Category: Real Estate News

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.

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.

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

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!

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Closed Sales
Closed sales for the 12-month period ending August 31, 2023 were down 25% from the preceding 12-months, from 31,726 to 23,941. The 1,945 sales posted for the month of August were down 2% when compared to August of 2022.

Listing Inventory / New Listings
As of August 31, 7,564 properties were available, up 40% from the same date last year and static compared to the prior month. New listings for the 12-month period ending August 31 were down 9% from the preceding 12-months, from 36,467 to 33,076. For the month of August, new listings were down 1% from the same period in 2022. 3.79 months of supply was posted as of August 31, up 85% from August 2022 when months of supply was an unusually low 2.05 months, and unchanged from July 2023.

Average Selling Price
The average selling price for the 12-month period through August 31 was $795,912, up 7% from the preceding 12-month period when the average selling price was $746,900.

Perspective
Closed sales during the month of August fared well, posting a 9% uptick over July and a mere 2% shortfall compared to August of last year. Offering welcomed additional options for buyers, new listings posted month-over-month and year-over-year increases, at 5% and 1%, respectively. However, due to the steady pace of sales, standing inventory remains low from a historical standpoint with 7,564 units on the market as of August 31^st, up 40% of one year prior, but still well short of the 10,000+ that was typical for this time of year prior to the pandemic-induced buyer surge. Due to continued steady demand and a tight inventory that’s increased little in recent months, and in spite of interest rates having edged up, closed sales prices have continued to rise year-over-year, but at a slower rate than during the height of the market.

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A 1031 exchange is a tax-deferred exchange that allows you to sell one investment property and use the proceeds to buy another investment property of equal or greater value. This can be a great way to grow your real estate portfolio without having to pay taxes on the capital gains from the sale of your first property.

Here are the steps on how to do a 1031 exchange:

1. Identify the property you want to sell. This is the first step in any 1031 exchange. You need to find a property that you are willing to sell and that meets the requirements of a 1031 exchange.
2. Identify the property you want to buy. Once you have sold your first property, you need to find a new property to buy. This property must be of equal or greater value than the property you sold.
3. Choose a qualified intermediary. A qualified intermediary (QI) is a third party who will help you facilitate the exchange. The QI will hold the proceeds from the sale of your first property until you purchase the new property.
4. Decide how much of the sale proceeds will go toward the new property. You will need to decide how much of the sale proceeds from your first property will be used to purchase the new property. The remaining proceeds will be returned to you.
5. Keep an eye on the calendar. There are strict time limits for completing a 1031 exchange. You have 45 days to identify the new property and 180 days to close on the purchase.
6. Be careful about where the money is. The money from the sale of your first property must be held in escrow by the QI until you purchase the new property. You cannot touch this money or use it for any other purpose.

If you follow these steps, you can successfully complete a 1031 exchange and defer the taxes on the capital gains from the sale of your first property.

Here are some additional tips for doing a 1031 exchange:

• Start planning early. It takes time to find the right properties and to work with a qualified intermediary.
• Get professional help. A qualified real estate advisor can help you find the right properties and navigate the complex rules of a 1031 exchange.
• Be aware of the risks. There are some risks associated with 1031 exchanges, such as the risk that the new property will not appreciate in value or that the market will crash.

Conclusion

A 1031 exchange can be a great way to grow your real estate portfolio without having to pay taxes on the capital gains from the sale of your first property. However, it is important to understand the rules and to work with a qualified professional to ensure that the exchange is completed correctly.

As of today, August 4, 2023, there are still 44 days left in the 180-day window for completing a 1031 exchange. If you are considering a 1031 exchange, it is important to act quickly so that you do not miss the deadline.

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