The Collier County Board of Commissioners recently approved a new ordinance requiring landlords to give long-term tenants 60 days prior notice of any increase in rental rates of more than 5%.  The ordinance went into effect on October 28, 2022.

This requirement applies to tenants in unincorporated Collier County with a residential lease term of one year or longer.  The 60-day notice period begins when the landlord provides notice to the tenant either through the mail, email, or posting the notice.  However, this notice requirement does not apply to any automatic rent increases provided for in written leases.

Real estate inventory in October on Marco Island increased 37% compared to October 2021, according to data from the Marco Island Area Association of Realtors. 

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Collier County Parks & Recreation Division announced four more beach access points opened on Nov. 23. The county opened Bluebill Access, South Marco Beach Access, and Tigertail Beach Access in October. After over a month of cleanup from Hurricane Ian.

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Naples, Fla. (October 21, 2022) – The impact of Hurricane Ian, as witnessed on the last two days of September, is not reflected in the September 2022 Market Report by the Naples Area Board of REALTORS® (NABOR®), which tracks home listings and sales within Collier County (excluding Marco Island). Given this, September’s data showed a predictable pattern of slow closed and pending sales with a slight increase in inventory, which is traditionally the case in historically stable September. While the report captured activity prior to Hurricane Ian’s arrival, broker analysts who reviewed the report on October 18th are confident Naples’ recovery will be swift and the resiliency of its home values will be protected.

“There is indeed a significant loss, yet the full scope of [the hurricane’s] impact was limited to a specific area along the coast and tributaries [in Collier County],” said Budge Huskey, CEO, Premier Sotheby’s International Realty. “Such an event always brings with it a rebuilding boom, and most people will make the decision to restore and improve rather than exit the area. It’s remarkable how quickly progress is being made each and every day.” 

Mike Hughes, Vice President and General Manager for Downing-Frye Realty, Inc., added that “Unlike Hurricane Irma, Hurricane Ian was not a severe wind event so roughly 80% of the county was unaffected. For buyers looking to purchase non-waterfront homes, the market is unchanged.”

Gov. Ron DeSantis announced Wednesday the reopening of the Sanibel Causeway for residents of Lee County. The reopening comes two days ahead of the scheduled date. DeSantis said 36,000 work hours were required to make the repairs and that the plan is to have over a quarter of the island powered back up by sometime this week, including fire stations, portions of neighborhoods and Sanibel Elementary School. Until further notice, vehicle traffic over the causeway on Mondays and Tuesdays will consist of emergency vehicles, debris management, electric providers and water and sewer utility providers. Residents, business and property owners and private contractors will be allowed access from 8 a.m. to 5 p.m. Wednesday through Sunday. There will be two inbound lanes with the right lane for emergency vehicles and emergency government contractors, and the left lane for those carrying Sanibel reentry permits. 

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Property prices usually rise after a disaster, in part because many impacted residents want to stay. But there’s a potential wild card after Ian: insurance costs.

FORT MYERS, Fla. – A price spike is expected for Florida real estate spared the wrath of Hurricane Ian. Multiple studies show property values in storm-ravaged regions have historically risen past the national average following a disaster.

Naples, FL (August 23, 2022) – Naples housing market experts reviewing the July 2022 Market Report by the Naples Area Board of REALTORS® (NABOR®), which tracks home listings and sales within Collier County (excluding Marco Island), confirm the data reflected familiar activity levels akin to prepandemic summer months. Historically, closed sales in Naples during summer months trend around 800 sales a month. But during the last two years, summer sales were well above 1,000 closed sales a month. This July, overall closed sales decreased 43.4% to 662 closed sales from 1,170 closed sales in July 2021. For perspective, in July 2018 and 2019, there were 774 and 829 closed sales, respectively. The current level of activity is what market experts expected in a postpandemic summer and consider it a sign that we are on a path back to a balanced market.

Additional indications in the July report that support this shift is the number of pending sales. As such, overall pending sales decreased 33.8% to 751 pending sales from 1,135 pending sales in July 2021. The tempering of closed and pending sales, which began in June, is producing one very welcome result: an increase in inventory. In July, inventory rose 87.6% to 2,429 properties from 1,295 properties in July 2021 (there were 5,200 properties in inventory during July 2019).

The Bonita Springs & Estero Board of Realtors just released their market activity and statistics for June 2022.

In June 2022, inventory (305 listings) is up 107% compared to June 2021. That is a 2.1-month supply instead of 0.9-month supply in June last year. 
The report also show 168 closed sales in June 2022 with a 80% of cash transactions.
The median sale price is $692,450 compared to $497,000 last year. A 39% increase. 

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Naples, FL (July 22, 2022) – Data reflecting activity in the Naples area housing market during June showed signs of a return to pre-pandemic summer activity when market conditions were balanced.
According to the June 2022 Market Report by the Naples Area Board of REALTORS® (NABOR®), which tracks home listings and sales within Collier County (excluding Marco Island), pending sales decreased 36.8% in June to 794 pending sales from 1,236 pending sales in June 2021, and closed sales decreased 38.4% in June to 952 closed sales from 1,545 closed in June 2021. On the positive side, an 80.5% increase in inventory during June to 2,294 properties from 1,271 properties in June 2021 is expected to spark sales.

“It appears the housing market in Florida is returning to a more traditional seasonal environment,” said Budge Huskey, CEO, Premier Sotheby’s International Realty. “We began to see a deceleration in sales during May and median closed prices for single family homes dropped in June compared to May as well.”

With 2.2 months of inventory available in June (up from .8 months in December 2021), the journey back to a balanced market is starting to take place. But broker analysts say it will be a slow climb. Huskey added that, “We will remain in a sustained low inventory environment this year, which will serve to insulate prices. In almost all segments of the market, it will prove a story of deceleration rather than depreciation.”