An Insider’s Guide to Living the Good Life in Naples

Home prices continue to fall in Naples.

The median price — the price at which half the homes sell for more and half for less – dropped 25 percent in November to $194,000, according to a monthly report by the Naples Area Board of Realtors. That was down from $325,000 a year ago.

The report is based on Realtor-assisted sales made through the SunshineMLS in Collier County, excluding Marco Island.

Total sales were up nearly 28 percent for the month. There were 293, compared to 229 a year ago.

Most of the activity continues to be in the under $300,000 market. In this category, there were 208 sales, up from 103 a year ago, and 340 pending sales, up from 114 last year.

Foreclosures and short sales _ sales made for less than the bank is owed to avoid foreclosure _ continue to drive many of the sales at the lower end.

“Prices are declining. But I see that decline slowing. Well-priced properties are going to sell based on today’s market,” said Tom Bringardner, president of Premier Properties of Southwest Florida Inc.

Through November there have been a total of 4,597 sales this year, up from 3,940 in the same months last year.

“People are not shying away from buying at all. They are just looking for the deals,” said Brett Brown, who officially becomes the new president for the Naples Area Board of Realtors Saturday night.

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At a recent luxury home marketing conference sponsored by the Institute For Luxury Home Marketing, a nationally recognized interior designer, Kay Green, identified some new and persistent trends in housing decor and design. These emerging trends exist across homes of all price ranges in the United States. Let’s take a look:

• Non-colors are hot. White on white. Cream on cream. White on cream. You get the idea. It’s almost a layering of the neutrals.
• Blacks, whites, creams and grays are everywhere.
• Splashes of colors. In the non-color look, it’s becoming popular to have an accent wall or accent piece that introduces the only splash of color in the room. The splash could be pillows, a piece of art of furniture
• Faux finishes are out.
• Kids study areas are in. Imagine a full wall mini-office or extended peninsula near the kitchen where the kids use their computers and do homework. This affords parental assistance with homework and supervision while they are using their computers. 
• Oversized multi-function laundry rooms. Needs to have plenty of elbow rooms so as to stage the kids before leaving the house. Also, they’re great for messy tasks like craft-making.
• Spa baths. Still in.
• Outdoor architecture. Elaborate, functional relaxation areas are hot. Outdoor kitchens. Pergolas. Outdoor fireplaces

The former home of Senator John and Cindy McCain is being offered for sale at auction. The North Phoenix Residence is located at 7110 N. Central Avenue in Arizona, USA, on a spacious 2.7 acre lot.

The residence was Cindy McCain’s childhood home and the family’s home for 20 years.

The home has been updated and expanded to 15,000 square feet of livable space with 13 bedrooms and 14.5 baths.

The resort style grounds offer a huge pool and expansive canterra stone deck with three ramadas, BBQ grills, full bar and playhouse.

New additions include a theatre room, four bedroom guest casita, new bathrooms throughout, large wine tasting room, large exercise room, travertine flooring and seven car garage.

The Larsen Company is handling the sale along with Bob Hassett, Russ Lyon from Sotheby’s International Realty.

Source: Larsen Company

According to figures published by Rightmove.co.uk, the US is now more popular than both Italy and Portugal among users looking for overseas property. Property searches increased 42% year on year
to take the United States third in the list, just behind Spain and France.
According to Head of Rightmove Overseas, Justin Figgins, the results partly reflect a significant increase in the number of properties listed on the portal in Florida over the past 12 months, which inflate the US figures.
However, there is evidence that the results reflect a general market trend. The five most popular overseas property locations on Primelocation.com mirror those for Rightmove.co.uk but with Italy swapping positions with the US. According to Ann Wright, International Business Development Manager of Primelocation.com, US searches are up 33% year on year.

Price is a key driver in the holiday home market and declining value of the dollar and increasing value of the Euro is the most likely explanation for the trend. Although the sterling/dollar exchange rate is roughly the same as it was 12 months ago (see graph below), this is due to a rapid rise of the dollar against the pound in the last quarter of 2006. Interestingly, the rising dollar has coincided with a sharp upturn in people searching for “property in Florida” on Google. Maybe buyers are reasoning that the dollar is not going to get any lower and now is the best time to buy?

Former Lehman Bros. President and COO, Joe Gregory, lists his NY Hamptons vacation home for $32.5 Million

This offering is part of the latest news in the luxury real estate market. Jo Ellen Nash, of Luxury Estates of Naples, http://www.nashnaples.com, Downing-Frye, is well connected in the world of luxury agents and coaches some of the top luxury agents in North America on marketing and business.

The Russian international property buyers have become notoriously well known for their extravagant purchases with the gem of all - Villa Leopolda at $752 million.
It’s no surprise that many luxury real estate agents and developers are trying to reach that market. However, selling to Russian investors is not as simple as it might appear because of many economic and cultural reasons.
Here are some valuable tips how to sell to Russians.

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Beijing Olympics hero Michael Phelps is making a smart move by investing part of his endorsement money in residential and commercial property taking full advantage of low US housing market prices. Companies are standing in line to sponsor him, and he is expected to pick up around $100 million in endorsements.

Michael Phelps

Much of this money will be invested into a property portfolio. Phelps has already purchased a $1 million apartment in his home town of Baltrimore, Maryland with a view of waterfront and a large swimming pool. He has also bought Meadowbrook Swim Club to turn it into Olympic training center with his coach Bow Bowman.
Phelps’ investments could prove instrumental in reviving Baltimore’s declining property market.

The credit crunch in America has hit properties hard, with banks scared to lend and potential buyers unsure of the market. But smart investors are reaping the benefits of a weak dollar and a downturn in the US economy, by snapping up affordable real estate while the going is good.

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The number of people searching internet for a home grew dramatically in recent years. Four out of five buyers browsed through multimedia websites heavily populated with maps, pictures, descriptions, virtual tours and video.

However, despite increasing popularity of internet property searches, real estate professionals are a vital part of the buying process because they add valuable advice, local knowledge and address specific needs and goals of the client.

Trump Mansion

Housing market meltdown still rages in the United States and there is still a distance to go. Florida though is an attractive market for foreign buyers of all walks of life and business goes on. UK residents are among the most numerous buyers in Miami, Orlando and Naples areas, however their home buying preferences rarely go over $300,000.

Although with fewer purchases the Russians far exceed Europeans in extravagance and cost of property acquisition. The latest excess is $95 million purchase of Donald Trump Palm Beach property by Russian fertilizer tycoon Rybolovlev.

 But the luxury real estate and bragging rights race is not in Florida these days. It’s in Southern France, where the absolute record was set recently by unidentified Russian billionaire with $752 million acquisition of Villa Leopolda owned by Lily Safra, the widow of Lebanese banker Edmond Safra.

Villa Leopolda

Russian oligarchs are drawn to South France because old Russian aristocracy preferred it to any other part of Europe. South France offers excellent luxury seaside properties at Cap d’Antibes, Saint Tropez, Côte d’Azur and Cap Ferrat. Those are both old and modern day playgrounds for super rich.

 The luxury real estate purchase extravagance of the Russian billionaires is already legendary, and Villa Leopolda purchase has not changed things much. While this mansion is one of the greatest in the world, the price far exceeds any predictions and estimates. Despite the fact that this sale looks almost impossible, the Russian property grab has reached historic heights in recent years all over the world.