Posted on Thursday, September 06, 2012
Luxury is in the eye of the beholder of course. Living in your own place fifteen minutes from the beach with a tropical garden and year round sunshine is pretty darn nice – but I am talking about the high end of the market in a resort town on the Gulf of Mexico with home values ranging from $1,500,000 to $20,000,000. Let’s take a look at the luxury market this morning.
According to the Sunshine MLS in the luxury market as defined above 519 properties are for sale (359 single family) and 406 properties sold in the last twelve months (263 were single family homes). This gives us a current inventory of 15.3 months for all such properties and 16.3 months for luxury single family homes. A little disappointing quite frankly given the overall Naples market is down to seven months due to the hot middle and lower end of the market.
What does this all mean? We would expect luxury market prices to fall further – maybe not a lot. If you have new construction with modern designs – like coastal contemporary – your chances are better. If your property looks dated, needs some work, or suffers from a poor location your chances in this market are less. We need inventories to get back under one year to improve things – six months would be even better.
Are there good values out there? Absolutely. The average single family home price near the water is slightly over $2,000,000 but if you look there are some great values. Yesterday we previewed a $1,750,000 penthouse with 270 degree views of the ocean and back bay with boat slip availability, beautiful common areas, walking trails and one owner since it was built – are you kidding me? This is one great pace.
Who’s buying? It is estimated 21% of all Naples buyers are international buyers primarily Canada. It is also estimated over 80% of the buyers start their search online. At NaplesBestAddresses our marketing strategies are based heavily on these two facts. Price setting, price reductions, marketing channels and marketing approach all are fact based and work pretty well in these markets today.
If we can help you buy or sell a luxury Naples Florida property or if you just have questions about the Naples real estate market or the Naples lifestyle give us a call at 239.595.3921 or see us at NaplesBestAddresses.com.
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No legal, investment, or tax advice is being given in this Blog. Consult with legal, financial and tax professionals before acting on any real estate transaction. Actual real estate price and sales results are subject to market forces and are not completely predictable. The writings of this Blog are intended for the sole use of our clients.
Some of the data relating to real estate for sale on the NaplesBestAddresses.com website comes in part from the Broker reciprocity program of M.L.S. of Naples, Inc. The properties displayed here may not be all the properties available through the MLS reciprocity Program. This information is deemed reliable but is not guaranteed. Buyers and sellers are responsible for verifying all information about their purchase prior to closing.
Mark Goebel, PA is a REALTOR with Coldwell Banker on 5th avenue in Naples, Florida with 35+ years of visiting and living in Naples. After 25 years at Accenture, Mark retired as a managing director and spends his time helping non profits and building a Naples real estate team with his wife Nan. Talk to Mark and Nan about life in Naples and why they chose this place to live full-time over all others and enjoy Naples real estate.
Mark Goebel, PA
REALTOR Coldwell Banker 5th Avenue South
Mobile: 239.595.3921
Email: mark.c.goebel@gmail.com
NaplesBestAddresses.com
Facebook: NaplesBestAddresses
Twitter @mcgoebel
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