America’s money is moving to Collier County.

According to a story on Forbes.com, the county tops the list of where the rich are moving to in big numbers.

The No. 1 ranking is based on an analysis of tax returns filed in 2008, the latest year for which IRS data is available.

It doesn’t come as that much of a surprise. Naples has long been known as a hot spot for wealthy retirees and Fortune 500 executives.

In 2008, Naples-Marco Island ranked third in the country for its personal income. The metro’s per capita income was $62,559, 156 percent of the national average of $40,166, according to the Bureau of Economic Analysis.

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Realtors in Southwest Florida say the oil spill isn’t chasing buyers away.

But renters may be another story. Bookings for vacation homes could suffer.

“I think people will drag their foot a little bit for next season, waiting to see what happens. I haven’t seen a lot of it yet. But that is something I’m kind of monitoring,” said Mike Hughes, a vice president for Downing-Frye in Naples.

Few buyers have backed out of contracts because of fears about how the BP oil spill could hurt values, he said.

“It really hasn’t been much of an issue,” Hughes said. “I can tell you out of 1,500 transactions, I could count on one hand the number that have fallen through, and I don’t know if the oil spill was the reason.”

The transactions he’s talking about are closings at his office since Jan. 1. Since then, he’s only seen three deals fall apart, he said.

As the oil slick moves toward the Panhandle’s pristine beaches, Hughes fears what might happen to the real estate and tourism industries there.

“It’s tragic what has happened with the Panhandle,” he said. “There’s no question.”

In the Panhandle, Realtors have lost buyers and contracts because of the oil spill. It also has hurt vacation rentals. The busy season for visitors just started there.

Deborah Orr, a broker for Unique Panhandle Properties, said her company alone has seen at least four residential deals fall through since June 2. Three of them were still in negotiations, and the buyers put them on hold. One buyer decided to cancel his contract on a home, she said.

“The beach is the big attraction. Our beaches are studied all over the world,” Orr said.

During the past week, she’s seen more homes coming back on the market through the local multiple listing service, or MLS, in the Panhandle. She suspects it’s because of deals that have crumbled over fears about the oil spill.

“We did put a claim in (to BP),” she said, adding that her office already has lost $48,000 in commissions.

Among Realtors in Southwest Florida, there’s a more positive feeling that this area will be spared because the Loop Current is projected to keep the oil far from this coast. The current, a stream of warm water that acts like a conveyor belt, is about 200 miles away.

“The hurricane season is the wild card,” Hughes, the Naples Realtor, said. “None of us really know what to expect, but so far it looks pretty good.”

In Southwest Florida, rumors have circulated about deals that have or could fall apart because of the oil spill, especially those involving Gulf-front lots or homes. But sales continue.

“In my particular business, there has been no impact whatsoever. As a matter of fact, I have written over $20 million worth of contracts in the last two weeks,” said Philip N. Collins, a broker associate for Premier Properties of Southwest Florida Inc.

He isn’t hearing many concerns or getting many questions about the oil spill from prospective buyers that he’s dealing with.

Even if the oil spill reached the beaches, it could be easily cleaned up, Collins said. His bigger concern would be the estuaries, he said.

Naples Realtor Craig Jones, with John R. Wood Realtors Inc., said the oil spill hasn’t hurt her sales either.

“I just closed on a Gordon Drive lot 10 days ago, where it wasn’t considered an issue at all,” she said.

The Naples Area Board of Realtors hasn’t been able to document any lost sales from the millions of gallons of oil that have poured into the Gulf of Mexico.

“I think overall people are confident it’s not going to come to Naples,” said Brenda Fioretti, NABOR’s president.

Her concerns are in the “rental department.” It appears some would-be visitors are holding off on renting vacation homes for next winter and more of them have a “wait-and-see” attitude, she said.

When season ends, bookings for next season usually begin for the most desirable homes and condos in the winter months.

“Obviously, we’re hearing that in Pensacola it’s a much bigger issue,” Fioretti said. “We are just very thankful to be in Naples.”

Tom Bringardner, president and CEO of Premier Properties of Southwest Florida, said his company’s rental division is seeing more hesitation in advance bookings for weekly rentals.

He said the next month or two should be more telling about how much rentals will be hurt this summer or in the winter.

“Gosh, we might be struck by a meteor, too. But I’m not sure whether we will see that oil here on our coast or not,” Bringardner said.

“The whole thing is just a tragedy, but it’s just an aspect of the business that we have to deal with and allow potential renters and buyers to make a decision,” he said. “Right now it looks like it’s pretty far away from us.”

Courtesy of Naples News

The median price of an existing home sold in Lee County spiked past $100,000 in April — the first time in more than a year it reached that level.

In a report issued Monday, the Florida Association of Realtors said the median price of a single-family home sold with the help of Realtor was $101,500 in April. The last time prices were that high was December 2008, when it was $106,900.

Meanwhile, 1,473 houses were sold in April, almost the same as the 1,468 sold in April 2009, the report states.

The sharp increase in price was a rare break in the generally downward trend that has prevailed since the median price reached its all-time high of $322,300 in December 2005.

Part of the increase is a result of keen competition by investors that’s reduced the number of low-end houses for sale, said Steve Koffman, a real estate broker with Century 21 Sunbelt in Cape Coral. “The house that was $80,000 that was selling with 40 offers is gone and the next one’s $85,000 or $90,000.”

Brett Ellis, a real estate agent with Re/Max Realty Group in Fort Myers, said some people are looking at homes as a conservative way to invest their money.

“People aren’t really happy with the stock market,” he said. “They think it’s not a good place to park your money.”

Sal Fabozzi, 51, an information technology worker who lives on Long Island, N.Y., last month bought a lakefront house for $260,000 in the Somerset at the Plantation subdivision off Daniels Parkway in Fort Myers.

He closed on the house in March and had a sense that his timing was good. “I take it right now is a very good time to buy,” he said.

The lack of other good places to put his money also figured into his decision, said Fabozzi, who plans eventually to retire here. “If it’s in the bank getting 0.25 percent interest, better to buy something.”

Like many buyers this year, Fabozzi is applying for the first-time home buyer’s federal tax credit.

In a separate report, the National Association of Realtors said today that national sales of previously owned homes in April rose 7.6 percent to a seasonally adjusted annual rate of 5.77 million. That was the best showing in five months and better than the 5.63 million homes economists had expected.

The national increase in sales also sparked a rise in home prices. The median price for a new home rose to $173,100, up 4 percent from a year ago.

Statewide, the median price increased 1 percent to $140,100 in April from $138,100 a year earlier.

The federal government provided a big boost to home sales this spring by offering first-time buyers a tax credit of as much as $8,000. Homeowners who had purchased a home before but were looking to upgrade were able to qualify for a credit of as much as $6,500. The deadline for getting a signed sales contract was April 30.

Sales were up in all parts of the country except the West. The gains were led by a 21.1 percent jump in the Northeast and a 9.9 percent rise in the Midwest. Sales also rose 8.6 percent in the South.

In the West, sales dropped by 6.2 percent from March.

Courtesy of News Press

Taxable property values for Lee County dropped 15.3 percent to about $55 billion, property appraiser Ken Wilkinson reported this morning.

Property values also fell in the county’s municipalities as well.

Cape Coral’s values dropped 16.3 percent.

Fort Myers dropped 17.8 percent.

Sanibel dropped 7.4 percent.

Fort Myers Beach dropped 12.7 percent.

Bonita Springs dropped 15.5 percent.

Lehigh Acres is down 21.8 percent.

The decline in commercial property values led to the overall drop, Wilkinson said.

Last year’s total countywide property values dropped about 25.8 percent.

Property taxes are based on these values. Unless the county and municipalities raise their tax rate, they will be forced to cut services and other expenses as a result of the decline in property values.

Courtesy of News Press

Foreclosures in Lee County hit a three-year low in May — but more than half were homesteaded residences.
There were 847 foreclosure lawsuits filed in the county in May, compared with 1,008 in April and 1,823 in May 2009, according to statistics released Monday by the Southwest Florida Real Estate Investors Association.

For the most part, the month’s foreclosures weren’t against the speculators who gambled on skyrocketing prices in the housing boom that ended in late 2005, said association director Jeff Tumbarello.

The speculators fueled the first wave of foreclosures, but now less reckless property owners are feeling the bite, he said: Subprime loans are “fading away” and being replaced with traditional mortgages.

“The homesteads are about 51 percent this month,” he said. “That’s unemployment, that’s recession.”

There’s no way ocontinue to fall but county Clerk of Court Charlie Green said that’s likely. “I think probably what’s going on is that we’re just plain running out of properties that are going to be foreclosed.”

He hopes as the number falls, he’ll be able to grind away at the roughly 23,000 foreclosures backlogged in the court system.

But don’t assume the numbers reflect an improving situation for the area’s homeowners, said Eddie Felton, executive director of the nonprofit Fort Myers-based Home Ownership Resource Center, which helps people work out mortgage problems with lenders.

Some banks are more receptive than they were a year ago to non-foreclosure solutions for people in trouble with their mortgages, he said.

Other banks are simply not foreclosing on some houses, Felton said. “I got a call recently from somebody who hasn’t made a payment in almost three years” but still isn’t being foreclosed.

Courtesy of News Press

Contractors in unincorporated Lee County pulled 41 permits to build single-family homes in May — up from the 30 issued in April but down from the 50 in May 2009, according to statistics released today by the county Department of Community Development.

The permits in May were collectively valued at $5.7 million.

Also in May, permits were issued for eight multi-family units, compared to four in April and eight in May 2009.

Ten permits were issued in May for new commercial buildings collectively valued at $2.9 million, compared to $7.7 million in April and $14.2 million in May 2009.

Bonita Springs issued 16 permits; Fort Myers Beach issued two; Sanibel issued one. Numbers were not available for Cape Coral and Fort Myers.

Courtesy of News Press

National and state home sales data released Monday suggest the uptick in local home sales isn’t a fluke, but that the strong growth isn’t completely typical.

Two weeks ago, the Naples Area Board of Realtors said sales continued to show strong growth year-to-year. Closings in Collier County, excluding Marco Island, jumped 46 percent in April compared to the prior year.

Those number greatly outpaced percentage growth in Florida, which saw a 27 percent increase in sales, and the U.S. numbers.

The National Association of Realtors said Monday that sales of previously owned homes rose 7.6 percent to a seasonally adjusted annual rate of 5.77 million. That was the best showing in five months and better than the 5.63 million units economists had expected.

The increase in sales ignited a rise in home prices. The median price for a sold home rose to $173,100, up 4 percent from a year ago. Median sales price in Florida was up a modest 1 percent to $140,100. In Naples, the median price jumped 22 percent to $208,000 in April.

Florida’s sales were significantly stronger than the rest of the South, which showed regional gains of 8.6 percent in sales.

“Each month we are gradually climbing,” Naples broker Jo Carter said. “I think the numbers show we are transitioning into a normal market, which for us means steady growth.

“Now, normal isn’t growth where places double in value in a year. But I think we are seeing the beginning of a normal steady incline.”

Sales were up in all parts of the country except the West. The gains were led by a 21.1 percent jump in the Northeast and a 9.9 percent rise in the Midwest.

The only region of the country that saw sales decline was the West, where sales dropped 6.2 percent from March.

The big question facing the housing market is what happens now that the government’s tax credits have expired.

“No doubt there will be some temporary fallback in the months immediately after it expires,” said Lawrence Yun, chief economist at the national Realtors group.

The federal government provided a lift to home sales this spring by offering first-time buyers a tax credit of up to $8,000. Homeowners looking to upgrade could qualify for a credit of up to $6,500. The deadline for getting a signed sales contract was April 30.

Joni Albert, of Coldwell Banker Residential RE in Naples, said that the credit might not have a huge impact on the Collier market because a smaller number of people buying locally wouldn’t qualify.

“We’re predominantly a second-home market,” Albert said. “So we didn’t maybe see as big of an impact (from the credit) as other markets.”

Yun said that the improving economy has led to an upswing in consumer confidence, which should help support sales in the months ahead.

Courtesy of Naples News

Naples Florida: Median price increases for second consecutive month – More pending sales

June 2010 – The Naples area market is seeing positive signs such as soaring sales and median closed price increases according to a report released by the Naples Area Board of REALTORS® (NABOR), which tracks home listings and sales within Collier County (excluding Marco Island).

The overall median closed price increased 22 percent from $170,000 in April 2009 to $208,000 in April 2010. This is the second consecutive month that the median closed price has increased. For properties over $300,000, the median price increased 3 percent from $534,000 in April 2009 to $550,000 in April 2010.

Read full report

Bonita Bay Group is under contract to sell its TwinEagles community to The Ronto Group Inc., a Naples-based developer.

Brian Lucas, vice chairman of Bonita Bay, confirmed the transaction, Bonita Bay spokeswoman Tina Matte said Monday.

TwinEagles, a golf course community on 1,115 acres in Collier County, is one of six communities Bonita Bay developed in Southwest Florida. It’s on the north side of Immokalee Road and east of I-75.

The TwinEagles Focus Group, an organization of residents, said in an announcement posted Saturday on the BayWatch Web site that “the Ronto Group and Angelo Gordon have signed a purchase agreement with Bonita Bay for TwinEagles. This was announced to members at the clubhouse meeting this morning. The buyers will now be entering into a due diligence period and hope to conclude the purchase by the end of April. Critical to the purchase will be members signing waivers as well as the new membership agreement.”

On Thursday, Florida Attorney General Bill McCollum filed a complaint in Lee County circuit court alleging violations of the state’s unfair trade practices by Bonita Bay as well as Brian Lucas and his father, Bonita Bay chairman David Lucas.

According to the complaint, Bonita Bay may owe more than $215 million in unreturned club membership deposits in its communities.

The company is in the process of selling some of its community clubs to the members. So far, no third party has purchased a club.

On Friday, an attorney general’s spokeswoman said that “The lawsuit has no legal effect on current Bonita Bay Group contracts. Whether or not the lawsuit will affect these deals in the future is uncertain at this time.”

Ronto could not be reached for comment Monday and Lucas declined further comment.

Courtesy of News Press

In April, home resales remained strong in Lee County.

Last month, 1,457 single-family homes were sold by members of the Realtor Association of Greater Fort Myers and the Beach Inc. That was up 2.9 percent from April of last year, but down slightly from March, when there were 1,474 sales recorded.

The median home price ticked up to $96,000 in April. It has increased by $11,000 over the past two months. The median is the price at which half the homes sell for more and half for less.

The median price in April 2009 was $80,000.

Bank-owned homes and short sales made up about 58 percent of all sales last month. Short sales are sales made for less than what the bank is owed.

Traditional sales strengthened last month. There were 531, compared to 301 a year ago.

“As predicted, many first-time and repeat homebuyers took advantage of affordable prices to move into and up in the market,” said Christie Knight, president of the Realtor Association of Greater Fort Myers and the Beach, in a statement. “Movement in the various price points is significant year to year.”

Sales for homes priced at less than $100,000 dropped 10 percent. The $100,000-$200,000 market saw a 4 percent increase in sales, while homes in the $200,000 to $499,000 price range rose 5 percent.

Pending sales – sales that have yet to close – increased to 2,193 in April, the highest number in any month this year. That was up 6.3 percent from March.

The single-family inventory available through the association’s multiple listing service decreased by 241 homes to 6,648 last month. It’s down more than 23 percent from a year ago, when there were 8,665 homes on the market.

Courtesy of Naples News