Robert's Realty News August 2018
(239) 293-3592
Luxury Market Still Soaring!
By Robert Nardi

Activity in the Naples area housing market during the Second Quarter of 2018 remained steady in comparison to activity during the Second Quarter of 2017. According to the 2Q 2018 Market Report released by the Naples Area Board of REALTORS® (NABOR®), which tracks home listings and sales within Collier County (excluding Marco Island), overall closed sales increased 2 percent to 2,926 properties in the 2Q of 2018 from 2,880 in the 2Q of 2017. But in the $2 million and above single-family home market, closed sales rose 25 percent in the 2Q of 2018, which—along with other market indicators—leads many broker analysts to believe that interest in luxury homes will remain in high demand.

Available inventory at the end of the 2Q of 2018 was 5,165 properties, just 24 units behind the inventory level at the end of the 2Q of 2017 (5,189 properties).  Inventory rose 15 percent in the $2 million and above condominium market during the 2Q of 2018, which may be a factor in the uptick of pending sales in the luxury condominium market as it rose 32 percent during the 2Q of 2018.  Inventory in other parts of the state and nation are stretched thin, hovering between 3 and 4 months of inventory, but Naples enjoys almost 7 months of inventory.  There were four property sales over $10 million during the 2Q. Brokers analyzing the market report agreed that multiple offers on luxury properties have risen. But whatever factor(s) is driving the increased interest, closed sales of luxury homes over $2 million are positioned to rise again as the stage has been set in the 2Q where pending sales in this price category increased 22 percent for single-family homes and 32 percent for condominiums. The NABOR® Second Quarter 2018 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® Second Quarter 2018 sales statistics are presented in chart format (CLICK HERE).

The benefits to be a Florida resident!

It appears the luxury market has really taken off.  I think one of the contributing factors is that Florida has no state tax.  This could be a huge savings for some.  Also, if you homestead your property here, there are numerous tax benefits that are just too good to pass up.  For instance, your real estate taxes are reduced by $650 and they are capped at 3% a year.  For example, if you owned a home last year that was appraised at $200,000 and the price this year is appraised at $220,000, your value rose 10% ($20,000 more) so typically you would be taxed 10% higher, however, because you have a homestead property, your real estate taxes can only be increased 3% ($6,000).   Since Collier County real estate taxes are 1.25% (relatively low compared to states like New York, New Jersey & Massachusetts) of the appraised value at the 10% you would pay $2750- $650= $2,100, however, because of homestead rule, you would only pay $2575-$650= $1,925.  It doesn’t look like much, but it could be a large tax savings over time and if you owned a multi-million dollar property, the tax savings would be huge.  Other benefits of a homestead property give married couples a large tax savings in case one should die.  The spouse who dies, his/her portion would merely pass to the other spouse tax free.  No probate.  No inheritance taxes.  And the last significant benefit is that if you were in a law suit, and the winning party was able to put a lien on your Florida home, they could never force you to sell your home.  They would have to wait for their monies until your home ownership changed.  I hightly recommend that you contact a Florida tax attorney or certified public accountant to see if you could benefit by being a Florida resident.

Season is quickly approaching.  If you need a rental or are thinking about purchasing, please feel free to contact me at any time.  My phone no. is 239-293-3592 and my e-mail is

Finally, we did have some Red Tide in Collier County, but it was small compared to some of the north west coast Florida cities.  In fact, this week it has improved greatly.  Very few signs remain.

Enjoy the rest of your summer and looking forward to seeing you in season or sooner!

How to Avoid a DIY Disaster When Tackling Home Improvements

Home improvement projects are rarely inexpensive. If you're good with your hands, it can be tempting to tackle the job yourself. But for every DIY-success story there is a project-that-ends-in-disaster story. And when something goes wrong, it can go wrong quite spectacularly and expensively.

That's not to say that you should never attempt any DIY. But it's certainly sensible to approach... Read More
Selling Your Home—What to Do about Sale Contingencies

After listing your house for sale, one or more potential buyers might make a purchase offer soon. Since most people already own a home, you are likely to receive offers that are contingent upon the buyer selling his or her house first. Should you accept a contingency offer, wait for a better deal, or make a counteroffer? The following is important information on contingencies to help you make the best decision... Read More
Easy Summer Style Tips for Outdoor Dining

Are you planning to do more outdoor entertaining and want to leave your guests wowed by your incredible summer style? Try these outdoor dining decor tips:

Color and Comfort
Add pops of color by choosing cushions in bright hues. The key is to offer plenty of cushions casually arranged for your guests to sink into. Add an outdoor throw rug on the floor to tie the look together, and your patio is sure to be a hit... Read More
Buyer Demand Remains High, but Supply Remains Low

Existing-home sales have been sluggish for most of the year, and the trend continued into May. For the second month in a row, existing-home sales were down; every region save the Northeast experienced declining sales activity. With 5.43 million homes sold in May, sales dropped three percent year over year.

Harder to Buy
The increase in mortgage rates this past spring contributed to the decline, as did a rise in existing-home prices, which reached an all-time high of $264,800. These two factors impacted housing affordability, leaving some buyers unable to enter the housing market. In addition, competition among entry-level listings intensified... Read More
Hardscapes Can Add Value to Your Home

Outdoor hardscape projects add resale value to a home and bring extra enjoyment to the homeowners who are living there, according to the Remodeling Impact Report: Outdoor Features by the National Association of Realtors (NAR) and the National Association of Landscape Professionals (NALP).

The report confirms that investing in landscaping and hardscaping is a win-win, whether you plan to stay in your home or prepare it for market.

"This report validates that outdoor remodeling and landscaping improvements are a necessity when it comes to improving your... Read More
Featured Listings
Glen Eden - West of 41
3Bed+Den, 2 Car
Heated Pool & Spa
Offered at $524,900
Wiggins-Delnoir Beach
Studio on the Beach
Murphy Bed, Upgrades
Highly Rentable
Offered at $189,000
Beachwalk - Walk to Beach!
Lovely Home, 2 Car Garage
Close to all the Amenities
Upgraded Kitchen & Bath
Offered at $464,900
Estate Home - The Vineyards
Very Private
4 Beds & Den & 3.5 Baths
Large Pool/Spa/Lanai
Offered at $874,900
Robert Nardi  -  (239) 293-3592 Robert's Realty News  -  August 2018 

First Name*: E-Mail*:
Last Name: Zip: *Required field

Robert Nardi, Nardi Realty, 3400 Tamiami Trail N. Suite 103, Naples FL 34103
If you'd like to be unsubscribed from this newsletter, click here
The material in this publication is provided for your informational purpose only and is not intended to substitute professional advice.
If your property is currently listed with a Real Estate Broker, this publication is not intended as a solicitation.
Powered by