Wakelin Realty Team February 2018 Newsletter

Hello from Naples!

Jeff Wakelin (Nicola’s husband) managed to acquire 4 tickets to the Patriots-Jaguars playoff game in Foxborough, MA two weeks ago. We decided that Jeff, daughter Natalie, Fred (Rae’s husband) and daughter Liz would be the lucky ones to go. Liz flew into Boston from Greensboro and met the rest of the crew from Naples.

They took a tour of Tufts University Saturday afternoon, as Natalie is looking at colleges, however it did not displace her #1 choice of BC. Then they enjoyed a great dinner with many of Jeff’s college buddies from UMass on Saturday night in Boston. They went to the game on Sunday afternoon. The temperature was in the mid-forties which was a heatwave for the locals and somewhat tolerable for the Floridians. The game was exciting and (for the majority of fans in attendance) turned out the right way. Most of the USA was rooting for the Jaguars to upset the Patriots, but New England came thru in the end. Our gang from Naples was thrilled!

 

Here’s an interesting article from the Naples Daily News:

Argo breaks ground on residential land in East Naples

Argo Land Development is clearing land at U.S. 41 East and Manatee Road for a future residential community near Manatee Middle and Elementary schools in East Naples.

Argo’s Manatee project is destined to be a gated community with multifamily twin villas and single-family detached homes. The proposed planned unit development on slightly more than 75 acres at 13792 U.S. 41 E. permits 225 residential units. More than 13 acres of the development will be preserved as native vegetation, Collier County records show.

The developer recently was permitted for 191 home lots at that site, said Scott Bland, president of Argo’s Florida division.

“We are zoned for up to 225 units out there,” Bland said. “We haven’t sold the lots yet or gone to market with the lots.”

The new community is planned on each side of Manatee Road where it intersects with the East Trail. In addition to abutting the county schools’ property, the development will border the Enchanting Shores mobile home community on Manatee Road.

Of the total 191 home lots, the site plan shows 162 lots on more than 45 acres on the southwest corner of Manatee and U.S. 41. The future Yellowfin Drive residential street off Manatee Road will lead to Yellowfin Circle, which will ring an irregularly shaped lake and homes on Yellowfin Court cul-de-sac, which is planned to jut into the lake.

Another 29 home lots are planned along the future Tripletail Lane on 7 acres of land on the southeast corner of Manatee and the East Trail. A future amenity center with a swimming pool and grilling facilities for residents is planned on the lake off Yellowfin Circle, plans show.

A prospective move-in date or even a target start date for home construction are not available yet because Argo still needs to sell the lots to a builder, Bland said.

“It’s premature to pin down dates,” he said.

Argo purchased the undeveloped acreage in August 2016 for $4 million, county property appraiser records show.

Based in Ontario, Canada, Argo has its United States headquarters in Estero. After developing communities in Canada for 25 years, the company began its development push south of the border more than three years ago in Southwest Florida.

It nears completion of the Compass Landing residential development along Tree Farm Road off Collier Boulevard between Immokalee Road and Vanderbilt Beach Road in North Naples.   Mattamy Homes, Canada’s largest privately held homebuilder, is building 273 single-family homes in that gated community.

Argo also is behind two future residential communities in Estero — the Corkscrew Crossing community on nearly 400 acres off Corkscrew Road east of Interstate 75; and Estero Park on 77 acres off U.S. 41.

 

Official January 2018 Climate Data at Naples Airport:

  
January
17
YTD 17
January
18
YTD 18
Normal YTD
Rainfall in inches
0.79
.79
0.53
.53
1.85
Record High January Rainfall
9.4 (1991)
Record Low January Rainfall
0.0(1949)
High January Temperature
86
82
Low January Temperature
42
36
Record High January Temperature
88 (1975)
Record Low January Temperature
26 (1982)

Temperatures in January were below normal for the month. The average max temperature in January is 74.7…we recorded 73.1. It was much colder than last year, with temperatures reaching a low of 36 at the Naples airport on the 18th. Reported rainfall at Naples Airport was only .53 inches which means we begin the New Year with a shortfall of over an inch.

 

Book Review: “The Mountain Between Us” by Charles Martin

On a stormy winter night, Dr. Ben Payne and writer Ashley Knox are stuck in Salt Lake City airport when their flights home are canceled because of a storm. Both of them are in hurry; Ben has patients to attend to and Ashley is getting married the following day. Ben hires a charter plane and offers Ashley a seat and the rest of the story becomes a wonderful book. It is a must read and one you won’t want to put down. The author talks of life, love, hardship, perseverance and mending of hearts.

This novel has everything. Suspense, adventure, mystery and romance come together in a masterful tale. Martin’s descriptions of the Wasatch Mountain Range are masterful. The book puts you in the shoes of Ben, the narrator, as though you are walking with him throughout the adventure.

I was spellbound until the end and the climax wasn’t anything I saw coming! In hindsight, I probably should have guessed the twist at the end.

 

Restaurant Recommendation: Barbatella 1290 Third St. South

Rae, Nic and daughter Riley dined here last week and loved it. Both Rae and Nicola ordered the scallops and said they were the best in Naples. Barbatella has a beautiful courtyard setting with views along historic Third Street South. Inside are casual and relaxed dining rooms with brick floors and wood accents. There is also a pizza oven and custom gelato counter that enlivens the decor. A twenty-seat bar which features 100 wines available by the glass, made possible by a state-of-the-art wine preserving system.

The menu includes pasta with typical ingredients from Emilia-Romagna, the Veneto, Tuscany, Puglia and the Adriatic shores. Meat and fish prepared on the rotisserie, the grill, the deep fryer, and the smoker: whole roast duck, smoked pork baby back ribs, Venetian style meatballs, and much more. Signature pizzas with cheeses and garnishes that emphasize a fresh Italian take on favorites from a wood-burning oven.

Here are a few recent reviews on Trip Advisor:

“ Calamari and eggplant appetizer were great! The entrees were good as well especially the pork. I enjoyed my experience here. A little hectic but it was a Saturday night during season so it was expected!”

“We visited with another couple. The mozzarella and burrata appetizers were really delicious – they are large enough that 2 were more than adequate for the four of us. The salads were large and dressed just enough. The entrees we tried were Pappardelle Bolognese, Rigatoni alla Norma, Ligurian Seafood platter and the Seared Scallops. We all thought all these were excellently prepared as well. The wine list choices were also among the more diverse and affordable we have seen. The serving staff was very attentive and friendly.”

“We eat here often, because it’s always fun and always delicious. Pizza is spectacular! As is the pasta. It’s hard to decide what to order, everything is delicious. Service is great. The staff is very helpful and attentive. And, a great wine list!!!”

 

Naples Real Estate:

Here are the January 2018 Naples/Bonita market statistics.

For the month of January, there were 884 closed sales of existing homes in all of Naples and Bonita. This compares with 848 closed sales for last year. This represents about a 4% year to year increase for existing home sales.

Here’s an interesting chart comparing January of 2018 to last year:

Closed Sales
Total
Under $300,000
$300,000 to $700,000
$700,001 to $1,000,000
$1,000,001 to $3,000,000
Over $3,000,000
Jan. 2017
848
389
325
54
65
15
Jan. 2018
884
373
303
44
149
16
Difference
+36
-16
-22
-10
+84
+1
% Change
+4%
-5%
-7%
-19%
+129%
+7%

It’s too early in the year for meaningful comparisons year-to-year but it’s interesting to see what happened in each category.

The inventory of available property remains down from last year, but is increasing. As the following table shows, the level of inventory varies dramatically by price point:

Naples Home Inventory As of February 2, 2018
Total
Under $300,000
$300,000 to $700,000
$700,001 to $1,000,000
$1,000,001 to $3,000,000
Over $3,000,000
Number Sold Last 12 months
12,335
5,571
4,770
757
1,016
221
Average Number Sold per Month
1,028
464
398
63
85
18
Total Available for Sale
7,799
2,399
3,342
671
1,012
375
Months of Supply as of February 2, 2018
8
5
8
11
12
21

The inventory levels increased about 9% from last month to 7,182 properties. This was the 4th monthly increase in a row and the largest number in a while. Typically there are a good number of listings that hit the market about this time each year. Also, keep in mind that the figure is still an extremely low number for existing homes. For comparison, the high point of available existing home inventory was June of 2007 when there were 11,601 listed in the MLS system for Naples and Bonita! Also keep in mind, that a significant number of new homes are not included in this number. That’s because they are brand new homes being sold by developers and are not included in the MLS totals.

It is still a buyer’s market for existing homes priced above $300,000. In the over $3 million market, for example, there are 375 properties available. During the last 12 months, 221 properties in this price range have sold…which means an average of about 18 per month. At that rate, the 375 homes available represent about 21 months of supply.

Sellers in the upper price categories are in a highly competitive environment and the median sales price has leveled off in Naples. Which means there are many good buys available in the secondary market.

Another market factor is the supply of new homes that are now being built or permitted. There are many new home developments that are being built or are in the planning stages right now. If you are looking to buy, we can help guide you through the maze of new home availability. If you are planning to sell, you need to know details of the new competition you are facing.

 

Kensington Real Estate: 

Kensington is the community where Rae and Fred live. As of February 2, 2018 there were 36 active listings in Kensington. This is the same as last month.

Type of Property
Number
Lowest Price
Highest Price
Average Price Per Sq. Ft.
Avg. Days on Mkt.
Estate Homes
6
$1,150,000
$1,350,000
$380
121
Villas
5
$485,000
$750,000
$271
222
Coach Homes
25
$359,250
$669,000
$206
151
Total
36

There have been 26 closed sales in the past 12-month period. At this average selling rate of 2.17 properties per month, the 36 homes listed represent about 17 months of inventory on average. The number of homes available is the same as last month and it is definitely a buyers’ market for those available. There are 5 pending sales and 5 pending sales with contingencies on February 2nd.

 

Riverstone Real Estate: 

 Riverstone is the community where Jeff and Nicola live. These statistics are taken from the MLS system we use in Naples. Riverstone has now been fully built out and turned over to the residents by the developer, GL Homes. Here’s a look at the MLS market in Riverstone as of February 2, 2018:

Property
Number for Sale
Lowest Price
Highest Price
Avg. Asking Price Per Sq. Ft.
Avg. Days on Market
Riverstone
48
$427,500
$1,290,000
$227
106

 

Here’s a breakdown of what’s currently on the market thru MLS:

$400,000 to $499,999
$500,000 to $599,999
$600,000 to $699,999
$700,000 to $799,999
$800,000 and Over
Number for Sale
6
7
12
13
10
Average Price per Sq. Ft.
$214
$228
$216
$225
$248
Average Number of Days on Market
 162
 98
 92
 120
78

Available inventory is 11 more than last month. As of February 2nd there were 48 active listings, 0 pending sales and 3 pending sales with contingencies. The MLS system lists 44 spec and resale homes sold in the last 12 months, which means there currently is a 13-month supply of inventory.

 

Give us a call if we can help with any real estate questions you have at 239-398-0028 (Rae) or 239-451-9351 (Nicola).

Rae & Nicola