Mel's Blog: All Categories

If the first few days of January are any indication, then we at Team Naples International are excited about the prospects for a good selling season. 'High Season' in Naples, Florida generally runs from January through April, although there are some who would argue that it now extends through May.

Traffic at our Prudential Florida Realty 5th Avenue office has been extremely strong for the first few days of the month, so much so, that the broker now insists that each shift be manned by two agents. At any rate, it hopefully will translate into sales as buyers pick through the large inventory looking for the bargains.

We're excited at Team Naples and feel that we have finally turned the corner and look forward to 2009 with great anticipation. We certainly…

More than ever, pricing will be a crucial issue for those of us who primarily list property. Our philosophy, as a team, over the past year or so has been that if a property can't be priced at or below current market, it certainly isn't worth taking.

It is up to us to educate those sellers who insist on living in '04/'05, as far as price goes, that it isn't going to happen anytime soon again and maybe not even in their lifetime. The old high and hope strategy is long gone and for those who played that game in the declining market, it was like chasing a falling dagger. One just never could get ahead of the market no matter how many price reductions they did.

If we as listers can stick to that mantra of being dead on the money, we will avoid the inevitable…

Simply stunning describes this extraordinary, one-of-a kind 12,000 square foot under roof home in the tranquil, secluded gated community of Islandia at Club Estates. The Porte Cochere invites you in through the tall double solid mahogany entry doors.

This 4 bedroom/6.5 bathroom home has the absolute best of everything including, marble floors, a gourmet kitchen with butler's pantry, top grade granite countertops and backsplash, a Viking Appliance Package with gas stove and commercial grade Vent Hoods in the summer kitchen as well. The huge 1,800 square foot lanai houses a resort-style swimming pool, spa and waterfall and has a summer kitchen making the perfect area for entertaining large parties.

There is security, secured structured wiring for phone,…

The Federal Reserve cut its key federal funds rate to between 0% and 0.25% yesterday, from a rate that was already the lowest in over half a century to help battle the financial crisis. Today mortgage rates on a 30-year fixed and others dropped again to below 5%.

A good friend of mine walked into Wells Fargo, a bank with plenty of ready money to loan, and filled out a mortgage application to re-finance his $100,000 mortgage which is a 5/1 ARM getting ready to adjust in March 2009. He has virtually no debt with the exception of his mortgage, $40,000 cash in the bank, a stock account worth maybe $5,000 and his home is worth about $400,000 in today's market. He is self-employed and has had several bad years, but still managed to show $80,000 income over that…

Statistical figures for the month of November were just released by the Naples Area Board of Realtors (N.A.B.O.R.) and a bellweather or key indicator of the buyer activity in the market, overall pending sales, is up again. There was a 54% increase from November 2007 to Novenber 2008. This would mark the eighth month in a row it has increased, while days-on-market has decreased. Within the past year, the DOM has decreased some 20%.

Naturally a majority of the activity is in the under $300,000 price range because of the perceived bargains to be had in the 'short sale', pre-forclosure and bank-owned (REO) properties. Along with this, the median home price has fallen below $300,000 in some areas due to developer price incentives to move existing inventory and…