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Bonita Bay Real Estate News | November 2022

01 Nov Bonita Bay Real Estate News | November 2022

Posted at 08:03h in Bonita Bay, Ed Gongola, Real Estate News, Seaglass at Bonita Bay by
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As of  November 1, 2022, there are 18 active listings in our area multiple listing service (MLS) in Bonita Bay; 5 less than last month.
 
For comparison, last year on November 1, there were 33 listings in Bonita Bay.
 
There are 3 single-family homes on the market from $825,000 to $2,899,500. The average list price is $1,706,500 and the average days on the market is 49. The combined days on the market is 49.
 
There are 4 listings in the carriage, mid-rise, townhouse, and attached villa market with prices ranging from $649,000 to $846,000. The average list price is $748,250 and the average days on the market is 33. The combined days on the market is 34.
 
In the high-rise market, there are 11 active listings in Bonita Bay ranging in price from $1,275,000 to $5,750,000. The average list price is $3,640,364 and the average days on the market is 143. The combined days on the market is 150.
 
A reminder, you have access to the most comprehensive website devoted to Bonita Bay, BonitaBayRealty.com. I’ve included maps, floor plans, photos, and descriptions of each neighborhood within this desirable community.
 
Please contact me for all your real estate needs in Bonita Bay. With over 35 years of helping buyers and sellers in SWFL, my experience will be invaluable in this fast-moving, low-inventory market.

Your Bonita Bay REALTOR®,

Ed Gongola

SUMMARY OF BONITA BAY HOME SALES

If you are considering selling your Bonita Bay home, here are some statistics that may help you decide to place your home on the market:

BONITA BAY CARRIAGE, MID-RISE, TOWNHOUSE AND ATTACHED VILLA HOMES
  • Within the last 12 months, there were 83 sales with an average sales price of $618,569; these condos were on the market an average of 12 days; combined days on the market is 55.
  • During the 12 months previous, there were 97 sales with an average sales price of condominiums was $438,311; these homes were on the market for 50 days; combined days on the market is 123.
 
BONITA BAY HIGH-RISES
  • During the last 12 months, there were 59 sales with an average sales price of $2,026,300; these homes were on the market an average of 31; combined days on the market is 90.
  • During the 12 months previous, there were 109 sales with an average sales price of $1,504,917; these homes were on the market for an average of 139 days; combined days on the market is 201.
 
SINGLE-FAMILY BONITA BAY HOMES
  • During the last 12 months, there were 45 sales with an average sales price of $2,175,628; these homes were on the market an average of 38 days; combined days on the market is 103.
  • During the 12 months previous, there were 99 sales with an average sales price of $1,671,030; these homes were on the market for an average of 70 days; combined days on the market is 146.
 
For a list of BONITA BAY homes sold in the last 12 months, click here.
 
For a list of BONITA BAY homes that are pending at the moment, click here.
 
Meet Ed Gongola and discover how he can help you with his concierge style of service when buying or selling your home.

November 2022 Market Update


DOWNING-FRYE: CLOSINGS ON-TRACK
“Sometimes when a hurricane makes landfall, the media tends to show all of the destruction in the hurricane’s path. You get this sense that real estate comes to a stop. However, perception is not reality!” said Mike Hughes, V. P. and Gen. Mgr. of Downing-Frye Realty, Inc. “There are times when a hurricane can stimulate activity. The month after Hurricane Ian visited our area, Downing-Frye Realty, Inc. agents turned in 132 pending sales contracts that amounted to $100,494,257 in pending sales volume for the month of October 2022. This makes the 30th month in a row where our agents had at least $100 million in pending sales volume for the month. If you are wondering about closings the month after Hurricane Ian visited us, we still had a lot of closings! Downing-Frye agents had 152 closed transactional sides in October 2022 with a closed sales volume for the month of $144,701,699. It is nice to see these kind of numbers in what is typically the slow part of the year for sales.”
 
BONITA / ESTERO: MARKET APPRECIATION
As thousands of local residents remain in shelters due to the damage or destruction of their home from Hurricane Ian, the already low inventory level will further decrease and the demand will further increase. “The Bonita Springs-Estero real estate market now not only has historic trends to support a potential appreciation, but also its continued desirability. Aside from rebuilding, our area is not known for skyscrapers or amusement parks, we are known for our natural beaches, gorgeous sunsets, and year-round tropical weather and those are things no storm can take from us. Considering the damages our area faces, our local realtors and brokers believe our market will stay strong and appreciate because our area is still highly desirable.” said Jerry Murphy, Managing Broker of Downing-Frye Real Estate’s Bonita Springs office. In September, the median closed sales price was $504,500 for a 26.4% increase over the previous year, while the total inventory in September was 476 properties, a 61.9% increase.
 
NAPLES AREA: RESILIENT MARKET
A considerable number of businesses and properties that experienced Hurricane Ian’s surge were swift to recover. Major area attractions like the Zoo, popular restaurants and golf courses have already reopened. Mike Hughes added that, “Unlike Hurricane Irma, Hurricane Ian was not a severe wind event so roughly 80 percent of the county was unaffected. For buyers looking to purchase non-waterfront homes, the market is unchanged.” The median closed price for September was $555,000, which was up 21.8% from last September. During that same period the inventory of single-family homes increased from 883 to 1,379 units while condo inventory increased from 504 to 767 units.
 
MARCO ISLAND AREA: INCREASED INVENTORY
The Marco Island Area Assoc. of Realtors® reported that in the month of September, 16 homes were sold for the median sell price of $1.8M (up 39% from last September) averaging 61 days on the market. The total inventory for September 2022 was 322 properties (up 28% from 2021) with 40 total closed units for a total volume sold $49M.
 
FLORIDA: SUPPLY & MEDIAN PRICES RISE
Despite initial impacts from Ian, inventory grew, the single-family median price was up 13.8% year-to-year, and the condo median price was up 20.5% – but sales were down 29%. Florida Realtors Chief Economist Dr. O’Connor noted that Ian’s impact on Florida’s housing market started at the end of the week before it made landfall, as successive forecasts predicted a potential major hurricane would make landfall in the state. O’Connor said, “Taking into account weekends and the Labor Day holiday, roughly a quarter of September’s business days were seriously disrupted by Ian, and as a result, we were left with some lackluster market statistics for September.”
 
USA: SALES DIP 10.2% IN SEPTEMBER
Pending home sales in September dropped for the fourth straight month, down 10.2% from August, decreasing in all regions compared to one year ago. “Persistent inflation has proven quite harmful to the housing market,” said NAR Chief Economist Lawrence Yun. “The Federal Reserve has had to drastically raise interest rates to quell inflation, which has resulted in far fewer buyers and even fewer sellers.” He added, “Only when inflation is tamed will mortgage rates retreat and boost home purchasing power for buyers.”
 
Sources: The Bonita Springs-Estero REALTORS®/SWFLMLS, Naples Area Board of REALTORS®, National Assoc. of REALTORS®, Florida REALTORS® and Marco Island Area Assoc. of REALTORS®

Florida Still #1 for International Buyers

About one in four (24%) international buyers opt for a home in Fla., finds Coldwell Banker study, compared to No. 2 Calif. (11%) and No. 3 Texas (8%).
Florida is still the No. 1 choice for international home buyers, according to the Coldwell Banker International Buyers Guide. About one in four 24% of international buyers purchase a home in Florida.
 
Percent of international buyers by state:
• Florida: 24%
• California: 11%
• Texas 8%
• Arizona: 7%
• New York: 4%
 
In 2022, the highest dollar volume among international buyers in the United States came from China, followed by Canada, India, Mexico, Brazil and Colombia.
“Florida and Arizona tend to attract buyers from Latin America, Europe and Canada, who are looking to purchase properties in warm climates for vacation purposes,” according to the guide. “Affordability and diversity of housing in these states also are considerations for many international buyers.”
 
Although international-buyer purchases slowed during the pandemic, buyers have returned to the market.
 
“According to the National Association of Realtors®, the sales volume generated by international home buyers in 2021 hit its lowest level since 2011,” the guide says. “International buyer purchases accounted for just 1.6% of existing home sales, down from a peak of 5.2% in 2017. While transactions further decreased in the most recent period, dollar volume of foreign buyer purchases rose 8.5% to $59 billion in the period ending March 2022.”
 
Source: South Florida Agent (10/26/22) Regan, Patrick
© Copyright 2022 INFORMATION INC., Bethesda, MD (301) 215-4688

Hurricane Ian Failed to Upset Naples Housing Market’s Resilience

The impact of Hurricane Ian, as witnessed on the last two days of September, is not reflected in the September 2022 Market Report by the Naples Area Board of REALTORS® (NABOR®), which tracks home listings and sales within Collier County (excluding Marco Island). Given this, September’s data showed a predictable pattern of slow closed and pending sales with a slight increase in inventory, which is traditionally the case in historically stable Septembers. (The September 2022 infographic and chart are located at the end of this email.) While the report captured activity prior to Hurricane Ian’s arrival, broker analysts who reviewed the report on October 18th are confident Naples’ recovery will be swift and the resiliency of its home values will be protected.
“There is indeed significant loss, yet the full scope of [the hurricane’s] impact was limited to a specific area along the coast and tributaries [in Collier County],” said Budge Huskey, CEO, Premier Sotheby’s International Realty. “Such an event always brings with it a rebuilding boom, and most people will make the decision to restore and improve rather than exit the area. It’s remarkable how quickly progress is being made each and every day.”
 
Mike Hughes, Vice President and General Manager for Downing-Frye Realty, Inc., added that “Unlike Hurricane Irma, Hurricane Ian was not a severe wind event so roughly 80 percent of the county was unaffected. For buyers looking to purchase non-waterfront homes, the market is unchanged.”
 
Not surprising, several broker analysts said there has been an increase in buyer interest for homes in communities east of U.S. 41 since the storm. Adam Vellano, a Naples Sales Manager at Compass Florida, remarked that, “Some homes have been withdrawn from the MLS, some have been terminated, but there’s also been a steady flow of new listings in these last two weeks.”
 
Obviously, some properties in Naples that experienced damage from the hurricane will come off the market because they will need to be assessed by insurance adjusters and undergo repairs. But unlike harder hit Lee and Charlotte counties, very few properties in Collier County were destroyed.
 
A considerable number of businesses and properties that experienced the storm’s surge were swift to recover. Major area attractions like the Zoo, popular restaurants and golf courses have already reopened. Vellano added, “If you visit our popular shopping districts today, you’d be hard pressed to recognize we had a major hurricane event two weeks ago.” 
 
Indeed, our county’s hurricane building code standards and quality craftsmanship by local builders helped to greatly reduce the amount of major structural damage in the area. Additionally, drainage improvements to the City and County’s stormwater infrastructure and new flood prevention management ordinances attributed to Naples’ quick recovery efforts.
 
Molly Lane, Senior Vice President at William Raveis Real Estate, who lived in Connecticut during two major storm flooding events said we might see “FEMA change the base flood elevation on new builds.” Though many spec homes built west of 41 are already 10 feet above sea level and the vast majority appeared to avoid serious flooding during Hurricane Ian.
 
Broker analysts that reviewed the September 2022 Market Report are concerned national media’s portrayal of the storm’s destruction is influencing the public’s perception of the housing market in Collier County. Hughes said, “A lot of people who visit Naples are assessing their winter plans now. They are trying to figure out whether they should come down and it doesn’t help that our area is part of the media’s narrative when reporting on the hurricane’s destructive effects. It is simply not the case. Naples is well positioned to bounce back, and it will quickly.”
 
Spencer Haynes, Vice President of Business Development and Broker with John R. Wood Properties, assures the public and NABOR® members that September’s Market Report did not reveal any surprises and that instead of spending time analyzing the report you should spend the time helping human service organizations that provide direct recovery support.
 
The NABOR® September 2022 Market Report provides comparisons of single-family home and condominium sales (via the Southwest Florida MLS), price ranges, and geographic segmentation and includes an overall market summary. NABOR® sales statistics are presented in chart format, including these overall (single-family and condominium) findings for 2022: 
 

If you are looking to buy or sell a home in Naples, contact a Naples REALTOR® who has the experience and knowledge to provide an accurate market comparison or negotiate a sale. A REALTOR® can ensure your next purchase or sale in the Naples area is a success. Search for your dream home and find a Naples REALTOR® on Naplesarea.com.The Naples Area Board of REALTORS® (NABOR®) is an established organization (Chartered in 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 6,000 plus members. NABOR® is a member of the Florida Realtors and the National Association of REALTORS®, which is the largest association in the United States with more than 1.3 million members and over 1,400 local board 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.The term REALTOR® is a registered collective membership mark which identifies a real estate professional who is a member of the National Association of REALTORS® and who subscribe to its strict Code of Ethics.

 

Should Sellers List Now or Try to Wait It Out?

By Amber Bonefont

With home prices’ peak likely in the rear-view mirror, should sellers wa

iting to maximize profit jump in before it’s too late or wait and hope for another market reversal?

 

As the housing market has cooled considerably, sellers are now wrestling with whether to sell their homes as soon as possible or hold off on selling.

 

Two years ago, it was an easier decision: Prices were at reco

rd highs, interest rates were lower than they had been in years, and buyers were so desperate to get into a home that they often bid up on homes and waived any appraisals.

 

But now, with more homes coming to the market and higher interest rates, buyers have started to reclaim more of the power, throwing sellers into unfamiliar territory.

 

With the market having shifted, is it more beneficial for them to sell now or wait for another boom?

 

“We ask them a simple question: ‘Do you think your house will be worth more in six months or a year than it is today, looking at the way the economy is and what interest rates are?’” said Alex Platt, a Realtor with the Platt Group at Compass in Boca Raton.

 

A seller’s perspective

For Dr. Imran Mirza, the decision to put his home up for sale was an easy one. He saw the bidding wars around him and properties flying off the market, and decided to capitalize on South Florida’s record boom before a possible correction took place.

 

He finally closed on his five-bedroom, five-and-a-half bathroom house in Boynton Beach about a week ago for $1.4 million, a down adjustment from the price he wanted – $1.895 million.

 

It was still a significant profit from the $900,000 he paid for the home in 2017. There are “these kind of profits where people live in their homes for 20 years, and they don’t see these kind of profits,” he noted.

 

For potential sellers looking to list now, there is some anxiety around deciding to sell: Have they missed the peak of the market in terms of prices? Will holding off on selling decrease their ability to get a high price even more?

 

“If they are moving out of town, or if it’s a second home or investment home that they want to pull money out of in the next five years, they should really sell now,” said Brian Pearl, principal agent with the Pearl Antonacci Group in Boca Raton, said. “We are really trying to paint the picture, are you OK waiting for another 5 to 10 years? If you are not, you should strongly consider selling now. If you need to move, sell now because the future is uncertain.”

 

For Mirza, he believes that if the time is right in a seller’s life and if someone wants to sell, they should do it now rather than wait out the shifting market.

 

“I figured we were at the peak for selling it and you don’t want to wait another seven years for this to happen again,” he said. “If they put their house out now, they have a good chance of selling it.”

 

What sellers need to weigh

Most experts agree: If a seller needs to move and wants to, then they should put the home up for sale. However, if a seller likes their home and is comfortable with their current payments, then they should stay in their house.

 

“While things have cooled off in South Florida, this is still a good time to sell,” said Jeff Tucker, senior economist with Zillow. “I don’t see a whole lot to gain from waiting, in part because the market is turning and the higher interest rates are having a snowball effect and cooling the market even more.”

 

Stephan Gehrig, 38, sold his home in Delray Beach in August for about $2.2 million, a little before prices started to adjust in South Florida.

 

“I saw how I was kinda at the end of the peak,” Gehrig said. “I was one of the last homes that sold in the neighborhood. I waited to list and I saw how previous homes, they had all sold within a week or two, and I got concerned [when] mine didn’t.”

 

Interest rates and inventory levels have been the main driving force of the housing market. Right now inventory levels, while they have risen compared to last year, are still low enough to keep prices high, a plus for sellers. Should more homes become available on the market, sellers would face more competition in selling their homes, Platt noted.

 

“It does appear that prices will come down a lot more because people are cutting their asking price,” said Eli Beracha, director of the Hollo School of Real Estate at Florida International University.

 

For Gehrig, his home sold in less than 30 days, and while he had to compromise on price a little bit as he witnessed the beginning signs of the incoming cooldown, Gehrig still feels that the price was enough to make it worth listing his home.

 

“I do wish I listed sooner,” Gehrig said.

 

© 2022 South Florida Sun-Sentinel. Distributed by Tribune Content Agency, LLC.
 



 

Why Chose Me as Your REALTOR®?

To learn more about me and my real estate business and Bonita Bay real estate specifically, I encourage you read the About Ed  section as well as the Testimonial section of the site. Over the years, my clients have expressed their satisfaction in my services and I’ve showcased their kind words so you can determine if I am the right REALTOR® to represent you.

 If you are curious as to my sales success, visit my Sold Homes page. This gives a clear picture of exactly what I’ve accomplished and, more importantly, what I can accomplish for you.
 
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