01 Dec Shadow Wood at the Brooks Real Estate News | December 2020
Posted at 08:01h in Ed Gongola, Real Estate News, Shadow Wood at the Brooks
As of December 1, 2020, there are 16 active listings in our area multiple listing service (MLS) in Shadow Wood; 14 less than last month. There are 8 single-family homes ranging in price from $510,000 to $1,599,000. The average list price is $983,250 and the average days on the market is 99. The combined days on the market is 154. In the condo market, there are 8 active listings in Shadow Wood, ranging in price from $299,900 to $629,900. The average list price is $470,838 and the average days on the market is 82. Combined days on the market is 126.
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SHADOW WOOD CONDOs
- Within the last 12 months, there were 34 sales; the average sales price was $364,488; and, these condos were on the market an average of 109 days; combined days on the market is 242.
- During the 12 months previous, there were 26 sales; the average sales price was $344,173; and, these homes were on the market an average of 115 days; combined days on the market is 204.
SINGLE-FAMILY SHADOW WOOD HOMES
- During the last 12 months, there were 53 sales; the average sales price was $915,762; and, these homes were on the market an average of 97 days; combined days on the market is 233.
- During the 12 months previous, there were 65 sales; the average sales price was $829,101 and, these homes were on the market an average of 125 days; combined days on the market is 259.
For a list of SHADOW WOOD homes sold in the last 12 months, click here.
For a list of SHADOW WOOD homes that are pending at the moment, click here.
December 2020 Market Update
HEAVY SALES ACTIVITY
“When I heard Florida Realtor’s economist Brad O’Connor say that sales in Collier County were up 73 percent in the second half of this year, I wasn’t surprised,” said Mike Hughes, Vice President of Downing-Frye Realty, Inc. “Although we have new listings continually coming on the market, they’re selling so fast that we’ve been breaking records. During the first 11 months of this year, we’ve already had 3,029 transactions, resulting in a 5 percent increase in pending sales over what we did during the first 11 months of 2019. And, the pending sales above $1 million have increased by over 21 percent. This November was the fifth month in a row for us to close over 200 transactions per month, and during the last two months we closed over 300. Although our listing activity remains constant, demand is up, and so overall we’re seeing a lessening of available properties. We’ve been incredibly busy.”
BONITA /ESTERO: BUSIER THAN NORMAL
Closed sales in Bonita Springs and Estero increased in September 2020 by a notable 42.6 percent versus September 2019. Long timelines and rising costs for new construction have prompted many buyers to consider resale properties located in older, established neighborhoods. Low interest rates mean that buyers can get more house for their money. Activity in September 2020 vs September 2019: Closed sales were up 52.8 percent, pending sales were up 80.2 percent, new listings were up 18.7 percent and the median closed sales price was up 7.1 percent to $325,500. The current inventory in September was 1,102 properties.
FLORIDA: MORE SALES, RISING MEDIAN PRICES
In October, closed sales of single-family homes statewide totaled 29,659, up 26.9 percent year-over-year, while existing condo-townhouse sales totaled 12,110, up 30.3 percent over October 2019. The statewide median sales price for single-family existing homes was $305,000, up 15.6 percent from the previous year, and for condo-townhouse units was $221,000, up 15.9 percent.
According to Florida Realtors Chief Economist Dr. Brad O’Connor, “The strong and persistent level of demand seen throughout the state, coupled with worsening inventory shortages, continued to drive up home values in October. A good share of these increases is still being driven by good, old-fashioned price appreciation – especially among single-family starter homes, which are increasingly difficult to find on the market,” he said.
USA: EXISTING HOME SALES DIP IN OCTOBER
Pending home sales fell slightly in October. “Pending home transactions saw a small drop off from the prior month but still easily outperformed last year’s numbers for October,” said Lawrence Yun, NAR’s chief economist. “The housing market is still hot, but we may be starting to see rising home prices hurting affordability.” Both the inventory of homes for sale and mortgage rates are now at historic lows, according to Yun. “The combination of these factors – scarce housing and low rates – plus very strong demand has pushed home prices to levels that are making it difficult to save for a down payment, particularly among first-time buyers, who don’t have the luxury of using housing equity from a sale to use as a down payment,” said Yun. “Work-from-home flexibility has also increased the demand for both primary and secondary homes.” The only positive month-over-month growth happened in the South.
Sources: The Bonita Springs-Estero Assoc. of REALTORS®, Naples Area Board of REALTORS®, National Assoc. of REALTORS®, Florida REALTORS®.
Real Estate Q&A: How Can I Add a Relative to My Home’s Deed?
An older adult wants to make sure a favored relative gets her home, but an online search provided confusing details. What’s the best way to do it?
FORT LAUDERDALE, Fla. – Question: I am getting on in years and want to leave my home to a relative when I pass. I know I can do this in my will, but I think it might be easier to add him to the deed. I looked online, and there are so many options. What type of document should I use? – Andrea
Answer: Having a proper estate plan for when you pass is one of the greatest favors a person can do for the loved ones you leave behind. People who are grieving should be spared the intricacies of legal matters.
Legal documents, such as a will and deeds, seem deceptively simple, especially on the internet where countless sites want to sell you do-it-yourself forms. As a practicing attorney, I spend quite a bit of time making sure that my forms are effective and current.
Every artisan should have the best tools available to ply their trade. However, while anyone can order carpentry tools of varying quality on the internet, the inexperienced and untrained will neither know which device to get nor how to use it to create custom cabinetry.
The same applies to planning your estate and transferring your property. Much to my spouse’s dismay, I am an avid do-it-yourselfer at home, but I often call in a professional when something is above my head.
I often deal with self-help forms filled out by well-meaning people who did not realize their hidden complexities. I have lost track of the number of times I have had to explain to people that the “simple” deed they recorded created tens of thousands of dollars of consequences.
Before taking any legal action concerning your homeownership, please speak to an experienced professional about the best way to do it. You need to thoroughly explain your situation so your attorney can guide you to the best solution for your individual needs.
Estate planning is not about having a good form. It is all about knowing which forms to use and how to use them for the particular outcome being sought.
About the writer: Gary M. Singer is a Florida attorney and board-certified as an expert in real estate law by the Florida Bar. He practices real estate, business litigation and contract law from his office in Sunrise, Fla. He is the chairman of the Real Estate Section of the Broward County Bar Association and is a co-host of the weekly radio show Legal News and Review. He frequently consults on general real estate matters and trends in Florida with various companies across the nation.
© 2020 Sun Sentinel (Fort Lauderdale, Fla.). Distributed by Tribune Content Agency, LLC.
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