Where Is the Naples Market Heading?

Naples is a beautiful city with gorgeous homes for sale. If you want to sell, we can provide a Home Price Evaluation, or if you are thinking about buying a home, click here to view all our listings. If you have any questions or are interested in meeting for a home buying or selling consultation, please call us at 239-595-8500.

Sorry for the long absence, the last few months have been incredibly busy here in Naples. Our market has finally returned to normal, so we now have some time to give you an update on current conditions.

The great news is our spring season this year ended right on target. We had the same number of sales in the first months of this year as we did during the same time period in 2005. It's not quite a seller's market yet, but we are seeing multiple offers in a few neighborhoods across the area. On average, homes are sitting on the market for 90-97 days. If you list with the Saad Team, you can expect your home to sell within 92 days. 

Now let's take a look at some of the numbers in our market:
Current Market Conditions, as of May 2015, compared to May of 2014:

• New listings have dropped by 55%, and there are only 751 current listings
• Home sales have increased by 9%, and there have been 485 home sales just this May
• The median home price shot up by 17% to $420,000
• The average days on market has dropped to 84 days, a 7% decrease from last year
• Year-to-date new listings have dropped by 59%, as we only have 4,628 listings right now compared to last year's 11,195
• The amount of homes sold year-to-date has stayed steady, with a 1% increase from last year (2,215 homes sold in 2015)

The decline in inventory is pushing the median price up to the highest number we've seen since 2008!

If you would like a more detailed market analysis, or if you have real estate questions of any kind, give the Saad Team a call. We are always here to help you make sense of the Naples market!

Do You Need a Home Watch Service?

Naples is a beautiful city with gorgeous homes for sale. If you want to sell, we can provide a Home Price Evaluation, or if you are thinking about buying a home, click here to view all our listings. If you have any questions or are interested in meeting for a home buying or selling consultation, please call us at 239-595-8500.

 

Today we have the privilege to introducing you to Greg Lordi who founded his own Home Watch business here in Naples. 

In a resort market such as the one here in Naples, it's important to have a home watch professional come in and keep track of a property. In Greg's business it's not a matter of if anything will happen, it's a matter of when something will happen. A lot of times people will be gone for months at a time and they may rely on neighbors for favors, but what if they fail to check up and there's a water leak? Most of these disasters are not cases of if it will happen, but when it will happen. 

There are so many different things that can go wrong, but with a personal home watch company the chances of these devastating accidents is dramatically reduced. Greg's trained professionals go through background checks, and they are also trained, bonded, insured, and educated. On top of all this, personal home watchers also have the resources at hand to deal with these disasters when they do occur. 

Instead of relying on a friend to watch your home, we recommend hiring trained professionals who take the job very seriously, and don't just view it as a chore or a hobby. We had a friend recently who was having someone watch a home, and even though the person did go inside to check on things, they missed a leak, which cost the home owner quite a bit of money. 

If you're looking for a professional home watcher you will want to make sure that the candidate has been trained and has the resources behind them to handle a situation if something arises. We really cannot stress the fact enough that you need a professional to watch your home. You need to trust this person when you hand over your keys because your home is an asset that must be protected.

To get into contact with Greg you can call (239) 989-1464 or go to www.personalhw.com.

As always, if you have any questions about the Naples real estate market, please don't hesitate to contact us at the Saad Team. We're always willing to help you!

Home Deposits may be Refunded Depending on Your Contract

Naples is a beautiful city with gorgeous homes for sale. If you are thinking about buying a home, click here to view all our listings, or if you want to sell, we can provide a Home Price Evaluation. If you have any questions or are interested in meeting for a home buying or selling consultation, please call us at 239-659-5145.

Home Deposits may be Refunded Depending on Your Contract

I'm back with you today to discuss home deposits and whether or not you can get your money back after you have made an offer. Our guest today is real estate attorney, Sam Saad, President of Paradise Coast Title and Escrow.

This is a question we hear time and time again, and will refer this one to Sam who can lend a hand in explaining. As a practicing attorney, Sam wants you to know that these instructions are not considered legal advice, and that if you do seek legal counsel, then you should consult an attorney who can explain your rights to you while under contract.

It Depends on the Type of Contract you Signed

Going forward, Sam says that a deposit is refundable in certain cases depending on what type of contract you signed.

     - If you signed the NABOR Contract, which is standard in Naples and Collier County, then your deposit is only refundable if you comply with the necessary inspection and finance provisions. These provisions are laid out very thoroughly and meticulously in the contract. 

For example, if you have gone through the inspection criteria and the seller refuses to comply with your requests, then you would get your deposit back. 

If the seller accepts a credit towards the property or goes through with the requisite repairs, then you would not receive your deposit back.

     - If you signed the FAR/BAR Contract, then you may also get your deposit back. However, you still need to comply with the inspection and finance provisions within the contract. You can find more information about this contract here: https://www.floridarealtors.org/LegalCenter/HotTopics/Florida-Realtor-Florida-Bar-contracts.cfm

     - The FAR/BAR As-Is Contract is very popular in the Naples area. This type of contract is most often associated with distressed home sales, and within the document there is a provision that allows the buyer a 15 day free-look:

Essentially, this allows you to sign the contract, put down your deposit, and after that you may conduct the necessary inspections. Within the 15 days you have the right to back out of the contract (for any reason whatsoever) and you will receive your deposit back - no questions asked.


The NABOR Contract that was mentioned earlier also has an As-Is addendum, which makes it a very safe contract for buyers.

You Need to Know your Options

Placing a deposit on a home may seem like an irrevocable act, this is not always the case, be sure to understand the contract that you're signing and are aware of your options within that documentation. As always, consult an attorney for representation if you have any sort of doubt as to what rights are afforded to you.

Do You Know Why Florida is a Great Place to Purchase Real Estate?

Do You Know Why Florida is a Great Place to Purchase Real Estate?

Today we have Sam Saad III joining us. Sam happens to be a real estate attorney here in the city of Naples and a member of the Naples city council. The reason we brought him along today is because as a real estate attorney, he deals with a lot of closings. As the president of Paradise Coast Title and Escrow, this also happens to be his specialty!

Today we wanted to talk to you about the importance of applying for Homestead. In Florida, homestead is something you can apply for when you own a property. However, as an attorney, Mr. Saad III has to remind you that this is not legal advice and if you have specific legal questions that need to be addressed by an attorney, you must do so accordingly.

Homestead in Florida is very complicated. Under the Florida constitution, Homestead is provided four protections with them being:

Real Estate Tax Exemptions 

Out of the four protections, this is the most talked about. 

In essence, as Sam Saad III explains, if you are approved for Homestead, you receive a $50,000 tax credit against the valuation on your property taxes for your ad valorem and a $25,000 credit on your school taxes.

What this means is that when the assessor comes to your home, they assess your property at a certain valuation that may not be the same as the sale price. The deduction is coming off what the value the assessor has set. Sam Saad III also added that once that assessor puts that valuation in place, the Save Our Homes Exemption provides a cap so the assessor cannot raise your taxable value (bear in mind this is different from your assessed value) by more than 3% per year. As you are most likely familiar with Florida real estate, we are prone to boom and bust periods. Sam states that this was put in place so you don’t feel giant increases in your property taxes. These are two great protections for people purchasing homes in Florida!

Debtor Protections

If a property is your Homestead, whether you are married or not, liens cannot attach to that property if a judgment is rendered against you and the person cannot take away your Homestead. Mr. Saad III noted that there are two important exceptions to that rule.

Three Exceptions

1. The first exception being that mortgage lenders can foreclose on your property if you don’t say your mortgage.

2. The second exception is that if you live in a mandatory homeowners association, the homeowners association can place a lien on your property.

3. Also bear in mind that credit card judgments and personal lawsuits, for example, do not attach to your Homestead. However if you do not pay your taxes, Federal laws generally override the state constitution. Mr. Saad III reminds us again that if there are Federal tax liens on your property, please consult your attorney to determine what your rights are. There are many exemptions and this must be dealt with properly.
For people who are looking to file for Homestead in Florida, Mr. Saad III tells us that you have to close on your property by December 31st and file for exemption by March 15th. If you did purchase your property last year, it’s important to file for your property tax reductions right away! The moment you move in your property and declare it your homestead, you receive the Debtor Protection. The other two protections do not relate to sales.

The one issue that does come up in closing is the fourth protection, the Restraint on Alienation. A husband and wife that own the property as joint tenants cannot sell the property out from the other. Essentially, it takes one to buy and two to sell.

This may seem a bit overwhelming, but Florida is a great state for Homestead! Sam states that we highly value it, the courts respect it, there are great tax exemptions and that it is a fantastic way to own your property. To learn more about Homestead, visit http://www.collierappraiser.com. If you would like to contact Sam Saad III, his information is Law Offices of Sam J. Saad III PA. 851 5th Avenue North Suite 306 Naples, Florida 34102. His phone number is 239-963-1635 if you would like to reach his office. If you have information to fax, his line is 239-791-1208.
 
Thanks and have a great day!