10 May Bonita Bay Real Estate News | May 2016
As of May 1, 2016, there are 102 active listings in MLS in Bonita Bay, which is two less than last month. There are 36 single-family homes ranging in price from $499,000 to $5,500,000. The average list price is $1,725,658 and the average days on the market is 102. The combined days on the market is 146. In the carriage, mid-rise, and attached villa market, there are 29 active listings in Bonita Bay. Prices range from $175,000 to $684,900. The average list price is $384,666. The average of days on the market is 68. The combined days on the market is 127. In the high-rise market, there are 26 active listings in Bonita Bay ranging in price from $699,900 to $3,150,000. The average list price is $1,689,231 and the average days on the market is 141. The combined days on the market is 160.
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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:
- Within the last 12 months, there were 97 sales with an average sales price of$702,741; these condos were on the market an average of 80 days; combineddays on the market is 152.
- During the 12 months previous, there were 149 sales with an average sales price of condominiums was $641,184; these homes were on the market for 91 days; combined days on the market is 149.
- During the last 12 months, there were 55 sales with an average sales price of$1206,424; these homes were on the market an average of 92 days; combineddays on the market is 164.
- During the 12 months previous, there were 71 sales with an average sales price of $1,210,955; these homes were on the market for an average of 85 days;combined days on the market is 184.
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Housing Inventory Best in Three Years
“Overall area inventory is at the best level we have seen in the past three years,” said Mike Hughes, Vice President and General Manager of Downing-Frye Realty. “Days on the market
are decreasing, and properties at preferred locations are selling quickly. With the increase in inventory, buyers have more properties to choose from this year. I also think that sellers might be more flexible this year with pricing. It is definitely a good year to be a buyer. “Downing-Frye’s closed sales volume for April will be above $200 million. We are now closing in on $600 million in closed sales volume year to date. Looks like we’re having another good year!”
Florida’s housing market reported higher median prices, more new listings and fewer all-cash closed sales in March. Sellers received more of their original asking price at the closing table. Sellers of existing single-family homes in March received 95.8 percent (median percentage) of their original listing price, while those selling townhouse-condo properties received 94.5 percent (median percentage). The statewide median sales price for single-family existing homes last month was $209,500, up 10.3 percent from the previous year; and the median price for townhouse-condo properties was $155,000, up 3.3 percent over the year-ago figure.
Lawrence Yun, NAR chief economist, says home sales had a nice rebound in March following February’s uncharacteristically large decline. “Closings came back in force last month as a greater number of buyers – mostly in the Northeast and Midwest – overcame depressed inventory levels and steady price growth to close on a home,” he said. “Buyer demand remains sturdy in most areas this spring and the mid-priced market is doing quite well. However, sales are softer both at the very low and very high ends of the market because of supply limitations and affordability
pressures.” Total housing inventory at the end of March increased 5.9 percent to 1.98 million existing homes available for sale, but is still 1.5 percent lower than a year ago (2.01 million). Unsold inventory is at a 4.5-month supply at the current sales pace, up from 4.4 months in February.
- Overall number of active listings: 989 vs. 825
- Overall closed sales: 178 vs. 210
- Single-family median sale price: $355,000 vs. $460,000
- Multi-family median sale price: $246,000 vs. $230,000
- Mar. 2016 inventory: 6.5 months for single-family, 5.4 months for multi-family
- Mar. 2016 percentage of list price for overall sales: 95.45 percent
Sources: The Bonita Springs-Estero Assoc. of REALTORS®, Naples Area Board of REALTORS®, National Assoc. of REALTORS®, Florida REALTORS®.
Home improvement spending: Democrats vs. Republicans
HomeAdvisor decided to pit Democrats against Republicans in a non-political (and unimportant) area: How much do members of each party spend on home maintenance and improvements?
The results: Democrats tend to pay more for home maintenance, repairs and improvement projects, according to HomeAdvisor’s 2016 True Cost Report, based on responses from more than 1,650 homeowners. They’re also more likely to hire professionals and contractors to do the work for them, according to the survey.
On the other hand, Republican homeowners gravitate more toward do-it-yourself household projects.
Democrats, on average, spend about six months researching their home improvement projects beforehand. They spend an average of $3,417.
Republicans spend about three months investigating home improvement projects. They spend an average of $2,194, according to the survey.
Clayton Nall, a political science professor at Stanford University, speculates that Democrats tend to spend more on home improvement projects because they’re more likely to live in urban centers. In urban areas, homes tend to be older and may require more maintenance.
The survey also found home improvement differences by age. Generation X tends to make the fewest home improvements compared to any other generation, and also tends to spend the least amount of money on improvements ($3,723 versus baby boomers’ average expenditure of $7,842 and millennials’ $6,063).
Source: “Republicans vs. Democrats: Who Spends More on Home Improvements?” realtor.com® (April 29, 2016)
Russel Sage was a genius financier and entrepreneur who helped build America at the turn of the 20th century. His words about the strength of real estate investment are as potent now as they were then.
The award-winning Ronto Group announced it began construction of its highly anticipated 26-floor, 120-unit Seaglass high rise tower within Bonita Bay on April 4th. The tower will be built by the team of BCBE Construction and Stiles Construction. Site preparation, including clearing and grading, the installation of construction fencing and an onsite office, and the driving and evaluation of test pilings, was completed in March. With the start of construction, the remainder of the building’s 800 pilings will be driven followed by piling cap and foundation element work. Ronto anticipates construction taking approximately 26 months with completion expected by summer, 2018.
With construction poised to begin, opportunities for future residents to specify finishes for their new homes will become progressively limited. The designer-selected finishes at the Seaglass Design Studio located within the Seaglass Sales Center are suited to the open concept living spaces featured at Seaglass. Ronto’s Finishing Touches Program allows future residents to visit the Design Studio and select finishes for their home’s flooring, cabinetry, counter-tops, door hardware, plumbing fixtures, and paint colors. Future residents may also specify finishes from other sources. Prospective home buyers are encouraged to make their buying decisions and finish selections prior to the start of construction.
The availability of luxurious tower and penthouse residences and Bonita Bay’s lifestyle continue to generate sales at Seaglass. Ronto has processed binding and pending sales contracts worth more than $90 million. Situated nearly 250 feet from its closest neighboring building, Seaglass will feature fully-completed, ready for occupancy residences with designer-selected premium finishes, including flooring, paint, and trim. The space sequences and components found in the kitchens and master baths of the residences will reflect the contemporary flair of the building’s architecture. Each residence will come with two protected access under-building parking spaces. Private enclosed two-car garages will be available.
Source: Seaglass at Bonita Bay
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