Banks based in Lee and Collier counties reported approximately $736 million in bad debt tied to real estate as of Sept. 30, up 75% from last year according to the Fed and regulators.

Bad debt ratios at most local banks are in the double digits. Normally, 1% is a figure most banks have or 2-4% in recessions.

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On Dec 6th, 2009, the developer of Granado Lakes Villas in Naples will be holding a closeout auction of the remaining 55 units.

The Naples condo conversion project is located at the intersection of Radio Road and Santa Barbara Boulevard. The one and two bedroom condos were originally apartments that were converted during the boom in 2004.

The property consists of 248 condos located on 40 acres and is gated with a community clubhouse, pool, fitness center, and spa. Short sale and bank owned condos in the complex have sold for under $50,000 over the past year and individually owned units are priced around $60,000 and up.

This Naples condo auction will be interesting to watch and most buyers will pay cash, although the developer may offer some type of financing. Although they aren’t as nice as their Naples high rise condo counterparts, buyers will certainly find a lot of value for their money.

More information can be found at the Granada Lakes Villas Owners website.

naples auction · naples condos · Naples Real Estate

I sure hope not, but the stats that are coming out aren’t great. Just reading commerical real estate articles like this make me cringe.

But what if every one is wrong about commercial real estate and Naples real estate? What if the meltdown and collapse have already occurred?

Usually, the masses are always wrong and I think this may be one of those times. Great collapses and crashes are never accurately predicted by the herd. If the past is any indication, the market is mending and now is the time to get in – not run away and panic about the impending doom that will most likely never come.

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Tavira is an ultra luxury condo building in Bonita Bay, which is in Bonita Springs on Tamiami Trail. Has this building been completed? I can’t tell, but I do remember it topping out earlier this spring and recent photos confirm that.

On average, the developer is asking around $500/sf which seems kind of pricey, but I have not seen the final finishes or amenities. Although I suspect this naples condo building is nice, given the other condos this developer has built.

The development is really beautiful though and offers terrain and views that no other place in Florida can offer. I just hope given the economy and market conditions in South Florida that the developer did not cheapen out on the finishes.

bonita bay condo · bonita springs condo · naples condo

In a surprise move the FHA is going to begin to tighten lending standards for mortgages and home refinances amid the steep losses in the past year. So how will this affect naples condo and related real estate? We aren’t sure yet, but hope lending and more specifically, down payments for naples condos, will fall in the coming year.

Senator Reid from Nevada introduced a bill to extend the $8,000 first time home buyer tax credit. We’ll see what happens and what changes will be made in the house.

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So what’s going on with naples condos these days? It appears prices continue to decline and inventory increasing on naples high rise condos. A quick search on realtor.com indicated there are over 400 units for sale over $1,000,000. The problem with this area is that there aren’t very many high paying jobs or people that can afford units like this. Remember how we hear you’re in the top 1% of taxpayers if you make over $200,000? Well even a $200,000 salary doesn’t take you very far with home owners and taxes that can exceed $2,000/month. So we’re probably look at less that one third of the one percent that can afford real estate of this magnitude.

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Pending sales of existing homes jumped 3.2% in July, the highest since July 2007. Pending home sales are considered a leading indicator because they track contract signings. Remember, the $8,000 first time home buyer tax credit expires November 30th. There is still time to buy a home and take advantage of the free government money!

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Naples has something for everyone, ideal weather, fabulous white sandy beaches, and sparkling emerald green water. While you are soaking up the warm sun, the cool Gulf breezes caress you. If you are looking for culture, look no further then the Philharmonic Center of the Arts in Pelican Bay, the Gulf Coast home of the Miami Ballet.

Did you say Golf? Naples is often called “Golf Capital of The World”. With an average temperature in the winter of 75 degrees and over 80 great golf courses, it’s time to think of a vacation home or better yet, your primary residence.

If you are a boating enthusiast, you have found an ideal boating environment. With a little homework we can locate exactly what you want. Most important will be your draft, clearance requirements, and distance to direct gulf access.

For a truly fabulous shopping and dining experience, you must stroll along 5th avenue in Old Naples and The Village on Venetian Bay, with more 60 shops including fashionable boutiques, galleries and restaurants. Coconut Point mall recently opened in nearby Bonita Springs with over 1.2m square feet of high end retail shops and restaurants! Another popular favorite is The Waterside Shops at Pelican Bay featuring Saks Fifth Avenue, Jacobson’s, and over 50 fine shops. Coastland Center Mall is a regional mall with over a 100 specialty shops. About 20 minutes away at exit 19, is the Miramar Outlet Mall.

A popular saying in Naples for people who live and work here is “We are Paid with Sunshine” and it is so true. Another benefit is bird and wildlife watching. With natural preserves all around us, you will be very entertained just watching all the beautiful birds and butterflies who call Naples home.

condo · high rise · naples · real estate

Real estate can be a complicated investment. It’s immobile, illiquid, and has high transaction costs. It’s not something that can be flipped or flopped and sold for a quick profit. Real estate is unique – and especially high rise condos in South Florida. Sure the homeowner’s fees may seem unreasonable at times, but nothing beats 22nd floor views of the Gulf of Mexico and luscious green golf courses below.

The Naples high rise estates lifestyle isn’t for all. Buying luxury real estate is only for people who truly understand the properties, their amenities, and exquisite features.

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