The July Naples real estate market update shows that we are experiencing the traditional summer slow down in pending and closed sales. This pause is a familiar expectation, due to a majority of second home buyers retreating to their Northern homes during the summer months.
The inventory increase to 4,801 homes for sale, along with many options available in new construction is welcome news to home buyers following record-low inventory levels last summer.
Home prices remain stable, with only a slight increase in median sales price over the past 12 months.
Many of our local experts predict that sales will substantially increase after the election is determined. Either way, uncertainty is what typically makes an election year a slower year for home sales.
Month: August 2016
Rio de Janerio
Rio de Janeiro is a feast for the eyes; from the vibrant street art {graffiti is legal in Rio} to the mosaic paths- along the world’s most famous strips of sand- Copacabana and Ipanema {download a QR reader for your phone- the paths have codes embedded for visitors} plus you can check off one of the seven wonders of the world from your bucket list.
A trip to Rio would not be complete without a visit to beaches that are as recognizable as the songs written about them, but first you’ll want to gear up like a local. Start at Feira do Lavradio. On the first Saturday of each month Cariocas {Rio de Janeiro locals} go to this street market to buy cool stuff, like clothes and antiques. Your mission is to find a colorful Canga, the Brazilian’s fast drying beach towel, beach blanket, cover up, dress, pillow, satchel…and portable changing room. If you miss picking one up at the market you’ll find vendors selling them along the beaches.
Although you are assured to see the statue of Christ the Redeemer from anywhere in Rio, don’t miss the opportunity to take a selfie with the statue and catch an amazing 360° view of the city and its beaches. If you are reasonably fit, a hike to the summit is worth the 1.5 hour walk, watch for the “natives” who live in the Tijuca Forest, especially the Toucans and Capuchin monkeys.
On a rainy or hot day, stay indoors at the Village Mall – Barra da Tijuca. This mall offers four floors of the best of Brazilian and international fashion, amazing restaurants & movie theaters. Check the website for special events and live theater. http://www.shoppingvillagemall.com.br/
Museu de Arte do Rio, is the city’s newest art museum. Before you enter the museum, you will find the architectural design fascinating, the modern contemporary style of the newest building is combined with the Palacete Dom João VI, built in 1916. Once inside visitors are treated to a jaw dropping view of Rio’s Port district, Guanabara Bay and the nearly 6.5 mile Rio-Niterói Bridge. The exhibits are located in the oldest of the buildings. Check the website for on-going and special exhibits. http://mamrio.org.br/
Many visitors don’t know about the Ilha Fiscal, sitting on an island in Guanabara Bay, is a gothic palace complete with towers and stained glass windows- the type you might imagine from a page inside a favorite fairy tale. Originally used as a customs house, the building is well-known as the location of the last Imperial Ball on November 9, 1889. A large painting inside the building depicts this last celebration of the monarchy. Guided tours only, since most areas of the building are still in use by the navy.
Located in the center of Rio de Janeiro, the Royal Portuguese Cabinet of Literature is jaw-dropping. Built in 1880 and turned into a public library in 1900, the building is home to nearly 400,000 volumes of Portuguese literature as well as other culturally and historically significant collections.
In a city as diverse as Rio you will a variety of restaurants no matter what you might be craving. Here are few local favorites;
Gero Ipanema
Gero is a favorite meeting place of celebrities, artists and journalists of Rio, perhaps it’s because the restaurant has as an award winning Italian menu, outstanding service and a delightful interior.
Confeitaria Colombo
The oldest and most delightful confectionery and French café located in the city’s center. Relax with a famous Brazilian coffee and Brigadier {a chocolate dessert similar to a truffle}
Churrascaria Fogo de Chão
Brazil is famous for their traditional churrasco. Fogo de Chão is home to the“Rodizio” all you can eat. You pay for the full churrasco experience and sample as many different meats as you want. They also offer a salad buffet a selection of seafood. By the way you will find Fogo de Chão in several locations throughout the United States. http://fogodechao.com/locations
Vizta Restaurant
As its name says “Vizta”, this restaurant has a spectacular view of Leblon beach, Vizta is on the second floor of the Hotel Marina Palace and features Brazilian food and sandwiches crafted with artisan breads. Thursday, Friday and Saturday nights you will hear the sound of Rio with some of the best of live Bossa Nova, Jazz and Samba music, beginning at 9 pm.
For more local favorites visit https://www.likealocalguide.com/rio-de-janeiro
Naples Real Estate Market Update- Second Quarter-2016
As Collier County’s resale housing inventory levels continue to outpace last year’s levels, median closed sale prices for homes over $300,000 remain fairly unchanged. Several brokers who recently analyzed the Second Quarter and June 2016 Market Reports released by the Naples Area Board of REALTORS® (NABOR®), which tracks home listings and sales within Collier County (excluding Marco Island), believe the 2Q real estate market’s behavior is reminiscent of how the local housing market behaved in 2003.
“During the recession we experienced a dramatic increase in inventory, particularly in properties below $300,000,” said a local Broker. “This was then followed by several years of high volume sales, mostly in that $300,000 and below segment of the market. But before all that, from 2000 to 2003, we were in a normal real estate market. This summer feels a lot like that time again.”
He added that, “last year was a near record year for closings. So if you look at the decrease in closed sales for this year’s second quarter and compare it to last year’s second quarter closed sales, it’s not really a fair comparison.”
“Sellers who anticipated a continued increase in the value of their homes are getting a dose of new reality,” said Cindy Carroll, SRA, with the real estate appraisal and consultancy firm Carroll & Carroll, Inc. “The report showed virtually no increase in closed sale prices in the second quarter versus the first quarter so sellers need to reset their thinking because we have entered a new cycle that looks a lot more like where we were in 2003 and 2004.”
Another local Broker echoed Carroll’s sentiment and added, “There are many owners who purchased short sales or foreclosures and don’t have to sell, so they are willing to hold out for a price they want. This mindset also applies to some investors who would rather collect rent than sell at today’s prices. Property is always a great investment and this subset of sellers is perfectly in the right to hold out, but the report tells me that closed prices have barely changed in a year so the days of impressively peaking values and expecting a price over market value are in the past.”
Carroll added that she doesn’t anticipate overall median closed sale prices will go down anytime this year, but she admitted that she does foresee list prices decreasing. “It’s a matter of staying competitive, and right now the competition is more inventory and new construction. So if a seller is really motivated to sell, then their asking price has to be realistic as it will determine how quickly the sale will happen.”
Another local Broker remarked that despite tourism being down this summer and some buyers postponing a purchase until there is more economic certainty, “we are moving property because the June report showed the average days on market is about 3 months and that hasn’t changed from a year ago when we didn’t have as much inventory.”
“I’m seeing fewer shoppers and more serious buyers this summer,” said another local Broker, who also made mention that he has seen an increase in the number of local British homeowners list their homes for sale to take advantage of the desirable exchange rate and make a good profit.
The NABOR® 2Q 2016 Market Report provides comparisons of single-family home and condominium sales (via the Southwest Florida MLS), price ranges, and geographic segmentation and includes an overall market summary. The NABOR® 2Q 2016 sales statistics are presented in chart format, including these overall (single-family and condominium) findings:
CATEGORIES 2Q 2016 2Q 2015 CHANGE Total homes under contract (pending sales) 2,541 2,843 -11% Total closed sales 2,662 3,109 -14% Median closed price $325,000 $318,000 2% Total active listings (inventory) 4,983 3,698 35% Average days on market 76 75 1% Single-family closed sales 1,263 1,388 -9% Single-family median closed price $421,000 $399,000 6% Single-family inventory 2,674 2,133 25% Condominium closed sales 1,399 1,721 -19% Condominium median closed price $259,000 $263,000 -2% Condominium inventory 2,309 1,565 48%
Additional activity of interest in the NABOR® 2Q 2016 Market Report includes:
• Overall pending sales in the East Naples geographic area (34114, 34117, 34120, 34137) increased 2 percent to 511 pending sales in 2Q 2016 from 501 pending sales in 2Q 2015.
• Closed sales for single-family homes in the $1 million to $2 million price category increased 10 percent to 131 single-family homes in 2Q 2016 from 119 single-family homes in 2Q 2015.
• Median closed prices for condominiums in the $2 million and above price category increased 28 percent to $3,875,000 in 2Q 2016 from $3,022,000 in 2Q 2015.
• Overall inventory for homes in the $500,000 to $1 million price category increased 40 percent to 846 homes in 2Q 2016 from 604 homes in 2Q 2015.
• Inventory for condominiums in the $1 million to $2 million price category increased 69 percent to 189 condominiums in 2Q 2016 from 112 condominiums in 2Q 2015.
NABOR® President Rick Fioretti, a Broker Associate with Berkshire Hathaway Home Services Florida Realty, said the report also shows “conventional sales are up 9 percent since January. In fact, I believe there are more options now for homebuyers because mortgage rates are still low and there are fewer cash investors stalking the market for distressed properties under $300,000.”
Another remarked that “inventory levels have actually been decreasing in the last three months so buyers who are waiting because they think more options will become available may be disappointed. Plus, if they continue to wait, they may miss out on some great low mortgage rates as they won’t stay down for long.”
Click here to view the statistics and charts.
Start Here– to see available properties.