Author Archives: Mark Weber


About Mark Weber

Mark Weber is a 33+ year resident of Naples, Florida and the Broker of White Sands Realty. If you have any questions about this article or local real estate, please email Mark directly. Follow Mark on Facebook, Twitter, Pinterest, and Google+.

Are Verbal Offers for Real Estate Valid in the State of Florida?

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“The fax didn’t go through; just tell them verbally that we accept $875,000.” This was a quote from a recent real estate transaction that went downhill shortly after the agent relayed this information, verbally.

In the state of Florida, verbal contracts are not enforceable. A real estate contract must be in writing.

In the good old days, when dirt roads dominated the Florida landscape, a good swindler who knew the law could legally take your roof from over your head. All he had to do was find two equally unethical scoundrels as witnesses to his verbal contract. The verbal contract to purchase the property could be for any amount from a $1 or a few hundred dollars. In court, the witnesses would lie about hearing the verbal contract and the landowner would lose the case. The judge would award the property to the swindler – case closed.

Today the Statute of Frauds protects landowners from these false claims. The Statute of Frauds requires that all contracts must be in writing. A contract must be in “writing” to be enforceable in a court of law. Since contracts are not so easy to forge (and the penalties for forgery are jail time), homeowners are protected from false claims on their property.

So, it still amazes me today how Realtors freely toss about verbal offers on properties like it is a part of the profession. I’ll hear a real estate agent say, “I have a verbal back from the buyer on that counter offer. I’m calling the listing agent to see how it flies.” What they should be saying is, “ok, let’s put that in writing on the contract by crossing the price out with one line and initialing your new offer price.”

I believe that many times, the reason for verbal offers stems from pure laziness or inconvenience. Whatever the case, there is no excuse for verbal offers and counteroffers working their way into any Florida real estate transaction, period.

Many of our real estate transactions here in Naples, Florida involve buyers and sellers who live in other parts of the country and even foreign countries. Without being able to physically bring the contract from party to party the only choices are faxing, or scanning and emailing. The result can be an illegible contract that even an electron microscope couldn’t decipher.

There are programs like Forms Simplicity for Realtors and others from Adobe that allow e-signatures, but this technology is evolving and may buyers and sellers are not comfortable with it and can’t get it to work when they need it.

Taking the shortcut to arriving at an agreed to price with back and forth telephone calls is a sure recipe for disaster. Even if you get a price both parties agree to verbally, nothing is in writing. The whole deal could be thwarted by an offer that comes in-between the time you get the verbal agreement and actually get the contract signed. Just because there is a verbal agreement doesn’t mean the seller can’t accept another offer that comes in the door. The seller can accept any offer they want until they sign and date one particular offer and return it to the buyer.

The moral of the story is never fall into the trap of verbal offers and counteroffers. Verbal offers are unenforceable in court and worth nothing more than the lip service they come in on.

What is MLS?: 5 Secrets Real Estate Agents Won’t Tell You

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MLS Naples FL

The term MLS comes up often when you are searching for real estate online. MLS stands for Multiple Listing Service or Multiple Listing System. The Naples MLS, or others around the US, are online listing databases that allow members to efficiently and effectively market properties for sale to other brokers and, through additional syndication and data feeds, to the public around the world.

The MLS gathers data on home, land and even rental sales. Through it’s rules and regulations for inputting information and disseminating information, it facilitates cooperation amongst brokers, allows for more accurate property appraisals and has begun to standardize the marketplace for real estate information.

Brokers and their Realtors use the MLS to look up detailed information on properties listed in the area their real estate board services. For example, our local board in Naples, Florida is the Naples Area Board of Realtors (NABOR) and our MLS is Sunshine MLS. Sunshine MLS is a collaborative project put together by the REALTOR® Boards of Southwest Florida so that members can share local real estate information. Only members in good standing, with proper licensing, have access to the system. System access is online through the Internet.

For a seller, the main point having your home listed in the MLS is to expand your sales force exponentially. Your property is accessible to Realtors locally and around the world. Instead of having just one agent working for you, you have thousands of agents and thousands of websites where potential buyers can find your home.
Multiple Listing Service

MLS Secret #1

Although my colleagues may not like that I’m releasing this cat-out-of-the-bag, the MLS is far from perfect. Too often mistakes are made by Realtors who incorrectly enter the data or intentionally to manipulate the system.

One way real estate agents manipulate the MLS system is to remove a property through withdrawal and then immediately re-list it. Don’t be fooled. These re-listed homes go out to the hot-list (a compilation of new homes, pending and properties that have changed their price) to other agents and the public (through sites like Listingbook.com and others) as newly listed homes when that is far from the case. Often this is done to show less days on the market (DOM) and to make it appear that it’s a newlisting.

This trick is easy to catch in the “listing history” of a property and shows the names and office of the agent who made the change. Your Realtor can provide you the listing history of any property, but it is not something you will find available on any public website.

“Help me sell my inventory & I’ll help you sell yours.”

– This principle gave birth to the first MLS in the late 1800′s when real estate brokers first gathered to share information and agreed to compensate other brokers who helped sell their properties.

MLS Secret #2

All MLS data is not the same. Most Realtor websites provide standard IDX or Internet Data Exchange information in their property search. This information is not always the newest on the block.

The National Association of Realtors (NAR) has set policies that permit brokers to show certain MLS information on their websites under a system known as IDX. Realtors subscribe to this service in order to display homes and condos for sale on their websites. The information comes from the same source but certain feeds like Real Estate Transaction Standard or RETS are more up-to-date. RETS feeds are updated with the latest MLS properties and changes throughout the day where a standard IDX feed may be updated only once each night. RETS feeds cost even more than standard IDX feeds, so many Realtor websites do not use them.

At White Sands Realty, we use a RETS feed to provide the latest real estate updates in the Naples, Florida area. We’ve found regular IDX data is not sufficient for our clients who requires the newest listings available.

MLS Secret #3

As in any proper database, each property listed on the MLS is given a different and specific MLS number at the time it is entered into the system. This number is the same regardless if you are viewing the property on Realtor.com, Trulia.com or on a real estate agent’s website.

In Naples, the MLS numbers are 9 digits long and use part of the year listed along with a sequential listing number to differentiate them from thousands of other listings in the area. For example, homes listed this year in 2012 will start with ’212′ then six more numbers. The fifth home listed in 2012 will have a listing number of 212000005 and so on.

MLS Secret #4

Realtors can search the MLS database in many ways that the general public does not have access to. We provide many of these extras to our clients on our website. We allow searches for foreclosures, short sales and even the days on the market (DOM). Still, there are some items, like a properties listing history, that we are not allowed to provide on our website. We can, and do, provide the property’s listing history to you, if you ask.

Most, (scratch that, virtually all) real estate companies give you a little taste of the MLS data to hook you and then want you to come to them for the rest of the pie. At White Sands Realty, we look at it differently. If we are allowed to provide the information freely on our website, we will. Buyers and sellers today are more educated than ever. They want all the information in one place. We are confident enough in our local knowledge, strong negotiation skills and ability to protect our clients’ best interests that we know you will appreciate the value we provide when you’re ready to purchase.

MLS Secret #5

Additionally, in the spirit of full disclosure, the MLS is where Realtors find out how much commission they will be paid if the property is sold to their client. The listing agent offers a different percentage of the purchase price to the buyer’s broker depending on their contractual agreement with the seller. This information is only visible to Realtors.

In the Naples area, the percentage going to the selling Realtor can range from around 2% up to 4%. Lower and higher commissions are out there but this is the range for the majority of real estate listed for sale on the MLS in our area. Keep in mind, this is just the amount offered to a Realtor who brings a willing and able buyer. The total commission is usually double that number. The listing broker gets the other side or portion of the commission.

The listing broker’s commission is not specified on the MLS. Even a Realtor with access to the MLS doesn’t know exactly what percentage the listing agent is receiving. That information is confidential and provided for in the listing agreement between the seller and the listing broker.

Other important information that can be accessed though the MLS is general data such as square footage, number of rooms, flooring, views of the waterfront or lake, Gulf access and, most importantly to most buyers, photos of the property.

The MLS is a wonderful tool when you know the potential pitfalls and are able to ask your Realtor the right questions (e.g. Will you please show me the property listing history?). Now that you know the secrets of the MLS, hopefully you will be better prepared the next time you see MLS data displayed on websites across the internet.

Foreign Real Estate Buyers Focus on Florida

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International real estate buyers

Canadian home buyers continue to be the strongest international segment of real estate purchasers in Southwest Florida. Approximately 80 percent of international buyers in Florida are Canadian.

Our neighbors to the north are seeing the great values in the Naples Florida real estate market. Many are looking for second homes or vacation homes that are used to get out of the cold for a few weeks, or months during the winter. Others are looking for investments they can rent out and resale for a profit a year or two down the road.

Great real estate values are the main factor spurring foreign buyers to pull the trigger on a home or condo purchase in Florida. Even Canadian investors are getting in on the action. Investors are on the prowl for “great deals” on distressed properties and banked owned foreclosures.

At White Sands Realty we work with buyers from around the world. We receive many inquiries from foreign buyers looking for property in Florida. Most are Canadians, but we do get inquiries from just about everywhere including Great Britain, Germany, France, Norway, Sweden, Ireland, China, South America and even the Caribbean.

Buying a property as a foreign (non-U.S. resident) does require a bit more preparation and due diligence. There are tax and ownership considerations that are best made through a qualified real estate attorney – used in addition to your real estate agent. A real estate attorney will assist with the legal and tax issues foreign buyers face while your real estate agent will help find the right home or property for you.

A common fear among many foreign purchasers is that they will in some way pay more for a property than a U.S. citizen. Foreign buyers do not pay more for homes than U.S. citizens. The United States has an open market that does not discriminate. If you are worried about how a seller will react to you being foreign, simply ask your Realtor not to divulge that fact until after the price negotiations are finished. Your Realtor is obligated to honor your request.

Along those lines, when you are looking for real estate in the U.S. you need someone you can trust. White Sands Realty has closed many successful transactions for foreign investors from around the world. We know the specific issues foreign buyers face and we stand by our international clients each step of the way.

We have licensed real estate attorneys to assist with issues specific to foreign buyers. They work to protect your legal interests when buying a home in the United States.

Buying a home in Florida can be a great experience for foreign buyers. For more information on how we can assist you with your real estate needs, please email us or call 239-417-1115 to speak to a Naples Realtor directly.

Buy, Sell or Wait? What’s Up With the Naples Real Estate Market?

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Over 3,800 Sales in Naples Since January 2012!

Median Home Sales Prices in Naples FLClosed sales have skyrocketed in Naples, FL in the first quarter of 2012 with single-family home sales leading the way. With all these sales, the current inventory of available properties for sale, around 7,500, has shrunk to its lowest level in years. The median sold price is up to $285,000 for single-family homes in the month ending March, 2012 compared to $225,625 in March of 2011. So yes, prices are going up! (see bar graph data).

Here are some other facts from our local MLS (via SunshineMLS):

  • Total housing inventory down 13% in Naples, FL compared to the same quarter last year.
  • Closed sales from $500,000 to $1 million increased 21% in the first quarter of 2012.
  • The average DOM (Days on the Market) for properties decreased 3% compared to 1st quarter 2011.
  • Pending sales increased 57% in the $1 million to $2 million range in Naples compared to last March.
  • Closed sales increased 29% for the $500,00 to $1 million price range compared to last March.
  • Currently there are only 393 short sales and 146 foreclosures on the market in Naples, FL.

So, what does  all this mean for you?

For buyers looking for that “great deal” there is still time if you’re aggressive and prepared. If you’re able to pay cash, be ready to jump on great deals that come on the market. We’ve seen multiple bids on well-priced homes and condos within days of hitting the market.

For sellers, it’s a great time to list and sell your home. I’m sure you are familiar with the age old rule of “supply & demand.” With lower inventory comes greater demand for homes like yours. Buyers are looking for homes that are priced right and taken care of.

As a seller, you will most likely be a buyer as well. Keep in mind that even if you’ve lost equity in your home, it can be made up and even doubled on your next purchase.

Where Should I Begin Searching for a House in Naples, Florida?

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Finding a home in an unfamiliar, new area can be a daunting task for anyone. Likewise, trying to describe all the different areas to live in Naples, Florida within one blog post, is an equally unnerving. Trepidation aside, here is a beginners guide to starting your home search in Naples.

Caveat: These are broad strokes for getting a “lay of the land” and not meant to cover every community or lifestyle choice. Rely on a knowledgeable local Realtor to meet your specific needs and price range.

In Naples, we have home buyers from the northern US states, Canada and abroad. Many have not even been to the area before they start to search the Internet for the perfect deal. Most people dive in to listings in their price range. They rely on photos and descriptions on the listings and perhaps an attached map.

For a fresh perspective, before you begin a blind search for homes that “look nice”, ask yourself these questions:

  • What’s my lifestyle? Golf, beach, tennis, biking, shopping and dining, social gatherings, etc.
  • Do I prefer gated or non-gated (usually fewer rules) communities?
  • Do I want to be as close to the beach and Gulf of Mexico as possible or is a 15 minute drive to the beach acceptable?

While this is by no means a comprehensive list of questions, the answers will help narrow down the broader areas in Naples where you should focus your property search efforts. Of course price range (which I will not get into detail on here), will dictate and rule out many areas. The areas detailed below provide a wide range of properties available to meet almost every lifestyle need and desire.


View Larger Map

Naples Communities Closest to the Beach – Known as “West of US 41″

Let’s start with the main draw for most who come to Southwest Florida: the beach and Gulf of Mexico. For the most part, Naples communities West of US-41, along the beach are non-gated. The exception being ares in Pelican Bay like Bay Colony.

Use the map above and draw an imaginary line parallel to the Gulf of Mexico along US 41 (also seen on the map as Tamiami Trail N and 9th St. N). If you start as far South (bottom of the map) in Naples as possible, the luxury community of Port Royal is first up (just north of Keewydin Island), then Aqualane Shores, Old Naples, Coquina Sands, Moorings, Park Shore, Pelican Bay and Naples Park and Vanderbilt Beach (in order heading North).

Luxury homes in Port Royal sell for $3 million to over $20 million for newer homes on the beach. In Old Naples beach front single-family homes can go as high as $19 million, but older homes can be purchased in Old Naples for around $700,000 and condos for even less.

In the Moorings and Park Shore there are no single-family homes along the beach, only condos. Single-family homes in this area are situated on waterways leading to the Gulf and on quaint tree-lined streets.

Further north in Pelican Bay, high-rise condos are set-back behind miles of natural mangroves and estuaries. Pelican Bay is a large community made up of many smaller subdivisions of condos and single-family homes. Pelican Bay is really the start of what the locals refer to as “North Naples.” North Naples is a very loosely defined area and can include areas East of I-75.

To glimpse of the Gulf of Mexico from most Pelican Bay condos, you have to be on at least the fifth floor or higher. On lower floors you will only see trees and tree tops. The only homes you will see on the beach in Pelican Bay may look like small condos to some, but are actually single-family residential homes located in an exclusive enclave called the Strand at Bay Colony.

Royal Harbor is also worth mentioning here even though it is not “technically” West of 41. Royal Harbor is just over the Gordon River Bridge. Naples Bay separates it from Old Naples and Aqualane Shores. Royal Harbor has many waterfront homes with direct access to the Gulf of Mexico.

For those that like to search by zip code, West of US-41 includes parts of the zip codes 34102, 34103 and 34018 in Naples. Keep in mind there are homes in these zip codes that are not West of US-41, but the majority are.

An even better reference for searching homes West of US-41 is the “NA” (Naples Area) codes used by local Realtors to designate areas of Naples real estate is for sale (White Sands Realty can provide a map of Naples with the NA codes on it for you convenience, just ask). NA codes West of Us-41 include NA07 (Port Royal & Aqualane Shores), NA08 (Royal Harbor), NA06 (Old Naples), NA05 (Moorings, Park Shore, Coquina Sands & Seagate), NA04 (Pelican Bay, Bay Colony & Strand at Bay Colony), NA02 (Vanderbilt Beach), NA03 (Naples Park) and NA01 (Barefoot Beach). You can search by all of these and more using the “Area” section in our Property Search.

Naples Communities Close to the Beach – “West of I-75-East of US-41″

Grey Oaks

While this area is broader and less defined than the beachfront communities described above, it comprises the majority of mid-price range real estate many Naples home buyers are looking for.

In this vast corridor, there are too many communities to list them all here, so I’ll only cover some of the major movers and shakers in the region.

For golfers or those that wish to enjoy the breathtaking views Florida golf courses can offer, there are several notable golfing communities in the lands West of I-75. Both luxury and proximity to downtown can all be had at Grey Oaks and the Estuary at Grey Oaks. Other notable golf communities, West of I-75, include Tiburon, Pelican Marsh and Colliers Reserve.

Outside of golf there are many communities that may peek your interest. For newer homes try Marbella Lakes or Aviano. If you’re looking for more land you may want to search in Pine Ridge, Livingston Woods or Quail Woods Estates.

Zip codes in these areas, West of I-75-East of US-41, include parts of 34102, 34103, 34105, 34109 and 34110 in Naples. NA codes include NA11, NA12, NA13, NA14, NA15 and NA16.

Riverstone Naples – Carlyle Model Master Bedroom

Naples Communities East of I-75

Communities East of I-75 are priced lower due to the simple fact of location. These homes can equal or rival the quality of homes closer to the beach, but because land costs less further from the Gulf, the homes in this local are priced accordingly.

In this area, you are about 15 to 30 minutes (sometimes longer) from the beach. If you can live with that, then there are some great values here that you don’t want to pass up.

Some of the hottest communities East of I-75 include, but are not limited to, Riverstone at Naples (new homes from the $300′s to $600′s), Olde Cypress (golf course community), The Quarry (golf and new homes and condos), Twin Eagles (golf, homes and condos), Saturnia Lakes (resales of single-family homes) and Longshore Lake (tennis, dining and single-family homes).

Another area you may come across often in this area of Naples is Golden Gate. Golden Gate, including Golden Gate City and Golden Gate Estates, encompasses the majority of Collier County East of I-75.

Golden Gate is a low-density, non-gated community that stretches all the way to the Everglades. Much of it is still very rural with dirt roads and homes on 2 to 5 acre (and larger) parcels. The vast majority of Golden Gate is on well water and septic systems.

Zip codes East of I-75 include parts of 34116, 3419 and 34120 in Naples. NA codes include NA21, NA22, NA23, NA24 (Golden Gate City), NA31, NA32, NA33, NA34, NA35, NA36 (Ave Maria), NA41, NA42, NA43, NA44, NA45, NA46, NA47 and NA48.

Following the guidelines above should help narrow down your search area to a more manageable realm. Still, nothing can beat the knowledge and experience a local Naples Realtor can provide.

Don’t hesitate to call or email us with questions about the areas and communities described above or others you come across in your Naples property search. My Naples Real Estate Team and I have over 50 years of residency here. Naples is our home town.

Happy house hunting!

Naples Real Estate Traffic Up, Confidence & Rates Bring Out Buyers

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Real estate buyers are out in full force this month in Naples, Florida. There were about 200 hundred more pending contracts written on Naples real estate in January 2012 than the same month last year. Already in February 2012, Naples is on pace to set new records with over 430 pending sales to date.

According to the Credit Suisse montly real estate survey, “Our January Survey of Real Estate Agents showed improving traffic trends, as buyers displayed increased confidence and acted on the low mortgage rates. In contrast to the trends in December, in January we saw both increased traffic readings and also better quality traffic, with more determined buyers.”

Those results are readily apparent in Naples, FL now. Many buyers are seeing there first choice in a home vanish before they have a chance to make an offer. Over 1,050 properties have sold this year in the Naples area.

In the Naples luxury real estate market, a home in Port Royal sold for $2,700,000 on January 12th, 2012. About 60 homes have sold in the luxury home market ($1 Million or more) this year. Another 125 luxury properties are pending sales scheduled to close in the coming weeks and months.

New home sales have also been off the charts this season compared to last. Riverstone Naples has sold 47 new homes in just two weeks! Demand for these new homes has been intense from opening day. Buyers waited in line overnight just to make sure they got the best deals on the lot and home of their choice at the grand opening. Home prices in Riverstone Naples range from $326,900 to just under $600,000. The Carlyle model is the best selling home so far, with 3 bedrooms, 3 and a half baths, a great room, a club room, 3-car garage and 3,051 square feet of living area all on one floor. At $443,900, the price and options included just can’t be beat anywhere in Naples.

Overall real estate sales in Naples are expected to increase through February into March 2012. Inventory is down, creating more demand and less price reductions. A home that is priced right is going close to, or at listing price, in many situations. Multiple bids on properties are not uncommon now with less available inventory.

Stay tuned for more real estate market updates as we move into March and April of 2012.

36 Sales Opening Day at Riverstone Naples!

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Carlyle Master Bedroom

Riverstone in Naples, Florida had the best opening day of any community in Naples since 2007. Thirty-six sales of single-family homes took place in one day!

“We slept in our cars overnight to be the first in line to buy at Riverstone,” according to Derek Anderson Realtor for White Sands Realty in Olde Naples. “People wanted the biggest and best cul-de-sac lots on the lake and they were willing to wait over 12 hours to be first in line,” Anderson went on to say.

Riverstone at Naples has 15 different model floorplans to choose from in two collections. The Vintage collection has a selection of 2 to 6 bedroom homes priced from $324,900 to $449,900. Vintage Collection homes are on 52 foot wide lots. Then there is the Classic Collection on 67 foot wide lots. Classic Collection homes range from 3 bedrooms to 5 bedrooms. Prices on the Classic Collection range from $394,900 to $549,900.

Thirty-six sales in one day is Huge!, as the Kia salesman says. Buyers held back by economic worries and a shaky stock market are coming out to buy. New home sales like these are another strong indication that the bottom in real estate was hit some time ago and Naples real estate is rebounding.

“Naples Florida real estate is looking positive no matter how you slice and dice it. Inventory of homes for sale is down, sales are up and there are even a few bidding wars over properties that hit the market,” said Anderson.

For more information on Riverstone Naples homes for sale or for a brochure, call 239-417-1115.

Naples Home Listings at 5 Year Low as Sales Rise

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NAPLES, FL-There is more good news sweeping the Naples Florida real estate market and we are not even through January yet. Mutltiple Listing System (MLS) statistics released through the Naples Area Board of Realtors show an increase in overall sales while inventory continues to decline.

Lower inventories mean less homes for sale, which in turn means less choices for buyers looking for a Naples home. Many times buyers are finding their first choice in a home is gone before they can pull the trigger. Demand becomes higher as supply decreases, the basic principle behind supply and demand.

Price increases are being noted in many areas. “We’ve seen property values increase about 6% in Marbella Lakes in the last year. Homeowners here are pleasantly surprised when they ask me what their homes are worth.” according to Derek Anderson of White Sands Realty in Olde Naples.

There are about 1,500 fewer homes on the market than last year, including less short sales and foreclosures. This is the lowest level of available homes and condos since 2007. Inventory declined 17 percent by the end of 2011 with 7,581 available properties for sale compared to 9,145 available properties for sale in 2010.

The largest increase in closed and pending sales was the luxury home market which includes properties of $1 million and higher. “We’ve seen increased luxury home sales in Port Royal over last year. A few more Port Royal homes sold in 2011 than 2010, which indicates even the wealthiest home buyers are confident in the market conditions,” said Ryan Ehmen of White Sands Realty.

A summary of the 2011 year-end report compares single-family home and condo sales from the MLS including the following statistics:

  • Single family pending sales increased 5 percent with 5,162 contracts in 2011 compared to 4,896 contracts in 2010.
  • Condo pending sales increased 11 percent with 4,908 contracts in 2010 compared to 4,422 contracts in 2010.
  • The overall median closed price over $300,000 increased 2 percent to $550,000 in 2011 from $540,000 in 2010.
  • The 2011 fourth quarter report showed overall pending sales for the 12 months ending December 2011 increased 8 percent to 10,071contracts compared to 9,319 contracts for the same 12 months of 2010.
  • Overall closed sales in the $1 million to $2 million category increased 38 percent with 76 sales in the fourth quarter of 2011 compared to 55 sales in the fourth quarter of 2010.
  • Single-family home sales in the $500,000 to $1 million price range increased 13 percent with 90 sales in the fourth quarter of 2011 compared to 80 sales in the fourth quarter of 2010.
  • Condo sales declined 2 percent to 793 sales in the fourth quarter of 2011 compared to 808 sales in the same quarter of 2010.
For specific market segments including a market snapshot of your community or neighborhood in Naples, please contact the author or call 239-417-1115.

Naples Foreclosures vs Short Sales?

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One of the most frequent questions we get as Naples Realtors is whether our clients should look at foreclosures or short sales to get the best deal on homes and condos for sale.

At White Sands Realty, we usually recommends going with a foreclosure over a short sale of the same caliber and location when buying Naples real estate. Bank owned foreclosures offer several advantages including:Naples Foreclosures

  • Faster Response Time - Short Sales (really, “Long Sales”) on Naples FL homes can take 3 months to over a year with no guarantees. Banks respond to foreclosures within a week or less in most cases.
  • Straight Forward – On Short Sales, just before closing the bank often asks the buyer to pay off a lien or portion thereof and the seller to come to the table with money as well. That doesn’t happen in a foreclosure where liens are paid off before negotiations begin.
  • Clean Pools & Mowed Yards – Most bank owned foreclosures are kept in livable condition by the bank or listing Realtor. This is not so in a short sale where pools can take thousands of dollars to restore to their working state if they owner has not maintained the home.

Even though the short sale process is improving with many lenders, it can still be a time consuming and frustrating process for the buyer looking for a great deal on Naples homes.

In a short sale the lender is agreeing to take less than is owed on the property. The lender is primarily concerned about making sure the borrower/seller is truly unable to pay them and not just “unwilling” to do so. This investigation of the seller is what takes the majority of the time in a short sale. Yes, the lender is concerned about the property valuation, but their primary concern is preventing borrowers who are able to pay from walking away from their obligations just because they feel they paid too much for their home.

As a buyer, this investigation process can be frustrating to say the least. Buyers are seldom made aware of all the “behind-the-scenes” requests made of the property seller and they are left wondering. As a result, most short sale buyers often walk away long before the bank ever gets back with an approval or counteroffer.

On the other hand, Naples foreclosures are already bank owned and the lenders losses are already known. The previous owner is out of the picture and the bank must only decide what further loss they are willing to take.

Select this link for a complete list of all Bank Owned, Naples Foreclosures for Sale.

New Home Construction on Rise in Naples, FL in 2012

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Riverstone Naples, Club House Rendering

After a few years of recovery from the real estate bubble, new home construction is on the rise in Naples, Florida in 2012. Builders are seeing the decrease in resale inventory as a strong signal to build now.

Many projects that were put on hold, or scaled back, are seeing renewed interest from buyers. Below are three communities where home construction is on the rise in 2012.

1. Lely Resort

At Lely Resort, builders are ramping up construction on single-family homes in the Lakoya neighborhood. According to Ken Vidkery, Sales Associate, “In Lakoya (prices range from $389,900 to over a million) we have sold about 50 of the 372 total homes to date. We plan on a robust season in 2012 with increased sales of single-family homes outweighing multi-family.”

2. Estuary at Grey Oaks

There is also increased building activity in the Estuary at Grey Oaks with six new luxury homes under construction in the $3 million to $4 million range. This luxury home community has only 175 homesites on 350 acres of marsh covered wetlands. According to Sam Heitman, Broker Associate, “construction costs are still down. If you buy a lot and build a 4,000 square foot home, you can be somewhere in the mid $2 million range. The Estuary at Grey Oaks is about 80% sold at this time.”

3. Riverstone

Perhaps the most exciting new home community to rise in years is just weeks from it’s grand opening. Riverstone is expected to be an immediate hit for homeowners looking in the $300,000 to $600,000 price range.

This 850 home community will have Rich amenities like an 11,000 square foot clubhouse with extras like a lagoon style pool, lap pool, tennis courts and activities director.

According to Mark Weber, Broker at White Sands Realty, “the opening day at Riverstone may be a free-for-all like we saw in with many community openings in 2005 and 2006. I’ve even heard of buyers and Realtors planning on camping out the night before to be first in line for the best lots. I have a client flying in just for the event.”

“There will be no golf course, so HOA fees should remain low. But don’t let the missing golf course fool you. Riverstone will have all the luxury of a golf course community without the added fees,” added Weber.

Riverstone opens to the public on January 28th, 2012. You can get more information about Riverstone, including brochures, by emailing info@riverstonenaplesfl.com. For information on Lely Resort, the Estuary at Grey Oaks or Riverstone, please call White Sands Realty at 239-417-1115.