A recent study conducted by IHS Global Insight has determined that Naples is the top area in the nation for projected growth. The Colorado-based company forecasted Naples to have the most economic growth in 2016 in the entire United States. Predictions say the local economy will rise 4.9 percent next year ranking Naples in first place.
The only downfall in Naples right now is job growth and is not what IHS thought the job market would be in 2015. However, a reason why our economy is dominating is because Florida has so many retirement communities. The other conjoining factors that predict economic growth are the housing market, tourism, projected growth of goods and services, and also a recovery in the stock market.
Kalea Bay has seen the first phase of construction in North Naples last week. Five towers, each with 20 stories and 120 residences totaling 600 units will be available in the future. These high rises boast of beautiful views of the Gulf of Mexico and a variety of floor plans to choose from.
Each unit will have a private elevator, modern lighting and high tech electrical installation, large walk-in closets, and pre-installed washer and dryer. The building’s amenities available to its residents include a rooftop pool, a fitness center and sky lounge which will also be on the roof. Kalea Bay also will have a clubhouse with a café, Wifi, 3 pools, a pool deck bar, and a restaurant that overlooks a lake.
The REAL Trends Housing Market Report for May 2015 shows that housing sales increased 5.4 percent from the same month a year ago. All four regions reported unit sales had increased from a year ago with the Midwest leading the way with an increase of 6.3 percent. The rate of growth slowed substantially on a year over year basis from the results in April 2015.
The annual rate of new and existing home sales for May 2015 was 5.754 million units up from a rate of 5.460 million in May 2014.
Housing prices rose an average of 2.1 percent from May 2014 the slowest rate of home price increase in 2015.
Housing unit sales for May 2015 increased 6.3 percent in the Midwest, the best performance in all regions. Sales in the South region were up 5.7 percent, the Northeast saw an increase of 4.8 percent and the West had an increase of 4.4 percent.
The average price of homes sold in May 2015 in the Midwest region increased by 4.6 percent, the best result in the nation. The West saw average prices increase 3.2 percent, average prices in the South were up 2.7 percent, and the Northeast saw average prices actually decline by -2.0 percent.
May 2015 April 2015
Closed Sales AVG Price Closed Sales AVG Price
+5.4% +21% +13.2% +3.5%
+4.8% -2.0% +6.8% +1.4%
+5.7% +2.7% +14.1% +5.0%
+6.3% +4.6% +14.8% +3.1%
+4.4% +3.2% +14.0% +4.0%
By Nella Decesare – John R Wood Blog
Since 2012, the market has been making its come back and isn’t stopping any time soon. The market is “sizzling” hot and it is only getting hotter! Predictions of a 41-43 percent increase in prices in Florida are realer than ever. This increase is something that wasn’t set in stone about a year ago when prices were only predicted to rise 29 percent in the next three years.
Many seasonal renters and visitors are now deciding to become full-time residents in Naples. Most of these buyers are making cash offers. We are currently in the second quarter of 2015 with an average priced home at $356,543 in Naples & Marco Island. We will see prices jump about 17 percent by second quarter 2016.
There are less cash deals in Cape-Coral and Fort Myers and it is expected that prices will slow because of that factor. However, buyers in Cape Coral and Fort Myers are searching for waterfront property that is significantly more affordable than Naples. This area is also recovering from a foreclosure surge.
If you’ve ever bought a home, you may have had the option to keep furnishings whether it be all or some. Negotiations between the buyer and seller always determines what stays and goes in a transaction. What if the buyer loves the home, but isn’t interested in any furnishings and doesn’t want them included in the sale? It all has to go somewhere but, where?
A local company, EBTH, holds estate and consignment auctions in Naples and 11 other cities in the US. EBTH accepts almost anything and bidding starts at $1. They charge a 35 to 45 percent commission fee after the sale of the items. It is all worth it in the long run if you aren’t fond of using websites such as Craigslist or eBay. It also is great for those who need to sell large pieces of furniture. They do all the shipping for you.
EBTH’s is located in a 750-square-foot showroom at 24860 Old 41 Road, Suite 1 in Bonita Springs. The operate by scheduling appointments for previews and conducting all auctions online.
Just reported today, there may be plans to build a multi million-dollar condominium in Crayton Cove of Old Naples nearby the Naples City Dock. Although this project is in it’s early stages, there isn’t a guarantee that the luxury condos will be built. There still must be a final vote by the city council which will occur in the next few months.. The developer proposed an initial site plan to Naples’ Design Review Board for review and there has already been a few changes made to it. The condominium would be named, The Bay Club of Naples.
The developer’s plan, Pinnacle Asset Trust, is to tear down a one-story commercial building and maybe a five-story building next to it that already has occupied apartments and offices. They said that the 5 story building could possibly be renovated instead of being torn down if they decide to keep it in the loop. The plans only affect a handful of owners and leasers in the building: an art gallery, a church office, and a technology recruiter. They aren’t going out of business anytime soon because they might even just move across the street!
The Bay Club of Naples would include 14 residential condominiums in two buildings all under one roof. They could be 3,000 to 4,000 square feet. Pricing could begin at $3 million, but in such low inventory and rising prices, who knows? They could be a little more expensive if you take the location of Crayton Cove into consideration as well as the market conditions.