing-Fry Realty. “The strong activity in pending sales brings a sense of urgency that if they wait too long to make a purchase, the property may not be there.”

“We are now seeing multiple buyers competing for the same property,” said Brenda Fioretti, NABOR Media Relations Committee Chairman and Managing Broker of Prudential Florida Realty.

To view the entire report, visit http://www.NaplesArea.com

North Naples luxury golf community getting ‘contemporary’ makeover
By PETE BISHOP

Posted February 16, 2012 at 8:42 p.m.

A stalled luxury golf course community in North Naples will soon be under construction again, but with a new name and a new concept.

Developer Syd Kitson said this week that he is transforming the 450-plus-acre Tuscany Reserve on Livingston Road into Talis Park, a community that will reflect a more “contemporary interpretation of the good life.”

The concept reflects changes in the marketplace occurring in the wake of the economic downturn, he said.

“Times have changed, things are different,” said Kitson. “We’re coming out of a devastating recession that’s impacted everybody, no matter who you are. Families are so important to people now, and habits are changing.”

Homes in the development are expected to be priced in the $700,000 to $2 million range, and Kitson said Talis Park will appeal to young-minded, health-conscious homebuyers looking for a more relaxed atmosphere.

The Pete Dye/Greg Norman-designed championship golf course will remain the centerpiece of the community, but plans for a massive clubhouse have been replaced with plans for a town center.

“Talis Park will be more in tune with what people want to do and how they want to live their lives,” said Kitson. “We won’t have one of those big clubhouses people are intimidated walking into. There will be a village center and indoor and outdoor spaces that will be comfortable for residents, their families and their friends.”

The village center, to be called the Vyn House, will house the golf club and a pool, spa, raquet club and fitness center.

There will also be an ice cream shop and café serving stone oven pizza, wine and coffee.

Kitson said construction on the Vyne House will begin as early as this summer, and homes could be offered in early 2013.

The development will eventually include about 550 homes in three neighborhoods, situated around meandering trails leading to the Vyne House.

“That can change here or there,” said Kitson. “The market kind of tells you whether you need more larger lots with single-family homes, or maybe more multi-family units.”

Kitson said the name change reflects the development’s new direction.

“It reflects the park-like setting and a broader range of products, not limited to a Tuscany theme,” he said. “Talis, as in talisman, gives it a magical feel that evokes elegance but also a feeling of community.

“We thought it was important to start fresh.”

The property’s original developer, WCI Communities, marketed Tuscany Reserve as an exclusive golf course enclave, with home prices ranging from $2 million to $5 million.

WCI built infrastructure featuring arched stone bridges, towering fountains, pavers and lush landscaping, in addition to the golf course and several homes, but sold the property to a Bahrain-based bank in 2008 for $65 million.

Kitson, who bought the property in February 2011 for $31 million, said the time is right to resume construction.

“If you look at what’s going on in the marketplace, you really see some movement in home sales and in new homes in particular,” he said. “We also think we are offering something that is unique, more in tune with what people want to do and how they want to live their lives.”

Melinda Sullivan, an agent for Downing-Frye Realtors in Naples, agreed that Kitson is building at the right time.

“I think people are ready for new developments again, they are chomping at the bit,” she said. “I understand it will remain fairly high-end and I think it’s probably going to be absolutely beautiful. I’m excited to see what they do.”

Naples broker Ross McIntosh said that despite the community’s new focus, the golf club membership plan will likely help determine its level of success.

“That’s kind of make or break,” McIntosh said. “His challenge will be to craft a club-membership formula that is attractive, given that so many equity clubs are struggling, and so much golf is available.”

Sullivan noted that builders have resumed work at other stalled developments as well, including Fiddler’s Creek and Treviso Bay in East Naples.

“I think we are at the bottom here and beginning to go back up,” she said of the Naples housing market. “Hopefully we won’t go up too quickly, but at a more reasonable pace than last time.”

Annual 2011 Statistics

December 2011 Statistics

Fourth Quarter 2011 Statistics

2011 HOUSING INVENTORY ENDS AT 5 YEAR LOW

Annual Pending and Closed  Sales Rise

NAPLES, Fla.-January 20, 2012- The 2011 Naples area real estate activity has led to a five year low of inventory 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).

Statistics compiled by NABOR show an increase in overall sales with inventory diminishing in Collier County, which is an encouraging sign that the favorable market conditions are moving buyers.

“Homebuyers have fewer choices today in 2012 than they had in 2011. Sales have continued to increase which has resulted in the overall available inventory to decline and naturally increase prices in some market categories,” said Kathy Zorn, Broker/Owner of Florida Home Realty.

Brenda Fioretti, NABOR Media Relations Chairman and Managing Broker of Prudential Florida Realty agrees, “As the winter sales season begins in the Naples area, we currently have 1,564 fewer homes on the market than we did at the same time in 2010. The loss of listings includes 1,000 properties in the $300,000 and under price bracket. This is the lowest level of available homes and condos we have seen at the start of a new year since 2007!”

The available inventory declined 17 percent in 2011 with 7,581 available properties compared to 9,145 available properties in 2010. In the under $300,000 market category, the available inventory declined 21 percent to 3,771 properties in 2011 compared to 4,763 properties in 2010.

“Overall pending sales and closed sales increased year over year as our inventory continued to decline in 2011. Pending sales increased 8 percent and closed sales increased 5 percent,” said John Steinwand, President of Naples Realty Services.

Every market category showed sale increases in both pending and closed sales with the largest increase in the $1 million and above categories.

“Closed sales in the $2 million and above luxury market increased 12 percent with 223 sales in 2011 compared to 199 sales in 2010,” said Bill Poteet, 2012 NABOR President and President of Poteet Properties. “The traditional market has become a large percentage of our total market share (66 percent) as the number of short sale and foreclosure sales diminishes.”

The 2011 report provides annual comparisons of single-family home and condo sales (via the SunshineMLS), price ranges, geographic segmentation and includes an overall market summary. An overall summary combines the statistics for both single family and condominium properties. The statistics are presented in chart format, along with the following statistics:

• Single family pending sales increased 5 percent with 5,162 contracts in 2011 compared to 4,896 contracts in 2010.

• Condo pending sales increased 11 percent with 4,908 contracts in 2010 compared to 4,422 contracts in 2010.

• The overall median closed price over $300,000 increased 2 percent to $550,000 in 2011 from $540,000 in 2010.

The 2011 fourth quarter report showed overall pending sales for the 12 months ending December 2011 increased 8 percent to 10,071contracts compared to 9,319 contracts for the same 12 months of 2010.

• Overall closed sales in the $1 million to $2 million category increased 38 percent with 76 sales in the fourth quarter of 2011 compared to 55 sales in the fourth quarter of 2010.

• Single-family home sales in the $500,000 to $1 million price range increased 13 percent with 90 sales in the fourth quarter of 2011 compared to 80 sales in the fourth quarter of 2010.

Condo sales declined 2 percent to 793 sales in the fourth quarter of 2011 compared to 808 sales in the same quarter of 2010.

Imperial Golf Estates is located in North Naples, Florida.  Imperial Golf Estates offers condominiums. carriage homes, dettached and attached villas and single family homes.  With over 600 homes, Imperial Golf Estates is beautifully landscaped and offers homes with lake, golf course and preserve views.  Close proximity to beaches, dining and shopping make Imperial Golf Estates a very desirable location to live. Imperial Golf Estates is a gated community with easy access to US 41 and Livingston Road.

The Imperial Golf Club at Imperial Golf Estates is a private golf club featuring two 18-hole championship golf courses.  A tennis facility and miles of sidewalks for walking and biking add to the amenities of Imperial Golf Estates.

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