01 Feb Shadow Wood at the Brooks Real Estate News | February 2019
As of February 1, 2019, there are 92 active listings in Shadow Wood; 14 more than last month. There are 65 single-family, listed homes ranging from $460,000 to $2,250,000. The average list price is $1,070,086 and the average days on the market is 130 days. Combined days on the market is 177. In the condo market, there are 27 active listings in Shadow Wood, ranging in price from $275,000 to $689,900. The average list price is $417,400and the average days on the market is 125. Combined days on the market is 154.
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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 $337,087; and, these condos were on the market an average of 98 days; combineddays on the market is 195.
- During the 12 months previous, there were 29 sales; the average sales price was $405,241; and, these homes were on the market an average of 127 days; combineddays on the market is 201.
SINGLE-FAMILY SHADOW WOOD HOMES
- During the last 12 months, there were 72 sales; the average sales price was $859,992; and, these homes were on the market an average of 95 days; combined days on the market is 183.
- During the 12 months previous, there were49 sales; the average sales price was $926,665; and, these homes were on the market an average of 106 days; combined days on the market is 190.
For a list of SHADOW WOOD homes sold during the past 12 months, click here.
For a list of SHADOW WOOD homes that are pending at the moment, click here.
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News: Fed Holds Interest Rates Steady, Signals Patience
WASHINGTON – Jan. 31, 2019 – Bye, aggressive, rate-hiking Fed. Hello, cautious, market-friendly Fed.
The Federal Reserve held its key interest rate steady Wednesday and said it will be “patient” as it weighs further hikes, signaling a new wait-and-see approach until it gets a better read on a slowing economy and volatile financial markets. “The case for raising rates has weakened somewhat,” Fed Chairman Jerome Powell said at a news conference.”The U.S. economy is in a good place,” he said, but added there’s growing evidence of “crosscurrents,” such as slowing growth in China. The central bank also indicated on Wednesday a greater willingness to keep its roughly $4 trillion portfolio of government bonds elevated to prevent long-term rates from rising if the economy falters. That marks a shift from its prior plan to steadily shrink its balance sheet. “In light of global economic and financial developments and muted inflation pressures, the Committee will be patient as it determines what future adjustments” to its key interest rate will be necessary to meet its goals of a strong economy and labor market and about 2 percent annual inflation, the Fed said in a statement after a two-day meeting. That contrasts with its mid-December statement, which said the central bank’s policy-making committee “judges that some further gradual increases” in the federal funds rate would be warranted.Stocks surged higher Wednesday afternoon after the Fed statement, which followed strong earnings reports and forecasts from big U.S. companies. The Dow Jones Industrial Average ended the day up 435 points, or 1.8 percent, at 25,014.86.Fed decisions are watched closely since they have wide implications for markets and the economy. Interest rates on Americans’ credit cards, adjustable-rate mortgages, home equity lines of credit and some student loans directly respond to Fed moves. Powell said Fed policymakers are considering slowing the pace of the portfolio reduction. Economist Andrew Hunter of Capital Economics now believe the Fed will stop shrinking the balance sheet when it reaches $3 billion to $3.5 billion, substantially above levels previously expected. Powell telegraphed the central bank’s warier stance in interviews this month, saying repeatedly the Fed will be “patient” and “flexible.” But Wednesday’s statement marks its first formal pronouncement of that view in a policy document. It amounts to a swift turnabout for a Fed that just last month raised its benchmark interest rate by a quarter percentage point for the fourth time in 2018 to a range of 2.25 to 2.5 percent and forecast two more hikes this year. That was a pullback from its prior estimate of three rate increases in 2019 and came amid a slowing U.S. and global economy, a trade war with China that’s starting to take a bigger toll on growth and a stock market sell-off. Also, the positive effects of federal tax cuts and spending increases are expected to fade later this year. But investors rebelled and stocks sank further after the December Fed meeting on the belief that policymakers should have indicated they were pausing in their rate hike campaign in light of the economic headwinds. Powell and other Fed officials promptly obliged and reversed course, noting in public remarks that a tumbling market hurts consumer and business confidence and spending. Fed fund futures markets now expect no rate hikes this year. Many economists still expect two but believe the first won’t occur until June. What it means: The Fed is trying to walk a delicate line. In an attempt to calm markets, policymakers are signaling a more tempered view of the economy and a more prudent approach toward rate hikes.
© 2019, USATODAY.COM, USA TODAY, Paul Davidson
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Most Recent Blog: Culinary Scene at Shadow Wood
The Chefs at Shadow Wood work hard to provide members an exceptional dining experience. With a wide variety of tastes and preferences to accommodate from such a diverse membership, it is important to provide options on all ends of the culinary spectrum. Among the innovative breakfast, lunch, and dinner menus, the endless dining choices range from casual to gourmet. For wine enthusiasts, they offer Fine Food and Wine, Vintners Wine Dinners, and Wine Tastings. Foodies enjoy a plethora of various gourmet events offered year-round. For those who opt for a lighter fare, the Casual Dining options include Brick Oven Pizza Night, Taco Night, Burger Nights and more. At select social events, the culinary team offers exciting, Live-Action Stations where they prepare the food right in front of your eyes! There is something for every taste palette and dining preference at Shadow Wood Country Club.Read the entire story here. For more video tips and historical blog posts, visit the blog here.
For more video tips and historical blog posts, visit the blog here.
FEBRUARY 2019 MARKET UPDATE
“Realtors are optimistic that this is going to be another solid year for sales,” said Mike Hughes, General Manager for Downing-Frye Realty, Inc. “Retiring Baby Boomers are arriving, and our tourism numbers were up in 2018. We are ready for them with a solid inventory of over 1,000 available properties that offer buyers an array of options. Our listing inventory has been consistently strong. As soon as one property is listed, another is sold, which indicates the continued desirability of southwest Florida. Last month, we launched our new Bonita Springs office location, and it’s been well-received. We’re in a good position to close another Billion-plus in sales this year.”
BONITA /ESTERO: PRICED TO-SELL
“Sellers are re-evaluating their pricing strategies for 2019,” said Jerry Murphy, Managing Broker of Downing-Frye Realty, Inc. in Bonita Springs. “Sellers are seeing that priced-to-market homes are netting more offers and seeing less days on the market.” Comparing December 2018 with December 2017: The median closed price rose 6 percent to $333,000; the closed sales unit decreased by 2.3 percent to 215 units; and pending sales units decreased 10 percent to 169 units. In comparing calendar year 2018 with 2017: There were 3.225 pending sales for a 9 percent increase; 3,178 closed sales units for an 8 percent increase; and the median price rose 2 percent to $300,000. The active listing inventory as of January 24, 2019 was 1,908 properties, which represents 7.15 months supply.
FLORIDA: INCREASED OPPORTUNITIES
Florida’s housing market reported higher median prices and increased inventory (active listings) in December 2018 compared to a year ago. Also, the statewide median sales prices for both single-family homes and condo-townhouse properties increased year-over-year for the 84th consecutive month. The statewide median sales price for single-family existing homes was $255,000 in December 2018, up 4.2 percent from the previous year. Potential homebuyers should note that Florida’s active listings have been trending up across the state, according to Florida Realtors Chief Economist Dr. Brad O’Connor, who said, “While there has been a slight softening in the pace of home price growth since mid-2018, there are currently no signs that Florida home values will experience any wholesale declines over the next year.”
USA: HOME SALES DECREASE
After two consecutive months of increases, existing home sales declined in the month of December. Sales are now down 10.3 percent from a year ago (5.56 million in December 2017). Lawrence Yun, NAR’s chief economist, says current housing numbers are partly a result of higher interest rates during much of 2018. “Now, with mortgage rates lower, some revival in home sales is expected going into spring.” Yun also said, “Several consecutive months of rising inventory is a positive development for consumers and could lead to slower home price appreciation, but there is still a lack of adequate inventory on the lower-priced points and too many in upper-priced points.” Total housing inventory at the end of December decreased to 1.55 million, an increase from 1.46 million a year ago. Unsold inventory is at a 3.7-month supply at the current sales pace, down from 3.9 last month and up from 3.2 months a year ago.
Sources: The Bonita Springs-Estero Assoc. of REALTORS®, Naples Area Board of REALTORS®, National Assoc. of REALTORS®, Florida REALTORS®.
Can You Sell 1/4 of a Home Without Co-Owners Permission?
FORT LAUDERDALE, Fla. – Feb. 1, 2019
Question:I own a property with my three brothers. I want to sell my share of the property, but they are not interested. I read your article about suing them to get them to sell, but I do not want to do that to them. Instead, can I sell my portion of the property without their permission? – Natika –
Answer: Yes, unless you are otherwise restricted. Your right to sell what you own, both real estate and personal property, is very strong, subject to only necessary restrictions. For example, if you previously agreed not to sell the property, such as in a deed or written agreement, or if it is something that is against the public interest to sell, such as human organs, you will not be able to sell.
Other than these certain exceptions, almost all private property can be sold. If the property is in a community association, you might have to get your buyer approved. Again, this is because you agreed to that restriction when you bought a property in a planned development.In your case, you would be selling your quarter interest of the entire property, not a corner of the land. This means that the person you sold your interest to would be a co-owner with your three brothers. This would not be attractive to most buyers, making your share very difficult to sell. It will also not be appealing to your siblings.
For this reason, I recommend some sort of co-ownership agreement be signed when you buy property with other people who you are not married to. Parents giving the property to their children to own together should think about this too. They can put certain restrictions on the property to avoid this sort of issue via a trust agreement, or by correctly listing the restrictions directly on the deed.
However, since the right to sell your interest in property is such a fundamental right, any restrictions must be balanced and fair or will not be enforceable.
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.
© 2019 Sun Sentinel (Fort Lauderdale, Fla.), Gary M. Singer. Distributed by Tribune Content Agency, LLC.
A Word from Downing-Frye Broker & General Manager Mike Hughes
The Downing-Frye January 2019 pending sales don’t tell the complete story. Let me explain. In January 2019, we had 271 pending sales. Sounds pretty good until you realize that the previous January, we had 328 pending sales. That is a 17% drop in pending sales. I think the January 2018 pending sales were elevated due to Hurricane IRMA pushing some of the buyers into the first quarter of 2018. In January 2017, we had 244 pending sales and in January 2016, we had 218 pending sales. Over the last 13 years, Downing-Frye has averaged 261 pending sales In January. So the bottom line is this: we are about where we should be for January.
One interesting note: In January 2007, we had 112 pending sales and in January 2008, we had 110 pending sales. Those were two tough years for sales. I gave you this info so you could see what business is done in a tough year.
Shadow Wood at the Brooks FEBRUARY Events Calendar
DINING & SOCIAL
February 3 | Super Bowl Party
February 5 | Wine Tasting
February 9 | Sweetheart’s Ball
February 23 | Lobster & Clam Bake
GOLF EVENTS
February 6 & 7 | Men’s Member-Member
February 10 | Couples’ Championship
February 12 | Ladies’ Guest Day
TENNIS & BOCCE EVENTS
February 10 | Bocce Social Mixer
February 16 | JDRF Tennis Fundraiser
February 22 | Ladies’ Member-Guest