Friday, May 29, 2009

Forecasters say recession nearing end

More than 90 percent of economists think the recession is nearing its end, but they don't expect the economy to soar anytime soon.  Nearly 75 percent of economists, surveyed by the National Association for Business Economics, say that the recession will end in the third quarter. Another 19 percent think the turnaround will come in the fourth quarter. The rest are betting on the first quarter of 2010.
 
Americans seem to believe that things are getting better too. The Conference Board's Consumer Confidence Index rose 14.1 points in May to 54.9, the second month in a row in which there has been an increase.  Forecasters say that home sales will bottom out in the second quarter, an important stabilizing factor.
 
Source: The Associated Press, Jeannine Aversa (05/27/2009)

Tuesday, May 26, 2009

Preparing Your Home To Sell

Preparing Your Home For Sale

Things to Do

 

The other man’s grass may be greener!

Unlike a few years ago, there is no shortage of homes on the market.  Buyers are now in the driver’s seat, and have many options when looking for a home to purchase.  If you are reluctant to put the work in, be prepared for your home to get little exposure, and even fewer showings.  So, spend a few hours at open homes in your area, and check out the competition.  Seeing the condition of other homes in your neighborhood may give you the inspiration, ideas and motivation you need to get going.

 

EXTERIOR:

House

  • Power-wash siding and roof – but not so hard that paint peels off
  • Wash windows, inside and out.  Consider window boxes with flowers.
  • Clean deck or patio.  Refurbish if necessary, and accessorize
  • Replaced tired looking exterior lighting
  • Keep your garage door closed.

 

Yard and Gardens

  • Remove any vehicles not in use, such as cars, boats, RV’s and store them off site
  • Cracked or damaged walkways. If they’re on your property, make any reasonable repairs.  If they are on city property, call and ask if they can be repaired. 
  • Weed, and mulch garden beds
  • Mow lawn, trim edges, rake
  • Prune shrubs and trees
  • Sweep sidewalks, clear weeds from cracks
  • Once yards have been manicured, keep them fresh with regular watering and fertilizing. 
  • Add some seasonal annuals for a nice burst of color.
  • Keep newspapers and pet litter picked up

 

Front Entry

  • Clean porch.  Repaint if needed.  Accessorize with a new mailbox, potted flowers, stylish outdoor furniture, wall plaque or sculpture.
  • Clean the surface of the front door, including glass, and door hardware.
  • If scratched or scuffed, repaint or refinish
  • Make sure knob, lock and doorbell work, and door does not stick
  • If screen door is not steel or tempered glass, remove it
  • Put out the welcome mat!  Make sure it's not worn or damaged, and is kept clean.
  • If your mailbox has seen better day, consider giving it a makeover.  It is one of the first things potential buyers will see as they approach your home. 

  

INTERIOR:

Organize!

  • Pare back on personal effects.  Box up and store excess books, photographs and knick knacks.  Potential buyers need to be able to visualize their belongings in your home.  This is more easily accomplished when they are not surrounded by family photos and memorabilia.
  • Clean out the closets – you’ll need to do this anyway as you prepare to move.  Neatly organized cupboards and closets will appear larger.
  • Invest in a large toy box with a lid, this will make for a great place to hide toys and make a kids room (or family room) look much more appealing!
  • Simplify – remove excess pieces of furniture.  Remember you’re selling the space, not your things.  Make sure buyers can see the potential in each room.
  • Consider staging for the ‘wow factor’.

 Clean

  • Clean woodwork, hardwood floors, with special attention to bathrooms.  They should sparkle!
  • Make sure beds are always made and dishes are not in the sink.
  • Professionally steam clean carpets, or replace if badly worn.
  • Make sure fireplaces, microwave ovens, stove tops and ranges are clean.
  • If you will be living in the home while it’s on the market, consider a regular housekeeping service to insure it’s picture perfect for viewing.
  • Look up!  Don’t forget light fixtures and ceiling fans.

 Repair

  • Replace damaged blinds or window screens.  Clean window and door tracks.
  • Repair any dripping faucets or noisy toilets.  Many buyers will check these out!
  • Re-caulk showers, tub and sink areas, and tile counters if needed.
  • Little things matter – check for loose cabinetry knobs, doors and drawers that stick.
  • Inspect every door in your home and make sure they open and close smoothly.  Replace any door hardware that does not work properly.  Apply machine oil to any squeaky hinges.  A stuck door can stick in the in of a potential buyer. 

 Refresh

  • Brighten up rooms by letting the sunshine in.  Avoid heavy or dark window coverings.
  • Freshen paint.  Choose neutral, and lighter colors if repainting. Replace worn or cheap curtains with treatments that look stylish from both sides of the window. 
  • Replace all burned out light bulbs.


Prepare for visitors

  • If you have smokers or pets in the household, invest in professional services to deodorize carpets and furnishings.
  • Consider professional staging if you really want your home to impress.
  • It’s preferable to keep pets out of the house, or at least out of the way during showings.
  • Keep valuables out of site, and locked up.
  • Keep counter tops cleared
  • No dirty dishes in the sink
  • No laundry in the washer/dryer

 Show Time!

  • Turn on lights and open blinds and draperies in all rooms.
  • Climate control – have the heat or AC on for your guest’s comfort
  • Do your best to be away when a prospective buyer comes to your home, or at least take a short walk or wait in the yard while they tour your home.
  • A mildly scented candle burning, or light potpourri can lend a homey touch.
  • Turn off the television, and have soft background music playing.
  • Bake some fresh cookies for your guests.
This list was compiled from various Realtors.  

 

Wednesday, May 20, 2009

Good Advice For Sellers


We frequently tell sellers what they should do to sell their home.

Considering the things I’ve encountered while showing homes lately, I thought perhaps some advice about what they shouldn’t do is warranted as well. I’ve come up with a hit list.

Sellers, if you really are committed to selling your home, here are some things you shouldn’t do.

1. Don’t stay at home during an open house. Visitors will more than likely avoid the room you are in altogether and not give it a thorough look. It may be uncomfortable for your agent as well.

2. Don’t linger inside during showings. If you can’t be away (pets, babies) then at least step outside or into the garage while your visitors are there. They won’t feel comfortable checking out closet space and cabinet storage with you observing.

3. Don’t skimp on the heating or air conditioning when buyers are coming by. They won’t want to fiddle with your controls, but may leave thinking there are temperature problems.

4. Don’t leave dirty dishes in the sink. If your family is on the go that often and clean up just won’t get finished, consider paper plates and cups for those early morning meals before you dash out to work for the day.

5. Don’t let a dark home scare someone away. If your home is on the market in the winter months, consider an outside motion detection light. If there are no lights on, it can be pretty tricky to find the lockbox on the side of the house on the water pipe when it’s pitch black outside.

6. Don’t expect that everyone will remove their shoes, even if you have a sign asking them to do so. Ask your agent to place a basket with paper booties by the door. Some shoes aren’t so easy to remove, and folks might not comply. This will be an easier option for them and save wear and tear on your floors.

7. Don’t assume your home smells fresh and clean. We often can’t smell odors we are accustomed to from pets or strong spices and foods. Have a trusted friend or neighbor let you know that it literally passes the smell test.

8. Don’t overprice your home, assuming that someone will always offer less than you’ve asked. That may be true in some cases, but more than likely they won’t come to see it, or they’ll come but won’t make an offer.

9. Don’t expect to gain value for that unpermitted addition you have. Many people will see it as a liability and won’t want to pay more for it.

10. Don’t neglect the swimming pool! I’ve seen too many homes with lovely yards, but a murky, green, or leaf-strewn pool in back. You’re selling the pool too, right? Make it sparkle.

11. Don’t forget to look up when cleaning your home for showings. Dirty ceiling fans and light fixtures don’t show your home in its best light.

12. Don’t hold back information about the property’s condition. If a buyer learns about it after their inspections, they’ll be more likely to ask for a price adjustment. If it’s known in advance, they are more apt to consider that the deficiency is reflected in the asking price.

13.  De-cluttering the home. Now that summer is here it's a good time for yard/garage sales.

14.  Be very careful with scented candles.  What smells good to you can trigger an immmediate negative opinion of the buyer.  Vanilla is usually okay but stray away from the rest.

15. Don't smoke in the house.  

 Considering the buyer’s point of view now may help your work through this transaction more realistically.

Short Sales may be getting easier

Bank of America revises short sale policy

NEW YORK – May 19, 2009 – Bank of America, one of the country’s largest mortgage lenders, says it is loosening its policies on short sales in response to the U.S. Treasury Department’s announcement last week that it would increase incentives for lenders to work out short sale deals.

The government’s plan is a boon to banks, says David Sunline, BofA’s real estate management executive, because it provides guidance when there are multiple liens, a potentially litigious issue for lenders.

In the past, the bank followed Fannie Mae’s policy of giving second lien holders about 10 percent of the second mortgage balance in a short sale. Now when it holds the second lien, BofA will accept 5 percent of the net proceeds of the short sale, Sunline says. When it is the first lien holder, it will offer 5 percent to the holder of the second lien.

Sunline says homeowners considering short sales should contact the bank within five days of getting an offer on the home and expect its cooperation as long as the offer is within the range of other sales in the area and the borrower can demonstrate financial hardship.

Source: The New York Times, Bob Tedeschi (05/15/2009)

Thursday, May 14, 2009

A New Fear: Chinese Drywall

There is a new fear here is SW Florida about Chinese Drywall.  You may have heard about it, it's all over the news.  Rest assured that there are more homes than not WITHOUT Chinese drywall.  Read below about some on the many inspections and things you can do to make sure your home is safe and to relieve that fear.   

The following is taken from the Radon and Mold Professionals newsletter dated May 2009.

 

Chinese Drywall Inspections

"Chinese Drywall" inspections are now part of the Indoor Air Quality services offered by Radon and Mold Professionals board Certified Indoor Environmentalists.
**************************************************************
On the Florida Dept. of Health website under "Frequently Asked Questions" is the following:
How do I know if I have "Chinese drywall"?
Unfortunately, there is no easy answer to this question. The most definitive method to date is finding a "made in China" marking on the back of sheet of drywall. DOH observed some drywall in several homes with no discernable markings. The origin of the unmarked drywall is unknown. DOH observed that homes with marked Chinese drywall also contained drywall marked as made in USA. Remember that we do not know how many sheets of the suspect drywall can cause problems. DOH did observe at least one home with marked Chinese drywall with none of the associated corrosion or odor problems. The bottom line is we think the question should really be "Does my house have corrosion problems?"
http://www.doh.state.fl.us/Environment/community/indoor-air/drywallFAQ.html

 
Our "Chinese Drywall" inspection is as FL. DOH suggests.  The question we can answer for you, without expensive and inconclusive testing is:

 Does your home have a corrosion problem?  
The following criteria are currently used by the FL. DOH to determine whether or not existing conditions in your home meet the case definition of the presence of Chinese/odorous drywall in your home:  
1) Black or charcoal corrosion on copper wiring  
2) Black or charcoal corrosion on copper refrigerant lines and coils in the HVAC system  
3) A drywall stamp indicating country of origin and/or the manufacturer    
4) Black or charcoal corrosion on copper plumbing lines  
5) Expensive repair or replacement of the air conditioner's evaporator coils due to breakdown 
6) Sulfur like odor in one or more rooms in the home that is known to be not sourced in the water

 For homes built after January 1st, 2004, the FL. DOH states that if you answered yes to two or more of these conditions, your home meets the case definition.  If built before January 1st, 2004 and you answered yes to three or more of these conditions, you meet the case definition.


Of the 62 inspections we have performed in the last month, twenty three met the case definition of having "Chinese drywall" present in their home.


http://www.radonmoldhelp.com/id118.html

  

 Chinese Drywall Inspections

An American Board of Industrial Hygiene (ABIH) "Certified Industrial Hygienist" or a AmIAQC board "Certified Indoor Environmentalist" (CIE) is qualified to perform a Chinese Drywall assessment.

The Inspector should have Errors & Omissions Insurance for "Chinese Drywall"
 
Your Home Inspectors "Standard of Practice" does not cover "Chinese Drywall
example: http://www.nachi.org/sop.htm

 Your Home Inspectors E&O does NOT cover "Chinese Drywall" inspections.

 

 

Why would you hire an inspector without E&O? 

May 7, 2009

"The lawyer for environmental professionals stressed repeatedly that the inspector should / must have Errors and Omissions insurance that covers Odorous / Chinese drywall assessment."  (Indoor Air Quality Seminar at Atlantic Coast University)
 http://www.radonmoldhelp.com/id118.html

  

Chinese Drywall cause for leaving home:
http://www.cnn.com/2009/US/05/06/florida.chinese.drywall.family/index.html

"PARKLAND, Florida (CNN) -- Yorelle Haroush fled a million-dollar South Florida home this week, chased out, she said, by drywall made in China that's emitting vapors that smell like rotten eggs.
"I said, 'you can't stay there anymore, because you're sick every minute,'" the family's longtime physician, Dr. Ross Nochimson, told CNN. "They're sick on a weekly basis. Ear aches, sore throat. I give them something, and they're sick again."

Other News: 

Is Your Mold Inspector Really "Certified"?

http://www.naplesmoldinspection.com/id47.html

Washington D.C. ..... New American National Standard 1100 (IAQ certifications)approved by the American National Standard Institute (ANSI) March 9, 2009

                                                       Radon & Mold Professionals

Office: (239) 498-4619     toll free: (800) 881-3837

www.radonmoldhelp.com

www.naplesmoldinspection.com

 

John Cosgrove, CIE, CRMI  Senior Inspector 

Doug Wall, CIE, CRMI

Rob Martin, CIE

3 AmIAQC Board Certified Indoor Environmentalists

$1,000,000 Liability
Professional Liability: $1,000,000 / $1,000,000 limit /claims made
Microbial Consulting Coverage: $1,000,000 / $1,000,000 limit /claims made
 

Note:
Professional Liability, E&O that covers Chinese Drywall assessments and Preliminary mold inspections / testing.
Microbial Consulting Coverage, E&O that covers MOLD Post remediation inspection/testing (Clearance
).

Mold inspections - Mold Tests - Radon Tests - Allergen Screening -

  VOC Testing - "Chinese" Odorous Drywall Inspections 

 

 

Thursday, May 7, 2009

Naples International Film Festival

Information from the Naples Florida Weekly April 16, 2009

Naples International Film Festival set for November at Mercato cinema

The Naples International Film Festival has announced its inaugural event will take place Nov. 5-8 at Silverspot, the luxury cinema slated to open later this year at Mercato. The festival will screen full-length feature films, shorts and documentaries from around the world, with a special focus on Southwest Florida's filmmakers.

Silverspot will offer NIFF moviegoers the finest cinematic accommodations and will also host a number of events associated with the festival. The location was announced recently along with the newly appointed NIFF advisory board, whose members are Phil Wood, Charlene Rooney, Brenda O'Connor, Maggie McCarty, Maury Dailey, Dick Munro, Bob Encarnacion, Jim Griffith, Bill Young, Janice Kemp, Stephen Gray-Blancett, Elizabeth D'Onofrio, Nicole Angelo and Mayela Rosales. The announcements were celebrated at Six Degrees Exhibitions with food, dancing and the screening of two short films and a NIFF commercial.

The Naples International Film Festival board of directors. NANCY NEAL / FLORIDA WEEKLYStarting April 16, the NIFF will hold pre-screenings at 7 p.m. every Thursday at Six Degrees Exhibitions. The public is invited to join the judging committee to see and rate films in consideration for the festival. Discussion with the judging panel and local filmmakers, actors and directors follows each film.

For more information, visit http://www.naplesfilmfest.com/, e-mail eric@naplesfilmfest.com or call 331-2678.

Friday, May 1, 2009

Entertainment in May

Southwest Florida Symphony's "European Tour Part 2"
The Southwest Florida Symphony, the Symphony Chorus and the Sarasota Key Chorale present Morton Lauridsen's "Lux Aeterna." The performance is a preview of the concert the choruses will perform in Italy this summer, 7:30 p.m., $18. Faith United Methodist Church, 15690 McGregor Blvd., south Fort Myers. 418-1500.

George Vega's Tales of Early Life, Law and Laughter
Hear tales of the early Naples attorney who worked for Lester Norris who spearheaded the Southwest Florida Conservancy, 4-5 p.m., free. Naples Backyard History Mini Museum, 1300 3rd St. S., Suite 103, Naples. 594-2978 for reservations.

Latin Art Show
The Sidney & Berne Davis Art Center presents work by Latin American artists such as Romero Britto, Juan Diaz and Cesar Aguilera. Opening reception 6-9 pm. Show through May 29. Gallery hours noon to 7 p.m. Monday-Friday. Call 337-1933 or visit fl-arts.org.

Greater Fort Myers Dog Club's Spring Show
Official American Kennel Club event from 8 a.m.-7 p.m. Saturday and 8 a.m.-5 p.m. Sunday. Lee Civic Center, 11831 Bayshore Road, North Fort Myers. 945-2776.

"Colors in Sound" Concert
Southwest Florida Symphony's Youth Orchestra finale conducted by Michael Hall and featuring the Concerto Competition winner, 7 p.m., $7. Fort Myers High School, 2653 Cortez Blvd., Fort Myers. 418-0996.

One-Woman Show "Mother Load"
Written and performed by Amy Wilson and directed by Julie Kramer, "Mother Load" is a mix of motherhood, comedy and true confession and is appropriate for ages 12 and older. The laugh-out-loud show is an expose of the fruitless and ever-challenging quest to be the "perfect" mom, 7 p.m., $35. Philharmonic Center For The Arts, 5833 Pelican Bay Blvd., Naples. 800-597-1900.

Guinness World Book of Records "World's Funniest Man" Performs
Largo comedian G. David Howard got into Guinness by cracking jokes for 16 hours straight. 8 p.m., $15. Knights of Columbus San Carlos Council 2596, 4040 Princeton St., Fort Myers. 940-3800 or 910-8243.

Miracle Fireworks
Enjoy Memorial Weekend fireworks, a special fireworks tribute to servicemen and women following the Miracle game, which begins at 7:05 p.m. Hammond Stadium, 14400 Six Mile Cypress Parkway, south Fort Myers. 768-4210 or miraclebaseball.com.

A Romantic Night To Remember
Naples Players' ETC presents a classic comedy of the sexes, "Cecile, or School for Fathers." Last show of the season. Performance at 7:30 p.m. in Tobye Studio, $10. Sugden Community Theatre, 701 5th Ave. S., Naples. 263-7990.

Celtic Woman
The international Irish sensation comes to Fort Myers with the new show, "Isle of Hope." Features the five women of Celtic Woman singing brand-new, heart-stirring songs, plus many Celtic Woman classics. 7:30 p.m. Wednesday and Thursday. $36-$66. Barbara B. Mann Performing Arts Hall, 13350 Edison Parkway, Fort Myers. 481-4849.

"Pose Down" Screening
An independent film shot in Fort Myers will be screened for the first time with a meet-and-greet reception afterward with the creators. 6:30 p.m., Alliance For The Arts / Foulds Theatre, 10091 McGregor Blvd., Fort Myers. 939-2787.

"Journey through Motion"
The Naples Philharmonic Orchestra's final Family Fare concert of the season will send audiences on a musical adventure to outer space, the high seas, the Grand Canyon and South America. Featured selections include "Flight of the Bumblebee" and "Nimbus 2000.," 3 p.m., $15, adults; $10, students. Philharmonic Center For The Arts, 5833 Pelican Bay Blvd., Naples. 597-1900 or 800-597-1900.

The Caloosa Catch and Release
Over $30,000 in cash and prizes will be awarded at the 20th annual fishing tournament. Anglers of all skill levels, ages and genders will compete over two fishing days for snook, redfish, trout and a daily mystery fish on a catch-and-release basis. Live auction with dinner and an open bar is open to the public. Public weigh station open from 3-5 p.m. Primary beneficiary of the Caloosa Tournament Series is the Florida Gulf Coast University Athletic Scholarship program. Visit caloosacatchandrelease.com for information, 671-9347 or 850-1707.

"Jim Gaffigan Live!"
As seen on Comedy Central's special, "King Baby," and in his role on TBS' comedy, "My Boys.," 8 p.m., $35, $42. Barbara B. Mann Performing Arts Hall, 13350 Edison Parkway, Fort Myers. 481-4849.

Dog Daze
The Miracle host the second of four Dog Daze of Summer games at 7:05 p.m. All dogs are admitted free. Hammond Stadium, 14400 Six Mile Cypress Parkway, south Fort Myers. 768-4210 or miraclebaseball.com.

Biggest Gains in 12 Months

HOME SALES SHOW SIGNIFICANT IMPROVEMENT IN MARCH
COMPARED TO MARCH 2008 WITH BIGGEST SINGLE MONTHLY GAINS
IN LAST 12 MONTHS

March 2009 results showed for the first time that housing sales are starting to gain traction in all regions across the country. March 2009 housing sales were down only 5.8 percent compared to March 2008 which is best performance on a year over year basis in the last 18 months. While the average price of homes sold fell 14.7% in March 2009 from March 2008, this was also the best price performance in six months.

April 14, 2009 – Denver, CO - Home sales showed significant improvement in all regions in March 2009. The results were a welcome surprise in light of other economic news that shows continued weakness in retail sales and employment. While unit sales were down 5.8% from March 2008 to March 2009 that compares very favorably with February numbers that showed sales down 18.1% from February 2008 to February 2009. Also prices of sold homes were down only 14.7 percent from March 2008 compared to the February report that showed closed sales prices being down 22.2 percent.

The best region for sales units was the western region where unit sales continued their run of increased housing activity. Unit sales in the western region were up 18.7 percent compared to March 2008. Other regions saw sales decrease of between 10.3 and 16.2 percent with the Northeast region having the largest unit decline compared to last year. Housing sales improved in every region in March 2009

Prices continue to be soft but improved measurably from the January and February reports. The national average price of homes sold was down 14.7 percent from a year ago. The western region showed the affects of a large number of foreclosure sales with the average price of homes sold being down 23.0 percent but this was nearly a 50% improvement from the January and February 2009 report.

The best region for prices was the south where prices were down only 7.9 percent. Every region had improved price performance from the prior months. “March 2009 results show that low interest rates, soft home prices and high levels of affordability are countering other more negative news in the economy.

Home prices which have been under pressure for three years now are starting to firm somewhat a trend that may continue in the months ahead. The economic picture obviously will
continue to have an impact on homebuying. Even with near record low interest rates, rising unemployment will continue to put a break on how fast housing can recover,” said Steve Murray, editor of REAL Trends. “As we said in our last report, there are several factors that will subdue housing sales in 2009. However, it appears that consumers are shaking off the other bad news and returning to the purchase of homes that fit their personal needs.
Doubtless, the first-time home buyer tax credit, the loosening of underwriting guidelines for FHA mortgages and the Fed’s intervention to lower rates are all factors assisting with the housing recovery.

New Home for Red Sox

BY GLENN MILLER • GMILLER@NEWS-PRESS.COM • APRIL 30, 2009
Daniels Parkway Wins OUt for Red Sox
In the end, Lee County commissioners selected the least controversial site - the site with the fewest permitting and environmental issues - for the Boston Red Sox new spring training complex and stadium.The board voted Wednesday afternoon to place the new facility, scheduled to open in 2012, at the Watermen-Pinnacle site on Daniels Parkway, a little more than a mile east of Interstate 75.

The backup choice, if negotiations between county staff and the developer falter, is the University Highland site just north of Germain Arena in Estero.

The selection was good news for Watermen principal Eddy Garcia.

"It was nerve-wracking, to say the least," Garcia said. "We felt we had all the dynamics going."
All five commissioners had Watermen-Pinnacle in their top two. Tammy Hall and Frank Mann listed it first. Bob Janes and Ray Judah had it second. Brian Bigelow had Watermen and University Highland in no particular order, but was leaning toward Watermen.
The most controversial of the four sites, Edison Farms, did not make the cut.

"While we are disappointed with the news from the Lee County commission and had hoped for a different outcome, we remain very proud of our team and the vision we proposed," Edison Farms spokeswoman Heather Mikes wrote in an e-mail Wednesday night to The News-Press.
"We believe Edison Farms' vision for Fenway South was unlike the other proposals, in that it would have provided a number of public benefits to the region without imposing additional tax burdens on the residents of Lee County."

The Edison Farms site was criticized by environmental groups all through the process and again during the public comment session of Wednesday's meeting in the commission chambers.
"It seems incredible to me that the board can select a site that is so environmentally sensitive," Estero resident Phil Douglas said during the meeting.

Commissioners Ray Judah and Frank Mann were intrigued, though, by the potential of the site. Edison Farms president Jason Wagner told the commission he was raising the company's offer of land for preservation from 1,280 acres to 2,000 acres.

Pending Sales at a Three Year High

Contacts: Brett Brown, NABOR, President, 239/948-4292 Marcia Albert, NABOR, Manager of Events & Marketing, 239/216-4148

PENDING SALES AT THREE YEAR HIGH
Report Shows Inventory Declines 7.6 Percent NAPLES, Fla.-March 13, 2009- In February 2009, the pending sales in the Naples area reached its highest peak in over three years, 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). Overall pending sales, which are a key indicator of buyer activity, continued its upward trend in February. Pending sales increased 69 percent with 808 pending in February 2009 compared to 479 in February 2008.

“This is the first time since 2005 that we are seeing multiple offers on numerous properties. This is shaping up to be the best season we have had in the past 4 years,” stated Mike Hughes, Vice-President of Downing-Frye Realty.

John Steinwand, President of Naples Realty Services, acknowledges that, “Inventory continues to decline due to the increase in sales. The available inventory decreased 7.6 percent to 11,427 in February 2009 compared to 12,377 in February 2008.”

In a pattern that is occurring throughout Southwest Florida, the Marco Island and Ft. Myers areas have followed this same trend, recently reporting a surge in sales and a decrease in inventory. The report provides annual comparisons of single-family home and condo sales (via the SunshineMLS), price ranges, geographic segmentation and includes an overall market summary.

Single-family pending home sales increased 131 percent overall, with 450 in February 2009 compared to 195 in February 2008.

Overall condo pending sales increased 26 percent, with 358 in February 2009 versus 284 in February 2008; and pending condo sales under $300,000 increased 77 percent with 266 in February 2009 compared to 150 in February 2008.

“For the 12 months ending February 2009, pending sales for single-family homes under $300,000 increased 362 percent,” stated Jo Carter, President of Jo Carter & Associates.

“With current low interest rates and home prices buyers are motivated and the momentum is continuing,” stated Bill Coffey, Branch Manager of Coldwell Banker Residential Real Estate.

To view the entire February report, go to www.Naplesarea.com

The Naples Area Board of REALTORS® (NABOR) is an established organization (Chartered 1949) whose members have a positive and progressive impact on the Naples community. NABOR is a local board of REALTORS® and real estate professionals with a legacy of nearly 60 years serving 5,000 plus member-customers. NABOR is a member of the Florida Association of REALTORS® and the National Association of REALTORS®, which is the largest trade association in the United States with more than 1.3 million members and over 1,400 local boards of REALTORS® nationwide. NABOR is structured to provide programs and services to its membership through various committees and the NABOR Board of Directors, all of whose members are non-paid volunteers.