Robert's Realty News November 2022
(239) 293-3592
Hurricane Ian Impacting SW Florida Real Estate
By Robert Nardi

The impact of Hurricane Ian, as witnessed on the last two days of September, is not reflected in the September 2022 Market Report by the Naples Area Board of REALTORS® (NABOR®), which tracks home listings and sales within Collier County (excluding Marco Island). Given this, September's data showed a predictable pattern of slow closed and pending sales with a slight increase in inventory, which is traditionally the case in historically stable September.

 

If you are comparing sales, etc., from September 2021 to September 2022, the following statistics are:

 

  • Total showings (month/month) 28,452 to 19,034, -33% change
  • Total closed sales (month/month) 931 to 523, -43.8% change
  • Total pending sales (homes under contract) (month/month) 1,085 to 619, -42.9% change
  • Median closed price (month/month) $455,500 to $555,000, +21.8% change
  • New listings (month/month) 985 to 694, -29.5% change
  • Total active listings (inventory) 1,387 to 2,146, +54.7% change
  • Average days on the market 24 to 40, +66.7% change
  • Single-family closed sales (month/month) 454 to 258, -43.2% change
  • Single-family median closed price (month/month) $615,000 to $682,500, +11.0% change
  • Single-family inventory 883 and 1,379, +56.2% change
  • Condominium closed sales (month/month) 477 to 265, -44.4% change
  • Condominium median closed price (month/month) $355,000 to $446,520, +25.8% change
  • Condominium inventory 504 to 767, +52.2% change

I published all these statistics because they give you an excellent insight into our current market if you wish to see the full market report ( CLICK HERE ).

 

What does it all mean?

 

The statistics above show the market is shifting from a "Sellers' Market" to an "Even Market."

 

Unfortunately, when Hurricane Ian made its crashing entrance, the national news showed all the devastation that occurred in Southwest Florida. I had friends and family that thought Naples was underwater.

 

My company received numerous calls from around the world from owners and renters to find out the status of the livability of the Naples area. The bad news was that if you were West of 41, near the coast or on the beach, you most likely experienced flooding. There was very little damage if you lived or owned East of 41. Hurricane Ian was not a wind event but a storm surge event for Naples. Fort Myers Beach, Sanibel, Captiva, and Cape Coral not only received storm surges but also high winds as Hurricane Ian pushed its way farther North and East when it made its landfall, making them the hardest hit areas.

 

The one bright spot is that the clean-up and rebuilding are the fastest I have ever seen. 85% of restaurants, golf courses, etc., are open for business. If you drive East of 41, you would be hard-pressed to conceive there was a hurricane here. The devastation was all storm surge related on or near the coast.

  

Unfortunately, many people were displaced if they lived along the coast. Some stay with friends and family, while others seek short-term or annual rentals. For example, rebuilding a home in the hardest-hit areas will take at least a year or more. Therefore, rents are at a premium. For those owners that did not have damage, this may be an opportunity to rent their properties. Not only will they be able to help someone in need, but receive a rental income.

 

Who's buying now?

 

Naples continues to grow. People are coming here for their jobs and are seeking to purchase. It's a bit harder because the interest rates continue to climb, but there is still demand.

 

Another demand is owners with large homes damaged on the coast. They still want to live in Naples, so some displaced people are purchasing properties to live in during the repair/rebuild process. They figured once they moved back into their original home, they could either sell their temporary property or use it as an investment property.

 

Investors are swooping in as well. Some people had extensive damage and did not want to go through the rebuilding/repairing process. Therefore, they are lowering their prices and putting their properties on the market significantly lower than fair market value knowing the amount of money needed to bring it back to where it was before Hurricane Ian.

 

Best advice

 

For those people who were affected by the storm, work closely with your insurance company. Document what you need to document and understand what your policy covers. Insurance companies can reimburse you for your temporary housing, community assessments levied for clean-up, failed equipment, and other damages. Make sure you know what you are entitled to and put in a claim.

 

If you have questions concerning buying, selling, or renting, don't hesitate to contact me at 239-293-3592 or via e-mail at  Robert@NardiRealty.com . In addition, you can always perform your searches at  www.NardiRealty.com .

  
Is That House a Fantastic Fixer-Upper or a Really Bad Investment?

Fixer-upper homes are attractive for many reasons, including a lower sales price, less competition, and a relatively higher potential for resale profit. However, just like any other investment, there is risk involved in it. For one, fixer-uppers, which entail more added costs for repair and remodeling, can quickly become a bad investment. Avoid having your dream house turn into... Read More
Home Inventory Dips, but Available Homes Are Still Selling Quickly

For the seventh consecutive month, existing-home sales fell, according to the National Association of Realtors (NAR). According to Lawrence Yun, chief economist for NAR, the housing sector tends to be most impacted by interest rate policy changes from the Federal Reserve. “The softness in home sales reflects this year’s escalating mortgage rates. Nonetheless,” he added, “homeowners... Read More
Sensational Decorating Trends That Modernize Your Kitchen

Whether you prefer a traditional kitchen design, something more modern, or a completely unique space, there are so many different kitchen styles trending right now. You’ll be sure to find some inspiration with these options:

Marble Material | A marble backsplash is a very trendy option, with marble being the hottest material for kitchens this year. Look for a piece with a strong, visible... Read More
Investing in Real Estate to Secure Your Financial Future

In uncertain times, it’s natural to look for ways to ensure our financial security. One option that can provide peace of mind is investing in real estate. Here’s how real estate investing can help provide financial security.

Buying and selling real estate to make a profit is one of the oldest and most reliable ways to build long-term wealth. Real estate investments can be as simple as buying a property and renting it out, or as complex as developing a property. The key to success in real estate investing is finding sound investment opportunities and making smart decisions. With the current market conditions... Read More
Three Tips Savvy People Know About Traveling During
the Holidays


For many families, travel is a must when the holidays roll around. Unfortunately, the holidays are also the most stressful time for travelers, with delayed flights, long lines, and the chaos of thousands of people crowding airports. Here are a few tips on how to survive travel during the holidays.

Go Before or After Peak Dates
You can avoid the peak holiday rush if you go earlier or later than most people. For example, going home two or three days before Thanksgiving or Christmas will usually mean you won’t have to fight your way through... Read More

Featured Listings
Sold!
View of LaPlaya Golf Course
2 Bed/2 Bath/1 1/2 Garage
4.2 Miles to the Beach
Sales Price $335,000
Sold - West of 41
Pool Home w/Long Lake View
3 Bed, 2 Bath, 2 Car Garage
Remodeled Throughout
Sales Price $799,000
Pending - Close to 5th Ave
2 Bed/2 Bath Condo
Remodeled Baths
Stainless Steel Appliances
Offered at $337,900
Short Term & Annual Rentals
Demand is High
Increase Cash Flow
Hurricane Ian Recovery
Housing Needed
Robert Nardi  -  (239) 293-3592 Robert's Realty News  -  November 2022 

Subscribe
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 AnyPresentations.com