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Naples, FL (April 13, 2012) -- The overall housing inventory available declined 13 percent from the first quarter of 2011 which had 8,762 properties compared to the first quarter of 2012 with 7,596 available properties, according to a report released by the Naples Area Board of REALTORS® (NABOR), which tracks home listings and sales within the Naples / Bonita Springs / Estero Areas.
The current inventory of properties listed for-sale is 7,596...which is the lowest it has been since we began tracking it at the end of January 2007. In March 2007 inventory was at a high of 12,440...... this reflects an incredible 39 percent decrease since then."
The first quarter activity of pending sales was one of the best ever. The fact that the Naples area had 3,664 properties under contract in 91 days is tremendous. The first quarter 2012 was one of the top five ever, for pending sales activity.
The statistics are presented for first quarter 2012 compared to first quarter 2011:
The statistics are presented with the following statistics for March 2012:
Gerald Murphy, Manager of Coldwell Banker stated, "With inventory declining, buyers now have less home and condo options available. But they still want to enjoy a lifestyle that suits their needs, and not just buy a home because it is priced right. Hence, the market can handle more inventory right now for buyers to choose from because demand is still high.
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On March 9th, 2012 Ned Dewhirst, representing Oakbrook Properties and Funnel Land Investment, LLC, presented their plans for this
parcel of land between Lighthouse Bay and Copperleaf to the ECCL.After considerable discussion the membership of the ECCL adopted the following resolution in support of the project:
“Whereas, the most current transportation data available indicates there is no definitive long term need for either a Coconut Road Extension Flyover or an interchange at the intersection of the Coconut Road Extension and Interstate 75, and
Whereas, the MPO 2035 Transportation Needs Plan as approved by the Lee County MPO has eliminated both the Coconut Road Extension Flyover and the Coconut Road/I-75 interchange, and
Whereas, Oakbrook Properties, the owner of the 38 acre parcel known as the “Martini Glass” and the Coconut Road Extension, desires to develop this parcel of land, and
Whereas, Oakbrook Properties needs to vacate the reservation of the 150’ Right of Way bisecting this parcel of land for the extension of Coconut Road to the I-75 Right of Way and expanded Right of Way allowing for a Coconut Road flyover in order to proceed with rezoning of the parcel for development, therefore:
Be it Resolved that the Estero Council of Community Leaders proclaims its support for Oakbrook Properties request to vacate the reservation of the 150’ Right of Way and other Right of Ways described in the previous paragraph currently dedicated to the Coconut Road Extension and flyover and;
Be it Further Resolved that the Estero Council of Community Leaders also proclaims its support of the developer’s request for rezoning of this parcel of land.”
The developer plans to file the application with the County in mid-April. That will be followed by consideration by the Regional Planning Commission in July or August; a Hearing before a Lee County Hearing Examiner in about October or November and finally the Hearing before the Board of County Commissioners in December or January 2013.
Background
In addition Oakbrook has met with representatives of the adjacent Copperleaf and Lighthouse Bay communities, the Brooks Community Development Districts, and Estero Fire & Rescue. As a result of these meetings Oakbrook Properties through Ned Dewhirst has committed to hold a community meeting with all residents of both Copperleaf and Lighthouse Bay in addition to a holding general meeting for all Brooks residents when the development plans become more definite.
The developer’s request proposes to eliminate the current zoning reservation for 150’ of ROW and additional acreage for the extension of Coconut Road east and an overpass of I-75 due to their removal from the MPO 2035 Traffic Plan.
Other requests include revisions to the Brooks Master Concept Plan (MCP), elimination of the mid-rise multifamily use, and the addition of up to 200 multifamily residential units.
When asked when these units might be constructed, Dewhirst responded that at present there is not a development schedule for these 38 acres
The Board’s of Lighthouse Bay, Copperleaf and the other Brooks communities will soon be considering resolutions in support of the developer’s request. The Spring Run community Board has already approved such a resolution.