Last year, Collier County saw a record high in property values. According to Property Appraiser Abe Skinner’s preliminary assessment, the total value of land in the county was $108.6 billion. This is a 6.5 percent growth over the year before. Since this is a preliminary figure, the will continue to change, but only slightly. The county is currently still putting values in through the end of the month and it will be presented to the state for approval in July.
The taxable values increased throughout Collier County, but were the largest gains took place in East Naples, Golden Gate, Golden Gate Estates, and Immokalee. Also, this marks the sixth continuous year of property value growth after the crash in 2008-2011. We are still seeing a strong recovery and there are no signs of a recession coming soon. People see the value in purchasing property in Southwest Florida and Naples’ growth is exponential.
Naples Square, a Downtown Naples community that has two more phases to go until completion, has recently announced a special addition that is estimated to be completed by 2019. The Ronto Group has plans that will compliment the walkable lifestyle of Naples Square and also the Shoppes of Naples Square that offers its residents immediate access to dining, shopping, and convenience retail.
Gulfshore Playhouse plans to put a regional theater on the eastern edge of Naples Square which will compliment the Shoppes and enhance the cultural aspect of Downtown Naples by offering the theater to residents and the public. Naples Square has a vision of a “vibrant, walkable neighborhood that offers a place to live, shop, dine, and now attend a high-quality theater production”.
Positive remarks were made about the plan to transform the old Third Street Plaza into a 118-room hotel and passed board approval. Demolition should start very soon and construction will be underway to replace the 25-year-old plaza that has been known as an eye-sore that did not really fit in its beautiful location. They want the property to have it’s highest and best use and believe the new hotel will be absolutely stunning.
The hotel is said that it will include a fitness room, solarium, spa, cafe, and palm trees lining 3rd St and Gordon Dr. The board did request further plans for the project’s landscaping on Gordon Dr. after neighbors voiced their concerns that the “intensity” of the project would have a negative impact on the nearby residential area. The board also discussed where the entrances to the hotel would be to avoid creating traffic on Third St by making the decision to keep the entry on Broad Ave and exit on Gordon Dr.
For those of you who aren’t avid theatre attendees, the Gulfshore Playhouse was founded over a decade ago by Kristen Coury, who saw the need for a professional theater group in Naples. It started to thrive over the years, receiving a substantial amount of awards and and donations to create their excellent productions.
Recently, the Gulfshore Playhouse announced that they entered into a purchase agreement for a 3-acre site at Goodlette-Frank Rd and 1st Avenue N. A new, state-of-the-art theatre and education complex will help to produce a broader season that will feature more musicals, new works, and Broadway productions. The education portion of the facility is planned to offer programs for families, adults, and children. There will also be a focus on at-risk youth.
This all has been made possible due to the generous $10 million matching gift from local philanthropists and long-time benefactors of the Gulfshore Playhouse, Patty and Jay Baker. They have started a campaign to continue raising funds for the cost of the new, high-quality theatre complex.
The old site of the Naples Daily News building has plans of redevelopment of a condominium that will house 200 condos and also 3,000 sqft of commercial space. The exact location is 1075 Central Avenue and if you’ve ever driven by it, the vacant land was screaming for some new construction attention being a very prestigious and ideal location since redevelopment is surging up and down Central Avenue in downtown Naples.
Anthony Solomon from the Ronto Group, a Naples real estate firm, presented preliminary sketches to the city for final approval of the architectural drawings in hopes for city board approval. They are still deciding on the condo sizes and prices, but it is said that it will not change the plan that has already been approved.
See full article from NDN: http://www.naplesnews.com/story/news/local/2017/05/09/owner-condo-project-downtown-naples-lot/101333254/
Recently, the Trump administration intensified the trade dispute between Canada and United States with a 20% tariff on imported softwood lumber. The U.S. typically had a pleasant trading relationship with Canada prior to this decision. Another trade item that may be affected soon is dairy goods. President Trump has attempted to sway Canada’s policy on pricing domestic milk in hopes for lower product prices. Canada’s government highly disagrees with the U.S. Department of Commerce’s decisions and persuasions defining them as unfair and punitive. The Canadian government wants to properly function under the Free Trade Agreement, but the more the U.S. accuses Canada regarding trading dairy products, the more they warn the U.S. this will also have a negative affect on Americans that plan to build and renovate homes using this very popular lumber used for building. Last year in 2016, imports of softwood lumber business reported to be around $5.5 billion.
Every year in the springtime, Naples Realtors gather at the Naples Grande Hotel for the annual Economic Summit. Economist, Elliot Eisenberg was the keynote speaker and very familiar, entrusting, and enthusiastic face that provides a plethora of information on where the economy stands and what that means for the real estate market.
He presented a long list of reasons why real estate agents in Naples should indefinitely feel good about the national economy. He expressed his thoughts from his extensive research stating that low unemployment rates, wage growth, and rising house prices should make them “feel good”.
Certainly the news and media can make the nation feel whatever they want us to feel when it comes to stock market or what policy President, Donald Trump will propose next, including the one that to cut the corporate tax rate by more than half. Concerns of Trump’s tax plan are that it would expand the federal deficit and send interest rats soaring. However, Eisenberg says that he doesn’t expect it to get through a divided Congress.
Local market expert, Cindy Carroll, of Carroll & Carroll Appraisers & Consultants in Naples, shared her take on the local real estate market trends as well. She advised her audience not feel panicked. The housing inventory has increased 23 percent over the past year from 2016, but the growth is slowing down which hopefully will lead to a balanced market. Carroll also said based on the past 5 months, pending sales and closed sales are beginning to rebound after a the decrease in 2016. She believes the market may have turned a corner and the new development in Naples will expand its growth and strengthen the economy even more.
Owners, Anne and Charles Camallier III of the Third Street Plaza in downtown Naples wish to replace the existing vacant shopping center with a 118-room hotel! They have submitted plans for demolition and to rebuild the 25 year old property from the ground, up to a two-story hotel that lines Gordon Drive and Broad Avenue S. In addition to the two-story hotel, the Camallier’s have also planned to have two floors of room above 3 store-fronts of retail space.
Other plans have been submitted throughout the years, however this plan has been the significant and appealing. It is said that the hotel will bring more traffic to the Third Street Shopping District and have confident expectations of it’s contribution to the success of the economy. The retail space will not include restaurants to avoid the already existing competition on 3rd St. Their proposal is set for review and approval by Naples City Council on May 24th, 2017.
Just last week a new website debuted for the City of Naples. It features a completely revamped home page that is easier to navigate, has a tropical theme, and is user friendly to its visitors. They’ve incorporated new tabs/links that are frequently asked questions of collier county citizens which has helped make navigating the site easier.
There are pages that allow visitors to conduct city business such as starting a new water service or applying for a business license. There are also pages available to report a code violation or submit a 5 star review for a city employee. Official records have become easier to access and obtain as well.
The city made an agreement in November 2016 to Aha Consulting $18,500 to rebuild the site from its original, bland appearance. Aha Consulting designed a website that gives a sense of the Naples’ beach/tropical location with a beautiful beach background.
Go to website: https://www.naplesgov.com/
A study done by Urban Land Institute reports if the current levels of the housing market are not sustained, the industry could suffer. They noted that immigrants have encouraged the strengthening of the housing market throughout its recovery from the crash in 2009. Immigrants have a purchasing power that act as economic assets for metropolitan areas all over the United States. Urban Land Institute also suggested the potential for more growth is creditable to the foreign-born residents in the years to come.
Typically, immigrants have purchased single family homes and have focused on migrating to suburbs in search of better employment opportunities and lower cost of housing and living. So, if the immigration flows continue and there is an increase in higher-income immigrants, this could increase the demand for home ownership for foreign-born residents. Without sustained immigration, the housing market could weaken in several markets around the country and this would be devastating to the overall housing market.