Shrinking Housing Inventory Favors Short-Term Recovery

There are plenty of signs that the housing market can sustain a short-term recovery, even though the sector has lost some of its momentum and will continue to feel the effects of the weak labor market.

First, the government's incentives to attract first-time homebuyers has been a success.
Second, the inventory of new homes is starting to diminish.
Third, there seems to be a healthy correction in the inventory of existing homes.
Lastly, mortgage rates are becoming very attractive.

The short-term recovery looks favorable, though the US is not out of the woods yet so to speak. Other trends such as the rate of unemployment, number of foreclosures, will affect the real estate recovery and the rate of that recovery.

Chinese Drywall Update

Upon your return, you will notice the white “Pods” storage units in some of the driveways. This is a result of the repairs Taylor Morrison, the developer, is making to the homes which were determined to have the Chinese drywall. As most of you are certainly aware, the problem with the drywall was fairly significant, upwards of 60 units, in Vasari. However, T.M. has done a tremendous job of rectifying the problem for each and every home which has been determined to have this drywall issue.

Due to the vast extent of work that needs to be done to rid the home of any problems resulting from the wall board, the homes have to be completely “gutted” to where the only remaining materials are the metal studs, plastic piping, floor tile and stairs. Therefore, this process will take the better part of a year to complete. Although the pods are unsightly and will be around for several more months, once completed, the stigma that the Chinese drywall tag carries will be removed, and this will go a long way in restoring the true value of Vasari.

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Vasari Country Club - September Statistics

Vasari Country Club - Available Inventory is Declining.
73 Active
3 Pending/ 19 Active with Contract
4 Closed

Source: SunshineMLS, Inc.
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Contact Bob Norwood, Vasari Country Club Real Estate Specialist
Bob@NaplesNorwood.com