Showing posts with label Naples Condos. Show all posts
Showing posts with label Naples Condos. Show all posts

Friday, February 24, 2017

NAR predicts stable commercial market in 2017

NAR predicts stable commercial market in 2017

 
WASHINGTON – Feb. 23, 2017 – Steered ahead by strengthening demand in smaller markets, the commercial real estate sector should remain on stable ground in 2017 and offer decent returns for investors, according to the latest National Association of Realtors® (NAR) quarterly commercial real estate forecast.
National office vacancy rates are forecast to retreat 1.1 percent to 12.1 percent over the coming year as job growth in business and professional services brings increased need for office space. The vacancy rate for industrial space is expected to decline 1.3 percent to 7.1 percent, and retail availability to decrease 0.7 percent to 11.2 percent.
Only the multifamily sector is predicted to have little change to its vacancy rate over the next year as new apartment completions keep openings mostly flat at 6.5 percent.
"Last year was the 11th year in a row of subpar GDP growth, but renewed corporate optimism leading to a focus on investment and a desperately needed boost in residential construction should pave the way for modest expansion this year of around 2.4 percent," says Lawrence Yun, NAR chief economist. "Steady hiring and low local unemployment levels are finally supporting higher wages and increased spending, which in turn bodes well for sustained demand for all commercial property types."
The apartment sector is expected to preserve its status as a top performer this year, simply because ongoing supply and affordability challenges are keeping the nation's low homeownership rate from seeing meaningful improvement. Even with a small uptick in the vacancy rate as new building completions catch up with demand, rents will likely maintain their solid growth in most of the country.
"Especially in the costliest metro areas, higher home prices and mortgage rates are squeezing the budget for many renters looking to buy and inevitably forcing them to sign a lease for at least another year," says Yun.
According to Yun, commercial property prices – especially in Class A assets in larger markets – surpassed pre-crisis levels last year because of aggressive bidding and lower inventory levels. However, with the Federal Reserve expected to raise short-term rates three times in 2017, a minor price correction may be in store this year as cap rates move higher.
"Similar to the biggest ongoing challenges in the residential market, supply and demand imbalances continue to put upward pressure on commercial property prices as investors search for yield in smaller markets," says Yun. "Realtors are increasingly citing inventory shortages as their top concern as the pace of new projects slows in large cities, and middle-tier and smaller markets see a growing appetite for space."
The latest NAR Commercial Real Estate Market Survey found strong underlying demand for commercial properties up to $2.5 million, where most transactions from NAR's commercial members reside. Compared to a year ago, sales volume rose 12.9 percent, prices increased 5.5 percent and the average transaction value equaled $1.1 million.
NAR's December Business Creation Index (BCI) also found a positive trend for smaller commercial businesses. Created to monitor local economic conditions from the perspective of NAR's commercial members, Realtors reported more business openings and fewer closings over the past year in their market.
The possibility of a more tax-friendly business environment combined with the positive benefits of 1031 exchanges could quicken the pace of economic growth and support stronger commercial market fundamentals, Yun says.
The industrial sector – already enjoying increased demand from the soaring popularity of e-commerce – could see a further decline in vacancy rates if increased manufacturing comes to fruition and accelerates the need for more warehouse space.
"The positive direction for commercial real estate this year will be guided by the steadily expanding U.S. economy, which has legs to grow and continues to be one of the top economic performers and safest bets in the world," concludes Yun.
© 2017 Florida Realtors  

Thursday, February 23, 2017

Fla.’s Housing Market: More​ Sales,​ Rising Prices in January

Good morning, I read this article this morning and wanted to pass it along to you. Good Florida real estate news for both Sellers and Buyers. For Sellers, their real estate investment(s) continue to grow in value. For Buyers, interest rates still are very affordable, but projected to rises a couple of times this year.

If you are looking for a beautiful southwest Florida home please give me a ring. I am highly skilled, an expert at locating, negotiating and facilitating Florida real estate property sales. I can and will find the perfect southwest Florida home for you and your family. If you are ready to see some magnificent SWFL homes, lets set a time and date to go preview some of your favorites. 

Enjoy the information below and of course, call or send me any question you may have.

Kind regards,


Terence Trombetti Realtor® 
​​Call or Text (239) 560-1574
​Florida Complete Realty​
​3624 Del Prado Blvd., Suite A,
Cape Coral, Florida 33904
​​
Florida Real Estate Professional Since 2004


​​
Fla.’s Housing Market: More​ Sales,​ Rising Prices in January

 
ORLANDO, Fla. – Feb. 22, 2017 – Florida's housing market reported more closed sales, higher median prices, increased pending sales and more new listings in January, according to the latest housing data released by Florida Realtors®. Sales of single-family homes statewide totaled 16,779 last month, up 5.2 percent from January 2016.
"Florida's housing market continues to show positive momentum," says 2017 Florida Realtors President Maria Wells, broker-owner with Lifestyle Realty Group in Stuart. "While existing inventory remains tight, Realtors across the state are reporting interest from both buyers and sellers – and with interest rates expected to rise over the next few months, now is certainly a good time to take action. On the buyer front, new pending sales for existing single family homes in January increased 3.8 percent year-over-year; pending sales for townhouse-condo units increased 6.5 percent. On the sellers' side, new listings for single-family homes rose 7.6 percent year-over-year, while new townhouse-condo listings ticked up 0.9 percent.
"When market conditions are tight, consumers can get ahead by working with a Realtor who's an expert in the local area," Wells says. "A Realtor will have the knowledge needed to help both buyers and sellers through the complex home buying process."
Home sellers continued to get more of their original asking price at the closing table in January: Sellers of existing single-family homes received 95.6 percent (median percentage) of their original listing price, while those selling townhouse-condo properties received 94.6 percent.
The statewide median sales price for single-family existing homes last month was $220,000, up 10.1 percent from the previous year, according to data from Florida Realtors research department in partnership with local Realtor boards/associations. The statewide median price for townhouse-condo properties in January was $161,000, up 6.6 percent over the year-ago figure. January marked the 62nd month in a row that statewide median prices for both sectors rose year-over-year. The median is the midpoint; half the homes sold for more, half for less.
According to the National Association of Realtors (NAR), the
​ ​
national median sales price for existing single-family homes in December 2016 was $233,500, up 3.8 percent from the previous year
​ ​
the national median existing condo price was $221,600.In California, the statewide median sales price for single-family existing homes in December was $509,060; in Massachusetts, it was $355,000; in Maryland, it was $269,319; and in New York, it was $240,000.

Looking at Florida's townhouse-condo market, statewide closed sales totaled 7,209 last month, up 6.2 percent compared to January 2016. Closed sales data reflected fewer short sales and cash-only sales last month: Short sales for townhouse-condo properties declined 47.7 percent while short sales for single-family homes dropped 36.3 percent. Closed sales may occur from 30- to 90-plus days after sales contracts are written.
"Florida's markets for existing homes are off to a good start in 2017," says Florida Realtors Chief Economist Dr. Brad O'Connor. "Throughout much of this housing cycle, growth in single-family home sales has outpaced that of condos and townhouses, but in January – for the first time since November 2015 – this was not the case, though one month's worth of data alone doesn't indicate a long-term trend.
Also, new listings of single-family homes were up in January compared to last year, including in the $150,000 to $250,000 range where inventory is sorely needed throughout the state. That said, inventory was still down overall in this range, as this segment of the market remains in high demand throughout the state."
Inventory dipped to a 4.2-months' supply in January for single-family homes and was at a 6.4-months' supply for townhouse-condo properties, according to Florida Realtors.
According to Freddie Mac, the interest rate for a 30-year fixed-rate mortgage averaged 4.15 percent in January 2016, up significantly from the 3.87 percent average recorded during the same month a year earlier.
For the full statewide housing activity reports, go to Florida Realtors Research and Statistics on floridarealtors.org.
© 2017 Florida Realtors®

Real Estate Data for Cape Coral

Cape Coral market trends indicate an increase of $10,150 (5%) in median home sales over the past year. The average price per square foot for this same period rose to $133, up from $127.
Median Sales Price - $200,000​​
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Real Estate Data for Fort Myers

Fort Myers market trends indicate an increase of $13,490 (7%) in median home sales over the past year. The average price per square foot for this same period rose to $134, up from $125.
Median Sales Price - $200,000
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Real Estate Data for Naples

Naples market trends indicate a decrease of $7,000 (-2%) in median home sales over the past year. The average price per square foot for this same period fell to $213, down from $214.
Median Sales Price - $300,000
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Wednesday, January 27, 2016

When leaving questions or asking for additional information in my "Comments" section here, please leave me your EMAIL ADDRESS or PHONE NUMBER so that I can answer back. You can reach me directly at 239-560-1574 or terencetrombetti@gmail.com. It would be an honor to work for you as your Realtor. Kind regards, Terence J. Trombetti.




Dining's Holy Grail: At Bridge Plaza, restaurants flourish


If some restaurant spaces are cursed, could others be blessed? At Bridge Plaza in Fort Myers, local chefs are thriving.

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Amid clouds of dust and hills of rubble, Amy Abernathy showed off the logo for her forthcoming restaurant.
“It’s The Fish & Vine,” she said, tracing the abstract outline of the fish-meets-wineglass image with her finger.
“I’ve been talking about doing this for three years, and in all that time I never considered opening anywhere but here.”
"Here" is Bridge Plaza, the 73,000-square-foot shopping center near the corner of McGregor Boulevard and College Parkway in south Fort Myers.
If some restaurant spaces are cursed, then this plaza just might be the Holy Grail for Lee County chefs.
Home to eight unique food and dining concepts — from Greek fare, to upscale Italian, to a chef-driven diner — Bridge Plaza’s restaurants have more than 70 years of operation under their combined belts.
That’s not counting nearby Lazy Flamingo, open since 2011, which sits on property owned by a different management group.
“That particular plaza has a lot of things going right for it,” said commercial real estate broker Steve Cunningham, a partner with LandQwest Commercial in Fort Myers.
“It’s the perfect storm of factors.”
Let’s start with parking.
County codes call for 14 parking spots per every 1,000 square feet of restaurant space, according to Cunningham. Such restrictions make it difficult to fit more than one or two restaurants into most strip centers. But Bridge Plaza, which was built in 1978 when land in south Fort Myers wasn't at such a premium, has 345 parking spots, more than enough for current and future tenants.
Then there’s the ease of access, the proximity to wealthy residential neighborhoods, the sheer variety of restaurants, and, of course, the restaurateurs themselves, all of whom seem to welcome and promote the places around them.
“I hand out Crave’s menus to customers looking for a good breakfast,” said Craig Komatz, owner of Cibo.
“The thing is, the restaurants that are in here are good. They’re all truly good places to dine. We all have different styles, but we’re all great at what we do.”




Open since 1991, Nomiki’s Plakka is, as Komatz called it, “the granddaddy of us all.” Owner Dimitri Neskes can’t remember a time when Nomiki’s didn’t operate in Bridge Plaza. That's because he was 6 months old when it opened.
“There have always been some good restaurants in here,” Neskes said.“The French bakery, the health-food café, but over the last seven or eight years, since Cibo and Crave and Pizza Fusion came along, this place has become a dining destination.”


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That wasn’t exactly the plan.
Mark Aurelia, the plaza’s property manager, said there was never a goal of attracting restaurants to the space. But as one after another succeeded, more and more restaurateurs wanted in.
“It’s a testament to the restaurant owners themselves,” Aurelia said. “They’ve stood the test of time, and with a solid menu and service, people will come.”
Abernathy’s sure hoping so.




The Fish & Vine is scheduled for a late-February or early-March debut. Chef Kyle Conway, formerly of Barnhill’s Seafood on Matlacha, will run the kitchen. The 75-seat space will feature a seafood and gourmet wine market up front, with an expansive, full-liquor bar and an upscale, seafood-driven menu.
“We’re going to be all about fresh seafood, small plates to share, boutique wines,” Abernathy said.
When asked if she believes the plaza is lucky or blessed, she didn’t hesitate.
“Absolutely,” she said. “This is the only place I want to be.”
Connect with this reporter: @ATometich (Twitter)
WHERE RESTAURANTS THRIVE
A look at the markets and restaurants that have made Bridge Plaza at 12901 McGregor Blvd., south Fort Myers, a dining destination. 
• Nomiki's Plakka
Cuisine: Greek
Open since: 1991
More: 433-5659 or facebook.com/nomikisplakka
• Cibo
Cuisine: Upscale Italian 
Open since: 2004
More: 454-3700 or cibofortmyers.com
• Crave Restaurant
Cuisine: American fare with a chef's touch
Open since: 2007
More: 466-4663 or cravemenu.com
• European Food Market
Style: Polish and Eastern European goods and groceries for sale
Open since: 2007
More: 332-7200
• Pizza Fusion
Cuisine: American-style pizza chain with a healthy variety of toppings and crusts
Open since: 2009
More: 337-7979 or pizzafusion.com
• Caffe Toscano
Cuisine: Family-run Southern Italian with a focus on fine, imported ingredients
Open since: 2013
More: 415-8466 or caffetoscanofl.com
• Crave Market
Cuisine: Sister operation to Crave, offering sandwiches, soups, prepared salads and more 
Open since: 2014
More: 466-4663 or cravemenu.com
• The Fish & Vine
Cuisine: Upscale seafood and classic French-Mediterranean fare with a fish market and boutique wines
When: Coming in late February
More: Find it on Facebook

Tuesday, January 12, 2016

When leaving questions or asking for additional information in my "Comments" section here, please leave me your EMAIL ADDRESS or PHONE NUMBER so that I can answer back. You can reach me directly at 239-560-1574 or terencetrombetti@gmail.com. It would be an honor to work for you as your Realtor. Kind regards, Terence J. Trombetti.

Summary for Cape Coral

The median sales price for homes in Cape Coral FL for Oct 15 to Jan 16 was $182,000. This represents an increase of 1.6%, or $2,950, compared to the prior quarter and an increase of 15.9% compared to the prior year. Sales prices have appreciated 83.9% over the last 5 years in Cape Coral. The average listing price for Cape Coral homes for sale on Trulia was $276,316 for the week ending Jan 06, which represents an increase of 1.6%, or $4,266, compared to the prior week and an increase of 1.7%, or $4,580, compared to the week ending Dec 16. Average price per square foot for Cape Coral FL was $121, an increase of 14.2% compared to the same period last year. Popular neighborhoods in Cape Coral include Pelican, Caloosahatchee, Hancock, Burnt Store, Mariner, and Trafalgar.
Average price per square foot for Cape Coral FL was $121, an increase of 14.2% compared to the same period last year. The median sales price for homes in Cape Coral FL for Oct 15 to Jan 16 was $182,000 based on 784 home sales. Compared to the same period one year ago, the median home sales price increased 15.9%, or $25,000, and the number of home sales decreased 40.7%. There are currently 5,173 resale and new homes in Cape Coral on Trulia, including 20 open houses, as well as 636 homes in the pre-foreclosure, auction, or bank-owned stages of the foreclosure process. The average listing price for homes for sale in Cape Coral FL was $276,316 for the week ending Jan 06, which represents an increase of 1.6%, or $4,266, compared to the prior week. Popular neighborhoods in Cape Coral include Pelican and Caloosahatchee, with average listing prices of $381,226 and $360,404.
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Thursday, January 7, 2016

When leaving questions or asking for additional information in my "Comments" section here, please leave me your EMAIL ADDRESS or PHONE NUMBER so that I can answer back. You can reach me directly at 239-560-1574 or terencetrombetti@gmail.com. It would be an honor to work for you as your Realtor. Kind regards, Terence J. Trombetti.

2015 ends with housing surge

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2015 ended on an up note for promised Lee County housing starts – 216 percent up for multifamily projects compared with this time last year.
As if rushing to make its new year’s resolutions before midnight, the county permitted 200 multifamily units in December. November had been sleepy with only six such permits, and 2014 had closed with only 30.
A highlight of the 12th month was The Reef in Estero, which got its green light for 174 units of off-campus student housing at 19655 Three Oaks Parkway – a first for the village’s new design review board.
Single-family homes didn’t do badly in unincorporated Lee, either. The year ended with 132 December permits, almost two times more than the previous year, according to the county’s community development department.
And for 2015 overall, the county ticked up 21 percent in the home permit sector.
With a total of 1,202 single-family and 2,094 multifamily units permitted in 2015, Lee starts promised a market value of about $491.3 million.
Cape Coral’’s housing market in 2015 was at its healthiest in a long while, with August and October breaking the 100 permit threshold for single-family homes. That hadn’t happened since 2007.
The Cape issued six duplex and 95 single-family permits in December.
Bonita Springs  finished the year with 601 single-family and 40 multifamily permits issued. Although slightly under its 2014 performance, the year proved demand for Bonita housing continues strong into 2016.
2015 may be remembered as the year foreclosures progressed so far in the reverse direction since the recession as to become a nonissue.
The year cash sales began to slow; lending markets began to open up; and mortgage rates increased – timidly – for the first time since the recession.
No rest for the rent-weary
But the year’s hottest development was a headline-making ALN Apartment News study that placed the Cape Coral-Fort Myers area among the most rent-burdened metro areas in the country
“Florida has the highest number of renter households in the U.S. paying unaffordable rent, with nearly 1 in 3 renter households in Florida’s top 10 metro areas paying at least half of their household income (before taxes) toward rent and utilities,” a survey by nonprofit Make Room found.
With the year only half over, Fort Myers area rents had risen over 14 percent from the year before. Statewide, the people most severely burdened by high rents: 6,223 people aged 18 to 34, and 4,257 people ages 50 to 64.

While real estate experts see an exciting lineup of new construction starts on the 2016 horizon, the same can’t be said for affordability.

Should You Buy a House During the Corona-Virus Outbreak?

WRITTEN BY JAYMI NACIRI POSTED ON FRIDAY, 03 APRIL 2020 05:00 For many of us, the coronavirus pandemic has created a t...