Monday, October 23, 2006

here comes the auctions / naples florida

soviel zu den prognostizeiren leichten preisrückggängen und der wirklichkeit.

compare this to the spinning "flat prices etc..."

dank geht an patriotic bear, hk_vol und ben

Comment by Patriotic Bear
2006-10-21 11:25:05
I just returned from a 52 house auction in Naples, Florida. There were internet bidders and around 400 people present. HOLD ONTO YOUR HAT.

608 Banyan Blvd, Naples, Zillow $1,780,000. sold for $900,000.
2196 Beacon Lane, Naples, Zillow$1,406,000. sold for $880,000.
570 Rudder Rd, Naples, Zillw $1,064,000. sold for $700000.
1166 12th Ave North, Naples, Zillow $595,000. sold for $2750.
522 94th Ave North, Naples Zillow $550,000. sold $320,000.
539 Rudder Rd, Naples, Zillow $809,000. sold $600,000.
1848 Crayton Rd., Naples, Zillow $980,000. sold $620,000.
920 Forest Ave, Naples, Zillow $816,000. sold $420,000.
Cape Coral canal front lots(around five) auctioner asked for $200,000 to start. Only one bid of $60,000.
865 Robin Court, Marco Island, Zillow $934,000. sold for $600,000.
If the reserves settle for these prices the Naples market is off at least 35% from Zillow estimates. The above prices were not outside the relm of the others

Comment by HK_Vol
2006-10-23 00:27:33
RE: Naples auction results
Don’t take Zillow estimates for homes to be gospel.Here are the results vs. estimates of an absolute auction in Naples this weekend.

Note that the gross aggregate price was 57.3% of Zillow estimates.
There was a 10% commission (vs. a 6% regular brokerage fee).
So let’s guess the following.
Total price paid: $14,840,000 + 10% = $16,324,000
Total Zillow estimate: $25,901,000
Clearing price = 63% of Zillow estimates.
I suspect Zillow estimates were a bit high, relative to a year ago.But it tells you to a certain degree how much prices and demand in Naples, Florida has really fallen.And 14 of 51 properties did not sell.Full details here:

und nun dazu die einschätzung von michael youngblood von fbr (july 2006!)

Housing prices will rise in each of the next four quarters, but by progressively slower rates year over year: 7.1% in 2Q 2006; 5.7% in 3Q 2006; 4.4% in 4Q 2006 and 3.5% in 1Q 2007.
MSAs with fastest year-over-year gains in 1Q 2006 will continue to rise. Those cities include Phoenix, Az (34% expected rise in 1Q 2007) and Naples, Fla. (51% expected rise in 1Q 2007). ich verweise hier auf das posting von standart pacific/spf wo die neuorders gerade um 80% eingebrochen sind und in phoenix der leerstand sich von 5.000 auf über 50.000 binnen der letzten 12 monate "leicht" erhöht hat

good call michael..........


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