Naples Florida
Real Estate
Newsletter
                                                                                                      July 2004

Pete & Karen Smith

Pete... Downing-Frye Realty, Inc.              Karen... Vineyards Properties, Inc
        petesmith@comcast.net                         karen@vineyardsproperties.com 

Click for more updated 2006+ real estate information

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Market Conditions...  The winter 2003 thru spring 2004 season was one of the best real estate seasons in many years.  Most Naples real estate firms had huge volume increases. 

Prices have moved up steadily for the properties priced under $600,000 over the last two years.  Inventories are in short supply for the lower priced properties when compared to sales that took place over the last 12 months.
Properties priced from $150-250,000 --- only a 2-3 month supply.  Properties priced from $250-500,000 --- only a 6 month supply.  Properties priced from $500-750,000 --- a 6-9 month supply.  Properties priced from $750-1,000,000 --- a 1 year supply.  Properties priced over $1,000,000 --- about a 2 year supply. 

In addition to the lower priced properties being in short supply, there are certain locations in the Naples area where the homes and condos priced under $300,000 are in really short supply and thus resulting in upward pressure on prices in those areas. ----- Pelican Marsh, Victoria Park, Stonebridge, Autumn Woods, Vineyards, Pipers Grove, Lakeside, Bridgewater Bay, Monterey, Walden Oaks, Island Walk

Golfing communities...  There is still a strong demand for lower priced properties in the golfing communities.  Carriage and coach homes with garages and condos with carports are selling well.  Communities such as Stonebridge, Naples Lakes, Naples Heritage, Cedar Hammock, Forest Glen, Foxfire, Countryside and Glen Eagle where golf is included are moving up in price.  Also the more upscale country club communities of Vineyards, Kensington, Strand and Lely Resort are moving up in price, partly because they offer limited golfing packages for the casual golfer.
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                30 Year rates are right around 6.25%       and       3-5 Year ARMs are around 5.00%

East Naples Growth Explosion...  North Naples used to get all the attention, but now East Naples near Collier Boulevard (Rt. 951) and East Rt. 44 are hotspots of activity.  Health Management Associates is planning a new hospital near Collier Boulevard and Rattlesnake Hammock Rd.  Wal-Mart will be building a super center near Collier Blvd. and Davis and in the future another super center at Collier Blvd. and East Rt. 41.  Lely Resort offers some of the best values in the Naples area if you want to live in a golfing community and they have 4,000 more homes to build.  Other communities now in that area: Naples Lakes (731 units), Naples Heritage (799 units), Forest Glen (799 units), Cedar Hammock (799 units), Lely Resort (when complete 5,600 units).  Others under construction; when complete: Verona Walk (1,100 units), Winding Cypress (1,200 units), Fiddler's Creek (6,000 units), Walnut Lakes (612 units), Falling Waters (434 units)

Sweetbay Supermarket...   is coming to Naples.  This is the new face of Kash n' Karry.  It will be one of the anchors in the new Mission Hill's shopping center located at Vanderbilt Beach Road and Collier Blvd.  They are expected to carry a wider selection of fresh foods as well as organic choices.

Super Target...  A new Super Target store will be built on Immokalee Rd. near I-75.

Bears...  10 bears were killed in Collier County in 2003 by cars.

Rain...   Naples got 71" of rain in 2003.  That was 20" above what is normal.

Airport...   The Southwest Florida Regional Airport continues to set records with traffic up over 12%.

Naples Appreciation Rate...   I was showing a condo recently and the listing agent was present during the showing.  He told my buyer that property in the Naples area had been appreciating at a rate of 20-25% per year each of the last 5 years.  Of course, both I and my buyer knew he was crazy, so we didn't bother to even comment.  If you come across someone like this, leave and don't look back, because you are being misled. 

Just think about it; if you could get appreciation of 19% per year, it would double in value in only 4 years.  That means that a $500,000 property would be worth $1,000,000 in four years and even worth more if you got 20-25% per year.  Be wary of practitioners that tell you stories of how the real estate in the Naples area is going up 15-20% a year.  It is not true.  Of course in retrospect you can always go back and find an example of something that did go up 15% in a year. 

The truth of the matter is that in 2003 property values on the Collier County tax rolls went up about 16% (the value of all real estate as of the end of 2002 that was then added to the tax rolls for 2003)  and in 2004 the County tax roll values went up about 11%. (the value of all real estate as of the end of 2003 that was then added to the tax rolls for 2004)   However, this does not represent a clear picture of how much existing properties went up in value, because it reflects all of the new construction that was added to the tax rolls.  If you exclude new construction , the Collier County tax values went up a little over 7% for existing properties during 2003 and was added to the tax rolls in 2004.  Properties do not appreciate equally in all locations across the board.  Thus, some properties went up more than the 7% and some properties went up less than the 7%. 

Of course, everyone wants to buy where the rate is much higher than the 7%.   Some properties are experiencing double digit rates of appreciation right now in certain areas around Naples.   It will be interesting to see how the year ends.  (the figures do not show up on the tax rolls until 2005)  

New Restaurants:  Real Seafood Co.  is located at 8960 Fontana Del Sol Way which is off Vanderbilt Beach Blvd., just west of Airport Road at the Galleria.  Trendy, authentic cuisine and ambiance.  Calistoga Bakery Cafe in the same plaza as the Stonewood Grill. Fresh sandwiches, salads, soups, bagels, and pastries.  Fleming's Steakhouse is coming to the Pavilion.

North Collier Hospital...  Construction is starting on the new $50 million dollar expansion at the North Collier Hospital.  They will add a 6-story patient structure and a 5-level parking garage.  The bed capacity will double from the current 117 beds to 297 beds.  There will also be a new geriatrics unit for patients 75 and older.  Opening is targeted for around January 2006.

 Tiger on the loose...  A 600 lb. tiger escaped from an owner in Loxahatchee, which is a town about 10 miles west of West Palm Beach.   Neighbors could hear the roar during the night.  The owner was a former actor that played Tarzan in some of the older Tarzan flicks.  The tiger was free for over 24 hours before he was located.  The large cat was shot and killed when it lunged at an officer.

The CyberKnife...   The NCH Healthcare System (Naples Community Hospital) is the 17 location in the United State to have invested in this new technology. ( $3.2 million )   There is only 1 other in Florida.  It is a hi tech laser system that will destroy benign or malignant tumors without the need of a surgical incision.  According to The Naples Community Hospital Cancer Center on Fourth Avenue North near downtown Naples, there is no anesthesia, no bleeding, and no pain.  

Naples Community Hospital Ranked in top 5% ...  nationally for Heart Care by HealthGrades, an independent quality healthcare rating service.  In the fall of 2003, MONEY magazine said Naples Community Hospital was one of America's Top Hospitals in Coronary ByPass Surgery and Valve Replacement Surgery. 

Realtor Translations....   From: " Netscape Network- Home & Real Estate "  Motivated Seller - has been on the market for three years.  Much Sought-After - It's been on the market at least twice before and still no one wants it.  Rustic Charm - Needs major structural repairs.  Low Maintenance - No landscaping or grass.  Prestigious Neighborhood - Filled with wealthy snobbish neighbors.  Security System - Current owner has a dog they're willing to sell with the house.  Must See to Believe - This is an absolutely accurate statement - but not in a good way.  You'll love it - No you won't.  Deceptive Appearance - It looks really, really terrible. 

Glen Lake Estate...  In The Vineyards.  Outstanding former furnished model barely used.  Southern lake view.  Serene setting.  Cozy, but spacious.  Large lanai with pool and spa.  3-car garage.  Beautiful neighborhood.  4 bedroom, plus a den.  2,780 square feet of living area.  $939,900    Country Club memberships available.

Click on listing to enlarge

Livingston Rd.....   Livingston Road from Vanderbilt Beach Blvd. to Immokalee Road should be open by the time the snow-birds return this year.

 Boating...  There are several places on the water where you can rent a boat for a day, or even a half day and see Naples from a different perspective.

Pete Smith
Broker - Associate
Downing-Frye Realty - Naples Largest Realty Office
239-304-1150      cell: 239-370-2783
e-mail:   petesmith@comcast.net 
www.petesmithnaplesrealestate.com
www.naplesfl-real-estate.com
Selling Naples Real Estate for 20 years

Karen Smith
The Number 1 - Top Selling - Naples Realtor in the Vineyards
Vineyards Properties
239-353-3393     cell: 239-860-6018     eve: 239-304-1150
e-mail:  karen@vineyardsproperties.com
www.petesmithnaplesrealestate.com/vineyards.htm