Posted on Monday, February 24, 2014
It is widely published that average single family home prices in Old 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 Old Naples real estate market this morning and we will find a tale of two different markets.
The single family home market is frankly red, red hot. There are only 51 single family homes for sale and the market is on pace to sell 246 a year giving an inventory 2.48 months. An unbelievable inventory level. and very supportive of increased prices. What does the price range look like? $13,500,000 on Gulf Shore to $1,175,000 at Ridge Lake with lot in between. Land values alone continue to increase and many eyes are on this market.
The condo market in Old Naples looks more “normal”, that is there are 89 condos for sale with an annual sales pace of 129 condos giving an inventory of 8.27 months more stable prices and a fair fight between buyers and sellers. Prices range from $2,590,000 at Villa Escalante to some very low-priced units at Charter Club.
How do you make sense of this? Well there is a tremendous demand to live in your own place without Home Owner Association Fees (or rules) and enjoy walking distance to the beach and restaurants. We saw it coming (please see our 2014 eBook https://www.naplesbestaddresses.com/offer ) but boy or boy have prices taken off.
The obvious alternative to the single family home market is the condo market which provides the same beach access and restaurant access and you may find this is the right Naples Best Address for you. We just heard from one of our clients this morning looking to renovate a unit in bad shape – not a bad idea as the market overly discounts many distressed properties in our opinion.
Oh by the way there are plenty of single family and condo options to the north and east at lower prices and new construction remains a possibility. Yesterday on the door stoop of our office I had a nice conversation with a couple from Ohio who were asking about the market but shaking their heads over these prices.
If you would you like to know more about Naples, Florida or things to do while living or visiting here just give us a call at 239.595.3921. Or if you like download a copy of our free eBook Understanding Naples Real Estate https://www.naplesbestaddresses.com/offer/
Hope to meet and talk with you soon,
Mark Goebel PA & Nan Goebel PA
Co-Founders 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.
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Some of the data relating 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. 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.
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