Yesterday I updated information for the March Naples Florida condo real estate market. Overall, the Naples condo market remains weak for sellers and strong for buyers.
Sphere: Related ContentTuesday, May 01, 2007
Monday, February 26, 2007
Berkshire Lakes Naples - New Feature
A new feature has been to my Berkshire Lakes Naples real estate web page. The feature will enable visitors to view current homes and condos for sale on the market.
The benefit to my web site visitors will be they can select homes or condos that they are interested in and view more pictures and details about a particular property.
This solves the problem of insuring that accurate pricing for prospective buyers as well as prospective sellers seeing at what price competing properties are on the market.
Sunday, November 05, 2006
New Blog Started
I recently started a new blog called Naples Florida Real Estate Homes. The website is http://naplesfloridarealestatehomes.com The name refers to Naples, but the information also includes Bonita Springs and Estero.
On this blog I will be reporting real estate statistics and analysis of the market. Other useful information will also be posted there.
This blog will be used whenever I add new information to my website - Naples Real Estate
Please feel free to post your comments on either of these blog. I will be more than happy to answer any questions about the Naples, Bonita Springs or Estero real estate markets.
Thursday, August 24, 2006
Increases in Condominium Insurance
As the financial affects of the previous 2 hurricane seasons are felt by insurance companies, these are now being passed onto the consumer. Recently, condominium maintenance fees are increasing significantly, due to higher insurance premiums for liability coverage (building replacement, etc. - similar to homeowners insurance).
Another reason for the increases is the increase in building supply replacement costs, as well as, property value increases.
These represent a double edged sword for the significant increase in premiums.
In one case the condominium association which consists of 5 buildings with 8 units or a total of 40 units the budget called for an annual insurance premium of $23,000 for one year. This equates to about $575 per unit annually. The current year's renewal had a premium of $48,000, or about $1,200 per unit. Or, an increase of $625 per year.
The condominium units are generally 2 bedroom, 2 bath units which in January 2005 were selling for in the $160's and $170's. In today's real estate market the estimated values are in the $210,000 to $225,000 range. This equates to about a 32% increase in estimated value. This could explain part of the increase or about $184 or the $625. The remaining portion could be attributable to risk assigned and losses incurred by the insurance industry.
When purchasing a newly constructed condominium, where the developer is still in control, there maybe some relief found by the new purchasers. A careful review of the Declaration of Condominium may reveal a clause entitled "Statutory Assessment Guarantee; Liability of Developer for Common Expenses." Within this clause, it specifically states the developer's guarantees for common expenses on a per unit basis(insurance coverage is a common expense) for a period of three years from the date of recording the Declaration of Condominium or the "turnover date" (a majority of the condominium directors are elected by the unit owners), which ever is the earlier date. The guarantee is not based on a line item basis of the budgetted expenses, but by total common fees. A condominium buyer should check the "Statutory Assessment Guarantee; Liability of Developer for Common Expenses." to determine if any increase of the common maintenance fees falls within the guarantees stated.
Buyers of condominiums, often ask, "Will the maintenance fee increase significantly after they purchase?" The "Statutory Assessment Guarantee; Liability of Developer for Common Expenses." may give a prospective buyer an indication of what future maintenance fees could be, if the condominium association directors (elected by the unit owners), continues to maintain the property in the same manner as the developer. Note - the condominium association directors need to be conservative in their goals and objectives for common maintenance.
Tuesday, August 15, 2006
Osprey Cove
I have created a new page for the condominium complex called Osprey Cove. Osprey Cove is located in Estero. It is strictly a condominium community with 6 distinctive floor plans. Garden style condos have either 2 bedrooms and 2 bathrooms or 2 bedrooms with den and 2 bathrooms in a 4 story elevator building. In addition, there are two story buildings with 2 bedrooms with den and 2 bathrooms, with a detached one car garage. A special bonus with these units is they have both a front and rear screened lanai or porch. All residences have lake views.
If you wish to view one of the floor plans for the 2 bedroom, 2 bath condo with 1,194 square feet of living area.
Some of the amenities in this community are: gated, community center with state of the art fitness center, community pool and spa.
Estero is located conveniently between Naples and Ft. Myers.
You can also select another fine Estero condos for sale on my Naples real estate site.
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