Posted on Monday, August 20, 2012
What a difference a couple of years makes. Speculative home building is in full swing in Port Royal and Olde Naples, Sable Bay is due to break ground in January with some 1600 + homes and commercial building on 5th avenue south and across the trail on 3rd ave south are well underway.
From our view once inventories dipped to their current seven month levels it was just a matter of time before supply side factors started to show up. New construction is just what we need. The buyers are looking for new construction with taller ceilings and more sensible layouts. Just yesterday our buyers asked for for build dates at each property we viewed. For someone like me who has lived in eighty year old homes + most of my adult life it seems odd to ask about new construction but such is the taste of the Naples, Florida consumer.
One new construction example, Sable Bay, should be right on the mark – right size, right price, new constructions up to current codes and a good location – without a golf course to weigh it down with higher HOA fees. For the golfers, Windstar on Naples Bay has a great golf course right across the street welcoming non-resident members which will fit just fine.
I am a little surprised at the commercial construction given what I am hearing about occupancy rates but what a nice lift to the look of Olde Naples. The 5th avenue project will see JP Morgan as its anchor client. The third avenue south project is welcome as it knocks out an old series of smaller commercial offices which needed work – although they were home to my favorite wine merchant and my favorite gym! Anyway the new building will be a new furniture store and seems to be going up in record time – I think they will make season.
The confidence shown by these builders is part of a national trend. Florida Realtors reported last week (8/16/12) “ … applications for building permits rose to its highest level since August 2008.” They also report we have a ways to go “Housing has been making a modest comeback this year. But even with the gains, the rate of construction and the level of permits remain only about half the 1.5 million annual rate considered healthy” BUT … “In June, single-family housing starts, which account for more than 70 percent of residential construction, rose for the fourth straight month to a two-year high.”
Let’s hope for steady markets throughout the fall to boost consumer confidence and see if we can continue the trend of improving Naples, Florida real estate markets.
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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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