October 2013

Southwest Florida's Real Estate foreclosure rate dropped again for the second month in a row in the Naples market. In late September, the local rate in Naples was 8.7% - down 4.2% from last year at the same time. This month the rate has dropped 3.6% to a little more than 5.0% locally.

Inventory for both new homes and existing homes is also steadily dropping which is driving up prices in our area. It's a good time for sellers again.

The median number of active listings that were foreclosures at the peak in April of 2009 were 256 listings. In September of 2013, our latest data from the MLS statistics, show that there were only 114…

Crews delivered 1,800 dump trucks of sand to Vanderbilt Beach at the Ritz-Carlton, 600 to Third Avenue North entryway, and more that 1,200 loads to Horizon Beach which is between Harbor and Park Shore. That's about 20% of the total amount that will be delivered which is estimated to be 17,000 truckloads.

The crews are working all day from sunrise to sunset, six days per week, with the expectation the job will finish in mid-February of 2014.

Collier County Coastal Zone Management director, Gary McAlpin, said "some areas are being filled sooner than expected but that residents shouldn't take that to mean the project will finish…

Cape Coral’s City Council voted to start expansion of utility hook ups for sewer, water, and irrigation to Southwest Cape Coral’s section 6 and 7. City utility service will be extended to more than 6,100 properties in an area of Southwest Cape Coral.

Annualized payments for the payments will extend for six years on the Capital Facility Expansion Charge ($6,750 this year) and 20 years for the Line Extension Assessment ($10,011). The City reported that this is the lowest amount since expansion was resumed in 2002 for their utility expansion project. If you wish to prepay your assessments you will receive a 20% discount on the…

Sweetbay Supermarket Stores will be Winn-Dixie next year. Jacksonville based Bi-Lo Holdings LLC will purchase both Sweetbay and Reid's for $265M and rebrand their stores. Bi-Lo bought Winn-Dixie in 2011 for $530M and will merge with Winn-Dixie stores over the next few months.

The new organization will result in about 700 stores in eight states. There are six stores in Collier and Lee named Sweetbay and four Winn-Dixies in Immokalee, Marco Island, Golden Gate, and Lehigh that will all carry the Winn-Dixie name.

The sale is not yet finalized, and we guess it could not come about, but all organizations have made the announcement in…

Miromar Outlet Mall in Estero, Florida is celebrating its 15th year anniversary this month! Some of the best shopping in all of Southwest Florida is located here with a wide selection of stores in the outdoor mall that is graced by dramatic Tuscan fountains, potted flowers, dramatic wrought iron work, and atrium gardens everywhere you look - this is a beautiful location to shop.  Click here for a list of the stores that include Tommy Hilfinger, Saks, Ralph Lauren, Banana Republic, and Calvin Klein to name just a few!

Featuring more than 140 stores and restaurants, the Mall is a favorite of both residents and visitors alike to our…

The Champions Tour announces its 1,000th winner last month and added three new events to their schedule.

However, the most exciting news for all of us here in Southwest Florida, was that ACE renewed their sponsorship of the Champions Tour event at TwinEagles again through 2017. The tour has been present in Naples since 2011 and their contract was coming up for renewal.

Last season Bernard Langer was the winner in February of 2013 capturing his second ACE Group Classic title - the first golfer to do so since 1999 for The Champions Tour. This year's tournament will also occur in February and will be played on the Talon Course…

The Waldorf Astoria in North Naples has a new owner! An affliate of Northwood Investors paid about $200M for the hotel on the beach with 100,000 square feet of meeting and event space, three outdoor pools, private beach area, tennis, fitness, and spa. The hotel currently has 474 rooms which the new owners plan to renovate, along with their corridors. Featuring six restaurants and bars and is a very popular destination for Naples' visitors, and business clientele, with its central location.

Northwood Investors have offices in New York, Los Angeles, and London and is a privately held real estate investment firm. The sellers were an…

October 1, 2013 was the day that the largest increases in flood insurance kicked in. Florida's governor, Rick Scott, and Attorney General Pam Biondi are filing a "friend of the court"  brief in support of Mississippi's challenge to the 2012 Biggert-Waters Flood Insurance Reform Act. If you own an older property that has been subsidized for years, then your subsidy is gradually being phased out to the tune of 20-25% rate increase each year.

If you purchased a home after July 2012, then your renewal could have no "phasing"  and is most likely subject to a huge increase in your rates. There is one reported rate increase of a policy…

Hertz is up and running in North Naples. On October 3, 2013, the CEO of Hertz officially started work at the temporary headquarters of the 5th 3rd Bank Center in North Naples. The relocation of most of the corporation's employees is planned for 2015, at their new location in Estero. Hertz estimates that of the 700 jobs available will entail about 300-400 of their current employees making the move with the senior staff to Southwest Florida's Gulf Coast. That leaves room for approximately several hundred new employees already residing here.

Construction is due to start this Fall on the $70 million dollar project and will feature a…

The new clubhouse at Treviso Bay is nearly complete! Featuring a state of the art fitness center, full service spa, poolside grill with bar and several pools, including lap lane pool, and private cabanas. Villa Rilissare has a projected opening date of next month. Treviso Bay is one of the TPC bundled golf clubs on the PGA Tour and features 18 holes of some of the most exciting golf on Southwest Florida’s Gulf Coast.  Designed by Arthur Hills, with player consulting by Hal Sutton, the new club features a rustic feel with high wooden beams, quarried stone on the exterior, a veranda that extends the entire length of the back of the…