02 Dec Shadow Wood at the Brooks Real Estate News | December 2017
As of December 1, 2017, there are 75 active listings in Shadow Wood; 12 more than last month. There are 55 single-family, listed homes ranging from $470,000 to $2,850,000. The average list price is $1,017,180 and the average days on the market is 114 days. Combined days on the market is 148. In the condo market, there are 20 active listings in Shadow Wood, ranging in price from $295,000 to $625,000. The average list price is $402,135 and the average days on the market is 139. Combined days on the market is 168.
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SUMMARY OF SHADOW WOOD HOME SALES
- Within the last 12 months, there were 22 sales; the average sales price was $401,955; and, these condos were on the market an average of 126 days; combined days on the market is 210.
- During the 12 months previous, there were 27 sales; the average sales price was $390,611; and, these homes were on the market an average of 46 days; combined days on the market is 120.
- During the 12 months previous, there were 48 sales; the average sales price was $928,733; and, these homes were on the market an average of 108 days; combined days on the market is 204.
- During the 12 months previous, there were 46 sales; the average sales price was $973,967; and, these homes were on the market an average of 108 days; combined days on the market is 199.
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Shadow Wood DECEMBER Events Calendar
DINING & SOCIAL
December 2 | Preserve Holiday Dinner
December 8 | Holly Ball
December 31 | New Year’s Eve Party
Click here for membership information.
DECEMBER MARKET UPDATE
SALES VOLUME UP; PENDING CONTRACTS UP
“We are on pace to meet or exceed our pending sales numbers from last year despite being hit by a major hurricane,” said Mike Hughes, General Manager for Downing-Frye Realty, Inc. “A sign that we are rapidly putting the hurricane behind us is the fact that our agents turned in 184 pending contracts during October, which is more than were turned in during October 2016. Not only is there an increase in the number of contracts, but also the overall dollar volume went up.”
BONITA /ESTERO: SEEING STABILITY
While pending sales are still down due to some storm structural and landscape damage repairs, the area continues to be a safe and desirable place to live. The market is currently showing less higher priced inventory and more lower priced inventory, which bodes well for both buyers and sellers. Experts and brokers are advising homeowners to list now in advance of the anticipated seasonal inventory swell. “There is still time to put your house on the market before inventory balloons during season,” stated Jerry Murphy, Broker, Downing-Frye Realty, Bonita Springs. “The holiday season is actually a great time to list because buyers looking during this time are very serious.” Homeowners who list during the holidays are equally motivated to sell, thus indicating that both parties are committed to closing the deal. The Bonita Springs and Estero markets are showing a scarcity in rentals for upcoming seasons.
FLORIDA: GETTING BACK TO NORMAL
The impact of Hurricane Irma on Florida’s housing market resolved by the end of October. Sales, median prices, new listings and new pending sales rose even as the inventory of for-sale properties remained constrained in many areas. Sales of single-family homes statewide totaled 20,543 in October, up two percent compared to October 2016. Looking at Florida’s condo-townhouse market, statewide closed sales totaled 8,116 in October, up 2.2 percent compared to October 2016.
The statewide median sales price for single-family existing homes in October was $235,558, up 7.1 percent from the previous year, and the statewide median price for condo-townhouse properties was $170,000, up 5.2 percent over the year-ago figure. October’s for-sale inventory remained tight with a 3.8-month’s supply for single-family homes and a 5.6-months’ supply for condo-townhouse properties.
USA: ON-GOING SUPPLY SHORTAGES
Pending home sales rebounded strongly in October following three straight months of diminishing activity, but still continued their recent slide of falling behind year ago levels. Although home-builders are doing their best to ramp up production of single-family homes amidst ongoing labor and cost challenges, overall activity still drastically lags demand. “Existing inventory has decreased every month on an annual basis for 29 consecutive months, and the number of homes for sale at the end of October was the lowest for the month since 19991,” said Lawrence Yun, NAR chief economist. “Until new home construction climbs even higher and more investors and homeowners put their home on the market.
Shadow Wood’s North Course Reopens After Extensive Renovation
Shadow Wood Country Club reopened its North Course in November following an amazing summer-long renovation project.
The renovation was completed under the direction of Rees Jones, president of Rees Jones, Inc. Golf Course Design. Jones is a long-time friend of the original course designer Bob Cupp, who died last year. With the help of Cupp’s son Bobby, Jones used the late Cupp’s hole-by-hole notes to help guide him with the renovation, according to a statement. “Our main focus, which the membership shared, was to preserve the essence of Bob’s original design, but at the same time update the course to today’s standards,” Jones said.
The renovations included a new set of membership tees, rebuilt greens and re-contoured green surfaces. All greenside bunkers were redesigned and rebuilt and some were removed to create closely-mowed chipping areas that add to the play options that can be played around the greens, according to the statmeent released by Jones. Pond rock walls were rebuilt to address playability and to enhance visual appearance. Fairway bunkers were added, reconstructed, relocated or removed in light of today’s play, the release adds. “We did a comprehensive review of the design of the course and strategically enhanced how each hole is played,” Jones says.
For sports membership information, click here.
Welcome to the New Shadow Wood Blog
An exciting new feature has been added to the Shadow Wood website. Please click the link below to check out the new, weekly blog. The first post delves into what our Shadow Wood team has been up to this summer in preparation for season and is definitely worth a read. Stay-tuned with the blog throughout the season for up-to-date information on all the ins-and-outs of Shadow Wood Country Club, including features and topics such as “Golf & Tennis Tips,” “Tech Talk,” “Chef’s Tips and Recipes,” “Views from the Course,” “Trending Club Industry Topics,” “Event Success Stories,” and much more.
A Word from Downing-Frye Broker & General Manager Mike Hughes: A Big “Thank You”
This a great time for us to thank you for being part of the Downing-Frye family. We appreciate your contributions to our company. $1.3 billion in closed sales volume (so far) this year is something that we all contributed toward. The Downing-Frye success story is the sum of many parts. We feel that we have the finest real estate agents in Southwest Florida. We have our trainers who are second-to-none. They are truly the best of the best. We have our tech guys who make complicated items simple. I am very proud of our staff who have been with us for many, many years. Their hard work is greatly appreciated. Thank you to our manager for expanding the Downing-Frye reach. The executive management team has been together, intact, for 18+ years. That is somewhat unique in this ever-changing industry. We are thankful that our office buildings withstood a very ominous hurricane on September 10th! So as you can see, we have a lot to be thankful for.
QUESTIONS TO ASK When Considering Selling
These questions will help you decide whether you’re ready for a home that’s larger or in a more desirable location. If you answer yes to most of the questions, you may be ready to move.
Have you built substantial equity in your current home?
Check your annual mortgage statement or call your lender to find out how much you’ve paid down. Usually you don’t build up much equity in the first few years of your mortgage, as monthly payments are mostly interest. But if you’ve owned your home for five or more years, you may have significant, unrealized gains.
Has your income or financial situation changed?
If you’re making more money, you may be able to afford higher mortgage payments and cover the costs of moving. If your income has decreased, you may want to consider downsizing.
Have you outgrown your neighborhood?
The neighborhood you pick for your first home might not be the same one in which you want to settle down for good. You may have realized that you’d like to be closer to your job or live in a better school district.
Are there reasons why you can’t remodel or add on?
Sometimes you can create a bigger home by adding a new room or building up. But if your property isn’t large enough, your municipality doesn’t allow it, or you’re simply not interested in remodeling, then moving to a bigger home may be your best option.
Are you comfortable moving in the current housing market?
If your market is hot, your home may sell quickly and for top dollar, but the home you buy will also be more expensive. If your market is slow, finding a buyer may take longer, but you’ll have more selection and better pricing as you seek your new home. Ask your real estate professional what they see happening locally.
Are interest rates attractive?
Low rates help you buy “more” home, and also make it easier to find a buyer for your current place.
Is the effort and cost of maintaining your current home
becoming difficult to manage?
A REALTOR ® can help you decide whether a smaller house, condo, or rental would be appropriate.