November Real Estate Was Kind of "Meh"
Here you go.The November 2008 absorption rates and sales numbers for the Bonita Springs and Estero Florida real estate market are ready.At least I got to them before January rolled around.
As usual, the data is collected from the Sunshine MLS system and all information is deemed accurate but not guaranteed. I am only one man recording what hundreds of other men put in the system.
There’s good news and bad news about theBonita Springs real estate market.The single familyhome sales in Bonita Springsand Estero are the good news. Inventory is down to 25.4 months.The bad news is the High Rise towers and manufactured home sales are languishing.There was only one high rise sold last month.One, uno, 1, just one.
It was down on Hickory Blvd. beachfront with a gulf view, for what it’s worth.If you’re one of the sellers in Pelican Landing, The Colony,Jasmine at West Bay Club or Bonita Bay it might be time to get with the program and reduce.Add up your holding costs for one year: taxes, quarterly and annual fees, mortgage, utilities, etc.$29K is a figure I came up with on a Navona condo at The Colony in Pelican Landing– excluding mortgage expenses and utilities.
The reality of the situation is there is a three year absorption rate for tower residences in Bonita Springs and sales are almost non-existent.Price your condo effectively and consider possibly whacking $29-$58,000 (or whatever a year or two worth of holding costs is for you) off of that price to move that unit into the hands of a willing buyer.You’re either spending that in maintenance or using it as an incentive for a buyer to find youe condo.Your choice.
Here’s the rest of the numbers, standing inventory rate of sales and stuff.Read it and cheer or weep.