In a recent survey by the National Association of Realtors (NAR), owners of second homes revealed a number of interesting facts, to which many Naples, Bonita Springs, and Marco Island property owners can relate.
The NAR found out that over 20% of these homeowners who own for vacation purposes own more than one vacation home. Obviously, personal use was the primary reason for most vacation home buyers (only 25% rent at all), but having a home for retirement was a factor for almost one-in-five of these homeowners. When asked what factors influenced their choice of location, two-thirds wanted to be close to an ocean, lake or river; being near to recreational activities was important to 39% of the respondants (especially the beach, boating, fishing and golf); and 38% desired to be near a resort or vacation area. Almost two-thirds of these owners also thought that their property was a better use of their money than the stock market. This should give you a better understanding of why Southwest Florida real estate is the perfect investment opportunity.
With the euro presently being worth a lot more than the dollar, Southwest Florida real estate continues to be a very attractive investment. And international travelers are coming to the area through Southwest Florida International Airport. According to officials, the number of travelers from other countries passing through the facility has increased over 16% over last year. These statistics are based only on flights directly from Canada and Europe that landed at the airport.
If you are waiting for home prices in Southwest Florida to drop before making your purchase? The wait may not be worth it in the long run, especially if you are financing your purchase. The recent trends in interest rates, and the number of the times the Fed has raised the prime over the past two years has been widely published. And with any inflationary pressures, this trend may continue. By waiting, your financing for any Bonita Springs or Naples real estate cost will most likely increase, and over the long run be more costly than a small decrease in purchase price. Investing in Southwest Florida real estate is an excellent opportunity at the present time, with historically good interest rates and an excellent inventory. Don?t forget we always have the underlying drivers: the weather, the beaches, the activities, and the lifestyle.
And for the first time in history, property values in Collier County exceeded $100 billion, according to preliminary estimates for 2005. These estimates were released by the Collier County Property Appraisers Office, and also showed the county's taxable value to be roughly $77 billion. This is a 25% increase of the tax base over 2004, as well as a potential corresponding increase in county revenue. The difference between property value and the tax base is primarily due to the homestead exemption and Save Our Home, which caps property assessment increases at 3% per year for full time residents on their Bonita Springs or Naples real estate.
We have always believed that Naples and all of Collier County was a great place to live. Now the American Lung Association agrees! In their latest State of the Air report, Collier County got straight As, meaning we have some of the cleanest air in the entire country. This report is based on air quality indicators against outdoor polluntants, including ozone, from the U.S. Environmental Protection Agency. This outstanding air quality makes living, working and playing in Southwest Florida just that much more enjoyable and healthy.
Another nice fact about our area is that there has been job growth in the high-tech industry, and the state of Florida is one of the leaders. With a net increase of 6,700 new jobs, the Sunshine State was the second fastest-growing state in the country, trailing only Virginia. This is more good news for the real estate market, as traditionally job growth leads to increased home sales.
We encourage you to continue to monitor the Southwest Florida real estate trends and when you're ready, to invest in a beautiful piece of paradise here.
Chris and Dick Dovorany
http://www.chrisanddick.com
Coldwell Banker Residential Real Estate, Inc.
4851 Tamiami Trail North, Suite 100
Naples, Florida 34103
Office: 239-293-1969
Fax: 239 263-0352
