August 1, 2014

Realty Check

What Your Money Will Buy
… for $2 million, $1 million and $500,000.

$2 MILLION

Overlooking the 10th fairway and green of Quail West’s Preserve golf course, this four-bedroom, den, four-and-a-half bath home in Naples is designed for grand hospitality. Ann Levitan, listing and selling agent and broker at Levitan-McQuaid LLC Real Estate Services, says, “The architecture creates a particularly welcoming approach, and inside, all three guest suites have their own private courtyards.” In addition to the lavish lanai, she adds, the former McGarvey Custom Homes model’s 5,616-square-foot floor plan brims with gracious creature comforts. With 8,757 total square feet, the home, built in 2005, sold in January for $2,275,000, furnished.

$1 MILLION

The theme is Tuscan villa, but the site is waterfront in Cape Coral for a three-bedroom, four-bath home that sold for $1 million. Listing agents Susan Ball and partner Rob Ricca, of Coldwell Banker Residential Real Estate in Cape Coral, say a myriad of thoughtful details expressed in exotic motifs helped sell this home in 45 days. The dual boat dockage and beautifully equipped lanai were also strong selling points, Ball says. Built in 2008, the home has 3,670 air-conditioned square feet and 7,547 total square feet. The furnishings package was $50,000.

$500,000

“The excellent location of Autumn Woods, the beautiful setting of this home and all the upscale upgrades made it an attractive package for would-be buyers,” says David A. Burke, of John R. Wood Realtors, Naples. The four-bedroom, three-bath home in Naples features a brick paver driveway and pool deck, bamboo and large-tile floors, plantation shutters and views of the nature preserve. With 2,445 air-conditioned square feet and 2,850 total square feet, the home, built in 2002, sold in April for $515,000, unfurnished.

 

Market NEWS

Tax Credits:
“FREE MONEY”

As summer begins, area realtors are busy finishing closings on their regular sales and those bought
through the tax credit program offered by the government.

Heather Wightman, of John R. Wood Realtors in Bonita Springs, says the incentive program that began in late 2009 was originally for first-time buyers. “Then, on Nov. 30, the program was extended to current homeowners, but for slightly less money,”
she says.

First-time buyers were offered an $8,000 maximum credit; $6,500 for move-up buyers. The buying part of the program ended April 30, and all closings had to be completed by June 30.

Some parents helped their FGCU students buy near the university, where they could rent to friends to help with the mortgage. “Housing is always in short supply on campus, and they considered it a good investment,” Wightman says.

She says some northern homebuyers sold their houses and took advantage of the attractive prices in south Florida’s market with the tax credit bonus.

According to a sales report by John R. Wood Realtors on the Naples, Bonita Springs and Estero market, “The number of closed sales recorded in the first quarter is the second highest for the quarter in 11 years, and is exceeded only by first quarter 2005.” It reflects the large number of closings under $250,000.

Homes priced over $800,000 were not eligible for the credit.

Realtor Chris Loffreno, sales manager of Loffreno Real Estate Inc. on Fort Myers Beach, says he’s aware of at least two fall sales due to the credit, and even better business in this year’s first quarter. “It was good for the market,” he says. “Everybody likes free money.”

 

Neighborhood Watch: Pelican Sound

The 547 acres of pelican sound are located off U.S. 41 in Estero. The bundled golf community of single-family and multifamily homes was launched in 1997 by WCI Communities and was turned over to the members in 2002.
A boat ramp on the Estero River, tennis, canoeing and 27 holes of golf are among the recreational amenities.

Total number of properties: 1,200

Number of MLS sales, April 2009
to April 2010: 42

Price range of sales, April 2009
to April 2010: $160,000 to $799,000

Number of MLS sales, April 2008
to April 2009: 44

Price range, April 2008 to April 2009: $154,800 to $939,000

On the market: Oak Run is the setting for a three-bedroom, den, two-bath home, pictured above. According to listing agent Marie S. Pimm, of Downing-Frye Realty, the home, built in 2000, has a charming view of the Lakes Course eighth fairway. With 2,170 air-conditioned square feet and 2,845 total square feet, this home’s price is $459,000, partly furnished, with bundled amenities.

Recent sale: A Greenbriar home with lake views was sold in April by Carol Wilsey, broker-owner of Exceptional Properties of Southwest Florida, for $600,000, unfurnished. The pool home’s total square footage is 4,117, and the three-bedroom, den, two-bath floor plan measures 2,166 square feet. The home sold for $450,000 in 2004.

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