Posted on Wednesday, March 21, 2012
Two years ago I would not have said we need new construction in Naples real estate. Inventory was so high back then we were wondering how we were going to sell it all at the pace we were moving at. Today Naples inventory is down to 9 months+ and buyers love new construction. Maybe its time for those “shovel ready” projects to start shoveling.
CNBC reported yesterday “permits for U.S. homebuilding neared a 3 1/2 year high in February, even as groundbreaking activity slipped, suggesting a nascent recovery in the housing market was still on track.” Makes sense to me – we need permits pulled and houses built. I would love to see some new construction and so would the buyers.
On the ground in Naples we hear of new projects on the way. As Lely builds out we fully expect Collier Enterprises to start up Sable Bay. Judging by their past success Sable Bay could be a great project with many new homes – the sort of project that a lot of new buyers in Naples may like. And do not ignore projects to the east and north of Naples or smaller parcels starting up. We are probably talking about January 2013 and later at this point for much of the new homes to arrive but keep an eye out.
What to do if you are a buyer or seller at this point? Buyers might get with their Realtor and better understand the potential of these new developments. New construction is so popular right now (because we have very little of it) buyers may be interested in knowing future plans. I think the sellers need to keep an eye on this too. If volumes stay flat and real estate supply increases there will be downward pressure on prices. You really cannot predict future prices but if you have an offer in hand or are negotiating and are near one of these new developments think hard on your buyer’s offer.
Exciting stuff I think. New construction means someone thinks the economy is worth investing in again. New construction means new jobs and new opportunities. Feels pretty darn good compared to two years ago – what are your thoughts?
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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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