Bonita Bay Information from The Dillard Team

A Positive Look Forward in 2010

2010-01-13T09:52:00.001-05:00

Before we get into the state of the market, all of us at The Dillard Team would like to wish you the very Best and Happiest of New Year's, may 2010 be prosperous in all areas of your life.

Also, we would like to thank you for helping our team have another successful year. We continue to grow making us one of the real estate leaders in our area. THANK YOU! In 2010 we began our 22nd year in service to our Bonita Bay clients. In spite of the problems in Bonita Bay our sales were significant and we would like to thank all our clients who listed with us and bought property through us for their patience, perseverance and loyalty. It is extremely gratifying that our hard work and sophisticated marketing tools are working for you. You can count on us to continue being the innovator in marketing your home or finding you your new home.

The state of the market...We've seen some strong growth over all in the Southwest Florida real estate market in the last year, and some noteworthy records have been set. All indicators seem to be trending upward: Sales numbers, prices, and consumer confidence are all on the rise, and industry experts are predicting interest rates to go up in 2010, as well.

However, our problems in the Bonita Bay market hopefully will be resolved in the next couple of months so now is the time to list your home if you are in the market to sell. We expect our buyers and others that have been waiting on the sidelines to buy in Bonita Bay to make a buying decision once the club situation is resolved. We expect our prospective buyers to make their decision on purchasing immediately once the turnover looks eminent.

My point is, now is a great time to buy or sell a home. Over all in Southwest Florida We're in a much better place with the real estate market now than we were a year ago: In Southwest Florida the number of sales rose from month to month almost all year long, so the market is stronger now than it has been in a while, inspiring confidence in buyers and sellers alike.

Although prices have remained low throughout 2009, meaning there were some really good deals to be had for buyers, toward the end of the year prices were showing signs of rising nationwide. To demonstrate how much the number of home sales rose in 2009, consider that the Florida Association of Realtors has reported a 61 percent rise in sales between November 2008 and November 2009, while condo sales more than doubled with a 111 percent rise!

The trend was pretty steady all year long, too, with sales increasing over the previous month almost every month in 2009. Some months were pretty spectacular, too – for instance, in October closed sales increased more than 10 percent over September's numbers.

Buyers and Sellers are beginning to sit up and take note of the improved performance in the real estate market. According to the Bellwether survey performed by the University of Michigan, consumer confidence rose 7.5 percent just in December. The other indicator of consumer confidence is how many more buyers are entering the market – they wouldn't be snatching up homes so eagerly if they didn't believe that the market had stabilized and was on the mend.

Unfortunately, however, market statistics such as sales numbers and prices aren't the only things that will be rising in 2010. Mortgage rates, which were just below 5 percent in early December, finished off the year at just over 5. Many experts, and even major players in the industry such as Freddie Mac, project that rates will rise to around 6 percent or more over the course of the next year.

While the rise in mortgage rates certainly isn't good news for those planning on buying a home – or even selling, since it will affect your buyer's ability to find affordable financing – it isn't terribly bad news either. It simply means that if you are thinking of buying or selling your home, you may have to act more quickly than you had initially planned. The sooner you list your home on the market or start looking for a home to buy, the lower the interest rates will be when it comes time to lock them in.

We're starting off 2010 on a better foot than almost anyone could have dreamed a year ago, when the beginning of the year had a much more dismal outlook. It doesn't mean that you can sit back, relax, and take your time, however. As the real estate market improves, the dynamics will change. As prices go up, you may lose the ability to get as quick a sale (as a seller) or as good a deal (as a buyer) on your home; and as interest rates go up and financing options become a little more pricey, it could affect your chances of closing the transaction.

Buying or selling a home takes a lot of finesse, as there is a lot of timing involved in
tracking trends and using those to list a property or make an offer on a house. If you are interested how current market trends are likely to affect your decision to sell or purchase a home, please feel free to give us a call. We have extensive knowledge and experience with the local markets and trends, which we would be happy to discuss with you!

December 2009 Bonita Bay Market Statistics

2010-01-06T14:41:00.003-05:00

There were 12 closed sales in Bonita Bay this December 2009 compared to 5 closed sales in 2008. That is an increase of 58% for December 2009 vs. December 2008. Total sales in 2009 were 92 units down over 2008 by an average of 34%. A total of 92 units have closed in 2009 compared to 139 units in 2008.

The average sales price in 2008 was $832,316 compared to $712,220 in 2009; a drop of 14.4%. The average sold price in 2009 was $712,220 to original list of $955,947 that’s 25.5% of the seller’s original asking price and 13.2% of the adjusted asking price of $821,345 when sold.

The average days on market in 2008 January through December was 222 compared to 257 in 2009for the same period.

As of this writing there are 194 homes for sale in Bonita Bay. The average list price is $1,042,722, 31.6% higher than the average YTD closed sale price in 2009 of $712,220.

Based on the current inventory of 194 homes for sale and comparing them to the 92 homes that have closed in 2009. That is an average of 7.6 closings per month in 2009. It will take approximately 25 ½ months to sell today’s existing inventory if conditions do not change.

NOTE: The source of this statistical analysis is the Sunshine MLS System. This is information believed to be accurate but not guaranteed!

*Average days on market is not often accurate due to the sellers and agents terminating or withdrawing a listing and relisting at the same or a lower price.

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November 2009 Bonita Bay Market Statistics

2009-12-14T10:16:00.001-05:00

November 2009 Bonita Bay Market Statistics
November 30, 2008 vs. November. 30, 2009

There were 5 closed sales in Bonita Bay this November 2009 compared to 3 closed sales in 2008. That is an increase in closings of approximately 66% for November 2009 vs. November 2008.

Total sales YTD is still down over 2008 by an average of approximately 59%. A total of 79 units have closed YTD compared to 134 units in 2008.

The average sales price in 2008 YTD was $847,596 compared to $717,598 2009 YTD; a drop of $129,998 or approximately 15.3%.

The average sold price of $717,598 to the original list price of $966,408 is $248,810 less per sale in 2009 compared to 2008. That is approximately 25.7% of the seller’s original asking price and approximately 12.6% of the adjusted asking price of $821,365 when sold.

The average days on market in 2008 January through November was 216 compared to 257 in 2009 for the same period.

As of this writing there are 184 homes for sale in Bonita Bay. The average list price is $1,069,283 that is $351,685 higher than the average YTD closed sale price of $717,598. That means that sellers, on average, are asking approximately 32.8% more than what buyers, on average, are willing to pay.

Based on the current inventory of 184 homes for sale and comparing them to the 79 homes that have closed in the past 11 months. That is an average of 7.2 closings per month YTD. It will take approximately 25 months to sell today’s existing inventory if conditions do not improve.
There are currently 3 Active Contingent contracts and 12 Pending contracts. These homes will either be sold or returned to the market as active listings in the coming months. Therefore the Active Contingent contracts and Pending contracts were not included in 2009 year to date actives or closed sales

NOTE: The source of this statistical analysis is the Sunshine MLS System. This is information believed to be accurate but not guaranteed!
*Average days on market are not often accurate due to the sellers and agents terminating or withdrawing a listing and relisting at the same or a lower price.

NOW THE GOOD NEWS!!!!!
The encouraging communication from your turnover committee (#32, dated December 7th.) is that they have reached an agreement in principle with The Bonita Bay Group is most welcome.
Although there are a number of items that remain to be negotiated and agreed on the committee states that they expect to resolve these issues in the next few weeks.

From a real estate perspective this, assuming the agreement will be ratified, could make a significant difference in the attitude and confidence that prospective buyers have in making an investment in Bonita Bay. The agreements ratification will open up our Bonita Bay market to more buyers but please keep in mind that sellers will have to price their homes based on past comparable sales over the previous 6 to 12 months if they expect to sell this season. If homes are not priced comparably buyers will not respond to over pricing and lenders will not lend on homes, even under contract, if they do not appraise.

Please call me for further in depth analysis on today’s market. If you or anyone you know is interested in buying or selling please feel free to call me. It would be my pleasure to discuss in confidence today’s options and opportunities.

Sincerely,

Michael

Office: 239-498-2888
Cell: 239-850-9805

SFH November 2009

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Low Rise November 2009

Villa November 2009

Bonita Bay residents strike a tentative deal to buy their golf club

2009-12-08T15:38:00.000-05:00

Naples Daily News December 7, 2009 by Laura Layden

Bonita Springs — Members of the Bonita Bay Club have swung into action.
They’ve struck a tentative agreement to purchase their golf club for $12 million, with $11.5 million coming from members of the new club.

Under the proposed agreement announced Monday, the developer, Bonita Bay Group, would pay the new club $500,000 for the exclusive right to market tee times at the Bonita East courses off Immokalee Road to nonmembers for three years, beginning May 1, according to the community Web site BayWatchNews.com.

The deal must still be approved by Bonita Bay Group’s lenders and by a majority of the club’s membership. It could fall through if at least 85 percent of the current golf members don’t join the new club.

The agreement was negotiated by Bonita Bay’s Turnover Committee after months of wrangling. The announcement came a few days after Bonita Bay Group sold its beach and golf clubs to members at Mediterra for $6.8 million.

Bonita Bay Turnover Committee member Cynthia White described the tentative deal as “fair and in our members’ best interests.”

“We’ve come to an agreement,” she said. “But there is still a lot of work to do.”
“At this point, our goal is to try to get it done as soon as possible,” White said.

The committee will be reaching out to members in the coming weeks to seek approval, she said.
“This is just the beginning of the process,” White said.

The sale would include 90 holes of championship golf, including three courses in the community and two nearby, two clubhouses, three practice ranges, 18 tennis courts, a swim center and a fitness center.

Not included is the marina. Its members are still trying to strike a separate deal with the developer.

Negotiations for the sale of the Bonita Bay Club have been going on for more than seven months. At times, it looked like talks might be over as the two sides clashed.
Over the past few months, some members have pushed for a mass resignation to try to force a sale.

“Both sides negotiated very hard at Bonita Bay,” said Brian Lucas, chairman of the Bonita Bay Group. “Because it’s a community that is 25 years old, there were a lot of subtleties and intricacies to work out.”

The size of the Bonita Bay membership makes it harder to come to an agreement, he said. The club has more than 1,900 golf, sports and social members.

“I feel great about it,” Lucas said of the proposed agreement. “This is a very significant milestone for our restructuring plan. It is very gratifying.”

In a fight to avoid bankruptcy, Bonita Bay Group has looked to sell off all its recreational clubs. It owes about $70 million to its lenders.

The developer still owns clubs in four communities. The others are The Brooks in Estero, TwinEagles in North Naples and Verandah in Fort Myers.

The developer is looking to sell the TwinEagles Club to an outsider. It hopes to sell the Shadow Wood and Commons clubs in Estero to their members by January and has reached an agreement to continue operating the club at Verandah.

According to BayWatchNews.com, Bonita Bay Group will keep the liability for refunds owed to members who resigned or downgraded their membership. The developer will create a $7 million fund to retire promissory notes.

Last year, Bonita Bay Group stopped honoring its policy of refunding deposits to resigning members, despite giving them promissory notes. That has prompted a flurry of lawsuits from members who want their money back.

Art Herman, who quit paying his dues a few months ago and is no longer a member of the club, said the reality is that this is just a general agreement.

“There are many details remaining to be worked out and the members have not approved anything yet,” he said. “Any finalized deal needs an 85 percent approval and that is a high bar to pass over.”

He said members are “cautiously optimistic” that a deal will be struck and soon.
“There are many details to work out yet and that’s where the devil usually resides,” Herman said.

The target date for closing the deal is February.

Southwest Florida Home Sales on The Rise

2009-11-05T14:44:00.007-05:00

The numbers for the third quarter of 2009 are in, and we have never been more excited! The news is all good: The number of closed sales is growing by leaps and bounds, while decreasing numbers of new listings contribute to shrinking inventory. Prices also continue to be competitive, which I think helps to fuel sales.

Our point is, the Southwest Florida housing market is steadily improving, and these numbers prove it. With nearly a two-year trend of increasing closed sales, there is every reason to suspect this growth will continue. And as inventory decreases and there is less selection available, prices will naturally rise to meet the demand.

What gives us the right to be so optimistic? Well, for starters, the third quarter of 2009 saw 2,196 closed sales in Naples, Bonita, and Estero, whereas the same quarter last year only had 1,497 closed sales. That's an increase of 47 percent – definitely nothing to sneeze at. This makes it the seventh quarter in a row to increase over the previous year, which is almost two years of straight growth!

Also notable is the rate at which the inventory is dropping. There are substantially fewer homes on the market in this area now than there was a year ago. For example, the number of homes priced under $250,000 has dropped 16 percent from the same time last year – from 4,429 down to 3,720. The number of new listings on the market is also dropping: In the third quarter this year there were only 5,121 new homes listed, which is 6 percent fewer than last year's number of new listings.

We think it bears mentioning that one price category actually saw an increase in new listings: There were 21 percent new homes listed at less than $250,000 than the same quarter last year. This is significant because despite the increase in new listings in this category, the inventory actually went down by 16 percent, as we mentioned above. This fact should demonstrate exactly how well homes in this price range are selling right now.

Also important is the substantial improvement in the new listings to pended sales ratio. This statistic projects the future of the housing market's inventory: If homes are being listed faster than they are selling, inventory will grow. In the third quarter last year, there were nearly 3 new listings for every pended sale, and during the same time period in 2007 there were 4.7 new listings for every pended sale. Compare that to the third quarter of this year, with only 1.4 new listings for every pended sale.

Even with all this growth, competitive pricing is still the name of the game. In fact, we would venture to say that it's what is driving the growth! A whopping 63 percent of all closed sales in the third quarter were homes priced under $250,000. Remember, this is the category that also saw the only increase in new listings, yet the biggest decrease in inventory. In other words, homes priced at a quarter million or less are extremely appealing to buyers right now.

In all pricing categories, though, it is clear that price is king. The most competitively priced homes in each range are the ones selling the fastest. Even properties priced at over $1 million are showing signs of growth at last: The number of closed sales in this category increased 15 percent this quarter over last year. Since this is the first time the sales in this pricing category have increased, it is difficult to say whether it will become a trend, but I think the increase demonstrates that competitive pricing draws buyers in all price categories.

Looking at the numbers for 2009's third quarter, I don't think there is any room for debate: The real estate market in Southwest Florida is showing clear signs of steady growth. Especially considering how quickly the inventory in the $250,000-and-less category is dropping, I don't think such competitive prices will be around for much longer!

Bonita Bay Sales and Market Report January - October 2009

2009-11-02T11:49:00.012-05:00

Monthly Market Statistics

Dates: 01/01/2009-010/31/2009

Oct 2008 vs Oct 2009

There were 2 closed sales in Bonita Bay this October 2009 compared to 7 closed sales in 2008. That is an decrease of 71% for October 2009 vs. October 2008. Total sales YTD is down over 2008 by an average of 43.5%.

A total of 74 units have closed YTD compared to 131 units in 2008.

The average sales price in 2008 YTD was $855,194 compared to $704,531 YTD; a drop of 17.6%. The average sold price of $704,531 to original list of $951,706 is 26% of the seller’s original asking price and 12.6% of the adjusted asking price of $806,809 when sold.

Observation

Sellers must come to the realization if they want to sell their home that Buyers are paying 12.5-25.7% of seller’s asking price. Sellers continue to remain vs. price adjusting to what a buyer will pay.

The average days on market in 2008 January through October was 219 compared to 256 in 2009 for the same period.

As of this writing there are 170 home for sale in Bonita Bay. The average list price is $1,056,900 33.3% higher than the average YTD closed sale price of $704.531.

Based on the current inventory of 170 homes for sale and comparing them to the 74 homes that have closed in the past 10 months. That is an average of 7.4 closings per month YTD. It will take approximately 23 months to sell today’s existing inventory if conditions do not change.

The good news is...

Available inventories of homes priced from $1,000,000 - $5,000,000 have steadily decreased over 19% since Third Quarter of 2007 in SouthWest Florida.

We are very optimistic that this season will be the best in three years for real estate in SouthWest Florida.

We are seeing a steady improvement in the SWF housing market overall (see our article "SouthWest Florida Home Sales on the Rise" in this Newsletter and Blog) with the exception being those communities with clubs in termoil like Bonita Bay's.

Obviously buyer’s confidence in investing in Bonita Bay has significantly declined due to the problems with The Club, Back Water Jack’s and the Community Association. The earlier this is resolved for all Bonita Bay residents obviously the better. Since our last market report The Bonita Bay Group has reached agreements with Shadow Wood and Mediterra. Hopefully Bonita Bay will follow shortly.

NOTE: The source of this statistical analysis is the Sunshine MLS System. This is information believed to be accurate but not guaranteed!

*Average days on market is not often precise due to the sellers and agents terminating or withdrawing a listing and relisting at the same or a lower price.

High Rise October 2009

Low Rise October 2009

Single Family Home October 2009

Villa October 2009

Members Buy Club at Mediterra

2009-10-29T13:58:00.002-04:00

FOR IMMEDIATE RELEASE

Contact: Jennifer Laderer, Director of Marketing, 239.390.1199, JenniferL@BonitaBayGroup.com

MEMBERS BUY CLUB AT MEDITERRA
95 Percent of Mediterra Members & Residents Support New Club

NAPLES, Fla. (Oct. 23, 2009) – The Mediterra Members’ Advisory Board and Bonita Bay Group today announced an agreement for the members of the New Club at Mediterra to purchase the combined club assets for $6.8 million in cash and assume the $15 million Community Development District (CDD) debt. The agreement received strong support from the residents and members of Mediterra with 95 percent of former members and an additional 150 residents, who were not previously members, joining the New Club as golf, sports or social members.

“We are deeply appreciative of the overwhelming support of our Mediterra residents and club members who together seized this opportunity to control the destiny of our club and community,” said Richard Schmidt, chairman of the Mediterra Members’ Advisory Board. “This agreement puts our club on firm financial footing and restores Mediterra’s position as Naples’ premier private club community with recreational amenities that are second to none.”
The sales agreement includes The Club at Mediterra and its two Tom Fazio-designed championship golf courses, an 1,800-square-foot golf learning center with short-game practice area, a 25,000-square-foot clubhouse, named best clubhouse twice by the Collier Building Industry Association, and a Sports Club with five Har-Tru tennis courts, an outdoor pool, three spa rooms and a recently expanded fitness center. It also includes the private Mediterra Beach Club on the Gulf of Mexico with an elevated swimming pool, expansive sundeck and indoor and al fresco dining overlooking 200 feet of shoreline.

“While this has been an incredibly difficult process for everyone involved, it has created a unity and bond among all the residents and members in Mediterra that sets our community apart as a very special place to live,” said Schmidt.
“Today’s agreement represents a significant step toward resolving the financial challenges facing our company due to the global economic crisis and the dramatic downturn in the Southwest Florida real estate market,” said David Lucas, chairman of Bonita Bay Group. “We sincerely appreciate the dedicated and professional leadership of the Mediterra Members’ Advisory Board throughout this process and hope to be successful working with the members of other clubs to achieve the best possible resolution to the mutual challenges we face.”
Lucas said the agreement at Mediterra is consistent with the company’s restructuring plan and amended credit facility with its senior lending group. The company remains committed to continuing negotiations with the advisory boards of its other membership clubs in Southwest Florida to achieve mutually beneficial agreements.

Mediterra is a 1,697-acre community that has been named Community of the Year by the Collier Building Industry Association five times, received the Award of Excellence for Open Spaces from the Florida Chapter of the American Society of Landscape Architects and has been honored with the Environmental Leaders in Golf Award from the Golf Course Superintendents Association of America and Golf Digest magazine in the private course category. It has been named by Golf Magazine as one of The 50 Best Golf Communities in America and by Travel & Leisure Golf as one of the top 100 golf communities in America for four consecutive years. It was the first-ever 36-hole course to earn Audubon International’s Silver Signature Sanctuary status.

Bonita, Naples, Estero Area Market Report September 2009

2009-10-13T10:55:00.001-04:00

The September market posted more good news as pended sales units soared to an all-time high! The over $1,000,000 price segment showed gains in pended sales (over prior year) for the second consecutive month. As most news sources now promote our area as one of the most undervalued markets in the nation, we are experiencing increased buyer interest and activity. All of this bodes well for an active season in which it is likely that inventories in some areas will return to historically normal, or below normal levels. Price remains the driving force in the current market, so it is important that sellers adjust prices to take advantage of the many qualified buyers who are looking at southwest Florida.

Market Report Sept 2009

Bonita Bay Sales and Market Report January - September 2009

2009-10-01T11:08:00.011-04:00

Monthly Market Statistics

Dates: 01/01/2009-09/30/2009
Sept 2008 vs Sept 2009

Stats
There were 8 closed sales in Bonita Bay this September 2009 compared to 3 closed sales in 2008. That is an increase of 62.5% for September 2009 vs. September 2008.

Total sales YTD is down over 2008 by an average of 41.9%.

A total of 72 units have closed YTD compared to 124 units 2008.

The average sales price in 2008 YTD was $853,374 compared to $708,559 YTD; a drop of 16.9%. The average sold price of $708,559 to original list of $954,880 is 25.7% of the seller’s original asking price and 12.5% of the adjusted asking price of $809,804 when sold.

Observation

The average days on market in 2008 January through September was 219 compared to 251 in 2009 for the same period.

Days on Market have decreased by only one day from our August report.

As of this writing there are 170 home for sale in Bonita Bay. The average list price is $1,062,690, 33% higher than the average YTD closed sale price of $708,559.

Based on the current inventory of 170 homes for sale and comparing them to the 72 homes that have closed in the past 9 months. That is an average of 8 closings per month YTD. It will take approximately 21.25 months to sell today’s existing inventory if conditions do not change.

TWO MAJOR CONTRIBUTORS TO THE DECREASE IN UNITS SOLD YEAR TO DATE:

Buyer’s confidence in investing in Bonita Bay has significantly declined due to the problems with The Club, Back Water Jack’s and the Community Association. The earlier this is resolved for all Bonita Bay residents obviously the better. Since the last market report The Bonita Bay Group has had success with two similar clubs and the Bonita Bay Club should follow.

However one fact remains unchanged that our Sellers continue to be less responsive to our declining market. Over the past two and a half years many Bonita Bay sellers were chasing the market down and consequently their homes were on the market extended periods of time. This delay in pricing their home at market resulted in accepting offers substantially lower than their original list price. Many sellers made significant price reductions at the end of season to try to “catch-up” with the declining market but were too late to attract buyers searching for the appropriately priced home, during Season (January – April). Buyers continue to feel the market has not reached the bottom and Sellers will need to respond to Buyers based on the facts of the marketplace statistics. September shows a stronger number of sales because sellers are making proper price improvements and buyers are responding.

Obvious Conclusion:

Solve internal clubs and association problems. List or adjust your current list price to today's market, if you are serious about selling your home.

NOTE: The source of this statistical analysis is the Sunshine MLS System. This is information believed to be accurate but not guaranteed!

*Average days on market is not often precise due to the sellers and agents terminating or withdrawing a listing and relisting at the same or a lower price.

*Sunshine MLS posted a delayed closing for the month of August on a bank owned property. High rise Pending 8/11/09- closed 8/25/09 List Price $999,999 Sellimg Price $900,000

High Rise Sept 2009

Low Rise Sept 2009

SFH Sept 2009

Villa Sept 2009

Bonita Bay Sales and Market Report January - August 2009

2009-09-01T14:24:00.005-04:00

Bonita Bay Market Statistics
Closed Sales Aug 2008 vs. Aug 2009
Year to Date Closed Sales January – August 2009

Comparing 2008 sales to 2009 sales activity in Bonita Bay, we find some very disturbing trends for the period of Aug 2008 compared to Aug 2009 and the period of 01/01/2009 through 08/31/2009.

Stats
There were 3 closed sales in Bonita Bay this Aug 2009 compared to 6 closed sales in 2008. That is a decrease of 50% for Aug 2009 vs. Aug 2008.

Total sales YTD is down over 2008 by an average of 47.9%.

A total of 63 units have closed YTD compared to 121 units in 2008.

The average sales price in 2008 YTD was $858,933 compared to $710,052 YTD; a drop of 17.3%. The average sold price of $710,052 to original list of $959,841 is 26% of the seller’s original asking price and 13% of the adjusted asking price of $812,720 when sold.

Observation
Sellers must come to the realization if they want to sell their home that Buyers are paying 13-26% of seller’s asking price; escalating percentages of discounts vs. last month stats.

*The average days on market in 2008 January through Aug was 221 compared to 252 in 2009 for the same period.

Days on the market have increased by an additional 7 days from our July report.

As of this writing there are 173 home for sale in Bonita Bay. The average list price is $1,066,668, 33% higher than the average YTD closed sale price of $710,052.

Based on the current inventory of 173 homes for sale and comparing them to the 63 homes that have closed in the past 8 months. That is an average of 7.9 closings per month YTD. It will take approximately 21.9 months to sell today’s existing inventory if conditions do not change.

TWO MAJOR CONTRIBUTORS TO THE DECREASE IN UNITS SOLD!

Buyer’s confidence in investing in Bonita Bay has significantly declined due to the problems with The Club, Back Water Jack’s and the Community Association. The earlier this is resolved for all Bonita Bay residents obviously the better. Since the last market report many positive press releases have boosted the opinion that we should see resolve soon!

However one fact remains unchanged that our Sellers continue to be less responsive to our declining market. Over the past two and a half years many Bonita Bay sellers were chasing the market down and consequently their homes were on the market extended periods of time. This delay in pricing their home at market resulted in accepting offers substantially lower than their original list price. Many sellers made significant price reductions at the end of season to try to “catch-up” with the declining market but were too late to attract buyers searching for the appropriately priced home, during Season (January – April). Buyers continue to feel the market has not reached the bottom and Sellers will need to respond to Buyers based on the facts of the marketplace statistics.

2009 Year to Date Inventory Analysis

The current listed inventory as of this writing is 173 homes on the market today. Assuming the current 2009 absorption rate of 36.42%, 110 homes will not sell by years end.

Obvious Conclusion:

Solve internal clubs and association problems.List or adjust your current list price to today’s market, if you are serious about selling your home.

Important Advice to Sellers in Today's Market

Remember: "What Sellers need and what they want does not establish marketvalue. What a Buyer will pay establishes market value."

Statistics in every home category vary significantly. For specific details on your home and neighborhood call us toll free at 888-869-2888 or locally at 239-498-2888!

Below you will find closed sales for Bonita Bay through the end of Aug 2009.

NOTE: The source of this statistical analysis is the Sunshine MLS System. This is information believed to be accurate but not guaranteed!

*Average days on market are not often accurate, usually understated, due to the sellers and agents terminating or withdrawing a listing and relisting at the same or a lower price.

High Rise August 2009

Low Rise August 2009

SFH August 2009

Villas August 2009

Bonita Bay Group, club members return to negotiations to hammer out a deal

2009-09-01T10:34:00.001-04:00

By Laura Layden Naples Daily News August 31, 2009

BONITA SPRINGS — Talks are back on.

A committee trying to reach a deal to buy the Bonita Bay Club for members is at work again.
The developer, Bonita Bay Group, has returned to the table after talks appeared to break down more than a week ago.

“Negotiations appear to be back on as lawsuits continue,” said Art Herman, a Bonita Bay club member, in an e-mail to the Daily News. “There is growing sentiment that, while we may have to write a check eventually, it will be more acceptable if (Bonita Bay Group) was in bankruptcy.”
One of the major disagreements has been over the developer’s asking price of $20 million. It’s not clear whether Bonita Bay Group is considering budging on that price, but company representatives have talked to the Turnover Committee at least three times since Aug. 24. A face-to-face meeting was planned for this week, according to the committee’s latest report sent to members on Friday.

“Your committee would like to assure the members that it has always been and remains willing to conduct serious negotiations to acquire the club from (Bonita Bay) Group,” it wrote.
“We believe that we have a duty to the members to try to negotiate a purchase on terms which are fair to the members, not just to do any deal to resolve the current problems as quickly as possible.”

The committee went on to say that it’s not willing to overpay for the club, which would only cause problems in the long-term. It noted that to do a deal at least 85 percent of the golf members would have to approve it and support the new club.

“It takes two sides to negotiate and we are not willing to negotiate against ourselves,” the committee said. “To date, (Bonita Bay) Group has appeared to be in no hurry to conclude a deal since they have been enjoying a positive cash flow from the club. We are optimistic that this will change in the coming weeks.”

The committee warned that members might not hear from it again for “some time” if “meaningful negotiations” take place.

“We ask for your patience,” the committee said.

In the meantime, it is continuing to move ahead with a legal strategy it has undertaken as a back up in case a deal can’t be reached. The committee is supporting several lawsuits, including a class-action with claims of fraud and breaches of the Florida Deceptive and Unfair Practices Act.
Last year, the cash-strapped developer stopped honoring its policy of refunding deposits to resigning members, despite giving them promissory notes. Since then some members at various clubs have filed a flurry of lawsuits. The members say they want their money back.

In a letter to members of the Bonita Bay Club last week, Tim Boates, Bonita Bay Group’s restructuring officer, said that starting today there would be a new policy for refunding deposits. It’s not clear whether the policy is just for Bonita Bay Club members.

According to Boates’ e-mail, the developer will refund one membership deposit for every three new members who join Bonita Bay Club. Members would get refunds in the order they were placed on the resign list, he explained.

The committee estimates that $8 million in refunds is currently owed. It doesn’t expect much to change with the new policy. The club is not attracting many new members because of a bad market and the bad publicity generated by the developer’s financial woes.

“It is a joke,” Herman said of the new refund policy.

In his letter, Boates told members that the asking price for the club was “substantially lower” than the price the developer is entitled to under terms spelled out in membership documents. Those terms, he said, would require members to pay an additional $17,000 each and surrender their promissory notes to become equity members, or owners. That would equate to $25 million.
The turnover committee said the analysis by Boates is unfair because the membership documents allow for people who don’t want an equity membership to get a refund. It appears the developer is unwilling or unable to do that.

In his e-mail to Bonita Bay Club members last week, Boates said as long as they continue paying their dues the developer will continue to operate their club. He said Bonita Bay Group remains committed to the sale of the club to members, but there are others waiting in the wings that it will pursue if it appears members don’t want to acquire their club.

“These remain challenging times,” Boates said. “Nevertheless, (Bonita Bay Group) continues to pursue rational and appropriate terms as to the sale of its various clubs to the members of those clubs. We are fortunate that we have made some progress in this area, but much remains to be accomplished.” The developer is looking to sell all of its recreational clubs in a fight to avoid bankruptcy. It owes more than $70 million to a group of lenders, led by Key Bank.

So far, Bonita Bay Group has only been able to strike a deal with members in The Brooks, who have agreed to pay $8.3 million for the Shadow Wood Country Club and The Commons Club and waive the developer’s responsibility for refunding membership deposits.

Over the weekend, Mediterra members and other residents met to consider a proposal by their advisory committee to purchase their golf and beach clubs. Hundreds attended in person or by phone.

Mediterra member Michael Lissack said there’s still a lot of disagreement over the plan. While it’s widely supported by golf members, nonmembers and sports members aren’t so happy with it.

The cost of sports memberships in the new club would be expensive at $8,000, Lissack said. Access to the beach club would be more restricted for residents who aren’t golf members, he said.

Under the advisory board’s plan, members could buy their beach club for $6.8 million in cash or $8 million if it’s financed through Key Bank. A “zero value” has been put on the golf club, which operates at a deficit.

Members would assume $15 million in debt for a community development district, created to build the community’s roads and provide other basic services.

Mediterra has about 360 golf members, including some on the resignation list. About 200 golf members have shown support for the advisory board’s plan and have actually written a check, Lissack said.

“They need a lot more than that,” he said. “It’s like early returns in an election. It doesn’t tell you much of anything.”

Short Sale Better than Foreclosure

2009-09-01T10:20:00.002-04:00

By Darlene Pellechia Naples Daily News August 12, 2009

Driven by foreclosures and short sales, bringing the median home price down, the real estate market in Naples appears to be showing signs of bottoming out, according to Brett Brown, president of the Naples area Board of Realtors.

“We are ahead of foreclosures this year than we were last year, when Collier County had an unprecedented amount,” says Brown.

According to Brown, there were 500 foreclosures in 2004, but about 3,500 this same time last year. Brown states, “June 2009 appears to have been a record month, with over 4,000 shorts sales and foreclosures.”

He says the sales drive the market, but it excludes the primary homeowner, creating a very affordable housing market for the work force.

With the economy and decline in home market value affecting so many of Collier County residents, short selling a home has become a common deterrent to the alternative of going through foreclosure. A short sale is when a lender agrees to take less for a home than what is currently owed on the mortgage.

According to realtor Patty Malouf, from Amerivest Realty, foreclosures and short sales are affecting single family home and condo market values.

“Even though distressed sales are not good comparables when identifying true market value, the fact remains that when there are so many on the market, it makes it next to impossible for a seller who is not under duress sell for a reasonable price,” Malouf says.

Lori Young is a certified Distressed Property Expert a listing agent who specializes in short sales.
“Many homes have lost their equity,” she says, “Right now, I have 75 short sales, with 60 of them approved by the lender.”

Not all lenders will agree to a short sale, but if a homeowner is facing foreclosure, Young says the seller has nothing to lose by trying to short sell their home.

Young tries to help homeowners in difficult situations short sale their home, rather than foreclose on it.

“It is much more advantageous to go the short sale route, especially where credit scores are concerned,” she says.

According to Young, some short sales can take months, while others may only take a few weeks, depending on the lender. The longest short sale she had took seven months.

Young says there is no financial cost to a homeowner who short sells their home. Credit scores are affected, however.

“You lose your credit altogether when you foreclose,” she says.

Two major factors determine if a homeowner qualifies for a short sale.
- If a homeowner is experiencing a financial hardship and can no longer afford their home, he or she may qualify. The lender will want to see documentation of the hardship, such as bank statements.
- The value of the home is also a determining factor; if the market value of the property is significantly less than the loan amount owed.

Young says that persistency is key when trying to short sell your home.

“It can be chaotic, because of this, sometimes people just bail out and foreclose on their home, but if they stick it out they will be better off with a short sale.”

Real estate agents put a short sale home on the market low to attract buyer attention, but because of banks not negotiating the selling price in sufficient time, the home stays on the market for a longer period.

“Buyers become wary because of the amount of time a home has been listed,” says realtor Susan Procacci of Downing-Frye Realty. “Lots of offers do come in for these short sale homes.”

Not everyone facing financial hardship wants to let go of their home. In this case, the homeowner may be eligible for the Home Affordable Modification program, initiated by President Obama.

With this program, lenders may offer assistance to homeowners who wish to remain in their home, but are having difficulty keeping up with their mortgage payments. Calling their mortgage company and asking to speak to a loan mitigation specialist is the first step homeowners should take to modify their current mortgage.

According to Procacci, banks are offering a lower interest rate or spreading out the payments over 40 years, instead of 30. This modification is done to lower the homeowner’s monthly payments, making it more affordable and allowing them to stay in their home.

However, the banks will not negotiate principal, Procacci says.

When a home goes for a short sale or foreclosure, the bank gets less money for the home than they would if they renegotiate the principal owed with the current homeowner.

Instead of continuing to pay on the high price purchased for the home when the market in Naples was very high, Procacci would like to see banks renegotiate the existing mortgage on the home by allowing the current homeowner to pay the fair market price.

Procacci says the lenders won’t do this because there is no benefit for them.

“The bank can write off short sales or foreclosures, because this is considered bad debt,” she says. “If they renegotiate the principal with the current homeowner, it is not considered bad debt, and it doesn’t help the bank.”

Procacci says what created part of the real estate crash was the fact that areas that rose the quickest, fell the quickest.

“Short sales are an ever- revolving process here, and we don’t know if homeowners who went this route will eventually be pardoned by the government,” she says, adding that if this were to happen, credit could be reinstated.

Brown says that median home prices are down across the country. For homeowners looking to sell their home on today’s market, he suggests they think “very local” -- not just at Naples, but in the community you live in.

“It’s supply and demand,” he says. “Ask yourself questions like: ‘What’s my competition?’ and ‘What does my community have to offer to make it appealing?’ ”

Young believes the area hit rock bottom several months ago and Realtors are on the rebound now.

Where will our market be in a year or two from now?

“The problem is, it is a rear- view event,” says Brown. “We won’t know until after it’s already started.”

Bonita Bay Group CEO Speaks Out

2009-08-26T11:22:00.002-04:00

Naples Daily News August 25, 2009

BONITA SPRINGS — David Lucas wants to set the record straight.

After months of silence, the chairman of Bonita Bay Group is speaking out in hopes of dispelling allegations of fraud involving the deposits his company collected from members of its golf and other recreational clubs in five communities — Bonita Bay, Verandah, TwinEagles, The Brooks and Mediterra.

He’s talking to the media and he’s sent a letter to club members and residents to give them “the facts” behind a decision last year to stop refunding deposits to members who resign.

On Nov. 7 last year, the developer decided to no longer honor its 30-day refund policy. Fuming members have alleged a Ponzi-style scheme and taken their complaints all the way to the Florida Attorney General’s Office, which is now investigating.

Bonita Bay Group has done nothing unethical or illegal _ and there is no Ponzi scheme, Lucas said in an interview Tuesday at the company’s headquarters off Coconut Road in Estero.
“We invested over $200 million more in the clubs than we collected in deposits,” he said.
His financial report shows the company put $447.7 million into the seven clubs, which it is now trying to sell to members in a fight to avoid bankruptcy.

Meanwhile, the company collected $243.2 million in membership deposits for the clubs, excluding refunds, Lucas said. The company spent more than $340 million to build the clubs and has covered $106 million in operating losses since 1985, he said.

“There is $342 million dollars worth of stuff in the ground,” Lucas said.
“To call this a Ponzi scheme is really an irresponsible thing to do. It’s not true.”
A Ponzi scheme is an investment scam that pays investors back with their own money or the money of new investors. Usually, no real profits are generated.

Lucas said he hasn’t had any discussions with investigators at the State Attorney’s Office yet. They’ve only requested information from the company.

“We look forward to talking to them and getting this resolved as soon as possible,” Lucas said.
He explained how the refund policy came about. A few years after opening the first club at Bonita Bay in 1985, Lucas said he was asked about developing a plan for refunding deposits. He decided members should get their money back immediately if they resigned, rather than having to wait for one or two new members to join, as is the case at many other clubs.

“I just sort of did it,” he said. “I was naive. I didn’t want a member to be in the club if they didn’t want to be in the club. That worked for 23 years.”

Bonita Bay Group was forced to stop the policy because it couldn’t afford it anymore, Lucas said. A bad economy brought a surge of resignations and created a “run on the bank” by members seeking refunds, he said.

Golf members who resigned between Jan. 1, 2005, and Nov. 7, 2008, received about $77 million in refunds, Lucas said.

In 2008 alone, the developer gave back $21 million in deposits, he said.
There are three sources of money to pay for refunds: land sales, new memberships and new investments or bank financing. All of them have dried up in a bad economy, Lucas said.
In 2006, the developer had more than $90 million in land sales. This year, it expects to have $2.2 million, a 97 percent decrease.

If it did not change its policy, the company would have had to pay out at least another $18.9 million in refunds based on a current list of resignations, Lucas said.
“Frankly, if we had honored all those requests we would not have been able to remain in business,” he said.
Some members have questioned how much the Lucas and Ukleja families, who own Bonita Bay Group, have profited from the company.
“We’ve put more money in than we’ve taken out,” Lucas said.
Over the last three years alone, the families have invested $115 million into the business to keep it going, he said. They have decided not to give anymore.

“At some point you have to say, ‘It’s as far as I can go,’” Lucas said.
He pointed out that members have never had to pay a special assessment to cover operating deficits at the clubs. He said membership documents do not require the developer to put the deposit money in escrow accounts and it can be spent elsewhere.

“Money comes in and money goes out,” he said.
In fact, he said, the contract with members makes it clear that they will have to put up additional money to purchase their clubs. The developer is seeking cash payments as high as $20 million for its clubs, in addition to wanting members to waive the liability of their deposits.
The developer is looking to sell off all of its clubs as quickly as possible. It owes $74 million to its lenders, led by Key Bank, that it can’t repay, Lucas said.

“The losses incurred by Bonita Bay Group over the last three years have wiped out the cumulative profit of the company since inception,” he said.
Attacks on his family and the company have been hard to take. The company has been known for its high ethical standards and its desire to “do the right thing” for the community and the environment.

The developer is also facing a handful of lawsuits brought by members who want their deposits back. Claims include fraud, violation of the Florida Deceptive and Unfair Trade Practices Act and breach of contract.

“I’ve tried to do the best I can,” Lucas said. “I think we’re a victim of the economic situation.”

Link to article online

Dillard, Michael Receives 2009 Best of Bonita Springs Award

2009-08-10T09:15:00.001-04:00

Press Release

FOR IMMEDIATE RELEASE

Dillard, Michael Receives 2009 Best of Bonita Springs Award

U.S. Commerce Association’s Award Plaque Honors the Achievement

WASHINGTON D.C., June 8, 2009 -- Dillard, Michael has been selected for the 2009 Best of Bonita Springs Award in the Real Estate Agents category by the U.S. Commerce Association (USCA).

The USCA "Best of Local Business" Award Program recognizes outstanding local businesses throughout the country. Each year, the USCA identifies companies that they believe have achieved exceptional marketing success in their local community and business category. These are local companies that enhance the positive image of small business through service to their customers and community.

Various sources of information were gathered and analyzed to choose the winners in each category. The 2009 USCA Award Program focused on quality, not quantity. Winners are determined based on the information gathered both internally by the USCA and data provided by third parties.

About U.S. Commerce Association (USCA)
U.S. Commerce Association (USCA) is a Washington D.C. based organization funded by local businesses operating in towns, large and small, across America. The purpose of USCA is to promote local business through public relations, marketing and advertising.
The USCA was established to recognize the best of local businesses in their community. Our organization works exclusively with local business owners, trade groups, professional associations, chambers of commerce and other business advertising and marketing groups. Our mission is to be an advocate for small and medium size businesses and business entrepreneurs across America.

SOURCE: U.S. Commerce Association 

CONTACT: U.S. Commerce Association 

Email: PublicRelations@us-ca.org 

URL: http://www.us-ca.org

Bonita Bay Sales and Market Report January - July 2009

2009-08-04T13:58:00.003-04:00

Bonita Bay Market Statistics

Closed Sales July 2008 vs. July 2009

Year to Date Closed Sales January – July 2009

Comparing 2008 sales to 2009 sales activity in Bonita Bay, we find some very disturbing trends for the period of July 2008 compared to July 2009 and the period of 01/01/2009 through 07/31/2009.

Stats

There were 5 closed sales in Bonita Bay this July 2009 compared to 19 closed sales in 2008. That is a decrease of 73.6% for July 2009 vs. July 2008.

Total sales YTD is down over 2008 by an average of 47.8%.

A total of 60 units have closed YTD compared to 115 units in 2008.

The average sales price in 2008 YTD was $851,486 compared to $704,888 YTD; a drop of 17.2%. The average sold price of $704,888 to original list of $940,601 is 25% of the seller’s original asking price and 12% of the adjusted asking price of $804,456 when sold.

Observation

Sellers must come to the realization if they want to sell their home that Buyers are paying 12-25% of seller’s asking price.

*The average days on market in 2008 January through July was 222 compared to 245 in 2009 for the same period.

Days on the market have increased by an additional 21 days from our June report.

As of this writing there are 192 home for sale in Bonita Bay. The average list price is $1,056,419; 33% higher than the average YTD closed sale price of $704,888.

Based on the current inventory of 192 homes for sale and comparing them to the 60 homes that have closed in the past 7 months. That is an average of 8.6 closings per month YTD. It will take approximately 22.3 months to sell today’s existing inventory if conditions do not change.

TWO MAJOR CONTRIBUTORS TO THE DECREASE IN UNITS SOLD!

Sellers continue to be less responsive to our declining market. Over the past two and a half years many Bonita Bay sellers were chasing the market down and consequently their homes were on the market extended periods of time. This delay in pricing their home at market resulted in accepting offers substantially lower than their original list price. Many sellers made significant price reductions at the end of season to try to “catch-up” with the declining market but were too late to attract buyers searching for the appropriately priced home, during Season (January – April). Buyers continue to feel the market has not reached the bottom.

2009 Year to Date Inventory Analysis

The current listed inventory as of this writing is 192 homes on the market today. Assuming the current 2009 absorption rate of 31.25%, 130 homes will not sell by years end.

Obvious Conclusion:

Solve internal clubs and association problems.
List or adjust your current list price to today’s market, if you are serious about selling your home.

Important Advice to Sellers in Today's Market

Remember: "What Sellers need and what they want does not establish market

value. What a Buyer will pay establishes market value."

Statistics in every home category vary significantly. For specific details on your home and neighborhood call us toll free at 888-869-2888 or locally at 239-498-2888!

Below you will find closed sales for Bonita Bay through the end of July 2009.

NOTE: The source of this statistical analysis is the Sunshine MLS System. This is information believed to be accurate but not guaranteed!

*Average days on market are not often accurate, usually understated, due to the sellers and agents terminating or withdrawing a listing and relisting at the same or a lower price.

Single Family Homes

Low Rise

High Rise

Villa

National Luxury Home Marketing Report

2009-07-30T14:16:00.002-04:00

Luxury Home Marketing
June 12, 2009 Press Release

Luxury Housing Report: National luxury home inventory up sharply in 2009, despite price cuts
The most recent ILHM Luxury Housing Report reveals that inventories in the luxury home market are growing, days-on-market rising, and price reductions becoming more frequent. The prediction? Watch for increasing short sales and foreclosures in the mansion market.

Dallas, June 12, 2009 – Data as of June 1, released today by The Institute for Luxury Home Marketing (ILHM) for its ILHM National Luxury Housing Report -- the leading measure of the U.S. luxury home market -- show that the inventory of luxury homes for sale has risen more than 20% in the first five months of 2009, while the days-on-market for active listings has increased 14% (to 185 days) for the same period. The report also reveals that 41% of the luxury homes on the market as of the first week in June, have had a price reduction in the prior 90 days. The statistically weighted national median price for homes in the study is $1.2 million.

“Typically the luxury home market survives economic downturns relatively unscathed,” said ILHM founder Laurie Moore-Moore. “Our ILHM Luxury Housing Report data for the last quarter of 2008, made it clear that this real estate crunch is different. The luxury niche was the last market segment to slow, but the brakes are now on.

“The credit crunch, stringent loan requirements, job losses, and the shrinking of the portfolios of high net worth households have combined to create the perfect storm in the luxury market. Add the number of individuals who stretched to buy expensive homes using inappropriate loans, which they now can’t afford, and one can conclude that the luxury market will be getting even softer. Unfortunately,” added Moore-Moore, “we’re predicting an increase in luxury short sales and foreclosures through the rest of 2009, as more financially strapped owners find it difficult to sell.”

The ILHM Luxury Market Report conclusions are reinforced by data from the National Association of Realtors indicating that there are 41 months worth of inventory of homes priced at $750,000 and above in the U.S., as compared to 18 months worth in 2007. According to Inside Mortgage Finance, as a percentage of homes sold, luxury homes in the $750,000 plus price range have dropped from 4.4% of total sales in 2007 to 2.3% in 2009.

“Even the markets which have been considered reasonably healthy -- like Dallas, Charlotte, and Austin – are showing evidence of a softer luxury market. The percentages of luxury home listings in those markets with a price reduction in the past 90-days were 47%, 41.5% and 46% respectively, added Moore-Moore. “In some respects, this may be the sign that sellers are becoming more realistic, an important step in beginning to clear inventory.”

About the ILHM Luxury Housing ReportThe data for the ILHM Luxury Housing Report is calculated by Altos Research for ILHM and is based on properties on the market at $500,000+ in the 10 most expensive zip codes in each of 31 regional markets. The national composite data is a weighted average of the data from each region. The “ILHM National Luxury Composite Price” is a statistical representation of the median price of the 10 most expensive zip codes in the 31 regions measured.

JENNIFER FINAZZO OF THE DILLARD TEAM EARNS PRESTIGIOUS DESIGNATION TO HELP HOMEOWNERS IN DANGER OF FORECLOSURE

2009-07-27T10:50:00.000-04:00

Jennifer Finazzo with The Dillard Team at John R. Wood, Inc. Realtors in Bonita Springs has earned the prestigious “Certified Distressed Property Expert” (CDPE) designation, having completed extensive training in foreclosure avoidance and short sales. This is invaluable expertise to offer at a time when the area is ravaged by “distressed” homes in the foreclosure process.

Short sales allow the cash-strapped seller to repay the mortgage at the price that the home sells for, even though it is lower than what is owed on the property. With plummeting property values, this can save many people from foreclosure and even bankruptcy. More and more lenders are willing to consider short sales because they are much less costly than foreclosures.

In the Bonita Springs area, more and more homes are in danger of foreclosing. It is happening in all price ranges. Local experts say that even Luxury Homes are not immune.

“This CDPE designation has been invaluable as I work with sellers and lenders on complicated short sales,” said Finazzo. “It is so rewarding to be able to help sellers save their homes from foreclosure and give them a better understanding of market conditions helping them through their emotional experience.”

For more information about this specialized service we offer our clients call Jennifer at The Dillard Team 239-498-2888.

MICHAEL DILLARD RECOGNIZED FOR MILLION DOLLAR GUILD MEMBERSHIP

2009-07-27T10:25:00.002-04:00

Michael Dillard Earns Membership in Prestigious Million Dollar Guild

Bonita Springs, FL July, 20, 2009 – Michael Dillard of The Dillard Team at John R. Wood, Inc. Realtors has been recognized by the prestigious Institute for Luxury Home Marketing for his recent performance in the million-dollar and above luxury home market in Southwest Florida.

“Real Estate professionals who have earned admittance to The Institute’s Million Dollar Guild not only have specific upper-tier market knowledge, but they also understand the unique needs of affluent buyers and sellers and recognize the importance of being discreet,” said Institute President Laurie Moore-Moore. “Whether you’re buying or selling a multi-million dollar property, you can depend upon The Institute’s Million Dollar Guild members to have the competencies necessary to help you meet your objectives.”

“To have this recognition of my accomplishments in serving my Bonita Springs and Naples clients is an honor,” said Dillard “It has strengthened my commitment to the community and its residents.”

Members of the Million Dollar Guild are Certified Luxury Home Marketing Specialists (CLHMS) who have documented their success in assisting affluent buyers and sellers with million-dollar properties. The recognition is awarded by the Institute for Luxury Home Marketing which trains real estate agents in the luxury home market and awards international designations to those who meet stringent performance standards.

Dillard has been in the local real estate market since 1988 and specializes in the Bonita springs and North Naples market. Prior to entering the real estate industry, Dillard served as Regional Manager for the 3M Company in New England. In 1987, he moved to Southwest Florida where he put his 25 - year knowledge of sales with this Fortune 500 Company to work in his new career as a real estate agent with the environmentally renowned Bonita Bay Group. Michael was one of only three original sales agents hired to represent the developer of Bonita Bay. During his nine years of selling for Bonita Bay, he was honored as one of the top sales agents every year from 1988 to 1997. While at Bonita Bay Michael was honored with 9 Pinnacle Awards, presented by the Lee Building Industry Association, for Top Number of Sales and Top dollar Volume.Since joining John R. Wood Realtors in 1997 Michael and his team have been consistent top producers, named to the President's Platinum Circle of Excellence, each year. Michael and The Dillard Team have also been recognized in the top 5% of Broker Associates and teams nation-wide over the past 12 years. Michael’s passions outside of Real Estate are his family, golf and scuba diving.

About The Institute for Luxury Home Marketing
The Institute for Luxury Home Marketing exists to help real estate professionals around the world provide high quality service to buyers and sellers of luxury properties. Institute members have completed special training to build expertise in the marketing of upscale homes and estates and those who meet performance standards may earn the prestigious Certified Luxury Home Marketing Specialist designation. Information and an international membership list can be found at http://www.clhms.org/. Members are also listed on the Wall Street Journal’s RealEstateJournal.com website.

Contact: Contact Michael Dillard
The Dillard Team
John R. Wood, Inc. Realtors
26269 S. Tamiami Trail
Bonita Springs, FL 34134
Telephone: 239-498-2888
Fax: 239-495-4148
Email: Michael@TheDillardTeam.com
www.TheDillardTeam.com

Estero golf club members make counteroffer to Bonita Bay Group

2009-07-27T10:06:00.001-04:00

By LAURA LAYDEN Naples Daily News July 23, 2009

A counteroffer is in for the Shadow Wood golf club in Estero.

A community advisory board has given the offer to the Bonita Bay Group, but it’s not sharing the details with other club members or the media.

Bill Pritts, a board member, said he didn’t want to comment on the offer, citing “sensitive negotiations” as the reason.

A few weeks ago, the advisory board received a “term sheet” from the Bonita Bay Group, spelling out the details of its offer to sell the club to members.

The developer is looking to sell all seven of its clubs as it fights bankruptcy. It’s actively negotiating with members in several communities including Mediterra and Bonita Bay, which have also received term sheets over the past few weeks.

In its offer to Shadow Wood members, Bonita Bay Group asked them to put up $6 million in cash for their club and to assume all the club’s liabilities, including membership deposits.

At one time, Bonita Bay had a 30-day refund policy for deposits when members resigned. The developer stopped the policy abruptly last year after seeing a surge of resignations. Some members are still fighting to get their money back.

Greg Lewis, a resident and community representative in Shadow Wood, said the offer has been discussed with the Bonita Bay Group and there is “cautious optimism” that a deal will be negotiated.

“It’s quite possible that they would accept it or there may be a counter to the counter,” said Lewis, a local Realtor. “It’s just like the negotiations in the sale and purchase of homes.” Sometimes you go through two or three different counters before the buyer and the seller agree on the price.

He did not know whether the counter offer includes a cash payment to the Bonita Bay Group.
He said the advisory board may hear back from the developer on its counteroffer this week. If not, then maybe by Monday or Tuesday.

A final agreement could be reached within the next two or three weeks, Lewis said. He said members should know by August whether negotiations between the advisory board and the developer are a “go” or “no go.”

Meanwhile, a new membership plan has been developed for Shadow Wood that would go with the change in ownership. Members will be asked to vote on the plan.

Under the proposed plan, golf members would pay $5,000 to join the new club. Tennis members would pay $1,000 and social members would pay $500, Lewis said.

New members would put up more money.
“There would be dues paid on a quarterly basis,” Lewis said. “The dues structure is not determined.”

He said for members to join the new club they would have to waive any claims they may have for deposits they gave to the Bonita Bay Group. That way the new club doesn’t taken on that liability.

Deposits collected by the new club may be partially refundable, but not right away, Lewis said.
“Ideally, we would like somewhere between 750 and 800 of the current golf members to accept the new membership plan,” he said. He said he doesn’t know how much money needs to be collected up-front to keep the new club operating smoothly.

“We have some very bright CPAs who are on the advisory board,” he said. “I’m sure there is some number it is hoped we will reach in order to have economic viability. I’m not sure what that number is.”

Advisory committees for other Bonita Bay Group communities expect to submit their counter offers to the developer in the next week.

Richard Schmidt, chairman of the Mediterra Advisory Board, said his board will make a counter offer within the next few days. The offer is still being finalized.

“The members are really the ones that are going to make the decision,” Schmidt said. “Our job is to bring them options.”

The developer has asked Mediterra’s members for $8 million in cash, along with requiring the new club to assume all of the liabilities and debts.

The liability of the member deposits is estimated at $50 million or more and there’s also the liability of more than $15 million in debt for a community development district, created to build Mediterra’s roads and other infrastructure.

Michael Lissack, a Mediterra resident, said he’s heard if the membership votes down the deal struck between the advisory board and the Bonita Bay Group, a small group of members could purchase the club on its own.

“People are worried about being excluded,” he said.

Schmidt said he’s heard of no such plans.

“If there is a group that would come forward to buy the club I’m not aware of it,” he said.

Market Continues to gain momentum in the second quarter

2009-07-22T09:05:00.001-04:00

The market continued to gain momentum in the second quarter, posting a 27% increase in closed units over second quarter 2008. Attached is a review of the market in the 2nd quarter released by John R. Wood Realtors, Inc. on Tuesday July 21, 2009.

Market Report 2009 2nd QTR

Free Daily Crossword Puzzle

2009-07-17T10:35:00.003-04:00

Free Daily Crossword Puzzle

Free Home Valuation

2009-07-10T10:31:00.008-04:00

How do actual selling prices compare to listing prices in my area?
How are homes within a 5 mile radius selling?
Where are there unsold Homes in my area?
Where can I get answers to any pressing questions that I may have?

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Free Weekly Personalized Property Updates

2009-07-10T10:31:00.006-04:00

Get the latest updates and information about your desired home. By filling out the form you will be furnished with "Free Weekly Personal Property Updates" keeping you in the loop and ready to make any decisions that will give you the advantage in purchasing a new home. The more complete the form is, the easier it will be to provide you with accurate updates.

Monthly Carrying Costs

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Calculate your Homes Monthly Carrying Costs Yourself!!

Below you will find a spreadsheet that you can use to enter your monthly costs to maintain (carry) your home.

For more information or assistance in filling out this form call us at 239-498-2888.

Seller Carrying Cost Analysis.xls

Bonita Bay Sales and Market Report January - June 2009

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Comparing 2008 sales to 2009 sales activity in Bonita Bay, we find some interesting trends for the period of 01/01/2009 through 07/01/2009.

Sales YTD in 2009 are down over 2008 by an average of 43%. A total of 56 units have closed in 2009 compared to the same time in 2008 with 98 closings. The average sale price in 2008 was $886,367 compared with an average sale price in 2009 of $803,754 an approximate 9.4% drop. The average days on market in 2008 from January through June was 207 compared to 224 in 2009.

What can we contribute to the decrease in units sold?

Sellers continue to be less responsive in 2009 to our declining market. Over the past two and half years many Bonita Bay sellers were chasing the market down and consequently their homes were on the market extended periods of time. This delay in pricing their home at market resulted in accepting offers substantially lower than their original list price. Many sellers made significant price reductions at the end of season to try to "catch-up" with the declining market but were too late to attract buyers searching for the appropriately priced home, during Season (January-April).

Buyers confidence in investing in Bonita Bay has significantly changed due to the problems with the club and Back Water Jack's. Buyers continue to feel the market has not reached the bottom.

2009 Year to Date Inventory and Analysis

The current listed inventory as of this writing is 194 homes. Assuming the current 2009 absorption rate of 43% for 2010, 110 homes will not sell.

Obvious Conclusion: Wise sellers will have to price their home at today's fair market price to get their home sold in 60 to 90 days compared to an average of 224 days last year. We are experts in helping you do just that.

Important Advice to Sellers in Today's Market

What we have learned and what we as sellers must accept, whether we like it or not, during this declining market is: "What sellers need and what they want does not establish market value. What a buyer will pay establishes market value."

Statistics in every home category vary significantly. For specific details on your home and neighborhood call us toll free at 888-869-2888 or locally at 239-498-2888!

Below you will find closed sales for Bonita Bay through the end of June 2009

June 2009 High Rise

June 2009 Low Rise

June 2009 Single Family Home

June 2009 Villas