January 16, 2007
Greetings from Naples, Florida!
Hello everyone. As I mentioned (predicted) in my October 23rd mailing, inventory levels have increased in Naples. Residential inventory is up about 15% to 11,400ish as of today. This is an all time high and we have been hitting new highs almost daily. Pending sales have dropped about 10%. Much of this is from end of December closings. However, as some seasonal buyers are here, this number is increasing daily. Personally, RaySnow.com and my email/call activity is noticeable higher than season of 2006. RaySnow.com is receiving more than 300 people per day. There is some pent-up buyer demand which would be expected since we have seen prices fall 20%-30% since last Spring. I'm sure many of you have seen all the media articles on Naples being overpriced and the WSJ article last week. My experience is, and I have been interviewed by the Naples News several times, that you just can't expect to get a true picture of actual market conditions from a media article. If you need to know what's going on, first place to start is a real estate person you can trust, not a newspaper. I received this email last week:
Ray, In your opinion, how soft are the condo prices in Naples? I am looking to buying a condo when the price is soft and then hold it as a long term investment. In the past one year/six months how much have the condo prices come down? Do you think we are close to the bottom with the prices? Thanks
My response:
Soft.
20% minimum.
No.
We are currently running at all time highs on inventory level. Look for
motivation in May after season for those that do not get a buyer in the next 4
months. Ray
Client's response:
Ray, I appreciate your honest response. As a realtor I was expecting that you would talk up the price but you gave me the real picture. Realtors like you are a rare breed and if I am going to buy a condo in Naples I will definitely use your services. Thanks.
Some day... this year, next year, 2009, the media will declare that the real estate market has bottomed and now is the time to buy. By then, it will be a little late. The smart buyers will have already done their thing. Late buyers will compete with each other as prices tend to rise and sellers get greedy. So what to do? Buy into weakness. Push the seller. Make a logical offer. Inventory levels and pending sales numbers are everything. Ray
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Palmira Golf and Country Club
Palmira Country Club is a Gordon Lewis designed championship par 72 course. In addition to the 27,000 square foot clubhouse, Palmira offers pitching and putting areas, a practice range, golf instruction by PGA professionals, 3-day advance tee times, tournaments, and special events.
The Renaissance Club at Palmira offers a state-of-the-art fitness facility with staff, massage and salon services, 2,800 sq. ft. lagoon pool, media center, 7 HydroGrid tennis courts, snack bar and cafe, outdoor theater, children's area, and an activity center offering classes including painting, computers, pottery, and more!
Condo Listings Here Single Family Listings Here
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Raymond W. Snow, Jr., P.A., Realtor
Amerivest Realty
10001 Tamiami Trail North
Naples, FL. 34108
239-825-0846
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A
Buyer's Agent, also known as a Buyer's Broker, owes the client specific
responsibilities and fiduciary duties that are required by Florida law. These
duties are above and beyond a "neutral" transaction real estate agent.
Only a Buyer's Agent is bound by law to represent your best interests, provide
you as much information as possible, and negotiate on your behalf. There is
usually never a fee charged to the Buyer when being represented by a Buyer’s
Agent. The Buyer Agent’s compensation is distributed from the Seller’s side
of the transaction.
"The Seller will be represented... will you?"
Please reply REMOVE to be removed from future mailings.
Prices and availability subject to change.
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Copyright © 2007 Raymond W. Snow, Jr., P.A. - All rights reserved.