02 Aug Shadow Wood at the Brooks Real Estate News | August 2018
As of August 1, 2018, there are 51 active listings in Shadow Wood; 11 less than last month. There are 37 single-family, listed homes ranging from $479,000 to $2,800,000. The average list price is $1,125,270 and the average days on the market is 135 days. Combined days on the market is 221. In the condo market, there are 14 active listings in Shadow Wood, ranging in price from $239,000 to $599,000. The average list price is $407,186 and the average days on the market is 123. Combined days on the market is 189.
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SUMMARY OF SHADOW WOOD HOME SALES
- Within the last 12 months, there were 31 sales; the average sales price was $371,394; and, these condos were on the market an average of 104 days;combined days on the market is 190.
- During the 12 months previous, there were 23 sales; the average sales price was $391,587; and, these homes were on the market an average of 117 days; combined days on the market is 197.
- During the 12 months previous, there were 59 sales; the average sales price was $909,706; and, these homes were on the market an average of 106 days; combined days on the market is 189.
- During the 12 months previous, there were 45 sales; the average sales price was $981,521; and, these homes were on the market an average of 107 days;combined days on the market is 197.
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NEWS RELEASE: Foreign Buyers Lessen Their Investments in U.S. Real Estate
AUGUST 2018 MARKET UPDATE
CLOSED SALES REACH $1 BILLION
“July was a great month for pending and closed sales,” said Mike Hughes, Vice President and General Manager of Downing-Frye Realty. “We closed over 275 transactions in July, and had over 230 pending sales with 169 of them priced below $500,000. We have now closed over 1,950 transactions for the year. On the last day of July, our closed sales volume went above $1,000,000,000.00 for the year. We opened a small office on Marco Island in March 2017. Our Marco closings are up 53 percent so far this year. The next five months will only add to this number. We are very pleased with how well the Downing-Frye brand has been received on the island.”
BONITA /ESTERO: STEADY MARKET INTEREST
Inventory for both single-family homes and condominiums showed an overall one percent
increase over July 2017. The active inventory in June 2018 was 1,539 units. While single-family homes showed a 5 percent increase in inventory specifically, condominium inventory has dropped off slightly. Overall, the Bonita Springs and Estero markets showed a slight decrease of 3 percent in pending units and a 4 percent decrease in closings for 12-month June-ending figures. The median price remains steady, while the days-on-market has increased by 11 percent, most likely due to steady price repositioning throughout the year. There were 209 pending sales in June 2018, down 12 percent from June 2017, and 279 closed sales, down 11 percent compared to June 2017. The median closed sales price remained relatively the same at $293,000.
FLORIDA: RISING MEDIAN PRICES
Florida’s housing market reported rising median prices, fewer days to contract and a continuing tight supply of inventory in June. Sales of single-family homes statewide totaled 27,836 last month, down 1.3 percent compared to June 2017. The statewide median sales price for single-family existing homes was $260,000, up 6.1 percent from the previous year. For the townhouse-condo market, statewide closed sales totaled 11,128 in June, up 1.2 percent compared to a year ago. For-sale inventory in June remained tight, at a 3.9-months’ supply for single-family homes and 5.5-months’ supply for townhouse/condo properties. According to Freddie Mac, the interest rate for a 30-year fixed-rate mortgage
averaged 4.57 percent in June 2018, significantly up from the 3.9 percent averaged during the same month a year earlier.
USA: EXISTING HOMES SALES DOWN
Lawrence Yun, NAR chief economist, says closings inched backwards in June and fell on an annual basis for the fourth straight month. “There continues to be a mismatch since the spring between the growing level of homebuyer demand in most of the country in relation to the actual pace of home sales, which are declining,” he said. “The root cause is without a doubt the severe housing shortage that is not releasing its grip on the nation’s housing
market. What is for sale in most areas is going under contract very fast and in many cases, has multiple offers. This dynamic is keeping home price growth elevated, pricing out would-be buyers and ultimately slowing sales.” The median existing-home price for all housing types in June was $276,900, surpassing last month as the new all-time high and up 5.2 percent from June 2017 ($263,300). Unsold inventory is at a 4.3-month supply.
Most Recent Blogs: Tips from the Pros: Kyle Bloam
The Shadow Wood video series, “Tips from the Pros” feature Shadow Wood professionals sharing the knowledge of their expertise. This video features Second Assistant Golf Professional Kyle Bloam sharing his golf tip. Kyle joined the Shadow Wood team in 2016. He is a graduate of Penn State’s PGA Golf Management program, and has been a Class A PGA member since 2013. Kyle recently achieved the title of “Employee of the Month” in April 2018.
Note: If you are watching this video on your smartphone or tablet, please click the “HD” button in the lower right hand corner of the video for best quality viewing
Shadow Wood Announces $5.2 Million Improvement Project
Shadow Wood Country Club members approved a $5.2 million plan to build a new covered outdoor casual dining venue and self-contained outdoor kitchen with long views of the club’s golf practice facilities.
Designed by Peacock + Lewis Naples, the indoor-outdoor project will convert an existing outdoor lounge area with 36 seats, into a 260-seat dining space surrounding a 21-seat octangular bar.
Shadow Wood Country Club President Rich Celiberti said the plan evolved as a response to member’s desire for a casual al fresco dining environment.
“We are thrilled to be able to enhance our club amenities and deliver an exciting new dining experience,” said Celiberti, adding the project will be funded without bank loans or debt.
Shadow Wood’s General Manager Brian Bartolec also expressed his excitement with the upcoming renovation.
“This will give our team of employees a chance to deliver a new type of dining experience to our members in a more casual setting offering everything from lite bites to five-star meals under the direction of our Executive Chef Richard Crisanti.”
The new indoor-outdoor area will be adjacent to the club’s existing dining room and grill room and connected through a series of folding glass door system for easy access, flexibility and temperature control. A self-contained outdoor kitchen will house a pizza oven and include an open window showcasing the club’s chefs in action.
“The area’s environment will be enhanced with air conditioning, warm, dimmable lighting, speakers, fans and ceiling-mounted infrared heaters,” said Director of Architecture with Peacock + Lewis Naples, Adrian Karapici. “Its proximity to the club’s fire pit will provide the ideal spot for sunset cocktails.”
Planned for 2019, project construction will commence in April with an expected completion before the end of the year and is scheduled with no disruption to the club’s normal hours or services.
The club’s new dining outlet continues a steady schedule of improvements undertaken by the club over the last three years. These improvements include the renovation of its North and South Courses under the direction of Rees Jones, president of Rees Jones, Inc. Golf Course Design, along with a complete rebuild of its tennis complex in 2017 including nine tennis courts, landscaping and addition of water features. In 2016, the club added two bocce courts and created an event plaza with seating for 100 along with four fire pits, water features, lounge seating and an outdoor bar.
Director of Membership Danita Osborn believes that the club’s dedication to continuous improvements will allow Shadow Wood to remain as one of the most desirable clubs in Southwest Florida. “Over the past few years, prospective members have indicated that casual, outdoor amenities are crucially important to their buying decision. Shadow Wood continues to invest in its amenities to be able to provide the ultimate member experience for both existing and future members alike.”
PEACOCK + LEWIS Architects and Planners have been providing architecture and interior design services for private clubs, residential golf course communities and the hospitality industry since 1961. In those 57 years their projects have included major remodeling and additions, refurbishments and replacement facilities. Visit www.peacockandlewis.com.
SOURCE: Gravina, Smith, Matte & Arnold Marketing and PR, Special to Naples Daily News
A Word from Downing-Frye Broker & General Manager Mike Hughes
We are now more than half way through the year. This is always a good time to take a look at what kind of year is unfolding. I always like to see a trend-line that is going up each month for pending and closed sales. That is not the case this year. We get one strong month and then the next month there is a slight pullback. The numbers are bouncing around a bit from month to month.
Our closed sales volume is running ahead of last year at this point in the year. This month is a perfect example of what I was talking about in the above paragraph. As of July 17th 2018, we have had $75 million in closed sales volume for the first seventeen days of July 2018. Last July, for the ENTIRE MONTH, we had $87 million in closed sales volume. Suffice it to say that we are going to be significantly above the July 2017 closed sales volume. We are currently at $996 million in closed sales volume for the year. If you are wondering, this puts us ahead of where we were last year at this point in the year.
Shadow Wood Reciprocal Program in Full Swing!
From May 1st to October 1st, our Shadow Wood members have the opportunity to participate in the Reciprocal Program that allows the opportunity to golf and/or dine at nearly 75 local clubs. This also allows members of the participating clubs to come experience the Shadow Wood lifestyle! For more information, please contact the club concierge.
Exterior Projects that net you cash.