07 Mar Shadow Wood at the Brooks Real Estate News | March 2017
As of March 1, 2017, there are 78 active listings in Shadow Wood; 4 more than last month. There are 52 single-family, listed homes ranging from $525,000 to $2,995,000. The average list price is $1,174,969 and the average days on the market is 116 days. Combined days on the market is 182. In the condo market, there are 26 active listings in Shadow Wood. Ranging in price from $275,000 to $610,000. The average list price is $383,892 and the average days on the market is 126. Combined days on the market is 152.
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SUMMARY OF SHADOW WOOD HOME SALES
SHADOW WOOD CONDOs
- Within the last 12 months, there were 23 sales; the average sales price was $407,543; and, these condos were on the market an average of 68 days; combined days on the market is154.
- During the 12 months previous, there were 24 sales; the average sales price was $330,663; and, these homes were on the market an average of 44 days; combined days on the market is 95.
SINGLE-FAMILY SHADOW WOOD HOMES
- During the last 12 months, there were 50 sales; the average sales price was $962,185; these homes were on the market an average of 102 days; combined days on the market is191.
- During the 12 months previous, there were 59 sales; the average sales price was $978,675; and, these homes were on the market an average of 94 days; combined days on the market is 186.
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MARCH MARKET UPDATE
INVENTORY OF WELL-PRICED OPPORTUNITIES
“Downing-Frye went into the new year with a strong inventory of over 1,300 listings,” said Mike Hughes, Vice President and General Manager of Downing-Frye Realty. “2017 is looking very good so far. Our total number of January pending sales contracts was up 12 percent over January 2016. The pending sales volume was up 36 percent and closed sales transactional sides were up 26 percent over last January.”
BONITA /ESTERO: BUYER OPPORTUNITES AS PRICES DROP
January 2017 showed over 1,500 homes with price decreases in the entire Southwest Florida real estate market, including Bonita Springs and Estero. Additionally, inventory is rising quicker than homes are going pending in all price points, which also supports driving the market in favor of buyers. The number of overall closed sales, including single-family homes and condos, for 12-month ending January 2017 was 2,871 units as compared to 3,148 units for 12-month ending January 2016, a 9 percent decrease. Pending sales for January 2017 decreased by 2 percent with 3,008 units versus 3,057 units compared to January 2016. The days-on-market was 97 days, which was an increase of 47 percent from 66 days in January 2016. As of January 31, 2017, there were 1,475 units of inventory for single family homes and condominiums, and the current months of inventory stands at 5 months.
FLORIDA: HOUSING MARKET EXPANDS
Florida’s housing market reported more closed sales, higher median prices, increased pending sales and more new listings in January. Home sellers continued to get more of their original asking price at the closing table in January: 95.6 percent for existing single-family homes and 94.6 percent for townhouse-condo properties. The statewide median sales price for single-family existing homes last month was $220,000, up 10.1 percent from the previous year, and for townhouse-condo properties in January was $161,000, up 6.6 percent over the year-ago figure. Inventory dipped to a 4.2-months’ supply in January for single-family homes and was at a 6.4-months’ supply for townhouse-condo properties. “Florida’s markets for existing homes are off to a good start in 2017,” said Florida Realtors® Chief Economist Dr. Brad O’Connor. “New listings of single-family homes were up in January compared to last year, including in the $150,000 to $250,000 range where inventory is sorely needed throughout the state.”
USA: 2017 SALES OFF TO A FAST START
Existing-home sales stepped out to a fast start in 2017, surpassing a recent cyclical high and increasing in January to the fastest pace in almost a decade. The median existing-home price for all housing types in January was $228,900, up 7.1 percent from January 2016 ($213,700). Total housing inventory at the end of January rose 2.4 percent to 1.69 million existing homes available for sale, but is still 7.1 percent lower than a year ago. Properties typically stayed on the market for 50 days in January, down from 52 days in December and considerably more a year ago (64 days). NAR’s 2016 Profile of Home Buyers and Sellers – released in late 2016 – revealed that the annual share of first-time buyers was 35 percent. All-cash sales were 23 percent of transactions in January, up from 21 percent in December but down from 26 percent a year ago. Distressed sales – foreclosures and short sales – were 7 percent of sales in January, unchanged from December and down from 9 percent a year ago.
Shadow Wood Development History
In 1998 Bonita Bay Group developed the Shadow Wood Community Association. The vision for Shadow Wood was to blend architecture with the existing environment. Bonita Bay Group hired a professional staff to review the building process and assure long-term community quality. The community is totally sold out except one lot which is still owned by Bonita Bay Group.
In 1999 Bonita Bay Group and Long Bay Partners, LLC partnered in developing The Brooks which encompasses Shadow Wood, Lighthouse Bay, Copperleaf, Spring Run and Shadow Wood Preserve. Through the Brooks, residents of the communities have the opportunity to buy a membership for access to a Beach Club, The Commons Club, a Fitness Center and Spa, Private Restaurant and The Enrichment Center which offers classes, trips and concerts.
Shadow Wood Community Association was turned over to the homeowners in January of 2006. Shadow Wood has a volunteer Board of Directors that oversees all operational aspects and meets once a month. Each of the 34 neighborhoods elects a representative who acts as the conduit from the Board to their residents. From this representative body, committees were formed with major areas of responsibility: Finance Committee, Architectural Modification Review Committee (AMRC), Covenants Committee, Landscape / Hardscape Committee and Health, Safety, Environment and Transportation/Training Committee (HSET).
The Brooks Council of Presidents (BCOPS) consists of the Board Presidents and General Managers of each of the five communities within the Brooks. They oversee the Common Club area with shared interest. The infrastructure for The Brooks is paid through the Community Development District (CDD) which is billed by Lee County and included on the tax bills. Shadow Wood Country Club and The Commons Club have transitioned from Bonita Bay Group to Member ownership. This process was completed on January 15, 2010.