MONTHLY MARKET REPORT FOR FEBRUARY 2017

Naples / Bonita Springs / Estero / Marco Island Market Area

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NAPLES, BONITA SPRINGS AND ESTERO

Closed Sales

  •   During the 12 months ending February 28, 2017, the Naples, Bonita Springs and Estero market had a total of 11,689 closings, 9% lower than the prior 12-month period.
  •   The number of closed sales year-to-date increased 7% over 2016 with 1,653 closings vs. 1,546 in 2016.
  •   During the first two months of 2017, closings for properties priced above $2 million were down 10% from the same period a year ago. During the past 12 months, the number of closings in this price category were down 22%.

New Listings/Inventory

  •   Available inventory on March 1, 2017 for the combined Naples, Bonita Springs and Estero market consisted of 8,099 units, an increase of 18% over the prior year.
  •   During the 12 months ending February 28, 2017, there were a total of 20,173 new listings added to the market, representing a 4% increase over the same period in 2016.

Average and Median Sales Price

    •   Average price of closed sales during February 2017 was 3% lower year-over-year, while the median price was relatively stable, posting a 1% decline.
    •  Average sales price year-to-date is $538,275, a decrease of 8% from the same period in 2016. Median sales price remained stable with less than a 2% increase ($319,000 vs. $325,000

 

MARCO ISLAND

Closed Sales

 During the 12 months ending February 28, 2017, the Marco Island area had 857 closings, down 9% from the prior year.  Year-to-date closings are up 12% from 2016 with 133 closed sales vs. 119 for the same period in 2016.

New Listings/Inventory

    •   Available inventory on March 1, 2017 increased by 25 units over February supply (808 units vs. 783).
    •   During the 12 months ending February 28, 2017 there were a total of 1,428 new listings added to the Marco Island market. The supply of new listings is unchanged from the same period last year when there were 1,452 new listings added.

Average and Median Sales Price

    •   The average sales price of February 2017 closings increased 3% over February 2016, and median price was up almost 4% for the period.
    •   Average sales price year-to-date through February increased slightly to $842,000 up from $750,500 in 2016.
      *Marco Island statistics are obtained from the Marco Island MLS system and include only those sales and current listings on Marco Island and Key Marco.
 Source:  John R. Wood Properties
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Southwest Florida Real Estate Update

 

 

 

 

Productive Outcomes Expected
Economic and political factors may have contributed to the ups and downs we saw in January, but inventory levels continue to be a dynamic factor. Buyers have many choices and sellers are being faced with the reality that price adjustments are in order if attracting buyer attention is the goal. The demand is certainly there and remains strong for Southwest Florida properties leading us to anticipate a very productive outcome for the remaining weeks of season and beyond.


NAPLES, BONITA SPRINGS/ESTERO

Closed Sales

During January 2017, there were 774 closed sales in the Naples, Bonita Springs and Estero market vs. 798 in January 2016. The number of closed sales priced above $2 million year-to-date fell 34% when compared to the same period in 2016, and during the past 12 months, are down 26% (364 vs. 493).

New Listings/Inventory

Available inventory on February 1, 2017 for the combined Naples, Bonita Springs and Estero market consisted of 8,091 units, up from 7,281 units last month, showing an increase of 34% year-over-year. During the 12 months ending January 31, 2017 there were a total of 20,393 new listings added to the market, which indicates a 7% increase over the same period in 2016.

Average and Median Sales Price

The average price of closed sales in the Naples, Bonita Springs and Estero market during the month of January was $540,941, down 11% from January 2016, while the median closed sales price is down 5%. Meanwhile, the average price of sales above $2 million fell 2.4% over the past 12 months, from $3,832,508 to $3,740,781.

MARCO ISLAND

Closed Sales

During the 12 months ending January 31, 2017, the Marco Island area had 854 closings, down 11.9% from the same period last year when there were 970 closings. The number of closed sales for Marco Island during the month of January declined 18% from January 2016 (50 vs. 61), while sales volume was up 22% over January 2016. It should be noted that since this represents only one month, it is not indicative of a market trend.

New Listings/Inventory

Available inventory on February 1, 2017 for the Marco Island market consisted of 796 total units compared to 755 units last month and 712 on February 1, 2016. This represents an increase to an 11-month supply, up from 8.8 in 2016.

Average and Median Sales Price

The average price of closed sales in January 2017 rose a modest 2.6% over January 2016, while the median price was up 5.2% from the same period last year.

*Marco Island statistics are obtained from the Marco Island MLS system and include only those sales and current listings on Marco Island and Key Marco.

 

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Pet Friendly Beaches Near Naples, Florida

When visiting Naples, Florida, you’ll have to leave the pets at home during most of your trips to the beach. Within the city of Naples, the few places you can let your animals run free are dog parks, all located well inland from the community’s white-sand beaches. However, venturing a little farther afield will get Fido’s tail wagging again; you can bring canine pets to a couple dog-friendly beaches elsewhere in southwest Florida.

Bonita Beach Dog Beach

In Bonita Springs, just north of Naples, dog owners may bring their pets to the area’s only off-leash dog beach. Located between Bonita Beach and Fort Myers Beach, Dog Beach is recognized by Lee County Parks and Recreation, though the park system provides no facilities or amenities. They do set and enforce a number of rules, however. You must be 15 years or older to bring a dog, and may bring no more than two dogs. Children under 5 are not allowed on the off-leash area. Non-neutered, non-spayed, aggressive or sick dogs are prohibited from entering the beach area. The beach is open from dawn to dusk.

Delnor-Wiggins Pass State Park

While Delnor-Wiggins Pass State Park won’t give your furry friends full reign, it does give dogs a chance to splash in the water. Plus, it’s conveniently located in North Naples. You can’t walk your dogs along the beach, whether on leash or off. However, you can lead them, on leashes, to the boat and canoe launch area, where they’re welcome to swim in the shallow water of Water Turkey Bay. You’ll have to wade in, too, as park rules require that you keep your dog on a leash at all times. The park is located off Gulfshore Drive; head due west on Immokalee Road until you reach the coast. The beach is on your left.

On-Leash Beaches

Heading north to the beaches of Lee County, your two alternatives to Bonita Dog Beach are rather less dog-friendly and a longer drive from Naples. However, if you decide to spend a day exploring the Fort Myers area, take your pooch for a walk along the public beaches of Fort Myers Beach or the City of Sanibel. Lee County Parks and Recreation lets dog owners walk their dogs, on leashes, in both areas, provided they clean up after their pets.

Elsewhere in Southwest Florida

For the most dedicated dog owners who are willing to take a lengthy trip for their dogs’ enjoyment, several dog beaches exist a few hours’ drive from Naples. The Fort De Soto beach and park, located near St. Petersburg in Pinellas County, permits dogs to run free in designated areas. At Honeymoon State Park, in Dunedin, Florida, pups can run free in the designated dog beach area. Elsewhere in the park, the dogs must stay on leashes.

Source:  USA Today

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HOW TO FIND THE RIGHT GOLF CLUB COMMUNITY

Naples is the golf capital of the world, but how do you find the right golf club community for your style of play and living?  With at least 1200 golfing communities in Florida to choose from knowing where to start your search for golf communities in Southwest Florida can seem like a daunting task. Now you can get the guidance of a luxury real estate professional combined with the expertise of PGA golf professionals.

Golf Life Navigators and John R. Wood Properties have announced their partnership to provide client’s with expert resources that ensure the perfect fit when choosing a new home and golfing community in Southwest Florida.

Golf Life Navigators was originally formed by several PGA golf professionals who recognized the unique needs of people looking for golf communities in Florida each year. They developed an extensive survey process to help clients pinpoint three of the best choices based on preferred lifestyle, golf ability, and other relevant factors. They also took into account that the needs of the husband and wife might be quite different. Once the golf club needs have been identified, John R. Wood Properties can step in to provide expert assistance locating the perfect piece of luxury real estate within the target communities.

Seems like a match made in heaven to us!

 

Visit Naples.house for luxury homes for sale in Naples, Bonita Springs, Estero, Sanibel and Captiva Islands, and Marco Island.

Are You Getting the Home Tax Deductions You’re Entitled To?

Are You Getting the Home Tax Deductions You’re Entitled To?

Owning a home can pay off at tax time.

 

Take advantage of these home ownership-related tax deductions and strategies to lower your tax bill:

Mortgage Interest Deduction

One of the neatest deductions itemizing homeowners can take advantage of is the mortgage interest deduction, which you claim on Schedule A. To get the mortgage interest deduction, your mortgage must be secured by your home — and your home can be a house, trailer, or boat, as long as you can sleep in it, cook in it, and it has a toilet.

Interest you pay on a mortgage of up to $1 million — or $500,000 if you’re married filing separately — is deductible when you use the loan to buy, build, or improve your home.

If you take on another mortgage (including a second mortgage, home equity loan, or home equity line of credit) to improve your home or to buy or build a second home, that counts towards the $1 million limit.

If you use loans secured by your home for other things — like sending your kid to college — you can still deduct the interest on loans up $100,000 ($50,000 for married filing separately) because your home secures the loan.

Prepaid Interest Deduction

Prepaid interest (or points) you paid when you took out your mortgage is generally 100% deductible in the year you paid it along with other mortgage interest.

If you refinance your mortgage and use that money for home improvements, any points you pay are also deductible in the same year.

But if you refinance to get a better rate or shorten the length of your mortgage, or to use the money for something other than home improvements, such as college tuition, you’ll need to deduct the points over the life of your mortgage. Say you refi into a 10-year mortgage and pay $3,000 in points. You can deduct $300 per year for 10 years.

So what happens if you refi again down the road?

Example: Three years after your first refi, you refinance again. Using the $3,000 in points scenario above, you’ll have deducted $900 ($300 x 3 years) so far. That leaves $2,400, which you can deduct in full the year you complete your second refi. If you paid points for the new loan, the process starts again; you can deduct the points over the life of the loan.

Home mortgage interest and points are reported on Schedule A of IRS Form 1040.

Your lender will send you a Form 1098 that lists the points you paid. If not, you should be able to find the amount listed on the HUD-1 settlement sheet you got when you closed the purchase of your home or your refinance closing.

Property Tax Deduction

You can deduct on Schedule A the real estate property taxes you pay. If you have a mortgage with an escrow account, the amount of real estate property taxes you paid shows up on your annual escrow statement.

If you bought a house this year, check your HUD-1 settlement statement to see if you paid any property taxes when you closed the purchase of your house. Those taxes are deductible on Schedule A, too.

PMI and FHA Mortgage Insurance Premiums

You can deduct the cost of private mortgage insurance (PMI) as mortgage interest on Schedule A if you itemize your return. The change only applies to loans taken out in 2007 or later.

What’s PMI? If you have a mortgage but didn’t put down a fairly good-sized down payment (usually 20%), the lender requires the mortgage be insured. The premium on that insurance can be deducted, so long as your income is less than $100,000 (or $50,000 for married filing separately).

If your adjusted gross income is more than $100,000, your deduction is reduced by 10% for each $1,000 ($500 in the case of a married individual filing a separate return) that your adjusted gross income exceeds $100,000 ($50,000 in the case of a married individual filing a separate return). So, if you make $110,000 or more, you can’t claim the deduction (10% x 10 = 100%).

Besides private mortgage insurance, there’s government insurance from FHA, VA, and the Rural Housing Service. Some of those premiums are paid at closing, and deducting them is complicated. A tax adviser or tax software program can help you calculate this deduction. Also, the rules vary between the agencies.

Vacation Home Tax Deductions

The rules on tax deductions for vacation homes are complicated. Do yourself a favor and keep good records about how and when you use your vacation home.

If you’re the only one using your vacation home (you don’t rent it out for more than 14 days a year), you deduct mortgage interest and real estate taxes on Schedule A.

Rent your vacation home out for more than 14 days and use it yourself fewer than 15 days (or 10% of total rental days, whichever is greater), and it’s treated like a rental property. Your expenses are deducted on Schedule E.

Rent your home for part of the year and use it yourself for more than the greater of 14 days or 10% of the days you rent it and you have to keep track of income, expenses, and allocate them based on how often you used and how often you rented the house.

Homebuyer Tax Credit

This isn’t a deduction, but it’s important to keep track of if you claimed it in 2008.

There were federal first-time homebuyer tax credits in 2008, 2009, and 2010.

If you claimed the homebuyer tax credit for a purchase made after April 8, 2008, and before Jan. 1, 2009, you must repay 1/15th of the credit over 15 years, with no interest.

The IRS has a tool you can use to help figure out what you owe each year until it’s paid off. Or if the home stops being your main home, you may need to add the remaining unpaid credit amount to your income tax on your next tax return.

Generally, you don’t have to pay back the credit if you bought your home in 2009, 2010, or early 2011. The exception: You have to repay the full credit amount if you sold your house or stopped using it as primary residence within 36 months of the purchase date. Then you must repay it with your tax return for the year the home stopped being your principal residence.

The repayment rules are less rigorous for uniformed service members, Foreign Service workers, and intelligence community workers who got sent on extended duty at least 50 miles from their principal residence.

Energy-Efficiency Upgrades

The Nonbusiness Energy Tax Credit lets you claim a credit for installing energy-efficient home systems. Tax credits are especially valuable because they let you offset what you owe the IRS dollar for dollar, in this case, for up to 10% of the amount you spent on certain upgrades.

The credit carries a lifetime cap of $500 (less for some products), so if you’ve used it in years past, you’ll have to subtract prior tax credits from that $500 limit. Lucky for you, there’s no cap on how much you’ll save on utility bills thanks to your energy-efficiency upgrades.

Among the upgrades that might qualify for the credit:

  • Biomass stoves
  • Heating, ventilation, and air conditioning
  • Insulation
  • Roofs (metal and asphalt)
  • Water heaters (non-solar)
  • Windows, doors, and skylights

File IRS Form 5695 with your return.

This article provides general information about tax laws and consequences, but shouldn’t be relied upon as tax or legal advice applicable to particular transactions or circumstances. Consult a tax professional for such advice; tax laws may vary by jurisdiction.

Source:  HouseLogic.com  By: Dona DeZube

 

Visit Naples.house for luxury homes for sale in Naples, Bonita Springs, Estero, Sanibel and Captiva Islands, and Marco Island.

 

 

THINGS TO DO THIS WEEKEND IN SOUTHWEST FLORIDA ~ February 10th

THINGS TO DO THIS WEEKEND IN SOUTHWEST FLORIDA

When you start thinking about things to do this weekend in Southwest Florida, get all of your senses ready. The Everglades Seafood Festival is a big headliner along with the legendary Chicago musical now playing at the Barbara B. Mann Performing Arts Hall. There will be plenty of food, good music and theater at several area events proving that there is always something to do in Southwest Florida.

FRIDAY

SATURDAY

SUNDAY

Source:  John R. Wood Properties

Visit Naples.house for luxury homes for sale in Naples, Bonita Springs, Estero, Sanibel and Captiva Islands, and Marco Island.

Dog Friendly Communities in Southwest Florida 

 

You won’t find a shortage of dog-friendly activities and destinations in Southwest Florida. From doggie daycare, dog parks and dog beaches to the major shopping streets and popular restaurants. Water bowls can often be found outside storefronts and furry friends are a large part of the crowd at local art shows and parades. Southwest Florida has always been known as a dog friendly place to live.

It stands to reason that dog friendly communities in Southwest Florida are everywhere as well. There are, however, a few pet policies to be aware of as you begin your search for a new home and before you sign on the dotted line of a sales contract.

Types of Pet Policies and What They Mean

With Approval

Some Homeowner’s and Condominium Associations will require a pet application and reserve the right to review it before they make a decision on whether to allow your pets.

Limits

This indicates that pets are allowed provided they do not exceed a certain number per household or a maximum weight. Weight and size limits are outlined in the rules and regulations of the community documents.

No Approval Needed

This is a classification you’ll typically see when purchasing a single-family home. Basically, you can have as many dogs of any size – or other pets -as you want.

Not Allowed

Unfortunately, not everyone is dog and pet friendly.

How to Find the Pet Policy

Most communities have a Homeowners Association (HOA) or a Condominium Association or both depending on the structure of the neighborhoods. You can call the HOA to ask about their pet policy or reference the Rules and Regulations which can be found within the HOA and Condo documents.

When in doubt, you can always contact me and I am happy to assist you in your search for a home that allows dogs!

Source: John R. Wood Properties.com

 

Visit Naples.house for luxury homes for sale in Naples, Bonita Springs, Estero, Sanibel and Captiva Islands, and Marco Island.

 

 

THINGS TO DO THIS WEEKEND IN SOUTHWEST FLORIDA ~ Feb. 3, 2017

THINGS TO DO THIS WEEKEND IN SOUTHWEST FLORIDA

February 3, 2017

Don’t get stuck looking for things to do this weekend in Southwest Florida. We know the main event is Super Bowl LI, but while your waiting for the big game to start, check out this line up that will have you ready to rev your engines and get your groove on.

FRIDAY

SATURDAY

SUNDAY

Source:  John R. Wood Properties, Ashley Wells

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ANNUAL MARKET REVIEW FOR 2016

 

Naples / Bonita Springs / Estero / Marco Island Market Area

 

NAPLES, BONITA SPRINGS AND ESTERO

Closed Sales

The number of closed sales in 2016 decreased 12% to 11,582 from prior year, making it the lowest year- end sales volume since 2011, the beginning of this expansion cycle. The number of closings above $1 million decreased 14.7% over 2015 with 1,069 sales at the end of 2016 vs 1,253 at the end of 2015. The segment above $5 million decreased 30% year-over-year.

Inventory Levels and New Listings

Inventory increased 34.6% in 2016, in the combined Naples, Bonita Springs, Estero market. This is the largest percentage increase in inventory since the depths of the recession in 2008. The supply of condominiums increased 35.8%, while single family homes increased at a rate of 33.6% over the same period last year. It should be noted that John R. Wood Properties does not include manufactured product or time share condominiums in our analysis.

Availability of single family homes and condominiums increased in all price segments, with the largest increase noted in the product segment under $350,000. Product priced between $350,000 and $850,000 had the largest supply of inventory, representing over 40% of the total current inventory and an increase of 22% over the prior year.

The largest increase in condominium supply was product priced under $350,000. The largest increase in single family supply was for product priced between $350,000 and $850,000 and between $2 million and $5 million.

The sum of new listings placed on the market during 2016 was 20,392, up 9% over 2015, and the highest since 2010.

Pended Sales

The number of sales pended during the year was 13,578, down 24% from the prior year and the lowest annual total since 2012. All price categories reflected decreases, with properties priced at $350,000 or below showing the smallest decrease, and down only 10% from 2015. It is important to note that not all pended sales close. However, this benchmark along with current inventory has proven to be the best leading indicator of market direction.

Summary

Year-end evidence indicates that market direction has shifted from one that was in balance at the end of 2015, to one that is trending to an oversupply at the end of 2016. Some segments are already well above a one year supply. This market dynamic favors buyers, who now have a greater supply of available options for purchase. This shift is a notice to sellers that pricing strategy must be adjusted to reflect current market conditions.

 

MARCO ISLAND

Closed Sales

The number of closed sales in 2016 decreased 14% to 843 from 982 at year end 2015. This sales volume is the lowest since 2011, the beginning of the current expansion cycle. Properties priced above $1 million decreased 12.8% over 2015, with 149 sales at the end of 2016 vs 171 at the end of 2015.

Inventory Levels and New Listings

Inventory increased 22% in 2016 compared to last year, with the year-end inventory the highest since 2014. The supply of condominiums increased 20% over the same period last year with single family inventory increasing 23%.

Marco Island real estate is distinguished by its view and its open water access. The following summary provides insight into the availability and pricing of single family homes and condominiums based on their view. Inventory data by view has been calculated since September 2016.

Single family inventory with Direct Access has increased 17.5% and list prices have increased 5% since September. Indirect Access homes have increased 8.6% in inventory with a 5.2% reduction in average list price. Available homes with Inland and Golf Course views have increased 46% and 25% respectively with asking prices lower by 5%.

Condominium inventory with Direct Access has increased by 43% and list prices have dropped 2%. Indirect Access condominiums posted a 26% increase in inventory and a 10% reduction in overall asking price. Beachfront high rise condominiums account for the largest product offering on Marco Island. Current inventory is 6.8% higher than September 2016 with the current offering price relatively stable, down less than 2%.

Pended Sales

The number of sales pended during 2016 was 879, down 27% from 2015 and the lowest annual total since 2008. The Marco Island real estate market is heavily influenced by second home buyers and the reduction in pended sales is a reflection of the overall market softening. It is important to note that not all pended sales close. However, this benchmark along with current inventory has proven to be the best leading indicator of market direction.

Summary

The same market dynamics are evident on Marco Island that we see in Naples, Bonita Springs and Estero. The supply of waterfront properties with boating access posted the greatest increase on Marco Island over the past year. Beachfront condominiums, which generally cater to the very seasonal market, have also increased, but not to the same level. Overall, the market favors the buyer and sellers should be aware of this price shift.

Source:  John R. Wood Properties

 

Visit Naples.house for luxury homes for sale in Naples, Bonita Springs, Estero, Sanibel and Captiva Islands, and Marco Island.

 

2016 Year-In-Review – Naples Florida Real Estate Blog

Source: 2016 Year-In-Review – Naples Florida Real Estate Blog

 

Visit Naples.house for luxury homes for sale in Naples, Bonita Springs, Estero, Sanibel and Captiva Islands, and Marco Island.