February: Rising Inventory, Shifting Trends
We’re seeing a shift toward a more balanced market with increasing supply giving buyers more negotiating power.
Category: Real Estate News
Consumer sentiment among Floridians surged in November, reaching 81.1, the highest level in over three years, according to a study by the University of Florida’s Bureau of Economic and Business Research (BEBR). This represents a 3.7-point increase from October’s revised figure of 77.4, far outpacing the modest national increase of just over one point.
Key Factors Driving Optimism
Hector H. Sandoval, director of UF’s Economic Analysis Program, highlighted significant gains in Floridians’ expectations for their personal finances and the national economy:
“The increase reflects optimism in personal financial outlooks for the coming year and a robust belief in the national economy’s strength over the next one to five years. Notably, expectations for the economy reached levels last seen before the pandemic in early 2020.”
Sandoval attributed the sentiment boost to several factors, including the outcomes of the national presidential election and a recent interest rate cut by the Federal Reserve.
“This is the first consumer sentiment reading following the election. With 56.1% of Florida’s vote going to President-elect Donald Trump, it’s not surprising to see a surge in sentiment, especially among those aligned with the winning party. Additionally, the Fed’s quarter-point rate cut in early November, which lowered borrowing costs, likely contributed to this optimistic outlook.”
Positive Trends Across Components
All five components of the consumer sentiment index improved in November, reflecting widespread optimism:
- Current Economic Conditions:
- Floridians’ perception of their personal financial situations compared to a year ago rose by 3.6 points (57.3 to 60.9).
- Opinions on whether it’s a good time to purchase major household items, such as appliances, increased by 3.2 points (60.9 to 64.1).
- Expected Economic Conditions:
- Expectations for personal finances a year from now saw the largest jump, rising 4.6 points (90.8 to 95.4).
- Outlooks on U.S. economic conditions over the next year climbed 3.8 points (87.4 to 91.2).
- Expectations for the U.S. economy over the next five years rose 3.7 points (90.3 to 94).
Demographic Insights
The study revealed generally optimistic views across most demographic groups. However:
- Men: Reported less favorable spending intentions.
- Women: Expressed more pessimistic views about the national economy over the next year.
Implications for Holiday Shopping and Beyond
The rise in consumer sentiment coincides with the holiday shopping season, suggesting stronger-than-expected retail sales. Sandoval noted:
“This is great news for Florida retailers, as spending intentions also saw significant increases this month.”
Looking ahead, Sandoval predicts modest improvements in sentiment as election-related gains stabilize. However, he emphasized uncertainty regarding the incoming administration’s policies:
“Indicators such as consumer sentiment, stock market performance, and spending trends will be crucial in evaluating the economy during the presidential transition.”
About the Study
The UF study, conducted from October 1 to November 26, included responses from 619 individuals (367 reached by cellphone and 252 via an online panel). The index is benchmarked to 1966, with values ranging from 2 (minimum) to 150 (maximum). A score of 100 reflects the confidence level of that benchmark year.
For more details, visit the University of Florida’s Bureau of Economic and Business Research
Exciting changes are coming to the dining scene in East Naples, with two new establishments preparing to open their doors. Here’s a closer look at what’s in store:
GG Brunch Haus: A Family-Run Breakfast and Lunch Spot
The former La Rosa Pizzeria, a beloved local restaurant for over 15 years, has been transformed into GG Brunch Haus, a cozy breakfast and lunch cafe.
A Family Legacy
Owners Albana and Gezim Hoxha, along with their son Geraldo, bring decades of culinary experience to this new venture. Known for their popular restaurant in Dexter, Michigan, the Hoxha family decided to expand to Naples, drawn by its small-town charm and welcoming community.
“Naples feels like a small town where everyone connects,” Albana said. “We want GG Brunch Haus to be a place where people come together, enjoy great food, and build meaningful relationships.”
What to Expect:
- Operating Hours: 7 or 7:30 a.m. to 3 p.m. daily.
- Menu Highlights:
- Greek omelets
- Gyro pita sandwiches
- Corned beef skillets
- Homemade rice pudding
- Location: 7785 Davis Blvd., Suite 108, East Naples
- Special Touch: Everything on the menu is homemade, crafted with love to create a memorable dining experience.
The restaurant features an inviting patio space with a fountain, making it the perfect spot to enjoy a relaxing meal.
Dairy Queen Grill & Chill: A Sweet Addition to Tamiami Trail
Ice cream lovers, rejoice! After years of planning, a new Dairy Queen Grill & Chill is set to break ground on U.S. 41 East.
The Journey to Opening
Owned by Jim and Cathleen Dolan, the project faced delays due to the complexities of securing permits, particularly for a required right-turn lane on U.S. 41. After navigating state and county reviews, the couple is now ready to begin construction.
“We’re really excited to go forward and start selling some ice cream,” Jim Dolan shared.
Key Features:
- Location: 4535 Tamiami Trail E., next to Texas Tony’s Rib & Brewhouse.
- Building Details:
- 2,984-square-foot space
- Drive-thru lane
- Canopy-covered patio
- Timeline: Construction is expected to take 100-120 days once started.
- Future Plans: The Dolans have also hinted at a possible miniature golf course behind the restaurant, though it will be pursued after the DQ is operational.
A Bright Future for East Naples Dining
With GG Brunch Haus offering homemade breakfast and lunch fare and Dairy Queen Grill & Chill bringing its signature ice cream and fast-casual dining, East Naples is set to become an even more inviting destination for locals and visitors alike. Stay tuned for opening updates and get ready to enjoy these exciting new dining spots!
If you’re a property owner in Lee County, November is your golden month for property tax savings! Lee County offers a unique, tiered discount system that rewards early tax payments. The best discount available is in November, with a 4% reduction on your property tax bill. Here’s everything you need to know about paying early, saving money, and supporting our county services.
Why Pay in November?
By making your payment in November, you’re eligible for a 4% discount on your total tax bill. This discount is the highest available and part of Lee County’s approach to encourage timely tax payments. This not only helps you save but also benefits our community by ensuring funds are available for essential services, from road maintenance to emergency services, throughout the year.
Here’s a quick breakdown of the available discounts if you miss November:
- November: 4% discount
- December: 3% discount
- January: 2% discount
- February: 1% discount
If you’re aiming to save the most, it’s best to make your payment by November 30.
How to Make Your Payment
Lee County offers several convenient options to pay your property taxes:
- Online: Easily make a payment through the Lee County Tax Collector’s official website.
- By Mail: Mail-in payments are accepted but remember to postmark it by the last day of November for the discount.
- In Person: If you prefer, you can also visit one of the Lee County Tax Collector’s offices and pay in person.
Accessing Your Tax Bill
To view your current property tax bill and check out any details, visit the Lee County Tax Collector website. Their online platform allows you to review, download, and pay your bill with just a few clicks.
Supporting Essential County Services
Beyond the savings, paying your taxes early helps fund vital services that keep our county running smoothly. Property taxes play a crucial role in supporting everything from public safety and emergency response teams to maintaining roads, parks, and other community infrastructure.
By staying on top of your property tax payments and taking advantage of the discounts, you’re not only putting money back in your pocket but also contributing to a thriving Lee County.
So, mark your calendar, pay by November 30, and enjoy a 4% discount this year! For more information, payment options, and to access your tax details, visit the Lee County Tax Collector website.
Southwest Florida Market Perspective:
Closed sales during August were sluggish, with 1,646 sales reported for the month. However, the number of homes for sale in Southwest Florida fell 4% since July, marking four consecutive month-over-month declines in listing inventory. As a result, months of supply tightened slightly month-over-month, from 6.24 to 6.08, remaining within the 6 to 12 months considered to reflect a balanced market in Southwest Florida.
Closed sales during August were sluggish, with 1,646 sales reported for the month. However, the number of homes for sale in Southwest Florida fell 4% since July, marking four consecutive month-over-month declines in listing inventory. As a result, months of supply tightened slightly month-over-month, from 6.24 to 6.08, remaining within the 6 to 12 months considered to reflect a balanced market in Southwest Florida.
Under balanced market conditions, sellers should expect homes to sell within a reasonable period of time, but not as quickly as they did during the pandemic driven buying surge. Closed sales for August posted an average of 76 days on the market, faring well compared to the 85-day average posted under balanced market conditions in the three years preceding the pandemic. Sellers should also bear in mind that buyers have choices, and that pricing in line with recent closed sales and to compete with other available properties is a necessary strategy when it comes to attracting offers.
For buyers, although a balanced market means options exist now that didn’t during the sellers’ market of years past, it also means that properly priced homes are selling and may not last long. For buyers and sellers alike, with the average sale price having moved little in recent years, pricing can be harder to assess which is only one of many complexities that make the expertise of a skilled, professional Realtor® a critical component to achieving the highest success.
We are pleased to announce that through August, John R. Wood Christie’s International Real Estate continues to rank as the top brokerage in total year-to-date sales volume and transactions in Southwest Florida!*
We are pleased to announce that through August, John R. Wood Christie’s International Real Estate continues to rank as the top brokerage in total year-to-date sales volume and transactions in Southwest Florida!*
According to Realtor.com’s sixth annual Best Time to Buy Report, the week of September 29 to October 5, 2024, is shaping up to be the optimal time for homebuyers. Several key market indicators—including listing prices, inventory levels, and homebuyer demand—suggest that this period offers the best combination of savings, options, and market conditions for prospective buyers.
Why October is Ideal for Buyers
- Lower Prices: During this week, buyers could save over $14,000 compared to summer’s peak home prices, which reached a median of $445,000.
- More Listings: Inventory levels are expected to be up by 37% compared to the beginning of the year, providing more choices for buyers.
- Longer Time on Market: Homes are projected to stay on the market for over two weeks longer than during peak buying periods, giving buyers more time to make decisions.
- Less Competition: Buyer demand is expected to be 29.5% lower than at peak times, meaning less pressure to compete for properties.
Market Conditions Favoring Buyers
October historically provides a favorable balance between inventory and pricing. According to Danielle Hale, Chief Economist at Realtor.com®, “This year, buyers will find one of the best dynamics in years during the first week of October, with ample options and the potential to save on list prices.” Falling mortgage rates may drive late-season demand, but with plenty of available inventory, the competition should remain manageable.
If you’re unable to act in the first week of October, the following two weeks still offer great buying opportunities with many of the same benefits, though new listings may start to decline slightly, according to Hannah Jones, Senior Economic Research Analyst at Realtor.com®.
What to Expect: Key Market Metrics
Realtor.com analyzed six critical metrics to determine the best time to buy:
- Listing Prices: Around 50,000 homes could see price reductions, potentially leading to savings.
- Inventory Levels: Active listings could reach their highest level since before the pandemic, offering a broader selection.
- Homebuyer Demand: Demand typically slows down during this period, making competition less fierce.
- Days on Market: Homes are expected to stay on the market 34.8% longer compared to peak buying times earlier in the year.
Prepare for Fall Homebuying Now
To make the most of this unique buying opportunity, experts recommend starting preparations early. One useful strategy is saving a search on platforms like Realtor.com® to keep track of new listings within your price range, without needing to recreate your search every time.
October 2024 is shaping up to be the best time for homebuyers in years, offering a combination of lower prices, ample listings, and a less competitive market. Whether you’re a first-time buyer or looking to upgrade, this fall could provide the perfect window to make your move.
In a positive shift for homebuyers, the average rate for 30-year fixed mortgages in the U.S. has dropped to its lowest point since February 2023. This week, the rate fell to 6.20%, down from 6.35% just last week. For comparison, a year ago, rates were significantly higher at 7.18%.
Similarly, 15-year mortgage rates, popular among homeowners looking to refinance, also declined. The average rate dropped to 5.27% from 5.47% last week, while a year ago, it stood at 6.51%.
This decrease in mortgage rates reflects broader economic conditions, including a drop in Treasury yields as markets anticipate an interest rate cut from the Federal Reserve. With inflation slowing and the job market cooling, expectations are high that the Fed may lower rates for the first time in four years in their upcoming policy meeting.
The 10-year Treasury yield, a key indicator for mortgage rates, has been falling in anticipation of the Fed’s actions, contributing to the lower borrowing costs. As of Thursday, the yield had dropped to 3.68%, down from its peak of over 4.7% in April.
Despite the easing rates, prospective buyers remain cautious due to ongoing challenges like high home prices and a shortage of available properties. This has contributed to the continuation of a housing slump, now in its third year. Although home sales in the U.S. improved slightly in July, they remain below last year’s levels, as many buyers struggle with the higher costs of borrowing.
While mortgage rates have softened, they still remain considerably higher than the rates seen just a few years ago, when 30-year mortgage rates were below 3%. The elevated rates have added significant costs for buyers, often increasing monthly payments by hundreds of dollars.
As the economic landscape continues to evolve, mortgage rates may shift further, making it important for prospective buyers and homeowners looking to refinance to stay informed on market trends.
Stay tuned for updates as we monitor the potential impact of the Federal Reserve’s decisions and their influence on mortgage rates in the months ahead.
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2023 SWFL Luxury Market Report
Here is the 2023 Sanibel, Captiva, and Southwest Florida Luxury Real Estate Market Report. Browse through the report to learn more about the Southwest Florida Luxury Real Estate Markert
Open publication – Free publishing
For over a year, the beloved Doc’s Beach House stood silent, a casualty of Hurricane Ian’s wrath. Walls crumbled, debris scattered, and the bottom floor became a mere shadow of its former self. But the spirit of this family-owned restaurant, a Bonita Springs staple since 1987, refused to be extinguished.
Through sheer determination and unwavering resilience, Doc’s Beach House has risen from the ashes, reclaiming its place on the pristine Gulf Coast beach. While repairs were underway, the passionate owners kept the flame of their culinary magic alive through a dedicated food truck, ensuring their loyal patrons wouldn’t go hungry.
Now, the wait is finally over! Doc’s Beach House is back, and bigger and better than ever. A soft opening on December 1st gave a taste of what was to come, and now, the grand opening on Friday throws open the doors to the public, inviting all to rediscover the magic of this iconic restaurant.
Step into Doc’s Beach House and be greeted by breathtaking views of the turquoise waters and the soft, golden sands. Savor delicious food prepared with love and expertise, knowing that each bite contributes to the ongoing revitalization of this cherished community treasure.
Head over to Doc’s Beach House at 27908 Hickory Blvd., Bonita Springs, and experience the perfect blend of exquisite food, breathtaking scenery, and heartwarming community spirit. Or, visit their website for a sneak peek: [link to website].
Let’s raise a glass to the triumphant return of Doc’s Beach House, a testament to the power of perseverance and the enduring spirit of Bonita Springs!
Click here for more information
Florida Gov. Ron DeSantis awarded $338 million in state funding to communities impacted by Hurricane Ian to support long-term recovery efforts and resiliency.
These funds will be used to assist with ongoing hurricane repairs and recovery efforts for schools, sheriff’s offices, fire stations, parks and recreation centers, roads, wastewater treatment plants, beach renourishment, and will assist local governments with loss of revenue since the storm.
“My administration made a promise to cut through bureaucratic red tape and fill in gaps where federal funding ends for communities impacted by Hurricane Ian,” said DeSantis. “This $338 million in funding is going to make a difference as these communities are rebuilding.”
Funding highlights include:
- $1 million to Captiva Erosion Prevention District
- $350,000 to Captiva Fire Control District
- $14 million to Fort Myers Beach Fire Control District
- $600,000 to the City of Fort Myers
- $4.3 million to Lee Memorial Health Systems
- $51 million to Lee County School Board
- $8 million to Sanibel Fire and Rescue District
- $28 million to the City of Sanibel
- $51 million to the City of Cape Coral
The Hurricane Recovery Program was established to assist with gaps in hurricane repairs and recovery efforts to schools, sheriff’s offices, fire stations, parks and recreation centers, roads, wastewater treatment plants, beach renourishment, and much more. For updates and information on disaster recovery resources, go to FloridaDiaster.org.