If you like to read economic stats, you might enjoy the following.
Economic indicators for the Southwest Florida USA region remain strong and are getting stronger. The annual report of economic indicators, as published by Florida Gulf Coast University, shows strong evidence of a continuing strong economy along the Paradise Coast. We have new employers moving into the area, home sales are improving, and prices have stabilized in most areas.
My thanks for JRW colleague Nina Link for passing this along.
I hope YOU will enjoy, and pass it on!
Friday, December 30, 2016
Wednesday, December 28, 2016
Some Facts About Post-Recession Luxury Consumers
Here are some facts about post-recession luxury consumers, as compiled by Luxury Portfolio International.
1) 2008 financial crisis came as a shock.
2) Previously possessed fear-based buying habits, and insisted on the best price.
3) NOW, these consumers refuse to trade quality or craftsmanship.
4) And luxury consumers expect quality and craftsmanship to dictate price.
These consumers ask themselves, "Which details of this property are worthy of paying more?"
and,
"I know I paid more than I should have, but it was worth it."
Some interesting factoids to chew on during a quiet week between Christmas and New Year's Day.
1) 2008 financial crisis came as a shock.
2) Previously possessed fear-based buying habits, and insisted on the best price.
3) NOW, these consumers refuse to trade quality or craftsmanship.
4) And luxury consumers expect quality and craftsmanship to dictate price.
These consumers ask themselves, "Which details of this property are worthy of paying more?"
and,
"I know I paid more than I should have, but it was worth it."
Some interesting factoids to chew on during a quiet week between Christmas and New Year's Day.
Thursday, December 22, 2016
Happy Happy and Merry Merry!
Packing a few things up at the office, which will be closed until Tuesday. Though I will be working here and there, gearing up for January.
I wish you all the best of this holiday season. As I write this, different parts of the USA have snow, ice, and 60 degree weather after having both snow and ice. In Naples, Florida today, the temps are in the mid '80s after a cool morning. Perfect.
Friends are in town from Alaska, Texas, Colorado and Minnesota. Getting chances to visit with folks here and there as they prep their own holiday galas with family.
I will write more in the coming days, but 2016 has been a good year. The death of my mother last year was jarring but not unexpected, as she was diagnosed with cancer mid year and told it was an aggressive type with few treatments. She lived a full life, and went out of this world at age 88 with Grace, just as she wanted.
This year has been special for me in many ways, personally and professionally. I will leave it there, but sufficed to say I am happy. And excited to be with teaming with someone I call a friend, who is one of the most professional and accomplished real estate practitioners in SW Florida. As I have posted before, I am delighted to be affiliated with the leading real estate broker in the region -- John R. Wood Properties.
But for now I'm packing up and getting ready to head out onto U.S. 41, which is BUSY. Tis the Season, as we say here in Paradise!
I wish you all the best of this holiday season. As I write this, different parts of the USA have snow, ice, and 60 degree weather after having both snow and ice. In Naples, Florida today, the temps are in the mid '80s after a cool morning. Perfect.
Friends are in town from Alaska, Texas, Colorado and Minnesota. Getting chances to visit with folks here and there as they prep their own holiday galas with family.
I will write more in the coming days, but 2016 has been a good year. The death of my mother last year was jarring but not unexpected, as she was diagnosed with cancer mid year and told it was an aggressive type with few treatments. She lived a full life, and went out of this world at age 88 with Grace, just as she wanted.
This year has been special for me in many ways, personally and professionally. I will leave it there, but sufficed to say I am happy. And excited to be with teaming with someone I call a friend, who is one of the most professional and accomplished real estate practitioners in SW Florida. As I have posted before, I am delighted to be affiliated with the leading real estate broker in the region -- John R. Wood Properties.
But for now I'm packing up and getting ready to head out onto U.S. 41, which is BUSY. Tis the Season, as we say here in Paradise!
Monday, December 19, 2016
Easy Home Improvements To Attract More Buyers
If you are considering the sale of your home now or in the future, I would be delighted to share my knowledge and expertise with you. Just like a polished apple attracts more hungry snackers, a home that has been spiffed up a bit attracts far more buyers -- or is attractive enough to push someone over the edge from "I like it" to "I love it."
Here are a handful of improvements that generate more buyer interest, along with average return rates for each project according to HGTV.com.
1) Bonus Room Updates -- Average return at resale: 72.8 percent
Do you have an empty bonus room? Turn it into something practical. Keep in mind the needs of your target market and remember that families utilize these spaces differently than empty nesters. Bookshelves and cabinet additions can make for appealing storage spaces. Adding french doors helps potential buyers envision a play room or a home office.
2) Replacement Windows -- Average return at resale: 86.9 percent
Replacing windows can be a costly project. But DO NOT underestimate the return it brings. Energy conservation is big for buyers, and new technology equals big returns on investment. For hot climates like our Southwest Florida area, there is Low-E glass, which reflects heat by blocking infrared energy. Argon gas can be placed between window panes to prevent heat transference through the window. A lot of folks will replace traditional windows with impact glass for lower insurance bills, and to eliminate the need for hurricane chutters. When you do this, be sure to go with Low-E. Even replacing your pool cage sliders with Low-E can make a significant difference in your energy bill!
3) Kitchen Remodel -- Average return at resale: 91 percent
A complete kitchen remodel will be expensive, but its an investment that often pays off. Everyone tends to congregate in the kitchen, and a full package can be the factor that puts you above the competition. If the values of homes in your community have increased, and your kitchen isn't up to par, consider a major remodel rather than small fix ups. Eat-in kitchens are high on the list of buyer desirables.
4) Bathroom Remodel -- Average return at resale: 93.2 percent
Whether you go small or big on bathroom updates, there's a consistent return on investment. Sometimes relocation of the major pieces can give the illusion that there's more space. New lighting, a linen closet, and fresh tile can equal a big payoff that buyers will love.
5) Exterior Improvements -- Average return at resale: 95.5 percent
An updated front entryway and some fresh paint turns MANY buyers' heads! One gallon of paint covers roughly 400 square feet, and is one of the most cost effective upgrades to increase your home's curb appeal. Accent lighting can draw more attention to your home's best exterior features and provides a sense of security.
6) Landscaping -- Average return at resale: 100 percent
This is a no-brainer investment to bring more interested buyers to your doorstep. If you're stuck for ideas, most garden centers offer free consultations. Find a color scheme with your landscaping that accents your home's color palette. A custom walkway and fountain adds considerable appeal. When we purchased our home in North Naples, it was like a jungle. For one thing, it was surrounded by far too many very high privacy hedges. We spent many weeks cleaning it up and replanting. We constantly receive compliments from our neighbors about our beautiful house, that they only recently have been able to see. It was hidden by too much greenery.
If you'd like to know more about how to increase your home's marketability compared with other homes for sale in your community, or anything else regarding the sale of your home, please feel free to contact me. I would be happy to discuss it with you. Further, if you or someone you know requires the services of a real estate professional in the future, please allow me to outline how I can not only meet your needs, but exceed your expectations.
Here are a handful of improvements that generate more buyer interest, along with average return rates for each project according to HGTV.com.
1) Bonus Room Updates -- Average return at resale: 72.8 percent
Do you have an empty bonus room? Turn it into something practical. Keep in mind the needs of your target market and remember that families utilize these spaces differently than empty nesters. Bookshelves and cabinet additions can make for appealing storage spaces. Adding french doors helps potential buyers envision a play room or a home office.
2) Replacement Windows -- Average return at resale: 86.9 percent
Replacing windows can be a costly project. But DO NOT underestimate the return it brings. Energy conservation is big for buyers, and new technology equals big returns on investment. For hot climates like our Southwest Florida area, there is Low-E glass, which reflects heat by blocking infrared energy. Argon gas can be placed between window panes to prevent heat transference through the window. A lot of folks will replace traditional windows with impact glass for lower insurance bills, and to eliminate the need for hurricane chutters. When you do this, be sure to go with Low-E. Even replacing your pool cage sliders with Low-E can make a significant difference in your energy bill!
3) Kitchen Remodel -- Average return at resale: 91 percent
A complete kitchen remodel will be expensive, but its an investment that often pays off. Everyone tends to congregate in the kitchen, and a full package can be the factor that puts you above the competition. If the values of homes in your community have increased, and your kitchen isn't up to par, consider a major remodel rather than small fix ups. Eat-in kitchens are high on the list of buyer desirables.
4) Bathroom Remodel -- Average return at resale: 93.2 percent
Whether you go small or big on bathroom updates, there's a consistent return on investment. Sometimes relocation of the major pieces can give the illusion that there's more space. New lighting, a linen closet, and fresh tile can equal a big payoff that buyers will love.
5) Exterior Improvements -- Average return at resale: 95.5 percent
An updated front entryway and some fresh paint turns MANY buyers' heads! One gallon of paint covers roughly 400 square feet, and is one of the most cost effective upgrades to increase your home's curb appeal. Accent lighting can draw more attention to your home's best exterior features and provides a sense of security.
6) Landscaping -- Average return at resale: 100 percent
This is a no-brainer investment to bring more interested buyers to your doorstep. If you're stuck for ideas, most garden centers offer free consultations. Find a color scheme with your landscaping that accents your home's color palette. A custom walkway and fountain adds considerable appeal. When we purchased our home in North Naples, it was like a jungle. For one thing, it was surrounded by far too many very high privacy hedges. We spent many weeks cleaning it up and replanting. We constantly receive compliments from our neighbors about our beautiful house, that they only recently have been able to see. It was hidden by too much greenery.
If you'd like to know more about how to increase your home's marketability compared with other homes for sale in your community, or anything else regarding the sale of your home, please feel free to contact me. I would be happy to discuss it with you. Further, if you or someone you know requires the services of a real estate professional in the future, please allow me to outline how I can not only meet your needs, but exceed your expectations.
Friday, December 16, 2016
November 2016 SW Florida Market Report
The latest SW Florida residential real estate market report is out, and John R. Wood Properties continues to be the market leader YTD through November based on closings and volume of closings. Have I mentioned how proud I am to be a part of this incredible organization?
Click here for the full report. If you're interested in homes in our Naples -- Bonita Springs -- Estero corridor, please feel free to get in touch. My team and I are already busy as Season kicks in, but never too busy to help folks find their dream home along the Paradise Coast.
Click here for the full report. If you're interested in homes in our Naples -- Bonita Springs -- Estero corridor, please feel free to get in touch. My team and I are already busy as Season kicks in, but never too busy to help folks find their dream home along the Paradise Coast.
Thursday, December 8, 2016
John Glenn Has Passed Away
As a kid in Columbus, Ohio, I was fascinated by anything to do with space. I don't remember John Glenn orbiting the Earth, but I have a vague recollection of the Gemini missions. And of course, I was transfixed with the Apollo moon landing program.
I can recall lying on the floor at our home, watching the black and white TV late into the night -- especially when the Eagle, the lunar lander, touched down on the surface of the Moon. Furthering my fascination, was that the first human to set foot on that lunar object was an Ohioan, Neal Armstrong.
So obsessed with all things space, one year my parents took us on a 3-week trip to southeast U.S., a mix of business for my dad and vacation for the family. Just before we were to take the northward swing toward home, our parents gave us a choice of last fun excursions. We were revisiting SWFL, relaxing for a couple of days. The choices: a brand new amusement park in Orlando that they didn't know much about, DisneyWorld, or over to Cape Canaveral and a tour of the space facility there.
Which do you think two young boys -- at the end of Apollo and the dawning of the Space Shuttle program -- chose?
Fast forward many years later, on two occasions I had the opportunity to shake John Glenn's hand. Less as U.S Senator, but more as one of my childhood heroes. A living legend, a fellow Ohioan, right in front of me, warm to the flesh.
With Sen. Glenn's passing, we are diminished. He is the last of the original Mercury 7 astronauts. When I heard a few days ago that he had been hospitalized at the James Cancer Center in Columbus, I had a sense of foreboding.
I wish peace to his bride, Annie, and to the entire extended Glenn family, to Ohioans on the loss of one of their heroes, and to Americans who marveled at the risks John Glenn and others of that first astronaut corps took, on the top of a rocket filled with explosive fuel, that had been constructed by the lowest bidder on a government contract.
Rest In Peace John Glenn.
I can recall lying on the floor at our home, watching the black and white TV late into the night -- especially when the Eagle, the lunar lander, touched down on the surface of the Moon. Furthering my fascination, was that the first human to set foot on that lunar object was an Ohioan, Neal Armstrong.
So obsessed with all things space, one year my parents took us on a 3-week trip to southeast U.S., a mix of business for my dad and vacation for the family. Just before we were to take the northward swing toward home, our parents gave us a choice of last fun excursions. We were revisiting SWFL, relaxing for a couple of days. The choices: a brand new amusement park in Orlando that they didn't know much about, DisneyWorld, or over to Cape Canaveral and a tour of the space facility there.
Which do you think two young boys -- at the end of Apollo and the dawning of the Space Shuttle program -- chose?
Fast forward many years later, on two occasions I had the opportunity to shake John Glenn's hand. Less as U.S Senator, but more as one of my childhood heroes. A living legend, a fellow Ohioan, right in front of me, warm to the flesh.
With Sen. Glenn's passing, we are diminished. He is the last of the original Mercury 7 astronauts. When I heard a few days ago that he had been hospitalized at the James Cancer Center in Columbus, I had a sense of foreboding.
I wish peace to his bride, Annie, and to the entire extended Glenn family, to Ohioans on the loss of one of their heroes, and to Americans who marveled at the risks John Glenn and others of that first astronaut corps took, on the top of a rocket filled with explosive fuel, that had been constructed by the lowest bidder on a government contract.
Rest In Peace John Glenn.
Wednesday, December 7, 2016
Real Estate After Trump's Election: What Next?
Everyone in my business is trying to get an understanding of what a Trump presidency will mean for real estate, both residential and commercial. The stock market has surged since November 8, and while there are sharp disgreements, a lot of people in business are pleased.
Here is how two industry news organizations analyze it, as of December 7, 2016.....
From REALTOR.com:
"We do know that the incoming president will limit the federal government’s role in the real estate market, as was outlined in the 66-page Republican Platform 2016. So, longer term, the implications of this for home buyers, sellers, and owners could be sweeping.
"A Trump presidency could be a boon for home buyers struggling to save up for a hefty down payment. That’s because he has promised to cut taxes and shrink the number of
tax brackets from seven to three. This could, in theory, leave buyers
with more money to spend on the homes of their dreams.
"And it could give the luxury market, which has been slowing down as of late, a boost, says James Harris, one of the star real estate agents on Million Dollar Listing Los Angeles. “For the high-end, luxury market, it may turn into something very positive.”
From NREI Online:
"Business owners, investors and others are asking key questions, such as whether it is feasible to make hiring decisions, launch expansion programs or make investments during this uncertain period. In a broader sense, they are asking how markets and foreign leaders will respond. Some early signals, within the first seven to 10 days after the election, aren’t conclusive; they may only reinforce the uncertainty: Just after the election a prospective client announced his intention to delay investing in our Fund III until there is “greater clarity about what a Trump presidency means for the investment outlook” in the United States. Since election day, the Dow Jones Industrial Average has produced a 625-point-gain (3.4 percent) to about 18,957. This is far different than late election night when the futures market was down 800 points. Interest rates already have started to climb, increasing more than 30 percent, from 1.75 percent to 2.30 percent. We know a lot of the president-elect’s positions and likely actions on a variety of issues, or at least we think we do.”
My own perspective:
In addition to the continuing stock market surge, Carrier announced a deal where it will keep some 300 engineering jobs and 800 lower wage manufacturing jobs in the U.S. rather than shipping them all off to Mexico. The company still plans to send another 1300 jobs to Mexico, but was persuaded to keep a plant open in Indiana rather than shutter the facility. Mr. Trump has claimed credit for that agreement, though some suggest he is taking credit for too much.
More recently, the CEO of Softbank, Mr. Masayoshi Son, announced in a joint appearance with President Elect Trump, that the Japanese business concern will invest $50 billion in the United States in the next several years. He expects that infusion to wind up creating some 50,000 jobs for Americans.
Regardless of politics, when jobs are increasing, that is good for the economy and GREAT for housing. Reducing the number of tax brackets also would be a boon for all buyers, particularly in the luxe segment.
Time will tell. More to come . . .
Here is how two industry news organizations analyze it, as of December 7, 2016.....
From REALTOR.com:
"We do know that the incoming president will limit the federal government’s role in the real estate market, as was outlined in the 66-page Republican Platform 2016. So, longer term, the implications of this for home buyers, sellers, and owners could be sweeping.
"As for now, “our November elections come at one of the slowest time
of the year for sales, so I doubt we will see much disruption to the
normal seasonal pattern” of home buying and selling, says realtor.com’s
chief economist, Jonathan Smoke. “However, one
short-term risk could be if the [election] has a big impact to financial
markets that lasts more than a few days. “About half of voters got what they wanted,” he adds. “If this does
impact purchases, it is more likely to be in blue states and not the red
heartland.”
"And it could give the luxury market, which has been slowing down as of late, a boost, says James Harris, one of the star real estate agents on Million Dollar Listing Los Angeles. “For the high-end, luxury market, it may turn into something very positive.”
From NREI Online:
"Business owners, investors and others are asking key questions, such as whether it is feasible to make hiring decisions, launch expansion programs or make investments during this uncertain period. In a broader sense, they are asking how markets and foreign leaders will respond. Some early signals, within the first seven to 10 days after the election, aren’t conclusive; they may only reinforce the uncertainty: Just after the election a prospective client announced his intention to delay investing in our Fund III until there is “greater clarity about what a Trump presidency means for the investment outlook” in the United States. Since election day, the Dow Jones Industrial Average has produced a 625-point-gain (3.4 percent) to about 18,957. This is far different than late election night when the futures market was down 800 points. Interest rates already have started to climb, increasing more than 30 percent, from 1.75 percent to 2.30 percent. We know a lot of the president-elect’s positions and likely actions on a variety of issues, or at least we think we do.”
My own perspective:
In addition to the continuing stock market surge, Carrier announced a deal where it will keep some 300 engineering jobs and 800 lower wage manufacturing jobs in the U.S. rather than shipping them all off to Mexico. The company still plans to send another 1300 jobs to Mexico, but was persuaded to keep a plant open in Indiana rather than shutter the facility. Mr. Trump has claimed credit for that agreement, though some suggest he is taking credit for too much.
More recently, the CEO of Softbank, Mr. Masayoshi Son, announced in a joint appearance with President Elect Trump, that the Japanese business concern will invest $50 billion in the United States in the next several years. He expects that infusion to wind up creating some 50,000 jobs for Americans.
Regardless of politics, when jobs are increasing, that is good for the economy and GREAT for housing. Reducing the number of tax brackets also would be a boon for all buyers, particularly in the luxe segment.
Time will tell. More to come . . .
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