Silicon Investor (SI) -- The First Internet Community

STOCKTALK

We've detected that you're using an ad content blocking browser plug-in or feature. Ads provide a critical source of revenue to the continued operation of Silicon Investor. We ask that you disable ad blocking while on Silicon Investor in the best interests of our community. If you are not using an ad blocker but are still receiving this message, make sure your browser's tracking protection is set to the 'standard' level.

Strategies & Market Trends : The Residential Real Estate Crash Index -- Ignore unavailable to you. Want to Upgrade?

To: organicgerry who wrote (46370)	12/30/2005 3:35:08 PM
From: John Vosilla	Respond to of 306849

Median home price in Naples slips by $15,700; home sales up by 5 percent By GINA EDWARDS, gvedwards@naplesnews.com December 30, 2005 Naples' median single-family home price slipped $15,700 to $479,800 in November even as the number of home sales outpaced last year by 5 percent during this traditionally slow sales month, according to the Florida Association of Realtors. Is the bubble bursting? Many local market watchers don't expect to see a bubble-burst, but some say a clear picture of the area's real estate market won't emerge until after the traditional end of the winter season in April. With all the doom and gloom market talk in the air in recent months, some real estate professionals were pleasantly surprised by the numbers. "What it shows is we still have steady growth here," said Nigel Fullick, vice president of HomeBanc's Southwest Florida region. The number of sales of existing homes grew in the Naples metro area by 5 percent in November compared with the same month last year, and sales grew in the Fort Myers-Cape Coral market by 4 percent, the Florida Association of Realtors reported Thursday. That growth presents a sharp contrast to other South Florida markets that saw sharp declines. Sales in Miami dropped 25 percent compared with the volume a year ago in November. Fort Lauderdale sales were down 21 percent, and the Sarasota-Bradenton market dropped 39 percent for the same period. Naples has the highest median single-family home price in the state, followed by the West Palm Beach and Boca Raton area at $421,500. A median home price reflects the middle, meaning half the homes were more and half were less. Jo Carter, president of the Naples Area Board of Realtors, said she sees the market cooling a little bit, but she hasn't seen prices going down. "I think there was a lull, and it's starting to pick back up," Carter said. Many Realtors are optimistic it's going to be a good season, albeit not the crazy season it was last year when homes flew off the market just hours after listing and hundreds of potential buyers lined up at some preconstruction lotteries. Cathy McCarthy, executive vice president of Premier Properties of Southwest Florida, said the inventory of homes for sale has crept back up in recent months to more normal levels. McCarthy said homes are now lingering on the market for 30 to 60 days. "I think this is going to be a more normal selling season," McCarthy said. Some seasonal renters — who often turn into buyers — have been slow to return to the area, McCarthy said. "People still think there might be hurricane damage down here," she said. Fullick said his company has so much long-term faith in the market that he expects to train and hire a dozen new loan officers in the coming year. "If we felt the market would go flat, would I be adding 12 new loan officers?" Fullick said. Rising inventories might give amateur investors — the ones who profited on quick flips last year — cold feet, Fullick said. Fullick said buy-and-hold real estate investors may say, "What a great time to buy in Florida."