Naples Paradise Living

Naples, Fla. (August 30, 2024) Closed sales of properties in Naples during June and July declined compared to the same months in 2023. According to the July 2024 Market Report by the Naples Area Board of REALTORS (NABOR), which tracks home listings and sales within Collier County (excluding Marco Island), overall closed sales during July decreased 2.6 percent to 608 closed sales from 624 closed sales in July 2023. Furthermore, pending sales activity reported for July decreased 15.7 percent, convincing broker analysts who review the report that we can expect similar closed sales performance in August.We cant expect every year will be a record breaker, said Mike Hughes, Vice President and General Manager for Downing-Frye Realty, Inc. Overall, the first half of 2024 has been average for sales. We still have buyers who want to be here, and new listings have remained strong, which provides even more options for buyers this summer.Chasing Yesterdays WaveBroker analysts reviewing the monthly Market Reports have been comparing NABOR data from 2019 to data reported in 2024 pointing to the fact that 2019 was the last year when our housing market activity was normal (pre-pandemic). Budge Huskey, CEO, Premier Sothebys International Realty, pointed out, If we compare year-to-date [2024] market results to 2019, sales are down 16 percent. For July, we are down 29 percent compared to July 2019. Priced Right to SellPrecisely put by Huskey, inventory levels have returned to more historically normal levels yet well above where we were the last couple of years. With the additional competition for sellers, too many still expect to receive aspirational prices when we have fewer buyers seeking greater values.On average, home values in Naples have increased 50 percent since 2019, due in large part to the buying frenzy of the pandemic. But its over. Inventory has increased substantially, and sellers need to heed their REALTORs recommendation to price their homes competitively for todays market. Factors such as high interest rates and high insurance premiums are creating financing obstacles for a large number of buyers. Additionally, the number of cash sale transactions is decreasing, 51.9 percent in July compared to 61.2 percent in January 2024.Prices are coming down incrementally, not significantly, but there is indication in the July report that more negotiations are taking place in both the low- and high-end price points of the market, said Dominic Pallini, Broker at Vanderbilt Realty, Inc. The percent of list price received in July decreased 1.4 percent to 94.8 percent from 96.1 percent in July 2023. Median closed price during both June and July decreased .8 percent. In July, the overall median closed price was $590,000 compared to $595,000 in July 2023. For both summer months, reductions in the median closed price of single family homes drove the overall median closed price decrease. Conversely, the median closed price of condominiums increased in June and July.If interest rates come down too much, like around 5 to 5.5 percent, we will likely see a rise in prices, added Pallini. In my experience, we need to have at least 12 months of inventory before we see prices hold steady during rate drops.The NABOR July 2024 Market Report provides comparisons of single-family home and condominium sales (via the Southwest Florida MLS), price ranges, and geographic segmentation and includes an overall market summary. NABOR sales statistics are presented in chart format, including these overall (single-family and condominium) findings for 2024: Old Habits are Hard to BreakAccording to Cindy Carroll of Carroll & Carroll Appraisers & Consultants, LLC, Naples has two distinct markets right now. There is plenty of inventory within five miles of the beach, but virtually none east of Collier Boulevard. The rate of growth in Golden Gate Estates and in and around Ave Maria today is unreal. A venerated property appraiser, Carroll confirmed Huskeys comment about less motivated sellers in Naples adding that she tracks inventory levels throughout Naples and is seeing behavior that is reminiscent of 30 years ago when people listed their homes during winter season, and if it didnt sell cancelled the contract before summer. For instance, Aqualane Shores had 3.5 years of inventory in January 2024, but in July it had 1.6 years of supply. This drop is not due to sales because we see a large number of the same properties re-added to the market each winter. But this behavior is not occurring in Golden Gate Estates, where demand is outpacing supply. Sellers should be forewarned: If you are attempting to time the market because you believe you can get a higher price for your home when more buyers are predicted to be in town during the winter season, you may regret your decision. More inventory will require sellers price homes more competitively and entertain more buyer negotiations. As Hughes put it, The specter of declining interest rates cuts both ways. If buyers wait until interest rates drop, prices are likely to increase. Likewise, if a seller waits to list a home during winter season, the added competition may also put downward pressure on the price. Sales activity in the Naples area housing market during the off-season summer months is historically lower than sales activity reported during its high-visitor winter season. The days on market in June increased 56 percent to 78 days from 50 days in June 2023. If you are looking to buy a home, income producing property or sell a house in Naples, contact me. My abilities stretch way beyond just listing the house. I provide a concierge approach to selling your house starting with an accurate market comparison, creating your listing with exceptional marketing tools, managing all showings, negotiate offers, contingencies plus so much more!' Felicia, xoxo

In recent years, scammers have increasingly targeted seniors, preying on their trust and vulnerability to perpetrate fraudulent schemes. According to a report by the FBI, Baby Boomers alone were scammed out of more than $3.4 billion in 2023, with losses from reported scams surging by 11% from the previous year. With imposter scams on the rise, it's essential for seniors to be vigilant and informed to protect themselves from falling victim to these schemes.Imposter scams often involve criminals impersonating trusted figures, such as relationship managers or financial advisors, and setting up fraudulent websites to deceive victims. To avoid falling victim to these scams, it's crucial to recognize the warning signs, including:Unexpected phone calls or emails requesting personal information or payments.Phone calls stating you have missed Jury Duty and have to pay a fine or you will be arrested. Urgent requests to fill out forms or provide sensitive information.Poor website design quality, grammatical errors, or misspellings on fraudulent websites.Website domains that use the name of the relationship manager rather than a reputable firm. To protect themselves from imposter scams follow these best practices:Verify all anomalous communications or requests for payments by double-checking the sender information and independently confirming the source using verified contact information.Do not open emails that do not look normal - it could be a phishing email which could put a virus on your computer. Never rely solely on caller ID to determine the legitimacy of a caller. Let an unknown caller go to voicemail. Refrain from sending payments or sensitive information without independently verifying the identity of the recipient.Avoid giving out sensitive information, such as account numbers, over the phone or through a website unless certain of the recipient's identity.Cut off contact with anyone suspected of impersonating a professional and report the incident to authorities.Never give cash to a vendor, Zelle payments or meet them in a common area. Additionally, you can decrease any chances of falling victim to imposter scams by proactively establishing mutually understood defense measures with professional contacts.By remaining vigilant and informed, seniors can protect themselves from falling victim to imposter scams and safeguard their financial well-being. Education and awareness are key to empowering seniors to recognize and avoid fraudulent schemes targeting them.

As retirement draws near, many people find themselves confronted with both the physical and emotional challenges of downsizing. While the idea of simplifying life and reducing possessions can be refreshing, it can also feel daunting. This transition offers a chance to rethink your lifestyle, and understanding the emotional landscape of downsizing is crucial. Here are essential tips to help you navigate this process during retirement.Understanding the Emotional Journey of DownsizingDownsizing is about more than just getting rid of things; it marks a significant shift in identity and lifestyle. Many people experience sadness, anxiety, or even guilt when letting go of belongings that have accumulated over the years. Recognizing that this emotional journey is a common experience can alleviate some of the stress.To manage these emotions, consider writing in a journal or discussing your feelings with someone who understands. A study from the American Psychological Association found that expressing emotions can significantly reduce anxiety levels. Engaging in conversations about your feelings can make the process feel lighter.Creating a Vision for Your RetirementBefore you begin the downsizing process, take time to visualize your ideal retirement. Ask yourself what activities excite you the most. Do you want to travel the world, spend more time with family, or pick up new hobbies? Having a clear vision will help you identify which items enhance that future and which ones can be eliminated.Creating a vision board can be a powerful tool. Gather images and words that resonate with your retirement goals. Displaying this board can serve as daily motivation and a guide throughout the downsizing journey.Setting Realistic GoalsSetting achievable goals is essential for a smooth downsizing experience. Break the process into manageable tasks. For example, you might allocate specific days to focus on particular areas: one day for the garage and another for the living room. Establish a timeline; perhaps aim to declutter one room each week over the course of two months. Celebrating these mini-milestones can provide motivation and a sense of accomplishment.Involving Family and FriendsDon't hesitate to lean on family and friends during this important time. Involving others can offer both emotional support and practical assistance. They may have insights into the sentimental value of items or even wish to take some belongings off your hands.Such interactions can transform the downsizing experience into a collaborative effort, making it not just a task, but a meaningful shared journey. Prioritizing Sentimental ItemsWhile decluttering is vital, it's equally important to recognize items that hold sentimental value. Consider creating a "memory box" to store your most cherished belongings. Think of items like wedding rings, baby shoes, or family photos that evoke strong memories.By focusing on a limited selection of meaningful objects, you honor your past while making room for future experiences. Embracing the Concept of "Joy"Inspired by Marie Kondo's philosophy, allow the idea of "joy" to guide your decision-making. As you sift through your belongings, ask yourself if each item brings happiness. If not, consider letting it go.For example, a kitchen gadget you havent used in years may be taking up valuable space. Releasing items that do not bring joy can create a more positive mindset and simplify your living space.Exploring the Benefits of MinimalismMinimalism goes beyond owning less; it offers a path to enhanced well-being. Studies show that clutter can heighten stress and distract you from what truly matters. By reducing distractions, you can create a serene environment that aligns with your envisioned lifestyle in retirement. Imagine waking up each day in a space that feels open and calming, fostering clarity and focus.Knowing When to Seek Professional HelpIf the emotional weight of downsizing feels overwhelming, dont hesitate to seek professional support. Many experts specialize in the emotional and logistical aspects of this journey.Professional organizers, therapists, or support groups can provide practical guidance and emotional reassurance. Reflecting on Your AchievementsAs you progress, take a moment to acknowledge your efforts and celebrate your achievements. This practice can boost your motivation and assist in emotional processing during this significant change. Consider keeping a journal to document your feelings, accomplishments, and insights gained throughout the downsizing journey. This reflection fosters a deeper understanding of your emotional landscape and helps maintain your focus on the transition.A New Chapter of FreedomDownsizing as you retire can be an emotional process, but it also represents a unique opportunity for personal growth and freedom. By understanding the emotional aspects, setting a clear vision, involving loved ones, and embracing a minimalist lifestyle, you can thrive in this new phase of life.Approach this transition with an open heart. Let go of what no longer serves you, making space for joy and a fulfilling retirement. Every step you take towards emotional downsizing brings you closer to the enriching life you desire