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Real Estate Professional Kelly E. Capolino–Market Update for Southwest Florida Buyers and Sellers
Kelly Capolino, a top-producing Naples real estate agent, provides an update on local real estate trends and what it means for buyers and sellers.
By: E. Sue Huff
June median prices were up 13.8% in Naples, Bonita Springs, and Estero. The median price in June 2009 was $188,845 compared to $215,000 in June 2010. New inventory continues to reduce; the number of new properties for purchase in June 2010 was down 10% from June 2009, with only 1,573 new properties as opposed to the 1,762 new properties placed on the market the previous year
“Reduced inventory leads to an increase in prices, however, sellers must keep in mind that the next wave of short sales and foreclosures is approaching,”
The consequences of fewer residential properties in inventory for buyers leads to multiple offers on properties under $200,000 and back up offers are becoming a trend. Condo purchases that cannot be financed due to delinquent condo fees and banks not providing traditional lending are contributing to multiple back up offers. If communities have more than 15% of owners in default, banks will not lend without sizeable down payments, making the buyers with cash on hand the winners in the under $200,000 market.
“The old lesson of supply and demand is highly relevant for buyers in today’s market,” says Capolino. “This doesn’t mean that buyers should worry and shy away from purchasing homes, it is just important to make sure that you are coming into the market with a real estate professional who is informed on the current state of affairs and committed to finding you the perfect home!”
ABOUT KELLY E. CAPOLINO:
Capolino, an agent with Keating Associates, is a residential real estate “Listing Leader” and “Top Producer” in Naples. She ranked #16 out of 5,000 real estate agents with the Naples Board of Realtors in 2009, excluding foreclosure agents. Her expertise in real estate is far-reaching with extensive knowledge and experience in luxury properties, acreage properties, investment properties, and renovation opportunities.
Capolino’s office is located in downtown Olde Naples on 5th Avenue South. She can be reached at 239-877-6700 or 239-262-6606 ext. 319 or online at Kelly@Naples.net or at www.KeatingRealty.com.
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Kelly Capolino has much experience in luxury properties, acreage properties, renovation opportunities and more. She has her office at Keating Associates, on 5th Avenue South Naples, FL 34102. She can be reached by email or phone at 239-262-6606 ext. 319.