Naples/Bonita/Estero/Marco Island 2nd Quarter Real Estate UpdateHere are the most recent sales trend for the 2nd Quarter of 2018.NAPLESSingle Family Homes The Quarter over Quarter (QoQ) rolling 12
My last blog discussed the Economic Summit that took place in Naples recently and what to expect in the Naples market specifically. Part of this discussion also featured input on the entire state of Florida, which has a very positive outlook moving forward.
Statewide, expect a 5% average growth for real estate values. Rents are still going up in Florida. Because of the strong dollar, international sales are declining. Shadow inventory (short sales/foreclosures) have also declined; currently short sales in Florida at about 900 per month - so this return to stability has affected potential short sales as many homeowners are no longer underwater. This is an expected part of the recovery process.
Growth in home sales has returned to traditional rates. Florida is now the 3rd most populous state, behind California and New York and most of the current migration is coming from New York, New Jersey, Michigan and Pennsylvania. Employment growth, which started via tourism recovery, is up, with the major sectors including leisure & hospitality, private health, construction and professional services all growing.
The stock market has had positive returns and at 17000, has allowed for a restoration of wealth portfolios which has driven Florida luxury sales.
There will be some dramatic upside for Florida with low oil, the expansion of the Panama Canal (expectation of an uptick in international trade), transportation and of course, Florida will be a chief beneficiary of Cuba (depending on what happens there).
Rowan Samuel has lived many lives. Originally from Zimbabwe (Rhodesia), he and his family immigrated to the U.S. in 1980 to escape the brutal Mugabe regime - they lost everything when they came to Am....
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Earlier this week, one of our tenants called and one of the air conditioners stopped working. Over the years living in Florida, Karyn and I have dealt with many issues, but the dreaded air