2Q Report Indicates Housing Market is On Pace to Be a Great Year

Sales home property

According to the just released Second Quarter 2015 Market Report released by the Naples Area Board of REALTORS® (NABOR®), which tracks home listings and sales within Collier County (excluding Marco Island), 60 percent of the market experienced inventory growth, and overall sales activity remained on pace with activity experienced in the second quarter of 2014. The report also indicated a 9 percent increase in pending sales (quarter over quarter) for homes priced above $300,000. These factors and other statistics in the 2Q 2015 Market Report have led broker analysts to conclude another great year is very likely.

July Newsletter

Gogh, Vincent, van (1853-1890) Van Gogh Museum, Amsterdam 1888 50x45 Oil on canvas Postimpressionism France Landscape

The National Association of REALTORS® (NAR) most recent report showed that total existing sales, which include single-family homes, condominiums, townhomes and co-ops, rose 5.1 % to a seasonally adjusted annual rate of 5.35 million in May.  Sales have increased year-over-year for eight consecutive months and now are 9.2 percent above a year ago.

Chief economist for NAR, Lawrence Yun, discussed May home sales rebounding robustly after a decline in April.  Sales are now at their strongest pace since November 2009 according to Yun. “Solid sales gains were seen throughout the country in May as more homeowners listed their home for sale providing more choices for buyers.” Although inventory remains tight, homes are selling fast with price growths in some markets edging toward a double digit increase.  Yun also predicts that new home construction prices are likely to stay elevated.

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Why & When you Need a Building Permit

building-permit2If you are having major work done in your home, a building permit protects you and the future occupants of the home. Florida State law requires that when you sell a property your are legally obligated to disclose any renovations that were done without a building permit. If you have remodeled without a permit you may be required to apply for a permit, have the building department inspect the renovations to be sure that the work is up to code and in some cases you may be required to dismantle the work that was done without the permit.

A building permit is required if you:

• Change the footprint of the house
• Move a load-bearing wall
• Alter the roofline
• Create a new door or window opening
• Replace an electric stove wit a natural-gas model
• Move a sink
• Install new electrical wiring

A Building permit is Not required if you:

• Install new floor coverings
• Replace doors or windows without altering the structure
• Change a countertop
• Replace a faucet
• Repaint the interior or exterior of the house

Construction progressing on four models in Residences at Mercato

Vertical construction is more than 30% complete for the Le Rivage and Le Jardin single-family home models in the Residences at Mercato. Slabs have been placed for the first four villa homes. All six homes are scheduled for completion this fall. Read more>>>

Premier Sotheby’s International Realty expands into North Carolina’s High Country Region

hcarea760_04Premier Sotheby’s International Realty today announced the acquisition of Mountain Sotheby’s International Realty, a luxury real estate company in Banner Elk, North Carolina. A grand opening and ribbon-cutting celebration will be held Wednesday, June 10, 4:00 p.m. to 6:00 p.m. in its newest location at 2120 Tynecastle Highway, Banner Elk. Read more>