02 Nov Shadow Wood at the Brooks Real Estate News | November 2018
As of November 1, 2018, there are 74 active listings in Shadow Wood; 11 more than last month. There are 56 single-family, listed homes ranging from $470,000 to $2,750,000. The average list price is $1,121,498 and the average days on the market is 108 days. Combined days on the market is 182. In the condo market, there are 18 active listings in Shadow Wood, ranging in price from $289,000 to $585,000. The average list price is $426,456 and the average days on the market is 114. Combined days on the market is 169.
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SUMMARY OF SHADOW WOOD HOME SALES
- Within the last 12 months, there were 32 sales; the average sales price was $348,644; and, these condos were on the market an average of 108 days;combined days on the market is 190.
- During the 12 months previous, there were 23 sales; the average sales price was $397,957; and, these homes were on the market an average of 125 days; combined days on the market is 214.
- During the 12 months previous, there were 69 sales; the average sales price was $866,703; and, these homes were on the market an average of 100 days; combined days on the market is 180.
- During the 12 months previous, there were 49 sales; the average sales price was $925,433; and, these homes were on the market an average of 111 days;combined days on the market is 221.
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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The Everything Guide to Selling Your First Home
NOVEMBER 2018 MARKET UPDATE
FALL SEASON IS ALREADY HIGH SEASON
“We had a pretty good October,” said Mike Hughes, General Manager for Downing-Frye Realty, Inc. “Comparing October 2018 with October 2017, our pending sales transactions were up 18 percent, our pending sales volume was up 9 percent, and Downing-Frye’s closed transactions were up 4 percent. It was a busy summer, and now a busy fall, and it looks like the high season is already beginning. Car carriers have been arriving and unloading, and part-time residents are returning to find an already-active real estate market. Buyers need to jump in or the best offerings will be taken.”
BONITA /ESTERO: HOUSING HEATS UP
The Bonita Springs and Estero housing markets showed a notable 53 percent increase in pending sales in September 2018 versus September 2017, with increases in all price segments up to $1 million. Additionally, there was an 18 percent increase in closed sales for the same time period. The median closed price remained the same at $280,000. The average days on the market decreased by about one third, so it now takes an average of 94 days to sell a property. “There is no real benefit to wait until January to list your property for sale,” stated Jerry Murphy, Managing Broker, Downing-Frye. “Available inventory is quickly increasing in the market and listing now will provide sellers with less resale competition. You can be one of ten listings now in a community or one of a hundred listings in January.”
FLORIDA: MEDIAN SALES PRICE UP
Florida’s housing market reported more closed sales, higher median prices and more pending
sales in September compared to a year ago – when Hurricane Irma struck the Florida Keys on Sept. 10, 2017. Florida Realtors Chief Economist Dr. Brad O’Connor said, “With most areas of the state out of commission for a week or more, we saw severely depressed levels of closed sales, new pending sales and new listings last September. For this reason, the year-over-year changes in these three metrics are inflated in this September’s data and aren’t reflective of current trends. Fortunately, the year-over-year changes we reported for most of the other metrics – such as median price – were not as significantly skewed by the impact of Irma. In September, end-of-month statewide single-family inventory was up for the third straight month, this time by 6.5 percent year-over-year. Meanwhile, condo and townhouse inventory rose by a more modest 2.9 percent.”
USA: HOME SALES DOWN IN SEPTEMBER
Existing-home sales declined in September after a month of stagnation in August. Sales are now down 4.1 percent from a year ago. Lawrence Yun, NAR chief economist, says rising interest rates have led to a decline in sales across all regions of the country. “This is the lowest existing home sales level since November 2015. A decade’s high mortgage rates are preventing consumers from making quick decisions on home purchases. All the while, affordable home listings remain low, continuing to spur underperforming sales activity across the country. Rising interests rates coupled with increasing home prices are keeping first-time buyers out of the market, but consistent job gains could allow more Americans to enter the market with a steady and measurable rise in inventory,” said Yun. September’s median existing-home price was $258,100, up 4.2 percent from September 2017.
Sources: The Bonita Springs-Estero Assoc. of REALTORS®, Naples Area Board of REALTORS®, National Assoc. of REALTORS®, Florida REALTORS®.
Shadow Wood Country Club’s South Course Renovations Complete
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Shadow Wood Country Club reopened its South Course this month following a summer-long renovation project under the direction of Rees Jones, President of Rees Jones, Inc. Golf Course Design.
This time last year, the club reopened the North Course after an extensive renovation by Jones, who was a long-time friend of Bob Cupp, the original designer of both the North and South courses.
“When we were brought in to do the work on both the North and South Courses, we understood the memberships desire to preserve the essence of Bob’s original design,” said Jones. “As a good friend of Bob, it was an honor for me to work on two of his courses to ensure that his design philosophy remained intact, but at the same time update the courses to today’s standards.”
Along with Vice President and Senior Designer Bryce Swanson, Jones added a new set of membership tees, increased the size of selected tees, and adjusted the location of others in order to improve options and create variety off the tee. The greens were completely rebuilt, and the new green surfaces were recontoured to add movement and provide for interesting and challenging hole locations. All greenside bunkers were redesigned, with some being relocated. Several bunkers were removed to provide for closely mowed chipping areas to create shot options around the greens. Rock walls adjacent to the ponds were rebuilt to increase playability and to enhance the appearance. Fairway bunkers were added, relocated or removed to comply with today’s play.
“We did a comprehensive design review of both courses and strategically enhanced each hole,”
said Jones.
Swanson added, “We wanted the courses to be playable for every level of golfer, so all holes are playable for both the ground and aerial game. We evaluated each green complex and redesigned each one to accommodate member
play.”
“The members have been anxiously anticipating the reopening of our South Course after the exceptional reviews we received from Rees Jones’ North Course renovations last year,” said Dr. Jay
Sandza, chair of the club’s grounds committee.
“Working with the membership and the staff at Shadow Wood has been a great experience for our team. The club recognized the importance of upgrading both the North and South Courses, and the members should enjoy playing both courses for many years to come,” said Jones.
More than 225 Shadow Wood members enjoyed a special grand opening tournament on the South Course during its soft opening October 16.
Founded in 1974 and headquartered in Montclair, New Jersey, Rees Jones Inc. Golf Course Design provides customized designs and construction supervision for private clubs, resorts, real estate communities and public facilities in the U.S. and worldwide. Jones has designed or redesigned more than 240 golf courses in his career. His remodeling skills have been applied to seven U.S. Open venues, nine PGA Championship courses, six Ryder Cup sites, and two Walker Cup sites, as well as the President’s Cup at The Royal Montreal Golf Club. He also redesigned East Lake Golf Club, the permanent site of the PGA TOUR Championship that is now the final event of the FedEx Cup.
A Word from Downing-Frye Broker & General Manager Mike Hughes
As far as red tide and other water issues, I know of only several lost sales due to water issues. Even the ones that I am aware of, you don’t know whether the stated reason was the real reason for not closing. So, the number of Downing-Frye deals that I have heard lost due to red tide, I could count on one hand. I think there is more chatter about this topic but the consumer still sees the value of living in paradise.
Shadow Wood at the Brooks NOVEMBER Events Calendar
DINING & SOCIAL
November 6 | Wine Tasting
November 22 | Thanksgiving Buffet
GOLF
November 1 | Men’s Guest Day
November 4 | Couples’ Guest Day
November 7 & 8 | Men’s Member-Member
November 13 & 14 | Ladies’ Member-Member