Posted on Friday, March 27, 2015
(gear shift change! condos get hot, single family homes more normal – in Olde Naples)
It is widely known the average single family home prices in Olde Naples are now over $1,000,000. I still remember when the first house in Port Royal sold for $1,000,000. Let’s take a look at the Olde Naples real estate market this morning. Frankly it is tough to find a single family home under $1,000,000 so forget the average.
Starting with the single family home market it appears builders and new offerings finally caught up with buyers in Olde Naples as single family home supplies reached equilibrium. There are 73 single family homes for sale this morning – up from 50+ about a month ago so we are seeing more options. The Olde Naples market is on pace to sell 60 single family homes a year giving an inventory 14+ months. Finally! The market is over 12 months supply and we expect slight downward pressure on single family home prices in Old Naples. Interesting.
What does the singe family home price range look like? $13,500,000 on 450 Gulf Shore Boulevard North to $989,000 778 5th avenue north with lot in between. Land values alone continue to increase and many eyes are on this market.
(Olde Naples residents enjoy a short walk to market)
The condo market in Old Naples is a different story. Condo buyers have outpaced sellers in Olde Naples recently. There are 69 Olde Naples condos for sale with an annual sales pace of 141 giving an inventory of less than 6 months – a level very supportive of price increases. Prices range from $6,000,00 at 8th street south to $234,900 at Park Terrace – lots of price room in this market.
How do you make sense of this? Well there is a tremendous demand for condos in Old Naples right now. Walk to the beach and restaurants and just shut the door and leave town when the time comes. With tourism way up this year and lots of seasonal guests taking a look at improved markets they are gobbling up the condos. And why not? Single family home prices have jumped way up and condos are much more affordable to many.
We just heard from one of our clients this morning looking to renovate a condo unit in bad shape – not a bad idea as the market overly discounts many distressed properties in our opinion. Distressed condos may be even more affordable for you.
(don’t forget to look at nearby Olde Naples options like Windstar on Naples Bay)
The obvious alternative to the condo market is the single family home market which provides the same Gulf of Mexico beach access and restaurant access as a condo – with no HOA fees and no rules. Just you and your home. if you can afford it you might look at a single family home.
Oh by the way there are plenty of single family and condo options to the north and east of Olde Naples at lower prices. Yesterday we signed a new listing for a condo with a beautiful golf course view, elevator and update kitchen in Windstar on Naples Bay for under $300,000. And oh yes … do not forget the Windstar water shuttle to the private beach – the only private water shuttle to Keewaydin Island. We expect this condo will go fast once it hits the MLS.
I hope you have an opportunity to visit or live in Naples or Marco Island. If you would like to know more about living here just give us a call at 239.595.3921.
Please also consider reading our book “Understanding Naples Real Estate” to get you started on a real estate search https://www.naplesbestaddresses.com/offer/ or just give us a call about things to do here.
We look forward to meeting and talking with you soon,
Mark Goebel PA, Nan Goebel PA and David Goebel, PA
Co-Founders of the Naples Best Addresses Team
Coldwell Banker
Mark Goebel, PA and Nan Goebel, PA
REALTOR Coldwell Banker 5th Avenue South
Mobile: 239.595.3921 239.595.3920
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.
We are pleased to announce a portion of our real estate earnings go to support the The Naples Botanical Garden, Habitat for Humanity Collier Count and The Naples Winter Wine Festival.
Some of the data related to Naples homes for sale and Naples 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 and son David. Talk to Mark, Nan and Dave about life in Naples and why they chose this place to live full-time over all others and enjoy Naples real estate.
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