Posted on Tuesday, March 06, 2012
Over the last ninety days we have seen four properties close in the high end Naples real estate market. Let’s take a look at the dynamics of this market and understand current trends.
The high end market is subject to the exact same conditions as all other markets – location, condition, price and marketing. Location in this case also drives emotional buying with that “I just gotta have it” feeling of a beautiful, perhaps once in a lifetime opportunity to purchase a unique property.
For example look at 2750 Gordon Drive – a beautiful home which sold for $32,000,000. With a closing price of $1,973 per square foot it is the location and views from this absolutely gorgeous property which drove top dollar for the home – just like any other real estate transaction. To further demonstrate location in Naples real estate look at the next highest property which sold in the last 90 days – 681 Kingstown for $10,500,000. Another beautiful location but not on the ocean so the price per square foot drops to $1,530. And our next highest property sold in the last ninety days – 8231 Bay Colony at $7,600,000. Bay Colony is a remarkable community but further north of town. 8231 Bay Colony commanded $1,232 per square foot. Coming in at number four a property in Grey Oaks, one of my favorite communities, was #1235 Gordon River selling for $6,700,000 at $760 per square foot.
All this data shows again the importance of location in all real estate markets including the high end markets. The limited space on the peninsula of Port Royal creates scarcity. Combine this with proximity to Old Naples and you have the highest premium not only in price but in price per square foot.
Ok, that’s the location piece of this, but what about the remaining factors – like condition, price and marketing? We will write more about these topics in the days ahead but know this – condition can turn away a buyer more quickly than any other factor in these markets and we don’t mean just mechanical condition – the place has to be spot on with consistent design and feel to grab you. And pricing? You have 28 days to attract a buyer in this online world and then it is time to make some changes. And finally marketing … the reason you hire a realtor – marketing is what differentiates one realtor from another.
So today we wrote about the basics of location. Look for thoughts on condition, price and marketing in the days ahead.
Have a great day and tell us what you think.
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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.
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
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