01 Sep Shadow Wood at the Brooks Real Estate News | September 2019
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SUMMARY OF SHADOW WOOD HOME SALES
SHADOW WOOD CONDOS
- Within the last 12 months, there were 30 sales; the average sales price was $341,830; and, these condos were on the market an average of 109 days; combined days on the market is 201.
- During the 12 months previous, there were 30 sales; the average sales price was $356,423; and, these homes were on the market an average of 110 days; combined days on the market is 194.
SINGLE-FAMILY SHADOW WOOD HOMES
- During the last 12 months, there were 64 sales; the average sales price was $840,407; and, these homes were on the market an average of 104 days; combined days on the market is 217.
- During the 12 months previous, there were 65 sales; the average sales price was $867,404 and, these homes were on the market an average of 101 days; combined days on the market is 196.
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SEPTEMBER 2019 MARKET UPDATE
AUGUST WAS A GOOD MONTH FOR CLOSINGS
“August surprised me,” said Mike Hughes, Vice President of Downing-Frye Realty, Inc. “Our closed sales volume for August 2019 was $107 million compared to $85 million in August 2018. We had 241 closings in August 2019 compared to 169 for August 2018. “Pending sales during August were another story, down a little compared to recent years. I believe that last year’s red tide still has residual effects, even a year later with respect to summer visitors returning. Our listing inventory remains strong with Downing-Frye holding almost a thousand listings in the area.”
BONITA /ESTERO: HIGH INTEREST – LOW INVENTORY
Inventory levels in the Bonita Springs and Estero market have continued to decrease over the last three years. While shortages traditionally drive up home prices, that’s not the case in this market, with properties that have remained consistently priced at market value. Closed sales of condominiums in July 2019 steadily increased across all price points compared to July 2018. This trend is expected to continue. Some rental amounts are higher than mortgage payments, so with the low interest rates, this market is seeing an increase in mortgages especially with first time home buyers. “Long gone are the days of the winter sales season,” said Jerry Murphy, Downing-Frye’s Broker in Bonita Springs. “There is no ‘season’ anymore, we have continued interest here and sales activity all year round.”
USA: JULY HOME SALES STRENGTHEN
Sources: The Bonita Springs-Estero Assoc. of REALTORS®, Naples Area Board of REALTORS®, National Assoc. of REALTORS®, Florida REALTORS®.
A homeowner has his villa halfway paid off; a cousin is his next of kin. To leave the home to the cousin, a properly documented will stating that should be done.
Copyright © 2019 Sun Sentinel (Fort Lauderdale, Fla.), Gary M. Singer. Distributed by Tribune Content Agency, LLC.
A stronger U.S. dollar also made Florida homes more expensive for foreign buyers from selected countries, notably Venezuela and Brazil. When asked about challenges faced by their international clients, Realtors surveyed said top objections included “Cost of property,” “could not find property,” and “exchange rate.”
* Miami | Fort Lauderdale | West Palm Beach (54 percent)
* Orlando | Kissimmee-Sanford (9 percent)
* Tampa-St. Petersburg | Clearwater (9 percent)
* North Point | Sarasota | Bradenton (5 percent)
* Cape Coral | Fort Myers (5 percent)
- Foreign buyers purchased $22.9 billion of Florida’s existing detached single-family, townhomes, and condominiums during the reference period of the 2018 survey, a five percent decline from the level during the previous 12-month period ($24.2 billion).
- The dollar volume of foreign buyer purchases accounted for 19 percent of Florida’s volume of sales in 2018 (21 percent in 2017). Florida’s foreign buyers account for a larger fraction of the dollar volume of existing home sales compared to the national share of eight percent.
- Measured in number of homes, foreign buyers purchased 52,000 existing homes (detached single-family, townhomes, and condominiums), a 15 percent decrease from the level reported during the previous 12-month period (61,300). This represents 13 percent of Florida’s residential market (15 percent in 2017). Florida’s foreign buyers account for a larger fraction of the number of homes sold compared to the national share of five percent.
- The 2018 median purchase price among foreign buyers increased to $286,500 ($259,400 in 2017), which is 20 percent more than the median price of Florida’s existing home sales, at $236,500.
Characteristics of Foreign Buyers
- The bulk of foreign buyers-68 percent- primarily reside in another country (Type A). The share of foreign buyers in Florida outweighs the 31 percent average from a national sample.
- Latin American and Caribbean buyers accounted for the largest fraction of Florida foreign buyers at 36 percent. The other major buyers of real estate properties were Canadians at 22 percent, Europeans at 19 percent, and Asians at 11 percent.
- While foreign buyers purchased property across the state, most foreign buyers were concentrated in five metropolitan areas: Miami-Fort Lauderdale-West Palm Beach (54 percent); Orlando-Kissimmee-Sanford (9 percent); Tampa-St. Petersburg-Clearwater (9 percent); North Point-Sarasota-Bradenton (5 percent); and Cape Coral-Fort Myers (5 percent).
- Most foreign buyers-67 percent-made an all-cash purchase (72 percent in 2017).
- Most foreign buyers-71 percent-purchased residential property for vacation, residential rental, or for both uses (68 percent in 2017). Nationally, 37 percent of all foreign buyers purchased for these purposes.
- Foreign buyers had a preference for townhouses or condominium-53 percent-while only 43 percent purchased a detached single-family home. Three percent purchased residential land and another three percent purchased other types of properties.
- Nearly half of foreign buyers purchased in a suburban or small town/rural area.
- Most foreign buyers-93 percent-visited Florida at least once before purchasing a property.
Interactional Client Transactions
- A lower fraction of Florida REALTORS®’ respondents-41 percent-worked with an international client in 2018 (44 percent in 2017). Nationally, 23 percent of REALTORS® worked with a foreign client.
- A lower fraction of respondents-23 percent- reported an increase in their business that is international in the past year (26 percent in 2017).
- A lower fraction of respondents-30 percent- reported an increase in their business that is international in the past five years (33 percent in 2017).
- A lower fraction of respondents-34 percent- expect an increase in their international transactions in the next 12 months (37 percent in 2017).
- The fraction of respondents who reported that their client found Florida’s home prices to be less expensive than the prices in their home country decreased to 35 percent (41 percent in 2017).
- “Cost of property”, “could not find property”, and “exchange rate” were the major reasons why international clients decided not to purchase.
- Sixty-eight percent of foreign clients were personal or business contacts or former clients.
- Most respondents-60 percent-reported no significant issues when working with international clients.
- Seventy-five percent of respondents were born in the United States, and 34 percent were fluent in a language other than English.
Spike in July Home Sales, a Sign of Heightened Buyer Interest
Total closed sales (month/month)
Median closed price (month/month)
Total active listings (inventory)
Average days on market
Single-family closed sales (month/month)
Single-family median closed price (month/month)
Condominium closed sales (month/month)
Condominium median closed price (month/month)