Moraya Blog

2010
03.26

imagesFor many years Canadians have only been able to visit and rent here in Florida due to the Canadian dollar worth half in the U.S. Not anymore!!!! Canadians are taking advantage of the low priced properties in Naples with the Canadian dollar being almost on par with the U.S. They realize it’s now or never! The Grande Preserve is best value in Naples and not only are the Canadians realizing it but also many other visitors to the area!

Article by reuters

Hard-hit realtors in Florida are welcoming a side-effect of the Canadian dollar’s recent rally: more Canadians buying houses in the Sunshine State.
“Now their currency is around parity with the dollar and their money is worth something, more have decided it’s time to buy,” said Bill Sontag, a realtor at Florida Realty in Naples.

So-called “snowbird” Canadians who migrate to the sun during the winter months as well as those simply looking for a holiday home are lending support to the decimated housing market in Southwest Florida, realtors there say.

House prices in the seaside town of Naples have dropped more than 64 percent from their peak in the second quarter of 2006, according to the Federal Reserve. But realtors say they are beginning to see signs of stabilization, thanks in part to Canadian buyers.

“We’ve seen a lot of activity from Canadians,” said Brett Brown, chair of the Naples Area Board of Realtors’ Global Business Committee. “It’s the exchange rate and also the fact that house prices have dropped so much. It’s very affordable for them.”

Michael Mackenzie, research officer at the Canadian Snowbird Association, an advocacy group, says that while statistics won’t be available for another six months, he sees strong anecdotal evidence of this trend across Florida.

The Canadian Snowbird Assocation’s annual event in Lakeland, Florida, this January was attended by around 40,000 of its members, about 20 percent more than the average over the past few years, Mackenzie said.

According to the National Association of Realtors, Canada was the top country of origin for foreign buyers in the United States last year, and more than a third of those Canadians bought real estate in Florida.

Scott Samuel, 54, a lawyer and investment banker from Toronto bought his holiday home in Naples in October.

Samuel said his decision to buy was driven mainly by the bargain prices available and that his sons studied in the United States. His wife, Julie, has been coming to Florida with friends for the past 17 years, he added.

The strength of the Canadian dollar, “perhaps to some extent assisted in the decision,” he said. “It was good timing.”

“We like that there are a lot of active things to do here in the sun,” he said. “You can golf, boat, go to the beach, play tennis, all in the development we’re in.”

Samuel said the price of a similar property in Canada would cost 50 percent or event double as much as he paid.

In another sign that Canadians are flocking to Florida, Canadian airlines are increasing their direct flights to Southwest Florida.

Low-cost Canadian airline WestJet will fly direct to Fort Myers three times a week in the low-season summer months, compared with just one flight a week last summer, according to South West Florida International Airport spokeswoman Victoria Moreland.

Even Florida’s coldest winter in more than a decade didn’t put off the hardy Canadians.

“One Canadian woman came in the dog days of winter and when I mentioned the weather, she just laughed and said ‘This isn’t cold!’” said Justin Smith, a realtor with Sellstate Select Realty in Fort Myers.

All Canadians that he has dealt with, he said, have mentioned the exchange rate. “They’re very cognizant of that ratio.”

2010
03.24

The beautiful model in Moraya Bay sold the first week it was finished!  Wendy Berry from Wdesigns in Ohio did an unbelievable job!  The overall goal was to create a space that has a comfortable, fresh, and inviting feel.  The beautiful views inspired the color palette of the design, making it synonymous with the sand and surf.  Considering that when clients view the building they believe the location of the unit itself does not have a great view of the ocean!  Wow does this prove them wrong!  Immediatly when entering the unit you are focused on the aqua waters of the Gulf of Mexico.  This space appeals to both traditional and transitional tastes, reflected in its architectural detail, clean lined furniture and many interesting textures.  Model 701 is now ready for daily viewing…

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2010
03.13

Home Sales Up Again

Home resales grew by 50 percent in February in the Naples area.

There were 7,426 single-family and condo sales, up from 4,951, in the same month a year ago, according to a monthly report by the Naples Area Board of Realtors.

The report tracks sales made through the multiple listing service, or MLS, in Collier County, excluding Marco Island.

“The overall increase in closed sales continues and has resulted in a reduction of inventory. Normally the inventory increases in season so this unusual reduction is important. It’s helping the market return to a balanced state even quicker,” said Steve Barker, managing broker for Amerivest Realty in Naples, in a statement.

The inventory of home resales decreased to 9,682 last month. A year ago, there were 11,427 on the market.

“Pending sales of condominiums are roaring back. The condo market is showing signs of a strong recovery, as pending sales increased 76 percent in February 2010, with 544 contracts compared to 309 contracts in February 2009,” said John Steinwand, president of Naples Realty Services, in a news release.

The median price for resales declined 3 percent to $179,000 last month. That compared to $185,000 in the same month a year ago.

The median is the price at which half the homes sell for more and half for less.

To view the entire report, visit http://www.NaplesArea.com.

taken from Naplesnews.com

2010
03.12

580773_dont_be_lateIn January 2006, CNNMoney published a ranking of 299 U.S. housing markets, showing where home prices were most overvalued. Little was undervalued: Real estate was white-hot and prices were at or near what later proved to be their tops.

A total of 213 cities were overpriced, and Naples, Fla., was deemed the most insane, with 84% of homes valued over a fair market price, according to statistics compiled by National City Corp. and IHS Global Insight.

That finding so rankled the Naples Chamber of Commerce and area real estate agents that they hired economists to dispute the evaluation, according to Richard DeKaser, the real estate consultant who engineered the report for National City.

What a difference four years makes.

Today, Naples real estate sells at a 29% discount and the median home price is just $165,500, down from more than $390,000, according to the newly released 2010 report compiled by IHS Global Insight and PNC Financial Services (PNC, Fortune 500) (which bought National City).

Nationwide, just 87 markets are considered overvalued, and Naples is now the 15th most undervalued area. Nearly all markets — 242 of 330 — are considered priced below fair market.

Why wait for Naples properties to increase!! We have everything people want when looking for the perfect place to live, sand, surf and sun! Do you know when you have reached the bottom, when prices are on the way back up.  If you try to time the market, you are always to late.  The Beach Tower at Moraya Bay is the best value on the beach! don’t wait!

2010
03.12

March 11, 2009.

To the Public

As a representative of the developer of The Beach Tower at  Moraya Bay  I would like to bring an end to the issues over the beach at our property.

The controversy over beach access has grown out of control.  There has been much overreaction.  We recognize that placing cones on the beach to mark out our private property and the rights we have in it has caused great public concern.

For those who just want to amicably and cooperatively co-exist and enjoy the beaches so do we. We welcome that. You will see no more cones, signs, or ropes.  We ask only that you respect the area of the beach occupied by our residents and guests who use our beach chairs, and treat them as you would expect to be treated. If we all do our part everyone should be able to get along.

After all, what we all share together is this wonderful community of ours.

Sincerely,

Richard Corace

The Beach Tower at Moraya Bay


2010
03.09

Statement From Moraya Bay

As the developer of The Beach Tower at Moraya Bay, a condominium on Vanderbilt Beach, we recently marked off the part of our property that contains beach for use by our residents. Regrettably it has provoked controversy. This action was discussed today by the Board of County Commissioners, which also considered public commentary. There has been considerable misinformation, media attention, and unfortunate rhetoric used by those who oppose the action we have taken. As a principal representative of the developer, I would like to explain the action we have taken, why we have taken it and why our actions should be respected. I want to make our legal position clear.

As is the case with most properties located along the Gulf of Mexico, the original title lines of our property go to the mean high water line. By virtue of Florida Statutes, and a public beach erosion project several years ago that added sand to the beach, the State has established our title line at the ‘erosion control line’. This is a surveyed line. We have marked the erosion control line on our property with rubber cones to separate the area landward of it from the area seaward of it. Our title is unquestioned.

Although in the past the public may have made use of the area landward of the erosion control line on our property, as it has with other beachfront properties, that use has been permissive. Florida courts have held that the public may be able to establish a prescriptive right to use beach front property when there has been hostile, not permissive, use. Whether that is the case is an individualized matter that is very fact intensive. There has been no determination of a public prescriptive easement having been acquired on our property. It is our belief that none exists.

Our position is the same as is that held by most other private property owners with land located along the Gulf of Mexico in Collier County. A number of these property owners have hotels, and/or private clubs. Among them are the Port Royal Club, The Edgewater Beach Hotel, The Naples Golf and Beach Club, The Ritz Carlton, and the La Playa. All of these facilities make some exclusive use of their own beach front property with beach chairs and other pieces of equipment for the exclusive use and enjoyment of their guests and owners. Such use is perfectly consistent with their ownership of property. The public respects the uses that are made of the beach by these other properties.

At Moraya Beach Tower we merely wish to make the same use of our part of the beach as do these other fine properties. We ask that the public respect the use that we wish to make of the beach that we own. The public is free to enjoy the part of the beach seaward of the erosion control line. There is ample room for the public to do so.

Since we marked the area that we wish to have respected for the use of our residents, we have encountered nothing but hostility, including some unfortunate statements by elected county officials. . We have been subjected to abuse and vandalism. Some people have defaced our signs and our beach furniture. We have had bystanders intimidate our residents by taking photographs of them, including photographs of young children. This is wrong.

Before we marked the beach area, we contacted the Collier County Sherriff’s office and worked with it to do so in a manner that it regarded as hospitable and acceptable. We have placed tasteful and respectful signage asking that the discreetness of the area we have marked be respected for our residents. In his remarks to the County Commission today, County attorney Jeff Klatzkow did not give any indication that our actions are wrong, or that the public had the right to use our private property. He merely acknowledged there could be an issue of prescription for a court to resolve.

We want to be good neighbors and good citizens and believe that we have been. We support public access to, and use of the beach. We have helped Collier County to achieve it. We also believe that our property rights deserve respect.

We are prepared to meet with appropriate representatives of Collier County in a good faith effort to find solutions that respect our rights and insures available and adequate public beach use. Inflammatory rhetoric and disrespect have no part in this process.

We ask that we be allowed to function as do other properties along the beach. We seek nothing more. We expect no less respect.

Richard F. Corace

Richard F. Corace is a principal in the developmental entity for the Beach Tower at Moraya Bay, an owner of Signature Communities, Inc., and a long time resident of and developer in Collier County.

2010
03.08

Great day at Moraya Bay

Much has been said in the press on whether the beach in front of Moraya Bay is public or private. The law is clear on this matter, and many of the owners were in town and enjoying their time at the beach today, It’s great to live in sunny Naples Florida and be able to enjoy the sun, sand and surf!

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2010
03.03

Donors of St. John Health System gathered for a cocktail reception at Moraya Bay for an opportunity to enjoy the sunset and speak to the President and CEO Dr. Patricia Maryland.  She shared the health system’s new strategic direction with it’s core customers and donors.  The hosts, Anthony Soave and Doug Blatt have strong ties to the St. John Health System in Detroit.

St Johns Hospital

Dr. Betty Granger Leslie Murphy and Pat Mullen

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Host Anthony Soave and Courtney Griffin
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Yale Levin Anna Levin Brenda and Skip Kovinsky

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Watching the sunset at Moraya Bay!