Posted on Monday, June 18, 2012
At dinner last night at Handsome Harry’s on Third Avenue South (New Menu Is Good) friends of ours discussed their home buying strategies in Port Royal. Their thought on the street? “I will buy if I am going to live in it, but no more investing for a while”. Although the overall Naples trend is good with rising prices and falling supply, results differ by neighborhood. Let’s take a look at a few neighborhood and see what we find this morning. We will use the Sunshine MLS as our guide and use estimated from the various charts.
Vanderbilt Beach. Game on here. Land values increased 10% in the last six months and residential homes moved from an average of $750,000 up to $900,000. Are people finding more value “up north”?
Pelican Bay. Ho hum. Land values are flat over the six months and home prices are hanging in there moving from $700,000 to $750,000. Feels a little week since the last six months include the tourist season peak – but you have to like those rising home prices.
Port Royal/Aqualane Shores. Not great. Lots declined 31% and home prices were flat. No wonder our dinner guests made their comment. Keep an eye on falling land prices here as sooner or later the spec home builders will jump in again.
Royal Harbor/Windstar. Time for spec homes? Lot values declined 11% but home prices moved from an average of $200,000 to $350,000? What’s going on here – should you jump in and buy cheap land and put up a new house? Maybe, maybe not. A lot of the price appreciation may have come from the condo market. A good thing but hard to build a spec condo.
So what to make of all of this? The market continues to improve with rising prices and falling inventory. Shorter supplies are helping with price as supply and demand works its way. Wait until the European tourist season begins in earnest in August and the snowbirds start to come back in the fall. If the economy has not fallen out of bed we could see higher volumes hit low supply – a nice thing to think about.
Have a great day.
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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
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