Study: It’s 16% Cheaper to Buy Now than Late 2018

Home prices are going up; mortgage rates are going down. A study by Black Knight found that the buyer savings from mortgage rate drops more than offsets the rise in home prices by about 16% (about $48,000) in just over a year’s time.

JACKSONVILLE, Fla. – Jacksonville-based Black Knight Inc. examined home price growth and affordability in the context of today’s lower-interest-rate environment in its latest monthly report. It found that the negative impact of rising home prices has been more than offset by mortgage interest rate declines.

“Even with home price growth accelerating, today’s low-interest-rate environment has made home affordability the best it’s been since early 2018,” says Black Knight Data & Analytics President Ben Graboske. “At that time, the housing market was red-hot with national home price growth at 6.6% and climbing – before rising rates and tightening affordability triggered a pullback in growth rates.”

Even though average home prices have increased by almost $13,000 a little over a year ago, “the monthly mortgage payment required to buy that same home has actually dropped by 10% over that same span due to falling interest rates,” Graboske says.

Black Knight analysis

  • Home prices continue to react to falling interest rates. December marked four consecutive months of acceleration in the annual rate of growth and had the largest single-month acceleration in more than 6.5 years
  • After falling from nearly 7% in early 2018 to 3.8% in August 2019, the national home price growth rate gained nearly a full percentage point increase over the last four months of 2019, climbing to 4.7% to close out the year
  • Still, 30-year interest rates fell to 3.6% in late January 2020 and made housing the most affordable it’s been since early 2018
  • Despite the average home price increasing by nearly $13,000 from just over a year ago, the monthly mortgage payment required to buy that same home has dropped by 10% over that same span due to falling interest rates
  • It now requires 20.6% of median monthly income to purchase the same home as it did just over a year ago – the smallest such payment-to-income ratio in two years Put another way, buying power for those shopping for the average-priced home has increased by 16% (approximately $48,000) in just over a year’s time

© 2020 Florida Realtors®

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Estero Council approves 306 apartments near Corkscrew Road and I-75

A rendering of the rental apartments at Estero Crossing, located south of Corkscrew Road in the village of Estero. (Photo: Stock Development via Village of Estero)

The Estero Village Council on Wednesday approved a new development that would bring 306 apartments and 60,000 square feet of commercial space. 

Naples-based Stock Development owns the site known as Estero Crossing. The development is planned on a 43-acre vacant property south of Corkscrew Road that is 1,000 feet west of the busy Interstate 75 interchange. 
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Navona At The Colony – 2019 Real Estate Sales Report

This is the 2019 real estate sales report for Navona At The Colony, in Bonita Springs, FL.

Navona is a luxury high-rise building offering 100 condos.

There are currently 7 condos on the market in Florencia. 
Listed from $499,900 to $849,000.
Average Days on Market: 87.
Average Price per SqFt: $357.
There are also 2 pending sales.
View Active Listings in Navona.

In 2019, 4 condos have sold in Navona:
– From $450,000 to $5,80,000.
– Average Days on Market: 338.
– Average Sale Price per SQFT: $282/SQFT.
– Average Sale Price: $514,000.
View Recent Sales in Navona
Let us know if you have an interest or any questions about Navona At The Colony or in any of other neighborhoods in The Colony.

Hammock Bay, Naples FL – 2019 Real Estate Sales Market Report

Hammock Bay Naples

Here is the 2019 real estate sales market report for Hammock Bay, in Naples Florida.
Hammock Bay is a gated golf community located in South Naples, close to Marco Island

Hammock Bay has currently 26 properties on the market.
In 2019, 39 properties have sold in Hammock Bay (*source: MLS of Naples). Here are the activity and trends for each of the subdivisions and buildings in Hammock Bay.
Aversana:
Aversana has been the first tower built in Hammock Bay. There are 4 condos on the market as of today, listed from $459,000 to $985,000. 1 condo is under contract.
View Active Listings.
In the past year 9 condos have sold in Aversana:
– From $375,000 to $525,000.
– Average Days on Market: 119.
– Average Sale Price per SQFT: $179/SQFT.
– Average Sale Price: $461,000.
View Recent Sales in Aversana.

Lesina:
Lesina has been the last tower built in Hammock Bay. There are 10 condos on the market as of today, listed from $499,500 to $999,000.
View Active Listings.
In the past year 14 condos have sold in Lesina:
– From $400,000 to $870,000.
– Average Days on Market: 101.
– Average Sale Price per SQFT: $232/SQFT.
– Average Sale Price: $604,500.
View Recent Sales in Lesina.

Serano:
Serano has been built in 2006. There are 6 condos on the market as of today, listed from $335,000 to $583,900. There is also 3 condos under contract.
View Active Listings.
In the past year, 7 condos have sold in Serano:
– From $315,000 to $470,000.
– Average Days on Market: 190.
– Average Sale Price per SQFT: $197/SQFT.
– Average Sale Price: $372,500.
View Recent Sales in Serano.

Rialto:
Rialto is a neighborhood of coach homes. There are 4 coach homes on the market as of today, listed from $345,000 to $415,000.
One is under contract.
View Active Listings.
In the past year 4 units have sold in Rialto:
– From $322,500 to $412,500.
– Average Days on Market: 86.
– Average Sale Price per SQFT: $162/SQFT.
– Average Sale Price: $369,000.
View Recent Sales in Rialto.

Borghese Villas:
Borghese Villas is a neighborhood of 3-story buildings with one residence per floor. There are 2 units on the market as of today, listed from $499,000 to $509,000.
Two others are under contract.
View Active Listings.
In the past year 5 units have sold in Borghese Villas:
– From $278,000 to $575,000.
– Average Days on Market: 146.
– Average Sale Price per SQFT: $156/SQFT.
– Average Sale Price: $373,000.
View Recent Sales in Borghese Villas.

Contact us if you have any questions about Hammock Bay and if you want to purchase or sell a property in Hammock Bay.

Horizons At Bonita Bay – 2019 Real Estate Sales Report

Horizons At Bonita Bay. Aerial
Horizons At Bonita Bay

2019 real estate sales marker report for Horizons At Bonita Bayin Bonita Springs Fl.
Horizons is a luxury high-rise condominium tower offering 80 condos overlooking Estero Bay and the Gulf of Mexico.
Horizons offers luxurious amenities to its residents and amenities of Bonita Bay like the beach club on the Gulf of Mexico.

There are currently 8 condos on the market in Horizons. Listed from $1,049,000 to $1,895,000. 
View Active Listings.

In 2019, 2 condos have sold in Horizons:
– From $1,050,000 to $1,235,000.
– Average Days on Market: 146.
– Average Sale Price per SQFT: $294/SQFT.
– Average Sale Price: $1,142,500.
View Recent Sales in Horizons
Let us know if you have an interest in Horizons At Bonita Bay or in any of other high-rise condominiums in Bonita Bay.

Vasari – 2019 Real Estate Sales Report

Here is the 2019 real estate market sales report for the condos, coach and carriage homes in  Vasari Golf & Country Club, bundled golf  community in Bonita Springs, Florida.
There are currently 32 properties for sale in Vasari, in total including the single-family homes.

Condominiums:
There are two neighborhoods of condos:
Matera –  7 condos for sale as of today. Listed from $175,000 to $249,500.
View Active Listings.
In 2019, 9 condos have sold in Matera:
– From $137,000 to $225,000.
– Average Days on Market: 188.
– Average Sale Price per SQFT: $114/SQFT.
– Average Sale Price: $182,000.
View All Recent Sales in Matera.
Trieste –  5 condos for sale as of today. Listed from $199,900 to $255,900.
View Active Listings.
In 2019, 7 condos have sold in Trieste:
– From $187,900 to $245,000.
– Average Days on Market: 89.
– Average Sale Price per SQFT: $134/SQFT.
– Average Sale Price: $217,000.
View All Recent Sales in Trieste.

Carriage Homes:
There are two neighborhoods of carriage homes:
Toscana –  6 units for sale as of today. Listed from $295,000 to $354,900.
2 other units are under contract.
View Active Listings.
In 2019, 7 units have sold in Toscana:
– From $200,000 to $365,000.
– Average Days on Market: 127.
– Average Sale Price per SQFT: $145/SQFT.
– Average Sale Price: $298,000.
View All Recent Sales in Toscana.
Firenze –  3 units for sale as of today. Listed from $349,000 to $399,000.
View Active Listings.
In 2019, 2 units have sold in Firenze:
– From $203,000 to $325,000.
– Average Days on Market: 457.
– Average Sale Price per SQFT: $143/SQFT.
– Average Sale Price: $264,000.
View All Recent Sales in Firenze.

Coach Homes:
There are two neighborhoods of coach homes:
Altessa –  3 units for sale as of today. Listed from $499,900 to $564,900.
View Active Listings.
In 2019, 3 units have sold in Altessa:
– From $307,000 to $445,000.
– Average Days on Market: 54.
– Average Sale Price per SQFT: $183/SQFT.
– Average Sale Price: $397,000.
View All Recent Sales in Altessa.
Cassia –  4 units for sale as of today. Listed from $360,000 to $439,000.
View Active Listings.
In 2019, 6 units have sold in Cassia:
– From $332,500 to $419,000.
– Average Days on Market: 200.
– Average Sale Price per SQFT: $160/SQFT.
– Average Sale Price: $362,000.
View All Recent Sales in Cassia.

Let us know if you have any questions about Vasari, Bonita Springs, Fl.

Florencia At The Colony – 2019 Real Estate Sales Report

Florencia At The Colony. Bonita Springs, FL

This is the 2019 real estate sales report for Florencia At The Colony, in Bonita Springs, FL.

Florencia is a luxury high-rise building offering 116 condos.

There are currently 5 condos on the market in Florencia. 
Listed from $799,999 to $975,000.
There are also 4 pending sales.
View Active Listings in Florencia.

In 2019, 11 condos have sold in Florencia:
– From $530,000 to $1,060,000.
– Average Days on Market: 168.
– Average Sale Price per SQFT: $334/SQFT.
– Average Sale Price: $798,000.
View Recent Sales in Florencia
Let us know if you have an interest in Florencia At The Colony or in any of other neighborhoods in The Colony.

Bay Colony, Naples FL – 2019 Real Estate Sales Market Report

Bay Colony – Naples

Here is the 2019 real estate sales market report for the beachfront properties in Bay Colony, in Naples Florida.
Bay Colony is the exquisite gated enclave of Pelican Bay.

Bay Colony has currently in total 49 properties on the market. In 2019, 32 properties have sold in Bay Colony (*source: MLS of Naples). Here are the activity and trends for each of the beachfront properties in Bay Colony.
Strand At Bay Colony:
Strand At Bay Colony is a sub-gated enclave in Bay Colony of 12 beachfront mansions. There is only one mansion on the market as of today listed for $15,950,000.
View Active Listings.
One mansion sold in 2019, listed for $16,750,000, sold for $14,900,000.
View Recent Sales at The Strand

Carlysle At Bay Colony:
Beachfront building. 4 condos are currently for sale in Carlysle, listed from $3,495,000 to $5,400,000.
View Active Listing in Carlysle.
No sales in 2019 at The Carlysle.

Contessa At Bay Colony:
Beachfront building. 5 condos are currently for sale in Contessa, listed for $2,995,000 to $4,250,000.
View Active Listing in Contessa.
No sales in 2019 in Contessa.

Brighton At Bay Colony:
Beachfront building. 3 condos are currently for sale in Brighton, listed from $3,597,700 to $5,395,000. One pending sales, listed for $3,895,000.
View Active Listing in Brighton.
In 2019, 4 condos have sold in Brighton:
– From $3,582,500 to $4,500,000.
– Average Days on Market: 169.
– Average Sale Price per SQFT: $1,310/SQFT.
– Average Sale Price: $4,133,000.
View Recent Sales in Brighton.

Biltmore At Bay Colony:
Beachfront building. 4 condos are currently for sale in Biltmore, listed from $3,550,000 to $4,395,000. One pending sale, listed for $5,300,000.
View Active Listing in Biltmore.
In the past year 2 condos have sold in Biltmore:
– From $3,800,000 to $3,900,000.
– Average Days on Market: 222.
– Average Sale Price per SQFT: $1,268/SQFT.
– Average Sale Price: $3,850,000.
View Recent Sales in Biltmore.

Windsor At Bay Colony:
Beachfront building. 2 condos are currently for sale in Windsor, listed from $10,250,000 to $10,400,000.
View Active Listing in Windsor.
In the past year 2 condos have sold in Windsor:
– From $8,700,000 to $10,100,000.
– Average Days on Market: 176.
– Average Sale Price per SQFT: $1,297/SQFT.
– Average Sale Price: $9,400,000.
View Recent Sales in Windsor.

Remington At Bay Colony:
Beachfront building. 1 condo is currently for sale in Remington, listed for $4,100,000.
View Active Listing in Remington.
In the past year 4 condos have sold in Remington:
– From $3,850,000 to $4,600,000.
– Average Days on Market: 170.
– Average Sale Price per SQFT: $1,356/SQFT.
– Average Sale Price: $4,163,000.
View Recent Sales in Remington.
Contact us if you have any questions about Bay Colony or if you want to purchase a property in Bay Colony.

Pebble Creek At Pelican Bay – 2019 Real Estate Market Report

Pebble Creek At Pelican Bay, Naples.

This is the real estate market report for 2019 for the condominiums in Pebble Creek At Pelican Bay, Naples Fl. Pebble Creek offers 264 condos in total in mid-rise and high-rise buildings. The high-rise buildings are facing the Pelican Bay golf course.

There are currently 5 active listings in Pebble Creek: Listed from $495,000 to $649,900. Another one is under contract, listed for $765,000:
View Active Listings.

In the past year, 14 condos have sold in Pebble Creek:
– From $495,000 to $695,000.
– Average Days on Market: 108.
– Average Sale Price per SQFT: $414/SQFT.
– Average Sale Price: $598,000.
View all recent sales in Pebble Creek.
Let us know if you have any questions and how we can help you about these condos in Pebble Creek or any other condos for sale in Pelican Bay, Naples Florida.

Heritage Bay, Naples – 2019 Real Estate Sales Market Report

Heritage Bay Golf & Country Club, Naples

Here is the 2019 real estate market sales report for Heritage Bay Golf & Country Club, bundled golf  community in Naples, Florida.
There are currently 44 properties for sale in Heritage Bay, as of today.

Terrace Condominiums:
There are 26 terrace condos for sale in Heritage Bay as of today. Listed from $165,000 to $244,000. One Condo is under contract.
View Active Listings.
In 2019 21 condos have sold in the Terraces:
– From $153,900 to $235,000.
– Average Days on Market: 120.
– Average Sale Price per SQFT: $152/SQFT.
– Average Sale Price: $192,700.
View All Recent Sales for the Terrace Condos.

Veranda Condominiums:
There are 7 veranda condos for sale in Heritage Bay as of today.
Listed from $245,000 to $344,000.
7 other Verandas are under contract.
View Active Listings.
In the past year 27 condos have sold in the Verandas:
– From $205,000 to $330,000.
– Average Days on Market: 168.
– Average Sale Price per SQFT: $171/SQFT.
– Average Sale Price: $250,000.
View All Recent Sales for the Veranda Condos.

Coach Homes
There are 4 coach homes for sale in Heritage Bay as of today.
Listed from $349,900 to $365,000. Another one is under contract.
View Active Listings.
In 2019, 14 coach homes have sold:
– From $292,000 to $375,000.
– Average Days on Market: 187.
– Average Sale Price per SQFT: $167/SQFT.
– Average Sale Price: $332,000.
View All Recent Sales for the Coach Homes.

Executive Homes
There is 1 executive home for sale in Heritage Bay as of today. Listed for $599,900. Another one is under contract.
View Active Listings.
In the past year 4 executive homes have sold:
– From $510,000 to $550,000.
– Average Days on Market: 40.
– Average Sale Price per SQFT: $235/SQFT.
– Average Sale Price: $537,000.
View All Recent Sales for the Executive Homes.

Estate Homes
There are 4 estate homes for sale in Heritage Bay as of today.
Listed from $669,900 to $699,990.
Also another one is under contract. 
View Active Listings.
In 2019, 7 estate homes have sold:
– From $582,500 to $700,000.
– Average Days on Market: 182.
– Average Sale Price per SQFT: $248/SQFT.
– Average Sale Price: $665,000.
View All Recent Sales for the Estate Homes.

2019 has been a strong year particularly for the sales of executive and estate homes in Heritage Bay.
Good activity for the sales of the condos but prices flat or a bit down.

Let us know if you have any questions and if you want to buy or sell a property in Heritage Bay.